STOCK MARKET WATCH, Thursday, July 28, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Thursday, July 28, 2011

AT THE CLOSING BELL ON July 27, 2011

Dow 12,302.55 -198.75 (-1.62%)
Nasdaq 2,764.79 -75.17 (-2.72%)
S&P 500 1,304.89 -27.05 (-2.07%)
10-Yr Bond... 2.98 -.00 (-0.10%)
30-Year Bond 4.28 -0.01 (-0.19%)

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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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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 28 08:30 Initial Claims 07/23 440K 415K 418K
Jul 28 08:30 Continuing Claims 07/16 3700K 3688K 3698K
Jul 28 10:00 Pending Home Sales June -3.5% -3.0% 8.2%

Read more: http://www.briefing.com/investor/calendars/economic/2011/07/25-29/#ixzz1TOkKT4nJ

[Pale Blue Dot]

2. Oil hovers above $97 amid US crude supply jump

SINGAPORE – Oil prices hovered above $97 a barrel Thursday in Asia as the release of U.S. emergency crude reserves boosted commercial inventories.

Benchmark oil for September delivery was up 3 cents to $97.43 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude lost $2.19 to settle at $97.40 on Wednesday.

In London, Brent crude rose 42 cents to $117.85 per barrel on the ICE Futures exchange.

The Energy Department's Energy Information Administration said Wednesday that U.S. commercial oil supplies grew by 2.3 million barrels last week, roughly the amount the U.S. released from its Strategic Petroleum Reserve.

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

[Pale Blue Dot]

3. U.S. Stock Futures Are Little Changed; Akamai, Citrix Decline on Forecasts

U.S. stock-index futures were little changed after the Standard & Poor’s 500 Index fell the most in almost two months as investors awaited results from Exxon Mobil Corp. to Colgate-Palmolive Co.

Akamai Technologies Inc. (AKAM) plunged 14 percent and Citrix Systems Inc. (CTXS) lost 5.2 percent in German trading after the technology companies forecast profit that missed analysts’ estimates.

Futures on the S&P 500 expiring in September advanced less than 0.1 percent to 1,299.7 at 11:03 a.m. in London. The gauge has retreated 3 percent over the past three days amid concern lawmakers will fail to agree on an increase in the U.S. debt ceiling. Dow Jones Industrial Average futures rose 3 points, or less than 0.1 percent, to 12,247.

“Equities have been fairly unruffled when you consider what’s at stake,” said Michael Hewson, a markets analyst at CMC Markets in London. “The market was really expecting an agreement to made by now and a vote to be taken. It looks like we’re at the wire, rather than close to it.”

http://www.bloomberg.com/news/2011-07-28/u-s-stock-futures-are-little-changed-akamai-citrix-decline-on-forecasts.html

[Ghost Dog]

8. Downbeat earnings knock Europe stocks lower

PARIS, July 28 (Reuters) - European stocks retreated in early trade on Thursday, falling for the fourth straight session as a raft of disappointing earnings and downbeat comments sparked fears about the outlook for company profits.

Investors were particularly rattled by comments from chemicals major BASF (BASFn.DE), which said it saw global economic growth slowing as it posted weaker-than-expected earnings, sending its stock down 4.9 percent.

Siemens AG (SIEGn.DE), Europe's largest engineering conglomerate, warned that global economic risks were increasing and posted below-forecast results. Its shares fell 1.3 percent.

/... http://uk.reuters.com/article/2011/07/28/markets-europe-stocks-idUKLDE76R0OK20110728


BASF, Alcatel-Lucent, banks drive Europe lower

A lack of a deal over the U.S. debt ceiling continued to weigh on global markets, with sharp losses in Asia and a fourth straight loss for the Dow Jones Industrial Average DJIA -1.59% on Wednesday.

Banks, oil, pharmaceuticals and chemical sectors were posting the biggest declines. Shares of Swiss investment bank Credit Suisse Group CH:CSGN -2.73% CS -3.30% fell 2.4% after the company said it will cut 4% of its workforce after second-quarter net profit fell by more than half.

German chemicals group BASF DE:BAS -4.69% slid 5% after the company posted a 23% profit gain in the second quarter, but said it sees “less dynamic” growth ahead.

...

Shares of Alcatel-Lucent ALU -11.20% dropped 7% after second-quarter results fell short of expectations.

/... http://www.marketwatch.com/story/basf-alcatel-lucent-banks-drive-europe-lower-2011-07-28?siteid=yhoof

[Ghost Dog]

9. Asian Markets Down On Continuing U.S. Debt Worries

CANBERA (dpa-AFX) - Asian stock markets are trading notably lower on Thursday with investors indulging in some heavy selling amid worries about a possible downgrade of U.S. treasury debt following the continued delay in deciding on raising the debt limit.

Mirroring widespread selling, all the sectoral indices are down in negative territory in the Australian market. Energy, mining, financial and industrial stocks are mostly trading weak.

...

The Japanese stock market was opened lower with investors pressing sales almost across the board. Besides weak cues from Wall Street, the yen's strength against the dollar too contributed to the decline.

...

