STOCK MARKET WATCH, Thursday, July 7, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Thursday, July 7, 2011

AT THE CLOSING BELL ON July 6, 2011

Dow 12,626.02 +56.15 (+0.44%)
Nasdaq 2,834.02 +8.25 (+0.29%)
S&P 500 1,339.22 +1.34 (+0.10%)
10-Yr Bond... 3.13 +0.02 (+0.55%)
30-Year Bond 4.38 +0.01 (+0.25%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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

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

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

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

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

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

Financial Sector Officials Convicted since 1/20/09 = 12

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http://l.yimg.com/bt/api/res/1.2/xVlddj3YIutIf7L0MDSVHA--/YXBwaWQ9eW5ld3M7Zmk9aW5zZXQ7aD0zMzM7cT04NTt3PTUwMA--/

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

Read more: du

[Pale Blue Dot]

1. Today's Reports

Jul 07 08:15 ADP Employment Change Jun 50K 60K 38K
Jul 07 08:30 Initial Claims 07/02 425K 425K 428K
Jul 07 08:30 Continuing Claims 06/25 3700K 3700K 3702K
Jul 07 11:00 Crude Inventories 07/02 NA NA -4.375M

Read more: http://www.briefing.com/investor/calendars/economic/2011/07/04-08/#ixzz1RPm4miiB

[Pale Blue Dot]

2. Oil rises to above $97 after US crude supply drop

SINGAPORE – Oil prices rose to above $97 a barrel Thursday in Asia as a report showed U.S. crude supplies fell more than expected for a second week, suggesting demand is improving.

Benchmark oil for August delivery was up 78 cents to $97.43 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude lost 24 cents to settle at $96.65 on Wednesday.

In London, Brent crude rose $1.11 cents at $114.72 per barrel on the ICE Futures exchange.

The American Petroleum Institute said late Wednesday that crude inventories fell 3.2 million barrels last week while analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos., had predicted a drop of 2.5 million barrels.

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

[Demeter]

14. Having Pumped Up the Market, Now Pump Up the Commodities

oh when will they ever learn?

[Pale Blue Dot]

3. U.S. Stock Futures Climb; Western Digital Gains, Visa Declines

U.S. stock futures climbed, indicating that the Standard & Poor’s 500 Index will rise for a second day, before a report that may show fewer Americans filed claims for jobless benefits last week.

Western Digital Corp., the largest maker of computer hard- disk drives, advanced 2.1 percent in German trading after JPMorgan Chase & Co. raised its recommendation on the shares. Visa Inc., the world’s largest payment network, fell after saying it may have slower earnings growth in 2012.

Standard & Poor’s 500 Index futures expiring in September climbed 0.3 percent to 1,339.7 at 10:35 a.m. in London. Dow Jones Industrial Average futures rose 30 points, or 0.2 percent, to 12,599.

“We are on the brink of an improvement or a slowdown in the economy,” said Philipp Musil, who helps manage about $11 billion at Semper Constantia Privatbank AG in Vienna. “I’m on the optimistic side, but we have to collect more data. So I’m very interested in the jobs report to get more of a feeling of where the economy will go.”

http://www.bloomberg.com/news/2011-07-07/u-s-stock-index-futures-climb-as-western-digital-advances-visa-retreats.html

[Pale Blue Dot]

4. Lehman Borrowed $18B From Secret Fed Program

Lehman Brothers Holdings Inc. (LEHMQ)’s brokerage borrowed as much as $18 billion in four separate loans from a previously secret program of the U.S. Federal Reserve in June 2008, three months before its parent filed the biggest bankruptcy in U.S. history.

The program, which peaked at $80 billion in loans outstanding, was known as the Fed’s single-tranche open-market operations, or ST OMO. It made 28-day loans to units of 19 banks from March 7, 2008, to Dec. 30, 2008. Bloomberg reported on ST OMO in May, after the Fed released incomplete records on the program. In response to a subsequent Freedom of Information Act request for details, the central bank disclosed borrower names, amounts borrowed and interest rates.

The Lehman brokerage, Lehman Brothers Inc., tapped the ST OMO program for as much as $5 billion in short term funding in March 2008, and lower amounts at other times during the month. It took as much as $10 billion in June as the credit crisis worsened, according to Fed data. The maximum outstanding for any period was $18 billion.

The brokerage agreed on Sept. 18, 2008, to pay outstanding loans that day, the Fed said. It went into liquidation on Sept. 19, four days after its parent.

http://www.bloomberg.com/news/2011-07-06/lehman-borrowed-18-billion-from-undisclosed-fed-program-during-08-crisis.html

[Demeter]

56. Fed Releases More Details on Its Effort to Bail Out Lehman and Other Dealers

http://www.nakedcapitalism.com/2011/07/fed-releases-more-details-on-its-effort-to-bail-out-lehman-and-other-dealers.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29

Bloomberg has a new story on its continuing efforts to pry more information out of the Fed via Freedom of Information Act requests on who borrowed what when in the runup to the financial crisis. The central bank had refused to provide details of what various needy financial firms had gotten under its single tranche open markets operations program, which was launched in March 2008. Lehman received a peak amount of $18 billion out of a total program size of $80 billion.

Now why does all this matter? Perry Merhling, in an earlier post about the single tranche open market operations, underscored that the real significance of this program, along with two others, the Primary Dealer Credit Facility and the Term Asset Backed Securities Lending Facility: the Fed had crossed the Rubicon and had decided to prop up dealers, not just banks. And as the Lehman case illustrates, it was doing so indiscriminately. Lehman was a bigger version of Bear: a subscale player that had placed virtually all of its chips on real estate in an effort to catch up with its bigger peers. Yours truly and other commentators saw that Lehman’s accounting was dubious. The Fed was supporting it without bothering to understand what was going on. The Valukas report revealed that the Fed had two people on site, while the SEC, the supposed primary regulator, had one person who was a less than full time presence. But the risk management operations of major dealers have thousands of people in them. The idea that two people from the Fed could do much that was meaningful was delusional. And even then, the Fed staffers withheld some of what they did learn from the SEC.

You can argue, as some defenders have, that these loans were collateralized and there were no losses, but that is not a sound basis for evaluating this action (if someone lent a 14 year old a car and he turned it back in undamaged, would you say that was a good decision?). The Fed, though lack of interest and unwarranted confidence that primary dealers could manage themselves, abandoned its exams of them in the 1990s. And the fact, as the Wall Street Journal mentions, foreign banks also fed at this trough...

SEE LINK

[Pale Blue Dot]

5. World Food Prices Climb on Sugar, Dairy Costs

World food prices rose in June as the cost of sugar, meat and dairy increased, adding to inflationary pressure that has prompted central banks across the world to raise interest rates.

An index of 55 food commodities rose to 233.8 points from 231.4 points in May, the United Nations’ Food and Agriculture Organization said in a report on its website today. The gauge climbed to an all-time high of 237.7 in February.

Food will remain costly in the next few years and price swings will be around “for a long time,” Jose Graziano da Silva, the FAO’s director-general elect, said June 27. The European Central Bank may raise rates today for the second time this year and China did so for the third time yesterday in a bid to control inflation partly blamed on food costs.

“We’re not yet seeing any break,” Abdolreza Abbassian, a senior economist at the FAO, said via phone from Rome today. “Almost in every country, including in Europe, the issue of higher food prices has already become tangible.”

http://www.bloomberg.com/news/2011-07-07/world-food-prices-increased-1-last-month-on-cost-of-sugar-dairy-products.html

[Pale Blue Dot]

6. In debt talks, Obama offers Social Security cuts

President Obama is pressing congressional leaders to consider a far-reaching debt-reduction plan that would force Democrats to accept major changes to Social Security and Medicare in exchange for Republican support for fresh tax revenue.

At a meeting with top House and Senate leaders set for Thursday morning, Obama plans to argue that a rare consensus has emerged about the size and scope of the nation’s budget problems and that policymakers should seize the moment to take dramatic action.

