STOCK MARKET WATCH, Wednesday, July 20, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Wednesday, July 20, 2011

AT THE CLOSING BELL ON July 19, 2011

Dow 12,587.42 +202.26 (+1.61%)
Nasdaq 2,826.52 +61.41 (+2.17%)
S&P 500 1,326.73 +21.29 (+1.60%)
10-Yr Bond... 2.93 +0.04 (+1.39%)
30-Year Bond 4.23 +0.03 (+0.74%)

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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/F_4VeN_16CXbx560JP0bAw--/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 20 07:00 MBA Mortgage Purchase Index 07/16 NA NA -5.1%
Jul 20 10:00 Existing Home Sales Jun 4.90M 4.93M 4.81M
Jul 20 10:30 Crude Inventories 07/16 NA NA -3.124M

Read more: http://www.briefing.com/investor/calendars/economic/2011/07/18-22/#ixzz1Sdum9NDV

[xchrom]

37. Sales of existing homes slip 0.8% in June

http://www.marketwatch.com/story/sales-of-existing-homes-slip-08-in-june-2011-07-20

WASHINGTON (MarketWatch) — Sales of existing homes slipped in June to a seven-month low, and a real estate trade group attributed the surprise downturn to a weak economy and a spike in cancellations.

The National Association of Realtors reported sales of single-family existing homes fell 0.8%, the third consecutive monthly drop, to a seasonally adjusted annual rate of 4.77 million from 4.81 million in May. Compared with June 2010, the scheduled closing deadline for the home buyer tax credit, sales fell 8.8%.

Economists polled by MarketWatch had anticipated a 4.9 million sales rate. The data caught economists by surprise in part because pending homes sales were up 8.2% in May.

Gains for U.S. stocks /quotes/zigman/3870025 SPX +0.15% were wiped out soon after the report’s release. See Market Snapshot

[xchrom]

38. SURPRISE!!!

damn dumb motherfuckers.

[Tansy_Gold]

52. yr 2 funnee!

I love the "weak economy" line. make you wanna laff til ya :puke: don't it?

[xchrom]

54. we'd all get fired from our jobs if we were that 'surprised' about

what goes on.

'oh if i give away free drinks -- the bar doesn't make money -- gee i'm surprised'.

[hamerfan]

58. How very....

Unexpected! :sarcasm:

[Pale Blue Dot]

2. Oil rises above $98 after US crude supply drop

SINGAPORE – Oil prices rose to above $98 a barrel Wednesday in Asia after a report showed U.S. crude supplies dropped more than expected, a sign that demand may be improving.

Benchmark oil for August delivery was up 99 cents to $98.49 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude rose $1.57 to settle at $97.50 on Tuesday.

In London, the September contract for Brent crude rose $1.08 to $118.14 per barrel on the ICE Futures exchange.

The American Petroleum Institute said late Tuesday that crude inventories fell 5.2 million barrels last week, while analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos., had predicted a drop of 1.3 million barrels.

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

[xchrom]

5. Chinese state oil firm buys Canadian oil sands producer

http://www.bbc.co.uk/news/business-14214771

Chinese state oil company CNOOC has agreed to buy Canadian oil sands producer OPTI for $2.1bn (£1.3bn).

The deal - which must be approved by regulators - is the latest move by state-run Chinese firms to buy stakes in North American oil producers.

Canada's Alberta province is believed to have the third-largest reserves of oil in the world.

However it is far more expensive to extract oil from Canada's oil sands than from conventional fields.

[xchrom]

27. Brent crude oil could spike to $175 in 2012: BoAML

http://economictimes.indiatimes.com/markets/commodities/brent-crude-oil-could-spike-to-175-in-2012-boaml/articleshow/9297846.cms

LONDON: Brent crude oil futures could spike up to as high as $175 per barrel briefly next year if the global oil market stays tight, Bank of America Merrill Lynch said on Wednesday.

The bank's research team said in a note that the North Sea benchmark was likely to average $114 per barrel in 2012, compared with a projected average of $109 this year, and it saw room for U.S. light crude to trade near $102 in 2012.

It raised its forecast for Brent to an average of $102 in the fourth quarter of 2011, $8 higher than its previous forecast, saying it did not expect Libyan oil to return to world markets until the end of next year.

If Libyan oil takes much longer to return to the market, and other supply and demand fundamentals remain very bullish, there it a chance of a very sharp rise in prices, the bank said.

[xchrom]

35. BP settlement deal not imminent -source

http://www.guardian.co.uk/business/feedarticle/9754182

NEW YORK, July 20 (Reuters) - A settlement between BP Plc and Anadarko Petroleum concerning liability around last year's Gulf of Mexico oil spill is not imminent, a source familiar with the dispute said.
Shares in BP had risen on market speculation that Anadarko Petroleum Corp will bring forward a settlement with the major British oil company.
The source familiar with the dispute said a settlement between BP and Anadarko was not imminent, and attributed the chatter about a potential deal to the release of the U.S. company's earnings, even though that release date had been set months earlier.

