STOCK MARKET WATCH, Tuesday, July 12, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Tuesday, July 12, 2011

AT THE CLOSING BELL ON July 11, 2011

Dow 12,505.76 -151.44 (-1.21%)
Nasdaq 2,802.62 -57.19 (-2.04%)
S&P 500 1,319.49 -24.31 (-1.84%)
10-Yr Bond... 2.90 -0.02 (-0.65%)
30-Year Bond 4.19 -0.02 (-0.36%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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Handy Links - Market Data and News:Economic Calendar    Marketwatch Data    Bloomberg Economic News    Yahoo! Finance    Google Finance    Bank Tracker    
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Handy Links - Economic Blogs:
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Brad DeLong      Bonddad    Atrios    goldmansachs666    The Stand-Up Economist

Handy Links - Government Issues:
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Handy Links - Videos:
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    William Black: This Economic Disaster    Bill Moyers with Kevin Drum and David Corn

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

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

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

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http://l.yimg.com/bt/api/res/1.2/hWA9hh1TrMS2pKylmFNV6g--/YXBwaWQ9eW5ld3M7Zmk9Zml0O3E9ODU7dz05NTA-/

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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 12 08:30 Trade Balance May -$44.0B -$44.0B -$43.7B
Jul 12 14:00 FOMC Minutes Jun 22

Read more: http://www.briefing.com/investor/calendars/economic/#ixzz1RtMJyPMk

[Pale Blue Dot]

28. U.S. Trade Deficit Unexpectedly Surges on Oil

The trade deficit in the U.S. widened in May to the highest level in almost three years, reflecting a surge in the cost of imported crude oil.

The gap grew 15 percent to $50.2 billion, exceeding all forecasts of 73 economists surveyed by Bloomberg News and the biggest since October 2008, Commerce Department figures showed today in Washington. Exports held near April’s record.

A weaker U.S. dollar and growing economies overseas may keep bolstering demand for American-made products, benefiting companies like Smithfield Foods Inc. (SFD) The deficit may narrow as the recent drop in oil costs and a slowdown in consumer spending curb imports, indicating trade will help prop up the world’s largest economy.

“Oil has obviously come off, so you’re going to have a significant drop back there,” said Paul Ashworth, chief U.S. economist at Capital Economics Ltd. in Toronto. “This quarter, trade will certainly make a strong positive contribution to GDP growth. We’ve had rapid growth in developing countries.”

http://www.bloomberg.com/news/2011-07-12/trade-deficit-of-u-s-unexpectedly-surges-on-increase-in-crude-oil-imports.html

[Pale Blue Dot]

2. Oil falls to near $94 as US dollar strengthens

SINGAPORE – Oil prices fell to near $94 a barrel Tuesday in Asia as a stronger U.S. dollar made commodities such as crude more expensive for investors with other currencies.

Benchmark oil for August delivery was down 69 cents to $94.46 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. Crude fell $1.05 to settle at $95.15 on Monday.

In London, Brent crude fell 9 cents to $117.15 per barrel on the ICE Futures exchange.

The euro fell to $1.3953 on Tuesday from $1.4048 late Monday.

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

[Po_d Mainiac]

13. The race to the bottom is now in screech mode

The U$D is back to being the safe bet, at least for the time being. The bond bubble continues to expand (are negative rates within reach?)

Things are really starting to look ugly as the PIIGS continue to implode, and no one knows who is exposed to what. Good thing we learned all about the shadow banking implications when Fuld's Folly (Lehman) blew up, and corrected the problems :sarcasm:

[Roland99]

20. Wasn't helping to tank the dollar. Trade gap is the at the widest since 2008

http://www.marketwatch.com/story/us-may-trade-gap-widens-to-502-billion-2011-07-12?dist=beforebell

[Po_d Mainiac]

29. Bigger trade deficit, that's good for GDP right?

Huh?

What's that? Really?:wtf:

Oh, it's not so good.

Thanks for nuttin Ben.:grr:

[Pale Blue Dot]

3. U.S. Stock-Index Futures Slump on Italy Debt-Crisis Concern; Alcoa Plunges

U.S. stock-index futures tumbled, tracking a global equity-market rout, as concern mounted that Europe’s sovereign-debt crisis has spread to Italy.

Bank of America Corp. (BAC), the biggest U.S. lender by assets, led financial shares lower, sliding 1.4 percent. Alcoa Inc. (AA) lost 2.2 percent as profit at the largest U.S. aluminum producer missed analysts’ estimates. Microchip Technology Inc. (MCHP) declined 5.1 as the semiconductor maker forecast earnings below analysts’ projections.

Futures on the Standard & Poor’s 500 Index expiring in September lost 1 percent to 1,304.9 at 7:06 a.m. in New York after the gauge yesterday posted its biggest two-day drop since March. Dow Jones Industrial Average futures slumped 89 points, or 0.7 percent, to 12,400.

“There is no agreement,” said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets in a Bloomberg Television interview from Brussels. “That makes the market extremely nervous at the moment. It’s very important for policy makers across the board to get their act together very soon.”

http://www.bloomberg.com/news/2011-07-12/u-s-stock-index-futures-slump-on-italy-debt-crisis-concern-alcoa-plunges.html

[xchrom]

6. Stocks sink on fresh fears about global economy

http://www.csmonitor.com/Business/Latest-News-Wires/2011/0711/Stocks-sink-on-fresh-fears-about-global-economy

Stocks are closing at their lowest level so far in July on fresh fears that Europe's debt crisis will spread beyond Greece to much larger economies.