Among other markets in the Asia-Pacific region, Shanghai, Hong Kong, Indonesia, Singapore and Malaysia are down with notable losses. New Zealand and Taiwan are also trading weak. Markets across the region turned in a mixed performance on Wednesday.

/... http://www.finanznachrichten.de/nachrichten-2011-07/20913787-asian-markets-down-on-continuing-u-s-debt-worries-020.htm

[xchrom]

14. Shell profits jump 77 per cent

http://www.independent.co.uk/news/business/news/shell-profits-jump-77-per-cent-2327371.html

Royal Dutch Shell cashed in on rising energy prices today as it reported profits of nearly £5 billion between April and the end of June.

The second quarter haul, which comes at a time of continued fuel price misery for British motorists, represented a jump of 77% on a year earlier.

The company said it benefited from a 49% rise in oil prices - partly caused by unrest in the Middle East and North Africa - as well as an improved operating performance, although asset sales meant production fell 2% in the period.

Today's figures, which were in line with market expectations, come two days after BP reported profits for the three months to June of £3.2 billion.

[Demeter]

4. US groups hit as tax keeps cash overseas

As much as half US companies’ record $1,240bn in cash balances is held overseas, according to new Moody’s research

Read more >>
http://link.ft.com/r/KC2844/HYIUKP/6ADGM/7207W7/7AAM0Q/AZ/t?a1=2011&a2=7&a3=28

[Demeter]

5. Insurance cost against US default hits record

The cost of buying insurance against a default by the US rose to a record on Wednesday, in a sign of growing unease of gridlock in Washington

Read more >>
http://link.ft.com/r/KC2844/HYIUKP/6ADGM/7207W7/166CHM/AZ/t?a1=2011&a2=7&a3=28

[Demeter]

6. THE GODFATHER SPEAKS: Robert Rubin: America’s success depends on a sound fiscal regime

Our country cannot afford politics as usual at a moment of such vital import for now and for the longer term. Many Americans have experienced great hardship since the recession began; unemployment has become long-term for large numbers, with potentially permanent damage through loss of skills; and current economic conditions could well remain stressed for an extended time due to the strong headwinds we face. Policy decisions can make a real, immediate difference to these conditions, for better or for worse.

Read more >>
http://link.ft.com/r/0QSDPP/5V2IOU/Z87P0/GK4IAY/5VV5EK/XL/t?a1=2011&a2=7&a3=28

IN OTHER WORDS, THIS WON'T HURT A BIT...IT WILL HURT A LOT! IT WON'T HELP, EITHER, BUT WE WANT TO DO IT ANYWAY AND WE WILL...ONE WAY OR ANOTHER.

[Demeter]

7. TODAY'S THOUGHT (AND ONE FROM YESTERDAY)

"There comes a time when the operation of the machine becomes so odious, makes
you so sick at heart, that you can't take part, you can't even passively take part;
and you've got to put your bodies upon the gears and upon the wheels, upon all
the apparatus, and you've got to make it stop, And you've got to indicate to the
people who run it, the people who own it, that unless you're free the machine will
be prevented from working at all."

Mario Savio (1964)


"The fact that we are here today to debate raising America's debt limit is a sign
of leadership failure. It is a sign that the U.S. government can't pay its own
bills. It is a sign that we now depend on ongoing financial assistance from foreign
countries to finance our government's reckless fiscal policies. ... Increasing
America's debt weakens us domestically and internationally. Leadership means that
'the buck stops here.' "


Barack Hussein Obama 44th President of the United States - Source: 20 March 2006,
prior to voting against a debt ceiling increase in the Senate

[hamerfan]

17. Two great quotes!

Thanks, Demeter.
I still feel more like quoting Hotler, though.....

[Demeter]

19. Stiff upper lip

and wicked upper cut....

[DemReadingDU]

23. Hotler: I have no hope. I see no future.

[Tansy_Gold]

22. The great shame is

This can't be posted as an OP. It would sink like a stone or be burnt to a crisp anywhere else but SMW.

:yourock:, Sister, :yourock:

[Hissyspit]

10. Paul Krugman: Eurofail (European Bond Market Interest Rates)

http://krugman.blogs.nytimes.com/2011/07/28/eurofail/?smid=tw-NytimesKrugman&seid=auto

[Demeter]

11. European Crisis: Greece Downgraded To Pre-Default By Moody’s

http://blogs.forbes.com/afontevecchia/2011/07/25/european-crisis-greece-downgraded-to-pre-default-by-moodys/


Greece suffered a multi-notch credit downgrade at the hands of Moody’s on Monday. Its sovereigns were dropped to Caa1, from Ca, indicating that private sector holders of Greek debt will incur losses.

The move comes shortly after European authorities reached an eleventh hour deal that outlines how they plan to reduce systemic and contagion risk and bail out Greece. The plan includes the possibility of a Greek default. (Read Draft Sarkozy-Merkel Deal Extends EFSF Tasks But Forgets To Finance It).

Moody’s recognized that the new deal “benefits all euro area sovereigns by containing the contagion risk that would likely have followed a disorderly payment default on existing Greek debt,” but warns that creditors’ still depend on a fine balance between market-stability and the negative precedent “set by the endorsement of distressed exchanges between Greek creditors and the sovereign.” (Read Rescuing Greece Through A Selective Default Could Collapse CDS Markets).