As part of his pitch, Obama is proposing significant reductions in Medicare spending and for the first time is offering to tackle the rising cost of Social Security, according to people in both parties with knowledge of the proposal. The move marks a major shift for the White House and could present a direct challenge to Democratic lawmakers who have vowed to protect health and retirement benefits from the assault on government spending.

“Obviously, there will be some Democrats who don’t believe we need to do entitlement reform. But there seems to be some hunger to do something of some significance,” said a Democratic official familiar with the administration’s thinking. “These moments come along at most once a decade. And it would be a real mistake if we let it pass us by.”

http://www.washingtonpost.com/business/economy/in-debt-talks-obama-offers-social-security-cuts/2011/07/06/gIQA2sFO1H_print.html

[xchrom]

7. ...

:mad:

[Ghost Dog]

70. "do something of some significance ... mistake to pass it by..."

Too fucking right. :mad:

"... We've been warned against offering
The people of this nation false hope..."

http://www.metrolyrics.com/yes-we-can-lyrics-will-i-am.html

[Fuddnik]

48. I offer him an unemployment check.

[Demeter]

50. Half a check

for half-baked ideas.

[Tansy_Gold]

72. not eligible

in most states you can't collect unemployment if you're fired for just cause.




TG

[Demeter]

74. Point, Match and Game!

[Tansy_Gold]

77. See Post #76 -- the game isn't even being played yet. n/t

[DemReadingDU]

82. Hey, a blog!

Tansy Gold for President 2012


You have my vote!

[Hugin]

53. "entitlement reform"?

Good GAWD! They've TURNED! :eyes:

[Tansy_Gold]

73. But no one really cares. Seriously.

No.
One.
Cares.

[xchrom]

8. europe: Ireland next in line for junk credit rating, say analysts

http://www.irishtimes.com/newspaper/finance/2011/0707/1224300210721.html

IRELAND WILL be the next euro zone country to see its sovereign debt credit rating downgraded to “junk” status, market analysts suggested yesterday.

Moody’s, which slashed its credit rating for Portugal by four notches on Tuesday to Ba2 from Baa1, in April lowered Ireland’s credit rating to Baa3 and left its outlook on negative.

Baa3 (referred to as BBB+ by other ratings agencies) is the lowest investment grade that can be granted to sovereign debt by Moody’s before it is classed as “junk”.

Cathal O’Leary, head of fixed-income sales at NCB Stockbrokers, said the bond markets had at least partially priced in the effect of a further downgrade on Ireland’s credit rating.

[xchrom]

9. Bankers in bid to reach deal on role in Greek bailout

http://www.irishtimes.com/newspaper/finance/2011/0706/1224300156698.html

SENIOR GLOBAL banking executives will gather in Paris this morning in a fresh attempt to broker a deal on private creditor participation in the next phase of the Greek bailout.

The meeting, in the headquarters of BNP Paribas, comes against the backdrop of an assessment by Standard Poor’s that a French initiative to extend the maturity of some Greek debt by as much as 30 years would result in a debt default. Germany, the Netherlands and Finland are insisting that private investors bear costs in a second international bailout of Greece, but the issues are technically complex and sensitive for banks as they are reluctant to trigger upfront losses on their investments.

German chancellor Angela Merkel said yesterday that euro-zone governments should not give credit-rating agencies the exclusive power to determine creditworthiness. But SP’s intervention is seen as a big setback in diplomatic circles as the French proposal was considered a plausible precedent for other countries to follow.

The Paris meeting will be organised by the Institute of International Finance (IIF), a global banking lobby, and will chaired by its managing director, Charles Dallara.

[xchrom]

10. Celebration of British manufacturing goes off the rails

http://www.irishtimes.com/newspaper/finance/2011/0706/1224300156669.html

LONDON BRIEFING: The news of 1,400 job losses at Bombardier’s train-making plant is bad timing for the British government

THE TIMING could hardly be worse: as British business secretary Vince Cable today unveils his “Made by Britain” project, intended as a “celebration” of the nation’s manufacturing sector, the headlines scream of the 1,400 jobs being axed at Britain’s sole surviving train-making plant.

Almost half the workforce at the Bombardier factory in Derby are to lose their jobs following the firm’s failure to secure a £3 billion (€3.33 billion) contract to manufacture 1,200 train carriages for the Thameslink rail route across London. Instead, the work is going to the Siemens group in Germany.

Governments cannot generally be held responsible when employers fail to secure crucial contracts – except in this case. It was the government that last month awarded the business to the German firm in preference to Bombardier, sealing the fate of the 1,400 workers in Derby, where the company has been manufacturing trains for more than 150 years.

[xchrom]

11. Mass property auction under way

http://www.irishtimes.com/newspaper/breaking/2011/0707/breaking27.html

The Allsops/Space auction of distressed properties is under way in Dublin’s Shelbourne Hotel today.

The first property to go under the hammer was an apartment in the Castleforbes Square complex just off Dublin's North Wall Quay. It achieved a price of €148,000, just €6,000 above the reserve.

The second property sold was an apartment at Linden Square off Grove Avenue in Blackrock, Co Dublin. The two-bed apartment fetched a price of €270,000 and had a reserve of €202,000.

There is little of the media circus that surrounded the first fire sale, also held in the Shelbourne, in April.

[xchrom]

12. ECB set to raise interest rates despite debt crisis

http://www.guardian.co.uk/business/2011/jul/07/ebc-raise-interest-rates-debt-crisis

The eurozone debt crisis will not stop the European Central Bank raising interest rates for a second time this year on Thursday as it focuses on the "day job" of fighting inflation, economists predicted.

The central bank that sets monetary policy for the 17-country eurozone is universally expected to lift its benchmark rate by a quarter point to 1.5% at its meeting in Frankfurt, led by president Jean-Claude Trichet. City analysts reckon this could be followed by another rate rise towards the end of the year.

The ECB's willingness to battle inflation is in stark contrast to the stance adopted by its counterpart in London. The majority on the Bank of England's monetary policy committee, led by governor Sir Mervyn King, have chosen to ignore high inflation and argued for some time that interest rates need to stay at a record low of 0.5% to support the faltering economy. The Bank will announce its decision at noon while the ECB's decision is due 45 minutes later, followed by a press conference hosted by Trichet.

After supporting banks with unlimited cash through the crisis, the ECB has moved to normalise European money markets. Trichet's patience with European leaders is starting to run thin as he urges them to reduce their budget deficits.

[xchrom]

28. You can't just catch a bus to a job that doesn't exist

http://www.guardian.co.uk/commentisfree/2011/jul/06/job-south-wales-fantasy

If the Welsh town of Merthyr Tydfil sits anywhere in the thoughts of Britain's elites, it is probably as a fuzzy byword for very bad things indeed: long-term economic decline, welfare dependency, lives so far from the London dream that to some people, they look grimly exotic. One in four of the adult population is on benefits. For every job vacancy there are 84 local people without work. If you travel up the A470 to take a look you'll find a case study in decades-long de-industrialisation: behind a retail park and T-Mobile call centre lurk problems so ingrained as to often seem beyond hope.

Last year, Sky News ran a programme called A Town Like Merthyr, hyped as "a town that has lost the will to work". A month later, a Newsnight interview found Iain Duncan Smith claiming that the town's unemployed were too "static" and "didn't know if they got on the bus an hour's journey they'd be in Cardiff and they could look for a job there".

Norman Tebbit's bike, it seemed, had been replaced by a bus. This was more than a cheap shot aimed at the next day's headlines: it summed up the central logic of the government's welfare reforms and the local social implosions they will soon sow.

On Tuesday Merthyr College held a one-day conference titled Putting our heads together, which heard from Steve Fothergill, an academic from Sheffield Hallam University, the co-author of a new report entitled Tackling Worklessness in Wales. It is a sobering read, and not just for people interested in Welsh affairs: for Merthyr, Ebbw Vale and Port Talbot, you can just as easily read Bolton, Hastings, Paisley or Preston. That point applies particularly to what Fothergill has said about Duncan Smith's benefits revolution: "The government's welfare reforms are based on the assumption that there are plenty of jobs for people to go to. In most of Wales this seems wide of the mark … the consequence is likely to be widespread distress and … financial hardship."