Italy, Europe's third-largest economy, and Spain, its fourth-largest, could be sliding toward default.

The Dow Jones industrial average lost 151 points, or 1.2 percent, to close at 12,506 Monday. The Standard & Poor's 500 index fell 24, or 1.8 percent, to 1,319. The Nasdaq composite fell 57, or 2 percent, to 2,803.

In the U.S., lawmakers face an Aug. 2 deadline to avoid an unprecedented debt default. The government's surprisingly weak jobs report Friday compounded concerns about the U.S. economy.

Six stocks fell for every one that rose on the New York Stock Exchange. Volume was lighter than usual at 3.5 billion shares.

[xchrom]

11. US STOCKS-Wall St set to tumble as global markets roiled

http://uk.reuters.com/article/2011/07/12/markets-stocks-idUKN1E76B04J20110712

NEW YORK, July 12 (Reuters) - Wall Street was headed for a third day of losses on Tuesday as fears of a systemic crisis in the euro zone grew, sending index futures sharply lower.

In a rerun of the spring selloff in equity markets, U.S. stocks fell sharply in the last session as European officials for the first time refused to rule out default by Greece and investors feared the crisis could overtake Spain and Italy.

"The markets have been gripped by fear, how real it is is hard to say," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.

"Is it just the news flow that is causing this? Is it hedge fund managers that are causing this or is there something really more systemic here," he said.

[xchrom]

4. morning to all!

:donut: i hope all is well w/ everyone?

[Demeter]

5. Good Morning, PBD and All

I'm happy to be here. I'm happy to be anywhere. I'm not kidding.

---------------------------Larry Hagman

[xchrom]

7. south asia: IIP numbers 'not encouraging', says Pranab

http://timesofindia.indiatimes.com/business/india-business/IIP-numbers-not-encouraging-says-Pranab/articleshow/9196751.cms

NEW DELHI: Terming the slowdown in May industrial output as "not encouraging", finance minister Pranab Mukherjee said the government was in the process of taking steps to enhance the productivity of the manufacturing sector.

"It (the Index of Industrial Production) is not encouraging...," he told reporters at a meet organised by Nabard here.

Mukherjee, however, said the monthly figures should not be seen as a trend-setter.

"I do not always take into account the monthly and weekly figures as the real trend-setter. At least quarterly figures will have to be taken into account. Otherwise, there are problems, of course," he said.

[xchrom]

8. Sensex closes 344 points lower

http://timesofindia.indiatimes.com/business/india-business/Sensex-closes-344-points-lower/articleshow/9198348.cms

MUMBAI: A benchmark index for Indian equities markets Tuesday slipped sharply to close 344 points lower as global markets grew jittery over complications in bailing out some debt-hit euro zone economies and a disappointing quarterly result by Infosys.

The 30-scrip sensitive index ( Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,823.19 points, closed at 18,376.83 points, down 344.56 points or 1.84% from its previous close at 18,858.04 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also closed lower at 5,526.15 points, down 1.6%.

[xchrom]

10. Infosys to hire 12,000 people in Q2, 45,000 in FY'12

http://timesofindia.indiatimes.com/business/india-business/Infosys-to-hire-12000-people-in-Q2-45000-in-FY12/articleshow/9196538.cms

MYSORE: Keeping up the hiring momentum, the country's second largest software exporter Infosys on Tuesday said it will hire about 12,000 people this quarter.

The company currently has over 1.33 lakh employees. "We are looking at a gross addition of about 12,000 in our workforce and we are continuing with yearly target at 45,000 people," Infosys CEO and Managing Director S Gopalakrishnan said on Tuesday.

With the improving business sentiment and revival in IT spends, IT firms are stepping up hiring to meet demand for their services.

At the beginning of the current financial year, Infosys had announced plans to hire about 45,000 people. Of this, about 26,000 offers have already been made in college campuses.

[Demeter]

9. Reagan mythology is leading US off a cliff

During Reagan's presidency, the US went from a creditor to debtor nation and marked a take-off for financial inequality...

http://english.aljazeera.net/indepth/opinion/2011/07/2011771074476381.html

As things stand today, the US is hurtling toward a budget showdown in less than a month. Either President Obama will once again capitulate to extreme Republican budget-slashing demands, making Democrats seem as much of a threat to Medicare as Republicans, and virtually ensuring a GOP electoral sweep in 2012, or the US will default on its debt for the first time in its history, most likely plunging the world economy back into another five-continent recession, also costing Democrats the 2012 elections. These are the options left for a president and a political class completely divorced both from reality, and its own history of how one of the three greatest US presidents of all time steered the country from the brink of collapse eight decades ago

Entirely forgetting the real history of how Franklin D Roosevelt used activist government to save American capitalism from itself, the entire US political establishment is instead hypnotised by the false history woven around its most over-hyped president of all time: Ronald Reagan. Idolatry of Reagan's supposed tax-cutting wonders propels the now widespread economic belief that up is down, that cutting government spending is the way out of - rather than into - a severe recession. At the same time, idolatry of Reagan's supposed political wonders propels GOP extremists to ignore all other considerations.

