STOCK MARKET WATCH, Tuesday, April 26, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Tuesday, April 26, 2011

AT THE CLOSING BELL ON April 25, 2011

Dow 12,479.88 -26.11 (-0.21%)
Nasdaq 2,825.88 +5.72 (+0.20%)
S&P 500 1,335.25 -2.13 (-0.16%)
10-Yr Bond... 3.36 -0.01 (-0.21%)
30-Year Bond 4.44 -0.01 (-0.27%)

---

Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

---

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

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

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

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

Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren
Dishonorable Mention: former House majority leader, Tom DeLay

Bush Administration Officials Charged = 1
Name(s): Richard Lopez Razo

Financial Sector Officials Convicted since 1/20/09 = 11

---

---

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

Read more: du

[Pale Blue Dot]

1. Today's Reports

Apr 26 09:00 Case-Shiller 20-city Index Feb -3.2% -3.2% -3.06%
Apr 26 10:00 Consumer Confidence Apr 65.0 64.4 63.4

Read more: http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm#ixzz1Kcr8nEcC

[DemReadingDU]

68. Home Prices in 20 U.S. Cities Decreased 3.3% From Year Earlier

4/26/11 Home Prices in 20 U.S. Cities Decreased 3.3% From Year Earlier

Residential real estate prices dropped in February by the most in more than a year, a sign the U.S. housing market is struggling to stabilize.

The S&P/Case-Shiller index of property values in 20 cities fell 3.3 percent from February 2010, the biggest year-over-year decrease since November 2009, the group said today in New York. The decline matched the median forecast in a Bloomberg News survey.

Increases in foreclosures are adding to a growing inventory of unsold homes, which may further depress prices and dissuade potential buyers anticipating even cheaper dwellings. Declining property values also limit construction and restrain consumer spending as homeowners have less equity to borrow against.

“We see weakness in home prices nationally in the first half of this year because of the large pipeline of foreclosures,” said Michael Gapen, a senior U.S. economist at Barclays Capital Inc. in New York, who correctly forecast the drop. “The speed of the economic recovery will be more moderate given the state of the U.S. housing sector.”

more...
http://www.bloomberg.com/news/2011-04-26/home-prices-in-20-u-s-cities-fell-3-3-from-year-ago-case-shiller-says.html

[xchrom]

77. Home prices fall 1.1% in February: Case-Shiller

http://www.marketwatch.com/story/home-prices-fall-11-in-february-case-shiller-2011-04-26

WASHINGTON (MarketWatch) — U.S. home prices fell in February for the seventh straight month, according to a closely followed index released Tuesday, as the beleaguered market approaches a double-dip recession.

Home prices in 20 major U.S. cities fell 1.1% in February, according to the Case-Shiller home-price index released Tuesday by Standard & Poor’s.

[DemReadingDU]

95. Bloomberg: -3.3%, MarketWatch: -1.1%

Why the discrepancy?

[xchrom]

97. i noticed that as well -- and i'm clueless.

i would think consistency and accuracy would be important with these outlets.

[Demeter]

79. It's Called: Dying By Inches

[Pale Blue Dot]

2. Oil falls to below $112 ahead of Fed meeting

SINGAPORE – Oil prices fell below $112 a barrel Tuesday in Asia as traders eyed a U.S. Federal Reserve meeting this week and worsening violence in Syria.

Benchmark crude for June delivery was down 51 cents to $111.76 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract lost a penny to settle at $112.28 on Monday.

In London, Brent crude for June delivery was up 18 cents to $123.84 a barrel on the ICE Futures exchange.

Traders are mulling how the Federal Reserve may ease a program of buying Treasuries known as quantitative easing that has helped keep the U.S. economy flush with cash.

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

[xchrom]

20. Saudi uneasy with high oil price, worried about economy

http://www.arabianbusiness.com/saudi-uneasy-with-high-oil-price-worried-about-economy-396132.html

Top oil exporter Saudi Arabia is unhappy with high oil prices and concerned about their impact on the global economy, the chief executive of state oil firm Aramco said on Tuesday.

Oil prices fell on Tuesday in part after the remarks from Aramco's Khalid Al Falih. Brent crude fell 57 cents to $123.09 a barrel by 0153 GMT, just four dollars below a 2-1/2 year peak hit earlier in April at $127.02.

"We are not comfortable with oil prices where they are today... I am concerned about the impact it could have on the global economy," Falih told an industry gathering in South Korea.

High prices were not due to any tightness in supply in global markets, Falih said. His comments echoed those of Saudi Oil Minister Ali Al Naimi, who said last week that the kingdom had cut oil output in March as the market was oversupplied.

[xchrom]

21. more on saudi: Saudi flat, seen consolidating

http://www.arabianbusiness.com/saudi-flat-seen-consolidating-396162.html

Saudi Arabia's index TASI eased slightly as losers outweighed gainers and the market is expected to consolidate in the coming days.

"For the moment, we'll trade sideway as it finishes its consolidation phase," said Julian Bruce, EFG-Hermes director of institutional equity sales.

"There will be stock-selective trade."

The benchmark eases 0.1 percent to 6676 points, as six of top 10 stocks book profits. It is up 1.9 percent in April.

[xchrom]

23. UAE lender First Gulf Bank's quarterly net drops 5%

http://www.arabianbusiness.com/uae-lender-first-gulf-bank-s-quarterly-net-drops-5--396083.html

First Gulf Bank, the UAE lender controlled by Abu Dhabi’s ruling family, said first-quarter profit dropped 5 percent, missing analysts’ estimates, as a one-time gain last year wasn’t repeated.

Net income fell to AED875.3m ($238m) from AED919.7m a year ago, the bank said in an e- mailed statement on Monday. The mean estimate of four analysts was for a profit of AED967.5m, according to data compiled by Bloomberg.


i know it's not really oil -- but oil is at the bottom of everything.

[xchrom]

51. Emirates NBD's Q1 profit rises 27% on unit stake sale

http://www.arabianbusiness.com/emirates-nbd-s-q1-profit-rises-27-on-unit-stake-sale-396137.html

Emirates NBD, UAE's biggest bank by assets said its first quarter profit rose 27 percent, on the back of a stake sale of its card processing unit.

Net profit for the quarter ended March 31 was AED1.41bn ($385m), compared to AED1.1bn in the same period last year, the Dubai government-controlled bank said in a statement on Tuesday.

During the quarter, Network International, a card processing unit of Emirates NBD sold its 49 percent stake to private equity firm Abraaj Capital for a price of $539m, which included a sum contingent upon attainment of profitability targets and a portion financed by Emirates NBD, as is normal in such transactions.

“As a result of this transaction, Network International was accounted for as a jointly controlled entity from the start of 2011 and a gain on the transaction of AED1.8bn was recognised during Q1 2011,” Emirates NBD said.

[xchrom]

28. a different take: Crude control

http://www.arabianbusiness.com/crude-control-395717.html

magine, for a moment, that the us had near-to-zero net debt - instead of the estimated $14 trillion it has currently - and cash in the bank equivalent to 100 percent of its GDP. For the world’s biggest economy, that enviable position is unthinkable, and yet this is the situation in which Saudi Arabia finds itself today. Given that one of the kingdom’s major headaches has not been how to fund its spending plans, but exactly how to disburse its wealth, it’s somewhat surprising that economic growth in Saudi Arabia has been relatively soft, trundling along at an average of around five percent over the last five years or so. That performance looks good in comparison to OECD countries, but pales next to growth being posted by China and India, and falls far short of Qatar’s projected near-20 percent hike this year.

Of course, comparisons between Saudi Arabia and Qatar are not entirely helpful. While both nations are resource-rich, Qatar’s smaller population means it is far easier to disseminate riches amongst its people. Unlike many of the countries in the Gulf, however, Saudi Arabia has a still-growing population, with more than 50 percent of them under the age of 30. Too few of them have jobs, housing is under-supplied and overly expensive, and their job opportunities are limited. That the kingdom has not already succumbed to the pressure cooker of unrest that has affected North African nations and neighbouring Bahrain is due in large part to its oil wealth, although the early months of 2011 have shown that the government has no plans to leave anything to chance.

[Demeter]

29. And in Part due to Uncle Sam

who will truckle down and give the Sauds whatever assistance they request.

[plumbob]

59. Might be a bit worried about the substitution effect as higher oil prices

make alternatives not only feasible, but attractive.

Here's the thing: once we quit using whale oil for lamps, we never went back.

[xchrom]

25. Topaz Marine marks entry into West Africa market

http://www.arabianbusiness.com/topaz-marine-marks-entry-into-west-africa-market-396082.html

UAE-based oilfield services firm Topaz has expanded into West Africa by winning a two-vessel contract off Nigeria during 2011, the company said Monday.

The firm has already mobilized two anchor handling tug supply vessels for an eight-month contract to support operations at three oilfields off the Nigeria coast.

The contract was awarded by AXXIS Petroconsultants. The value of the deal was not disclosed.

[Po_d Mainiac]

32. The banksters must have a few more piles of crap

the chairsatan will gladly "roll" maturing issues into. Won't be QE but will set the stage for the 3rd/4th/5th rounds as the move fails to spur growth and sheeple start begging for a return to lower interest rates.

High rates AND high fuel/food expenses do not make for a stable consumer

[xchrom]

33. Oil gains ahead of Fed meeting

http://www.reuters.com/article/2011/04/26/us-markets-oil-idUSTRE72D01W20110426

(Reuters) - Oil edged up from earlier losses on Tuesday in low trading volumes as some investors took advantage of the dip to buy, though gains were limited ahead of a closely watched U.S. Federal Reserve policy meeting.