[xchrom]

30. FTSE firms as Bank of England leaves rate on hold

http://uk.reuters.com/article/2011/07/07/markets-britain-stocks-idUKL6E7I70PA20110707

LONDON, July 7 (Reuters) - Britain's top shares rose on Thursday, led by auto and aerospace parts maker GKN on takeover rumours, as the Bank of England voted to keep official interest rates at a record low.

The Monetary Policy Committee kept the BoE's key interest rate at 0.5 percent, as expected, as worries about Britain's lacklustre recovery outweighed any concern about above-target inflation.

"We would not completely rule out the MPC restarting QE (quantitative easing) at some stage, especially if the recovery shows signs of petering out," said Philip Shaw, chief economist at Investec.

"Our judgement is that there will be some indications of strengthening over the second half of the year as consumers adapt to higher taxes, and possibly, from a global perspective as and when the U.S. moves out of its soft patch."

[Demeter]

13. 1913 Currency Bill A Law [aka, the Birth of the Fed]

APPARENTLY CONTEMPORANEOUS PRESS COVERAGE OF THIS HISTORIC EVENT:

http://www.americanbanker.com/175/currency-bill-a-law-1039435-1.html?zkPrintable=1&nopagination=1

...Of necessity, what was most wanted is a reservoir of reserves from which in times of financial stress the money needed for the business of the country can be obtained and later permitted to flow back when no longer needed. This point is attained by the new system by which all banks are required to deposit a part of their reserves in the National Reserve Association. Under this system, when a financial flurry comes, the banks can take commercial paper, such as notes, drafts and bills of exchange to their reservoirs, and secure the use of their own reserves, or if necessary even the reserves of other banks, by depositing this security. The new regional banks will receive about one-half of the bank reserves of the country. They in turn will be permitted to loan back to the banks all but 35 per cent of these reserves, so that in case of emergency millions of cash can be brought into circulation quickly. The banks will have to pay for these loans, however, as individuals have to pay for a loan from any local bank, and this charge is expected to prevent the too free use of the reserves held by the regional banks.

A new form of paper currency is also provided for in case of emergency, and is expected to go back into the hands of the Government when times are normal. These Treasury notes will be printed by the Government and issued through the regional reserve banks and will bear the guarantee both of the regional bank and the Government.

If the demand for currency in any section of the country exceeds the supply of circulating money a regional bank can secure this new money from the Government and put it in circulation, but a gold reserve of 40 per cent and commercial paper equal to the full value of the note must be held as a reserve behind each note so issued. This provision is expected to be the influence that will drive the new money back into retirement when it is no longer needed.

Nothing is settled until it is settled right. That the currency question has been settled right is evident from the very general eagerness of the leading banks in all the commercial centers of the country to enter the new system. The success of this system is assured by the manner in which it has been received and thus the Wilson Administration in bringing out the solution of the problem of tariff revision downward and the kindred question of currency reform, has inaugurated two new departures that have come to stay. Early in the new year the third question, the trusts, will demand the attention of Congress and the country...

[Demeter]

15. The Cost Of Owning 150,000 Foreclosed Homes

http://www.npr.org/2011/07/07/137647997/the-cost-of-owning-150-000-foreclosed-homes?ft=1&f=1001

When you are the nation's largest owner of foreclosed homes, even little things can get expensive fast. Such is the case for mortgage giant Fannie Mae, which as of March 31 had a mind-boggling 153,000 foreclosed homes on its books. One example — mowing the lawn... = $36.7 million (ESTIMATED BY COMMENTATOR)...Again, this is very rough estimate, but that's a whole lot of money to spend on lawn care.

...It makes them — I think — indisputably the largest purchaser of paint and general appliances for these homes they're fixing up. "This is just one of the costs that Fannie and the rest of us will pay to dig out of a very big hole," says Karen Petrou, who watches Fannie Mae's books closely at her firm Federal Financial Analytics. When she says "the rest of us," she means it. Fannie Mae's tab from U.S. taxpayers is up to $86 billion since September 2008 when it was taken into government conservatorship.

In just the first quarter of this year, Fannie racked up $488 million in foreclosure-related expenses, including holding costs (insurance, taxes and maintenance); valuation adjustments for changes in market value; gains/loss when the property is sold; legal fees; eviction costs; weatherization costs to prevent the pipes from bursting; costs to secure the property; and repair costs...the goal is to stabilize the neighborhoods where they have foreclosed homes and to get the properties to a condition where first-time homebuyers can imagine themselves moving in.

"We want to make sure that we can maximize our return on the investment," she says. In 2010, Fannie Mae did similar repairs on 87,000 foreclosed homes.

WE HAVE TWO FNMA OWNED CO-OP UNITS IN OUR CONDO ASSOCIATION...AND THEY ARE IN LIMBO. NOTHING HAS HAPPENED, NOT EVEN SURE IF THE CONDO FEES ARE BEING PAID...I WILL HAVE TO GET CAUGHT ON THAT NEXT MEETING...

[DemReadingDU]

17. Heard that this morning.

The empty houses need to be maintained, or the whole neighborhood declines.
Just another way to use up our tax dollars.

Why don't they find people to rent those empty houses?

[Demeter]

19. Too Late--They Aren't Habitable

Plumbing scavenged, etc.

The crisis has been too big for too long, and Bushites were asleep at the switch, and then there's the turmoil of financing: MBS that have Fannie and Freddie in knots...

[DemReadingDU]

29. In some places, houses are torn down

It is too expensive to fix them up.

Sometimes I wonder if fixing up the houses, is just another scam to use our tax dollars for the banks to make more profits.

[Tansy_Gold]

76. The house next door to me has been vacant for over a year

No payments have been made on the mortgage for over two years. (and that's kind of a metaphor for the rest of this post.)

Yesterday -- FUCKING YESTERDAY -- a representative from Chase Bank came out to look at it. He noted the minor exterior vandalism, noted the garbage in the yard, noticed that the interior was messy but not seriously damaged. I didn't go in but the BF did and said the appliances had not been removed.

I'm guessing there's $50K owed on it and someone with a handyman's inclination could pick it up for less. I'm also guessing it will sit vacant for a long long time.

I wish I had the money to buy it, to fix it up, to rent it or sell it for a modest profit. But I don't.

I'm angry about this. I'm angry about a lot of things today. I'm angry because I've been right about so many of the things that have gone wrong over the past 10 years, and I am ESPECIALLY angry because I've been right about so many things that have gone wrong over the past two and a half years.

I'm angry that there have been whines on DU about the crap Obama & Co., Inc. have been laying on us since 11/08 but no one seems to be doing anything.

One of the reasons I've been absent from DU and SMW for the past couple of months is my anger and frustration. And for all I know this may be my last ever post on DU because someone will alert on me and have me TSed. I'm not sure I care.

Back in April, I launched my campaign for the presidency. http://tansygold2012.blogspot.com/ yes, of course it's a joke. I don't have any more chance of being president than the Cubs have of winning the World Series. But we all know there isn't a corporate/professional Democrat who will challenge Obama. They're all too wimpy, they're all too beholden to TPTB.

As far as I know, no one has ever gone to that blog. No one has left a comment. There is one post, the post I made on April Fool's Day with the announcement.

NOBODY CARES. And that's the proof.

I'm not going to bore you with my qualifications or with any more stories of my angst and anger, my successes or failures. You all know my rubber stamp and my infamous 11/08 post about Geithner and Summers, etc. This isn't an ITYS post.

You've got a challenger to Obama right in your midst. You know where I stand on the issues; whether I'm Tansy Gold on DU or the real me, my position is the same. If I get caught in a hot mike "What a fucking asshole" gaffe, I won't blush and apologize like Biden; I'll say, "Yeah, that's what I said, and I'll say it again: he's a fucking asshole and here's why."