Because of this hypnotism, America's political establishment has barely even begun to notice two unconventional possible ways out that remain, neither of which require anything from Congress, but both of which need bold presidential leadership ala FDR.

The first is to ignore the debt ceiling, relying directly on the 14th Amendment's statement that: "the validity of the public debt of the United States … shall not be questioned". The second is a proposal from maverick Republican Ron Paul to have the Federal Reserve Board destroy the $1.6 trillion in government bonds that it currently holds, which progressive economist Dean Baker recently wrote, "actually makes a great deal of sense". It might take some arm-twisting on Obama's part, but Congress has no say over the Fed, and central bankers have no great love of spreading financial panic...

NOT THAT WOULD BE A HAIRCUT! IT'S SO BOLD, IT WOULD BE AN INSTANT SUCCESS!

[Demeter]

14. No, We Can’t? Or Won’t? By PAUL KRUGMAN

http://www.nytimes.com/2011/07/11/opinion/11krugman.html?_r=1&src=recg

If you were shocked by Friday’s job report, if you thought we were doing well and were taken aback by the bad news, you haven’t been paying attention...
Our failure to create jobs is a choice, not a necessity — a choice rationalized by an ever-shifting set of excuses.

• Excuse No. 1: Just around the corner, there’s a rainbow in the sky...Remember “green shoots”? ...
  
  
• Excuse No. 2: Fear the bond market...Two years ago The Wall Street Journal declared that interest rates on United States debt would soon soar unless Washington stopped trying to fight the economic slump...
  
  
• Excuse No. 3: It’s the workers’ fault... it seems bizarre to argue that the real problem lies with the workers — that the millions of Americans who were working four years ago but aren’t working now somehow lack the skills the economy needs.
  
  
• Excuse No. 4: We tried to stimulate the economy, and it didn’t work...Think about it: Where are the big public works projects? Where are the armies of government workers? There are actually half a million fewer government employees now than there were when Mr. Obama took office.

***********************************************

So let’s summarize: The economy isn’t fixing itself. Nor are there real obstacles to government action: both the bond vigilantes and structural unemployment exist only in the imaginations of pundits. And if stimulus seems to have failed, it’s because it was never actually tried...Listening to what supposedly serious people say about the economy, you’d think the problem was “no, we can’t.” But the reality is “no, we won’t.” And every pundit who reinforces that destructive passivity is part of the problem.

[Demeter]

32. This Time Really Is Different

http://www.declineoftheempire.com/2011/07/this-time-really-is-different.html

As the economy goes down the drain, those who want to believe that America's problems are temporary face an unsolvable dilemma: how do you spin this ongoing disaster in such a way as to maintain your delusions about the future greatness of the United States? ...the American story will not have a Happy Ending.

This Time Is Different

I have quoted at length in past letters from Ken Rogoff and Carmen Reinhart’s masterful work, This Time is Different. While the market may have been surprised by such a low jobs number, it is PRECISELY what is typical following a credit crisis, as they demonstrate in their book...You are meant to understand that this was a financial crisis, and the aftermath of financial crises is always really bad. This is the preferred explanation of "sophisticated" economic commentators who want to explain away what is happening in the United States, people like Barry Ritholtz:

“Broadly speaking, financial crises are protracted affairs. More often than not, the aftermath of severe financial crises share three characteristics.

First, asset market collapses are deep and prolonged. Real housing price declines average 35 percent stretched out over six years, while equity price collapses average 55 percent over a downturn of about three and a half years.

Second, the aftermath of banking crises is associated with profound declines in output and employment. The unemployment rate rises an average of 7 percentage points over the down phase of the cycle, which lasts on average over four years. Output falls (from peak to trough) an average of over 9 percent, although the duration of the downturn, averaging roughly two years, is considerably shorter than for unemployment.

Third, the real value of government debt tends to explode, rising an average of 86 percent in the major post–World War II episodes. Interestingly, the main cause of debt explosions is not the widely cited costs of bailing out and recapitalizing the banking system. Admittedly, bailout costs are difficult to measure, and there is considerable divergence among estimates from competing studies. But even upper-bound estimates pale next to actual measured rises in public debt. In fact, the big drivers of debt increases are the inevitable collapse in tax revenues that governments suffer in the wake of deep and prolonged output contractions, as well as often ambitious countercyclical fiscal policies aimed at mitigating the downturn.”

I've got some news for people like John Mauldin, Barry Ritholtz, Carmen Reinhart and Ken Rogoff—this time is different, but not in the sense you intend. To understand what is happening in the United States, it is necessary to go far beyond an historical survey of financial crises. You must consider the specific historical circumstances that led to the current crisis. Such a review would include but not be limited to the following observations—

The United States has been hemorrhaging manufacturing jobs for 30 years.

Almost all of the income gains made during that time went to the top 10% of wage-earners, with most of them going to the top 1%. Wealth inequality grew accordingly.

Health care costs have been soaring all that time.

College tuition costs skyrocketed at a pace far beyond the rate of inflation.

Households took on more and more debt to replace lost income.

