STOCK MARKET WATCH, Thursday, September 22, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Thursday, September 22, 2011

AT THE CLOSING BELL ON September 21, 2011

Dow 11,124.84 -283.82 (-2.55%)
Nasdaq 2,538.19 -52.05 (-2.05%)
S&P 500 1,166.76 -35.33 (-3.03%)
10-Yr Bond... 1.79 -0.08 (-4.02%)
30-Year Bond 2.88 -0.11 (-3.68%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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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

Sep 22 08:30 Initial Claims 09/17 412K 418K 428K
Sep 22 08:30 Continuing Claims 09/10 3710K 3730K 3726K
Sep 22 10:00 FHFA Housing Price Index Jul NA NA 0.9%
Sep 22 10:00 Leading Indicators Aug 0.0% 0.1% 0.5%

Read more: http://www.briefing.com/investor/calendars/economic/2011/09/19-23/#ixzz1Yg5aPW8G

[Pale Blue Dot]

2. Oil falls near $83 as Fed warns of economic risks

SINGAPORE – Oil prices plunged to near $83 a barrel Thursday in Asia, extending losses from the previous session after the U.S. central bank warned that already weak economic growth could deteriorate further.

Benchmark oil for November delivery was down $2.52 at $83.40 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude dropped $1.00 to settle at $85.92 on Wednesday.

In London, Brent crude for November delivery was down $2.31 at $108.05 on the ICE Futures exchange.

Federal Reserve Chairman Ben Bernanke said Wednesday at the end of a two-day policy meeting that there were "significant downside risks" to the Fed's economic forecasts, and highlighted a weak labor market and high unemployment rate.

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

[Roland99]

82. Oil just touched $79.98/bbl.

[Demeter]

101. $3.39 Today!

[wordpix]

102. It keeps going down lately instead of up, hope the speculators get theirs

[Demeter]

104. It's 50 cents in a week

They waited until the football game was over..

[Pale Blue Dot]

3. U.S. Stock Futures Drop on Signs Global Financial-System Risks Are Growing

U.S. stock-index futures dropped, signaling the Standard & Poor’s 500 Index may fall for a fourth day, amid concern global economic growth is slowing and that banks may find it increasingly difficult to obtain funding.

Bank of America Corp. (BAC), the biggest U.S. lender, lost 1.9 percent in pre-market New York trading. Wells Fargo & Co. (WFC) declined 1.6 percent.

Futures on the S&P 500 expiring in December dropped 1.8 percent to 1,134.7 at 6:15 a.m. in New York, reversing an earlier gain. Contracts on the Dow Jones Industrial Average retreated 184 points, or 1.7 percent, to 10,823. The MSCI All- Country World Index of emerging market and developed market stocks slid 2.5 percent, extending its decline from the May 2 high to more than 20 percent. If the gauge closes at its current level it will have entered a so-called bear market.

“Under the surface, we are moving quickly into a secondary credit crisis,” said Angus Gluskie, who manages more than $300 million at White Funds Management in Sydney. “All underlying measures of credit risk are rising and there are numerous examples of banks having to resort to unusual measures to obtain funding.”

http://www.bloomberg.com/news/2011-09-22/u-s-stock-futures-drop-on-signs-global-financial-system-risks-are-growing.html

Are we finally at the end?

[Demeter]

6. I doubt it

We're going to need a real change of government for things to improve. With Uncle Ben and Little Timmy in charge, we haven't hit bottom yet. they have all the money in the world (that China doesn't have, in any way) to squander on their cronies, trying to keep the banksters "whole".

[DemReadingDU]

52. -299 at 9:13am

http://www.bloomberg.com/markets/stocks/futures/

[Warpy]

78. We're nowhere near the end, I'm afraid

The bunglers still have an enormous amount of time to try to stick bandaids on a system that is crumbling before their eyes because it was never a sustainable system.

Whether we're fortunate enough to come out of this with another Keynesian New Deal and another economy that is stable until a bunch of hatchet faced little weasels in service to a few rich men manage to sell laissez-faire/mercantilism/supply side to a whole new generation of suckers or whether we go straight to feudalism is anyone's guess at this point.

I'm extremely pessimistic for the short term, though, and it's unlikely I will live to see the long term.

[Demeter]

4. Ha! First Rec! Good morning, all!

On Tuesday my younger daughter and I moved furniture, including a 50+ year old, solid maple double chest of drawers. Today I am starting to feel the pain. That was a massive piece. I used to climb the drawers to reach the top one, where we kept the silver dollars my grandparents gave us for birthdays.

My father turned in all the coins to buy savings bonds. My grandfather was fit to be tied when he found out.

On such small things are fortunes made and lost.

My grandfather survived the Bolshevik revolution as a child. He tried to provide us with the basis of survival in the New country. And he did. I just hope it's enough.

[rfranklin]

Howdy Doody! Number two!

Every day in every way I am getting better and better!

[Demeter]

7. Never doubt it!

You my friend, have managed to post an un-numbered message! I've never seen that happen before. What a talent! Good morning to you!

[DemReadingDU]

9. It's rare but I've seen that before

usually 2 people post at exactly the same instant

[Tansy_Gold]

29. I'm #10! I'm #10!

And now I'm heading to work.. . . .


TG

[rfranklin]

36. You remind me of Bo Derek...

Funniest moment in that movie for me was when Dudley Moore wakes up in Mexico.

[Tansy_Gold]

55. .

.

(speechless)

[rfranklin]

5. Dupe

Itchy trigger finger

[xchrom]

34. good morning to every one.

:donut:

[boomerbust]

51. Good story Demeter

My Grampa on my Mothers side came over here from Ukraine during the Czars reign of terror. He also used to dole out silver dollars for special occasions, I used to think how cheap my Grampa was being. I'd give my right arm today for that pickle jar of silver dollars he kept on his kitchen cupboard behind the cookie jar. Damn I miss that old Russian!:cry:

[Demeter]

8. Why Gold Stocks Have Not Performed…Yet By Chris Mayer

For the first half of the year, the HUI Gold Bugs Index — made up of gold mining stocks — was down 9%, despite the fact that the price of gold was up 30%. What gives? Normally, gold stocks give its investors some leverage to the gold price. Historically, gold stocks move 2-3% for every 1% move in gold. Not so in 2011. There are some reasons for this. In order of importance, I rate them as follows:

1. The cost of production is up a lot. Energy costs represent 20-35% of costs. Then there are steel costs, chemicals and labor — not to mention declining grades, which mean chewing through more rock per ounce of gold mined. As a result of these rising costs (and the next bullet), cash profit margins for the industry are not much higher than they were three years ago, even though gold is much higher. There is little relief coming here, though the retreat in the price of oil helps. This can also be turned around, however, as a positive for some low-cost, high-margin gold miners. It makes their properties all the more valuable and gives you a good cushion investing in them.

2. Taxes have gone up huge. CIBC notes, in a recent report, that cash taxes per ounce mined have gone up 1,200% in the last six years! Put another way, taxes are up to about $200 an ounce from under $20 an ounce six years ago. This is a statistic that went from practically meaningless to heavy anchor in just six years. Again, there is little relief coming on No. 2. Political risks will probably play a bigger role in gold mining as gold prices rise, giving politicians incentive to take more. Nationalization? Confiscatory taxes? These are concerns. Again, this can be turned around as a positive for gold stocks in safer jurisdictions.

3. There is much skepticism about the price of gold holding its big gains this year. As a result, there is reluctance on the part of investors to give gold mining shares the full benefit of the price increase when they think about what they are worth. You can see this in Wall Street research in which analysts assume lower gold prices going forward.



Read more: Why Gold Stocks Have Not Performed...Yet http://dailyreckoning.com/why-gold-stocks-have-not-performed-yet/#ixzz1Yg8tO6Ap

[Demeter]

10. European Banks Stress Tests and Other Bad Jokes By Eric Fry

...The recent stress tests of European banks were “a joke,” according to Jim Chanos, the famous short seller who laughed all the way to the bank when betting against fatally flawed companies like Enron, Conseco and Boston Chicken. “The tests are a joke,” Chanos declared during an interview yesterday on Bloomberg TV. “The accounting is a joke and the markets are beginning to say, ‘No More!’” Chanos said he would be short these banks right now if European regulators had not outlawed the practice last month. The stress test “joke” is only one small sliver of the European game of make-believe. Central bankers and politicians throughout Europe are continuing to pretend that various insolvent banks and insolvent governments are in fine shape…as long as they get a little bit of help from the ECB...But the financial markets are providing ample evidence to the contrary. The share prices of many European banks are plummeting, while the yields of many European government bonds are skyrocketing. The now-infamous Greek two-year government bond yields a whopping 134%!

In other words, even if European banks can pass a contrived stress test with flying colors, they are flunking the “normalcy test.” Many European banks, like many European governments, have erected such a fragile and precarious financial structure that bankruptcy seems inevitable, even without any additional stress...Fearing a repeat of ’08, the US Federal Reserve is springing into action, which pretty much guarantees a repeat. Earlier today, the Fed christened the launch of “Operation Twist” — a scheme to buy up a bunch of the long-term Treasury bonds...Operation Twist is simply a new form of Quantitative Easing, which was simply a new form of printing money out of thin air. (The Fed says it will pay for its new purchases with proceeds from the sale of the short-dated Treasuries it already owns. We don’t believe it. By hook or by crook, the Fed’s balance sheet will probably grow over the next few months. We will be watching). Op Twist, therefore, is merely the next illogical step in a regrettable progression toward dollar debasement. After Op Twist, look for Operation Contort, Operation Zig-Zag, Operation Bait-and-Switch, Operation Capital Control and ultimately, Operation Devalue.

The longer the Federal Reserve continues its misguided operations, the bleaker the prospects for the US dollar. But the greenback is not the only paper currency at risk these days. The formerly stodgy, conservative Europeans are beginning to call plays from the American Central Banking Playbook. The European Central Bank (ECB), in response to the sovereign debt crisis unfolding around the periphery of the euro zone, has embarked on a quantitative easing program of its own — buying billions of euros worth of Greek, Spanish and Italian government bonds in the open market. At the same time, the ECB is also part of a central banking cabal that is providing undisclosed quantities of short-term credit to European banks. And to judge from recent headlines, the ECB is just getting warmed up.

The European Systemic Risk Board (ESRB) announced earlier today that systemic risks within the Europe Union’s financial system “have increased considerably” over the last three months. According to the ESRB’s grim diagnosis, “Key risks stem from potential further adverse feedback effects between sovereign risks, funding vulnerabilities within the EU banking sector, and a weakening of growth outlooks both at global and EU levels…Signs of stress are evident in many European government bond markets, while the high volatility in equity markets indicates that tensions have spread across capital markets around the world. The situation has been aggravated by the progressive drying-up of bank term funding markets, and availability of US dollar funding to EU banks had also decreased significantly…“The high interconnectedness in the EU financial system has led to a rapidly rising risk of significant contagion,” the ESRB concludes. “This threatens financial stability in the EU as a whole and adversely impacts the real economy in Europe and beyond.” The ESRB’s prescribed cure: More of everything that hasn’t worked. ...In other words, print euros, dollars, Swiss francs or anything else you can print and throw it in the direction of failing financial institutions and/or bankrupt sovereigns.

Read more: European Banks Stress Tests and Other Bad Jokes http://dailyreckoning.com/european-banks-stress-tests-and-other-bad-jokes/#ixzz1YgA4wYV5

[Demeter]

11. What's Really Bad About This Whole Situation Is

nobody's talking about the derivatives time bomb, still ticking away madly.

[Po_d Mainiac]

50. Brooksley Born for President

I hope she gets a chance to castrate these pukes

[Hotler]

59. +1 n/t

[Demeter]

20. Eurozone crisis has making of horror sequel

Government credit risks, shaky asset markets and slowing growth look like creating a 2008 crisis follow-up: ‘This Time It’s Sovereign’

Read more >>
http://link.ft.com/r/IOCBMM/ZGCO2L/52KB7/97ZAGH/PFPQ10/YT/t?a1=2011&a2=9&a3=21

[Demeter]

25. Mohamed El-Erian - French banks could tip Europe back into recession

Conventional wisdom may now be only half right when it comes to solving Europe’s mess. Fixing the sovereign debt problem is still necessary, but it may no longer be sufficient. Europe must also move quickly to stabilise the banks at its core.

Read more >>
http://link.ft.com/r/FG6LAA/97XD38/Q38E1/4C0VFY/VLGH3I/AZ/t?a1=2011&a2=9&a3=22

[Demeter]

12. IMF warns on global financial system

Sovereign debt turmoil in Europe and the US has ‘thrown the financial system recovery into reverse’ for the first time since 2008

Read more >>
http://link.ft.com/r/8P1R88/VL865E/K91WR/VL1U5H/L9FQHR/MQ/t?a1=2011&a2=9&a3=22

[Demeter]

13. $23bn windfall for new Libya

Libya’s revolutionary government has enjoyed a surprise windfall after discovering $23bn-worth of assets unspent by Muammer Gaddafi’s regime

Read more >>
http://link.ft.com/r/8P1R88/VL865E/K91WR/VL1U5H/7A52ES/MQ/t?a1=2011&a2=9&a3=22

[wordpix]

103. hey, there's a bit of good news today

[Demeter]

14. US agrees $5.9bn arms deal with Taiwan

Washington braces for Chinese backlash, with Beijing already summoning the US ambassador after being informed of the decision

Read more >>
http://link.ft.com/r/8P1R88/VL865E/K91WR/VL1U5H/YBOHM7/MQ/t?a1=2011&a2=9&a3=22

TAIWAN MUST BE KNEE-DEEP IN ARMAMENTS BY NOW, GIVEN THE RATE AT WHICH WE SUPPLY THEM....OR THERE'S A GREAT RESALE MARKET THAT NOBODY MENTIONS...

[wordpix]

105. our lender, China, won't like that---watch out or they'll call in their loans

[Demeter]

15. BNP Paribas in Mideast push for funding

Senior executives are to tour the region in an attempt to raise fresh capital and shore up confidence in France’s biggest bank

Read more >>
http://link.ft.com/r/QM42II/GD99AT/NRHD3/8ZA7UW/U1BUVV/XL/t?a1=2011&a2=9&a3=22

SURE! SPREAD THE CONTAGION TO AFRICA! AFTER ALL, THAT'S WHY FRANCE INVADED LIBYA...GADDAFI WOULDN'T PLAY WITH THEM.

[Demeter]

16. BofA worst hit by Moody’s downgrades

The credit ratings of Citigroup and Wells Fargo have also been cut over concerns the US would be less likely to rescue the lenders

Read more >>
http://link.ft.com/r/QM42II/GD99AT/NRHD3/8ZA7UW/2O264L/XL/t?a1=2011&a2=9&a3=22

AS I NOTED YESTERDAY AFTERNOON, I SUSPECT THE DOWNGRADES LED TO THE 300 POINT LOSS ON THE DOW...

[Demeter]

18. S&P downgrades seven Italian banks

Intesa and Mediobanca are among the seven financial institutions hit by ratings cut following the country’s sovereign debt downgrade this week

Read more >>
http://link.ft.com/r/QM42II/GD99AT/NRHD3/8ZA7UW/ORPJGP/XL/t?a1=2011&a2=9&a3=22

[Demeter]

17. UBS chief executive to fight for his job

Oswald Grübel is to make a ‘back me or sack me’ pitch to the board of the Swiss banking group in the wake of a $2.3bn rogue trading scandal

Read more >>
http://link.ft.com/r/QM42II/GD99AT/NRHD3/8ZA7UW/8Z4AES/XL/t?a1=2011&a2=9&a3=22

[Demeter]

19. SEC charges ex-Goldman Sachs trader

Spencer Mindlin allegedly tipped off his father about the bank’s hedging trades pegged to an exchange traded fund

Read more >>
http://link.ft.com/r/QM42II/GD99AT/NRHD3/8ZA7UW/IISYUR/XL/t?a1=2011&a2=9&a3=22

[Demeter]

21. Rio Tinto warns of slowdown in demand

One of the world’s largest natural resources companies says that some of its customers are asking to delay shipments of metals

Read more >>
http://link.ft.com/r/QM42II/U1GHP5/PNGIU/R3NFY4/C4KADC/B7/t?a1=2011&a2=9&a3=21

[wordpix]

106. thank gawd, this company is an earth-rapist

[Demeter]

22. Microsoft raises dividend by 25%

Increase is the biggest in the eight years the company has made the payments, but still falls short of demands for greater reward for shareholders

Read more >>
http://link.ft.com/r/QM42II/U1GHP5/PNGIU/R3NFY4/B5X2D7/B7/t?a1=2011&a2=9&a3=21

[Demeter]

23. Full Tilt Poker directors face US Ponzi probe

Gaming site charged with wrongly taking $440m from player accounts in an amended lawsuit the US attorney has filed in Manhattan

Read more >>
http://link.ft.com/r/QM42II/U1GHP5/PNGIU/R3NFY4/VLBNG9/B7/t?a1=2011&a2=9&a3=21

[Demeter]

24. GE sets ambitious energy earnings target

Conglomerate aims for $60bn in revenue by 2014 as it pins its hopes on equipment for power generation and oil and gas production to help drive its growth

Read more >>
http://link.ft.com/r/QM42II/U1GHP5/PNGIU/R3NFY4/QNU91B/B7/t?a1=2011&a2=9&a3=21

[bread_and_roses]

26. "We need a new economy and a new

Jodie Evans (Code Pink) yesterday on "Alternative Radio:" http://www.alternativeradio.org/ "We need a new economy and a new
What is wrong with us? Why are not the youth and the unemployed joining the occupation of Wall Street? It's the only thing worthwhile going on, as far as I am concerned.

[bread_and_roses]

31. that post is really muddled....

... sorry about that - too late to edit - the second line is me speaking - not Jodie Evans (I don't think I've had enough coffee yet) - also, I somehow erased half the first line .... unfortunately, there is no free transcript available for Alternative Radio - since they are "unembedded" radio, have to charge (very small) fee for various media reproductions. I keep meaning to become a sustaining member, or whatever, to get access to the shows, because there are so many really good ones, but keep forgetting.

[girl gone mad]

27. Looks like we're in for a bumpy ride.

Asia was ugly overnight and the run on French banks is accelerating.

[bread_and_roses]

28. "More in Michigan fall into poverty"

Shamelessly stolen from LBN - posted by "Bozita"

http://detnews.com/article/20110922/METRO/109220409/More-in-Michigan-fall-into-poverty#ixzz1YeqDFOMB

More in Michigan fall into poverty
U.S. census data finds 16.8% of state's residents are poor
Mike Wilkinson and Serena Maria Daniels/ The Detroit News

Just as the nation was declaring the recession officially over last year, the landscape in Michigan was far from rosy: The poverty rate in 2010 was its highest in at least four decades, and incomes continued to fall as the economic shift away from manufacturing continued, new census data released this morning shows.

The data reveals problems that could grow worse with plans to cut aid to the poor while also slashing spending on higher education, one of the surest ways to avoid poverty.

Poverty in the state — earnings below $22,314 for a couple with two children — crept up from 16.2 percent to 16.8 percent of the population, with the percent of children under 18 in poverty rising from 22.5 percent to 23.5 percent.

... Median household income also fell, to $45,413, a drop of 1.2 percent from 2009 and a stunning 19.3 percent from 2000.

From The Detroit News: http://detnews.com/article/20110922/METRO/109220409/More-in-Michigan-fall-into-poverty#ixzz1YgPizG8X

What I really love is the reference to "declaring the recession officially over..." ROFL

[Tansy_Gold]

30. Fell?

Or were pushed?

[Demeter]

33. And then there's good old governor Rick Libertarian GOP

throwing people off life supporting welfare after 4 years...we have been in DEPRESSION since 9/11/2001...that's ten BRUTAL years!

[bread_and_roses]

37. excellent point, Tansy

I love how there is no "actor" except the poor in the title - so, by implication, their own fault! Language is so powerful - if THEY are the ones who FELL then THEY are the ones at FAULT - that's the subtext.

[DemReadingDU]

54. +++

somebody else pushed them

[Tansy_Gold]

56. Words have meanings

Yes, they do.




Tansy Gold, sometimes writer

[InkAddict]

58. When words fail, the universal language can help

Minimize and enjoy music to SMW by:

http://www.youtube.com/watch?v=8wTlureUMP8

[wordpix]

107. just like the great toon of the day

[Demeter]

32. Looks like everything is down in Asia and Europe

DOW futures -200

[DemReadingDU]

53. -302 at 9:15 am

http://money.cnn.com/data/premarket/

[Demeter]

35. Australia needs a Tobin tax

But I see offhand no other way to prevent financial transactions disguised as trade – James Tobin

In 1972, after the collapse of the Bretton Woods system (where currencies were pegged to the USD, which itself was backed by gold), economist James Tobin proposed a tax on the currency exchange. As he says:

The tax on foreign exchange transactions was devised to cushion exchange rate fluctuations. The idea is very simple: at each exchange of a currency into another a small tax would be levied – let’s say, 0.5% of the volume of the transaction. This dissuades speculators as many investors invest their money in foreign exchange on a very short-term basis. If this money is suddenly withdrawn, countries have to drastically increase interest rates for their currency to still be attractive. But high interest is often disastrous for a national economy, as the nineties’ crises in Mexico, Southeast Asia and Russia have proven. My tax would return some margin of manoeuvre to issuing banks in small countries and would be a measure of opposition to the dictate of the financial markets.

A 1978 article where Tobin reflects on global monetary reform is here SEE LINK, and well worth a read. The relevance to Australia in 2011 is quite clear when he says:

National economies and national governments are not capable of adjusting to massive movements of funds across the foreign exchanges, without real hardship and without significant sacrifice of the objective of national economic policy with respect to employment, output and inflation.

Given that volatility of the Aussie dollar over the past four years or so due to the surge of funds in and out of the currency, this seems a particularly opportune time to consider such a proposal...While Tobin originally suggested that all countries cooperate to implement a standard tax rate, with revenues raised pooled centrally, the idea is equally valid for a single currency-issuing nation to tax conversions of its own currency.

The logic behind the tax is quite sound. An influx of foreign funds only provides domestic benefits when it backs real investment in productive enterprise. And investing in a real business takes time. As Canadian economist Rodney Schmidt noted in 1994:

In two-thirds of all the outright forward and swap transactions, the money moved into another currency for fewer than seven days. In only 1 per cent did the money stay for as long as one year.

A currency exchange tax reduces the gains from short term currency trades, and for a single country, allows them to reduce distortionary taxes elsewhere in the economy leading to productivity benefits. It also means there is a strong incentive for national savings to be invested locally, and a cost to banks seeking offshore funding to support their capital requirements. It also provides local governments some degree of control over their economy, rather than being at the mercy of global conditions. These are all good things...Of course, like any tax, the risk is that governments simply spend this extra revenue unproductively and do not reduce distortionary taxes elsewhere in the economy, which greatly reduces its potential benefits...the global battle to devalue domestic currency has resulted in many calls to implement Tobin taxes, from the British Prime Minister to the French President, with all political leaders seeking input from the IMF. The IMF is now coming around to the idea (recently releasing this working paper), and Christine Lagarde being a fan, chances have improved that this tax will be supported globally...The cynic in me says that such a tax is unlikely because those who benefit from fast and cheap currency exchange are those with the most money, while those who bear the burden of a high domestic currency are usually the workers in marginally competitive industries...However, the outcome of this political battle with the global financial elite is anyone’s guess.

http://www.macrobusiness.com.au/2011/09/australia-needs-a-tobin-tax/

[xchrom]

38. europe: World markets slump after US Federal Reserve warning

http://www.independent.co.uk/news/business/news/world-markets-slump-after-us-federal-reserve-warning-2359020.html

World markets slumped today as fears of a global recession were reignited by a gloomy outlook from America's central bank.

The FTSE 100 Index was 4.4% or 231.2 points lower after the US Federal Reserve flagged "significant downside risks to the economic outlook" and failed to inspire traders with its latest emergency measures to prop up the country's wavering recovery, which included a process dubbed Operation Twist.

The unusual move, designed to keep US interest rates lower for longer, disappointed markets, which had surged in recent days in hope that the Fed might embark on a third package of quantitative easing.

Ben Potter, analyst at IG Markets, said: "Judging by the huge amounts of selling, it seems the market doesn't believe Operation Twist is enough to kick-start the spluttering economy."

[xchrom]

40. Belligerent Berlusconi Toys With Europe

http://www.spiegel.de/international/europe/0,1518,787545,00.html

After ratings agency Standard & Poor's downgraded Italy's credit rating a notch on Monday night, Prime Minister Silvio Berlusconi immediately went on the offensive. The appraisal of the country's economic state seemed to be "dictated more by media reports than reality," he said. The Italian government is already balancing the budget, he added.

In reality Berlusconi has only just begun working on savings measures -- a reaction to massive pressure and repeated market fluctuations. His behavior demonstrates the leader's intention to cling to the populist style of governing until the bitter end. But the powerful media mogul's stance also betrays the limits of European Union influence on its indebted member states -- at least those that haven't yet been forced to accept a bailout.

That Italy might ultimately need financial support, to be sure, can't be ruled out. Certainly, in contrast to Greece and Portugal, the country has a powerful economy and still counts among the world's biggest industrial nations. But Italy's national debt, some 120 percent of its yearly economic output, is surpassed only by Greece within the EU.

Moreover, the Italian economy has grown only weakly in recent years, meaning that there is too little tax revenue to reduce its debt. And financing that debt has become more expensive as interest rates rise. In August 2010, interest rates on Italian government bonds were 3.8 percent. One year later, that number had jumped to 5.3 percent.

[xchrom]

63. Spain wins US legal battle against Odyssey for shipwreck coins

http://www.elpais.com/articulo/english/Spain/wins/US/legal/battle/against/Odyssey/for/shipwreck/coins/elpepueng/20110921elpeng_12/Ten

Odyssey Marine Exploration must give Spain back the 594,000 silver and gold coins it took in 2007 from a 19th century Spanish shipwreck because the property is protected, among other things, by a 1907 US treaty Washington signed with Madrid, a US appeals court said on Wednesday.

In a 60-page ruling, the 11th US Circuit Court of Appeals upheld a lower federal court's decision in December 2009 that granted the treasure to the Spanish government.

Odyssey has said that it will take the fight to the US Supreme Court to keep the Spanish coins it salvaged from the Nuestra Señora de las Mercedes if the federal appeals court in Atlanta ruled against it.

But legal analysts say that there is no clear guarantee that the justices would hear Odyssey's appeal because the Supreme Court only selects a very small percentage of the hundreds of petitions it receives on an annual basis.

[Po_d Mainiac]

66. Some history

http://www.telegraph.co.uk/news/worldnews/europe/spain/5444134/Treasure-hunters-ordered-to-pay-Spain-350m-for-gold-coins.html

Someone had church chime balls to make this statement
But when the record haul was announced Spain came to suspect the treasure had been looted from the Nuestra Senora de las Mercedes, a Spanish frigate laden with bullion from the Americas that sunk by the British off the coast of Portugal in October 1804.
Which Spain had looted from what is now Peru:wtf:

[xchrom]

68. you just knew it was from one of the new world colonies --

it's important that this treasure just be 'spanish' -- like it appeared on that poor doomed ship magically.

[AnneD]

77. Pod....

How dare those brown skinned people have our________! fill in the blank (gold, silver, oil, precious gems, land, etc)

Yeah, that part always causes collective amnesia.

[xchrom]

64. Portuguese PM: Greek default would be disaster

http://www.elpais.com/articulo/english/Portuguese/PM/Greek/default/would/be/disaster/elpepueng/20110921elpeng_16/Ten

Portuguese Prime Minister Pedro Passos Coelho does not rule out the possibility of a Greek default and warned that such an eventuality would have a "disastrous" impact on Portugal.

"We are on the brink of a situation of great uncertainty, not to speak of a possible default," Passos Coelho said late Tuesday in an interview with state broadcaster RTP. "That could have disastrous consequences for Portugal, particularly in terms of funding for banks and the economy."

In the event of Greece being unable to service its debt, Passos Coelho said Portugal should brace itself for the possible need of a second rescue package as is the case of the Hellenic country.

A failure to prepare for a Greek default second rescue package for Portugal would be "irresponsible," Passos Coelho said. "It is important that in this scenario <...> that the rest of the European countries and the IMF believe it is worthwhile helping Portugal," the prime minister said. The government has embarked on an austerity drive aimed at trimming its budget deficit to 5.9 percent this year from 9.1 percent last year.

[xchrom]

65. Eurozone business shrinks for first time in two years

http://www.bbc.co.uk/news/business-15016916

The eurozone's private sector contracted in September for the first time in two years as the debt crisis continued, a survey has indicated.

Markit's purchasing managers' index (PMI) of activity dropped to 49.1, from 51.5 last month. A reading below 50 indicates contraction.

"The recovery has finished, we are now contracting," said Chris Williamson from Markit, the survey's compiler.

"Things will deteriorate further in the coming months."

[xchrom]

75. Russian heads for slowdown

http://www.atimes.com/atimes/Central_Asia/MI23Ag01.html

MONTREAL - Near-term economic growth in Russia will be consumer-driven, as government spending and transfer payments, together with an unwillingness to raise taxes, will lift disposable income and real wages in the run-up to parliamentary and presidential elections.

That is the consensus of three authoritative public policy studies by different Moscow research centers, according to the Russia newspaper Nezavisimaya gazeta. Also, economic growth is not foreseeable, and a new crisis is increasingly likely.

According to the newspaper, political uncertainty over the presidential elections next year, in addition to a general mistrust of the investment climate, is responsible for a decline in


investment. The privatization plan announced with great fanfare in 2010 was expanded this year, but the full plan has still not been authorized and may undergo further modification before approval.

Newly released economic statistics from Russia point to a stall in the economy, and there is a consensus inside and outside the country among independent experts that things will likely get worse before they get better. Paradoxically, business confidence inside the country is higher than a year ago. The Purchasing Managers Index (PMI) in manufacturing dipped below the neutral level of 50 in August but remained expansionary at 52 in the service sector.

[Demeter]

39. CAN'T TELL THE PLAYERS WITHOUT A SCORECARD...

...Right now there are four to five separate groups in Euroland’s sovereign debt crisis. First, there is Greece, assumed by everyone to be insolvent and the only country to default via its bailout package which reduces creditor repayments by 21%. Then there are Ireland and Portugal. These two countries have also received bailouts but have not defaulted. Next are Spain and Italy, what I have called “the new Ireland and Portugal”. These two countries are seeing their spread to German bunds widen considerably and yields explode above 6%. Fourth is a new and worrying development with Belgium and France becoming untethered from the core. Spreads are widening for these two countries in a way which is dangerous. Finally, there is the core of Germany, Finland, Austria, the Netherlands, Luxembourg, Malta, Slovakia and Slovenia. Estonia and Cyprus are special cases: one is new to the zone and the other has unique problems that I won’t discuss here. That’s 15 countries in six distinct categories (plus Estonia and Cyprus)....

http://www.creditwritedowns.com/2011/08/the-widening-european-sovereign-debt-crisis.html

DISCUSSION CONTINUES AT

http://www.creditwritedowns.com/2011/09/slovenia-deals-another-blow-to-euro-bailouts.html

...The anti-bailout core includes Germany, the Netherlands, Austria, Slovenia, Slovakia, Estonia and Finland. That is seven. The countries under pressure are five: Portugal, Ireland, Italy, Greece and Spain. Countries in-between are France and Belgium. That’s not the right juxtaposition for conducting large-scale bailouts. And Tiny Luxembourg, Cyprus, Malta aren’t going to help you, are they? Cyprus needs its own bailout anyway....The bottom line is that countries like Slovenia have their own problems. As the euro zone economy worsens, their willingness to support bailouts decreases. And the European institutional principle of unanimity will almost certainly mean that bailout fatigue leads to default.

[truedelphi]

93. Thank you for posting. n/t

[mahatmakanejeeves]

41. Mulling Meg Whitman: HP considers CEO shakeup

Mulling Meg Whitman: HP considers CEO shakeup

By JORDAN ROBERTSON

As trial balloons go, Hewlett-Packard's not-so-secret handwringing --over whether to dump CEO Leo Apotheker and replace him with former eBay CEO Meg Whitman-- was a success. Investors like the idea. News that the company's board is mulling a leadership change pushed the stock up more than 7 percent on Wednesday.

Investors were heartened by yet another turnaround strategy at one of Silicon Valley's oldest, but most publicly dysfunctional, firms. Since joining HP in November, Apotheker's strategic decisions have been drastic, and have done little to inspire confidence. HP's stock is down nearly 50 percent since he took the helm.

Disclaimer: I own shares of HPQ. What was I thinking?

[wordpix]

108. recently bought an HP Probook---great machine (so far)

what did he do that was so bad? Stocks are down all over

[xchrom]

42. south asia: Sensex suffers biggest loss in over 26 mths, plunges 704 pts

http://timesofindia.indiatimes.com/business/india-business/Sensex-suffers-biggest-loss-in-over-26-mths-plunges-704-pts/articleshow/10079381.cms

MUMBAI: The BSE Sensex today suffered the biggest plunge in over 26 months, nosediving 704 points on heavy sell-offs -- mirroring losses worldwide after the US Fed cited risks to the US economy, and the rupee fell further to two-year lows.

The 30-share BSE benchmark index tank 704 points or 4.13 per cent to 16,361.15 -- biggest one day dip after July 6, 2009 as Asian markets tanked and European markets opened lower by up to four per cent.

Similarly, the broad-based NSE index Nifty melt down by 209.60, or 4.08 per cent to 4,923.65.

Funds pulled out of risky assets amid concerns of slowing global economy after the US Federal Reserve disappointed investors with its stimulus plan, while warning of serious downside risks to growth amid severe euro zone debt crisis.

[xchrom]

44. Food inflation drops to 8.84%

http://timesofindia.indiatimes.com/business/india-business/Food-inflation-drops-to-8-84/articleshow/10076227.cms

NEW DELHI: India's food inflation dropped to 8.84% for the week ended September 10 as compared to 9.47% in the previous week as rise in the prices of onions, fruits and vegetables eased, official data showed Thursday.

Rise in the price of vegetables declined to 12.13% year-on-year during the week under review as compared to 17.47% in the previous week, while the rise in price of onions declined to 28.92% from 42.98%.

The primary articles index, which has a 20.12% weight in the wholesale price index, rose by 12.17 in the week under review as compared to 13.04% in the previous week, according to data released by the commerce and industry ministry.

The index for non-food articles rose 17.42% during the week ended Sep 10 as compared to 18.49% in the previous week.

[bread_and_roses]

67. Well, here: 5 lb bag of potatoes $5

But I'm sure the natural foodies will still be telling us that "the poor" can still eat natural and healthy if they just devote their entire life to menu planning/shopping/food preparation.

(for the record, I am all in favor of natural, organic, locally grown foods - I just take MAJOR exception to the food police insisting that it doesn't matter if you're poor/on food stamps/etc you can still "just do it." )

[AnneD]

79. That always seems to be spoken by....

someone not blinded by the white light of an empty fridge on the third week of the month.

[Demeter]

87. Come over and can the Borczsz for me?

Still have a gallon in the fridge, and it won't keep forever....

as for me, I fill the freezer with meat. From clearance sales.

[InkAddict]

100. I got a line on a Dings and Dents grocery nearby.

Will be checking it out soon.

■Overstocked/ Liquidation items from other grocery retailers
■Distressed/Damaged ( crushed corners/ dented cans)
■Is near or past the best by/expiration date

You can expect to save 25%- 75% on items such as Name Brand, off brand, cereals, pastas, coffee, canned goods. If you find anyone that has a price lower that ours let us know, and we will meet it. However all our prices are well below any of our competitors.
We only place product on our shelves that meet the standards of the Health Department. We are finding that a growing number of our customers stop in and buy what they can here before they make a trip to their regular grocery store. Our product is always changing, so you never know what you might find!

[wordpix]

109. hey, you CAN just do it---find a plot of earth and grow it

[xchrom]

48. Recessionary trends in US could slow growth in India

http://economictimes.indiatimes.com/news/economy/indicators/recessionary-trends-in-us-could-slow-growth-in-india/articleshow/10078168.cms

BANGALORE: India is likely to suffer significant slowdown in exports, higher interest rates, instability in financial markets, increased unemployment as well as lower growth should the US fall into recessionary conditions, according to the "D'conomics" report by Deloitte in India.

Along with global integration, dependence of the Indian economy on US has grown and is evident from the fact that the US has been the second favourite destination for exporters and the third largest source of FDI inflows in India, it noted.

"With such deep interconnectedness through trade, finance and confidence channels, it would be naive to presume that India will be unaffected by the developments in the US economy", the report said.

With a high degree of global financial integration, any reduction in US balance of trade would have negative effects on many countries. A depreciated Dollar would diminish the value of reserves held by various countries including India.

[xchrom]

62. Investors lose Rs 2.15 lakh crore in market meltdown

http://economictimes.indiatimes.com/markets/stocks/market-news/investors-lose-rs-2-15-lakh-crore-in-market-meltdown/articleshow/10080030.cms

MUMBAI: Investors suffered a whopping loss of over Rs 2 lakh crore in the stock market on Thursday, with those invested in top blue-chip companies being hit harder than shareholders of smaller companies.

The total investor wealth, measured in terms of value of all listed shares, fell to Rs 60.26 lakh crore in today's trade which saw BSE Sensex falling 704 points-- the worst fall in over 26 months.

This marked a fall of Rs 2.15 lakh crore in investor wealth from Rs 62.41 crore at the end of yesterday's trade.

More than half of the loss was suffered by the top 30 companies, which are part of the benchmark index Sensex.

[Demeter]

43. I need calories--see you all later

[xchrom]

45. eat something good!

:hi:

[xchrom]

46. Bill Gates tops Forbes list of richest Americans

http://timesofindia.indiatimes.com/business/international-business/Bill-Gates-tops-Forbes-list-of-richest-Americans/articleshow/10075633.cms

LOS ANGELES: America's economic woes don't appear to be hurting philanthropist Bill Gates, who tops Forbes' list of the 400 richest Americans for the 18th year in a row.

The magazine said Wednesday that the Microsoft co-founder's wealth amounts to $59 billion, ranking him ahead of all the other billionaires who make up this year's list.

Gates' fortune swelled by $5 billion from a year ago, outpacing the No. 2 on the list, Warren Buffett, whose net worth is $39 billion, Forbes said.

Buffett, who wrote in a recent piece for The New York Times that the tax rate he paid last year was lower than that paid by any of the other 20 people working for him in his office, was the only person among the top 20 on Forbes' list to see his fortune shrink from a year ago.

[xchrom]

47. US moves WTO against China duty

http://timesofindia.indiatimes.com/business/international-business/US-moves-WTO-against-China-duty/articleshow/10060115.cms

WASHINGTON: The US on Tuesday said it has filed a case in the World Trade Organisation (WTO) against China for imposition of import duty its chicken products. "Our actions against China simply demonstrate that the United States is prepared to take every measure necessary to stand up for American workers by ensuring that China-or any of our other trading partners-does not misuse laws to prevent exports of US products," US Trade Representative Ron Kirk said.

This is the latest in a series of steps the US has taken to hold China accountable for its WTO commitments, including actions against China's treatment of steel products, industrial raw materials, electronic payment services and wind power equipment as well as actions in the US to address rapidly increasing Chinese tyre imports.

[xchrom]

49. As gold vaults, secure storage space runs out

http://economictimes.indiatimes.com/markets/commodities/as-gold-vaults-secure-storage-space-runs-out/articleshow/10073277.cms

Deep in the 7.4-acre Singapore FreePort next to Changi International Airport's runways is the bullion vault of Swiss Precious Metals, behind seven-metric-ton steel doors built to survive a plane crash or earthquake.

The rooms are almost full after demand rose five-fold in the year since the Geneva-based company opened the facility. The firm plans an extension, and relocated Chief Executive Officer Jean-Francois Pages to Singapore last month to cope with the surge of investors willing to pay as much as 1% of the value of their holdings each year to keep them secure.

"The European debt crisis and its impact on the solvency of European financial players are driving European customers to find refuge in tangible values like physical gold and other precious metals," Pages said. Demand "is totally compatible with the current financial and political global turmoil."

Barclays Capital is building a new vault, The Brink's Co. and Deutsche Bank AG may add more space, and the Perth Mint may expand for the first time since 2003, a sign they expect demand to keep increasing after the 11-year rally during which prices increased sevenfold. Investors in exchange-traded products backed by gold bought 2,198 tons of bullion since 2003, exceeding all except four countries' official stockpiles.

[RUMMYisFROSTED]

57. Ruh oh.

[Tansy_Gold]

86. Oh, if only 'twere true. . . . .

[Demeter]

88. I don't think there's enough fairy dust in the world to erase 500 Pt drop

in two hours....

[xchrom]

60. Emerging Markets stocks drop 4% on slowdown fears

http://economictimes.indiatimes.com/markets/global-markets/emerging-markets-stocks-drop-4-on-slowdown-fears/articleshow/10079224.cms

LONDON: Emerging equities plunged 4 percent to new 15-month lows on Thursday and bond yields surged as investors priced in a grimmer outlook for the world economy, the outflows pushing emerging currencies to multi-year lows versus the dollar.

Chinese data showed a clear slowdown in manufacturing, adding to pessimism generated by the Federal Reserve when it painted a gloomy picture of the U.S. economy. Flagging growth in China means the world's No. 2 economy may not be able to provide much of a counterweight to the slowdown in the euro zone and United States.

By 1030 GMT, emerging stocks were down 4.5 percent , extending the previous session's 1 percent losses and bringing the monthly losses to over 13 percent. In Asia, Chinese, Korean and Indian stocks closed 3-4 percent down.

Emerging dollar bond yield spreads to U.S. Treasuries surged above 400 basis points for the first time since June 2009 and yields on local bond markets also surged. On currency markets there were heavy losses, with the Taiwan dollar posting the biggest one-day loss in 10 years. Brazilian real and South African rand sustained their biggest daily losses since October 2008 on Wednesday.

[xchrom]

61. asia: US Fed plan Operation Twist sends Asia stocks diving, dollar gains

http://economictimes.indiatimes.com/markets/global-markets/us-fed-plan-operation-twist-sends-asia-stocks-diving-dollar-gains/articleshow/10077754.cms

HONG KONG: Asian stock markets slumped on Thursday as the US Federal Reserve's latest multi-billion-dollar move to shore up the American economy was met with worldwide disappointment.

The dollar strengthened against regional currencies as investors sought its safe-haven status after the US central bank warned of serious downside risks for the global outlook.

The euro was also sent spinning to another 10-year low against the yen as risk aversion set in.

Tokyo fell 2.07 per cent, or 180.90 points, to 8,560.26, Seoul dived 2.90 per cent, or 53.73 points, to 1,800.55, and Sydney plunged 2.63 per cent, or 106.9 points, to 3,964.9, its lowest in more than two years.

[xchrom]

69. China manufacturing data paint weak picture

http://www.marketwatch.com/story/hsbc-manufacturing-data-paint-weak-picture-2011-09-22

HONG KONG (MarketWatch) — HSBC’s preliminary China Manufacturing Purchasing Managers’ Index, or “flash” PMI, fell to a two-month low in September, indicating a broadening slowdown in the Chinese economy, with industrial output swinging from a modest expansion to a deterioration.

The weak data were a factor in the broad equities sell-off in Hong Kong Thursday.

The headline preliminary PMI for the month was 49.4, down from 49.9 in August, HSBC said in a statement Thursday.

The PMI’s output index fell to 49.2 in September, down from 50.2 in August and below the 50 level dividing expansion from contraction.

[xchrom]

70. China cash for Europe clunkers? Not so much

http://www.marketwatch.com/story/china-cash-for-europe-clunkers-not-so-much-2011-09-21

WASHINGTON (MarketWatch) — Emerging-market nations are flush with cash, so much so that they park it in an investment they publicly criticize, U.S. Treasurys, for lack of anything more constructive to do.

European countries are starving for cash, so much so that they are dealing with an institution they loathe — Germany, not to mention the International Monetary Fund — while hanging on the precipe of default.

It’s that potential marriage, of largely but not exclusively Chinese money to the troubled nations of the euro zone, that has markets buzzing. And this week, the finance ministers of Brazil, Russia, India, China and South Africa will meet on the sidelines of the IMF, World Bank and Group of 20 gathering here in Washington, with the idea of Europe investments on the table.

But the likelihood of significant action appears limited, some experts say.

[xchrom]

72. Japanese Steel Makers Move Forward on Deal

http://dealbook.nytimes.com/2011/09/22/japanese-steel-makers-move-forward-on-deal/

After months of negotiations, Nippon Steel and Sumitomo Metal Industries have hashed out crucial parts of a deal, paving the way for a merger in October 2012 that would form the world’s No. 2 steel maker.

On Thursday, the two Japanese steel manufacturers announced some merger terms, with investors of Sumitomo Metal receiving 0.735 shares of Nippon for each share they own. At that ratio, the deal would be valued at roughly $22 billion, including debt.

Nippon Steel and Sumitomo Metal, which first disclosed they were in deal talks in February, are looking to eke out efficiencies against the backdrop of rising commodity prices. By combining, the steel makers said they should be able to cut costs in areas like technology and procurement. The company, to be named Nippon Steel, estimates annual savings of 150 billion yen, or nearly $2 billion, roughly three years after the merger.

[xchrom]

74. Mongolia resource sales hit headwind

http://www.atimes.com/atimes/China_Business/MI23Cb01.html

ULAN BATOR - As Mongolia is cashing in on its enormous resource wealth, tensions are building between the Mongolian government and foreign investors. Strain is also growing in Mongolian society in general, as citizens push their government to closely regulate foreign businesses and more widely distribute revenue from resource deals.

The Mongolian government is moving forward on a number of projects to turn its minerals into money. None of its endeavors are bigger than the privatization of Erdenes Tavan Tolgoi, the state-owned firm that controls one of the world's largest deposits of coal, which is expected to raise US$300 billion. Tavan Tolgoi's initial public offering has been delayed until at least the first


quarter of 2012 and will likely be made on three different exchanges: Ulan Bator, London and Hong Kong. Mongolia seems to be looking to put its eggs in a number of baskets.

The first proposals for the development rights to Tavan Tolgoi, submitted by consortiums from China, Russia, and the United States, were rejected by Mongolia's National Security Council.

Thailand's biggest coal producer, Banpu, hasn't been deterred by the challenges of working in Mongolia. It recently committed to buying all remaining shares of Hunnu Coal, of which it currently owns 12%. In order for Banpu to gain full control of Hunnu, the bid must be approved by Mongolia's regulatory council. Hunnu has 11 coking and thermal coal projects in Mongolia, which will be fully controlled by Banpu if the acquisition is approved.

[xchrom]

71. FedEx cuts fiscal-year outlook; shares fall

http://www.marketwatch.com/story/fedex-cuts-fiscal-year-outlook-shares-fall-2011-09-22

WASHINGTON (MarketWatch) -- FedEx Corp. /quotes/zigman/254280/quotes/nls/fdx FDX -8.87% said Thursday its fiscal first-quarter earnings rose 22% to $464 million, or $1.46 a share, from $380 million, or $1.20 a share, in the year-ago period. Revenue increased 11% to $10.52 billion, driven by the shipping company's ground and freight services. Analysts surveyed by FactSet Research were looking for earnings of $1.45 a share, on average, with sales of $10.32 billion. The Memphis company lowered its fiscal 2012 outlook to a range of $6.25 to $6.75 a share from $6.35 to $6.85 a share to reflect high fuel prices and moderate growth in the global economy. Shares of FedEx fell less than 1% premarket to $72 each.

[CatholicEdHead]

76. If FedEx is dropping, things are slowing

as there is less to ship. Any numbers on UPS or the USPS?

[Tansy_Gold]

80. I think we already know the USPS is not too healthy. n/t

[Fuddnik]

89. FedEx must be trying hard to keep business.

Three times in the last three weeks, I've ordered something, appliance parts, etc. I always opted for the ground (3-5 day) shipping option.

Every time it was here the next day.

[Roland99]

73. 12:08 - DJIA -422. Dollar up. Oil down nearly 6%

Dow 10,703 -422 -3.80%
Nasdaq 2,459 -79 -3.11%
S&P 500 1,127 -40 -3.41%
GlobalDow 1,689 -85 -4.79%
Gold 1,739 -69 -3.83%
Oil 81.03 -4.89 -5.69
$1US / Yen 76.3500 -0.0919
Euro /$1US 1.3441 -0.0131
Pound / $1US 1.5356 -0.0143
Dollar Index 78.53 0.85
10yr T-note 1.77 -0.10
2yr T-note 0.21 0.00

[Festivito]

81. Debt: 09/20/2011 14,711,870,126,618.47 (DOWN 17,618,821,133.35) (Tue, UP a little.)

(UNDER the new 2011 debt limit of 14.694-trillion dollars by 417.870-billion dollars. Good day.)
Rest, glorious rest, nothing so fine for feeling my best.
(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)
= 10,080,809,758,642.60 + 4,631,060,367,975.86
UP 489,658,328.70 + DOWN 18,108,479,462.05

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 $3,195.56 makes 1T$.
A family of three: Mom, Dad, Child: $9.59, ABOUT TEN BUCKS for a 1B$ 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 312,934,592 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 $47,012.6.
A family of three owes $141,037.81. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 32 days.
The average for the last 22 reports is 3,301,389,033.82.
The average for the last 30 days would be 2,421,018,624.80.
The average for the last 32 days would be 2,269,704,960.75.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 241 reports in 355 days of FY2011 averaging 4.77B$ per report, 3.24B$/day.
Above line should be okay

PROJECTION:
There are 488 days remaining in this Obama 1st term.
By that time the debt could be between 15.4 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)
09/20/2011 14,711,870,126,618.47 BHO (UP 4,084,993,077,705.38 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 +1,150,247,095,726.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,182,648,422,366.89 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
08/30/2011 +000,152,580,275.78 ------------********
08/31/2011 +034,126,581,560.14 ------------**********
09/01/2011 +034,131,323,630.30 ------------**********
09/02/2011 +000,182,220,803.10 ------------********
09/06/2011 -000,290,117,782.20 --- Tue
09/07/2011 +015,583,261,687.60 ------------**********
09/08/2011 -006,211,008,386.30 --
09/09/2011 +000,079,600,651.10 ------------*******
09/12/2011 -000,033,661,156.40 ---- Mon
09/13/2011 -000,041,637,039.50 ----
09/14/2011 +000,269,185,032.20 ------------********
09/15/2011 +011,965,856,345.50 ------------**********
09/16/2011 +000,192,253,298.50 ------------********
09/19/2011 +000,239,468,823.00 ------------******** Mon
09/20/2011 +000,489,658,328.70 ------------********

90,835,566,071.52 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=5000878&mesg_id=5001359

[Festivito]

91. Debt: 09/21/2011 14,705,188,086,992.02 (DOWN 6,682,039,626.52) (Wed, DOWN a little.)

(UNDER the new 2011 debt limit of 14.694-trillion dollars by 411.188-billion dollars. Good day.)
Languishing with time, sleepy time, slow time.
(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)
= 10,080,805,928,039.90 + 4,624,382,158,952.04
DOWN 3,830,602.70 + DOWN 6,678,209,023.82

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 $3,195.48 makes 1T$.
A family of three: Mom, Dad, Child: $9.59, ABOUT TEN BUCKS for a 1B$ 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 312,941,792 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $46,990.17.
A family of three owes $140,970.51. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 33 days.
The average for the last 23 reports is 2,867,326,918.16.
The average for the last 30 days would be 2,198,283,970.59.
The average for the last 33 days would be 1,998,439,973.26.
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$/day.
There were 242 reports in 356 days of FY2011 averaging 4.73B$ per report, 3.21B$/day.
Above line should be okay

PROJECTION:
There are 487 days remaining in this Obama 1st term.
By that time the debt could be between 15.4 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)
09/21/2011 14,705,188,086,992.02 BHO (UP 4,078,311,038,078.86 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 +1,143,565,056,100.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,172,475,408,642.16 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
08/31/2011 +034,126,581,560.14 ------------**********
09/01/2011 +034,131,323,630.30 ------------**********
09/02/2011 +000,182,220,803.10 ------------********
09/06/2011 -000,290,117,782.20 --- Tue
09/07/2011 +015,583,261,687.60 ------------**********
09/08/2011 -006,211,008,386.30 --
09/09/2011 +000,079,600,651.10 ------------*******
09/12/2011 -000,033,661,156.40 ---- Mon
09/13/2011 -000,041,637,039.50 ----
09/14/2011 +000,269,185,032.20 ------------********
09/15/2011 +011,965,856,345.50 ------------**********
09/16/2011 +000,192,253,298.50 ------------********
09/19/2011 +000,239,468,823.00 ------------******** Mon
09/20/2011 +000,489,658,328.70 ------------********
09/21/2011 -000,003,830,602.70 -----

90,679,155,193.04 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=5002340&mesg_id=5002884

[RUMMYisFROSTED]

83. Oh, ruh!

[RUMMYisFROSTED]

84. Derp.

[Roland99]

85. S&P under 1,120 briefly.

on the precipice, indeed.

[Fuddnik]

90. There again. 1118.

Dow -490

[Roland99]

92. S&P 1,114.87 (-51.89) DJIA 10,617 (-506.85)

[Fuddnik]

95. 3:29pm. Time to send in the PPT Rescue Faeries!

[Roland99]

94. Faeries running late (or got kidnapped, bound, and tossed into an abandoned warehouse in Jersey....)

[Roland99]

96. maybe they loosened the ropes a little....70pt rally in last few min.

[Fuddnik]

97. Yep, they stuck around for a chocolate martini for lunch dessert.

[Fuddnik]

98. United Technologies down almost 7%.

Somebody sign a peace treaty or something?

[Roland99]

99. ayup...the 3:30 Faeries kicked in when the 3:15s failed to show. 130pt turnaround in the DJIA