You wanta make the 2012 campaign meaningful? Post to the blog. talk it up on facebook or twitter. (I'm not on either place yet but changes in my life may put me there very shortly.) As Obama said, and he was correct about it, I can't do this alone. Take this to the grass roots. Make a big deal of it.

Or STFU.



Tansy Gold

[InkAddict]

78. I will follow you...

wherever you may go... There isn't an ocean too deep...a mountainside that can keep...keep me away (LOL)

Gotta laugh, T_G, or I'm gonna cry.

[DemReadingDU]

81. I know that song

:)

[hamerfan]

79. You go, Tansy!

You have more heart and soul in your little finger than the entire democratic side of Congress these days, it seems to me.
PS... I am bookmarking your blog. Thanks for the link.
hamerfan

[plumbob]

58. Repossession is the most expensive and least profitable way to handle debt.

40+ years ago, when I worked in the credit department of a large regional bank, the president of the bank told our collectors that a repossession initiated by them would result in their termination. Repossessed property is always sold for a song compared to the loan, it creates ill will for the bank amongst everyone who knows about it, and is a sign of an uncreative mind.

One of the last sane voices I ever heard in banking. Thank god I haven't had any dealings with banks, credit unions or any other financial deposit and loan facility since 78.

[Demeter]

16. Bair's Legacy: An FDIC With Teeth

http://online.wsj.com/article/SB10001424052702303365804576429782564662532.html?mod=WSJ_myyahoo_module

Sheila Bair, who is stepping down as chairman of the Federal Deposit Insurance Corp. this week, leaves behind an agency transformed from a sleepy bank overseer into a financial regulatory powerhouse focused on preventing another financial crisis.

At her last FDIC meeting Wednesday, the agency finalized a rule allowing the government to recover compensation from executives responsible for a financial firm's collapse. The rule is one of many Ms. Bair successfully pushed through in the wake of the 2008 financial crisis to try and mitigate risk-taking by financial firms and their leaders.

Her aggressive, sometimes combative style helped win broad new powers and an international profile for the FDIC, including the ability to police, take over and dismantle large, complex financial institutions that were never before in the agency's purview. At the same time, she has managed to draw praise from Republicans and Democrats on Capitol Hill—a notable feat in a partisan town and something that has helped empower the FDIC.

"She's had a positive effect on the agency in terms of raising its profile and energy level," said William Isaac, a former FDIC chairman...Ms. Bair is not without critics. She has ruffled feathers in the banking sector and among fellow regulators and taken some controversial steps, including seizing Washington Mutual Inc. in a move the bank's shareholders and bondholders said was unnecessary...President Obama has tapped Martin Gruenberg, the FDIC's vice-chairman, to succeed Ms. Bair as chairman, a position that requires Senate confirmation. The banking industry, which has been fighting many of Ms. Bair's policy initiatives, isn't anticipating a change in direction if Mr. Gruenberg is confirmed.

[Demeter]

18. For a Struggling Economy, Fatalism May Be Deadly by: Paul Krugman

PERSONALLY, I THINK OUR ECONOMY HAS GIVEN UP THE GHOST, AS WELL AS THE STRUGGLE...

http://www.truth-out.org/struggling-economy-fatalism-may-be-deadly/1309898375

...there’s no good reason for us to experience many years of high unemployment. What historical experience shows isn’t that there’s no answer to post-crisis slumps; it only shows that most governments have responded to such slumps with the same kind of fatalism and learned helplessness we’re showing now....

[Demeter]

20. GOT THIS IN THE EMAIL

The 26th amendment (granting the right to vote for 18 year-olds) took only 3 months & 8 days to be ratified! Why? Simple! The people demanded it. That was in 1971...before computers, before e-mail, before cell phones, etc.

Of the 27 amendments to the Constitution, seven (7) took 1 year or less to become the law of the land...all because of public pressure..

If each addressee will forward this email to a minimum of twenty people on their address list; in turn ask each of those to do likewise.

In three days, most people in The United States of America will have the message. This is one idea that really should be passed around.

Congressional Reform Act of 2011
1. Term limits.
12 years only, one of the possible options below...
A.. Two Six-year Senate terms
B. Six Two-year House terms
C. One Six-year Senate term and three Two-Year House terms

2. No Tenure / No Pension.
A Congressman collects a salary while in office and receives no pay when they are out of office.

3. Congress (past, present & future) participates in Social Security.
All funds in the Congressional retirement fund move to the Social Security system immediately. All future funds flow into the Social Security system, and Congress participates with the American people.

4. Congress can purchase their own retirement plan, just as all Americans do.

5. Congress will no longer vote themselves a pay raise. Congressional pay will rise by the lower of CPI or 3%.

6. Congress loses their current health care system and participates in the same health care system as the American people.

7. Congress must equally abide by all laws they impose on the American people.

8. All contracts with past and present Congressmen are void effective by then end of 2011.
The American people did not make this contract with Congressmen. Congressmen made all these contracts for themselves. Serving in Congress is an honor, not a career. The Founding Fathers envisioned citizen legislators, so ours should serve their term(s), then go home and back to work.

If each person contacts a minimum of twenty people then it will only take three days for most people (in the U.S. ) to receive the message. Maybe it is time.

THIS IS HOW YOU FIX CONGRESS!!!!! If you agree with the above, pass it on. If not, just delete

[DemReadingDU]

32. Isn't this the 'proposed 28th Amendment?'

http://www.snopes.com/politics/medical/28thamendment.asp

[Demeter]

41. No Idea-Seems Similar

I think there's merit in many of the ideas...I don't like term limits, but unless we get complete public financing, it may be the only way to break the lobbyists....

[Fuddnik]

45. Right wing talking points.

Term limits was the trojan horse that allowed Republicans to take over a lot of state legislatures. If you want a good example of term limits, look at Florida. They get elected and do everything they can to suck the system dry in their limited time. Plus, you lose experienced leadership and institutional "memory".

A sitting Congress already cannot vote themselves a pay raise. But, they can for the next one.

Contrary to popular mythology, Congress does pay into Social Security. They also have a separate pension plan. It's a major reason why you'll never see the cap raised on SS. They would be voting themselves a tax increase.

#8. Ex post facto is unconstitutional. Besides, the founding fathers wrote the constitution to insure that slave-owners could be free.

[Demeter]

21. Paulson enjoys $500m Lehman boost

Paulson & Co, the hedge fund that made billions from betting on a collapse in mortgage-backed securities during the financial crisis, has made more than $500m from a recovery in the value of bonds it bought in failed investment bank Lehman Brothers.

The world’s third-largest hedge fund has made a profit of $554m before legal fees, on more than 2,000 trades in Lehman bonds that started the day the investment bank filed for bankruptcy in 2008, according to an analysis of court documents by the Financial Times.

Read more >>
http://link.ft.com/r/P75VYY/4C03OA/OFBYP/18LBVE/GDXY84/28/t?a1=2011&a2=7&a3=4

[Demeter]

80. Hardly seems worth it

[Demeter]

22. China bank moves into private equity and hedge funds

China Development Bank, one of the country’s largest state-owned banks, is emerging as an increasingly active overseas investor, using its $10bn CDB capital fund to take stakes in private equity and hedge funds


Read more >>
http://link.ft.com/r/H60H77/SP3XMT/GYN7Q/WLNU6F/HYKI69/1G/t?a1=2011&a2=7&a3=4

WILL CHINA BE LED BY THE NOSE TO SLAUGHTER, AS GADDAFFI WAS?