[xchrom]

41. Russia's LUKOIL joins Sierra Leone project

http://www.guardian.co.uk/business/feedarticle/9754198

* Acquires 49 pct stake in offshore block from Oranto
* LUKOIL's second West African project after Ghana
* First exploration well must be drilled before 2013
(adds background on African oil, details on project)
MOSCOW, July 20 (Reuters) - Russia's second largest oil producer, LUKOIL said on Wednesday it bought a 49 percent stake in an offshore block in Sierra Leone, as the company moves to build its portfolio of African oil assets.
LUKOIL, which replaced only 84 percent of its 2010 production with new reserves, is pinning its hopes on overseas ventures, including offshore exploration and production in another West African country, Ghana, and a major oil project in Iraq.

[Demeter]

45. More surprises

200 points for no good reason on the DOW means license to steal at the pumps. Again.

[Pale Blue Dot]

3. U.S. Stock-Index Futures Gain After Apple Earnings Top Analysts’ Estimates

U.S. stock-index futures rose, indicating the Standard & Poor’s 500 Index will climb for a second day, after Apple Inc. (AAPL) reported earnings that exceeded analysts’ estimates.

Apple, the maker of the iPhone and the iPad, rallied 4 percent in pre-market trading. VMware Inc. (VMW), the biggest maker of programs that let computers run multiple operating systems, rose 6.6 percent after forecasting sales that topped projections.

Futures on the S&P 500 expiring in September gained 0.4 percent to 1,326.4 at 10:58 a.m. in London. Dow Jones Industrial Average futures climbed 37 points, or 0.3 percent, to 12,544 while Nasdaq-100 Index futures surged 0.8 percent.

“We think that earnings will come in better than expected,” said Franz Wenzel, investment strategist at Axa Investment Managers in Paris. “The underlying setting, in particular driven by top-line growth, is really good despite all the headwinds from the macro perspective.”

http://www.bloomberg.com/news/2011-07-20/u-s-stock-index-futures-climb-after-apple-posts-earnings-above-estimates.html

[xchrom]

4. good morning everyone!

:donut:

[DemReadingDU]

7. Good morning!

It is said the Midwest is in the longest heatwave in a decade. Heat index 108!

[xchrom]

10. a little schvitz wouldn't hurt. nt

[xchrom]

6. News Corp shares rise after hearing

http://www.bbc.co.uk/news/business-14211424

Shares in News Corporation have recovered ground after Rupert and James Murdoch's appearance in front of a committee of British MPs.

News Corp shares closed up 5.5% in New York and rose 5.1% in Sydney.

The move recovers some of the losses sustained as the phone-hacking scandal at its newspaper title, the News of the World, has unfolded.

But pressure on the company has continued, with more shareholders questioning the company's standards.

[xchrom]

8. Morning business round-up: Eurozone debt crisis

http://www.bbc.co.uk/news/business-14219804

What made the business news in Asia and Europe this morning? Here's our daily business round-up:

Concerns over the eurozone debt crisis continue as French Finance Minister Francois Baroin said Europe needs to send "strong message" that it will act decisively to contain the Greek debt crisis

He said Thursday's summit of European leaders should pave the way for further assistance to the debt-ridden country.

Sales and passenger numbers at Eurostar grew in the first half of the year, boosted by a rise in US travellers.

[xchrom]

9. Gordon Brown: History will charge Europe's leaders with West's decline

http://www.csmonitor.com/Commentary/Global-Viewpoint/2011/0712/Gordon-Brown-History-will-charge-Europe-s-leaders-with-West-s-decline

London

When the history of the 21st century is written, people will rightly ask why it was that Europe was found wanting during its most intractable economic crisis.

They will ask why Europe slept as an undercapitalized banking system floundered, unemployment remained unacceptably high, and the continent’s growth and competitiveness plummeted.

Worse still, if a reconstruction plan does not come soon, Europe’s leaders will be charged with “the decline of the West” and then face accusations for being, in the words of Winston Churchill about the 1930s, “resolved to be irresolute, adamant for drift, solid for fluidity and all-powerful for impotence.”

There is, of course, no shortage of European meetings. Hardly a day goes by without a summit of European leaders discussing the latest crisis facing a member state. But each time they talk as though they are dealing with a calamity confined to the nation in the headlines – the Greek problem, or the Irish problem, sometimes the Portuguese or the Spanish problem – without an agreement on the true nature of the emergency, which is pan-European. By wrongly analyzing Europe’s woes, they end up implementing the wrong remedies too. For Europe’s deficit crisis is a real concern but just one of its concerns.

[Demeter]

46. Blame the Bankers---They are the Architects of Disaster

[xchrom]

11. Gold prices plummet on debt talk

http://www.csmonitor.com/Business/Latest-News-Wires/2011/0720/Gold-prices-plummet-on-debt-talk

Gold prices have plunged $25 this session as conciliatory sounds on the debt ceiling debate have prompted cautious traders and investors to take profits.