We had not one, but two, substantial economic bubbles during the last 15 years. Without those bubbles, how much would the U.S. economy have grown?

The private debt to GDP ratio grew and grew, clearly indicating that more and more debt was required to add an additional point of GDP.

The Federal Government more and more became the tool of monied special interests.

And so forth. When people endorse Reinhart and Rogoff, we are supposed to understand that the Tough Times we're experiencing now have a well-defined beginning—the financial crisis after the fall of Lehman—and will have a well-defined end—however many years it takes to work through the credit problems. This is utter nonsense. The "historical obversations" I listed above are in fact the root causes of our current predicament.

And in each case, the historical trend has not changed, or has gotten worse. Households now have only slightly less debt than they did before the crisis, but trillions of dollars of housing wealth has disappeared. Health care costs continue to soar, as do college tuitions. Income gains still go to the wealthiest Americans. In short, nothing has changed.

That leaves those who want to believe that All Will Be Well with the same unsolvable dilemma we started out with: how do you tell a credible story that everything will turn out OK? I'm sorry, but no amount of convenient, hopeful rationalization is going to change the American disaster while the roots of the crisis remain in place. The financial meltdown was the proximate, not the ultimate, cause of America's economic woes.

This time really is different.

[Hugin]

36. I was pondering this very fact after I saw yesterday's SMW 'toon.

How the US had survived and prospered throughout a revolution, civil war, a great depression, cold war, and the disco era for a little over 200 years... Without default.

But, it's only taken Reagan's idealogical spawn, The Tea Baggers, less than two years to bring the Nation to it's knees.

Of course, the stage has been getting set for around 30 years, but, there was always the chance for a turn around... Until Reagan's Hatchet Men arrived.


Oh, they've arrived... And how. :eyes:

[Demeter]

39. About time you showed up, you slacker!

Where have you been? AWOL? Are you all right?

[Hugin]

42. I have been here almost every day.

I must say, due to the efforts of PBD, xchrom, yourself, DRDU, PO'd, Roland and assorted others the SMW is the best it's ever been. :)

I have been working on a few Bucket List items.

Watching this Default Fraud play out in real time is almost more than I can bear. The fact that it's a politically motivated charade is so obvious that even a brainless microbe couldn't miss it. Yet, there's reputed to be enough voters to cause a turn in the next election who are stupid enough to bet the farm on it. ( The state of education in this country is another of Reagan's gifts. )

I have heard this theory that the job of all these current candidates is to make whoever the eventual crazy-assed nominee is seem sane in comparison... They have their work cut out for them.

Really, I'd do something about it... If it weren't for all of the friction I'm getting from behind.

Oh, and this NoTW crime... Gee, I wonder if it's happening in the US, but, a bigger curiosity is if it will EVER be investigated here or will we become a sanctuary for this level of scum.

[Pale Blue Dot]

38. Right now, because of Obama's "Brilliant" negotiating style, the BEST we can hope for are

headlines that say: "Obama and Democrats Win Debt Ceiling Battle: Raise Taxes and Lower Social Security Benefits".

But hey! he's the smart one!

[Tansy_Gold]

41. He's NOT smart. He's a fucking idiot

He's a greedy grasping lying selfish fucking idiot.


There, I said it.

Oh, wait, I think I've said it before.

And our wonderful Democratic Party leadership -- now THAT'S an oxymoron -- couldn't give a fuck less.



Tansy Gold

[Demeter]

43. We are living with morons

That is my life lesson---sunk in at last, thanks to the condo life.

[Tansy_Gold]

44. It didn't used to be that way

The American Revolution would not have happened if we'd been led by morons and idiots and imbeciles.

There are smart people out there -- well, more than just you and I, that is ;-) -- and it's just matter of reaching them and getting them motivated.


TG, TT

[Demeter]

47. Are you sure, Tansy?

Speaking as one single woman to another....I don't think there are. Talent is sadly lacking on both sides of the human equation, and as for ethics....in a poisoned culture, the talent curdles.

[DemReadingDU]

55. Many people don't want to be motivated

They really do not see that our country, the American empire is crumbling. They are living in their bubble with excellent income, buying new cars and houses, the latest tech gadgets, taking exotic vacations, and busy with hobbies and other priorities.

And I've been told the government does everything for our best interests.
:eyes:


These are not dumb people, some are college educated. Yet somehow believe all the political propaganda along with their professional financial planners.

These people do not want to be reached. I've tried. Until they wake up on their own, they cannot be motivated.
:(

[Tansy_Gold]

56. I've written those people off.

As Lee Iacocca said, sort of, "Lead, follow, or get the hell out of my way."

I'm not interested in those who don't care or who don't see that there's anything wrong. They're a lost cause. I'm interested in the ones who want to believe, want to hope, who believed in Obama and were disappointed.

Let's roll.


TG, TT

[bread_and_roses]

51. + thousands...millions...I think PBD was saying the same thing...

good to see you, Tansy

oh, btw, we seem to have a few fierce defenders of "we must save SS by destroying it" roaming the land (tho not in SMW that I've seen)

[Tansy_Gold]

53. Indeed

Those "fierce defenders" are fucking idiots, too.

SS is simple to save. Seriously.