[Demeter]

23. MODERN BUSINESS PRACTICE

[Demeter]

24. Europe lashes out over downgrades

Senior officials question the timing of Moody’s downgrade of Portuguese bonds and threaten new regulatory action against all three major agencies

Read more >>
http://link.ft.com/r/J0VG55/ZGB1WA/JQU4J/OJEF2T/MSQTGQ/ZH/t?a1=2011&a2=7&a3=7

[Demeter]

25. DoJ’s antitrust chief to join top law firm

Christine Varney, head of the US Department of Justice’s antitrust division, is leaving the government to join Cravath, Swaine & Moore

Read more >>
http://link.ft.com/r/J0VG55/ZGB1WA/JQU4J/OJEF2T/TU302O/ZH/t?a1=2011&a2=7&a3=7

[Demeter]

26. Inflation fears spark rate rise in China

China raises interest rates for the fifth time in eight months, suggesting inflation is likely to have accelerated to a three-year high

Read more >>
http://link.ft.com/r/J0VG55/ZGB1WA/JQU4J/OJEF2T/GDXNUB/ZH/t?a1=2011&a2=7&a3=7

[Demeter]

27. Citi scales back consumer finance unit sale

The group has scaled back the planned sale of its former CitiFinancial unit as part of negotiations with Centerbridge and Leucadia

Read more >>
http://link.ft.com/r/OZMCDD/AM7CNC/NRHD3/A7V561/L9ELHR/82/t?a1=2011&a2=7&a3=7

[xchrom]

31. asia: China shares down, Hong Kong edges up; banks mixed after rate hike

http://uk.reuters.com/article/2011/07/07/markets-hongkong-china-stocks-update-idUKL3E7I718B20110707

HONG KONG, July 7 (Reuters) - Shares in Shanghai fell on Thursday from a six-week high, in the wake of China's third interest-rate hike this year, as some investors appeared to take profit in large-cap stocks while waiting to learn on Saturday see how high inflation was in June.

Analysts said the wait-and-see approach might make Chinese stocks slip on Friday, too.

After the market's close on Wednesday, China raised lending and deposit rates by 25 basis points. On Thursday, China said it will release June inflation data on Saturday rather than July 15 as earlier planned.

It is possible that the inflation data will, together with the rate hike, bolster confidence that the economy is not threatened by the hard landing some investors fear.

[xchrom]

36. Nikkei edges back towards 10,000 as utilities tumble

http://uk.reuters.com/article/2011/07/07/markets-japan-stocks-idUKL3E7I70PM20110707

TOKYO, July 7 (Reuters) - Tokyo stocks snapped a seven-day
winning streak on Thursday as utilities tumbled after the
government proposed stress tests on nuclear reactors, sparking
fears their restarts may be delayed, but the 10,000 line on the
Nikkei held, boosting hopes for further gains.

The index fell prey to some profit-taking after becoming
oversold with its Relative Strength Index hovering near 70, and
after piercing above the upper Bollinger Band -- another
short-term indicator of overheating -- as it pushed through
chart resistance the previous day on buying by model funds.

Basket orders from domestic pension funds and Asian
investors, on Thursday adding up to 24 billion yen, supported
the view held by many analysts that the Nikkei may keep rising
heading into April-June earnings season as Japanese companies
recover faster than expected from the March 11 earthquake.

"Except for Tokyo Electric, utilities have attractive
valuations, so investors have kept them in their portfolios on
hopes that their reactors will eventually operate normally,"
said Naoki Fujiwara, a fund manager at Shinkin Asset Management.

[Demeter]

33. CME programmer charged with software theft

Chunlai Yang, a naturalised American, allegedly planned to pass proprietary software to a Chinese start-up and faces up to 10 years in prison if convicted

Read more >>
http://link.ft.com/r/OZMCDD/AM7CNC/NRHD3/A7V561/KQI1TQ/82/t?a1=2011&a2=7&a3=7

[Demeter]

34. Leap of faith for South Africa’s carmakers

Ford’s R3.4bn ($500m) investment programme and expansion at its Pretoria plant will it to ship vehicles to Europe for the first time

Read more >>
http://link.ft.com/r/OZMCDD/AM7CNC/NRHD3/A7V561/DW5JF4/82/t?a1=2011&a2=7&a3=7

I'VE GOT A REALLY BAD FEELING ABOUT THIS...

[Demeter]

35. Ex-Flextronics executive admits iPad leaks

Walter Shimoon, a former director of business development at the Apple components supplier, has pleaded guilty to insider trading

Read more >>
http://link.ft.com/r/0QSDPP/VL19IC/9MEOW/OJEJZG/C4MI5M/50/t?a1=2011&a2=7&a3=6

[Demeter]

37. Bond investors challenge $8.5bn BofA settlement

A group called Walnut Place plans to challenge in court a deal reached by Bank of America with holders of mortgage-backed securities

Read more >>
http://link.ft.com/r/0QSDPP/VL19IC/9MEOW/OJEJZG/NJ9U9X/50/t?a1=2011&a2=7&a3=6

[Demeter]

38. US shareholders grab chance for ‘say on pay’

Pay packages were rejected at Hewlett-Packard and Jacobs Engineering while companies such as Monsanto and Northern Trust faced shareholder protest votes

Read more >>
http://link.ft.com/r/0QSDPP/VL19IC/9MEOW/OJEJZG/2O8Z81/50/t?a1=2011&a2=7&a3=6

[Demeter]

39. Rise in spin-offs as groups focus on valuation

A rising number of US ­companies have moved to streamline operations this year through asset sales and spin-offs in a bid to remedy lacklustre stock ­market valuations

Read more >>
http://link.ft.com/r/IOCBMM/JEIAET/T10SH/HD5XB6/MSQJEC/VU/t?a1=2011&a2=7&a3=5

[Demeter]

40. Foreign talent sought for Chinese Detroit

State-owned carmakers are recruiting engineers overseas as Beijing steps up efforts to build a strong indigenous car industry

Read more >>
http://link.ft.com/r/IOCBMM/JEIAET/T10SH/HD5XB6/GDXYW0/VU/t?a1=2011&a2=7&a3=5

TO ALL THE CEOS WE'VE KNOWN--PLEASE NOTICE THAT CHINA ISN'T RECRUITING BEAN-COUNTERS OR MANAGERS...

[Demeter]

42. Portugal poisoned by Greece in cut to junk status

http://www.reuters.com/article/2011/07/06/us-portugal-rating-poison-idUSTRE76545720110706

A downgrade of Portugal's credit rating to junk status underlines how the Greek crisis is poisoning other weak countries in the euro zone, regardless of their own efforts to shrink their debt and return to growth.

Moody's Investors Service on Tuesday became the first rating agency to cut Portugal below investment grade, causing the 10-year Portuguese government bond yield to leap more than 1 percentage point to euro-era highs...

[Demeter]

54. Fear of Junk Status: Europe Seeks to Free Itself from Rating Agencies' Grip

http://www.spiegel.de/international/business/0,1518,772733,00.html

The "Big Three" credit rating agencies can determine the fate of entire countries, by deciding whether they are creditworthy or not. Now Portugal is under pressure after Moody's downgraded its debt to junk status. European politicians want to create an alternative, even though they helped give so much power to the agencies in the first place...Strange as it may seem, there are still credit rating agencies that give cash-strapped Greece top marks. The experts at Germany's Euler Hermes Rating currently give the Mediterranean country their top AA rating, citing its "very strong business environment."

And there is little doubt that Euler Hermes can be trusted. It is the first rating agency that officially meets the tougher European regulations for the industry that were introduced at the end of 2010.

There is only one problem: Their good rating for Greece is not related to the creditworthiness of the state, but to that of Greek companies. When it comes to rating sovereign bonds, that is still done almost exclusively by the three major rating agencies -- Standard & Poor's, Moody's and Fitch -- who are collectively known as the Big Three.

That is something that European politicians have long wanted to change, and there have been repeated calls to set up an independent European rating agency. Now the European Union is working on its proposal for what such an agency could look like....

[Demeter]

55. OR AS LEWIS CARROLL SAID:

`Fury said to a
mouse, That he
met in the
house,
"Let us
both go to
law: I will
prosecute
YOU. --Come,
I'll take no
denial; We
must have a
trial: For
really this
morning I've
nothing
to do."
Said the
mouse to the
cur, "Such
a trial,
dear Sir,
With
no jury
or judge,
would be
wasting
our
breath."
"I'll be
judge, I'll
be jury,"
Said
cunning
old Fury:
"I'll
try the
whole
cause,
and
condemn
you
to
death."