Prices were also capped by the chief of Saudi Arabia's state oil company comment that the world's top oil exporter was concerned about the economic impact of expensive oil.

By 1051 GMT, North Sea Brent crude futures were trading 20 cents up at $123.86 a barrel, having fallen to as low as $122.66.

U.S. crude futures were trading 27 cents lower at $112.01 a barrel, having dropped by more than $1. On Monday, U.S. crude had hit $113.48, the highest since September 2008.

[xchrom]

52. Valero: No refinery overhauls planned for Q3 '11

http://www.reuters.com/article/2011/04/26/refinery-operations-valero-idUSWEN181520110426

(Reuters) - Leading independent U.S. refiner Valero Energy Corp (VLO.N) has no refinery overhauls scheduled for the third quarter of 2011, said company spokesman Bill Day on Tuesday.

[plumbob]

64. Maybe they should consider backup power for their refineries.

They're spewing carcinogens this morning:
http://www.newser.com/article/d9mrba9o0/more-refineries-lose-electricity-in-texas-city-shelter-in-place-order-reinstated.html

More refineries lose electricity in Texas City, shelter-in-place order reinstated

By JUAN A. LOZANO | ASSOCIATED PRESS |

Three refineries, including a BP unit where a 2005 explosion killed 15 people, and a Dow Chemical plant lost electricity in outages that led to shelter-in-place emergency alerts and the cancellation of public schools Tuesday in Texas City.....

Around 4:40 a.m. Tuesday, electricity was lost at the Valero and Marathon Oil refineries, which activated their flare systems, the Galveston County Daily News reported....

The city and BP reported no emissions of hazardous materials in the area, said George Fuller, assistant emergency management coordinator for the city.

"There was constant monitoring going on at all times and it did not reveal anything, although there's a strong smell of hydrocarbons in the air," Clawson told The Associated Press.


Lying bastids! Those flares are the same as bringing a stove which burns crude oil into your house, lighting it up, and not venting it out! This is not unusual in oil country, though, where most officials are bought rather cheaply by the energy overlords companies.

[xchrom]

69. +1

[xchrom]

74. because this has to do with oil: Over 15,000 U.S. servicemen to remain in Iraq beyond 2011 deadline

http://news.xinhuanet.com/english2010/world/2011-04/26/c_13846834.htm

BAGHDAD, April 26 (Xinhua) -- The Iraqi government is preparing to accept the presence of more than 15,000 U.S. servicemen in Iraq to protect the U.S. interests after the deadline of U.S. troops' pullout by the end of 2011, an Iraqi newspaper reported on Tuesday.

"The Iraqi government will arrange a special status that would allow more than 15,000 U.S. servicemen to stay in Iraq beyond the end of this year," al-Mashriq newspaper quoted well-informed sources as saying.

It also said that thousands of employees working for foreign security firms will stay in the country to protect the U.S. embassy staff, American civil contractors, engineers and investors.

"The full U.S. troops withdrawal will be announced as scheduled (by the end of 2011) and the remaining of thousands of U.S. troops will be attributed to protect the embassy staff, foreign diplomatic corps and international companies in the country," the newspaper said.

[Pale Blue Dot]

3. U.S. Stock-Index Futures Advance; Johnson Controls Gains in European Trade

U.S. stock futures rose before earnings from Ford Motor Co. (F) and Amazon.com Inc. (AMZN) and as the Federal Reserve prepared to discuss whether to end its bond- buying program.

Johnson Controls Inc. (JCI) gained after Piper Jaffray raised its recommendation on the shares. Express Scripts Inc. (ESRX) declined after earnings missed analyst estimates.

Standard & Poor’s 500 Index futures expiring in June added 0.4 percent to 1,336.4 at 10:57 a.m. in London. Dow Jones Industrial Average futures gained 0.3 percent to 12,459. Nasdaq-100 Index futures increased 0.4 percent.

Stocks fell yesterday as lower commodity prices weighed on energy producers.

http://www.bloomberg.com/news/2011-04-26/u-s-stock-index-futures-advance-johnson-controls-gains.html

[xchrom]

31. Stock futures rise before bellwether earnings reports

http://www.reuters.com/article/2011/04/26/us-markets-stocks-idUSTRE73O21K20110426

Reuters) - U.S. stock index futures rose on Tuesday ahead of a big day for corporate earnings that includes bellwethers like Amazon.com (AMZN.O), Ford (F.N), UPS (UPS.N) and 3M Company (MMM.N).

Corporate earnings have been generally strong so far this season with around three-quarters of S&P 500 companies beating analysts' forecasts, helping to push the Dow industrials up to near three-year highs.

S&P 500 futures added 4.6 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 33 points and Nasdaq 100 futures rose 8.50 points.

[xchrom]

4. recommend

[xchrom]

5. Thailand, Cambodia edge toward war

http://www.atimes.com/atimes/Southeast_Asia/MD27Ae01.html

BANGKOK - Thailand and Cambodia fortified their border positions on Tuesday after four days of artillery and mortar battles killed seven Cambodian soldiers and five Thai troops, while both sides tried to dominate nearby ancient Hindu temple ruins. No deaths were reported during Monday's clashes.

Thai troops with scant medical equipment used stretchers and open pickup trucks to transport some injured soldiers from border fights to hospitalization during the weekend. Thailand moved tanks and armored personnel carriers along the mountainous jungle frontier about 560 kilometers northeast of Bangkok.

Cambodia installed more multiple-rocket launchers and other


heavy weaponry to bolster its side. Phnom Penh said on Monday that shelling and rifle fire by Thai forces during the weekend damaged the crumbling stone ruins of two small 1,000-year-old Hindu temples, Ta Krabey and Ta Moan. The extent of the damage was unclear.

[tclambert]

18. Which side are we on? How soon 'til we send the drones in?

We used to send in the Marines. Now we can just send in some robots. How many wars can we afford that way?

I think we're on friendlier terms with Thailand. Of course the war profiteers could make more money if we support BOTH sides.

Does either country have oil?

Am I being cynical, or realistic?

[plumbob]

67. They've both got some oil, so no reason not to sell weapons to both

sides.

Iran-Iraq, anyone?

[xchrom]

6. damn hiccup. nt

[tclambert]

19. Look behind you! It's Dick Cheney!

Did that scare the hiccups outta ya?

[Demeter]

26. That would scare more than hiccups out of me!

Save it for Halloween, please!

[Mnemosyne]

7. Just here to say thanks for all you do here. Much appreciated and very informative. K&R n/t

[hamerfan]

38. +1 on the thanks! n/t

:donut:
:hi:

[Mnemosyne]

49. I learn much more here than most anywhere else. They do good work!

:hi::toast:

[Demeter]

80. On Behalf of all posters, thank you!

It's nice to be appreciated so wildly!

[Mnemosyne]

132. ...

:yourock::woohoo:

[xchrom]

8. The great Afghan carve-up

http://www.atimes.com/atimes/South_Asia/MD27Df01.html

he United States is seeking a negotiated settlement in Afghanistan. It hopes to reverse the Taliban's momentum and bring them to the bargaining table through a counter-insurgency program, diplomacy with indigenous tribes and foreign powers, and the attrition of Taliban forces. This, the US expects, will give it an important if not central role in a settlement.

But regional powers - primarily Pakistan and China, with the support of Iran and Turkey - see the lone superpower as overextended, weary, and nearing a fiscal crisis - a situation they seek to turn to their advantage. These four regional powers are in a good position to play crucial roles in a settlement and in an


excellent position to benefit from one.

First, the regional powers, especially Pakistan, will use their influence with the Taliban to convince them to limit their ambitions to the south and east and accept a settlement with President Hamid Karzai at the helm in Kabul.

Second, the regional powers, especially Iran and Turkey, will press reluctant Afghan peoples to accept the settlement.

[Demeter]

82. You know, Armies Have Tried to Carve Afghanistan for Millenia

starting with Alexander In 327 BC.

Of course the Chinese and or India, with their population advantage, could conceivably finally overrun the country, if they didn't have anything better, easier or more profitable to do....

I suspect both India and China will overrun the US, first. Better spoils.

[tclambert]

106. You're not falling for that "No one has conquered Afghanistan since Alexander" myth are ya?

Hell, they still haven't recovered from the time Genghis Khan burned the place to the ground.

The problem with Afghanistan is nobody wants it. If the Afghanis had the choice, they'd move to New Jersey.

[happyslug]

122. Cyrus the Great tried 200 years before, Alexander followed what Cyrus had done

Cyrus the Great:
http://en.wikipedia.org/wiki/Cyrus_the_Great

Cyrus did what Alexander followed, march North to modern Turkmenistan, then east to Afghanistan then South to take the Indus Valley (Modern Pakistan). Upon leaving Afghanistan Cyrus abandoned Afghanistan, just like Alexander would do over 200 years later (And what Genghis Khan would do 1600 years after Alexander, and what Tamerlane would do 300 years after Genghis Khan). It is what successful conquerers of Afghanistan have done, use it to get somewhere else and then abandoned, none of the above tried to hold Afghanistan, just not worth effort.

Afghanistan is the best way from Persia to India by land. You want to avoid the Baluchistan Desert along the Arabian sea (Alexander actually tried to march his army back through that desert, a place where he lost more of his men then any other part of his conquest) AND the Tibet Plateau i.e. the Highest mountains in the World. Afghanistan in between those two worse ways to go, thus it is conquered and abandoned, No one wants Afghanistan, and it is the effort to hold Afghanistan that leads to defeat in Afghanistan not any move into Afghanistan.