August Comex gold futures rallied to a nominal all-time high overnight of $1610.70 an ounce, after gaining for 10 straight days. But gold prices tumbled Tuesday after the close of the floor session to a low just above $1585 an ounce.

The price of gold took a nose dive after a press conference at 1:30pm ET, where President Obama praised a bipartisan group of U.S. senators, known as the ”Gang of Six,” for offering what he believes will be a balanced plan to reduce federal deficits.

[Po_d Mainiac]

44. The drop won't last

With equities off on the day, and bond yeilds up, there just ain't too many places to move too.

All three markets (bonds, equities and PM's) are playing in bubble territories. IMHO, PM's are the only one of the three that may be able to survive the coming pop.

Of coarse one can always get into RE.......:rofl:

[bread_and_roses]

12. I see the Oligarchs are happy happy happy now that SS/MA/Medicaid going down

- and they see MORE tax cuts on the horizon! Woo Hoo!

[DemReadingDU]

13. Financial and Energy Widgets

7/18/11 Washington's Blog is pleased to announce some useful widgets, created by - and co-branded with - OilPrice:

click to see lots of widgets!
http://www.washingtonsblog.com/2011/07/amazing-financial-and-energy-widgets.html

From Washington's Blog...
Widgets are downloadable, and can be shared.
The data comes from official sources. If you like official sources, you should trust the data. If you are skeptical of official sources, act accordingly.

[xchrom]

14. American orders 460 new planes from Boeing, Airbus

http://hosted.ap.org/dynamic/stories/U/US_AMERICAN_AIRLINES_PLANES?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-07-20-09-20-43

FORT WORTH, Texas (AP) -- American Airlines is buying at least 460 new planes over the next five years in what it calls the biggest airline order in history. And in a victory for Airbus, it's splitting the work between the European plane maker and Boeing.

American said Wednesday it will buy 260 planes from Airbus and 200 from Boeing Co. It expects the new, better-mileage planes to provide much-needed savings on fuel costs. American's current fleet is among the least fuel-efficient in the industry.

The jets carry a sticker price of more than $38 billion, although big airlines routinely get discounts. And American might have played one aircraft maker off the other to get a better deal.

AMR Corp., American's parent, also announced that it plans to spin off its American Eagle regional-flying subsidiary as a separate company.

[xchrom]

15. Ford to recall more than 20,000 trucks and SUVs

http://hosted.ap.org/dynamic/stories/U/US_FORD_TRUCK_RECALL?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-07-20-08-53-31

DETROIT (AP) -- Ford Motor Co. is recalling more than 20,000 pickup trucks and SUVs because a defective switch can cause the turn signal, tail lights and brake lights to fail.

The National Highway Traffic Safety Administration said Wednesday on its website that the recall affects certain 2004 through 2011 Ranger pickups, 2002 through 2005 Excursion SUVs, and 2002 through 2007 F-250, 350, 450 and 550 trucks.

About 20,450 trucks in the U.S. are affected, plus Ford is recalling more than 6,000 of the switches that were sent to dealers as replacement parts.

Ford says it knows of no accidents or injuries caused by the problem.

[xchrom]

16. Retailers to bring fresh produce to 1,500 places

http://hosted.ap.org/dynamic/stories/U/US_MICHELLE_OBAMA_HEALTHY_FOOD?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-07-20-09-11-10

The White House says several retailers, including Wal-Mart, Walgreens and Supervalu, have agreed to open or expand 1,500 stores in areas without broad access to fresh produce and other healthy foods.

Company executives were joining Michelle Obama for an announcement at the White House Wednesday.

The first lady is on a campaign to bring down childhood obesity rates. Increased access to fresh and healthy foods is part of that effort.

Studies have shown that limited access to healthy foods, such as fresh fruits and vegetables, can lead to higher levels of obesity and diet-related diseases.

[xchrom]

17. europe: UPDATE 3-Irish Life shareholders reject capitalisation plans

http://uk.reuters.com/article/2011/07/20/irishlife-idUKL6E7IK0C620110720

DUBLIN, July 20 (Reuters) - Shareholders in Irish Life & Permanent (IL&P) voted against state plans to take over the bancassurer on Wednesday, meaning the government will have to go to the High Court to recapitalise the group as agreed under an EU-IMF bailout.

Faced with a near 4 billion euros ($5.7 billion) capital hole and heavily reliant on emergency central bank funding, IL&P's board had recommended investors agree to the government injecting up to 3.8 billion euros into the group, wiping out their shareholding and leaving Dublin with a 99 percent plus share of the bank.

But a group of dissident shareholders, led by Malta-based investment fund Scotchstone Capital, successfully challenged the board's recommendations.