IT'S SUPPOSED TO SNAKE ACROSS THE PAGE LIKE A MOUSE'S TAIL, BUT THIS PROGRAM DEFEATS THE FORMATTING...

[Demeter]

43. Million-Barrel Oil Tanker on Fire off Yemeni Coast After Attack by Pirates

http://www.bloomberg.com/news/2011-07-06/oil-tanker-is-ablaze-off-yemen-following-pirate-attack-vessel-owner-says.html

A tanker carrying about 1 million barrels of fuel oil is on fire off the Yemeni coast after pirates used a rocket-propelled grenade to attack the ship in a maritime corridor handling about 20 percent of world trade.

The 274-meter (900-foot) Brillante Virtuoso was going to China from Ukraine, said Andreas Louka, legal adviser to Suez Fortune Investment Ltd., the owner. A rocket-propelled grenade probably caused a fire in the ship’s accommodation block, Central Mare Inc., the vessel’s manager, said in a later statement distributed by MTI Network.

“Pirates go for targets of opportunity, and if they see a ship and it’s clear they have a chance, they will go for it regardless of size,” said Jakob Larsen, a maritime security officer at the Bagsvaerd, Denmark-based Baltic and International Maritime Council, which represents the owners of about two- thirds of the global fleet.

Pirates attacked a record number of ships worldwide in the first quarter, taking 344 sailors hostage and killing seven, data from the London-based International Maritime Bureau show. Average ransom payments rose to $5.4 million last year, compared with $150,000 in 2005, according to Louisville, Colorado-based One Earth Future Foundation, a non-profit group.

[plumbob]

59. As long as you reward people for robbing and killing you, they will continue.

Goes for pirates, too, same as Congress.

[Fuddnik]

60. We used to call it a protection racket.

Who knew that all we needed was boats? Or a ballot box.

[Demeter]

44. Declaration: July 4, 2011 By Mark A. Goldman

We the people…believe that the crimes committed by prior administrations is unfinished business. Those who committed these crimes need to be brought to justice and justice needs to be done. We repudiate the current administration for allowing these criminals to avoid accountability and we pledge to right this wrong.

We the people…believe that the current administration has also committed grievous crimes, including murder, war crimes, crimes against humanity, various crimes against the peoples of other nations and crimes against citizens of the United States, including direct attacks on the US Constitution and the rule of law, a general failure to preserve, protect, and defend the Constitution and what it stands for. Those who have committed these crimes also need to be brought to justice and the Constitution restored to its rightful place in the world.

We the people…believe that unconscionable economic crimes have also been perpetrated against the American people and other peoples around the world. These crimes were aided and abetted by US government officials who failed in their duty to honor the trust given to them. Our elected officials, including members of both houses of Congress and the President, have systematically betrayed the people by selling their allegiance to private interests at the expense of the People. They are fiduciaries of the highest order and they have betrayed our trust in the most egregious manner possible. They have lied to us, cheated us, and hidden behind walls secrecy in order to perpetrate frauds on us; ignored basic principles of fairness and decency. They have squandered the people’s wealth in exchange for favors. They have aided and abetted leaders of corporations and other financial operatives to perpetrate frauds against the People and they have obstructed justice by refusing to pursue those who broke the law in doing so. These frauds shall not stand. Those who are responsible shall be made accountable.

We the people…believe our government has pursued economic policies designed to benefit the wealthy few at the expense of the many and we repudiate these policies and those who set them in motion. The tax policies of the Bush administration are odious, unfair, and fraudulent in every way, as were the bank bailouts. No business is too big to fail and no person is so important as to be above the law. Innocent people have lost their jobs and well being while individuals and financial institutions have not been held accountable for their crimes, nor have those who were cheated been properly compensated.

We the people…believe our government has put us in grave danger by not honestly addressing our most pressing problems, such as failing to address global warming and failing to create an energy policy that phases out nuclear and carbon based energy sources in favor of renewable sources of energy.

We the people…believe our government has undermined basic human rights both here and abroad. These failure are egregious crimes against humanity for they have betrayed the hope and well-being of future generations. They have blocked every chance for universal peace, choosing a course of perpetual war instead.

We the people…believe our elected officials have demeaned all those who came before... those honorable people who fought and died for justice, freedom, and human rights. We are tired of supporting liars and cheats and pledge to remove them from office and prosecute those who have committed crimes.

We the people…pledge to fulfill the promise of the Universal Declaration of Human Rights and to make sure that all people, and every child, understands what rights and freedoms all People deserve and ought to strive for, as defined therein.

We the people…pledge to seek out and put into office only honorable citizens who can be trusted to fulfill their oath of office and that includes honoring this declaration so that the Constitution and justice might be honored and restored; and We the People restored to our rightful place as sovereigns of a government... of, by, and for the People.

Please visit http://www.gpln.com/

[Demeter]

46. The Revolution Has Begun In Europe (Must Watch!)

http://www.youtube.com/watch?feature=player_embedded&v=ixAaBV7W5xc#at=21

[Demeter]

47. You Want A Triple AAA, Just Give Me Some More Money

Ratigan, Eliot Spitzer and comedian Sherrod Small play a game of credit rating theater. There is extreme truth in this little bit of comedic fiction, including the fact that absolutely nothing has changed...

Ratigan Rants How Banks Reamed You Made Simple Will You Rise Up

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

[Demeter]

49. Franklin Delano Roosevelt also known by his initials, FDR - 32nd President of the United States

"We had to struggle with the old enemies of peace, business and financial monopoly, speculation, reckless banking, class antagonism, sectionalism, war profiteering.

They had begun to consider the Government of the United States as a mere appendage to their own affairs.

We know now that Government by organized money is just as dangerous as Government by organized mob."

[Hawkowl]

71. +1000

Now that is DEMOCRATIC president. I hope to see something like him before I die.

[Demeter]

75. Me, too.

At this point, even LBJ would be welcome.

[Demeter]

51. PASOK: Pan Hellenic Socialist Kleptocrats By James Petras

Papandreou Selling Off Greek Assets

“George Papandreou is not bought, he is rented. He sells public enterprises to the multinationals. He reduces wages, pensions and employment at the behest of the IMF. He turns over the public treasury to the European banks. He supports NATO’s war against Libya. He directs the Greek Coast Guard to enforce Netanyahu’s blockade of Gaza.”

According to a demonstrator in Syndigma Square, Athens, July 3, 2011

A self-proclaimed “Socialist” Government in Greece is imposing by ballots and clubs the most far reaching reversals of wages, pensions, jobs, educational, health and tax programs in the history of Western Europe. The Pan Hellenic Socialist Party (PASOK) has totally abdicated any pretense of being a sovereign government, handing over present and future macro and micro policymaking to the European Central Bankers, the IMF and the power within the European Union/Germany, France). The so-called “austerity” program includes the pillage and auctioning of all the strategic lucrative public enterprises and large scale public land covering all historic and recreation sites. Never has any regime, socialist or not, so blatantly and brutally reverted an independent country to the most unadulterated form of colonial rule.

The Parliamentary Road to Colonial Pillage

Greece’s Great Leap Backward has taken place under the leadership of a “socialist” Prime Minister (George Papandreou) backed by the vast majority (97%) of “socialist” Parliamentarians and the entire “Socialist” Cabinet, with less than 4% defections. While the parliament debates and votes to debase the country’s sovereignty and degrade the people, hundreds of thousands demonstrate in the streets and plazas. The elected leaders and legislators of PASOK totally ignore the protests, heeding only the directives from the Prime Minister and his appointed party bosses. Parliamentary politics is clearly totally insulated from the people it is supposed to represent...What kind of government is capable of such a vehement repudiation of the popular will? What kinds of legislators are capable of systematically driving down living standards for the past three years and for the next ten years?

