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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 06:03 AM
Original message
STOCK MARKET WATCH, Monday November 19
Source: du

STOCK MARKET WATCH, Monday November 19, 2007

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 429
LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2498 DAYS
WHERE'S OSAMA BIN-LADEN? 2220 DAYS
DAYS SINCE ENRON COLLAPSE = 2181
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54



U.S. FUTURES & MARKETS INDICATORS
NASDAQ FUTURES-----------------------------S&P FUTURES





AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90
Oil - $27.69/bbl
Gold - $266.70/oz.


AT THE CLOSING BELL ON November 16, 2007

Dow... 13,176.79 +66.74 (+0.51%)
Nasdaq... 2,637.24 +18.73 (+0.72%)
S&P 500... 1,458.74 +7.59 (+0.52%)
Gold future... 787.00 -0.30 (-0.04%)
30-Year Bond 4.52% -0.01 (-0.24%)
10-Yr Bond... 4.15% -0.01 (-0.22%)






GOLD, EURO, YEN, Loonie and Silver



PIEHOLE ALERT

Heads Up!
Preliminary info on appearances by Bush & Co. throughout the country. Details & links are added as they become available so check back. And if you know more, are organizing something, or would like to, contact [email protected]

For information on protests and other actions Citizens For Legitimate Government









Read more: du
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 06:06 AM
Response to Original message
1. I think we need a taller S&P chart.
The trend lines have fallen below the lower margin.
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 06:07 AM
Response to Original message
2. Market WrapUp: The Dow Theory
BY TIM W. WOOD

Back in August when both the Industrials and the Transports moved down below their June lows, many were calling that a Dow theory sell signal. I wrote here in early August that this was not the case. It is now time for another update on Dow theory.

First, let’s begin with a direct quote from Robert Rhea, who was the leading Dow theorist in the late 1920’s and 30’s. “Under Dow’s theory the primary trend, once authoritatively established as bullish, is considered to be continuing in force until negated by a confirmed bearish indication such as would be the case when, after a reaction of full secondary proportions in a bull market, a rally fails to lift both averages to new high ground, and a later decline carries both averages below the preceding secondary low.”

blah..blah..blah

http://www.financialsense.com/Market/wrapup.htm
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muleboy303 Donating Member (84 posts) Send PM | Profile | Ignore Mon Nov-19-07 06:31 AM
Response to Reply #2
8. 12850
if i read Tim Wood correctly, the DOW has to break below 12,850 in order for the DOW Theory to confirm a change from a primary bull market to bear market.

if that is so, i expect the PPT to work like hell to avoid it, 'tween now and 11 dec.

i'd rate their chances of success at 1 in 3.
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 06:35 AM
Response to Reply #8
10. Welcome to DU and the Stock Market Watch muleboy.
Edited on Mon Nov-19-07 06:39 AM by ozymandius
:hi:

edit: Glad to have you here. How do you weigh the odds of that measure of decline?
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muleboy303 Donating Member (84 posts) Send PM | Profile | Ignore Mon Nov-19-07 06:48 AM
Response to Reply #10
12. many thanks
tyvm, been lurking for years, couldn't stand it any longer :)

it's one of those numbers i pulled outta ... thin air

but i'll stick with it for now

i figure, between repo's, winks, and nods, about rate cuts
just may be enough to keep the DOW over 12,850 until 11 dec,
then a rate cut will by the FED another month's time.

also, the consequences of the past few years of inflation
will help them (as it already has on the deficit)

just my imo, but it is nice to have a place to say it.

many thanks again,

mb
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JNelson6563 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 11:16 AM
Response to Reply #8
33. Welcome to the Stock thread and DU!
Hello there fellow Marketeer! :hi:

I couldn't agree more with what you said. :toast:

Julie
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 01:08 PM
Response to Reply #8
42. I think you are too optimistic there
It's gonna be a really cold, giftless Christmas.
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 06:12 AM
Response to Original message
3. Today's Report
10:00 AM Leading Indicators Oct
Briefing Forecast NA
Market Expects NA
Prior 0.3%

http://biz.yahoo.com/c/ec/200747.html
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 06:14 AM
Response to Original message
4.  Gas prices slip, oil futures climb
NEW YORK - Gas prices fell slightly for the first time in weeks, raising doubts about a view that pump prices are destined to rise by another 10 cents to 15 cents in coming weeks to catch up with skyrocketing crude prices.

Oil futures, meanwhile, rose Friday on investors' belief that supplies aren't as plentiful as a government report at first suggested.

The national average price of a gallon of gas dropped 0.3 cent overnight to $3.109, according to AAA and the Oil Price Information Service. That decline followed several days in which increases in the price of gas were less than in previous weeks.

-cut-

Meanwhile, light, sweet crude for December delivery rose $1.67 to settle at $95.10 a barrel on the New York Mercantile Exchange. But January crude, which now becomes the front-month contract, closed $1.26 below that, settling up $1.77 at $93.84 a barrel.

December crude had lost 66 cents in the previous session after the Energy Department's Energy Information Administration reported an unexpected 2.8 million barrel increase in inventories last week. But much of that supply build occurred on the West Coast, where the energy infrastructure is largely isolated from the rest of the country, analysts said.

http://news.yahoo.com/s/ap/oil_prices
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 06:18 AM
Response to Reply #4
5. Opec unites behind higher prices
Opec leaders meeting at the weekend summit in Saudi Arabia have differed sharply over the group strategy and purpose, but have united in defence of high oil prices.

Hugo Chávez, the left-wing president of Venezuela, opened the summit welcoming oil prices at close to $100 a barrel, describing them as “fair”. He called for the group to be “an Opec for geo-politics, an Opec for revolution”, adding “Opec was born as a geo-political actor, not as an economic or technocratic bloc.”

He also reiterated his warning that oil could hit $200 a barrel if the US attacked Iran. King Abdullah of Saudi Arabia, the summit’s host, gave a very different view of Opec’s objectives, saying it was intended to protect both its members’ interests and the world economy, and praising the group for acting in a “moderate and wise manner”.

-cut-

The summit in Riyadh, Saudi Arabia, only the third in the group’s 47-year history, will not take any decisions on short-term production levels, which will be assessed at the next ministerial meeting in Abu Dhabi on December 5. It is instead intended to set Opec’s long-term strategy, focusing on securing a central role for oil in the world economy. The draft of the declaration to be issued on Sunday emphasises priorities such as investment in production capacity and the need for consuming countries to provide assurances of future demand.

http://www.ft.com/cms/s/0/08d2f274-95ae-11dc-b7ec-0000779fd2ac.html?nclick_check=1
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 06:23 AM
Response to Reply #4
6.  OPEC interested in non-dollar currency
UpInArms should have some interesting info on the effect this pronouncement has on the dollar's current pattern.

RIYADH, Saudi Arabia - Iranian President Mahmoud Ahmadinejad said Sunday that OPEC's members have expressed interest in converting their cash reserves into a currency other than the depreciating U.S. dollar, which he called a "worthless piece of paper."

His comments at the end of a rare summit of OPEC heads of state exposed fissures within the 13-member cartel — especially after U.S. ally Saudi Arabia was reluctant to mention concerns about the falling dollar in the summit's final declaration.

The hardline Iranian leader's comments also highlighted the growing challenge that Saudi Arabia, the world's largest oil producer, faces from Iran and its ally Venezuela within the Organization of Petroleum Exporting Countries.

"They get our oil and give us a worthless piece of paper," Ahmadinejad told reporters after the close of the summit in the Saudi capital of Riyadh. He blamed U.S. President George W. Bush's policies for the decline of the dollar and its negative effect on other countries.

Oil is priced in U.S. dollars on the world market, and the currency's depreciation has concerned oil producers because it has contributed to rising crude prices and has eroded the value of their dollar reserves.

http://news.yahoo.com/s/ap/20071118/ap_on_bi_ge/opec
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 08:06 AM
Response to Reply #6
22. OPEC comment drives oil close to $95
http://news.yahoo.com/s/ap/20071119/ap_on_bi_ge/oil_prices?_ylt=ApcSsFMif1itzEAlupiVXVZv24cA

Oil prices rose Monday with more talk among OPEC members about converting their cash reserves to the euro and away from the U.S. dollar.

There is also doubt a possible OPEC output hike next month would get more supplies to market in time for the northern winter.

Fresh purchases of the new Nymex expiry — the December contract expired Friday — were also behind some of the gains.

Light, sweet crude for January delivery rose 81 cents to $94.65 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract rose $1.77 to settle at $93.84 a barrel on Friday.

In London, January Brent crude futures added 53 cents to $92.15 a barrel on the ICE Futures exchange.

New comments about the dollar arose during a weekend summit, where the heads of state of the Organization of Petroleum Exporting Countries sought to find ways to mitigate the adverse impact the battered U.S. currency has had on revenues.

...more...