Yes the best policy as to Afghanistan, march in, declare Victory and march out. It is unhealthy to stay.

[Pale Blue Dot]

9. Fed Confidence in Transitory Inflation Hinges on Low Wage Gains

Brady Miller is paying more for vinyl siding for his construction business and for groceries to feed his family. He can’t charge customers more, showing why some Federal Reserve officials say inflation will ease.

“We don’t spend money on anything, we don’t take vacations, and I am not saving money right now,” Miller, 36, says. He has told his wife that he is going to drive their 2005 Dodge Caravan “until that thing falls apart.”

The Mossville, Illinois, homebuilder also hasn’t given his crew of two a raise in two years and says they shouldn’t expect one soon. Their predicament illustrates the downside of what Fed Vice Chairman Janet Yellen calls “transitory” inflation: Household purchasing power is shrinking because wages and salaries aren’t keeping pace with food and energy prices.

Researchers at the Federal Reserve Bank of New York are also finding no evidence that higher prices are boosting expectations for wage increases, suggesting underlying inflation and consumer spending will remain low. That’s why officials led by Fed Chairman Ben S. Bernanke will be in no hurry to withdraw record stimulus after completing a $600 billion bond-purchase program in June, said Michael Feroli, chief U.S. economist at JP Morgan Securities LLC.

http://www.bloomberg.com/news/2011-04-26/fed-confidence-in-transitory-inflation-increase-hinges-on-low-wage-gains.html

[xchrom]

16. more on the fed: Fed chief Ben Bernanke faces decision on inflation

http://www.latimes.com/business/la-fi-economy-inflation-20110426,0,6491613.story


Reporting from Washington—
With the well-being of millions of Americans and the U.S. economy at a pivotal point, Federal Reserve Chairman Ben S. Bernanke faces a crucial decision — and he faces it almost alone on a world stage.

At issue is whether it's time to begin putting on the financial brakes to avoid a potentially dangerous surge in inflation or instead keep stimulus policies in place to help keep the still-vulnerable recovery moving ahead.

If the Fed gets the decision wrong, the consequences could be grave and far-reaching.

Bernanke, who has expressed repeated concern about the health of the recovery and has pressed for continued stimulus, finds himself increasingly isolated in a global economy where fears of inflation are rising.

[Demeter]

89. Bill Bonner What’s Wrong With a Little Monetary Inflation?

http://dailyreckoning.com/whats-wrong-with-a-little-monetary-inflation/

Colleague Porter Stansberry sent us this note:

The Justice Department is assembling a team to “root out any cases of fraud or manipulation” in oil markets that might be contributing to $4 a gallon-plus gasoline prices. Says OBAMA!: “We are going to make sure that no one is taking advantage of the American people for their own short-term gain.”

My bet is the “task force” won’t question Bernanke…

No, they won’t question Ben. That’s not their job. Their job is to find some poor schmuck and make him do the perp walk before the cameras. Maybe some guy who is speculating on oil futures. Or maybe a fellow who is running an oil company.

But let’s look at how this works.

The feds openly and explicitly try to cause inflation. No kidding. Ben Bernanke made it very clear. He was worried about falling prices…about deflation. He practically made his career as a deflation expert…claiming to be able to prevent it by dropping “money from helicopters,” if necessary...

[xchrom]

94. sigh. nt

[Demeter]

27. Which is exactly why there will be no recovery for the forseeable future

Nothing an individual does (aside from a marriage to his/her advantage or an undetected crime for gain) will make any difference.

[InkAddict]

83. But, but, but....throwing Grammy and Papa under the bus may

help to keep the status quo, especially if they were never smart enough to buy themselves a "fast plane" to the white elephant burial grounds. :sarcasm:

[Fuddnik]

101. They're too expensive to keep in jail anymore,

Under the bus is the only place left.

[Pale Blue Dot]

10. Biggest Banks Beating Estimates Can’t Hide 13% Drop in Revenue

The biggest percentage drop in quarterly revenue in three years, driven by lower lending and reduced fees, is damping investor appetite for shares of the six largest U.S. banks.

Net revenue at the six lenders -- Bank of America Corp. (BAC), JPMorgan Chase & Co. (JPM), Citigroup Inc. (C), Wells Fargo & Co. (WFC), Goldman Sachs Group Inc. (GS) and Morgan Stanley -- fell 13.3 percent in the first quarter from a year earlier, according to data compiled by Bloomberg. Pretax pre-provision profits, which exclude taxes, loan-loss provisions and one-time items and are considered a better gauge of profitability than earnings, slid 40.2 percent.

While five of the banks beat analysts’ estimates, and JPMorgan and Wells Fargo reported record quarterly earnings, anemic revenue and a steady drop in pre-provision profits have kept investors at bay. Since JPMorgan reported earnings on April 13 with a 67 percent rise in net income to $5.6 billion, the KBW Bank Index (BKX) of the 24 largest U.S. banks has fallen 3.5 percent as the Standard & Poor’s 500 Index climbed 1.6 percent.

“You’re seeing people backing off of exposure to this space because of the lack of loan growth and poor revenue growth,” said Paul Miller, a former examiner for the Federal Reserve Bank of Philadelphia and an analyst for FBR Capital Markets in Arlington, Virginia. “It’s not a sell-off -- it’s more of a slow drift down. These stocks are going to trade very weak” until their loan books and revenue start to grow.

http://www.bloomberg.com/news/2011-04-26/biggest-u-s-banks-beating-estimates-can-t-hide-13-decline-in-net-revenue.html

[xchrom]

11. For Chinese, Apple's shine not lost in translation

http://seattletimes.nwsource.com/html/businesstechnology/2014874674_applechina26.html

SHANGHAI — While many Western retail giants have failed to translate their American success in China's booming economy, Apple is winning simply by being Apple.

Not far from the massive glass cylinder and spiral staircase that leads to Apple's always-crowded underground store in the heart of Shanghai's gleaming financial center of high rises and high-end stores is a shuttered Best Buy.

Home Depot, another retailer that has seen its successful American strategy sputter in this emerging economic giant, has retreated as well, closing a number of outlets and reconsidering its five-year China business plan. Mattel recently abandoned its flagship Barbie store in this metropolis of 19 million people.

Apple is bucking that trend.

[xchrom]

17. more on apple: Illinois attorney general joins chorus of officials asking Apple about iPhone locatio

http://latimesblogs.latimes.com/technology/

A growing group of state, federal and foreign government officials is asking Apple Inc. to explain why its iPhone and iPad mobile devices track users’ whereabouts.

Illinois Atty. Gen. Lisa Madigan on Monday requested meetings with both Apple and Google Inc, which also records users’ location data through its Android smartphones. Last week, two researchers drew attention to a data file embedded on Apple devices that apparently keeps tabs on years' worth of user location data.

“I want to know whether consumers have been informed of what is being tracked and stored by Apple and Google and whether those tracking and storage features can be disabled,” Madigan said in a statement.

[Po_d Mainiac]

37. Wunner if those devices can smell?

I can think of a few places that iShit could be inserted.

[InkAddict]

90. Hence giving a whole new meaning the word "Plumbers". eom

[Pale Blue Dot]

12. What Goldman Expects From Tomorrow's "Watershed" FOMC Press Conference

From Goldman's Andrew Tilton:

Summary of tomorrow's events:

* Wednesday afternoon will mark a watershed in Federal Reserve communications strategy. Chairman Bernanke will give his first post-meeting press conference and the Federal Open Market Committee’s “central tendency” economic forecasts will be released at the same time (rather than three weeks later with the minutes, as has been the practice recently).

* We expect 1) modest revisions to the FOMC’s forecasts to reflect recent news of softer Q1 growth and higher inflation, 2) reiteration of the intent to end QE2 in June, but an indication that reinvestment of maturing securities is likely to continue beyond that time, 3) a relatively dovish tone from Chairman Bernanke in the press conference, given the still-high level of unemployment and the many uncertainties in the growth outlook

http://www.zerohedge.com/article/what-expect-tomorrows-watershed-fomc-press-conference

[DemReadingDU]

65. Why Bernanke's Press Conference Matters

4/26/11 Why Bernanke's Press Conference Matters

Ben Bernanke's holding a press conference tomorrow. Why is everybody so worked up about it? Because everything the head of the Federal Reserve says is a big deal. One off-hand comment can send global markets soaring or plunging. And because Fed chairmen, as a general rule, don't give press conferences.

They release official statements that are very, very carefully worded. And they appear before Congress. Since the financial crisis, though, the Fed has come under increased scrutiny. The carefully worded statements and Congressional appearances weren't carrying the day.

So the leaders of the Fed have decided to send the chairman out for press conferences every few months ("to further enhance the clarity and timeliness of the Federal Reserve's monetary policy communication," in Fedspeak). The first one is tomorrow, at the end of a two-day policy meeting that starts today.

Remember, though: Investors hang on every word Bernanke says. And the last thing a Fed chairman wants to do is surprise the markets.

So Bernanke's goal at the press conference will likely be to answer the questions, while saying only what everyone already knows.

http://www.npr.org/blogs/money/2011/04/26/135711990/why-bernankes-press-conference-matters


4/25/11 Bernanke To Explain Fed's Action At News Conference
The Federal Reserve meets this week to discuss interest rates. David Wessel of The Wall Street Journal tells Steve Inskeep one thing different about the meeting is that Fed Chairman Ben Bernanke will hold his first news conference Wednesday.
http://www.npr.org/2011/04/25/135697195/bernanke-to-hold-first-news-conference
audio appx 4 minutes

[Demeter]

81. That's Asinine--But Typical of Modern Politics

Send Uncle Ben to shoot his mouth and foot off....

and somehow, the blame will fall on unions, or Democrats, or the poor, or some other innocent bystander.....