1. OASDI (Old Age, Survivors', Disability Income) benefit contributions are levied only on the first $106,800 of earned income. Lift the damn cap. HI (Health Insurance, aka Medicare) has no earned income cap.

2. Levy FICA (OASDI + HI) on unearned income, too.

Is it a tax increase? Yeah, son of a bitch, it's a tax increase!!! Whaddya know! And it's only on the rich/less poor!

[hamerfan]

54. Great ideas, TG!

Good stuff as always.

[xchrom]

12. asia: Nikkei falls below 10,000, Italy woes hurt banks

http://uk.reuters.com/article/2011/07/12/markets-japan-stocks-idUKL3E7IC13W20110712

TOKYO, July 12 (Reuters) - The Nikkei average lost 1.4
percent on Tuesday in its biggest fall in a month, slipping
below support at 10,000 as financial stocks tumbled on concern
that the euro zone's debt woes may spread to Italy and over a
stalemate in U.S. budget talks.

Energy stocks tumbled, tracking falls in Brent crude
LCOc1, with Japan's largest oil and gas developer Inpex Corp
falling 4.6 percent to 584,000 yen, its biggest daily
slide since a sell-off on May 6, while Japan's biggest commodity
trader Mitsubishi Corp fell 1.9 percent to 2,032 yen.

Blue-chip exporters such as Toyota Motor and Canon
Inc also fell sharply, hit by a stronger yen. The euro
tumbled almost 1 percent to 111.77 yen , a fresh
four-month low, while the dollar dipped below 80 yen.

EU officials promised to provide cheaper loans, longer
maturities and a more flexible rescue fund to help Greece and
other EU debtors, but worries over Italy's banks sent the cost
of insuring the country's debt to record highs, while the
Italian stock market benchmark hit a one-year
low.

[xchrom]

30. China keeps up oil hunt

http://www.atimes.com/atimes/China_Business/MG13Cb02.html

MONTREAL - China's demand for oil in May continued at the near-record level of 9.3 million barrels per day (bpd), 8.3% more than the same period last year according to the country's National Development and Reform Commission (NDRC).

In 2010, China's oil consumption increased 11% from a year earlier to an average of 9.2 million bpd. The record was set in April at 9.36 million bpd.

That pace is seasing amid signs of the economy cooling - the consensus estimate for 2011 economic growth has been ratcheted back to the 9.0-9.5% range from around 10%-10.5% China's oil imports fell to an eight-month low in June, at 5.7% lower than the month before and down by 11.5% year on year. Even so, unless the Chinese economy totally stalls, such


declines can be expected to be a temporary blip.

Of the 4.8 million bpd of oil that China imported last year (52% of its total oil consumption), nearly half came from the wider Middle East. Saudi Arabia, Iran, Oman, Kuwait and Iraq (listed in order of importance) accounted for 45% of all Chinese oil imports in 2010.

[xchrom]

15. europe: Debt contagion fears drag Europe shares to 4-mth lows

http://uk.reuters.com/article/2011/07/12/markets-europe-stocks-idUKL6E7IC17220110712

LONDON, July 12 (Reuters) - European shares fell sharply to four-month lows on Tuesday, as jitters intensified that the deepening euro zone debt crisis could spread to larger economies such as Italy and Spain, putting at risk the region's financial stability.

By 1046 GMT, the pan-European FTSEurofirst 300 index of top shares was down 1.7 percent at 1,079.20 points, having earlier dropped to a low of 1,068.92 -- its lowest intraday level since mid March when the market hit a low for the year.

Investors worried that the debt crisis that has so far forced bailouts for Greece, Ireland and Portugal could spread to larger economies such as Italy, which has one of the largest public debts in the world.

Risk aversion prevailed as policymakers struggled to prevent the debt crisis from spreading. Euro zone finance ministers promised longer debt maturities and a more flexible rescue fund to help Greece and other EU debtors, but they set no deadline to act.

[xchrom]

16. European debt crisis: stock markets tumble as Italy fears mount

http://www.guardian.co.uk/business/2011/jul/12/stock-markets-tumble-europe-crisis-italy

World stock markets accelerated their falls on Tuesday as Italy struggled to avoid being sucked into the escalating European debt crisis, and Greece moved closer to a default.

Bank shares were in retreat across Europe, driven by fears that Italy will soon be unable to borrow on the international money markets. The euro continued to lose value rapidly and hit a low of $1.388 – it has now lost more than 3 cents against the dollar since Monday morning.

The FTSE 100 index slumped by 133 points at one point in early trading in London, down more than 2.25%. At noon it was hovering around 5834 points, a fall of 95 points. Barclays fell as much as 6.5% to 218p followed by Lloyds, down 4.7% at 42p, with every share in the index losing ground.

"The banks are biggest fallers, because of concerns that the European crisis is spreading to Italy and Spain," said David Jones, chief market strategist at IG Index.

[xchrom]

17. Greece set to default on massive debt burden, European leaders concede

http://www.guardian.co.uk/business/2011/jul/12/greece-set-to-default-massive-debt-burden

European leaders bowed to the inevitable and conceded that Greece is likely to default on its massive debt burden, which would be a first among the 17 countries using the euro.