I think that the dollar is sustaining a bit of yentervention at this time - also gold is being driven downward this a.m. - a bit of profit-taking before the beatings?

:hi:
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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 01:25 PM
Response to Reply #22
45. Pop stars reflect dollar's nose dive
NEW YORK — When people start talking about rappers and supermodels shunning the dollar, you know there's a problem.

As the greenback recently hit historic lows against other major currencies, rap mogul Jay-Z released a new video in which he flashes euros, not dollars. It was also widely reported recently that one of the world's richest supermodels, Gisele Bundchen, opted to be paid in euros because of the dollar's weak outlook. Her spokeswoman has denied that the model was spurning the dollar, saying Bundchen is paid in the currency of a job's location.

<snip>

While investors, multinational businesses and travelers have been witnessing the dollar's slide for years, pop culture is new territory.

Jay-Z's Blue Magic video seems to have been an attempt to acknowledge the dollar's decline in an ironic way and to paint the artist as an international superstar who is smarter than those accepting greenbacks.

<snip>

http://www.chron.com/disp/story.mpl/business/5309925.html

It's too later for the Treasury-it's out on the streets now.
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 08:07 AM
Response to Reply #4
23. Survey: Gas up 13 cents in 2 weeks
http://news.yahoo.com/s/ap/20071119/ap_on_bi_ge/gas_prices_2?_ylt=AstRTLGNizRe5MdNavpHi3lv24cA

CAMARILLO, Calif. - The national average price for gasoline rose about 13 cents over the last two weeks, according to a survey released Sunday.

The average price of regular gasoline on Friday was $3.09 a gallon, mid-grade was $3.21, and premium was $3.32, oil industry analyst Trilby Lundberg said.

The nation's lowest price was in Tucson, Ariz., where a gallon of regular cost $2.91, on average. The highest was in San Francisco at $3.48, according to the Lundberg Survey of 7,000 stations nationwide.

...a minor bit more...
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 06:31 AM
Response to Original message
7.  China tells banks to curb lending: sources
BEIJING (Reuters) - China has ordered banks to limit their lending until the end of the year as part of efforts to keep investment under control and prevent the world's fourth-largest economy from overheating, sources said on Monday.

The authorities routinely clamp down on lending in the final quarter, but banking sources say Beijing has intensified its efforts this year.

Banking and official sources told Reuters that the central bank and banking regulator have been pressing lenders to keep growth in the volume of new loans for all of 2007 within an official 15 percent guideline, forcing some of them to curb lending sharply in the final months of the year.

-cut-

Hong Liang, Goldman Sachs's chief China economist, struck a different note. She said falling property sales and a softening in some industrial commodity prices suggested that the tightening measures had already become more binding at the margin.

With inflation likely to accelerate again in November, the credit controls are likely to be fully enforced this month as well and the "collateral damage" will become more visible, she said in a note to clients.

http://news.yahoo.com/s/nm/20071119/bs_nm/china_economy_lending_dc
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Ghost Dog Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 01:59 PM
Response to Reply #7
49. Asian Stocks Decline After China Tells Banks to Cool Lending
http://www.bloomberg.com/apps/news?pid=20601080&sid=afu5WEskyvPM&refer=asia

Nov. 19 (Bloomberg) -- Asian stocks fell, led by China Mobile Ltd. and Mitsui & Co., after Chinese regulators told banks to cool lending that has fueled the world's fastest economic expansion.

China Mobile, the world's largest mobile-phone operator by users, and Industrial and Commercial Bank of China Ltd., the nation's biggest lender, dropped for a third day in Hong Kong. Mitsubishi Corp. and Mitsui, Japan's two largest trading companies, slid to the lowest in more than two months in Tokyo.

``What is Asian growth without China?'' said Leslie Phang, who helps oversee $1 billion at Commonwealth Private Bank in Singapore. ``If China goes, everything else goes.''

The Morgan Stanley Capital International Asia Pacific Index lost 0.5 percent to 157.52 as of 5:10 p.m. in Tokyo, bringing this month's drop to 8 percent. Seven of the measure's 10 industry groups fell today.

Japan's Nikkei 225 Stock Average declined 0.7 percent to 15,042.56. Benchmarks slid across the region except in Australia, the Philippines and India. New Zealand's was little changed.

BHP Billiton Ltd. and Rio Tinto Group led a 1.1 percent advance in Australia's S&P/ASX 200 Index after BHP's chief executive officer said the majority of shareholders he had met supported a plan to combine the two companies.

China Mobile lost 1.1 percent to HK$131.80 in Hong Kong, the biggest contributor to the drop in the city's Hang Seng Index. Industrial & Commercial Bank fell 1.2 percent to HK$6. China Vanke Co., the nation's biggest listed property developer, slid 4 percent to 32.93 yuan in Shenzhen.

/...
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 06:33 AM
Response to Original message
9.  Auto sales could hit 15-year low
DETROIT (Reuters) - Three top investors in the automotive industry painted a grim picture on Sunday for the sector in 2008, with one executive predicting a possible slump in U.S. sales to levels not seen in 15 years.

The weakest forecast is for a possible 9.4 percent decline. But all three -- Jerry York, an adviser to billionaire investor Kirk Kerkorian; financier Wilbur Ross; and Thomas Stallkamp, a former Chrysler president -- were more pessimistic than many in the battered industry.

-cut-

U.S. light auto sales could slip to 15.5 million or less next year, York said. That would be down from near 16 million this year, a drop of 3 percent to mark the second consecutive annual decline and the lowest tally since 1998.

Stallkamp, a partner at private equity firm Ripplewood Holdings, which owns several auto parts makers, said the market could slump to 14.5 million, the lowest level since 1993.

http://news.yahoo.com/s/nm/20071119/bs_nm/auto_summit_sales_dc
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 06:37 AM
Response to Original message
11. gotta run folks
:donut: :donut: :donut:

I'll check back after school.

Ozy :hi:
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 07:26 AM
Response to Reply #11
15. Kick and a Rec from me as I head off to the family doc (durn sinuses)
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NeoConsSuck Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 07:02 AM
Response to Original message
13. Wall Street Plans $38 Billion of Bonuses as Shareholders Lose
Nov. 19 (Bloomberg) -- Shareholders in the securities industry are having their worst year since 2002, losing $74 billion of their equity. That won't prevent Wall Street from paying record bonuses, totaling almost $38 billion.

That money, split among about 186,000 workers at Goldman Sachs Group Inc., Morgan Stanley, Merrill Lynch & Co., Lehman Brothers Holdings Inc. and Bear Stearns Cos., equates to an average of $201,500 per person, according to data compiled by Bloomberg. The five biggest U.S. securities firms paid $36 billion to employees last year.

http://www.bloomberg.com/apps/news?pid=20601087&sid=ahE8xVisWsbE&refer=home

-------------------------
Homeowners lose, global economies tank, 401k values drop, but Bush's 'Have Mores' continue to profit from the mess they created.

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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 08:43 AM
Response to Reply #13
26. Goldman Sachs Rakes in Profit in Credit Crisis
Edited on Mon Nov-19-07 08:45 AM by DemReadingDU
11/19/07
For more than three months, as turmoil in the credit market has swept wildly through Wall Street, one mighty investment bank after another has been brought to its knees, leveled by multibillion-dollar blows to their bottom lines.

And then there is Goldman Sachs.

Rarely on Wall Street, where money travels in herds, has one firm gotten it so right when nearly everyone else was getting it so wrong. So far, three banking chief executives have been forced to resign after the debacle, and the pay for nearly all the survivors is expected to be cut deeply.

But for Goldman’s chief executive, Lloyd C. Blankfein, this is turning out to be a very good year. He will surely earn more than the $54.3 million he made last year. If he gets a 20 percent raise — in line with the growth of Goldman’s compensation pool — he will take home at least $65 million. Some expect his pay, which is directly tied to the firm’s performance, to climb as high as $75 million.

more...
http://www.nytimes.com/2007/11/19/business/19goldman.html?_r=1&hp&oref=slogin


edit to add another snippet:
Robert E. Rubin, a former Goldman head, is the new chairman of Citigroup. In Washington, another former chief, Henry M. Paulson Jr., is the Treasury secretary, having been recruited by Joshua B. Bolten, the White House chief of staff and yet another former Goldman executive.


anyone else suspicious?
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Ghost Dog Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 02:21 PM
Response to Reply #26
55. Me. But this explanation does seem quite clear:
How Goldman's risk managers mined mortgage gold
http://www.bloggingstocks.com/2007/11/19/how-goldmans-risk-managers-mined-mortgage-gold/
Posted Nov 19th 2007 1:18PM by Peter Cohan

The New York Times provides some useful clues on how Goldman Sachs Group (NYSE: GS) was able to profit while its peers took enormous write-downs on holdings of Mortgage Backed Securities (MBS). Its culture encourages a healthy paranoia, which gives unusual power and pay to Goldman's risk managers -- and a willingness to act in conflict with clients' interests if it helps Goldman make more money.