[Pale Blue Dot]

13. So Much For Austerity: Greece Misses Deficit Projections, Spain Debt/GDP Surges

And two more highlights from a floundering Europe once again "validating" the EUR spike to near multi year highs. Eurostat came out earlier and reported that the Greek budget deficit, while declining from 15.4% of GDP in 2009 to 10.5% in 2010, missed expectations by a mile, or over 10%, after consensus was for a deficit print at 9.4% of GDP. And while the second to last PIIGS domino to fall also saw its deficit decline modestly sequentially from 11.1% of GDP to 9.2% in 2010, the country's total debt/GDP rose from 53.3% to 60.1%. With austerity like that, who needs the Teamsters?

http://www.zerohedge.com/article/so-much-austerity-greece-misses-deficit-projections-spain-debtgdp-surges

[xchrom]

14. china: Truckers trickle back to work in Shanghai after strike over costs

Reporting from Beijing and Shanghai—
Some truckers serving Shanghai's largest container port are back on the job, ending a work stoppage to protest rising costs as China grapples with its worst inflation in more than 2 1/2 years.

The brief strike, which was started Wednesday by haulers angry over increasing diesel prices and port fees, appeared to be winding down after city officials over the weekend agreed to slash some fees. Still, it highlights a major challenge for Chinese authorities in maintaining social stability at a time when average Chinese are struggling with the soaring cost of food, fuel and shelter.

The nation's consumer price index, which gauges inflation, hit a 32-month high in March, up 5.4% from a year earlier.

"We call inflation over 5% 'vicious inflation,' " said Zhou Xiaozheng, a professor of sociology at Renmin University in Beijing. "It's the biggest threat to the government."

[xchrom]

63. China's export growth expected to plummet

http://news.xinhuanet.com/english2010/china/2011-04/26/c_13846260.htm

BEIJING, April 26 (Xinhuanet) -- Chinese exporters are confronting a decline in growth as they are pinched by external and internal pressures, two government reports said.

China's export growth could plunge to 20 percent in 2011, from 31 percent in 2010, while total imports could surge by 25 percent, the Development Research Center, a think-tank under the State Council, said in a report on Monday.

The country had a trade deficit of $1.02 billion in the first quarter, the first quarterly deficit in seven years. Import prices surged by 14.2 percent year-on-year and export prices rose by 9.5 percent in the same period.

"The imbalance between the import and export prices has reflected the dilemma that Chinese exporters are facing: rocketing cost pressures and little say in pricing," said Zhang Monan, an economics researcher with China's State Information Center.

[xchrom]

72. Countdown begins for China's space station program

http://news.xinhuanet.com/english2010/china/2011-04/26/c_13846112.htm

BEIJING, April 26 (Xinhuanet) -- Authorities in charge of the manned space program unveiled plans on Monday to build a 60-ton space station, made up of three capsules, and develop a cargo spaceship to transport supplies.

The China Manned Space Engineering Office said at a news conference that it also wants the public to get involved by suggesting names for the space station, due to completed around 2020.

According to documents provided by the office, the space station, weighing about 60 tons, is composed of a core module and two others where experiments will be conducted.

A cargo spaceship to transport supplies will also be developed.

[Pale Blue Dot]

15. Silver Undergoes 10% Correction As Dollar Poundage Resumes; Swiss Franc Now Flight To Safety

And so the proverbial correction in silver may have well been completed in the span of 24 hours. As the attached chart shows from its Sunday night peaks to its Monday night bottom silver has dropped over 10%, what some call a mini bear market (which takes it to those depressionary lows seen on Thursday of last week). Is the climb now set tp resume, although not so much due to anything else (and there is plenty else) but because the USD pounding is back in full brokeback style. The EURUSD is about to break above the Sunday night heights in the mid 1.46s and while weak hands are vacating gold and silver, everyone is scrambling to load up in CHF. We wonder how long until those same people realize that Hildebrand is just as mortal as any other central banker with a balance sheet behind him, and as recently as 12 months ago underwent a failed campaign to halt the surge of the CHF in the process contaminating his assets with some seriously ugly currency assets (if one may call $220 billion of dollars on the left side of your balance sheet assets and thus implicitly "supporting" the SNB liability - the Swiss Franc) whose eventual unwind will not be too kind on the Swiss currency.



http://www.zerohedge.com/article/silver-undergoes-10-correction-dollar-poundage-resumes-dollar-backed-swiss-franc-now-flight-

[tclambert]

22. Last August, silver was around $18.50 per ounce.

$45.50 is still up an awful lot (~146%) in 8 months. Somebody must have bought billions of dollars worth. But I still don't know who.

[Pale Blue Dot]

24. Apmex Starts Reverse Inquiry: Seeks To Buy "Any Quantity" Of Silver From Clients At $3 Over Spot

Over the past hour Zero Hedge has been inundated with reader comments notifying us that Ampex has, validating the earlier post speculating about a possible silver shortage at the metals distributor, launched a "reverse ïnquiry" in which it will pay "you $3.00 over the current spot price of Silver for your Silver American Eagles. ANY year, ANY quantity!" and "We will pay you $38.00 over the current spot price of Gold for your Gold American Eagles. ANY year, ANY quantity!" So aside from this first public confirmation that one of the biggest wholesale retailers of precious metals is now inventoryless , we can certainly see why Asia has decided to take silver down in the afterhours electronic session.

http://www.zerohedge.com/article/apmex-starts-reverse-inquiry-seeks-buy-any-quantity-silver-clients-3-over-spot

[Po_d Mainiac]

34. Mayhaps just a stealthy way

to figure out who is holding the Au/Ag, and if their contact info is current. Hmmm.

A $2.50+ drop in the price of Ag in NY coincided with reports of a shortage of hard...That just dun't make sense.

[Demeter]

36. Nothing Makes Sense, Any More

Reality is taking on the aspects of a bad TV sitcom/cop show.

I just watched "Finding Neverland". I think that's where I will take up residence henceforth.

[westerebus]

60. Free shipping on your sell phone account.

You are now a glowing dot in the matrix. Tracking the future in real time.

**** Excellent call by the way, thanks. Yes, I BTFD! Stop laughing....

[Po_d Mainiac]

54. Wu is a common name in Asia..n/t

[tclambert]

108. Hugh's buying silver?

[Po_d Mainiac]

130. No, Hugh's on deck.....Wu's on first

Not a threat to steel/steal, cuz his pockets are full of PM's

[ret5hd]

62. Eric Sprott bought a lot of it:

http://www.321gold.com/editorials/moriarty/moriarty042511.html

<snip>
Eric Sprott started his own paper silver fund called the Sprott Physical Silver Trust. It's still paper silver like SLV or the CEF fund. It has some unique features, not benefits but features. He has done a brilliant job of promoting it.

Recently he purchased $300 million dollars more physical silver to put in the closed fund. As a result of his excellent promotion, as of last Wednesday, silver was selling for $46. If you bought the CEF silver fund, you paid $47.88 for silver. If you bought SLV, you paid $46 with no premium but if you bought PSLV, the Sprott Silver Trust, you paid an incredible $57.73 an ounce for silver.

I'd say that Eric Sprott buying $300 million dollars more silver lately was incredible timing. He pocketed probably $60 million in profit. Is Eric Sprott bullish on silver? I'd say so. He has 60 million reasons to be bullish. He can buy at the exact top of silver and watch a 25% decline and still make money.

How wise was it for investors to pay a 25% premium for silver? I'd like to believe my readers are smart enough to figure that out for themselves. Eric Sprott is both brilliant and rich but paying 25% over spot is not wise investing.
(/snip>

my comment: The writer of this piece is Bob Moriarty, who seems to have a feud/grudge against some of the silver guys (one in particular whose name i can not at this time remember). I think this sometimes colors his opinions on silver. But his advise on metals has been mostly spot on, (especially gold) and his knowledge of the technical and managerial aspects of mining is unparalleled. Practically every mine he writes about he personally visits, whether Asia, South America, Africa, etc. and he is not afraid to return from a long trip and say "this mine is a loser" or "the mine is good but the management is terrible". (not actual quotes, but that is the gist of some articles he has written)

[xchrom]

30. Ford posts stronger-than-expected profit

http://www.reuters.com/article/2011/04/26/us-ford-idUSTRE73P20X20110426

(Reuters) - Ford Motor Co (F.N) reported its best first-quarter profit in 13 years, driven by strong sales in its home market and demand for more fuel efficient vehicles.

Ford also said on Tuesday that last month's earthquake in Japan had "minimal" impact on its business.

[Demeter]

35. Public Service Announcement from Demeter

The Weekend Economists will have to fend for themselves this weekend.

I'm off to hobnob with my fellow wizards, er, Mensans at the annual RG (pronounce argee, NOT Orgy!). I'll start the thread up at lunch, but will make only the slightest contact before Sunday afternoon.



You all will have to fill in the blanks. Thank you for your attention.

[Fuddnik]

102. I'm looking to join a chapter of Densa.

I got a new phone yesterday, and there's nothing like a smart phone to make you feel like an idiot.

So far, to everyone's dismay, I've learned how to send dog pictures with it.

[Demeter]

125. Thanks for the Hearty Guffaw

You must give me lessons, so I can post my grandpuppy....

and I'm sorry, but you don't qualify for Densa.