Because the Merkel-Sarkozy plan included private sector holders of Greek debt and stipulated that they would either rollover, swap, or extend the maturity on their holdings, Moody’s foresees credit losses for investors. Therefore, it has put Greece in one of its lowest ratings, Caa1, to “reflect the expected loss implied by the proposed debt exchanges.”

[Demeter]

12. Germany Finances Libyan Rebels with 100 Million Euro

http://middleeastinfo.wordpress.com/2011/07/25/germany-finances-libyan-rebels-with-100-million-euro/


The German foreign minister Guido Westerwelle confirmed yesterday, 24. July, that the Federal Government has granted the Libyan National Transitional Council (NTC) a loan of 100 M Euro (144 M Dollars).

Since all Libyan financial assets still remain frozen the German government agreed to help out the Libyan rebels with a loan of 100 M Euro. The loan is meant to help the NTC to build administrative structures and to overcome supply problems. Germany has already spent 15 M Euro for humanitarian aid for Libyan refugees but has so far refused to take part in NATO’s military operation UNIFIED PROTECTOR.

[xchrom]

13. good morning everyone!

:donut:

[Demeter]

18. Guess What!

It rained. It rained all night. It rained on the paper girl who was out until 2 AM because the papers were two hours late (which meant the concert was guilt-free) and because my partner begged off, doubling the work.

At least it rained. We haven't had the lawn mowed for a month, now. The question is, will this revive it enough for next week?

I've been to 3 free concerts presented by Blue Lake Fine Arts Camp this week. Last night was Rimsky-Korsakov: Capriccio Espangnol, Scheherazade. You could tell they were young, and you could tell they were going to be great. Such talent, such training. Such soloists!

Sigh. I could get used to that. Free live music.

[hamerfan]

25. Hooray for rain!

It sure beats the alternative:

http://www.youtube.com/watch?v=gplaqa2yRgg

[JDPriestly]

31. Lucky you. Rain and free music. What more could you want?

[xchrom]

51. i'm so glad & envious!

are these concerts held outside?

i haven't done that since i can remember.

[Demeter]

52. Hill Auditrium on campus

dynamic acoustics.

[xchrom]

53. very cool. we're dry as a bone here.

we get thunder & big black clouds -- but no rain.

[xchrom]

15. Sean O'Grady: The yuan should take over, but we need not write the dollar's obituary yet

http://www.independent.co.uk/news/business/comment/sean-ogrady-the-yuan-should-take-over-but-we-need-not-write-the-dollars-obituary-yet-2327149.html

For the bulk of human history gold was the global currency; then came sterling, whose rise accompanied Britain's ascent to workshop of and banker to, the world.

When Britain commanded half of world trade, it was natural that the pound was used in international transactions. Between the end of the First World War and start of the Second, it was supplanted definitively by the dollar, though the "sterling balances" held by former colonies and others were to serve as a nuisance to British economic policy making well into the 1970s.

It was America's rise to industrial and commercial pre-eminence that did for sterling's status. Kennedy-era tax rules created a market for dollar-denominated securities in London, so the City managed to cling on to and expand its old imperial role, but that was another story. The dollar, backed by gold until 1971, became the world's reserve currency by default. It was so in the 1950s when the US was the world's largest creditor; and still in the 2000s when she had become the world's largest debtor, by far. The mark, the yen, and the euro never seriously challenged that supremacy. The Swiss franc, for much of this time backed by gold, won the award for best supporting artist.

What ought to happen now is that the Chinese yuan should take on more of the dollar's old role, either alone or in a "basket" with the euro and gold. China, after all, is emerging as the major industrial force in the world and its trade surpluses and reserves are as extensive as America's once were.

[xchrom]

16. europe: Manufacturers set to cut jobs as business confidence falls

http://www.independent.co.uk/news/business/news/manufacturers-set-to-cut-jobs-as-business-confidence-falls-2327162.html

Employers expect to cut jobs in the manufacturing industry in the next three months, according to one of gloomiest polls of business confidence to be published this year.

The latest CBI Industrial Trends Survey showed a net balance of 10 per cent of industrial firms say they will have to cut employment – fuelling fears the so-far encouraging rate of growth of job creation in the private sector may not be sustained, just as serious cuts in the public sector workforce really begin.

In response, a senior Bank of England policymaker hinted that he may vote for a further round of direct injections of money into the economy.

Overall, manufacturers reported that they were less optimistic than three months ago, with a net balance of minus 16 per cent, the first fall in sentiment since July 2009.

[Demeter]

20. The Wages of Austerity are... Cut

as are the profits.

[xchrom]

54. Pierre de Villemejane: Picking up the pieces at Wedgwood

http://www.independent.co.uk/news/people/profiles/pierre-de-villemejane-picking-up-the-pieces-at-wedgwood-2327159.html


Pierre de Villemejane lists among his interests hunting wild boar in France's Loire Valley and being a huge fan of modern art and sculpture. Indeed, the Frenchman's wife is a painter and sculptor, which seems appropriate for the chief executive of Waterford, Wedgwood and Royal Doulton (WWRD), the holding company behind the world-famous china and crystal brands.

However, there was nothing artistic about the spectacular collapse of the 250-year-old Waterford Wedgwood into receivership in early January 2009 after it buckled under debts of £396m at the peak of the financial crisis.

The US private equity firm KPS Capital Partners revived the company, when it acquired certain assets and its four key brands: Royal Albert, Waterford, Wedgwood and Royal Doulton. It named Mr Villemejane as chief executive of WWRD on the same day in March 2009.

The Frenchman gives an honest assessment of how the maker of Wedgwood pottery and Waterford crystal had lost its way. He says: "I think it was a classic case of a company that had too much debt and it did not take responsibility for the reality of having an infrastructure that was much bigger than the reality of its trading position and its sales level."



i know, i know -- like fashion houses -- i'm gonna be the only one who cares about this.
i am such a grandma gay.

[bitchkitty]

64. I care very much.

Precious china and crystal are lovely and timeless. Beauty + function. I don't own any Royal Doulton or Waterford, and now I definitely never will! :(

[xchrom]

55. Italy borrowing costs soar in volatile euro markets

http://www.guardian.co.uk/business/feedarticle/9768214

MILAN/LONDON, July 28 (Reuters) - Italy's borrowing costs soared at a closely watched bond auction on Thursday as investors worried by the euro zone debt crisis and an impasse over the U.S. debt ceiling exacted a high risk premium.
The 8 billion euro ($11.4 billion) auction was conducted in volatile markets made more feverish by rumours, denied by Italian politicians, that Economy Minister Giulio Tremonti was preparing to resign.
The pressure on Italian stocks and bonds reflected both concern about Rome's ability to cut its sovereign debt -- second only to Greece's in Europe at 120 percent of annual output -- and doubts over whether last week's summit of euro zone leaders found a durable solution to the Greek debt crisis.
Criticism of the latest euro zone bailout plan for Athens has surfaced at the International Monetary Fund, as well as among European economists and market analysts, who say it does too little to reduce Greece's 340 billion euro debt.

[xchrom]

56. US debt default fears grow as UK becomes safest haven for bondholders

http://www.guardian.co.uk/business/2011/jul/27/us-debt-default-uk-bondholders

Fears that a debt default in the United States will trigger a dramatic loss of confidence in global markets drove interest rates on US Treasury bonds higher than those in the UK on Wednesday.

In a significant boost for the chancellor, George Osborne, the UK was being seen as a safer haven for bond investors than the US during the spreading global sovereign debt crisis.

The reversal of the traditional gap between US and UK government bonds came at the end of a turbulent day in the financial markets, as share prices fell and Greece was downgraded by another credit ratings agency. Wall Street was off 100 points in morning trading and the FTSE 100 closed more than 70 points lower.

Even if the current deadlocked talks between Democrats and Republicans on Capitol Hill over raising the $14.3bn US debt ceiling make some progress, expectations are now mounting that the world's largest economy will be stripped of its coveted triple A debt rating.

[xchrom]

57. Credit Suisse to cut 4% of global workforce by 2012

http://www.bbc.co.uk/news/business-14321931

Credit Suisse is to cut more than 2,000 jobs - or 4% of its global workforce of 50,700 - by the end of next year in an attempt to make savings.

The announcement came as the Swiss bank reported a 52% year-on-year fall in net profit to 768m Swiss francs ($959m; £586m) in the second quarter.

Its results were hurt by a strong currency and a drop in trading.

Earlier this week, fellow Swiss bank UBS hinted at job cuts after announcing plans to reduce costs by up to $2.5bn.

[Demeter]

21. UBS Is Sued for Mortgage Losses

http://online.wsj.com/article/SB10001424053111904888304576472280066130642.html?mod=WSJ_myyahoo_module

The federal regulator for Fannie Mae and Freddie Mac on Wednesday sued UBS AG, accusing the Swiss investment bank of costing the two mortgage giants at least $900 million by selling them shaky mortgage-backed securities during the housing market boom.

The lawsuit, filed by the Federal Housing Finance Agency in U.S. District Court for the Southern District of New York, is the agency's first lawsuit against a major investment bank seeking to recover money for the two government-controlled mortgage giants. Their near-collapse in fall 2008 has cost taxpayers $138 billion...

[Po_d Mainiac]

24. A Day In The Life Of The Chairsatan/s

Knock knock

Professor Bernanke: “Come in”

Aide d’bernacke: “Ah (cough) sir, have you looked outside?”

Professor Bernanke: “Of coarse not. I busy reading these 'Beige Books' from 1994.”

Aide d’bernacke: “Well sir, there is a really big crowd out there, and they appear to be quit angry. In fact sir, I’m not sure I knew what a riot looked like before today, but I think I do now.”

Professor Bernanke: (looking out the window) “I believe you may be correct in your assumption, but that said, it should be transitory.”

Aide d’bernacke: I don’t think it’s transitory sir. They have pitchforks and they just burned your likeness in effigy.

Professor Bernanke: “Oh, I thought they were just grilling up some fillet mignons. We have a security detail. Send them out to deal with those unwashed masses.”

Aide d’bernacke: “Sir, do you see the construction going on out there?”

Professor Bernanke: “Where? Oh now I see it. See just as I predicted, construction would pick up in H2.”

Aide d’bernacke: “Sir that is a guillotine. Do you see the men in uniforms hauling lumber?”

Professor Bernanke: “Indeed I do. Odd attire for construction work. Where are their hard hats?”

Aide d’bernacke: “Sir that is the security detail.”

Professor Bernanke: “Why are they doing the work that should be done by the local trade union? We need to get those insignificant unemployment figures down.”

Aide d’bernacke: “Sir, I believe I know what the servants to Marie and Louis were thinking.”

Professor Bernanke: “Marie and Louis? I don’t recall writing about them in my history of the Great Depression. Did you know I know all about the Great Depression?”

Aide d’bernacke: “They didn’t live during the Depression. They were beheaded 150 years earlier.”

Professor Bernanke: “What difference does that make? The only history of any importance occurred during the Great Depression. Did I tell you I’m an expert about the Great Depression?”

Aide d’bernacke: “I believe you have mentioned it sir. Those people are upset about the cost of food and fuel, and they seem to believe that QE is responsible for their hardships. They want to kill you.”

Professor Bernanke: “Didn’t they listen to my speech? I must have said ‘transitory’ at least as many times as I stated ‘that said.’ I don’t want to be transitory; we better make the call”

Aide d’bernacke: “To the President?”

Professor Bernanke: “Of coarse not. Look at the clock. He’s scheduled to be getting sex from Jamie. We need to consult with the Maestro.”

Aide d’bernacke: “I’ll get him on the phone for you sir.”

Professor Bernanke: “You make the call on my behalf. I have to call Lloyd and give him the numbers BLS is releasing to the public tomorrow.”

………………….

Ring ring

Servant: (in a very deep voice) “You rang?”

Aide d’bernacke: “Please tell the Maestro he has a call from the Marriner S. Eccles Building.”

Servant: “Is this about the two cases of toilet tissue? I thought that was taken care of long ago?”

Aide d’bernacke: “So that’s what line 4215 on the REPO sheet is. No, we need to consult with the Maestro about the economy.”

Servant: “Have you tried printing money?”

Aide d’bernacke: “Of coarse we have. May I please speak with the Maestro?”

Servant: “Just a moment.”

The Maestro: “Maestro here.” (followed by incoherent babbling)

Aide d’bernacke: “Sir we are in dire need of your expertise."

The Maestro: “Have you tried printing money and making incoherent testimony before Congress?”

Aide d’bernacke: “Yes sir we have”

The Maestro: "How about pumping oil out of those old salt mines, I think the're called strategic reserves?"

Aide d’bernacke: “Yes sir we did that. The Chinese bought it all"

The Maestro: "Didn't the market police itself?"

Aide d’bernacke: "That's the problem sir. They laid off all the cops."

The Maestro: " Hmm, bummer. (followed by incohehent babbling) Sorry son, I don’t know what to tell you. Lurch, would you please hand me another roll of tissue?”

Click

[Demeter]

27. You could have a viable sit-com there, Po

You could hire us all as writers, too. And we'd NEVER run out of material...

[Po_d Mainiac]

32. It wood never make it past the pilot

we are talking about the FED...ZERO INTEREST

[Demeter]

35. LOL

:rofl:

[Demeter]

26. Broke! 10 Facts About The Financial Condition Of American Families That Will Blow Your Mind

The crumbling U.S. economy is putting an extraordinary amount of financial stress on American families. For many Americans, "flat broke" has become a permanent condition. Today, over half of all American families live paycheck to paycheck. Unemployment is rampant and those that do actually have jobs are finding that their wages are rising much more slowly than prices are. The financial condition of average American families continues to decline and this is showing up in all of the recent surveys. For example, according to a new Gallup poll, "lack of money/low wages" is the number one financial concern for American families. To make ends meet, many American families are going into even more debt and more American families than ever are turning to government assistance. Right now, more Americans than at any other point since World War II are flat broke and have lost hope. Until this changes, the frustration level in this country is going to continue to grow.

The following are 10 facts about the financial condition of American families that will blow your mind.....

• #1 Only 58 percent of Americans have a job right now.
  
  
• #2 Only 56 percent of Americans are currently covered by employer-provided health insurance.
  
  
• #3 The median yearly wage in the United States is $26,261.
  
  
• #4 The average American household is carrying $75,600 in debt.
  
  
• #5 Only the top 5 percent of U.S. households have earned enough additional income to match the rise in housing costs since 1975.
  
  
• #6 At this point, American families are approximately 7.7 trillion dollars poorer than they were back in early 2007.
  
  
• #7 The poorest 50% of all Americans now own just 2.5% of all the wealth in the United States.
  
  
• #8 According to one study, approximately 21 percent of all children in the United States were living below the poverty line in 2010.
  
  
• #9 Today, there are more than 44 million Americans on food stamps, and nearly half of them are children.
  
  
• #10 According to Newsweek, close to 20 percent of all American men between the ages of 25 and 54 do not have a job at the moment.

...Our politicians promised us that merging our economy with the economies of other nations where it is legal to pay slave labor wages to workers would not create more unemployment inside America.
They were dead wrong. Now we are being told that we just need to accept a lower standard of living...For example, billionaire Howard Marks says that it is time for all of us to just accept that the standard of living of American workers is inevitably going to decline to the level of the rest of the world...."In addition to balancing the budget and growing the economy, I think we have to accept that the coming decades are likely to see U.S. standards of living decline relative to the rest of the world. Unless our goods offer a better cost/benefit bargain, there’s no reason why American workers should continue to enjoy the same lifestyle advantage over workers in other countries. I just don’t expect to hear many politicians own up to this reality on the stump."

....As our economic system continues to degenerate, Americans are going to become increasingly desperate. Sadly, desperate people do desperate things. Already we are starting to see signs that the fabric of American society is starting to be ripped to shreds. So what is going to happen if the economy gets even worse? There is a limit to how many people we can actually put in prison. The reality is that the number of Americans in prison has nearly tripled since 1987. Our prisons are already dangerously overcrowded. As society falls apart, many communities will simply not be able to shove more people behind bars. Even with our prisons stuffed to the gills, many of our largest cities continue to be transformed into absolute hellholes....

[bread_and_roses]

47. Good list

do you have a link, or did you compile it?

[Demeter]

50. oops

I had a link.....rummage, rummage....ah, here it is!


http://www.informationclearinghouse.info/article28681.htm

[Demeter]

28. Buffett's Wells Fargo Busted Lying To People, Wristslapped w/ $85M Fine By Emperor Of Moral Hazard

http://www.zerohedge.com/article/warren-buffetts-wells-fargo-busted-lying-people-wristslapped-85-million-fine-emperor-moral-h

Just out from Bloomberg.

Federal Reserve Board issued consent cease, desist order, assessed $85m civil money penalty against Wells Fargo, Fed said in email statement.

Order addresses allegations that Wells Fargo employees steered potential prime borrowers into more costly subprime loans, falsified income info in mortgage applications

Order also requires Wells Fargo compensate affected borrowers

$85m civil money penalty is largest Board has assessed in consumer-protection enforcement action

Penalty is 1st formal enforcement action taken by a federal bank regulatory agency to address alleged steering of borrowers into high-cost, subprime loans

Wells Fargo also required to improve oversight of its anti-fraud, compliance programs, incentive compensation, performance mgmt policies

Wells Fargo didn’t admit any wrongdoing

Shocker: the bank of Warren Buffett, that paragon of virtue and decency, busted by the capo di tutti ZIRP capi itself for lying to grandma? Surely WFC investors, who don't have to deal with their investment either admitting or denying wrongdoing, can "suck it in" and we can get Charlie Munger to preach some more fire and brimstone morality about the evils of gold and the miracles of taxpayer bailouts.

[JDPriestly]

37. Finally, the obvious is being admitted.

[Fuddnik]

40. They lied to Congress aout it too.

THREE YEARS AGO!!!!

Amy Goodman was interviewing the former head of their subprime division. She put it all out there in the interview back then. And she said, "I'm sitting there listening to my boss, the CEO, testify to Congress that my division doesn't even exist"!!!!

[Demeter]

42. It's okay if you are a Republican Bankster

[Demeter]

29. Pop-Cultured Currency: Art of Defaced US Dollars

http://weburbanist.com/2011/07/20/pop-cultured-currency-art-of-defaced-us-dollars/

Taking a worthless piece of paper and adding value...

[Po_d Mainiac]

36. Hobo Nickels....great art!

http://www.google.com/search?q=hobo+nickels&hl=en&rls=com.microsoft:en-us:IE-SearchBox&rlz=1I7GGLG&prmd=ivns&tbm=isch&tbo=u&source=univ&sa=X&ei=4m0xToyiEqHl0QGWob38Cw&ved=0CEkQsAQ&biw=1280&bih=568

[Demeter]

39. So, that Makes Inflation a mere Twenty times since 1929?

[Po_d Mainiac]

45. more

[Festivito]

30. Debt: 07/26/2011 14,342,830,116,551.28 (DOWN 10,966,498.39) (Tue, UP a little.)

Debt: 07/26/2011 14,342,830,116,551.28 (DOWN 10,966,498.39) (Tue, UP a little.)
(OVER the old debt limit of 14.294-trillion dollars by 49-billion dollars. Good day.)
Out of battery power.
(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)
= 9,747,272,360,004.06 + 4,595,557,756,547.22
UP 75,256,672.36 + DOWN 86,223,170.75

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 313-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,199.68 makes 1T$.
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 312,531,392 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 $45,892.45.
A family of three owes $137,677.34. (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 -83,083,729.08.
The average for the last 30 days would be -55,389,152.72.
The average for the last 32 days would be -51,927,330.67.
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$/day.
There were 202 reports in 299 days of FY2011 averaging 3.87B$ per report, 2.61B$/day.
Above line should be okay

PROJECTION:
There are 544 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)
07/26/2011 14,342,830,116,551.28 BHO (UP 3,715,953,067,638.20 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 +0,781,207,085,659.50 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +0,953,647,445,704.74 ------------* * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 --
07/22/2011 +000,804,035,241.16 ------------********
07/25/2011 -000,991,970,057.94 --- Mon
07/26/2011 +000,075,256,672.36 ------------*******

5,048,995,157.48 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=4937446&mesg_id=4937482

[Festivito]

66. Debt: 07/27/2011 14,342,819,149,604.76 (DOWN 10,966,946.52) (Wed, UP a little.)

(OVER the old debt limit of 14.294-trillion dollars by 49-billion dollars. Good day.)
The Sage coffee house overlooking the lake.
(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)
= 9,747,742,929,867.95 + 4,595,076,219,736.81
UP 470,569,863.89 + DOWN 481,536,810.41

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 313-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,199.60 makes 1T$.
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 312,538,592 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 $45,891.35.
A family of three owes $137,674.06. (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 -81,889,428.47.
The average for the last 30 days would be -54,592,952.31.

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$/day.
There were 203 reports in 300 days of FY2011 averaging 3.85B$ per report, 2.60B$/day.
Above line should be okay

PROJECTION:
There are 543 days remaining in this Obama 1st term.
By that time the debt could be between 14.3 and 17.1T$.
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)
07/27/2011 14,342,819,149,604.76 BHO (UP 3,715,942,100,691.68 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 +0,781,196,118,713.00 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +0,950,455,277,767.48 ------------* * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 --
07/22/2011 +000,804,035,241.16 ------------********
07/25/2011 -000,991,970,057.94 --- Mon
07/26/2011 +000,075,256,672.36 ------------*******
07/27/2011 +000,470,569,863.89 ------------********

-1,098,995,752.26 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=4938980&mesg_id=4939140

[hamerfan]

33. Exxon 2nd quarter earnings rise 41%

NEW YORK — Exxon (XOM) said Thursday that higher oil prices and improved refining margins boosted its second-quarter profits 41%.
The largest publicly traded oil company reported earnings of $10.68 billion, or $2.18 per share, for the three months ended June 30. That compares with $7.56 billion, or $1.60 per share, for the same part of 2010. Revenue grew 36% to $125.5 billion.
It's the highest profit for Exxon since it set a corporate earnings record of $14.8 billion in the third quarter of 2008. But the results fell short of Wall Street estimates of $2.30 per share. Revenue topped projections of $119.2 billion.
Higher oil prices also boosted earnings for Exxon's European rivals BP and Royal Dutch Shell PLC in the second quarter.

http://www.usatoday.com/money/industries/energy/2011-07-28-Exxon-Mobil_n.htm


"Surprised"? :sarcasm:

[Demeter]

34. Fed planning for potential default

http://www.reuters.com/article/2011/07/20/us-usa-debt-fed-idUSTRE76J6IT20110720

The Federal Reserve is actively preparing for the possibility that the United States could default as a deadline for raising the government's $14.3 trillion borrowing limit looms, a top Fed policymaker said on Wednesday. (PLEASE REMEMBER, THE LACK OF RAISING THE DEBT CEILING DOES NOT MEAN THE US DEFAULTS) Charles Plosser, president of the Philadelphia Federal Reserve Bank, said the U.S. central bank has for the past few months been working closely with Treasury, ironing out what to do if the world's biggest economy runs out of cash on August 2...."We are in contingency planning mode," Plosser told Reuters in an interview at the regional central bank's headquarters in Philadelphia. "We are all engaged. ... It's a very active process." Plosser said his "gut feeling" was that President Barack Obama and Congress will come to an agreement to increase the Treasury's borrowing authority in time to avert a default on government obligations.

Obama was due to meet with top Republicans in Congress on Wednesday to discuss the latest attempts to end the dispute over raising the country's debt ceiling, a row which has raised the prospect of the Treasury Department running out of money to pay its bills next month. The Treasury has repeatedly said default was unthinkable and that there was no alternative to raising the debt ceiling. (BUT WE ALL KNOW GEITHNER LIES) Plosser's remarks marked the most extensive public comments yet on preparations for a default from a U.S. official.

One aspect of the Fed's contingency planning is purely operational: the Fed is developing procedures about how the Treasury would notify it on which checks would get cleared and which wouldn't, Plosser said. The Fed effectively acts as the Treasury's bank -- it clears the government's checks to everyone from social security recipients to government workers...."We are developing processes and procedures by which the Treasury communicates to us what we are going to do," Plosser said, adding that the task was manageable. "How the Fed is going to go about clearing government checks. Which ones are going to be good? Which ones are not going to be good?"

"There are a lot of people working on what we would do and how we would do it," he said. (I'LL BET THERE ARE!) Plosser added that there are difficult questions that the Fed itself had to grapple with. The Fed lends to banks at the discount window against good collateral. But what happens if U.S. Treasuries no longer fit that bill? (YEAH, STIFF THE BANKS!) "Do we treat them as if they didn't default, in which case we would be saying we are pretending it never happened? Or do we treat them as if they defaulted and don't lend against them?" Plosser said. "Those are more policy questions." Plosser, who was a vocal critic of some of the Fed's extraordinary lending during the financial crisis -- which he said veered into fiscal policy and risked the central bank's independence -- warned it would be crucial for the Fed not to do the Treasury's work for it. "We have to be very careful that we don't become, that we don't conduct fiscal policy in this context," he said. "That we don't substitute for the inability of the Treasury to borrow in some circumstances."

[Demeter]

38. Crisis Junkies Warring Against Our Future By Robert S. Becker

http://www.informationclearinghouse.info/article28647.htm

We are beset by two teams of crisis junkies playing a game of chicken for self-serving ends....Only worse than the farce of a manufactured debt crisis, signifying a nation crashing into itself, is the exhibition of shrill ideologues hitting the gas pedal....

Need we recall what got Obama and Democrats elected? Not to redeem the world, even America, but begin to remedy years of belligerently criminal Bushism. Certainly not to negotiate away historic triumphs to today's radical (but still minority) scourge. Squandering the core mission -- then failing at recovery (who picked Summers-Geithner?) -- guaranteed the current WH default as wimpy, ever-conciliatory crisis managers. Mocking change-agent audacity, Obama's election push comes down to "staying the course," with dubious claims his status quo way is better from Bush's...

BLISTERING VENTILATION, IF YOU NEED IT

[Demeter]

41. there's an Editorial in NYT : America’s Credibility Is at Risk"

Editorial at http://www.nytimes.com/2011/07/28/opinion/28thu1.html

and a truer sentence has never been penned.

It's not our credit-worthiness, not our ability or even willingness to pay that's at issue.

It's the idiots we've put into office, and haven't figured out how to dislodge, yet. The Idiots who have decided to hold the country and the world hostage to their megalomania.

I blame the Idiot in Chief, for letting this get so out of hand that even he, with all the powers and majesty of his office, cannot see the wood for the trees, nor which way the wind is blowing. You don't need a Weatherman, but this is a good way to get an armyful of them. Oh, that's right, he's too young to remember...

[bread_and_roses]

46. The Grey Panthers must rise again!

We Elders must lead the way.

[Demeter]

43. A Pathetic Attempt by the PPT to Make a Dead Cat Bounce

40 points at open, heading straight down...

[Demeter]

44. Duty Calls, See You Later

Going to stagger out on 4 hours of sleep...see how much havoc I can wreak.

[mrdmk]

48. Thom Hartmann: This isn't a bloodless battle - People will Die

link: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x604165

This is about prosperity for the few, in-spite of what the founding fathers of this country knew!

[cbdo2007]

49. Coffee stocks way up today.

[xchrom]

58. south asia: Ford to open new unit in India to boost market share

http://www.bbc.co.uk/news/business-14321190

US car maker Ford is planning to expand its operations in India as it attempts to capture a greater share of the country's car market.

The US carmaker says it plans to invest $1bn (£612m) in building a new factory in the western state of Gujarat, its second production line in India.

The announcement comes as Ford is looking to increase its global sales by 50% over the next four years.

India is one of the fastest-growing car markets in the world.

[xchrom]

59. asia: Rising prices have hurt East Asia's growth, says report

http://www.bbc.co.uk/news/business-14320973

Rising consumer prices have hurt growth in emerging East Asian economies, the Asian Development Bank (ADB) has said.

Annual growth in the region's ten largest economies moderated to 8.1%, in the first quarter of 2011, down from 8.4% in the previous three months.

Consumer prices in the region have been rising due to higher food and fuel costs.

East Asia is home to some the world's fastest-growing economies, including China.

[xchrom]

60. South Korea's economic growth slows on weaker exports

http://www.bbc.co.uk/news/business-14303475

South Korea's economic growth slowed in the second quarter as exports and manufacturing weakened.

The annual rate of growth was 3.4% in the three months to the end of June, down from 4.2% in the previous quarter. Quarter-on-quarter growth was 0.8%.

The slowdown comes as demand from key markets such as the US and Europe has been hit by a slower economic recovery and debt concerns.

Analysts said Korea's outlook remained volatile due to issues in key markets.

[xchrom]

61. US debt deadlock hits world shares

http://www.guardian.co.uk/business/2011/jul/28/debt-crisis-deadlock-world-shares

Global stock markets suffered fresh losses on Thursday as the US debt talks remained deadlocked, leaving investors braced for shockwaves to rattle the financial world.

With no sign of a deal in Washington, there were heavy losses in Asia overnight. There was also a scramble to sell shares in Europe, as traders reacted to the worst day's trading in two months on Wall Street on Wednesday.

The FTSE 100 fell 54 points at one stage to 5802, but later clawed back most of the losses as the nervy morning session continued. There were sharper falls on the German and French markets.

America's political leaders now have just six days to agree a deal to raise the limit on US borrowing, and traders are having to confront the possibility – unthinkable just a few weeks ago – that they will fail.

[Demeter]

62. Since today is Thursday

that means that tomorrow is Friday, and we need a theme....

I had a really nice one all picked out, and didn't write it down, and now it's completely vanished from my short-term memory. Who needs alcohol, when stress will do the job?

It had something to do with current events, that's all I remember.

I need a keeper. Truly.

[kickysnana]

63. It was sad when that great ship went down --

It was on one Monday morning,
About one o'clock,
When the great Titanic
Began to reel and rock.
People began to scream and cry,
Saying, Lord, I'm going to die.
It was sad when that great ship went down.

CHORUS:
It was sad when that great ship went down --
Husbands and wives
And children lost their lives.
It was sad when that great ship went down.

Popped into my head when I read your message.

[Demeter]

65. You know, I think that's what it was!

I wanted to do a titanic theme....thanks kicky!