[xchrom]

18. FTSE gains as U.S. hopes boost beaten down stocks

http://uk.reuters.com/article/2011/07/20/markets-britain-stocks-idUKL6E7IK1FS20110720

LONDON, July 20 (Reuters) - Bargain hunters sniffing around cheap financials and miners helped push Britain's FTSE 100 higher on Wednesday, as hopes that a deal could be reached in the U.S. to stave off defaulting on its debt and bullish corporate earnings lifted sentiment.

The FTSE 100 was up 59.01 points, or 1.0 percent, at 5,849.00 by 1100 GMT, extending the previous session's 0.7 percent rise as investors tucked into beaten down equities such as insurers, banks and miners .

The UK's benchmark index trades on a one-year forward price earnings ratio of around 9 times, compared to a historic average of more than 14 times, according to Thomson Reuters data.

Barclays added 3.1 percent, while insurer Standard Life rose 1.5 percent, and miner BHP Billiton climbed 2.5 percent.

[xchrom]

39. UK banks dragged into eurozone crisis as global markets take fright

http://www.guardian.co.uk/business/2011/jul/18/banks-eurozone-losses-rbs-lloyds-barclays

More than £5bn was wiped off the value of three of Britain's biggest banks on Monday as global financial markets took fright at the deepening crisis in the eurozone.

Stocks fell heavily in Europe and North America while gold rose to a new record of more than $1,600 (£995) an ounce amid concerns that Thursday's emergency summit of EU leaders would once again fail to resolve the debt problems of the single currency's weak members.

Officials from eurozone countries were on Monday trying to resolve the row between Angela Merkel and the European Central Bank (ECB) over a possible Greek debt default after a day of turbulence that saw bank shares tumble in late trading.

Jean-Claude Trichet, the president of the ECB, is resisting pressure from the German chancellor for Greece's private sector creditors to bear some of the losses of a default, but senior policymakers admitted that it was now vital Thursday's talks in Brussels come up with a credible plan that will restore market confidence after shares, government bonds and commodities all suffered sharp losses. Sources said one option was to convert much of Greece's debts into longer-term bonds, an approach used during the Latin American debt crisis of the 1980s.

[xchrom]

40. Europe needs Africa. Who'd have thought it?

http://www.guardian.co.uk/commentisfree/2011/jul/20/europe-africa-david-cameron-trade

The ongoing media feeding frenzy over the News International hacking scandal has obscured the significance of David Cameron's two-day visit to Africa. Wedged as it was between the resignation of News International chief executive Rebekah Brooks on Friday and a Commons grilling of Rupert and James Murdoch and Brooks on Tuesday, it was almost inevitable that news on Africa would be buried by events.

This is unfortunate, because the UK-Africa relationship is evolving. The post-colonial stereotype held to the notion that the UK's relationship with Africa was about handouts and hoopla. If ever this was the case, things have moved a long way since then. Yes, Africa still receives aid from the UK, but the relationship is far more complex than that, both from the British and African perspective.

Why, in an age of austerity, would the UK be keen to engage with Africa? And why is it the Conservatives who are stealing a march on their Lib Dem partners in crafting a new UK-Africa policy? The answer to both questions is that the UK – and the Conservatives – want and need to engage with Africa. There is no doubt that large swaths of the world's second-largest continent are still blighted by conflict and insecurity, but it is also true that, while Africa – particularly South Africa – was buffeted by the 2008 financial recession, it was spared the financial calamities that hit Europe and the US and which even now threaten the eurozone.

While Europe's economies bottomed out, Africa's economies on average grew 3% from 2008-9 and have grown an average of 5% since. Africa, it is true, still has the world's highest overall percentage of poverty, but it also has the world's fastest-growing economies and fastest-growing middle class. With Africa now promoting local and foreign direct investment, the continent is becoming a global investment and trade haven and the UK, keen to maintain its status as a global player, needs to be part of the process.

[xchrom]

42. Grocery price inflation likely to pass 5%

http://www.guardian.co.uk/business/2011/jul/20/online-shopping-sales-beat-forecasts

Prices at UK supermarkets are rising faster than expected and will continue to put pressure on households in the coming months, figures on Wednesday showed.

Kantar Worldpanel said grocery prices rose by 4.8% in the 12 weeks to 11 July compared with a year ago, up from 4.6% in the middle of May.

The market research firm, which previously said that inflation would not rise above 5% this year, now expects the target to be exceeded.

Martin Whittingham, director at Kantar Worldpanel, said: "While we previously predicted that grocery inflation would not exceed 5% in 2011, we believe this no longer to be the case.

[xchrom]

43. Brand Cellar to bring back butchers chain Dewhurst

http://www.guardian.co.uk/business/2011/jul/19/brand-cellar-butchers-dewhurst

The papers may be full of headlines declaring the demise of traditional high street bakers, greengrocers and ironmongers, but a group of British businessmen are planning to buck the trend by re-launching a historic butchers.