[Demeter]

39. Sewers, Swaps and Bachus By JOE NOCERA

http://www.nytimes.com/2011/04/23/opinion/23nocera.html?ref=opinion

Let me tell you a story about Jefferson County, Alabama...Once upon a time — back when too many people viewed derivatives as glittering innovations with magical powers to hedge against risk — Jefferson County was ordered by the Environmental Protection Agency to upgrade its sewer system. To finance the new sewers, it issued bonds totaling nearly $3.2 billion.

After the sewer system was completed, the county moved all that debt from fixed rates to variable rates. It did so because some investment bankers at JPMorgan persuaded the county to purchase derivative contracts, in the form of interest rate swaps, that would supposedly allow it to avoid paying higher interest if rates went up. Magic indeed.

At first, this arrangement worked well enough. Though the cost of the sewers was bloated beyond belief — they were originally supposed to cost $1 billion — the county made its bond payments. The bank reaped handsome fees from its swaps contracts.

But the financial crisis caused those clever hedges to go blooey. Indeed, the swaps not only failed to protect the county from losses — they actually exacerbated the losses. In addition, two of its bond insurers had their credit rating lowered because they had also insured lots of toxic subprime derivatives. The downgrade triggered huge hikes in interest and principal for Jefferson County.*

[Demeter]

40. Lawyer intensifies fee-splitting battle against mortgage servicing providers

http://www.housingwire.com/2011/04/22/lawyer-intensifies-fee-splitting-battle-against-mortgage-servicing-providers?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+housingwire/uOVI+%28HousingWire%29&utm_content=Google+Reader


The alleged splitting of attorney fees between foreclosure law firms and third-party mortgage servicing providers is the subject of another lawsuit, bringing the number of cases filed on this issue to five within the past seven months, said Nick Wooten, an Alabama-based plaintiff's attorney involved in all of the cases.

By mid-May, Wooten said he expects to file 10 to 12 additional cases, making similar allegations about what he claims are illegal, split-attorney fee arrangements between mortgage servicing outsourcers and law firms. The cases are concentrated in the Northern District of Mississippi, the Southern District of Alabama and the Northern District of Florida-Pensacola division.

The latest case involves plaintiff, Susan Marie Harris of Florida, against Lender Processing Services (LPS: 28.41 0.00%), its subsidiary LPS Default Solutions Inc., and the Ben-Ezra & Katz law firm.

Harris, who is seeking class-action status of her lawsuit, claims the defendants violated bankruptcy code by creating contractual agreements that allowed them to "illegally split attorney's fees" with law firms that signed up to join LPS Default Solutions' attorney network.

SEEMS THERE WERE ENOUGH "FIDDLES" IN THE MASSIVE FRAUD ECONOMY TO RECONSTITUTE THE 101 STRINGS ORCHESTRA OF MY YOUTH...

[Demeter]

41. The Scintillating Dilbert

[Hotler]

42. k&r Good morning everyone. n/t

[skoalyman]

43. gas almost 4 buckaroos here in canton ohio

http://www.gasbuddy.com/GB_Map_Gas_Prices.aspx?zip=44703
:hangover: :hangover: :hangover:

[DemReadingDU]

50. $3.99 in Dayton

:wow:

[Demeter]

44. J.P. Morgan Chase to pay $27 million to settle lawsuit over military mortgages

http://www.washingtonpost.com/business/economy/chase_pays_27_million_to_settle_suit_over_military_mortgages/2011/04/22/AFB4NBRE_story.html?wprss=rss_business

...The Servicemembers Civil Relief Act (SCRA) prohibits lenders from charging active-duty members of the military more than 6 percent interest on their mortgages. It also prevents banks from foreclosing on their homes during service and for nine months afterward.

Under the terms of the settlement, the bank will give $12 million to the estimated 6,000 service members covered by the suit. It will also set up a $15 million fund for additional individual damages, to be disbursed by a third party. The firm said it has already issued $6 million to service members who were overcharged. A judge is slated to issue preliminary approval to the settlement in late May.

“I don’t know if you can measure what’s enough in terms of giving those families back what they’ve gone through,” said Peter Gaytan, executive director of the American Legion. “We hope this is a lesson to Chase and other lenders to put military families first.”

Over the past year, Chase and other lenders have faced a wave of allegations involving SCRA violations. Wells Fargo recently announced a $10 million settlement in a class-action suit alleging excessive fees for mortgage refinances. Saxon Mortgage Services, a division of Morgan Stanley, settled last month with Army National Guard Sgt. James Hurley, who said his home was foreclosed on while he was in Iraq...And during a hearing before the House Veterans’ Affairs Committee early this year, Chase executives said they wrongfully foreclosed on 18 service members. The bank said it has found other potential cases since then.

[Demeter]

45. Bank of America Lawyer, Consultant Gave Foreclosure Probe Chief $15,000

Iowa’s Democratic Attorney General Tom Miller is known for taking on big business. Elected to eight four-year terms, he led a multi-state anti-trust case against Microsoft in 2001 and filed a suit against 79 drug companies in 2007, alleging they illegally profited by inflating prices for drugs purchased through Medicaid.

Most recently, Miller took the lead on the investigation by all 50 state attorneys general into the “robo-signing” foreclosure scandal, where several big banks allegedly approved taking away people’s homes without adequately verifying the facts in court, as required by law in some states.

Last fall, just after he made the announcement that he would look into the foreclosure mess, contributions to Miller’s campaign coffers for November’s election soared, thanks in large part to out-of-state lawyers who make a living representing big banks, a new report from the National Institute for Money in State Politics finds. “Nearly half of the money Miller raised in 2010,” NIMSP reports, “was donated after the October 13 announcement that he would be coordinating the 50-state attorneys general investigation.”

Two Miller contributors have become directly involved in defending the banks in the probe. One, Meyer Koplow of Wachtell Lipton in New York, gave Miller $5,000 and is representing Bank of America in direct negotiations with Miller, the attorney general tells TIME. Another, Elizabeth McCaul of Promontory Financial Group, gave Miller $10,000 and is consulting Bank of America in the negotiations, Miller says. Bank of America was one of the first and most prominent institutions accused in the foreclosure investigation. It gave more than $80,000 to the Democratic Attorney Generals Association, which spent more than $200,000 on Miller’s campaign, Miller says...

Read more: http://swampland.time.com/2011/04/21/bank-of-america-lawyer-consultant-gave-foreclosure-probe-chief-15000/#ixzz1KdEALWCz

[Demeter]

46. Bank of America Wins Dismissal From Countrywide Mortgage Securities Suit

http://www.bloomberg.com/news/2011-04-22/bank-of-america-wins-dismissal-of-countrywide-securities-claims.html

Bank of America Corp. (BAC) was dismissed from a lawsuit brought by investors who bought mortgage-backed securities sold by Countrywide Financial Corp., the home lender Bank of America acquired in 2008.

U.S. District Judge Mariana Pfaelzer granted Bank of America’s request to dismiss the claim against it on grounds that it can’t be held liable for actions of a unit, according to an April 20 order filed in Los Angeles.

The investors failed to show that two separate transactions in 2008, whereby Bank of America, through a subsidiary, acquired and transferred the Countrywide assets, were a “de facto” merger, Pfaelzer said.

The judge had dismissed the lawsuit in November, saying the investors didn’t sufficiently demonstrate they suffered an injury for the securities they bought, and that the statute of limitations had expired for some claims. The judge allowed the plaintiffs to file an amended complaint to address these failings before she would rule on Bank of America’s Aug. 20 request to dismiss it from the complaint...

[Demeter]

47. Flying the Flag, Fleeing the State

http://www.nytimes.com/2011/04/25/opinion/25george.html?pagewanted=print

...But maritime lawlessness isn’t confined to pirates. Thanks to a system of ship registration called “flags of convenience,” it is all too easy for unscrupulous ship owners to get away with criminal behavior. They have evaded prosecution for environmental damage like oil spills, as well as poor labor conditions, forcing crews to work like slaves without adequate pay or rest. But unlike piracy, which seems intractable, the appalling conditions on some merchant ships could be stopped.

Ships used to fly the flags of their nation. They were floating pieces of their home country on ungovernable seas, with all the advantages and disadvantages of government oversight: if things went wrong, seafarers were protected by their governments. If they did wrong, they could be punished.

But in the early 20th century, this began to change. Panama, seeking to attract American ships avoiding Prohibition laws, allowed non-Panamanians to fly its flag, for a fee. Liberia and other countries followed suit. Today these “open registries” are used by over 60 percent of shippers, up from 4 percent in the 1950s.

Under the flags of convenience system, registries have been divorced from government oversight. North Korea has a thriving registry, as does landlocked Mongolia. Liberia’s registry, the second-largest in the world, flourished even during a dozen years of civil war. Some registries allow ship owners to change the flags they’re registered under within 48 hours; some require little more than a signature or an online form from an owner. Many don’t require owners to disclose their identities at all...

[xchrom]

48. HSBC launches $100m UAE fund to support SMEs

http://www.arabianbusiness.com/hsbc-launches-100m-uae-fund-support-smes-396184.html

HSBC Holdings, Europe’s biggest bank, launched a $100m fund aimed at supporting small and medium enterprises in the UAE, the bank’s CEO in the country said Tuesday.

The announcement marks the second tranche of a fund launched in 2010, also with $100m in capital, and is designed to help local businesses boost trade, Abdulfattah Sharaf told a news conference in Abu Dhabi.

Additional tranches are likely, he told reporters.

“There will be a third and fourth fund,” he said.

[xchrom]

53. india: Market to trend higher if it crosses 5900 on Nifty: Experts

http://www.moneycontrol.com/news/market-edge/market-to-trend-higher-if-it-crosses-5900nifty-experts_538352.html

Domestic market has recovered on positive cues received by the European markets, buying in largecaps at lower levels and gains marked by banking and telecom stocks.