The critical moment came late last year -- coincidentally around the time of my NovaStar Financial (NYSE: NFI) short call -- when Goldman's CFO called a "mortgage risk" meeting which concluded that Goldman should reduce its MBS holdings and buy expensive insurance as protection against further losses. Despite this strategy shift, Goldman continued to package risky mortgages to sell to investors. Many of these clients took losses while Goldman made money. (I think if it was truly concerned about its clients' well-being, it would have warned them of the dangers it saw.)

Goldman has a relatively flat management hierarchy which allows people closest to the markets to get their views heard. And one of the keys to adapting to risk at Goldman is the unusual power and pay of its risk managers. Its controller's office, the group responsible for valuing Goldman's huge positions, has 1,100 people, including 20 PhDs. If there is a dispute, the controller is always deemed right unless the trading desk can make a convincing case for an alternate valuation.

And its risk managers swap jobs with traders and bankers and get paid the same salaries. This gives them an unusually powerful role in identifying ways that Goldman can profit from risk.

/..
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Buttercup McToots Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 07:24 AM
Response to Original message
14. 27 More Foreclosures Dismissed
The prior case is now being cited for the precedent it has set..

From the Implode-O-Meter
http://iamfacingforeclosure.com/blog/2007/11/16/the-judicial-integrity-of-the-united-states-court-is-%e2%80%9cpriceless%e2%80%9d-%e2%80%93-27-more-foreclosures-dismissed/

The Judicial Integrity of the United States Court is “Priceless” – 27 More Foreclosures Dismissed
November 16th, 2007
By Aaron Krowne & Moe Bedard

In a decision piggy-backing on Judge Boyko’s recent Deutsche Bank ruling (announced on this site Tuesday), Judge Rose has thrown out another batch of foreclosures, making the following summary remarks:

“This court is well aware that entities who hold valid notes are entitled to receive timely payments in accordance with the notes. And, if they do not receive timely payments, the entities have the right to seek foreclosure on the accompanying mortgages.

However, with regard the enforcement of standing and other jurisdictional requirements pertaining to foreclosure actions, this court is in full agreement with Judge Christopher A Boyko for the Northern District of Ohio who recently stressed, ‘That the judicial integrity of the United States District Court is ‘Priceless.’”

The ruling is another HUGE victory for consumer advocate attorneys and homeowners in general.

A pdf file of the full ruling is available here.

Jacksonville Legal Aid attorney April Charney remarked to us regarding the two Ohio decisions:

As to the real ramification of the Ohio decision, aside from slowing the foreclosure trains, is that the fact that there were no “original” assignments rendering the sales of the mortgages to the trusts, in violation of the true sale obligations imposed by securities law. ”

For more comments by April and us on this foundational issue of these rulings, see our next post. There we also address some criticisms and critiques we’ve received since our original coverage.

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Robbien Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 01:22 PM
Response to Reply #14
44. There were no original assignments of the mortgage to the trusts?
Which leads one to wonder how many times were these exact same mortgages were combined in other investment vehicles and if someone added up all the combinations would the value exceed the total value of the mortgages themselves?

And who is the holder of the original assignment of the mortgages?
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Buttercup McToots Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 07:30 AM
Response to Original message
16. Transfer Limits Have Potential To Block Run On Bank
Transfer Limits Have Potential To Block Run On Bank

Author: Jim Sinclair

Dear Friends,

Although you should read the entire agreement to put the following in context, it speaks for itself. Most funds coming in and out of banks today go by ITT bank wire system. The funds, when confirmed as received, are immediately good money. This clearly restricts such transfers in my opinion. Up to now bank wires have never had a limit in or out of a major institution.

https://web.da-us.citibank.com/tandcFiles/printable_cashedge.htm

Next Day. Funds are credited to your account on the next Business Day, if I request the transfer by 3:00 p.m. ET on a Business Day. This type of request is subject to the following conditions:
(1) in order to request an INCOMING Next Day Transfer: (a) the available balance in my Eligible Citibank Account must be at least $500; and (b) I have successfully completed an incoming standard transfer from the same Verified Account in an amount of at least $500 at least 20 calendar days prior to requesting the Next Day Transfer.
(2) in order to request an OUTGOING Next Day Transfer, the available balance in my Eligible Citibank Account must exceed the amount of the requested transfer by at least $500.

Limits on IIT Transfers
Type of Limit Standard Transfers Next Day Transfers

Incoming
Standard TransferS Next Day Transfers
Daily $100,000 $1,000
Monthly* $100,000 $2,500

Standard Transfers Next Day Transfers
Daily $2,000 $1,000
Monthly* $10,000 $2,500

Without relying on the above account agreement, or the above institution, my read on this is to put in place a tool to prevent an electronic run on an institution such as the one which recently occurred in Great Britain. If you have $1,000,000 in such an account and such an agreement governs it, it would take you 100 months to withdraw the funds.

Such an agreement would, in my opinion but not referring to the above bank, never be put in place unless there was a suspicion that such a run in the bank could occur.

I have a question for you. Have you taken the steps I have suggested to increase the barriers between you and the events occurring in this unprecedented time in the foundation of our financial system in the form of a MELTDOWN IN FINANCIAL ASSETS OF CREDIT AND CREDIT DEFAULT DERIVATIVES that stand on the FINANCIAL ASSETS of securitized debt which in turns has its foundation on NON-FINANCIAL assets, the mortgages themselves?

FASB 157 (see www.jsmineset.com this past week for more information) is in force for the above mentioned Financial Assets.

Thanks to Dr. Bob and CIGA Bayonet for this CRITICALY IMPORTANT heads up

Respectfully yours,
Jim Sinclair

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Buttercup McToots Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 07:53 AM
Response to Original message
17. Noodle Baking for sure...
November 19th, 2007

Brian Bloom

Some may regard this article as a bit "off-the-wall", but I have decided to write it anyway. In the past couple of weeks, three apparently random occurrences have converged at a single point, and this stretches the "coincidence" argument a bit thin.

First, some background.

The subject of "genius" has always fascinated me. What makes a Da Vinci, or a Galileo or an Einstein different from ordinary mortals like you and me?

After pondering this question for much of my early adulthood I eventually concluded that there are two conditions precedent to genius:

Ability to use both the left and right hemispheres of the brain with equal dexterity, and
Ability to use a higher than average proportion of the brain's data processing capacity
In a sense, these abilities are "electrically driven". A higher voltage of electricity ebbs and flows between the intuitive and the logical hemispheres of the brain. Ideas are conceived with greater ease (in the right hemisphere), and are also processed with greater ease (in the left hemisphere).

Imagine, if you will, that the Universe of all knowledge is stored in a humungous computer database. Pieces of discrete information are stored in "cells" which have unique addresses as referenced by co-ordinates along X and Y axes.

Knowledge growth of an average person typically occurs in a building block fashion as the brain taps into an information cell address at (say) "A1", and then recognises that a relationship exists between the information stored in "A1" and that stored in adjacent cells "A2" and "A3". This requires left brain activity only.

Right brain dominated individuals tend to "reach" intuitively for information in non adjacent cells; and to left brain dominated individuals this behaviour sometimes seems illogical or irrational - because the thought process appears to have no trace of the sequential development process to which they are accustomed.

What happens with geniuses is that they are intuitively able to tap into information in cells that are remote from A1, A2 and A3 at address co-ordinate (say) M5 and then also demonstrate through a sequential and logical thought process how this new piece of information can be linked to the generally accepted body of knowledge - which might also result in some modification of previously held "truths". Initially, the act of conceptualization requires superior right brain activity, but it subsequently also requires a superior left brain processing power to "join the dots".

"What in hell has all this to do with the gold price?" - I can hear you say.

Well, let's try this on for size:


The picture above recently came to my attention as the first of the apparently random occurrences to which I referred above. It appeared in a book that I happened to be reading, entitled "The Mayan Calendar and the Transformation of Consciousness", by Carl Johan Calleman, PhD, Bear & Co, 2004; at page 46, and it got me thinking.

The author of the book was putting forward the argument that the planet Earth is essentially an organism, and it may be thought of in terms of the model of the human brain. I have long held the former view, but this latter argument came as a new thought to me. Calleman was putting forward the view that the Western hemisphere of the planet has evolved - since the emergence of the industrial revolution in around 1755 - to become the overwhelmingly dominant hemisphere. He was also arguing that the logically oriented "West" has acquired such dominance that it has started to stifle the natural thought processes of those who inhabit the intuitively oriented (if you'll excuse the expression) Eastern hemisphere of the planet, and it is essentially this dominance which is causing a backlash that, in turn, has been causing the disharmony that we are now witnessing in the form of terrorism and conflicts that have been emerging with increasing frequency from/with the Middle East and other Islamic countries.

In simplistic terms his argument was that the organism pulsates with a rhythm that causes an ebb and flow of energy from East to West and back again, and that the timing of the rhythm of the pulse is measurable by an exceptionally accurate measuring device known as the Mayan Calendar.