They also abruptly shifted tack in the eurozone debt crisis by raising the possibility of using the eurozone's bailout fund to buy back Greek debt on the markets, meaning sizeable losses for Greece's private investors and reduced debt levels for Athens.

Following 12 hours of fraught negotiations in Brussels haunted by the risks of contagion in the eurozone spreading to Italy, now being targeted by the financial markets for the first time in the 18-month crisis, the 17 governments of the eurozone pointedly failed to rule out a sovereign debt default by Greece.

A statement that at the meeting the European Central Bank "confirmed its position that a credit event or selective default should be avoided". There was no declaration of governments' support for the ECB position. Both Jean-Claude Juncker of Luxembourg, president of the Eurogroup, and Olli Rehn, EU commissioner for monetary affairs, declined to offer one.

[Demeter]

33. Get Ready for a REAL "Domino Effect"

[xchrom]

35. that was my thought as well.

i just can't see how this ends well.

and how it cannot have a negative effect on the 'global recovery'.

[xchrom]

18. Italian bond yields approaching disaster zone

http://www.guardian.co.uk/business/2011/jul/11/debt-crisis-europeanbanks

Spanish 10-year bond yields hit 6% today. Italy's climbed at a similar pace, reaching 5.7%, meaning its cost of 10-year borrowing has increased by a full percentage point since 6 June. These are big moves, which is why it's no exaggeration to say the crisis in the heart of the eurozone – as opposed to the drama at the periphery – is under way.

As Gary Jenkins at Evolution Securities pointed out, eurozone sovereign bond yields, once they pass 5.5%, have tended to accelerate upwards to the supposedly critical level of 7%. Two percentage points away from a "potential disaster scenario", he said of Italy – and that was before yesterday's 0.4% percentage point increase eliminated part of the buffer.

There is no simple explanation as to why Italy finds itself the centre of attention. It is not news that the country's debt-to-GDP ratio, at 119%, is the second worst in the eurozone. Rather, the driver seems to be the dithering displayed by eurozone leaders over Greece, specifically over the design of a bailout package. The market can see that, if the authorities can't agree on how to treat holders of Greek bonds, the risk of an uncontrolled default, which would reverberate through the European banking system, is rising.

[Demeter]

34. It's Just Extortion by Banksters

and hedge funds.

[xchrom]

21. Inflation falls to 4.2% for June

http://www.guardian.co.uk/business/2011/jul/12/inflation-falls-four-point-two-per-cent-june

Prospects of higher interest rates faded on Tuesday as official figures showed deep price cuts by hard-pressed retailers dragged the annual inflation rate down from 4.5% to 4.2% last month.

The Office for National Statistics said bargain offers on electronic goods helped drag inflation lower in June and pulled the government's preferred measure of the cost of living back towards its 2% target.

City analysts had been expecting inflation, as measured by the Consumer Prices Index, to remain unchanged last month, but the first drop in prices in June for eight years brought some welcome news for the Bank of England's monetary policy committee.

The ONS said there had been big price cuts in consumer games, consoles and other electronic goods last month as retailers sought to persuade cautious consumers to spend.

[xchrom]

23. BBC Worldwide reports record underlying profits

http://www.guardian.co.uk/media/2011/jul/12/bbc-worldwide-reports-record-profits

BBC Worldwide has reported record underlying profits, up 10% to £160m in the year to the end of March, with its chief executive, John Smith, taking home a remuneration package up more than 9% year on year to £898,000.

The BBC's commercial arm reported record revenue of £1.16bn, up 7.8% year on year in the 12 months to 31 March, helped by strong performances from its international TV channel business and exploitation of brands including Top Gear and Doctor Who.

International sales increased by 9.6% to account for 55% of total revenues, with a particular focus on "the English-speaking markets of the USA and Australia".

BBC Worldwide's pre-tax profits were £201m when the proceeds of the sale of its 50% share in its global TV channel joint venture with Discovery is included.

[xchrom]

24. Euro zone proposal welcomed {ireland}

http://www.irishtimes.com/newspaper/breaking/2011/0712/breaking2.html

Minister for Finance Michael Noonan has given a "cautious" welcome to news that euro zone finance ministers have resolved to expand the powers of the Europe’s bailout fund.

It is expected the move will set talks in train for the EU to grant longer loan maturities to aid recipients and lower interest rates.

Ministers have also opened the door for the fund to issue loans to countries for the specific purpose of buying back their sovereign bonds at market rates, thereby easing the weight of their national debt.

At the same time, the ministers dropped their explicit commitment 10 days ago to avoid a “selective default” on Greece’s sovereign debt as they work to enlist private creditor participation in a second international bailout for the country.

[xchrom]

25. EU considers radical moves as debt crisis escalates

http://www.irishtimes.com/newspaper/finance/2011/0712/1224300557990.html

EUROPEAN DIPLOMATS believe the intensity of market pressure on Italy and Spain may prompt EU leaders to contemplate a new round of radical measures to tackle the debt emergency.

As euro zone ministers sought last night to settle deep divisions over a second international bailout for Greece, pressure piled on Italy as its sovereign borrowing costs rose to new records and major Italian banks saw their stocks drop precipitously.

German chancellor Angela Merkel said Rome must demonstrate it was undertaking the budget reforms needed to restore confidence and she was confident it would do so.