However, experts feel that earnings season has not thrown up any major positives this time, which may make indices volatile further. Moreover, macro concerns like inflation and interest rates are looming large on the market. Thus, will the market be stuck in a trading range of 5700-5900, or it will move on the upside?

Anil Manghnani at Modern Shares & Stock Brokers said, “We have seen that in a last couple of weeks, whenever the market comes to 5700-5750, it tends to bounce back. So, it is stuck in that range. Everybody is expecting in excess of 6000 but I think 5950 still holds on the upside and the market doesn’t cross that easily.”

[xchrom]

55. Honda, Toyota not big players in Indian auto market: Expert

http://www.moneycontrol.com/news/business/honda-toyota-not-big-playersindian-auto-market-expert_538286.html

Post the tsunami-earthquake which hit Japan, there has been a component shortage. On account of which many Japanese makers like Honda and Toyota have announced massive production cuts in their Indian subsidiaries. Honda is said to be halving its production in India starting May. The auto major is also said to be looking at single shifts from the same month.

While this may or may not have an impact on Indian Original Equipment Manufacturers (OEMs), it may create some kind of demand as well with competitive pressures reducing.

Jagdish Khattar, the CMD of Carnation Auto and Bertrand D'souza, deputy editor of Overdrive, in an interview on CNBC-TV18 spoke about the devastating March quake and tsunami in Japan which is impacting the Indian auto industry.

[xchrom]

56. Can GVK pull-off a jumbo coal mine buy?

http://www.moneycontrol.com/news/business/can-gvk-pull-offjumbo-coal-mine-buy_538377.html

The GVK group, promoters of GVK Power and Infrastructure that constructs power plants and airports, is in focus as analysts and investors weigh pros and cons on the company's probable buy of two Australian coal mines from Hancock Prospecting.

For the pay-out, the Hyderabad-based GVK group is said to be arranging funds to the tune of USD 1.3 billion. In comparison, the market capital of GVK Power as on Tuesday was USD 938 million and the debt on books closer to USD 1.1 billion.

Can GVK Power pull off such a large acquisition?

The stock has declined 4.8% since late March, when the news gained currency that it is a contender for Hancock mines. In comparison, the benchmark index has gained 3.2%.

[xchrom]

57. Higher cotton prices, demand-supply gap to favour Indo Rama

http://indiaearnings.moneycontrol.com/sub_india/compnews.php?autono=538371

Indo Rama Synthetics (India) announced its fourth quarter results. The company's Q4 net profit was up at Rs 101 crore versus Rs 5 crore, year-on-year (YoY). The company’s net sales were up at Rs 854 crore versus Rs 628 crore, YoY.

Vishal Lohia, ED of the company, in an interview with CNBC-TV18’s Latha Venkatesh and Gautam Broker, gave his perspective of the fourth quarter performance and divulged future plans.



i'm reminded of the graduate -- except this time the advice is: polyester.

[xchrom]

58. Consumers Never Liked to Pay More for Green to Begin With

http://blogs.hbr.org/winston/2011/04/consumers-never-liked-to-pay-m.html

On Friday, the New York Times breathlessly declared in a cover story that during the recession, "As Consumers Cut Spending, 'Green' Products Lose Allure." It's a nice headline and makes it sound like the green product and business movement is in trouble. But the story, while interesting, doesn't really change the reality for business.

First, consumers never liked to pay more for green and, second, consumer pressure is not the biggest force driving the greening of business.

Here's the story. The Times story focuses on the rise and (sort of) fall of Clorox' Green Works cleaning products. Launched with much fanfare in 2008, Green Works quickly became the biggest player in the niche green cleaning space, hitting $100 million in sales before falling to $60 million in the recession (which is still a very respectable number in this market space). The Times crows that "As recession gripped the country, the consumer's love affair with green products, from recycled toilet paper to organic foods to hybrid cars, faded like a bad infatuation." So green cleaning products are on their way out, right?

Not quite.

[xchrom]

61. Soaring food prices threaten to push mlns of Asians into poverty: ADB

http://news.xinhuanet.com/english2010/business/2011-04/26/c_13846150.htm

MANILA, April 26 (Xinhua) -- Resurgent global food prices, which posted record increases in the first two months of 2011, are again threatening to push millions of people in developing Asia into extreme poverty, the Asian Development Bank (ADB) said in a report Tuesday.

Food prices had been expected to continue a gradual ascent in the wake of the sharp spike in 2008. The report, titled "Global Food Price Inflation and Developing Asia", said that fast and persistent increases in the cost of many Asian food staples since the middle of last year, coupled with crude oil reaching a 31-month high in March, are a serious setback for the region which has rebounded rapidly and strongly from the global economic crisis.

[xchrom]

66. Brazilian president vows to fight rising inflation rate

http://news.xinhuanet.com/english2010/business/2011-04/26/c_13846265.htm

RIO DE JANEIRO, April 25 (Xinhua) -- Brazilian President Dilma Rousseff Monday voiced her concerns over the rising inflation rate over the past months in the country, saying the government will tackle it.

"All our attention will be turned to the fight against the inflation rise," Rousseff said.

In the first three months of 2011, Brazil reported its inflation rate at 2.44 percent, which rose significantly from 2.06 percent in the same period last year.

[xchrom]

70. Yemen's economic losses due to protests rise to 5 bln USD

http://news.xinhuanet.com/english2010/business/2011-04/26/c_13845926.htm

SANAA, April 25 (Xinhua) -- Yemeni Industry and Trade Minister Hisham Sharaf said on Monday that the economic losses due to the three-month-old political crisis is estimated at 5 billion U.S. dollars, the ruling party's newspaper reported.

"The ongoing political crisis has caused losses to the national economy, tourism, investment and exports up to 5 billion U.S. dollars," Sharaf said.

[xchrom]

71. Austria to open labor market to all EU members amid challenges, chances

http://news.xinhuanet.com/english2010/business/2011-04/26/c_13847162.htm

VIENNA, April 26 (Xinhua) -- Austria will open its labor market to eight eastern European members of the European Union (EU) on May 1 in a move that is expected to generate both challenges and opportunities.

Austria and Germany are the last two EU members to open their doors to workers from Poland, Hungary, Slovenia, the Czech Republic, Estonia, Lithuania, Latvia and Slovakia, having waited the maximum seven years from when the former Soviet bloc states joined the EU in 2004.

The move finally establishes a single EU labor market, allowing labor resources to transfer more smoothly among member states.

Austria, facing an aging population, is hoping the new market will provide it with a fresh source of labor and will try to attract highly qualified experts, as well as legalize illegal workers in such industries as building and catering.

[Fuddnik]

73. At least it gives me an excuse to drink.

After about 3 weeks of going round and round with the morons at Wells Fargo, what do I find in my mailbox yesterday? A letter telling me that they're dropping the forced place insurance and refunding my money, that they stole from my HELOC.

This after repeated phone calls, visits to the bank, threats, and my doing a title search yesterday morning. I don't know if they found my name on the lawsuit or what, but fuck them. I'm still suing.

How many more people just quietly go along with them and pay? Not me.

[xchrom]

75. i don't blame you. it's horrifying what they do to us. nt

[denverbill]

76. NASDAQ may exceed it's highest level under Shrub today.

The DOW and S&P are still 15-20% below their all-time highs, and the NASDAQ isn't anywhere close to it's internet bubble peak under Clinton, but it's at the peak reached under Shrub despite 9%+ unemployment and nothing but bad economic news.

Just thought that was interesting.

[Demeter]

84. Considering How Much Hot Money Flew Off the Presses, It's Appalling

Uncle Ben's been working overtime, just to get such miserable returns?

[xchrom]

78. Judge sides with NFL players on lockou

http://www.marketwatch.com/story/judge-sides-with-nfl-players-on-lockout-2011-04-25

SAN FRANCISCO (MarketWatch) — A federal judge on Monday issued an order siding with National Football League players seeking to lift a lockout imposed by the team owners last month.

U.S. District Judge Susan Richard Nelson wrote in the order that the motion filed by plaintiffs, including quarterbacks Tom Brady and Drew Brees, for a preliminary injunction targeting the lockout is granted, and the lockout enjoined.

[Demeter]

85. Caution urged on bank foreclosure fines

Banks will be fined for failures that led to the foreclosure debacle but regulators should avoid “dangerously large” penalties, according to one of the top officials participating in fractious settlement talks.

John Walsh, acting comptroller of the currency, told the Financial Times that he supported financial penalties for mortgage servicers, led by Bank of America and Wells Fargo, whose shoddy paperwork and improperly signed affidavits caused the repossession of delinquent borrowers’ homes to come to a grinding halt.

Read more >>
http://link.ft.com/r/DHGUVV/FX75PZ/VTVRG/BM0Y7P/8A83Q0/MQ/t?a1=2011&a2=4&a3=25

NO TALK OF SERIOUS FRAUD? GOOD HEAVENS, THE BRITS ARE POLITE!

[Roland99]

86. Car dealers adopt outlawed mortgage tactics, new consumer agency powerless against them

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x962729


they'll never stop.

[Demeter]

87. ‘Say-on-pay’ rules hit US executives

US companies have begun cutting pay and benefits for top executives, and disclosing more details of packages, in anticipation of the effect of new rules that give shareholders greater power to vote down remuneration structures.

According to pay consultancy ClearBridge, which has examined the first 100 Fortune 500 companies to file details of so-called proxy statements – resolutions to be voted on at annual meetings – there is clear evidence of a shift in pay practices.