The second co-incidence flowed from the fact that I was recently approached by the Managing Partner of a fairly significant mid range firm of Accountants to facilitate a strategic repositioning and re-branding of their organization. Because this book was so fresh in my mind, it occurred to me that as Accountants are typically left brain oriented, they might benefit from an exercise in right brain stimulation to be held as a diversion within the context of a two day offsite seminar that was being proposed. The passing fantasy was that this temporary stimulation might facilitate an atmosphere of creativity in an environment where creative thought was likely to be both important and in short supply.

Although I rejected the idea as being too "out there", I mentioned it in a half-joking fashion to the Senior partner of the firm - who shocked me with his immediate and strongly positive reaction to the idea.

The third coincidence was facilitated by the fact that I have recently bought a failing retail (healthy) fast food franchise in partnership with a young turnaround Operator, who quickly moved to re-staff the business with energetic "kids" of between 17 and 23. One of these kids happens to be serving a low security jail sentence and is allowed out on a daily basis provided he reports back to spend each night in the jail. As an act of enlightened self interest, my business partner decided to "give this guy a go" on the basis that such people - if given a second opportunity in life - often turn out to be particularly loyal as a quid pro quo. He therefore moved to employ this guy on a trial basis.

Last week (about three weeks into his new employment) the youngster turned to me with a smile as bright as a sun-spot. On that particular day he had just served his first customer and he was feeling GREAT about it and about himself. I could literally see the positive energy radiating from him.

Last night, I happened to mention this experience as a sort of "social grace" story to a group of ten people whom my wife had invited over for an (unusual) social evening and, again, I was taken aback by the extent of the strong reaction the story generated. Admittedly, most of those present were female - and were therefore stronger in the right brain hemisphere (women are from Venus and men are from Mars and all that), but this third co-incidence got me thinking even more deeply:

In the space of a couple of weeks I had been presented with three pieces of evidence that right brain activity is emerging (and being embraced) as a far more important factor in life today. Indeed, Calleman even proposed that it was this re-emergence of right brain activity that had given rise to the strongly supported marches of protest which occurred within the various countries who were part of the "coalition of the willing" that invaded Iraq.

Still no linkage with the gold price?

Patience, we're getting there. Grab a brandy or a whisky or a bourbon (or whatever mellows you most) and settle back. You are going to need to be mellow to handle what follows.

As everyone knows, the "cycles" of life are influenced by Circadian and Gregorian rhythms that are, in turn, a function of the way our solar system is put together. The earth turns on its axis once every twenty four hours, the moon waxes and wanes in a lunar cycle of 30 days or so, and the seasons emerge like clockwork in a manner that is predictable in terms of the Gregorian calendar of roughly 365 days a year.

It is this "observability" that is so compelling, and using these observable facts as a point of departure, Economists and Sociologists have tried to "fit" behavioural cycles into models that are defined in terms of our solar system model. For example, the Kodrat'eff Long Wave repeats every 55-60 years.

But, asked Calleman, what if? What if the "real" ryhthm is not a function of the way the solar system is constructed but rather of some other Universal energy pulse?

The Mayan Calendar is predicated on a pulse rate that is a function of a "month" (not a term used by Calleman) that is roughly 20 days long, and a "year" (again not a term that he uses) that is exactly13 months in duration giving rise to a total of 260 days. Indeed the numbers 20 and 13 act like cogs in a gigantic wheel, and - like the Cosmos and the Atom - there are wheels within wheels within wheels.

The number 13 flow from a conceptualization of 7 periods of light (days) and six period of darkness (nights).

You will have to read the book to appreciate the nuances of the argument and also to get the facts straight. I am oversimplifying the argument here in order to get its main thrust across within a short time frame.

In its own codification, the Mayan Calendar has articulated two very important dates:

A "start" date which may be expressed in Gregorian Calendar terms as August 11th, 3114 BCE (which roughly coincides with the time when the Sumerians - now Iraq - built the first higher civilization)


An "end" date which may be expressed in Gregorian calendar terms as October 28th, 2011 - which represents the day on which "creation" is completed at the culmination of the seventh "long period".


The argument put forward by Calleman is that virtually all the religions of the world have a similar end of days Messianic story which can be reconciled by the conceptual argument that a "new era" of timelessness will commence at the point where the act of creation culminates - which is why the Mayan calendar does not go beyond that "end" date.

Sounds incredible?

Well, have a look at a representation of the "last" long period; which is the "last" day of creation that stretches from 1755 to 2011.

This wave is, in turn, also broken down into 7 days and six nights and it shows that from an economic perspective (the book shows several perspectives) "Precious Metals have waxed and waned in importance:

as the nights turn to day gold waxes in importance, and
as the days turn to night, gold wanes in importance and fiat currencies wax in importance

Source: The Mayan Calendar, ibid, at page 230

Whoops! What happened in 1992 - when gold was supposed to start waxing?

Well, let's have a look at the gold price chart. (Courtesy Gold-Eagle.com)


Note how the gold price in fact did bottom at the turn of 1992/3 and started to rise in January 1993. But note also how in 1995 something odd happened and gold headed south in earnest.

If Calleman's interpretation is correct then it would not have been possible for "man" to over-ride "nature" (the price manipulation argument would be pure garbage in this context) - but he points to the fact that "In 1992 the European Union devised a plan to launch the Euro currency .." He goes on to say that "In a sense, this is an even further step away from a link to gold; unlike the United States, the European Union does not hold a common reserve of gold, and the value of the euro is based only on the confidence people have in the combined assets of the member countries. The financial system of today's world has to an extreme degree been disconnected from the value of anything real."

Does this statement support or negate his underlying premise? Why was gold not fully embraced at the time?

Calleman does not explain, but what the hell, I'm mellow from the Chivas so let's have a go at it. And, when you read the following, keep bearing the following words in mind:

"Irrational Exuberance"
"Stubborn Optimism"

Calleman offers the argument that the ultimate reason why a form of gold standard is embraced at the beginning of the "days" in the cycle is that economic activity starts to accelerate, and inflation starts to go out of control. For this reason, at the commencement of the up cycle, gold acts as an anchor. Presumably, this time around there really was something different.

In casting around for what was different, it comes into focus that "this time around" countries in the East had begun to embrace Western thought processes. The Asian Tigers had started to show their teeth, and China was getting its act together. An outbreak of Inflation was therefore avoidable because of the huge production capacity that was being added to the existing base.

So where does this leave us?

Well, first off, it leaves us with around seven years of daytime with a "timelessness" at the end of it as the entire planet reaches a state of Enlightenment.

Unfortunately, precisely on November 19th 2007 (according to the Mayan Calendar) forces will kick in which will cause the economic infrastructure to start unravelling. It is on that day (according to Calleman's interpretation) that the collapse of the financial infrastructure will manifest.

So there you have it. The reason gold did not perform on cue was that in the 1980s there emerged the beginning of a process of Enlightenment as some countries in the East began to willingly embrace Western thought processes. This process of Enlightenment is being resisted by some entrenched interests - the Establishment Elite in the West, and the Religious fanatics of the East - and it is this meeting of the irresistible force and the immovable object that is causing a rise in world tensions.

At some point between now and November 19th 2007, there will be a "breakthrough" - which, in turn will cause the current "physical infrastructure" to unravel as the world moves to embrace a unity of mind, body and spirit.

What else can I say now except "Have another Scotch"? I guess I'll hold my gold shares given that at some point the "fear" of the collapse will cause precious metals to start rising.

But the above would explain why the Dow is rising even though there is no underlying value. Our brains are turning into scrambled eggs.

Brian Bloom

Australia, June 10 th 2004.
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Viva_La_Revolution Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 09:11 AM
Response to Reply #17
27. well, ain't that interesting
thanks (I think) :scared:
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zabet Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 09:36 AM
Response to Reply #17
30. Wow..
Interesting and frightening at the
same time.
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Joanne98 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 09:59 AM
Response to Reply #17
31. Here's a way to test your brain to see what you are. I'm a left brain!
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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 11:51 AM
Response to Reply #31
38. Thanks....I love that test....
I actually go both ways-for a while it will spin in one direction and then when I examine the head or feet then look at the body, it spins in the opposite direction. It is also funny that I had 'trouble' picking a hand when beginning to write (ambidextrous) and had a case of dyslexia mild that was a setback for me in grade school.
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Joanne98 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 11:53 AM
Response to Reply #38
39. Im ambidextrous too but I can only see it one way! Wierd
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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 12:37 PM
Response to Reply #39
40. I think it has more to do.....
with the dyslexia than being ambidextrous.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 04:34 PM
Response to Reply #40
60. I see her moving both ways
maybe that means I am open-minded!
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radfringe Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 12:40 PM
Response to Reply #31
41. right brained...
seems perfectly obvious to me that the dancer is turning clock-wise
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magellan Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-20-07 01:43 AM
Response to Reply #31
70. It's not your brain, the picture changes
It's no test at all. Just depends on where it starts when you first load the page. Watch the legs. The dancer alternates between being on her right and left legs and her rotation direction shifts accordingly. The change is so subtle you might miss it. But watch it long enough and you'll see the shift over and over.
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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 11:36 AM
Response to Reply #17
35. Morning Marketeers.....
:donut: and lurkers. A special :hi: to you muleboy. I have a deep abiding passion for mules so needless to say this country girl at heart welcomes you. Don't be a stranger and jump right in.