The Brand Cellar, a company created to relaunch some of Britain's best-known names, is planning to bring back Dewhurst, the butcher that pioneered the sale of meat on the high street.

Dewhurst, which was founded by the Vestey family with one shop in Liverpool in 1897, dominated the British butchery industry with 1,400 outlets in 1997 – but collapsed into administration by 2006.

David Birchall, Brand Cellar chief executive, said Dewhurst was one of the best "brands in meat".

[Ghost Dog]

56. When is a haircut not a haircut?

When it's just shareholders. And their entire heads get cut off.

And taxpayers pay for the ax.

[xchrom]

19. asia: Nikkei up most in 3 weeks, Apple boosts techs

http://uk.reuters.com/article/2011/07/20/markets-japan-stocks-idUKL3E7IK1AS20110720

TOKYO, July 20 (Reuters) - Tokyo stocks marked their biggest
daily rise in three weeks to close above 10,000 on Wednesday,
boosted by a rally in tech shares after strong earnings from
Apple , with more gains in sight as Japan heads into its
earnings season.

Many players say the Nikkei could well advance further,
noting that most U.S. corporate earnings have beaten market
estimates, as well as a favourable outlook on technical charts
and attractive valuations that have encouraged institutional
players to build long positions.

"We're likely to renew the post-quake high hit on July 8
going into the earnings season and the overall mood is rather
bullish, but low volumes point to some nervousness over debt
problems in the U.S. and the euro zone," said Mitsushige Akino,
general manager at Ichiyoshi Investment Management.

[xchrom]

20. Hong Kong shares up, China shares down for third-straight session

http://uk.reuters.com/article/2011/07/20/markets-hongkong-china-stocks-update-idUKL3E7IK1N920110720

HONG KONG/SHANGHAI, July 20 (Reuters) - Hong Kong stocks closed higher on Wednesday as a jump in shares of telecom operator China Mobile Ltd offset regional weakness in financials and energy-related counters, while Shanghai shares ended lower for a third straight session.

The Hang Seng Index briefly hit a six-session high at the open before easing back to close up 0.5 percent at 22,003.7 points.

China Mobile gained 3 percent to close at a four-month high on market speculation that it could begin to offer Apple Inc's AAPL.o iPhone as soon as September.

"There is talk of an entry-level version of ...for emerging markets," DBS Vickers' analyst Tsz-Wang Tam said in a report on Wednesday. He added this new model could actually work as a 2G model, which makes commercial sense given its huge 2G subscriber base.

[xchrom]

24. SE Asia Stocks-Manila, Jakarta hit record highs

http://uk.reuters.com/article/2011/07/20/markets-southeastasia-stocks-idUKL3E7IK1YM20110720

COLOMBO, July 20 (Reuters) - Southeast Asian stock markets
gained on Wednesday as hopes that a U.S. debt default would be
averted brought buyers back, driving Indonesia and the
Philippines to record highs.

Appetite for risky assets overall was up after comments by
President Barack Obama that progress was being made towards a
debt reduction deal.

Thailand saw $153.5 million in foreign inflows that
helped push its index up 0.4 percent, with energy shares leading
the way.

The Philippines hit a record high and ended 0.5
percent higher at 4,507.04, with $2.8 million in foreign
inflows. Mining and bank shares were strong.

[xchrom]

36. Beijing: Hong Kong has property problem

http://www.marketwatch.com/story/beijing-hong-kong-has-property-problem-2011-06-26

HONG KONG (MarketWatch) — Property has had a renewed focus in Hong Kong in the past week as a bubble in prices has officially been recognized as a problem. Hong Kong’s Chief Executive Donald Tsang went as far as to describe property prices as “quite frightening,” raising expectations of a new round of measures to stem price rises.

There have been numerous warnings on the property market as prices surge past the bubble high of 1997, including one from the Hong Kong Monetary Authority (HKMA) that unsustainable lending practices posed a risk to Hong Kong’s wider financial system.

But now, an even louder voice has spoken, and one that could worry Donald Tsang His ultimate political masters in Beijing now say there is problem, according to its top official in Hong Kong. The director of the State Council’s Hong Kong and Macau Affairs Office, Wang Guangya, has urged the government to act with urgency to deal with property and inflation issues or they would become a political problem.

That is significant for two reasons. Firstly, it gives the government political cover to move against the dominant interests of Hong Kong’s property tycoons, rather than stick to the largely cosmetic initiatives so far.

[xchrom]

21. News Corp will have to answer questions in Australia

http://uk.reuters.com/article/2011/07/20/us-newscorp-australia-idUKTRE76J0JO20110720

(Reuters) - The Australian arm of News Corp will have to answer "hard questions" in Australia following the growing phone hacking scandal in the United Kingdom, Australian Prime Minister Julia Gillard said on Wednesday.

Gillard said Australians had been "disturbed" by events in Britain, where Australian-born Rupert Murdoch and his son James defended at a parliamentary hearing on Tuesday their handing of events that have shaken the family's grip on their media empire.