Read more >>
http://link.ft.com/r/R5WAEE/KEXDPB/3CWTA/TP9GLW/FXABR5/E4/t?a1=2011&a2=4&a3=25

[Demeter]

88. US counts the cost of keeping elderly in jail

Ageing inmates are expensive and growing in number, prompting calls for reform

Read more >>
http://link.ft.com/r/J0VG55/A7CC09/JQU4J/3OLABW/ZB3K36/SN/t?a1=2011&a2=4&a3=25

[AnneD]

131. Gee....

Someone stole my retirement plan idea. I have been trying to think of some crime that might land me in some nice federal prison. The ' Three hots and a Cot' plan. Bernie Madoff would be my salesman (but he would also be a client). We could make a killing.

[kickysnana]

91. I'm back my Greyhound report.

I have been traveling Greyhound/Jefferson lines to Missouri every six months to see a doctor for three years now. Nothing changes a lot but ridership is definitely down even on Good Friday holiday.

Since Greyhound serves the lower classes, mostly, and I assume that nobody working there is getting rich they have devised some methods of entertainment.

On the way there everyone transferring at Kansas City, MO and was told to line up at doors one, two and three. these are glass doors in a glass wall leading out to where the buses are parked. The doors all go to the same place. They are not locked people can and do go out to smoke and walk around a bit. Buses have in the past been moved from their incoming slot (door 6-12) down to the outgoing slots (1-6). This time the buses did not move from their incoming slots. Ten minutes after the scheduled time for the bus departures an announcement came over the PA and told everyone from door 2 to go to door 4. So everyone picked up all their luggage and schlepped it through the line at door 3 over to door 4 to board the bus.

On the way back at my departure point we had a fellow I chatted with who really thought he was the most special person in the world with the most special luggage. He decided he needed to put 4 large suitcases on the bus, not underneath (limit is 2). When he could not persuade the bus driver who came in 20 minutes late from St Louis because of the bad weather that day he dropped his things and ordered nobody in particular to keep an eye on them. The bus driver went inside and came out and said the guy was still wanting to speak to higher up supervisors. If I had known what was going to happen we would have urged the driver to just go but we had a 35 minute lay over in Kansas City and a bus load of prisoners were there waiting for the bus heading to St Louis from KC MO. The man did not get his way and we pulled into KC MO 5 minutes past departure time (remember, no buses coming in on the way down but we left 15 minutes late getting out just because) and the connecting buses pulled out just as we pulled in. Seems the driver radioed ahead to make that happen. 2/3 of the bus missed connections and would had to wait about 8 1/2 hours for the next bus which probably was mighty full on Good Friday evening. These incidents were peculiar to this trip. Other trips the drivers, clerks were very helpful and even on occasion accommodating.

But normally riding greyhound you can stretch out, bring tons of luggage no scanning, eat and drink what you want when you want. No long concourses, no strip searches, less than half the lowest airfare (except from huge cities occasionally). They didn't even ask for ID but I had a confirmed reservation but no ticket yet. I am always much nearer my destination than the airport.

I wish I could just drive a car that gets humongous mileage but I don't won one of those. This is the first time I wished I had a smart phone to see if I could get a plane or car out of there sooner but I looked at the price when I got home and I couldn't justify it for the amount I would use it right now. Obviously no computer terminals at Greyhound. I did hop a city bus down to the library but their computers had over an hour wait time. I picked up some additional munchies at the CVS and got home tired and a little grumpy but a good night sleep cured that.

I am not sure what I will decide to do next time. Hope you all had a better weekend.

[Roland99]

92. Rode Greyhound once....

I was a young teenager and my Mom and my two sisters and I rode it from KY to Daytona Beach. I didn't mind it...took a little over 24hrs (a drive I can do myself now in about 13) but it was an experience :)

[Demeter]

98. In a fit of poverty I took the two girls (then quite Young)

to NH to go to court...a fruitless trip, btw...

On the way back, the bus driver took a wrong turn towards NYC instead of Albany...and abandoned the bus. Another driver came out of somewhere....we eventually got back to Michigan, but I'd never do that again.

It was more than surreal.

[DemReadingDU]

93. Be glad you weren't in Tampa

12/2/10 TSA at Tampa Greyhound
The Transportation Administration has now begun deploying temporary, rapid response checkpoints at bus stations in Tampa. Dubbed VIPER for Visual Intermodal Protection and Response, the checkpoints are designed to be put into place in the event a terrorist threat arises in the future.

http://www.youtube.com/watch?v=VpMcffyv31o


and thanks for the report, glad you are back and rested
:hi:

[xchrom]

96. once more unto the breach! glad you're back...

:hi:

[Demeter]

99. Economic Hit Men Now Used on Americans By Max Keiser with John Perkins

http://www.youtube.com/watch?v=RXkx41uvesA&feature=player_embedded

[Demeter]

100. Today's Max Keiser--the Shape of What Might Have Been, and What's Coming!

http://maxkeiser.com/?s=april+25.%2C+2011

[Demeter]

103. OCC Makes Patently False Claim That Slap-on-the-Wrist Servicing Penalties Could Hurt Banks

http://www.nakedcapitalism.com/2011/04/occ-makes-patently-false-claim-that-slap-on-the-wrist-servicing-penalties-could-hurt-banks.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29

It’s time we come up with a new handle for the Office of the Controller of the Currency. It is difficult to convey how shameless this regulatory-agency-turned-slut for the banking industry has become. It’s the Stage 4 disease version of where our government is heading at a rapid clip: officials masquerading as serving the public interest when they are uber lobbyists for the pet whims of their supposed charges.

So what do we call the OCC? The Office of Capital Corruption? The Office of Criminal Capitulation? I have no doubt readers will have even better ideas (and don’t be constrained by the acronym).

As we’ve written in some of our posts on the foreclosuregate settlement negotiations, the OCC has engaged in what even those of us at a remove can tell is bureaucratic warfare against the FDIC and the yet to be operational Consumer Financial Protection Bureau. For the OCC to undermine the CFPB is a twofer. First, it helps to beat back meaningful mortgage reform. Second, the CFPB has the potential to hamper the OCC’s real mission, which is to make sure that the banks come first and everyone else pounds sand. It recognizes the need to make the occasional concession to keep the pitchfork crowd at bay, but otherwise it really has no interest in making the banks toe the line. Note that the Treasury and the Fed have pretty much the same worldview, but the OCC is more shameless and bloodyminded about pursuing it.

For instance, it is pretty clear that someone in the officialdom, probably the OCC, painted a target on Elizabeth Warren’s back. As much as we’e been critical of what appear to be some of the steps she has taken, the flip side is that she does not buy the Team Obama modus operandi of coddling the banks and persuading the chump public to go along via a heavy dose of propaganda and Potemkin reforms....

MORE TRASH TALK AT LINK

[Demeter]

104. Guest Post: Radiation Expert Says “Sr-90 and Uranium and Particulates Will Be Building Up in the USA

http://www.nakedcapitalism.com/2011/04/guest-post-radiation-expert-says-sr-90-and-uranium-and-particulates-will-be-building-up-in-the-usa-and-europe-for-now-i-think-it-prudent-to-stop-drinking-milk.html

[Demeter]

105. At Least One Country With Big Banks is Not Afraid of Them

http://www.nakedcapitalism.com/2011/04/at-least-one-country-with-big-banks-is-not-afraid-of-them.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29

... The Swiss government wants to impose capital requirements on their two internationally active big banks UBS and Credit Suisse that by far exceed what European or American regulators intend to ask their banks to do, Frankfurter Allgemeine Zeitung reports. According to a draft law those two institutions should be required to keep 19% of their capital as a cushion of which 10% has to be core tier one capital. Part of those 19% is a surcharge on big banks of 6% which can be covered by contingent capital (cocos). That measure alone will cost both banks €18bn respectively, the paper claims. The government justified its proposal by saying that nowhere else banks had a comparable weight in the economy as in Switzerland where the balance sheets of UBS and Credit Suisse are equivalent to about five times the national GDP....

[xchrom]

107. who knows better than the swiss what kind of horseshit bankers can get up to? nt

[xchrom]

109. Geithner talks tough on U.S. dollar

http://www.marketwatch.com/story/geithner-talks-tough-on-us-dollar-2011-04-26

WASHINGTON (MarketWatch) — Treasury Secretary Timothy Geithner Tuesday talked tough on the U.S. dollar as he said the U.S. will never attempt to lower the value of the greenback to gain an advantage in global trade.

“We will never embrace a strategy of trying to weaken our currency to try to gain economic advantage,” Geithner said, going further than his usual comment that a strong dollar is in the interest of the United States.

Geithner made the comment during an appearance at the Council of Foreign Relations in New York. Geithner has been in New York for two days for a series of mostly private meetings.

The dollar has been on a down-trend recently in foreign-exchange markets, with one index that measures the U.S. unit against a basket of six rivals /quotes/comstock/11j!i:dxy0 DXY -0.22% slipping to its lowest level since August 2008. Read MarketWatch’s comprehensive currency coverage.

[Roland99]

112. “We will never embrace a strategy of trying to weaken our currency to try to gain economic advantage

:spray: :spray:

[xchrom]

114. SMW needs an 'oy' file. nt

[Roland99]

119. like this?

[xchrom]

120. exactly! nt

[xchrom]

110. U.S. stocks rally on 3M, Ford results

http://www.marketwatch.com/story/us-stocks-draw-opening-lift-from-earnings-2011-04-26

NEW YORK (MarketWatch) — U.S. stocks tallied robust gains Tuesday, lifting the Dow Jones Industrial Average to a 2011 high, as investors embraced earnings from Ford Motor Co., United Parcel Service Inc., 3M Co. and others.