I read Brian Bloom's article with great interest-thanks Buttercup. I learned a very interesting thing last night when I talked to Mom. Seems like my sainted great grandpa was one of those folks that the feds seized his gold. He was saving gold coins to give one each to his grandkids. Mom said he was told the gold was being destroyed:eyes:I guess I come by my skepticism honestly. Wonder if we have any word from the schemers and scamers in Cape Town?

I have maintained for some time now that a full pantry was the best thing to have, and with inflation hitting us hard, my Aunts and Uncles taught me well. IMHO, gold is also a good backup, but one must be cautious as it seems my family has found out the hard way. A good dealer and a good hidie hole are essential. If the situation ever gets that critical-commodities are first and foremost (food, clothing, and shelter). Then, gold will have value as a high end barter item. It is a nice way to hedge your bets.

Happy hunting and watch out for the bears.
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kineneb Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 02:09 PM
Response to Reply #17
54. wow! he has almost got it...
being one of those nearly balanced left-right brained persons (I took the online test, and it did not surprise me), he actually is making sense to me.

I don't process verbal information as well as others, but I am a musician/painter in oils/musical instrument builder/seamstress... all those things require both left and right brain halves to work together.

But the real kicker is the publishing date: 2004!
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 07:54 AM
Response to Original message
18. dollar watch
http://quotes.ino.com/chart/?s=NYBOT_DX&v=i

Last trade 75.864 Change +0.072 (+0.09%)

Dollar At a Standstill - Which Way Next?

http://www.dailyfx.com/story/topheadline/Dollar__At_a_Standstill_Which_1195451041629.html

Was it a pause that refreshes or a sign of an intermediate term top? Dollars bulls and bears battled each other to a standstill as the pair tried but failed to make a new record high. On the other hand any attempts to take it lower were met with steadfast bids. As we noted earlier in the week, ‘the market remains resolutely dollar bearish, keeping any retracements in the EURUSD relatively shallow. Only if the EURUSD breaks below the important 1.4500 figure will we have confidence that a serious correction in the pair has commenced. For the time being the market continues to give the benefit of the doubt to the ECB while expecting the Fed to steadily lower rates. “

The greenback is beginning to suffer from another problem. Up until very recently US was able to attract enough foreign capital to offset its massive trade deficits, but last months TICs data shattered the complacency of the market when it printed at -$69 Billion versus forecasts of $65 Billion surplus. This months data didn’t do much better printing only $26.4 Billion against $71.5 Billion forecast. If foreign capital flows are indeed drying up the long term structural implications for the greenback are very negative. Friday’s announcement by UAE that it is considering a replacement of the dollar peg with a broad currency basket could only be that start of a massive move away from the dollar as the reserve currency of the world.

Next week, holiday thinned trading should keep price action contained, but the buck faces more challenges as the calendar is chuck full of housing data which is expected to be dour yet again. The one thing that may boost the greenback could be the release of the FOMC minutes, assuming they are hawkish in tone. At this point conventional wisdom expects another rate cut from the Fed in December. If the committee signals that it will remain stationary, the dollar may get a reflexive bounce. Overall, however, the momentum is still with the bears. – BS.



...more...


Dollar Strengthens at Start of Holiday Week - Worst Over For US Housing?

http://www.dailyfx.com/story/bio2/Dollar_Strengthens_at_Start_of_1195467773053.html

Currency markets traded in a relatively tight range at the start of holiday-shortened week, driven mainly by equity flows as the economic calendar remained barren providing little fresh news flow for FX traders. EURUSD made a half hearted attempt to run for the 1.4700 figure at the start of Asia trade, but the third consecutive daily decline in the Nikkei pulled the unit down towards the 1.4600 barrier. Still, bids quickly reappeared at that level suggesting that demand for the euro remains quite strong.

Despite, the news over the weekend that GCC nations may be considering the idea of abandoning the dollar peg, the greenback saw no further sales on diversification fears. Oil producing nations find themselves in a difficult position now as they continue to earn revenue in dollars, but import a significant portion of their goods from the Euro-zone, creating very strong inflationary pressures within their economies.

Should these countries decide to move away from the present dollar peg to a more balanced basket of currencies, the downward pressure on the greenback is very likely to continue. Oil producers constitute one of the largest buyers of US financial assets and if they begin to reduce their investment allocation into US treasuries and bonds the structural pressures caused by the massive US Current Account deficits would only be further aggravated. Friday’s weak TICS results, which printed at $26 Billion versus $75 Billion projected, only served to exacerbate those fears, but for now the situation remains at a standstill, as markets warily watch the events in the Middle East. The commentary from the GCC monetary authorities while reflecting genuine economic problems, may remain nothing more then rhetoric as the political pressures in those nations may prevent any substantive alteration of the policy. However, if oil producers do decide to make some concrete changes away from pegging to the dollar, speculative sentiment could easily push the EURUSD to 1.50 on the news.

Turning our attention to more micro–economic concerns, US calendar is very quiet this week, but nevertheless is full of housing data. Today the market will see the NAHB Housing Index and tomorrow we have housing starts and permits. While losing some of its punch, housing news continues to have an important impact on the market, but should the data suggest that the fall out in the sector may have reached some kind of bottom the greenback could see a mild bounce. After all, the current consensus view is that the Fed will be forced to lower rates in December due to continued deterioration of residential real estate. If that’s not the case the slide in the dollar could come to a halt this week.

...more...
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 08:00 AM
Response to Original message
19. Swiss Re hit by $1 bln credit market insurance loss
http://news.yahoo.com/s/nm/20071119/bs_nm/swissre_loss_dc

ZURICH (Reuters) - Swiss Re (RUKN.VX) reported a shock 1.2 billion Swiss franc ($1.07 billion) writedown due to the subprime crisis, sending its shares down sharply and making it the first reinsurer to suffer a big, direct hit from the crisis.

The losses announced on Monday stemmed from protection Swiss Re sold to a client against a fall in the value of a portfolio -- underscoring the depth of the crisis and how it has hit financial firms like banks, insurers and hedge funds in often unexpected ways.

Rival Munich Re (MUVGn.DE) said it had nothing new to announce after the news, meaning Swiss Re may be alone among the big reinsurers to have taken a direct hit so far from the credit crisis.

The unexpected loss may raise questions about Swiss Re's push into novel investment bank-like services, a cornerstone of group strategy under Chief Executive Jacques Aigrain in a move to diversify away from its core business of providing insurance to insurers.

Swiss Re has conducted a thorough review of other credit default swap exposures and was satisfied it has no similar exposures, according to a slide presentation before a conference call with analysts.

...more...
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Ghost Dog Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 02:03 PM
Response to Reply #19
52. European stocks lose 2 pct, led by miners and banks
http://www.reuters.com/article/marketsNews/idINL1913778620071119?rpc=44

FRANKFURT, Nov 19 (Reuters) - European stocks fell more than 2 percent on Monday as credit woes hurt financial shares such as Swiss bank UBS (UBSN.VX: Quote, Profile, Research) and as miners were hit by prospects of weaker demand due to slower economic growth.

The pan-European FTSEurofirst index (.FTEU3: Quote, Profile, Research) dropped for a third straight session to end down 2.1 percent at 1,462.76 points -- its lowest close since Aug. 16.

The benchmark index, which turned negative for the year to the tune of 1.4 percent, is down almost 12 percent from its multi-year high set on July 13.

"It is once again the financial sector that has led to the latest bout of nervousness," said Philipp Vorndran, senior investment strategist at Credit Suisse Asset Management.

"In some instances the writedowns have been larger than expected and the fear now is that there may be more negative surprises to come," Vorndran said.

Goldman Sachs cut Citigroup (C.N: Quote, Profile, Research) to "sell", saying Citi may may have to write off $15 billion over the next two quarters.

In Europe, UBS lost 4.6 percent. Dresdner Kleinwort cut its rating on the stock to "hold" from "buy", citing "a tangible risk of substantial sub-prime losses stretching into 2008."

Shares in Swiss Re (RUKN.VX: Quote, Profile, Research) fell more than 10 percent after the world's biggest reinsurer revealed a 1.2 billion Swiss franc ($1.1 billion) writedown related to credit default swaps.

...

The European financial services sector index (.SXFP: Quote, Profile, Research) lost 3.8 percent, insurers (.SXIP: Quote, Profile, Research) fell 3.3 percent and banks (.SX7P: Quote, Profile, Research) were down 2.6 percent.

Basic resources, which includes mining stocks, fell 5.4 percent, taking the sector index (.SXPP: Quote, Profile, Research) to a two-month low.

Among miners, Anglo American (AAL.L: Quote, Profile, Research) dropped 7.3 percent, Rio Tinto (RIO.L: Quote, Profile, Research) fell 6.1 percent and BHP Billiton (BLT.L: Quote, Profile, Research) was down 5.2 percent as prices of key base metals including copper, lead and zinc fell on worries that moves to slow China's booming economy would reduce demand, traders said.

/...
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 08:01 AM
Response to Original message
20. Wal-Mart's critics to focus on safety: report
http://news.yahoo.com/s/nm/20071119/bs_nm/walmart_critics_dc

NEW YORK (Reuters) - Union-backed critics of Wal-Mart Stores Inc (WMT.N) plan to start their largest ad campaign in a bid to criticize the company during the holiday shopping season, the Wall Street Journal reported Monday in its online edition.

The campaign, which starts on Monday with radio spots in 40 markets, is an attempt to tap into negative publicity surrounding Chinese imports to Wal-Mart, the Journal said.

The ads note that Wal-Mart gets 70 percent of its merchandise from China, a figure the retailer disputes, the Journal said.

According to the Journal, the ads are the product of WakeUpWalMart.com, which is funded by the United Food and Commercial Workers Union.

The newspaper also said the radio spots will run through this Friday, which is traditionally one of the busiest shopping days of the year. The ads will run mostly in the South and Midwest where Wal-Mart has a strong presence, the Journal said, adding that television ads will appear in December.

...more...
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 08:03 AM
Response to Original message
21. Housing, credit markets may hurt economy (ya think?)
http://news.yahoo.com/s/ap/20071119/ap_on_bi_ge/economic_outlook?_ylt=Ag50nJ.yRDSuSaU4DTYcNNOb.HQA

WASHINGTON - The painful collapse of the housing market along with the credit crunch will weigh down economic growth in the final three months of this year and cause economic activity to lag in 2008.

It all means that the risk of a recession has increased, economic forecasters say.

The latest look-ahead from the National Association for Business Economics says the gross domestic product is on track to expand at just a 1.5 percent pace from October through December. If that proves correct, it would mark a sizable decline from the July-September rate of 3.9 percent.

The group's new fourth-quarter projection compared with September's prediction of a 2.5 percent growth rate. The GDP — the value of all goods and services produced in the United States_ is considered the best barometer of the country's economic fitness.

For all of this year, the forecasters expect the economy to grow by 2.1 percent, which would be the weakest showing since 2002. Back then, the economy was emerging from a recession and grew by just 1.6 percent.

...more...
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 08:13 AM
Response to Original message
24. After the Oil Crisis, a Food Crisis?
http://www.time.com/time/business/article/0,8599,1684910,00.html?xid=feed-yahoo-biztech

Is the world headed for a food crisis? India, Mexico and Yemen have seen food riots this year. Argentines boycotted tomatoes during the country's recent presidential elections when the vegetable became more expensive than meat; and in Italy, shoppers organized a one-day boycott of pasta to protest rising prices. In late October, the Russian government, hoping to ease tensions ahead of parliamentary elections early next year, announced a price freeze for milk, bread and other foods through the end of January.

What's the cause for these shortages and price hikes? Expensive oil, for the most part.

The United Nations Food and Agricultural Organization (FAO) reported last week that, at nearly $100 a barrel, the price of oil has sent the cost of food imports skyrocketing this year. Add in escalating crop prices, the FAO warned, and a direct consequence could soon be an increase in global hunger — and, as a consequence, increased social unrest. Faced with internal rumblings, "politicians tend to act to protect their own nationals rather than for the good of all," says Ali Ghurkan, a Rome-based FAO analyst who co-authored the report. Because of the lack of international cooperation, he adds, "Worldwide markets get tighter and the pain only lasts longer."

What's more, worldwide food reserves are at their lowest in 35 years, so prices are likely to stay high for the foreseeable future. "Past shocks have quickly dissipated, but that's not likely to be the case this time," says Ghurkan. "Supply and demand have become unbalanced, and... can't be fixed quickly."

The world's food import bill will rise in 2007 to $745 billion, up 21% from last year, the FAO estimated in its biannual Food Outlook. In developing countries, costs will go up by a quarter to nearly $233 billion. The FAO says the price increases are a result of record oil prices, farmers switching out of cereals to grow biofuel crops, extreme weather and growing demand from countries like India and China. The year 2008 will likely offer no relief. "The situation could deteriorate further in the coming months," the FAO report cautioned, "leading to a reduction in imports and consumption in many low-income food-deficit countries."

...more...
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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 11:42 AM
Response to Reply #24
36. Well....
lookie here. I just submitted my morning post and here we go. Dang, if I hadn't said it before-I'd say the crystal ball is in tune with the Earth's wa, chi, or whatever you want to call it. Thank goodness for my family.
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 08:18 AM
Response to Original message
25. Ritual dating from 1919 sets price of gold
http://news.yahoo.com/s/nm/20071119/bs_nm/gold_fixing_dc

LONDON (Reuters) - When gold reached dizzying heights above $800 a troy ounce in recent weeks, it cast a spotlight on a ritual that has taken place in London for the past 88 years.

Twice a day, representatives of five banks pick up the phone to trade physical gold and arrive at the London "fixing" price, which then becomes a benchmark for gold around the world.

As the clock in the vast Barclays Capital trading room in London ticks towards 3 p.m., attention turns to Marc Booker, the bank's head of spot gold trading.

Booker joins a conference call with the four other banks who take part in the fixing. The chairman, from Deutsche Bank, suggests an opening price and Booker relays it to his trading room and customers. Booker and the other participants say whether they are buyers or sellers at that price, and the chairman adjusts the price until the buyers and sellers are in balance.

It usually takes between five and 15 minutes to fix the price, longer when the market is volatile.

<snip>

When fixing started on Sept 12, 1919, the first price was $20.67 a troy ounce. The highest fixing of the recent gold rally was on November 7, when it fixed at $841.75 an ounce in the morning session, less than $10 below its historic high of $850, fixed on January 21, 1980.

...more...


How come they never ever ever talk about "adjusted for inflation" when referring to the current price of gold versus the 1980 price of gold and they always use the "adjusted for inflation" number when referring to today's price of oil versus the 1980 price of oil?
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 09:15 AM
Response to Original message
28. Fleckenstein: No shelter from the housing storm
11/19/07
Money-market funds aren't looking like an investor safe haven from Wall Street's credit crisis after all. Meanwhile, a judge's ruling gives home lending another reason to seize up.

For any folks out there still branding our credit problems "contained," Mr. Money Market has one word for them: not.

In one of the first instances that I am aware of, General Electric (GE, news, msgs) announced last week that it was going to "break the buck" on its Asset Management money-market fund, a nearly unprecedented event. To do that instead of shoring up the fund, one wonders: How bad does GE think things are going to get?

Writer Andrew Bary, on Barron's Online on Wednesday, reported that the fund has "suffered losses in mortgage- and asset-backed securities and is offering investors the option to redeem their holdings at 96 cents on the dollar."

The risk in money funds is a theme I've been noting for a while. Regular readers might recall my cautionary comment in August: "As we get further down the road, I think we'll discover that some money-market funds owned commercial paper issued by a conduit whose assets may not be up to snuff. So folks with a lot of assets in money-market funds might want to double-check that they know what's in them."

Treasury-only money markets are the way to go.

more...
http://articles.moneycentral.msn.com/Investing/ContrarianChronicles/NoShelterFromTheHousingStorm.aspx

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JNelson6563 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 11:19 AM
Response to Reply #28
34. I believe we've only seen tip of this iceberg


The part above the water is all that has been seen/felt thus far. I believe the reckoning for this will leave a wake of destruction and despair as has not been seen before.

Julie
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Joanne98 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 09:27 AM
Response to Original message
29. Reuters: Short covering boosts copper

Copper, an industrial metal with strong applications in the housing and manufacturing industries, shrugged off economic data that showed U.S. industrial production unexpectedly fall in October.

Output at factories, mines and utilities fell 0.5 percent last month, the biggest decline since a matching drop in January, the Federal Reserve report said on Friday.

According to the Fed report, manufacturing output was down 0.4 percent after a 0.2 percent gain in September. That brought down capacity utilization to 81.7 percent from 82.2 percent, slightly below the 82 percent economists were expecting.

Motor vehicles and parts production was down 1 percent in October after a 3 percent drop in September.

"It was a broad-based drop in manufacturing activity," said Michael Moran, chief economist at Daiwa Securities America in New York. "If you look at the past several months, we're down on balance in the manufacturing sector so we're seeing some soft numbers in this area of the economy."

This, after Chinese data on Thursday showed industrial production slow to 17.9 percent in October from September's 18.9 percent pace of expansion.

Supply-side fundamentals were mixed, with a 475-tonne increase in London Metal Exchange (LME) copper stocks offset by a 4 percent decline in weekly inventory levels monitored by the Shanghai Futures Exchange.

COMEX copper stock levels were down 273 short tons at 18,675 short tons on Thursday.

By 1:00 p.m. EST (1800 GMT) COMEX futures volumes stood at 18,290 lots, versus Thursday's official count of 23,696 lots. Continued...
http://www.reuters.com/article/marketsNews/idLTAN1652472720071116?rpc=44&pageNumber=2
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 10:23 AM
Response to Original message
32. 10:22 - Quick drop but holding near -100
Dow 13,079.00 -97.79
Nasdaq 2,618.47 -18.77
S&P 500 1,445.70 -13.04
Oil $93.75 $-0.09

10 YR 4.15% 0.00
Gold $787.20 $0.20


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RUMMYisFROSTED Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 11:49 AM
Response to Original message
37. Look out below!
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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 01:14 PM
Response to Original message
43. AMT could snag millions this year
Year-end tax planning is an iffy proposition this year — again — as Congress debates important issues that will affect the tax bills of millions of middle-income Americans.

One of the biggest accidents waiting to happen is the encroachment of the alternative minimum tax, the parallel tax system that was designed in 1969 to ensure that wealthy people accustomed to sheltering much of their income from tax paid at least something into government coffers. Taxpayers with a chance of paying the AMT must compute their taxes both ways and then pay the higher amount.

But the AMT was never indexed for inflation, and as incomes grew over the years, more and more Americans fell into its clutches. In former years, Congress has patched the law so taxpayers could exclude more income before paying the AMT. But not this year. An estimated 19 million people could pay the higher AMT this year in addition to the 4 million who had to pay it in 2006. The income "danger zone" for falling into the AMT has fallen from $200,000 or more to $100,000 or less, for joint filers in certain circumstances.

Nearly three out of four families earning from $75,000 to $100,000 could face the AMT this year, along with 97 percent of families earning from $100,000 to $200,000.

<snip>


http://www.chron.com/disp/story.mpl/business/5309916.html

You have some time to crunch the numbers. Good Luck.
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 01:38 PM
Response to Reply #43
46. This just might bite me this year.
If my ex tries to claim my youngest again, I'm screwed. supposed to alternate at this point.
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muleboy303 Donating Member (84 posts) Send PM | Profile | Ignore Mon Nov-19-07 01:41 PM
Response to Original message
47. had another thought
If the DOW closes below it's August 2007 low of 12,850, many technical-chartists who assert the DOW THEORY will formally conclude and announce that the BULL market has 'officially' become a BEAR market.

Thus making at least another 10% drop in the DJIA more likely than not.

Which begs this question:

If the DOW continues to stairstep it's way back down to the levels of the Summer of 2006 (between 10,800 and 11,500) during the next 6-20 weeks, it will coincide with US voters selecting almost 70% of the delegates to the GOP & DEM conventions.

I would imagine that such a correlation would not help candidates from either party who are closely identified with the words, NEW YORK.
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Dancing_Dave Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 01:55 PM
Response to Reply #47
48. Right on!
I've always felt that about the only way we could lose this election would be a "subway election" between Rudy and Hillary. It's just all to easy to see every swing state swinging against her, and Hillary losing by an electoral collage landslide even if she happened to win a slim majority of the popular vote.

If both of the most Wall Street connected candidates fall out of the picture in primaries, due to an economic downturn, then a Democratic Presidential win is assured. After all, our economic populists really are better than theirs! :toast:
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muleboy303 Donating Member (84 posts) Send PM | Profile | Ignore Mon Nov-19-07 02:06 PM
Response to Reply #48
53. pump 'n cut
tyvm dave,

if 12850 is broken soon (today?) and this 'bear market psychology' accelerates, the political consequences i outlined, would lead me to expect that the FED will "pump 'n cut" on an unprecedented scale, in order to support the 'front-runners' as well as the banks/brokers.

time will tell
many thanks again
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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 01:59 PM
Response to Original message
50. Uncle Sam's magic tricks hide trillions
When it comes to financial magic, the government of the United States takes the prize. Sleights of hand and clever distractions by purveyors of line-of-credit mortgages, living-benefit variable annuities and equity-indexed life insurance that I have illustrated in recent weeks are clumsy parlor tricks compared to the Big Magic of American politicians.

Consider the proud trumpeting that came from Washington at the close of the 2007 fiscal year. The deficit for the unified budget was, they crowed, down to a mere $162.8 billion.

In fact, our government is overspending at a far greater rate. Total federal debt increased by $497 billion over the same period.

<snip>

But politicians of both parties use happy numbers to distract us. Democrats routinely criticize the Republican administration for crippling deficits, but they politely use the least damaging figure — the $162.8 billion. Why? Because references to more realistic accounting would reveal vastly greater numbers and would implicate both parties.

http://www.chron.com/disp/story.mpl/business/5309918.html

This is old news to some of us but this is something newbies would be interested in.
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 02:00 PM
Response to Original message
51. 1:58pm - They showed me how to double-up
Dow 12,969.01 -207.78
Nasdaq 2,585.18 -52.06
S&P 500 1,430.58 -28.16
Gold $779.00 $-8.00

10 YR 4.06% -0.09
Oil $94.25 $0.41


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TalkingDog Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 03:58 PM
Response to Original message
56. News from the trenches
Wow, busy day! Heck, busy week. (yes, I know it's only Monday)

Over the weekend the Spousal Unit and I went to one of our favorite restaurants for a little- wow, we've been married HOW long?- celebration. It's a little outside the price range for us to visit frequently, but the food is spectacular (Jamacian) and as usual with family run restaurants, they treat you like cousins.

We got there about 8:30 (late for us) and there was one party of about 6 folks. I always get a sinking feeling when I see that sort of thing because I know they aren't as busy as they'd like to be. It's a Jamacian restaurant in a small Southern foothills town. Go figure.

But as usual the food was fantastic, the service was good and the owner came over to check on us several times and to chat a little.

About 9:30 we were the only party left. The staff was cleaning and the owner locked the door. We apologized and asked if we needed to be moving.
She said no, they had had a small rush just before we got there and since they were closed Sun. and Mon. they figured they'd just close up since things had not been very busy as of late.

Concerned, I asked if she thought it was because folks were traveling for the holidays and weren't coming in. She said no, it had been slow for 3 or 4 months now and seeing the look on my face, said: Oh, it's not just me, I've been talking to my friends all round town, at Chili's, Applebee's and other places. All of them have been really slow lately.

And that is the sense I've been having too based on earlier discussions. A few folks here, AnnieD primarily, have made similar reports.

At this point, spending probably won't fix the economy any more than not spending. It's a symptom of the disease, not the cause.


My Favorite Master Artist: Karen Parker GhostWoman Studios
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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 04:23 PM
Response to Reply #56
58. I have noticed that....
on weekdays we are by ourselves and on weekend-there aren't as many folks as there use to be and we still get good tables. And your right, this has been going on for months. I will scope out the malls and see how they are this weekend and next.
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Digit Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 11:31 PM
Response to Reply #58
69. I work in a mall, and September is when things began to go south
Traffic is down currently, so it will be interesting to see what happens Friday.
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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-20-07 08:57 AM
Response to Reply #69
73. Remember, it's not how many people that are in the mall.....
but the number of bags and the stores on the bags that are the best indicator.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 04:39 PM
Response to Reply #56
61. Things are busy in SW Ohio
The parking lots to the chain restaurants are always full. Surprises me, because Ohio is supposed to have many foreclosures. Guess people have to eat, but paying on credit cards, :(
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SpiralHawk Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 05:21 PM
Response to Reply #56
63. The folly and fruit of "Supply Side Economics"
Another massive load of republicon horseshit
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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 04:18 PM
Response to Original message
57. Tips on tipping: How to give a holiday thank-you
NEW YORK — With the holiday season fast approaching, many families are starting to think about who to tip for services ranging from haircuts to house cleaning and dog walking — and how much to tip.

Al Lee, director of quantitative analysis for PayScale, a Seattle company that provides compensation data to individuals and businesses, said a holiday tip should be a "thank you" for services well performed. At the same time, families should be aware that tips may be a big part of the recipient's total compensation.

A study by PayScale of 2007 compensation found, for example, that tips make 47 percent of bartenders' income, 17 percent for bus drivers, 14 percent for barbers, 24 percent for hair stylists, 13 percent for catering managers and 7 percent for housekeepers.

"You think it's a couple of extra bucks on a haircut or a few extra dollars at Christmas, but in occupations where wages are low, this can be the difference between a minimum wage and a living wage," Lee said.

<snip>

http://www.chron.com/disp/story.mpl/business/5309336.html

And gone are the days when you get a Christmas bonus. I remember Dad always got a big turkey and a bottle of Jim Beam and a fruit basket. I thought everyone got Christmas bonuses. Imagine my shock when I started working. Hadn't gotten anything-not so much as a yearly thank you-and forget a monetary bonus. Then when I was in New Mexico, I discovered that my part-time employer gave out turkeys. First time I ever got that:wow:.

Then when I moved back to Texas, my part-time employer also gave out turkeys. Last year I got 2 food gift cards and a turkey. The union always treats the building stewards well (I'm one). The hospitals have started being a little nicer to the Nurses. I guess when you start realizing they are leaving.......you start showing a little appreciation.

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TalkingDog Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 04:33 PM
Response to Original message
59. What did Abe Lincoln know and when did he know it?
"I see in the near future a crisis approaching. It unnerves me and causes me to tremble for the safety of my country. The money powers preys upon the nation in times of peace and conspires against it in times of adversity. It is more despotic than a monarchy, more insolent than autocracy, more selfish than bureaucracy. It denounces, as public enemies, all who question its methods or throw light upon its crimes. I have two great enemies, the Southern Army in front of me & the financial institutions at the rear, the latter is my greatest foe. Corporations have been enthroned, and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until the wealth is aggregated in the hands of a few, and the Republic is destroyed." -Abraham Lincoln, letter to William Elkins, Nov 21, 1864 (shortly after the passage of the National Banking Act, right before assasination)


My Favorite Master Artist: Karen Parker GhostWoman Studios
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Hugin Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 05:08 PM
Response to Reply #59
62. Thomas Jefferson had a similar sentiment...
"I hope we shall crush in its birth the aristocracy of our monied corporations which dare already to challenge our government to a trial by strength, and bid defiance to the laws of our country."


Thomas Jefferson

http://www.brainyquote.com/quotes/quotes/t/thomasjeff135362.html
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RUMMYisFROSTED Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 08:44 PM
Response to Reply #62
66. But a Founding Father Wouldn't Be a Communist!
Would He?
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Hugin Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-20-07 09:11 AM
Response to Reply #66
74. Yeah, old T.J. was a commie...
or maybe he realized that for a democracy to work all of the capitalist fish would have to swim
in a sea of socialism.

My guess anyway.

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Dancing_Dave Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 05:31 PM
Response to Reply #59
64. This has really turned out to be an interesting Stock Market Watch!
I'm usually just a lurker in this forum--I figure some of you know this stuff better than I do and I'm willing to learn.

I've noticed that "mainstream" corporate media financial coverage often has a strange air of superficiality and denial about it. For instance, in discussing the decline of the dollar, our huge trade deficit does not come up nearly often enough. It isn't completely ignored, but just quietly relegated to being one psychological "factor" that could just as well be compensated for by some seemingly positive economic statistic released by the U.S. Government---and God knows how they derive these numbers, or why such and such a formula was chosen! Evidently, the inflation and unemployment statistics have been cooked for decades.

No one can possibly account for the systematic devaluation of the dollar since 2001 as long as they are just considering what might be on the top of currency traders heads these days. You have to get into fundamentals such as the current accounts deficit, "monetizing the debt" (it's called counterfeiting when bankrupt citizens instead of governments do it), the expanding money supply faced with limited resources and so on. And no doubt about it, the Bush Administration's endless war agenda is a huge contributor to this economic catastrophe. How often do hear about that in the corporate media? Isn't this supposed to be all about those pesky sub-prime home loan borrowers? The working class killed the dollar, we swear!
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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 05:47 PM
Response to Reply #64
65. More folks are getting hep.....
to the scam these guys are trying to pull. Sites like this offer the free flow of info and a place to learn. If all you get is MSM spin on the economy, you get fleeced in the market place.
This is the perfect antidote to the daily business news.
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 08:53 PM
Response to Original message
67. closing numbers - dead turkeys all around
Dow 12,958.44 218.35 (1.66%)
Nasdaq 2,593.38 43.86 (1.66%)
S&P 500 1,433.27 25.47 (1.75%)

10-Yr Bond 4.079% 0.071


NYSE Volume 4,171,618,500
Nasdaq Volume 2,212,723,500

4:25 pm : Stock market bulls didn't have much to give thanks for in Monday's session as the major indices suffered another noticeable loss on the back of a weak financial sector (-3.0%).

Goldman Sachs played the spoiler today with a downgrade of Citigroup (C 32.00, -2.00) from Neutral to Sell. That call was highlighted by a contention that Citigroup could write-off as much as $15 billion for debt losses over the next two quarters. It also included price cut estimates for a number of other financial stocks.

The timing of the Citigroup downgrade to Sell (i.e., with Citigroup already down 30% from its October high), and a warning from reinsurer Swiss Re that it lost nearly $1.1 billion on two credit default swaps, played on investors' concerns that it is premature to think the financial sector has hit bottom.

In a somewhat ironic twist, Citigroup on Friday raised its rating on the U.S. banking sector to Overweight from Market Weight citing, among other things, awful investor sentiment.

Well, the awful investor sentiment shone through again on Monday and not just toward the financial sector. The consumer discretionary sector (-2.4%) continued to get hit hard with homebuilders and retailers bearing the brunt of the selling blows. Concerns surrounding General Motors' (GM 26.79, -2.48) exposure to GMAC also weighed heavily on the sector.

Weakness in the homebuilding stocks coincided with another lousy report on housing conditions. Specifically, the National Association of Home Builders confidence index showed a reading of 19 for November that marked the lowest level since the number started being tracked in 1985.

On a related note, home improvement retailer Lowe's (LOW 23.12, -1.89) didn't help matters when it reported disappointing third quarter results before the open and issued an earnings warning for the fourth quarter. Lowe's news set the tone for the retail sector (-3.0%) which started lower and extended its losses as the session progressed.

Other issues weighing on sentiment Monday included a stronger yen that was interpreted as a sign carry trades were being unwound as investors maintained a risk-averse nature.

The risk aversion was readily apparent in the Treasury market which rallied as the stock market dropped. The 10-year note jumped 24 ticks and its yield fell 10 basis points to 4.07%. Meanwhile, the yield on the 2-year note dropped 18 basis points to 3.16% as slowdown concerns and the action in the financial sector fueled expectations that the Fed will cut interest rates again.

Reports that Chinese regulators have ordered commercial banks to freeze lending through the end of the year in a bid to keep China's economy from overheating added to the slowdown concerns.

The only sector to record a gain on Monday was the utilities sector (+0.2%), which benefited from the drop in interest rates and its defensive nature. Similarly, other defensive-oriented groups, such as consumer staples (-0.7%) and health care (-1.0%), fared better than the broader market.

The major indices ended the day near their worst levels of the session. The S&P 500 is now up just 1.1% for the year.DJ30 -218.35 NASDAQ -43.86 NQ100 -1.3% R2K -2.5% SP400 -1.9% SP500 -25.47 NASDAQ Dec/Adv/Vol 2435/598/2.17 bln NYSE Dec/Adv/Vol 2749/565/1.65 bln

3:30 pm : The major indices are trading in a choppy manner modestly above their worst levels of the session. There are notable pockets of weakness in the Amex Airline Index (-4.9%) and the S&P 500 Retailing Index (-2.6%).

Tomorrow, the Department of Commerce will release the housing starts reading for October at 8:30 ET. Briefing.com expects housing starts to edge less than 1% higher to 1.20 million after the severe 19% dive over the prior three months. The consensus goes with a continued decline to 1.175 million (-1.3%).

The Oct. 31 FOMC meeting minutes will be released at 14:00 ET. Investors hope the minutes will clarify the Fed's recent decision to cut the fed funds and discount rates by 25 basis points on Oct. 31. Additionally, the minutes may hint at future Fed actions.DJ30 -175.75 NASDAQ -32.65 SP500 -19.99 NASDAQ Dec/Adv/Vol 2416/600/1.73 bln NYSE Dec/Adv/Vol 2734/566/1.22 bln
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Hugin Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-20-07 09:14 AM
Response to Reply #67
75. Why I love America...
Two of the only three winners yesterday were Tobacco and McDonalds.

:rofl:

Don't know why 3M was up there, but, those were the only gains on the Dow yesterday.
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kelligesq Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 10:44 PM
Response to Original message
68. Jim Sinclair had previously written on Gold that
he thought it would go to 1600 + /- , now he is saying he thinks he should re-estimate that upwards.

Meanwhile, gold has gone down about $100 from its high
of $870 + - as the profit takers run in, so this might be an opportunity to pick some up -not paper stocks, the metal in coins. Just mho
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Buttercup McToots Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-20-07 08:10 AM
Response to Original message
71. Where's OZY this Tues Morn?
Sleeping in?
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TalkingDog Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-20-07 08:27 AM
Response to Reply #71
72. Looking for my daily fix too. Hoping the Sir is okay.
Check you later

My Favorite Master Artist: Karen Parker GhostWoman Studios
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