"When there has been a major discussion overseas, when people have seen telephones hacked into, when people have seen individuals grieving have to deal with all of this, then I do think that causes them to ask some questions here in our country, some questions about News Ltd here," Gillard told reporters in New South Wales.

[xchrom]

22. australia: Australia could boost farm output, risk from mining

http://uk.reuters.com/article/2011/07/20/australia-farmers-idUKL3E7IK0JX20110720

SYDNEY, July 20 (Reuters) - Australian farmers could lift output 70 percent by 2050 using new technologies including genetically modified (GM) crops, officials told a farming conference on Wednesday, though increasing pressure on land from mining stands in the way.

Australia is the world's fourth-largest wheat exporter, second-largest beef exporter and third-largest cotton and sugar shipper. New South Wales state is a top grain and cotton producer.

"The real issue that Australia has to deal with is that state governments are more focused on the mining industry than agriculture," said Mick Keogh, executive director of the Australian Farm Institute.

"That's a short-term gain instead of solving the issue of food security which is necessary for the long term," Keogh told the annual conference of the NSW Farmers' Association, a leading farmers organisation.

[xchrom]

23. south asia: India shares end 0.8 pct lower, Wipro falls

http://uk.reuters.com/article/2011/07/20/india-stocks-close-idUKL3E7IK1QH20110720

MUMBAI, July 20 (Reuters) - Indian shares ended 0.8 percent lower on Wednesday, falling for three sessions out of four, as worries over quarterly earnings and foreign investor participation more than offset firm global equities.

Shares in Wipro , India's No. 3 software services exporter, fell nearly 5 percent after the company said margins in this quarter would remain under pressure and revenue growth may lag industry rates in the financial year ending March.

The stock ended down 3.9 percent at 398.95 rupees.

Concerns about uncertain outlook for the sector also dragged down shares in Wipro's larger rival Tata Consultancy Services , which ended down 0.67 percent.

[xchrom]

25. First time in 8 years, beer sales dip in summer

http://timesofindia.indiatimes.com/business/india-business/First-time-in-8-years-beer-sales-dip-in-summer/articleshow/9290233.cms

MUMBAI: A feel good economy perks up beer enthusiasts in emerging markets, said an investment report from Swiss bank UBS last year. India's beer consumption in the peak summer months declined for the first time in eight years probably tracking sober economic mood and steep price hikes in the big guzzling states like Maharashtra.

The first quarter summer volume sales estimated at 71 million cases (of 9 litre each) was 5% below the year ago period. Maharashtra (-10%) and another key state Tamil Nadu (-13%) pulled down the national figures, said industry executives taking stock of the data. The country's two largest brewers United Breweries (UB) and SABMiller separately confirmed that industry sales dropped between 4 to 5% in the April to June quarter, which is usually the busiest period accounting for nearly one-third of the annualized sales. And it was the first instance of declining summer sales since 2003.

[DemReadingDU]

28. But in Ohio, liquor sales are soaring

7/13/11 Retail liquor sales soar in poor economy
Purchases in Clark and Champaign counties up about 8.5 percent in ’10.

Although local consumers have cut back on many types of discretionary spending, they continue to shell out record amounts on hard drink.

Retail sales of liquor in the Miami Valley and across Ohio have soared since the recession began, a trend that industry analysts said shows people are still purchasing plenty of liquor, but many are modifying their drinking habits and imbibing at home.

“Because of the economy, and because of the smoking ban, people have stayed home, but they are buying products to take home,” said Jacob Evans, vice president and general counsel for the Ohio Licensed Beverage Association.

Retail sales are carryout purchases only, while wholesale transactions involve licensed liquor stores selling spirits to businesses licensed to serve alcohol on-premise, said Matt Mullins, spokesman for liquor control.

Consumers in Clark and Champaign counties purchased about 444,400 bottles of liquor last year, up 8.5 percent from 409,500 in 2009 and up 13.8 percent from 390,500 in 2008, according to the Ohio Division of Liquor Control.

more...
http://www.springfieldnewssun.com/news/springfield-news/retail-liquor-sales-soar-in-poor-economy-1205888.html

[xchrom]

32. they must have been drunk when they elected -- what's his name --

the governor?

isn't he a retrograde repuke? i don't remember.

[Demeter]

47. I'd be drinking more

If I could stay home to enjoy it and not have to drive and work at night...

[Fuddnik]

50. Drink in the morning!

[Demeter]

60. I'm working in the mornings, too

However, when heat stroke sets in, I cancel.

[xchrom]

26. Sensex sheds 151 points on Wipro Q1 result, rate hike fears

http://timesofindia.indiatimes.com/business/india-business/Sensex-sheds-151-points-on-Wipro-Q1-result-rate-hike-fears/articleshow/9297981.cms

MUMBAI: The BSE benchmark Sensex on Wednesday shed 151 points as investors sold bluechips across the board on fears of a hike in interest rates to tame inflation and lower- than-expected Q1 earnings posted by IT major Wipro despite a firm trend overseas.