The extra yield investors seek to hold Italian and Spanish 10-year bonds instead of German bonds rose to euro-era records. Italian 10-year yields approached the 5.5-5.7 per cent range seen to be crucial for Italy, given the already steep cost of servicing its heavy debt load.

[xchrom]

26. Backing for Irish interest rate cut - Buzek

http://www.irishtimes.com/newspaper/breaking/2011/0712/breaking19.html

European Parliament president Jerzy Buzek this morning said the majority of his parliamentary colleagues support a reduction in the interest rate on Ireland's bailout loan.

Mr Buzek said the European Parliament had discussed the issue a number of times. He was speaking after meeting Taoiseach Enda Kenny and Minister of State for European Affairs Lucinda Creighton at Government Buildings earlier today.

"We surely support renegotiation of the interest rate and reduction of it. So you could have support from my colleagues, at least a big majority of them from European parliament. It's very important."

Mr Buzek insisted "tremendous goodwill" remained towards Ireland in the European Union. "I feel it," he added. Mr Buzek said he wanted to underline his belief that there was no crisis in the euro zone but rather "some financial instabilities" in certain member states and the problem should be solved by solidarity and loans with interest rates that were not too high.

[DemReadingDU]

19. Karl Denninger: TickerCon symbol back to 1

7/12/11 Denninger: Tickercon 1 on the lies and impending detonation of Greece and perhaps Italy. Will hold it here for anywhere from a few days to a week or so - if things settle down it will go back to "2", but there's a decent chance it won't.
http://market-ticker.org/cgi-ticker/akcs-www?singlepost=2619214

5/11/11 TickerCon was 2
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4847089&mesg_id=4847682

5/11/11 Denninger: Remaining at "1" for longer than a week or two is unreasonable in terms of preparatory stance. "2" is more appropriate and can be maintained pretty much indefinitely.
http://market-ticker.org/cgi-ticker/akcs-www?singlepost=2545387


4/12/11 Denninger: Discussion of the TickerCon symbol numbers
http://market-ticker.org/akcs-www?post=184102

[Demeter]

40. I know MY Hair is Standing on Edge

It's exactly like watching a slow-motion car crash, or that train wreck in the "Fugitive"...

[xchrom]

22. BP bought Kevin Costner's oil spill clean-up machines – despite field test failure

http://www.guardian.co.uk/environment/2011/jul/12/bp-kevin-costner-deepwater-horizon-spill

BP spent $16m (£10m) on an oil spill clean-up machine pitched by actor Kevin Costner at the height of last year's Gulf of Mexico disaster – even though the machines failed their initial field tests.

In the week of the one-year anniversary of the capping of the well, it has emerged that the oil company gave top priority to testing the devices – ahead of the 123,000 other suggestions from the public for plugging the well and scooping up more the millions of gallons of crude from deep water, marshes and beaches.

However, technical experts in charge of sifting through those public ideas said Costner's oil-water separator did not show particular promise.

The device, a centrifuge designed to spin contaminated water through a cylinder to separate the oil, became gummed up by the thick, heavily weathered crude that was a defining feature of the BP spill. It was also not a particularly new technology, the experts said.

[xchrom]

27. Dark tale of greed and excess leading to fiscal crisis {book review}

http://www.irishtimes.com/newspaper/finance/2011/0711/1224300496407.html

NICHOLAS DUNBAR has written a well-researched account of the forces and events that led to the implosion of the financial system three years ago.

Rich on detail from both sides of the Atlantic, it is at times a heavy-going read, informed by the author’s obvious familiarity with the world of complex financial instruments and markets as a specialist financial journalist.

There’s colour though too. Dunbar paints a picture of the private excess associated with the “men who love to win” who fuelled the credit derivatives boom.

There’s the one about the head of derivatives marketing who had one of his Italian supercars towed to the car pound, but couldn’t remember what car it was; or the one about the head of credit structuring notorious for preying on female staff and having his corporate credit card stolen by prostitutes.

A bit player on the scene through his work, Dunbar recalls men in well-cut Italian suits boasting about their deals, drinking £400 bottles of Belvedere Vodka in the VIP lounges of Knightsbridge nightclubs while eastern European blondes poised ready to pounce on them.

[xchrom]

31. BRICs coming unstuck

http://www.atimes.com/atimes/Global_Economy/MG13Dj01.html

The 2008-9 recession centered on the wealthy Western economies, with emerging markets suffering significantly shorter, less painful downturns. Then in 2009-11 the emerging markets, particularly the BRIC countries (Brazil, Russia, India and China - so named by Goldman Sachs' Jim O'Neill in 2001) soared ahead of the wealthy West, leading to considerable talk of global economic realignment. However, as we enter the second half of 2011 new doubts have emerged: are the BRICs overheating, and will they cease bringing growth to the rest of the world? (South Africa joined the grouping earlier this year.)

There has been a great deal of talk in the last few years that the Brazilian and Indian models of center-left social democracy could


show the world that democracies with left-of-center governments were as efficient as truly free-market administrations in generating growth. This column has warned on a number of occasions that the media admiration for both countries' economic management was foolish, but until very recently this warning, like a number of this column's doom-laden forecasts, appeared to have been overstated.