PASOK always was a party of patronage – not a party of programmatic change. PASOK, from its first electoral victory in 1981, offered public sector jobs, credit, loans and favors to its electoral constituency. At the beginning in the early 1980’s, the addition of new public functionaries was ostensibly to implement the socio-economic reforms, which the right-wing public bureaucrats were sabotaging. But as the momentum for ‘reform’ petered out, job appointments continued to multiply, as part of a process of building a large scale electoral party machine...Thousands of under-employed university graduates with organizational skills crowded the Party offices and over time secured a permanent place in the bloated public bureaucracy. They contributed to securing votes for the PASOK candidates, following the practices of the right wing New Democratic Party. The public sector became the major employment office for several reasons: Most ‘public employees’ held ‘multiple jobs’, some as many as four and five, including self-employment and jobs in the informal economy. Secondly, the so-called private sector in Greece never developed a capacity to grow, invest, innovate, apply technology, compete and create new markets. Most leading Greek businesspeople depended on political links to the Party of Government to secure loans for projects that never materialized, credits that they used to import capital goods from the European Union and loans to import consumer products.

Entry into the European Union (EU) provided PASOK and the Right with huge transfers of capital and loans ostensibly to “modernize” the economy and make it competitive. In exchange Greece lowered its tariff barriers and EU goods flooded the local market. EU funds financed PASOK’s patronage machine; private business borrowed EU funds and passed payment onto the state, with complicit politicians. Professionals and the middle class secured easy credit to buy pricey imports. The regime economists and politicians “cooked the books”, showing positive growth and hiding liabilities. Everything was mortgaged. The European banks collected interest; Western European manufacturers exported consumer goods. According to the experts, Greece was “integrated” into the European Union … unfortunately on the basis of becoming as dissimilar as any country could be from its dominant partners....PASOK was built around an elite and mass constituency that never paid taxes but extracted and depended on state handouts. Billionaire ship owners avoided taxes as they operated under foreign flags (Panama) but agreed to hire Greek ship captains and contribute to Party coffers. Professionals, lawyers, doctors and architects, barely declared any income, receiving under-the-table cash payments as undeclared income far exceeding any salaries. Business leaders, real estate speculators, bankers and importers all paid off Party leaders in order to secure tax abatements while securing EU loans, which they recycled into tourist properties and overseas accounts. What passed as the Party and business elite were in fact an organized network of kleptocrats: They plundered the treasury and left it to wage and salaried workers to pay the bills, since the latter suffered obligatory payroll tax deductions. Greece is the worse country in the world to be a wage worker – as it’s the only sector that’s taxed and exploited...Greece is a country of self-employed small business people and independent small farmers, some of whom lease land from urban professionals, small tourist hotel owners and restaurateurs: The overwhelming majority of them pay only a small fraction of their taxes while demanding full public services. They are part of the ‘patronage’ apparatus of PASOK, mostly the recipients of unregulated credit and loans, which were used to increasing personal incomes rather than productivity.

MUCH MORE AT LINK

James Petras is a retired Bartle Professor (Emeritus) of Sociology at Binghamton University in Binghamton, New York and adjunct professor at Saint Mary's University, Halifax, Nova Scotia, Canada who has published prolifically on Latin American and Middle Eastern political issues.

[Festivito]

52. Debt: 07/05/2011 14,343,033,186,678.55 (DOWN 46,079,438.57) (Tue, DOWN some.)

(OVER the old debt limit of 14.294-trillion dollars by 49-billion dollars. Good day.)
Catching up on sleep.
(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)
= 9,754,032,683,356.88 + 4,589,000,503,321.67
DOWN 7,752,798,826.91 + UP 7,706,719,388.34

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 $3.20 THAT'S 1B$, and $3,201.23 makes 1T$.
A family of three: Mom, Dad, Child: $9.60, ABOUT TEN BUCKS for a 1B$ 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 312,380,192 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 $45,915.31.
A family of three owes $137,745.93. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 32 days.
The average for the last 22 reports is -75,509,342.67.
The average for the last 30 days would be -55,373,517.96.
The average for the last 32 days would be -51,912,673.08.
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$/day.
There were 189 reports in 278 days of FY2011 averaging 4.13B$ per report, 2.81B$/day.
Above line should be okay

PROJECTION:
There are 565 days remaining in this Obama 1st term.
By that time the debt could be between 14.3 and 17.3T$.
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)
07/05/2011 14,343,033,186,678.55 BHO (UP 3,716,156,137,765.47 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 +0,781,410,155,786.80 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,025,952,182,957.49 ------------* * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
06/14/2011 -005,676,305,314.31 --
06/15/2011 +005,724,686,785.42 ------------*********
06/16/2011 -004,915,287,264.64 --
06/17/2011 -003,280,766,773.26 --
06/20/2011 -001,398,167,502.39 -- Mon
06/21/2011 -005,323,373,908.56 --
06/22/2011 +008,838,427,845.80 ------------*********
06/23/2011 -003,583,724,883.29 --
06/24/2011 +001,084,698,810.36 ------------*********
06/27/2011 -002,470,523,317.36 -- Mon
06/28/2011 -005,425,153,798.63 --
06/29/2011 +007,017,747,779.06 ------------*********
06/30/2011 +003,977,538,029.63 ------------*********
07/01/2011 +019,562,117,337.21 ------------**********
07/05/2011 -007,752,798,826.91 -- Tue

6,379,114,998.13 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4908270&mesg_id=4909625

[DemReadingDU]

61. Missed your reports for a few days

[Festivito]

84. Bad computer related problems.

I hope it's fixed for a while.

[OnlinePoker]

64. End year debt increase forecast has been dropping all year.

It could actually come in under $1 trillion for the year. Not great, but headed in the right direction.

[Festivito]

83. Deficit projection has been going DOWN under Obama, even before the limit fight drives it down more.

I say that Obama has been doing what the Republican supporters want. It's just that the people they support keep lying to them about what is happening through American media.

[Festivito]

85. Debt: 07/06/2011 14,343,021,848,987.23 (DOWN 65,791,021.17) (Wed, UP some.)

(OVER the old debt limit of 14.294-trillion dollars by 49-billion dollars. Good day.)
On with a different computer once again.
(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)
= 9,748,841,925,620.21 + 4,594,179,923,367.02
UP 6,618,560,773.63 + DOWN 6,684,351,794.80

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 $3.20 THAT'S 1B$, and $3,201.15 makes 1T$.
A family of three: Mom, Dad, Child: $9.60, ABOUT TEN BUCKS for a 1B$ 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 312,387,392 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 $45,914.21.
A family of three owes $137,742.64. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 20 reports in the last 30 days.
The average for the last 20 reports is -81,820,311.98.
The average for the last 30 days would be -54,546,874.65.

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$/day.
There were 188 reports in 279 days of FY2011 averaging 4.16B$ per report, 2.80B$/day.
Above line should be okay

PROJECTION:
There are 564 days remaining in this Obama 1st term.
By that time the debt could be between 14.3 and 17.3T$.
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)
07/06/2011 14,343,021,848,987.23 BHO (UP 3,716,144,800,074.15 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,781,398,818,095.50 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,022,260,102,526.37 ------------* * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
06/13/2011 -002,477,556,635.49 -- Mon
06/14/2011 -005,676,305,314.31 --
06/15/2011 +005,724,686,785.42 ------------*********
06/16/2011 -004,915,287,264.64 --
06/17/2011 -003,280,766,773.26 --
06/20/2011 -001,398,167,502.39 -- Mon
06/21/2011 -005,323,373,908.56 --
06/22/2011 +008,838,427,845.80 ------------*********
06/23/2011 -003,583,724,883.29 --
06/24/2011 +001,084,698,810.36 ------------*********
06/27/2011 -002,470,523,317.36 -- Mon
06/28/2011 -005,425,153,798.63 --
06/29/2011 +007,017,747,779.06 ------------*********
06/30/2011 +003,977,538,029.63 ------------*********
07/06/2011 +006,618,560,773.63 ------------********* Wed

-1,289,199,374.03 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=4909741&mesg_id=4909852

[Demeter]

57. Economists: laissez-faire or plain lazy? Dean Baker

http://www.guardian.co.uk/commentisfree/cifamerica/2011/jul/05/economics-keynesianism-unemployment

Economists: laissez-faire or plain lazy?