The 30-share Sensex, which gained 147 points on Tuesday, started on a positive note before tumbling 151.49 points to 18,502.38, with almost all sectoral indices closing in red.

Broad-based National Stock Exchange index Nifty also fell by 46.50 points to 5,567.05, after touching the intra-day high of 5,645.40.

Brokers said the sentiment turned bearish ahead of the RBI policy meet next week on concerns that a stubbornly high inflation would push the central bank to further raise interest rates, which would dent corporate earnings.

[xchrom]

29. India one of most expensive markets at current level: BNP Paribas

http://economictimes.indiatimes.com/opinion/interviews/india-one-of-most-expensive-markets-at-current-level-bnp-paribas/articleshow/9297663.cms

In an interview with ET Now, Andrew Freris, Chief Investment Advisor-Asia, BNP Paribas Wealth Management , talks about developed and emerging markets. Excerpts:

ET Now: European and Asian stocks look weak after Moody's Investor Service said that the American government may lose its AAA credit rating. How much of an impact do you believe this development can have on global economies, if indeed it does happen?

Andrew Freris : A downgrade of the United States will have jilts impact, given of course that the United States would not have defaulted in anyway. So, Moody's downgrade is pretty pointless exercise. Let's not forget while some of this has been happening, Moody's or no Moody's are simply on all S&P yields over 2 year and 10 year American government bonds were going down. So the markets have already issued their verdict again, nothing is going to happen.

ET Now: Would this be a good time to shift funds to emerging markets as the developed economies are facing severe headwinds?

Andrew Freris : No, because actually emerging markets are slipping even faster and if anything in the case of the United States and Japan, at least monetary policies are likely to stay lose for a long time. Where I have seen the case of the European Union, they are not, in the case of Asian, they are not.

[xchrom]

31. Indians in US may get to bring back social security contribution

http://economictimes.indiatimes.com/news/nri/returning-to-india/indians-in-us-may-get-to-bring-back-social-security-contribution/articleshow/9291675.cms

NEW DELHI: India will look to use the US urgency to conclude a bilateral investment treaty to push negotiations on the long-pending totalisation agreement that would exempt Indians working there on short-duration visas from contributing to social security.

"Since US is keen on a B it (bilateral investment treaty) and we have been pushing for a social security agreement for long, it would make sense to link the two and we are exploring such a possibility," an official in the ministry of overseas Indian affairs told ET. Indian workers will save nearly $1 billion every year in the form of social security contributions made by them while working on short-term visas, a study by IT industry body Nasscom estimates.

In contrast, US expatriates contribute just $150 million to the Indian social security system every year, explaining the country's lack of enthusiasm in speeding up negotiations, the official said. Overseas workers need to stay for at least 10 years to qualify for a refund, which means contributions made by workers on short-term visa are a waste.

[xchrom]

33. US, India to collaborate on food security in Africa

http://economictimes.indiatimes.com/news/economy/policy/us-india-to-collaborate-on-food-security-in-africa/articleshow/9297662.cms

NEW DELHI: Stretching the canvas of their global partnership, India and the US have joined hands to forge a triangular arrangement with Liberia, Malawi and Kenya to promote food security in these African countries .

Collaborating on sharing innovations, specially relating to agriculture and education, figured in the delegation-level talks between External Affairs Minister S.M. Krishna and US Secretary of State Hillary Clinton here Tuesday.

"The two sides intend to promote food security in Africa through a triangular cooperation programme with Liberia, Malawi, and Kenya," said a joint statement on the India-US strategic partnership.

Officials of the two sides also identified some capacity building programmes that includes the participation of Africans in Indian universities and research and technical institutes.

[xchrom]

30. Confessions of a deregulator

http://economictimes.indiatimes.com/opinion/comments-analysis/confessions-of-a-deregulator/articleshow/9242909.cms

Back in the late 1990s, in America at least, two schools of thought pushed for more financial deregulation - that is, for repealing the legal separation of investment banking from commercial banking, relaxing banks' capital requirements, and encouraging more aggressive creation and use of derivatives.

If deregulation looks like such a bad idea now, why didn't it then?

The first school of thought, broadly that of the United States' Republican Party , was that financial regulation was bad because all regulation was bad.

The second, broadly that of the Democratic Party , was somewhat more complicated, and was based on four observations:

[xchrom]

34. China urges US to protect investors on deficit, default issues

http://economictimes.indiatimes.com/news/international-business/china-urges-us-to-protect-investors-on-deficit-default-issues/articleshow/9298849.cms

BEIJING: China on Wednesday urged the United States to protect investor interests as US lawmakers remained at odds over how to slash the country's deficit and avoid a devastating default.

US politicians must agree to raise the $14.3-trillion debt ceiling by August 2 or else Washington will likely miss out on its repayment obligations, sending it into default, which would have seismic ripples around the global economy.

"We hope the US government will take responsible measures to boost confidence of the international financial markets, respect and protect investor interests," the State Administration of Foreign Exchange said in a statement.

The comments echoed those of foreign ministry spokesman Hong Lei, who last week called on Washington to adopt a "responsible policy and measures to ensure the interests of investors".

[Demeter]

48. Having a Crazy Day

Sorry for not posting--maybe tomorrow, before Harry Potter? If PBD gets up early enough....

The oppressive weather is not helping anything. We did have a good board meeting, though.

[xchrom]

49. there you are!

:hi: glad your board meeting was good.
hope you have a good day.

[Fuddnik]

51. Seems like just yesterday, you were complaining about Siberia.

But, that's how it's been here the last two years. A short winter, maybe a freeze, and Wham, right into summer.

And the thing is, it's cooler down here by the Gulf than it is up north.

Now, I need an Engineer. At least a carpenter anyway. I'm replacing a sliding glass door with french doors. The nice ones that are full length glass, with the blinds between the panes. They weigh probably 250 lbs. I've tried hanging doors before, and I know there are 100 different ways to do it wrong. I think I tried 72 of them yesterday. Now they're up, but they won't close, so gotta take them down and start over...again.

All because the rough opening was about 1/4 inch too narrow.

[Demeter]

59. You want a carpenter

I hate to think what an engineer would do in that situation (having seen several of my family engage in such tasks...)

[Festivito]

53. Debt: 07/18/2011 14,342,909,569,328.74 (DOWN 33,304,364.11) (Mon, UP a little.)

(OVER the old debt limit of 14.294-trillion dollars by 49-billion dollars. Good day.)
Midday shower.
(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)
= 9,753,843,228,975.15 + 4,589,066,340,353.59
UP 238,790,593.83 + DOWN 272,094,957.94

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 $3,200.27 makes 1T$.
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 312,473,792 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 $45,901.16.
A family of three owes $137,703.48. (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 -86,839,084.01.
The average for the last 30 days would be -54,998,086.54.
The average for the last 31 days would be -53,223,954.72.
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$/day.
There were 196 reports in 291 days of FY2011 averaging 3.99B$ per report, 2.68B$/day.
Above line should be okay

PROJECTION:
There are 552 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)
07/18/2011 14,342,909,569,328.74 BHO (UP 3,716,032,520,415.66 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 +0,781,286,538,437.00 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +0,979,964,214,878.02 ------------* * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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
07/12/2011 -003,634,448,925.47 --
07/13/2011 +010,692,053,599.69 ------------**********
07/14/2011 -001,516,331,672.50 --
07/15/2011 +003,100,504,281.51 ------------*********
07/18/2011 +000,238,790,593.83 ------------******** Mon

12,220,446,748.34 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=4926329&mesg_id=4926379

[Festivito]

57. Debt: 07/19/2011 14,342,898,467,069.07 (DOWN 11,102,259.67) (Tue, UP a little.)

(OVER the old debt limit of 14.294-trillion dollars by 49-billion dollars. Good day.)
Without glasses, this is like a memory puzzle.
(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)
= 9,753,904,328,297.12 + 4,588,994,138,771.95
UP 61,099,321.97 + DOWN 72,201,581.64

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 $3,200.19 makes 1T$.
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 312,480,992 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $45,900.07.
A family of three owes $137,700.2. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 20 reports in the last 30 to 32 days.
The average for the last 20 reports is -83,052,242.80.
The average for the last 30 days would be -55,368,161.86.
The average for the last 32 days would be -51,907,651.75.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 197 reports in 292 days of FY2011 averaging 3.97B$ per report, 2.68B$/day.
Above line should be okay

PROJECTION:
There are 551 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)
07/19/2011 14,342,898,467,069.07 BHO (UP 3,716,021,418,155.99 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 +0,781,275,436,177.30 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +0,976,594,295,221.63 ------------* * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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
07/12/2011 -003,634,448,925.47 --
07/13/2011 +010,692,053,599.69 ------------**********
07/14/2011 -001,516,331,672.50 --
07/15/2011 +003,100,504,281.51 ------------*********
07/18/2011 +000,238,790,593.83 ------------******** Mon
07/19/2011 +000,061,099,321.97 ------------*******

15,865,270,953.60 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=4928039&mesg_id=4928430

[DemReadingDU]

55. Profiling "The Big Short's" Michael Burry

7/20/11 Profiling "The Big Short's" Michael Burry

"Bloomberg Risk Takers" profiles Michael Burry, the former hedge-fund manager who predicted the housing market’s plunge. He forecast that the bubble would burst as early as 2007, and he acted on his conviction by betting against subprime mortgages. The former head of Scion Capital LLC was profiled in Bloomberg columnist and bestselling author Michael Lewis' book "The Big Short"

http://www.zerohedge.com/article/profiling-big-shorts-michael-burry video appx 25 minutes