Rebounding from Monday’s losses, the Dow industrials /quotes/comstock/10w!i:dji/delayed DJIA +0.91% added 111 points, or 0.9%, to 12,590, with 23 of its 30 components gaining.

The blue-chip gains were led by industrials Caterpillar Inc. /quotes/comstock/13*!cat/quotes/nls/cat CAT +2.67% and 3M /quotes/comstock/13*!mmm/quotes/nls/mmm MMM +1.96% . Shares of 3M rose 2.1% after the conglomerate raised its 2011 earnings outlook even as it took a hit from Japan’s ongoing crisis.

Dow component International Business Machines /quotes/comstock/13*!ibm/quotes/nls/ibm IBM +0.71% said it would raise its quarterly dividend 15%. Shares of the technology bellwether climbed 0.6%.

[xchrom]

111. Boeing may top forecast as travel demand picks up

http://www.marketwatch.com/story/boeing-could-raise-its-profit-forecast-2011-04-25

NEW YORK (MarketWatch) — Airlines flew more often with fewer aircraft in the first quarter, benefiting companies that provide aerospace parts and services and likely giving a boost to Boeing Co.’s results.

“For the majority of aerospace suppliers, first-quarter growth has been stronger than expected,” Gleacher & Co. analyst Peter Arment told MarketWatch.

“While the spike in oil has tempered some expectations, fleet-renewal programs remain a top priority among the global airlines, which is positive for Boeing’s backlog and production plans,” he said. “We expect to hear that theme reiterated by Boeing management.”

[upi402]

116. Boeing may have to stop union busting and move back to Washington State

I hope so. Good legal work at the NLRB!

[Demeter]

126. That would be painful, and expensive for them

and so well-deserved....

[Roland99]

115. 1:20pm - woo hoo!!

Dow 12,590 +110 +0.88%
Nasdaq 2,847 +21 +0.74%
S&P 500 1,347 +12 +0.88%
GlobalDow 2,215 +14 +0.63%
Gold 1,502 -7 -0.46%
Oil 111.72 -0.56 -0.50%

[xchrom]

117. European Stocks Gain for Fourth Day; UBS Surges After Earnings

http://www.businessweek.com/news/2011-04-26/european-stocks-gain-for-fourth-day-ubs-surges-after-earnings.html

April 26 (Bloomberg) -- European stocks climbed for a fourth day as better-than-estimated earnings from UBS AG outweighed a report that China tightened capital targets for its biggest banks.

UBS surged the most in more than two months as Switzerland’s largest lender attracted the most new money from wealthy customers since the end of 2007. Parmalat SpA jumped 11 percent after Groupe Lactalis said it will bid for the rest of Italy’s biggest dairy company. Basic-resource companies limited gains as commodities snapped a four-day winning streak.

The Stoxx Europe 600 Index rose 0.3 percent to 281.23 at the 4:30 p.m. close in London as more than two stocks gained for each that declined. The gauge increased 1 percent last week as earnings from Intel Corp. to PSA Peugeot Citroen spurred speculation that the economic recovery is on track. The measure has advanced 7.3 percent from this year’s low on March 16.

“There is cause for optimism as the banks gear up” to report earnings, James Ferguson, head of strategy at Arbuthnot Securities Ltd. in London, said on Bloomberg Television. Investors must “rely on trading operations of the banks which can do quite well or quite badly. The promising thing going forward must be mergers and acquisitions. There are lots of very rich corporate balance sheets.”

[Festivito]

113. Debt: 04/22/2011 14,293,242,770,354.82 (UP 2,454,109,104.32) (Fri, UP a little.)

(UNDER the old debt limit of 14.294-trillion dollars by 1-billion dollars. Good day.)
Warm and humid, what a feeling.
(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)
= 9,650,617,368,582.25 + 4,642,625,401,772.57
UP 169,463,975.78 + UP 2,284,645,128.54

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 $3,206.70 makes 1T$.
A family of three: Mom, Dad, Child: $9.62, ABOUT TEN BUCKS for a 1B$ 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 311,847,392 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 $45,834.09.
A family of three owes $137,502.28. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 21 reports in the last 30 to 31 days.
The average for the last 21 reports is 2,842,070,793.45.
The average for the last 30 days would be 1,989,449,555.41.
The average for the last 31 days would be 1,925,273,763.30.
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$/day.
There were 139 reports in 204 days of FY2011 averaging 5.26B$ per report, 3.59B$/day.
Above line should be okay

PROJECTION:
There are 639 days remaining in this Obama 1st term.
By that time the debt could be between 15.2 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)
04/22/2011 14,293,242,770,354.82 BHO (UP 3,666,365,721,441.74 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 +0,731,619,739,463.10 ------------* * * * * * * * * * * * * * * * * * BHO
Endof11 +1,309,025,514,235.45 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
03/30/2011 +000,670,089,469.30 ------------********
04/04/2011 +000,336,873,927.41 ------------******** Mon
04/05/2011 -000,031,815,631.67 ----
04/06/2011 -000,011,756,275.73 ----
04/07/2011 +002,235,163,853.48 ------------*********
04/08/2011 +000,001,314,747.36 ------------******
04/11/2011 +000,390,366,211.15 ------------******** Mon
04/13/2011 +000,216,450,469.86 ------------********
04/14/2011 +004,827,508,513.07 ------------*********
04/15/2011 +021,566,615,397.70 ------------**********
04/18/2011 +000,320,133,441.47 ------------******** Mon
04/19/2011 +000,498,845,624.51 ------------********
04/20/2011 +000,031,154,878.79 ------------*******
04/21/2011 -029,604,944,039.31 -
04/22/2011 +000,169,463,975.78 ------------********

1,615,464,563.17 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=4826406&mesg_id=4827116

[Festivito]

128. Debt: 04/25/2011 14,298,930,020,698.53 (UP 5,687,250,343.71) (Mon, UP a little.)

(Back over the old debt limit of 14.294-trillion dollars by 5-billion dollars. Good day.)
Quiet after the storm. Wait! No storm. Will it be quiet?
(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)
= 9,650,914,438,107.38 + 4,648,015,582,591.15
UP 297,069,525.13 + UP 5,390,180,818.58

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 $3,206.47 makes 1T$.
A family of three: Mom, Dad, Child: $9.62, ABOUT TEN BUCKS for a 1B$ 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 311,868,992 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 $45,849.16.
A family of three owes $137,547.47. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 19 reports in the last 30 to 31 days.
The average for the last 19 reports is 4,599,814,160.93.
The average for the last 30 days would be 2,913,215,635.25.
The average for the last 31 days would be 2,819,240,937.34.
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$/day.
There were 140 reports in 207 days of FY2011 averaging 5.27B$ per report, 3.56B$/day.
Above line should be okay

PROJECTION:
There are 636 days remaining in this Obama 1st term.
By that time the debt could be between 15.2 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)
04/25/2011 14,298,930,020,698.53 BHO (UP 3,672,052,971,785.45 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 +0,737,306,989,806.80 ------------* * * * * * * * * * * * * * * * * * BHO
Endof11 +1,300,082,373,330.83 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
04/04/2011 +000,336,873,927.41 ------------******** Mon
04/05/2011 -000,031,815,631.67 ----
04/06/2011 -000,011,756,275.73 ----
04/07/2011 +002,235,163,853.48 ------------*********
04/08/2011 +000,001,314,747.36 ------------******
04/11/2011 +000,390,366,211.15 ------------******** Mon
04/13/2011 +000,216,450,469.86 ------------********
04/14/2011 +004,827,508,513.07 ------------*********
04/15/2011 +021,566,615,397.70 ------------**********
04/18/2011 +000,320,133,441.47 ------------******** Mon
04/19/2011 +000,498,845,624.51 ------------********
04/20/2011 +000,031,154,878.79 ------------*******
04/21/2011 -029,604,944,039.31 -
04/22/2011 +000,169,463,975.78 ------------********
04/25/2011 +000,297,069,525.13 ------------******** Mon

1,242,444,619.00 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=4827574&mesg_id=4827990

[Fuddnik]

118. I just wish they'd make up their frigging minds already.

So take a wild guess about who just called offering to loan me more money?

Hint: Ditch the "T".

:wtf:

:rofl: :rofl: :rofl:

I don't think they liked my response.

[xchrom]

121. you're puttin us on, right? nt

[Fuddnik]

123. I wish I was.

Like I said upthread, it at least gives me an excuse to drink. And I'm headed to the bar, right about now, to spend some quality time with my favorite barmaid.

[Demeter]

129. A Case of the Left Hand Not Knowing What the Right Is Doing

You know that sales never talks to the back office nor to accounts payable...

[Roland99]

124. Banker Salaries In Crisis: Pay Drops To $380,000 In Cash Per Year

Banker Salaries In Crisis: Pay Drops To $380,000 In Cash Per Year
http://www.businessinsider.com/banker-pay-crisis-bonus-base-millions-2011-4

These are the numbers for mid-career level bankers (people in their 30s or 40s).

The pay breaks down like this:

* Precrisis: About $2.2 million a year. ($200,000 base, $2 million bonus, about 60% of which was paid in cash).

* After taxes: $700,000 cash take home. $1.4 million total.

* Postcrisis: $1.6 million a year. ($400,000 base, $1.2 million bonus, about 60% to 70% is in the form of deferred compensation, largely in company stock). That's about

* After taxes: $380,000 cash.

Cry. Me. A. Fucking. River.

[Hotler]

127. +1. Suck it dry Wall St. n/t