If it's really true there's no means to fix the economy and tackle unemployment, then we have to ask why we employ economists...Two prominent economists, Ken Rogoff and Carmen Reinhart, did an extensive examination of financial crises over the last eight centuries. They found that the after-effects of these crises tend to be longlasting, with economies often taking a decade or more to get back to normal levels of output...This is an interesting and worthwhile historical exercise. But why would anyone think that this past history any more condemns economies to suffer prolonged downturns from the recent financial crisis than that past history will condemn our children to an early death. Just as we have made enormous advances in public health and medicine, we have reason to believe that we have made enormous advances in economics as well.

The most obvious advance was the writings of Keynes in the 1930s, who explained how an economy could endure a prolonged downturn like the Great Depression. He also explained how the government could provide the boost necessary to get an economy back to normal levels of employment and output. There, of course, has been much work subsequent to Keynes that built on his basic insights. In principle, this work implies that there is no reason that economies should ever again be forced to endure long periods of high unemployment, just as there is no reason for us to expect 16th-century mortality rates for our children...However, many in the media and policy circles insist in telling us that we are doomed – we just have to accept that it may be close to a decade before we get back to normal levels of unemployment. In the meantime, tens of millions of people around the world will be condemned to unemployment or underemployment, because the folks responsible for managing the economy messed up.

It is worth asking what this view tells us about the economy and economists. As far as the former is concerned, this view of the economy takes on an almost mystical aura. The sins that led to the financial crisis leave us with no recourse: "we" simply must accept that there is nothing that we can do (the people saying this are never among the unemployed).

MORE AT LINK

[xchrom]

63. +1

[Demeter]

65. Andy Kroll, The 60-Year Unemployment Scandal

http://www.tomdispatch.com/post/175413/tomgram:_andy_kroll,_the_60-year_unemployment_scandal/

Americans care about them more than any other issue, so every poll tells us. The presidential candidates are already crafting their stump speeches and talking points around them. President Obama has seen the writing on the wall and regularly tailors his message to emphasize how many of them he has created. I'm talking, of course, about jobs.

These days, politicians are falling all over themselves to explain why they're the right candidates for the job of creating more jobs. Here was the president at an LED lighting manufacturing plant in North Carolina recently: "Today the single most serious economic problem we face is getting people back to work. I will not be satisfied 'till everyone who wants a good job that offers some security has a good job that offers some security." And here was GOP frontrunner Mitt Romney, at the official unveiling of his presidential campaign at a farm in New Hampshire: "From my first day in office, my number-one job will be to see that America once again is number one in job creation."

Such comments offer a preview of what, given dismally high unemployment figures, will surely be a job-centric 2012 presidential campaign. And TomDispatch can offer its own jobs guarantee for the coming campaign season: for all the verbiage about jobs that will be coming your way, there’s one part of the American jobs crisis deserving screaming headlines that the politicians won’t be talking about. And yet it’s a scandal that goes back decades, as TomDispatch associate editor Andy Kroll points out. It should be the shame of the nation. Instead it’s the jobs crisis we know nothing about. Tom

What We Don't Talk About When We Talk About Jobs
How Racism, Global Economics, and the New Jim Crow Fuel Black America's Crippling Jobs Crisis

By Andy Kroll

...Anacostia, a mostly forgotten neighborhood in southeastern D.C. with one of the highest unemployment rates anywhere in America...if you happen to be jobless, upset about it, and living in that neighborhood, on a crisp morning in March you could have joined an angry band of protesters marching on the nearby 11th Street Bridge...They weren't looking for trouble. They were looking for work. Those protesters, most of them black, chanted and hoisted signs that read "D.C. JOBS FOR D.C. RESIDENTS" and "JOBS OR ELSE." The target of their outrage: contractors hired to replace the very bridge under their feet, a $300 million project that will be one of the largest in District history. The problem: few D.C. citizens, which means few African Americans, had so far been hired. "It's deplorable," insisted civil rights attorney Donald Temple, "that... you can find men from West Virginia to work in D.C. You can find men from Maryland to work in D.C. And you can find men from Virginia to work in D.C. But you can't find men and women in D.C. to work in D.C."

...Live in Washington long enough and you'll hear someone mention "east of the river." That's D.C.'s version of "the other side of the tracks," the place friends warn against visiting late at night or on your own. It's home to District Wards 7 and 8, neighborhoods with a long, rich history. Once known as Uniontown, Anacostia was one of the District's first suburbs; Frederick Douglass, nicknamed the "Sage of Anacostia," once lived there, as did the poet Ezra Pound and singer Marvin Gaye. Today the area's unemployment rate is officially nearly 20%. District-wide, it’s 9.8%, a figure that drops as low as 3.6% in the whiter, more affluent northwestern suburbs... D.C.'s divide is America's writ large. Nationwide, the unemployment rate for black workers at 16.2% is almost double the 9.1% rate for the rest of the population. And it's twice the 8% white jobless rate.

The size of those numbers can, in part, be chalked up to the current jobs crisis in which black workers are being decimated. According to Duke University public policy expert William Darity, that means blacks are "the last to be hired in a good economy, and when there's a downturn, they're the first to be released"....That may account for the soaring numbers of unemployed African Americans, but not the yawning chasm between the black and white employment rates, which is no artifact of the present moment. It's a problem that spans generations, goes remarkably unnoticed, and condemns millions of black Americans to a life of scraping by. That unerring, unchanging gap between white and black employment figures goes back at least 60 years. It should be a scandal, but whether on Capitol Hill or in the media it gets remarkably little attention. Ever.

The 60-Year Scandal

The unemployment lines run through history like a pair of train tracks. Since the 1940s, the jobless rate for blacks in America has held remarkably, if grimly, steady at twice the rate for whites. The question of why has vexed and divided economists, historians, and sociologists for nearly as long.

MUCH MORE AT LINK, INCLUDING

Behind Bars, the Invisible Unemployed



Andy Kroll is a reporter in the D.C. bureau of Mother Jones magazine, and an associate editor at TomDispatch. He's appeared on MSNBC, Al Jazeera English, Current TV, and Democracy Now! to discuss the economy and its ills.

[Hotler]

62. k&r n/t

[Demeter]

66. Glory Be! Another Miracle!

yawn. Wake me when Reality kicks in.

[Demeter]

67. TODAY'S OLIPHANT

http://cdn.svcs.c2.uclick.com/c2/a3f126908a09012ee3c400163e41dd5b?width=750.0

[Demeter]

68. The Great Recession, Part II By Joseph E. Stiglitz

http://www.slate.com/id/2298580/?from=rss

Just a few years ago, a powerful ideology—the belief in free and unfettered markets—brought the world to the brink of ruin. Even in its heyday, from the early 1980s until 2007, American-style deregulated capitalism brought greater material well-being only to the very richest of the richest country of the world. Indeed, over the course of this ideology's 30-year ascendance, most Americans saw their incomes decline or stagnate.

Moreover, output growth in the United States was not economically sustainable. With so much of U.S. national income going to so few, growth could continue only through consumption financed by a mounting pile of debt.

I was among those who hoped that, somehow, the financial crisis would teach Americans (and others) a lesson about the need for greater equality, stronger regulation, and a better balance between the market and government. Alas, that has not been the case. On the contrary, a resurgence of right-wing economics, driven by ideology and special interests, once again threatens the global economy—or at least the economies of Europe and North America, where these ideas continue to flourish.

In the United States, this right-wing resurgence, whose adherents evidently seek to repeal the basic laws of math and economics, is threatening to force a default on the national debt. If Congress mandates expenditures that exceed revenues, there will be a deficit, and that deficit has to be financed. Rather than balancing the benefits of each government expenditure program with the costs of raising taxes to finance those benefits, the right seeks to use a sledgehammer—not allowing the national debt to increase forces expenditures to be limited to taxes...

[mrdmk]

69. K & R

:kick: