STOCK MARKET WATCH, Friday, July 22, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Friday, July 22, 2011

AT THE CLOSING BELL ON July 21, 2011

Dow 12,724.41 +152.50 (+1.20%)
Nasdaq 2,834.43 +20.20 (+0.71%)
S&P 500 1,343.80 +17.96 (+1.34%)
10-Yr Bond... 3.00 -0.02 (-0.66%)
30-Year Bond 4.29 -0.02 (-0.46%)

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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/1.2/4GImisI6V8eNB6EC.ifOLg--/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. No reports today. nt

[Pale Blue Dot]

2. Oil heads for $100 as Greece aid deal reached

SINGAPORE – Oil prices rose toward $100 a barrel Friday in Asia after European leaders reached an aid deal aimed at stanching Greece's financial crisis.

Benchmark oil for September delivery was up 53 cents to $99.66 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude rose 73 cents to settle at $99.13 on Thursday.

In London, Brent crude rose 45 cents to $117.96 per barrel on the ICE Futures exchange.

European officials agreed to give Greece a second rescue package worth euro109 billion ($155 billion) at an emergency meeting in Brussels on Thursday.

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

[Demeter]

24. IEA calls halt to emergency oil release

Confirmation the intervention will end as planned on Saturday helps crude prices turn around from intraday losses

Read more >>
http://link.ft.com/r/CTBPCC/ORFSTI/87I64/5C8HH6/ZGBEHC/D5/t?a1=2011&a2=7&a3=22

[JDPriestly]

69. Events in Libya are being controlled?

[xchrom]

54. Cabinet approves BP buying stake in RIL's 21 blocks

http://timesofindia.indiatimes.com/business/india-business/Cabinet-approves-BP-buying-stake-in-RILs-21-blocks/articleshow/9325233.cms

NEW DELHI: After nearly five months wait, the government on Friday cleared UK's BP Plc buying 30 per cent stake in most of Reliance Industries' oil and gas blocks, including the showpiece KG-D6 gas fields, for USD 7.2 billion.

The Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Manmohan Singh, on Friday approved BP buying staking in RIL's 21 blocks, sources said.

The CCEA could not meet on its scheduled day on Thursday as the oil ministry had not circulated the agenda in time.

RIL, India's most valuable company, had on February 21 agreed to sell 30 per cent stake in 23 out of its 29 oil and gas blocks to London-based BP Plc for USD 7.2 billion, and may get an additional USD 1.8 billion if the two explorers find more hydrocarbons.



***BP eats the world.

[Demeter]

58. Cash, or OPM?

[xchrom]

64. Hmmm - good question. Does BP have a bunch of cash, right now? Nt

[Pale Blue Dot]

3. U.S. Stock-Index Futures Rise; AMD, SanDisk Climb in Germany on Earnings

U.S. stock-index futures rose, indicating the Standard & Poor’s 500 Index will extend its weekly gain, amid optimism that a European aid package for Greece has improved the outlook for global economic growth.

Advanced Micro Devices Inc. (AMD), the second-largest maker of processors for personal computers, rallied 6.2 percent after forecasting third-quarter sales that exceeded analysts’ estimates. SanDisk Corp. (SNDK) advanced 1.4 percent as earnings topped projections.

Futures on the S&P 500 expiring in September gained 0.3 percent to 1,345.9 as of 10:37 a.m. in London. Dow Jones Industrial Average futures climbed 45 points, or 0.4 percent, to 12,735.

“The European policy response looks like a step forward in addressing the sovereign crisis even if it falls short of providing a definitive solution,” said Graham Bishop, an equity strategist at Royal Bank of Scotland Group Plc in London. “A policy response that reduces European tail risk clearly helps prospects for the global economy.”

http://www.bloomberg.com/news/2011-07-22/stock-index-futures-rise-on-growth-prospects-amd-sandisk-shares-advance.html

[Ghost Dog]

4. Sugar rush or sustainable high? More on the Eurozone summit response here:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4929988

I'm expecting a concerted bombardment against the Eurozone to noticeably re-commence as Wall St. begins to awake.


GLOBAL MARKETS-Greek deal lifts stocks, euro; US debt talks eyed

(Reuters) - World stocks hit a two-week high on Friday and the euro and oil prices rose after European leaders agreed on a package to rescue Greece that hopes to prevent the region's debt crisis from deepening.

The dollar was under pressure as uncertainty intensified as to whether U.S. lawmakers could strike on a last-minute deal to raise the country's $14.3 trillion debt ceiling to avoid a default.

The deal on Greece showed that Europe was taking stronger action than markets had expected although many economists warned that it may not draw a line under the crisis in the longer-term.

/... http://uk.reuters.com/article/2011/07/22/markets-global-wrapup-idUKL6E7IM07020110722

[xchrom]

5. morning! -- hot enough for ya?

:donut:

[Demeter]

14. It cooled down last night

Got to 65F, compared to 80F yesterday.

Only 92F predicted which is considered "much cooler" than yesterday....and maybe, maybe, a little rain?

[xchrom]

you're doing better than we are.

it's steamy here.

[xchrom]

6. Record £2bn first-half sales at Christie's

http://www.guardian.co.uk/business/2011/jul/21/christies-art-boom-picasso-warhol


Detail from the Andy Warhol self-portrait sold on 11 May 2011 by Christie's in New York for $38.4m (more than £23m). Photograph: Christie's/EPA

Forget the misery of the sovereign debt crisis and the plunging dollar – the international art market is booming.

The push is driven by growing numbers of wealthy Asian buyers and investors who want to hedge against financial uncertainty and currency volatility.

Christie's, the global auction house, has disclosed record first-half sales of £2bn, up 15% on the same time last year, including the sale of an Andy Warhol self-portrait for over £23m.

Jussi Pylkkanen, Christie's president for Europe, said: "At times of financial weakness, there is a flight towards quality, as people seek out security and real value that reside within works of art."





***i know i'm probably the only one who follows stuff like this.

[xchrom]

7. Bailed out – again. Eurozone throws Greece €109bn lifeline

http://www.guardian.co.uk/business/2011/jul/22/bailed-out-eurozone-greece

European leaders have sealed a new €109bn bailout for Greece and erected defences against the debt crisis spreading to Italy and Spain by turning the eurozone's 15-month-old bailout fund into a much more ambitious instrument resembling an infant European monetary fund.

The deal, hatched at an emergency summit in Brussels of eurozone leaders, following months of dithering and division, also entailed large losses for Athens' private creditors, making it almost certain that Greece would become the first eurozone country to be deemed to be in some form of default on its sovereign debt.

A 16-point blueprint provided for a vast expansion in the role and powers of the €440bn bailout fund established in May last year. The package agreed after weeks of bad-tempered, intense haggling and only resolved at the last minute, was the biggest response from the eurozone since it created the bailout fund.

[girl gone mad]

11. I think this deal is destined to fail.

There is a good chance now that Germany will exit the Euro, in my view.

[Demeter]

16. Somebody is going to bolt, for sure

The experts say Germany should go, since they destroy the curve....but it will probably be done the wrong way around.

[westerebus]

17. Interesting timing.

QE 2.0 winds down here as La Erasure d'Helena takes a new twist there.

And we know they both use the same digital press of the Bernank.

Not that there's any relationship...debt crisis, safety net, their's and ours.

[xchrom]

8. Greek bailout deal: What the experts say

http://www.guardian.co.uk/business/2011/jul/22/greek-bailout-experts?INTCMP=SRCH

George Osborne, chancellor of the exchequer

The first thing British taxpayers should know is that we have delivered on our promise to keep the UK out of the Greek bailout. But Britain also has a huge interest in a stable eurozone. The package from eurozone countries to support Greece is an important and positive development.

Even more positive is the demonstration that eurozone political leaders can take decisive economic action. That is what they now have to sustain, not just on the details of this package, but also on the longer term changes needed to make the euro work. They have shown they can get a grip, now they need to keep it.

Bruce Packard, banking analyst at Seymour Pierce

The reason for the positive reception is that it looks like politicians have recognised that Greece has unsustainable debts, rather than a mere liquidity problem, so that Greece will be allowed to selectively default.

Longer term, political risk remains. The last decade or two has seen the financial services industry create far more losers than winners. Taking the side of the majority is normally a promising political strategy: a point you won't read coming from a bulge bracket investment bank but a truth that religious leaders who condemned lending money at interest have recognised for thousands of years.






***generally speaking -- i think the 'experts' should all be fired.

[xchrom]

9. europe: Treasury obliged to sell bonds at pre-euro levels

http://www.elpais.com/articulo/english/Treasury/obliged/to/sell/bonds/at/pre-euro/levels/elpepueng/20110721elpeng_10/Ten

Spain was obliged on Thursday to pay the highest rates in 14 years to sell government bonds at an auction held just before the start of a euro-zone summit on a second bailout package for Greece.

The highest borrowing costs Spain has seen at a debt tender since 1997 — before the euro came into existence — was the price the Treasury had to pay in order to meet its targets for the auction. It sold 1.807 billion euros in 10-year bonds, compared with demand of 3.429 billion euros, at a marginal rate of 5.921 percent, up from 5.409 percent at the previous auction for 10-year paper held in May. It sold a further 814 million euros in 15-year bonds at a cut-off rate of 6.218 percent, up from 6.043 percent in June.

"The result was mixed, edging on positive," Reuters quoted Corstal Consors economist Estefanía Ponte as saying. "The bid to cover ratio fell in both cases, but the 10-year bond was placed at a good yield for the Treasury, given the market context."

The euro-zone peripheral sovereign debt markets have been under heavy pressure of late because of uncertainty over how the Greek debt crisis would pan out. However, the spread between the yield on the Spanish benchmark 10-year government bond and the German equivalent narrowed 21 basis points on Wednesday to 321 after having hit a euro-era high of 376 basis points last week.

[xchrom]

10. German Business Confidence Index Falls to Nine-Month Low Amid Debt Crisis

http://www.bloomberg.com/news/2011-07-22/german-business-confidence-index-falls-to-nine-month-low-amid-debt-crisis.html

German business confidence fell more than economists forecast in July, according to a survey taken before European leaders agreed new aid for Greece as part of an intensification of measures to stem the region’s debt crisis.

The Ifo institute in Munich said its business climate index, based on a survey of 7,000 executives, declined to 112.9, the lowest in nine months, from 114.5 in June. Economists forecast a decline to 113.7, according to the median of 42 estimates in a Bloomberg News survey. The index reached a record high of 115.4 in February.

European leaders announced 159 billion euros ($229 billion) of aid for Greece late yesterday in their latest attempt to stem a 21-month debt crisis that is threatening to engulf Spain and Italy. While investor sentiment in Germany, Europe’s largest economy, dropped more than forecast in July, the country’s economic outlook remains “favorable” as stronger domestic demand compensates for a slowdown in export growth, the Bundesbank said this week.

[xchrom]

21. Banks forced to share pain of bailout for Greece

http://www.independent.co.uk/news/world/europe/banks-forced-to-share-pain-of-bailout-for-greece-2318539.html

Eurozone leaders finally capitulated to the inevitable last night and agreed to restructure Greece's unsustainable €350bn (£310bn) national debt in return for a second bailout package for the country.

There will be some €109bn from European governments, plus about €50bn from the banks over the next five years, with further contributions from them to follow.

The private sector's contribution will build to €106bn by 2020, the EU predicts. Greece, Ireland and Portugal will benefit from a longer time to pay their existing rescue packages plus a lower interest rate – a particularly welcome result for Dublin. President Nicolas Sarkozy of France heralded new powers for the existing bailout fund with the prediction that it would become a "European IMF" – a substantial quickening in the pace of what Mr Sarkozy called "European economic governance".

[xchrom]

25. Stock markets welcome euro deal {video @ link}

http://www.independent.co.uk/news/business/news/stock-markets-welcome-euro-deal-2318695.html

World markets continued their rally today after eurozone leaders agreed a new 109 billion euro (£96 billion) rescue deal for debt-laden Greece, allaying fears of the collapse of the single currency.

Markets rose yesterday on the prospect of a deal being reached and made fresh gains today after details were revealed last night.

The FTSE 100 Index in London was up 0.5% today, building on gains of a similar scale yesterday, while in the US the Dow Jones Industrial Average had risen more than 1% overnight.

French and German markets made similar advances and the euro rose to 1.13 against the pound.

[xchrom]

30. Andrew Moss: The engineer racing to put Britain in the fast lane

http://www.independent.co.uk/news/people/profiles/andrew-moss-the-engineer-racing-to-put-britain-in-the-fast-lane-2317737.html

The end of the financial boom and the slide in to the deepest recession in decades kicked off much soul searching – and more than a few headlines – about the sad state of manufacturing across these isles. But that narrative missed out companies like Umeco, which leads the way in making hi-tech materials for everything from aircraft, racing yachts and sporting goods to, most famously, Formula One racing cars.

The Warwickshire-based business puts a lie to the view that the UK produces little more than arcane, and sometimes shaky, financial instruments, supplying its composites, as the materials are known, to the likes of Boeing, Airbus and every team on the Formula One grid.

"If you go back 20 years, the guys involved in our business used to walk the pit lanes and persuade people like Ron Dennis to put composite parts on their cars and it's from that activity that we then migrated to become a materials provider around that sort of technology," Umeco chief executive, Andrew Moss, explains.

He's been at the helm since May, when the then chief executive Clive Snowdon and his finance director Douglas Robertson resigned. They left in wake of the sale of Pattonair, Umeco's supply chain arm; the two attempted to buy the business with private equity backing, but weren't able to come up with the best offer. In the end, Pattonair went to Exponent Private Equity, allowing the company to focus on growing its higher margin composites arm.

[Festivito]

12. Debt: 07/20/2011 14,342,887,364,361.82 (DOWN 11,102,707.25) (Wed, DOWN a little.)

(OVER the old debt limit of 14.294-trillion dollars by 49-billion dollars. Good day.)
I wonder how much water the AC takes out of the house.
(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)
= 9,753,657,737,209.51 + 4,589,229,627,152.31
DOWN 246,591,087.61 + UP 235,488,380.36

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 $3,200.12 makes 1T$.
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 312,488,192 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $45,898.97.
A family of three owes $137,696.92. (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 -81,841,085.31.
The average for the last 30 days would be -54,560,723.54.

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$/day.
There were 198 reports in 293 days of FY2011 averaging 3.95B$ per report, 2.67B$/day.
Above line should be okay

PROJECTION:
There are 550 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)
07/20/2011 14,342,887,364,361.82 BHO (UP 3,716,010,315,448.74 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,781,264,333,470.10 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +0,973,247,377,872.31 ------------* * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 ------------*******
07/20/2011 -000,246,591,087.61 ---

14,533,981,055.63 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=4929275&mesg_id=4930406

[Festivito]

71. Debt: 07/21/2011 14,342,884,944,996.28 (DOWN 2,419,365.54) (Thu, DOWN some.)

(OVER the old debt limit of 14.294-trillion dollars by 49-billion dollars. Good day.)
Thanks for the ride big guy.
(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)
= 9,747,385,038,148.48 + 4,595,499,906,847.80
DOWN 6,272,699,061.03 + UP 6,270,279,695.49

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 $3,200.05 makes 1T$.
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 312,495,392 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 $45,897.91.
A family of three owes $137,693.73. (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 -81,373,252.40.
The average for the last 30 days would be -54,248,834.93.

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$/day.
There were 199 reports in 294 days of FY2011 averaging 3.93B$ per report, 2.66B$/day.
Above line should be okay

PROJECTION:
There are 549 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)
07/21/2011 14,342,884,944,996.28 BHO (UP 3,716,007,896,083.20 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 +0,781,261,914,104.50 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +0,969,934,009,007.29 ------------* * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 ------------*******
07/20/2011 -000,246,591,087.61 ---
07/21/2011 -006,272,699,061.03 --

10,731,805,311.96 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=4930633&mesg_id=4930676

[xchrom]

13. asia: CITIC Pacific hit by an iron bullet

http://www.atimes.com/atimes/China/MG23Ad01.html

CITIC Pacific, a unit of China's biggest state-owned investment company, has seen the biggest and riskiest investment of any major Chinese steel player in the Australian mining sector explode in in its face for a second time in barely a year with the announcement of a A$900 million (US$969 million) cost overrun and delays at its massive Sino Iron mine.

Following hot on the heels of another overrun at the mine in Western Australia that cost US$1.7 billion last year and Sino Iron's Australian CEO Barry Fitzgerald his job, the total projected investment is now US$5.2 billion. The local resource industry quaintly, and more often than it would like, refers to such an explosion in costs as "a blowout".

China Metallurgical Group Corp, the Chinese company contracted by CITIC Pacific to build a key part of the the mine, is seeking


more cash, possibly because of delays and added expenses in procuring core processing equipment. In its July 18 announcement, Hong-Kong based CITIC Pacific also informed the financial community that the mine's exports would start up in the first half of 2012, instead of by end-2011 as predicted as recently as January 2011 by the firm's chairman, Zhang Jijing.

[xchrom]

43. Hong Kong inflation at highest rate in almost three years

http://www.bbc.co.uk/news/business-14230497

Hong Kong's inflation rate has risen to its highest level in almost three years, fuelled by soaring housing costs and food prices.

The city's consumer price index rose 5.6% in June from a year ago, the highest rate since July 2008, and above 5.2% in May.

Hong Kong's economy is thriving as the former British territory has reaped the rewards of China's rise.

But many poorer residents are struggling to cope with rising costs.

[xchrom]

44. Discontent grows in Hong Kong despite boom

http://www.bbc.co.uk/news/business-14197240

In some respects, Hong Kong has never had it so good.

The economy in this former British territory is booming, reaping the rewards of China's rise.

Employment is at an all-time high and the government is so flush with cash, it is literally giving it away - each permanent resident is due to receive 6,000 Hong Kong dollars ($770; £480) later this year.

But try telling Tam Kin Wai, a retired hospital porter, that times are good.

He lives in a "cubicle home" that is barely 2m (6ft) wide with his wife and 13-year old son in Sham Shui Po. They must share a toilet and kitchen with eight other families. "Living costs are always going up," he says.

[xchrom]

15. south asia: Qamar departure deals blow to Pakistan's credibility

http://www.atimes.com/atimes/South_Asia/MG23Df02.html

KARACHI - Pakistan's chief economist, Jaffer Qamar, has resigned less than a year after taking office and less than a week after the central bank governor, Shahid Kardar, stepped down.

Qamar reportedly quit on Wednesday to return to the United States, where he has taught in two major universities, and to lead technical consultants at the Asian Development Bank. Sources however claim that he was frustrated by government interference in his attempts to secure independence in formulating policy at the Planning Commission.

His departure may further hamper talks with the International


Monetary Fund (IMF) for revival of a US$11.3 billion loan program, which was suspended last year over the government's failure to implement fiscal reforms.

"If we are interested in retaining good people in important positions, our system will have to change, giving attractive financial packages and policy independence to them," Dawn reported the Planning Commission deputy chairman Nadeem ul-Haq as saying.

[xchrom]

18. Financial regulatory overhaul faces new criticism on first birthday

http://www.latimes.com/business/la-fi-overhaul-attack-20110722,0,6981338.story

Reporting from Washington—
The most far-reaching overhaul of financial regulations since the Great Depression reached its first birthday with fresh criticism of its effectiveness and a new attack on one of its major reforms.

Republicans and industry groups have used the occasion to lambast the law for what they call dangerous government overreaching. Not only has it failed to heal the economy, they said, but it has added to the uncertainty that has kept businesses from hiring more people.

"It has turned the financial regulatory landscape into a nightmare," Sen. Richard Shelby (R-Ala.), a leading critic of the Dodd-Frank Wall Street Reform and Consumer Protection Act, lectured top regulators at a Senate hearing Thursday. "I don't believe … that the American people are in any mood to celebrate just yet."

Obama administration officials and regulators defended the rules as necessary to prevent another financial crisis. But they also used the anniversary this week to decry the continued opposition on Capitol Hill and Wall Street that they said had slowed implementation of hundreds of new rules designed to protect the economy.

[Demeter]

19. Trading lifts Morgan Stanley results

Strong investment banking results and a surprising contribution from trading activities help lift US bank’s revenue 17 per cent

Read more >>
http://link.ft.com/r/H60H77/DWX53O/B49CK/S3JQDH/62VNCT/KI/t?a1=2011&a2=7&a3=22

GOODY FOR THEM. PLBBBB!

[Demeter]

20. EU leaders agree €109bn Greek bail-out

Agreement is a political victory for Angela Merkel, Germany’s chancellor, but one that will almost certainly lead to the first default on eurozone bonds

Read more >>
http://link.ft.com/r/CTBPCC/ORFSTI/87I64/5C8HH6/97ZUAW/D5/t?a1=2011&a2=7&a3=22

[Demeter]

22. Banks brace for hits on Greek bonds

Auditors have been warning bank finance directors that they would have to make provision for losses on their Greek bonds with their second-quarter results

Read more >>
http://link.ft.com/r/CTBPCC/ORFSTI/87I64/5C8HH6/JEIODC/D5/t?a1=2011&a2=7&a3=22

[Demeter]

23. Athens’ ability to stay course in doubt

The IIF estimates that the offer will involve a reduction in the net present value of private Greek debt of only 21 per cent

Read more >>
http://link.ft.com/r/CTBPCC/ORFSTI/87I64/5C8HH6/R3N5FH/D5/t?a1=2011&a2=7&a3=22

[Demeter]

32. Wolfgang Münchau: Eurozone standing on the precipice

I am not worried that the eurozone’s leaders will walk away from Thursday’s summit without a deal. Wednesday night’s reported, but not yet revealed, agreement between Angela Merkel and Nicolas Sarkozy firmly points in that direction. I would not be amazed if they were to spring a couple of positive surprises.

What I am worried about is that everybody will get obsessed with some obscure technicalities of a deal – that ultimately falls short of solving the problem. The eurozone would not survive such a failure.

Read more >>
http://link.ft.com/r/WDI4RR/4CCGEB/Z87P0/YHURUT/168QO3/SN/t?a1=2011&a2=7&a3=21

[Demeter]

26. Brussels unveils tough bank capital rules

Lenders will have to hold more capital, improve governance and face stronger and more unified sanctions if they step out of line

Read more >>
http://link.ft.com/r/CTBPCC/ZGGUIR/SUO9T/9ZCGJS/WTLMYF/T3/t?a1=2011&a2=7&a3=21

[Demeter]

31. Sarkozy drops bank tax proposal

French president Nicolas Sarkozy has agreed to drop a plan to help fund a €115bn Greek bail-out with a €50bn bank tax, a significant victory for Angela Merkel, the German chancellor, who extracted the concession at a late night meeting in Berlin ahead of an emergency summit of eurozone leaders.

The tax plan, which would have raised €10bn a year for five years through a 0.0025 per cent levy on all assets held by eurozone banks, was strongly resisted by Berlin, which saw the plan as taking too long to implement and raise funds, which would have been used for a massive Greek bond repurchase
programme.

Read more >>
http://link.ft.com/r/EB8122/5VV81F/WH2F8/C5A0W4/FKXBI7/XL/t?a1=2011&a2=7&a3=21

[Demeter]

33. EU Said to Weigh Bailout Fund Use for Emergency Credit to Thwart Contagion

http://www.bloomberg.com/news/2011-07-20/eu-said-to-weigh-bailout-fund-use-for-emergency-credit-to-impede-contagion.html

European officials are considering steps previously rejected by Germany, including the use of precautionary credit lines, to prevent the spread of the region’s debt crisis, a person close to the talks said.

Other options up for discussion at tomorrow’s Brussels summit include enabling the main 440 billion euro ($626 billion) rescue fund to lend to recapitalize banks, said the person, who declined to be named because negotiations are in progress. Nothing will be decided until leaders convene.

Together with a second Greek aid package, the goal is to prove to markets that Europe has the will and the tools to prevent the 21-month sovereign debt crisis from engulfing Spain and Italy. The euro today rose against the dollar for a second day and Spanish and Italian bonds also gained as investors signaled optimism that policy makers are moving toward a deal. The cost of insuring against default on the sovereign debt of Greece, Portugal, Italy and Spain declined.

“There needs to be a program with a certain amount of shock and awe to impress the market that the leaders are on top of the crisis,” said Robin Marshall, a London-based money manager at Smith & Williamson Investment Management in London....

[Demeter]

37. IMF urges euro zone to beef up EFSF, capitalise banks

http://uk.reuters.com/article/2011/07/19/uk-eurzone-imf-idUKTRE76I4CV20110719

The International Monetary Fund warned on Tuesday Europe's debt crisis could have a major global impact if not tackled quickly and it urged euro zone leaders to beef up the region's rescue fund and recapitalise its banks. "It would be very costly not just for the euro zone but for the global economy to delay tackling the sovereign crisis," Luc Everaert, Division Chief for Euro Area Policies in the IMF's European Department, told a conference call.

In a staff report, the Fund recommended that the European Financial Stability Facility (EFSF) should be increased in size and be allowed to purchase debt on the secondary market, as a means of easing the threat of contagion from euro-zone peripheral states.

"European banks need to be strengthened throughout the euro-zone area, with a very strong follow up to the stress tests that just came out and with a preference for private sector solutions," Everaert said.

The Fund also recommended the euro zone needed to adopt much stronger economic governance. "We need more Europe not less," Everaert said.

[Demeter]

27. Wells Fargo fined $85m over subprime loans

Wells Fargo has been hit with a $85m civil penalty by the Federal Reserve over charges it steered borrowers into high cost subprime loans

Read more >>
http://link.ft.com/r/CTBPCC/ZGGUIR/SUO9T/9ZCGJS/MS98AX/T3/t?a1=2011&a2=7&a3=21

[xchrom]

28. Morgan Stanley powers past Goldman Sachs

http://www.independent.co.uk/news/business/news/morgan-stanley-powers-past-goldman-sachs-2318456.html

Going by this last quarter's results, Wall Street could have a new top dog. Morgan Stanley trounced not just market expectations for its latest three-month revenues, but its arch-rival Goldman Sachs as well. "Morgan Stanley is the new Goldman Sachs," the Rochdale Securities' analyst Dick Bove declared after seeing the results yesterday. Morgan Stanley's bonds, commodities and currency trading operations brought in revenues of $1.9bn (£1.67bn), up from $1.7bn, despite the new regulations and caution on the part of clients that have been affecting all Wall Street firms since the financial crisis.

In the very weak second quarter of this year, revenue from this trading division was no worse than in the first three months, whereas Goldman Sachs suffered a 63 per cent drop. The difference is that Morgan Stanley, headed by James Gorman, put more of its money at risk during the period, while Goldman Sachs pulled back.

Morgan Stanley's total revenues were $9.3bn, compared with the $7.3bn Goldman reported earlier this week. A bottom-line loss of $558m – the result of restructuring the crisis-era investment by Japan's Mitsubishi UFJ – was much less than predicted. And the bank said it had set aside $143,066 per employee so far this year for salaries and bonuses, 7 per cent up on last year.




***that's really all there was to the article.

[Demeter]

29. Sovereign debt fears hit flows at BlackRock

The fund manager, which reported quarterly profits up 43%, indicates asset inflows to the core business have slowed in uncertain ­markets

Read more >>
http://link.ft.com/r/CTBPCC/ZGGUIR/SUO9T/9ZCGJS/JEIHCM/T3/t?a1=2011&a2=7&a3=21

[Tansy_Gold]

34. That toon is wishful thinking

The sheeple will never march. They should have done so long ago.



TG, TT

[Demeter]

40. They did, long ago, and it made absolutely no difference.

The fire next time---James Baldwin

[Hotler]

47. +1 I've mentioned mass protest in Jones town (GD) a couple of times..

and the crowd turned on me as if I was Ralph Nader.

[Fuddnik]

53. If you really want to have fun, mention a sit-in strike.

Like in the Chicago window factory strike.

What???:wow:

You'd actually advocate taking over someone else's property? Property that doesn't belong to you?

Why, I've never!

[Tansy_Gold]

57. But whatever you do, DON'T EVER

try to explain anything. You'll hurt yourself badly.



TG, TT

[Hotler]

61. I love you guys :) n/t

[Tansy_Gold]

66. We watch out for each other. n/t

[tclambert]

70. American Idol. Hell's Kitchen. Torchwood.

Okay, just kidding on that last one. I'm the only watching Torchwood. The point is, there's stuff on the TeeVee. Television would have snuffed out the French Revolution. Plus, it's HOT outside. Can't we protest where it's air-conditioned?

[Tansy_Gold]

74. Absolutely correct, tc. Absolutely. n/t

[Demeter]

35. Wall St. Makes Fallback Plans for Debt Crisis

http://www.nytimes.com/2011/07/21/business/economy/wall-st-makes-fallback-plans-for-debt-crisis.html?_r=1

Lawmakers in Washington are racing to reach a deal to save the country from defaulting on its debt, but on Wall Street, financial players are devising doomsday plans in case the clock runs out. These companies are taking steps to reduce the risk of holding Treasury bonds or angling for ways to make profits from any possible upheaval. And even if a deal is reached in Washington, some in the industry fear that the dickering has already harmed the country’s market credibility.

On Wall Street, Treasuries function like a currency, and investors often use these bonds, which are supposed to be virtually fail-proof, as security deposits in their trading in the markets. Now, banks are sifting through their holdings and their customers’ holdings to determine if these security deposits will retain their value. In addition, mutual funds — which own billions of dollars in Treasuries — are working on presentations to persuade their boards that they can hold the bonds even if the government debt is downgraded. And hedge funds are stockpiling cash so they can buy up United States debt if other investors flee.

The rating agencies, which control the fateful decision of whether the nation deserves to have its credit standing downgraded, are surveying other entities that would be affected by a United States default — like insurance companies and states — and issuing warnings that a United States downgrade could result in several other ratings cuts. States that might be downgraded, in turn, are trying to reassure the market that they could still pay their bills on time.

All these contingency plans hinge on the pivotal date of Aug. 2, when the Obama administration has said it will no longer be able to finance government obligations without raising the $14.3 trillion cap on government borrowing. If lawmakers do not act before then, it will be difficult for the Treasury to meet coming interest payments as well as obligations to government employees, vendors and programs like Social Security and Medicare....

[Demeter]

36. Countrywide, Wells Fargo settlements to return funds to homeowners

http://www.latimes.com/business/la-fi-countrywide-refunds-20110721,0,3386190.story

The payouts are part of separate agreements for Countrywide, which was accused of overcharging borrowers, and Wells Fargo, whose employees allegedly pushed borrowers into more expensive subprime loans...Nearly $108 million in refund checks are being mailed to homeowners allegedly overcharged by Countrywide Home Loans as part of a settlement with the Federal Trade Commission.

In an unrelated action against Wells Fargo, the Federal Reserve Board issued a cease-and-desist order and assessed an $85-million civil penalty over allegations that Wells Fargo Financial Inc. employees improperly pushed borrowers into more expensive subprime loans and exaggerated income information on mortgage applications from January 2004 to June 2008.

Last year, the Federal Trade Commission reached the settlement with Countrywide, which is now owned by Bank of America Corp., and said Wednesday that the agency was beginning to mail the checks to 450,177 defaulting homeowners from whom the company allegedly collected excessive fees. "Countrywide's unconscionable behavior harmed American consumers on a massive scale, and we are proud to be getting every single dollar back to hundreds of thousands of struggling consumers who can least afford to lose the money," agency Chairman Jon Leibowitz said. The refunds, ranging from a few hundred dollars to a few thousand dollars, are being distributed to defaulting homeowners whose loans were serviced by Countrywide from January 2005 to July 2008, and who were charged excessive fees for property inspections, lawn mowing and other services meant to protect the lender's interest in the properties, the commission said.

When borrowers were trying to save their homes in Chapter 13 bankruptcy proceedings, Countrywide made false or unsupported claims about how much borrowers owed as well as the status of loans, the FTC said. In addition, Countrywide allegedly added fees and escrow charges to borrowers' mortgage accounts without notice...MORE

[Demeter]

38. Germany seeking to attract skilled labor from southern Europe

Highly qualified workers in southern European nations shaken by the economic crisis could be used to fill the skilled labor shortage in Germany, according to the country's federal employment agency.

"There's a huge potential in Spain, thousand of engineers are unemployed as well as IT specialists," Federal Employment Agency Director Monika Varnhagen told the daily Die Welt.

Around 17,000 Spaniards are interested in working in Germany, according to Varnhagen. In Portugal, many nurses have expressed a similar interest while thousands of Greek doctors are ready to seek opportunities abroad due to the long wait for specialized training.

"Here in Germany they can complete this kind of training in four or five years and then work as doctors in clinics," Varnhagen added....

http://www.dw-world.de/dw/article/0,,15245567,00.html

[xchrom]

39. Debt debate reverberates in state governments

http://hosted.ap.org/dynamic/stories/U/US_BROKEN_BUDGETS_DEBT_SHOWDOWN?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-07-22-04-03-51

ANNAPOLIS, Md. (AP) -- Virginia's governor is livid that his famously tight-fisted state could face higher borrowing costs to build roads and schools. Maryland has put off a $718 million bond sale for three days because of the current financial uncertainty. And California plans to borrow about $5 billion from private investors next week to ensure it can cover day-to-day operating expenses should the federal government default on its debt.

As President Barack Obama and congressional leaders struggle to reach a debt-limit deal, state government leaders are bracing for the impact on their budgets and economies of a threatened Aug. 2 federal government default.

This week, Moody's Investors Service warned that it probably will lower the credit rating on five states if it downgrades the U.S. government's credit rating. The firm concluded that Maryland, Virginia, South Carolina, Tennessee and New Mexico would be most at risk.

"I'm very unhappy. In fact, we're furious," said Virginia Gov. Bob McDonnell. The Republican pointed out that the state's triple-A credit rating has been in place since 1938, and that it potentially could be lowered through no fault of the state's.