Now as often happens it is beginning to appear that the Bear may merely have been premature. Brazil in particular looks to be in deep trouble. Under president Luiz Inacio Lula da Silva the country had an interesting mixture of an excellent monetary policy and an inferior fiscal policy, with interest rates firmly positive in real terms while the government persistently overspent.

[Pale Blue Dot]

37. Job openings flat in May, a sign of slow hiring

WASHINGTON — The number of U.S. job postings didn't increase in May, a sign that hiring is unlikely to pick up this summer.

Employers advertised 3 million job openings, the Labor Department said. That was the same amount as in April and down from 3.1 million in March.

May's figure is higher than the 2.1 million job openings posted in July 2009, one month after the recession ended and the lowest total since the government began recording the data a decade ago. But it is also significantly below the 4.4 million openings recorded in December 2007, when the recession began.

Companies can take anywhere from 1 to 3 months to fill a job opening. And there's heavy competition for each opening.

http://www.msnbc.msn.com/id/43726138/ns/business-stocks_and_economy/

[Pale Blue Dot]

45. Stocks shot up at 2PM because the Fed hinted at QE3.

Just so you know. From Zero Hedge:

The only section that matters: "Some participants noted that if economic growth remained too slow to make satisfactory progress toward reducing the unemployment rate and if inflation returned to relatively low levels after the effects of recent transitory shocks dissipated, it would be appropriate to provide additional monetary policy accommodation....A few members noted that, depending on how economic conditions evolve, the Committee might have to consider providing additional monetary policy stimulus, especially if economic growth remained too slow to meaningfully reduce the unemployment rate in the medium run." Translation: QE3?

http://www.zerohedge.com/article/fed-minutes-released-some-fomc-members-think-qe3-would-be-appropriate

The link has the entire minutes document.

[Demeter]

48. Well, it certainly won't be a jobs program

because that's been tried and proven successful.

[Po_d Mainiac]

50. Who wooda thunked, huh?

If something don't work, keep messing with it till it's totally fucked. Hellofa plan.

[RUMMYisFROSTED]

46. Bending over backwards...

hahahahahaha!

My take: Bending over forwards. :(

[Demeter]

49. There's always a knife somewhere in your postings, isn't there?

[Tansy_Gold]

57. I don't think RiF was necessarily thinking of a knife

when he suggested bending over forwards. . . . . .




TG, TT

[Demeter]

58. Figuratively speaking, of course....

[Tansy_Gold]

59. Broom handle maybe? n/t

[bread_and_roses]

52. Why do I think I hear "HOLD THE LINE!" echoing faintly

in the distance?

[Festivito]

60. Debt: 07/08/2011 14,343,010,710,537.58 (DOWN 11,214,805.53) (Fri, DOWN a little.)

(OVER the old debt limit of 14.294-trillion dollars by 49-billion dollars. Good day.)
Hot, but not bad. Good at night.
(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)
= 9,749,084,964,821.45 + 4,593,925,745,716.13
DOWN 834,469,945.40 + UP 823,255,139.87

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 $3,201.01 makes 1T$.
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 312,401,792 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $45,912.06.
A family of three owes $137,736.19. (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 -81,172,566.37.
The average for the last 30 days would be -54,115,044.25.

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$/day.
There were 190 reports in 281 days of FY2011 averaging 4.11B$ per report, 2.78B$/day.
Above line should be okay

PROJECTION:
There are 562 days remaining in this Obama 1st term.
By that time the debt could be between 14.3 and 17.2T$.
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)
07/08/2011 14,343,010,710,537.58 BHO (UP 3,716,133,661,624.50 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 +0,781,387,679,645.80 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,014,969,761,817.50 ------------* * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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
07/07/2011 +001,077,509,146.64 ------------*********
07/08/2011 -000,834,469,945.40 ---

7,107,701,777.01 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=4914356&mesg_id=4914400

[Festivito]

61. Debt: 07/11/2011 14,342,977,065,892.73 (DOWN 33,644,644.85) (Mon, DOWN some.)

(OVER the old debt limit of 14.294-trillion dollars by 49-billion dollars. Good day.)
Party last night, red sky this morning.
(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)
= 9,744,962,661,098.09 + 4,598,014,404,794.64
DOWN 4,122,303,723.36 + UP 4,088,659,078.51

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 $3,200.78 makes 1T$.
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 312,423,392 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 $45,908.78.
A family of three owes $137,726.34. (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 -86,798,222.96.
The average for the last 30 days would be -54,972,207.87.
The average for the last 31 days would be -53,198,910.85.
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$/day.
There were 191 reports in 284 days of FY2011 averaging 4.09B$ per report, 2.75B$/day.
Above line should be okay

PROJECTION:
There are 559 days remaining in this Obama 1st term.
By that time the debt could be between 14.3 and 17.2T$.
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)
07/11/2011 14,342,977,065,892.73 BHO (UP 3,716,100,016,979.65 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 +0,781,354,035,001.00 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,004,205,009,772.41 ------------* * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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
07/07/2011 +001,077,509,146.64 ------------*********
07/08/2011 -000,834,469,945.40 ---
07/11/2011 -004,122,303,723.36 -- Mon

-2,739,288,731.77 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=4916250&mesg_id=4917793