***net takers of fed dollars could feel some real pain.
make it so #1!

[xchrom]

41. GE 2Q profit up 21 percent, financial arm improves

http://hosted.ap.org/dynamic/stories/U/US_EARNS_GENERAL_ELECTRIC?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-07-22-08-40-31

NEW YORK (AP) -- General Electric Co. said Friday that earnings grew 21 percent in the second quarter as its GE Capital lending arm continued to recover from the recession.

The industrial and financial giant reported income of $3.76 billion, or 35 cents per share, for the three months ended June 30. That compares with $3.11 billion, or 28 cents per share, for the same part of last year.

Revenue fell 4 percent to $35.6 billion, in part because of GE's sale of a majority stake in NBC Universal to Comcast in February.

GE's results beat Wall Street estimates for 32 cents per share on revenue of $34.7 billion, according to FactSet.

[xchrom]

42. McDonald's net income rises 15 pct on strong sales

http://hosted.ap.org/dynamic/stories/U/US_EARNS_MCDONALDS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-07-22-08-26-09

OAK BROOK, Ill. (AP) -- McDonald's Corp. says its net income rose 15 percent in the second quarter to $1.4 billion on rising sales around the world.

The world's largest burger chain reported net income of $1.4 billion, or $1.35 per share, up from $1.2 billion, or $1.13 per share in last year's second quarter. Revenue rose 16 percent to $6.9 billion.

Results topped analyst expectations for earnings of $1.28 per share on revenue of $6.6 billion.

CEO Jim Skinner credited McDonald's affordability as well as changes the chain has undertaken. McDonald's has performed better than many fast-food competitors, partly because it has introduced healthier food, fancy coffee drinks and wireless access in remodeled restaurants.

[xchrom]

45. Dollar up against euro, pound, flat vs yen

http://hosted.ap.org/dynamic/stories/U/US_DOLLAR?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-07-22-10-18-16

NEW YORK (AP) -- The dollar is rising against the euro and pound as the Fitch ratings agency says it will rule Greece has defaulted on its debt as a result of a crucial new aid plan backed by European leaders.

The plan gives officials new powers aimed at stopping the debt crisis from spreading to Europe's larger economies, Spain and Portugal. It had been expected the ratings agencies would say Greece had defaulted as a result of the new bailout.

The new 109 billion euro ($156 billion) bailout had driven the euro above $1.44 Thursday.

But in morning trading Friday in New York, the euro fell to $1.4366 from $1.4409 late Thursday. The British pound has dropped to $1.6285 from $1.6307. The dollar is unchanged at 78.43 Japanese yen.

[Ghost Dog]

62. EU Leaders Push Rescue Deal

... “The European Financial Stability Facility has gone from being a single-barreled gun to a Gatling gun, but with the same amount of ammo,” Willem Buiter, chief economist at Citigroup Inc. told Bloomberg Television’s “The Pulse.” “It needs to be increased in size urgently.”

...

“The proposed debt exchange implies a 20 percent net present value loss for banks and other holders of Greek government debt,” Fitch said today. “An exchange that offers new securities with terms that are worse than the original contractual terms of the existing debt and where the sovereign is subject to financial distress constitutes a default event.”

‘Expressly Voluntary’

The International Swaps & Derivatives Association, by contrast, said participation of private bondholders in the Greek rescue plan “should not trigger credit-default swaps” on the nation because it’s “expressly voluntary.”

Credit-default swaps on Greece plunged 500 basis points to a six-week low of 1,500 as of 12:15 p.m. in London, the biggest decline on record. That’s down from an all-time high of 2,568 basis points on July 18 and signals a 72 percent chance the government will default within five years, a figure that approached 90 percent earlier this month.

/... http://www.bloomberg.com/news/2011-07-22/european-leaders-try-to-persuade-investors-on-accord-to-halt-debt-turmoil.html


Merkel says Germany has ‘historical duty’ to support euro Updated at 10:15 AM
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4929988#4930614

BERLIN — German Chancellor Angela Merkel says it is Berlin’s “historical duty” to support the euro currency and praised the new eurozone agreement on a second bailout for Greece.

Merkel said Friday that the deal reached Thursday in Brussels to help Greece was a “significant” step that would help Europe and support the currency used by the 17-nation eurozone.

She says “the euro is good for for us, the euro is part of Germany’s economic success, and a Europe without the euro is unthinkable.”

--> Oddly, nefariously, the original WaPo link to this piece I posted in the other thread this morning now redirects to has been overwritten by the semi-literate story "Fitch agency says Greek deal to put country in default, but bond insurance not trigerred".

The original AP report can be seen here:

http://www.thehindu.com/news/international/article2284812.ece

and elsewhere. But not apparently at WaPo.

[DemReadingDU]

46. BIG explosion at Norway prime minister's building

We're just getting in the first reports and pictures from a blast at the government building that houses the prime minister's office at about 9:44 a.m. Eastern.
http://maddowblog.msnbc.msn.com/_news/2011/07/22/7141674-explosion-at-norway-prime-ministers-office


more pictures
http://twitcaps.com/search?q=oslo


edit for another link...

Witness: Explosion hits Norwegian PM's office
Twitter user 4 miles away says his building shook as a result of the blast; witness counts 8 injured people

A huge explosion damaged government buildings in central Oslo on Friday, injuring several people, a Reuters witness said. The blast blew out most windows on the 17-story building housing Prime Minister Jens Stoltenberg's office, as well as nearby buildings including the oil ministry, which was on fire.

Reuters correspondent Walter Gibbs said he counted at least eight injured people.

The cause of the blast was unknown but the tangled wreckage of a car was outside one building. Police and fire officials declined comment on the cause.
http://www.msnbc.msn.com/id/43854355/ns/world_news-europe/

[Demeter]

59. Oh, Geez!

Norway's people are supposed to be fat and happy, and they didn't do anything besides giving a peace prize to a war-monger...sounds like a black bag job. Just like Olaf Palme. Leo Pannetta has plausible deniability, having just switched chairs with Petrayus.

[xchrom]

48. Only 1 in 10 credit unions is financially strong

http://latimesblogs.latimes.com/money_co/2011/07/only-1-in-10-credit-unions-is-financially-strong.html


If you’re thinking of ditching your bank for the perceived financial stability of a credit union, you may want to think again.

Nearly one-third of the nation’s 7,391 credit unions are financially weak, while only one in 10 are strong, according to an analysis by Weiss Ratings in Jupiter, Fla.

The firm assigns financial safety ratings based on its analysis of publicly available data. Weiss, which has analyzed banks for many years, launched its credit-union ratings in March.

Only 736 credit unions were found to be strong –- meaning a grade of B+ or better –- and only 372 got A’s, according to Weiss.

[DemReadingDU]

49. only 10%!

I've wondered in the past few years if credit unions had been doing financial shenanigans.

There really is no safe place to keep one's money.
:(

[xchrom]

50. that's what's scary -- that should be a good place for us 'little people'. nt

[DemReadingDU]

51. I looked up my credit union

Ratings of individual credit unions can be found here: weissratings.com/creditunionlists
Registration is required, but it’s free.

So I registered at Weiss, and looked up my credit union. It is rated A-


edit to add Weiss link for the ratings of the credit unions
http://weissratings.com/sw/?m=s&t=cred

[xchrom]

52. that's not bad. nt

[hamerfan]

75. Money?

What is this "money" you speak of?

[xchrom]

55. south asia: Sensex jumps 286 points to near 2-week high; RIL up 1.49%

http://timesofindia.indiatimes.com/business/india-business/Sensex-jumps-286-points-to-near-2-week-high-RIL-up-149/articleshow/9324027.cms

MUMBAI: The BSE benchmark Sensex on Friday shot up by 286 points to a near two-week high at 18,722.30, on surge in banking, tech and auto sector stocks as investors cheered the new deal to resolve Greece's debt crisis.

The Bombay Stock Exchange's 30-share key index, which had lost over 217 points in last two sessions, jumped by 286.11 points to 18,722.30, a level last seen on July 11, on rally by Sensex leaders Reliance Industries (RIL) and Infosys.

RIL, the heaviest scrip on the Sensex, shot up by 1.49 per cent on expectations of a better quarter earning to be announced on Monday. IT bellwether and second most valuable scip on Sensex, Infosys, rose 2.10 per cent.

Broad-based National Stock Exchange index Nifty rose by 92.35 points to 5,633.95, after touching the day's high of 5,642.20.

[xchrom]

56. Rupee gains 15 paise against dollar to end at two-week high

http://timesofindia.indiatimes.com/business/india-business/Rupee-gains-15-paise-against-dollar-to-end-at-two-week-high/articleshow/9325274.cms

MUMBAI: The rupee on Friday gained 15 paise against the US currency to close at the two-week high of 44.35/36 on fresh dollar selling by some banks and exporters amid a rally in equity markets.

Dealers said that exporters and some banks reduced their dollar positions, expecting fall in dollar value due to strong euro on the back of passing of a second bail-out package for the debt-ridden Greece by euro zone leaders and the IMF.

Also, the BSE benchmark Sensex rising sharply by over 286 points or 1.55 per cent also supported the rupee, they added.

"The rupee held on to its morning gains on overnight strength in the Euro after announcement of Greece bailout plan, also provided support by the domestic equity markets," Alpari Financial Services ( India) CEO Pramit Brahmbhatt said.

[Demeter]

60. Gavyn Davies - The eurozone’s seminal moment?

The institutional plumbing is now in place to resolve the eurozone's crisis completely. But this still leaves one crucial question: how much money will be sent down the pipes?

Read more >>
http://link.ft.com/r/OZMCDD/R3P37D/LSLXF/YHUPAS/MS9MKZ/HK/t?a1=2011&a2=7&a3=22

SORRY, DON'T BELIEVE IT. UNTIL THE FRENCH HAVE SHARPENED UP MADAME LA GUILLOTINE TO GIVE HAIRCUTS TO THE BANKSTERS, SHADOW OR NOT, IT JUST AIN'T SO.

[Ghost Dog]

63. The FT has an identifiable anti-Euro agenda/track record, Demeter,

imho.

[bread_and_roses]

65. Where is Hotler?

I too, have no hope, see no future.

[Tansy_Gold]

67. Does not compute

If you have no hope and see no future, you would be preparing your own suicide.

The fact that you aren't means you have SOME hope, however little it might be.

Grab onto that little bit, hug it to yourself very dearly, and nurture it because it is a very precious and wonderful thing.




Tansy Gold

[tclambert]

68. I've got the Bernanke winner. (Tansy, put down your coffee.)

They say Bernanke can't find his hat even if his head is in it. Which also explains why he can't find his butt.

[hamerfan]

72. Canadian dollar touches multi-year high

The loonie continues to soar, and that may mean more activity for Whatcom County retailers.
With hints that the Bank of Canada is considering raising interest rates to keep its growing economy in check, the Canadian dollar rose above $1.06 compared to the U.S. dollar in early trading, the highest level since November 2007.
The Canadian dollar pared some of its gains by the end of trading Thursday, July 21, finishing just under the $1.06 mark.
A variety of factors are driving the Canadian dollar upward, said Chris Lawless, chief economist at the British Columbia Investment Management Corporation. Along with the possible hike in Canadian interest rates, which makes the loonie more attractive to international investors, the Canadian dollar is being seen more as a safe place to invest while the debt-ceiling debate continues in the U.S. and other financial issues continue to crop up in Europe.


Read more: http://www.bellinghamherald.com/2011/07/21/2111357/canadian-dollar-touches-multi.html#ixzz1SrwMCxH3

[TalkingDog]

73. Kinda late in the day, but here's an obvious one...

Chicago broker missing since '79 found working in Las Vegas (as a bookie)
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4931420