STOCK MARKET WATCH, Friday March 13

[ozymandius]

Source: du

STOCK MARKET WATCH, Friday March 13, 2009

Bush Administration Officials Under Indictment = 0
Financial Sector Officials Under Indictment = 0
Financial Sector Officials In Prison = 1

AT THE CLOSING BELL ON March 12, 2009

Dow... 7,170.06 +239.66 (+3.34%)
Nasdaq... 1,426.10 +54.46 (+3.97%)
S&P 500... 750.74 +29.38 (+4.07%)
Gold future... 923.80 +13.10 (+1.42%)
30-Year Bond 3.64% -0.02 (-0.60%)
10-Yr Bond... 2.89% -0.02 (-0.82%)

---

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

Market Conditions During Trading Hours

GOLD, EURO, YEN, Loonie and Silver

---

Handy Links

Economic Calendar    Marketwatch Data    Bloomberg Economic News    LayoffDaily    The Big Picture    Yahoo! Finance    Google Finance    Financial Sense    Calculated Risk    Naked Capitalism    Credit Writedowns    Brad DeLong    Bonddad    Atrios    LegitGov    Open Government    Earmark Database

---

Read more: du

[ozymandius]

1. A note about the cartoon (or lack thereof) -

I thought it would eventually come to this.

For the same reason the oil and natural gas charts are absent, none of the sites I use for cartoon sourcing will allow hot linking anymore. I spent too much time wrestling with this this morning. So the OP will just have to go naked until a replacement is found.

If you have a place in mind for editorial cartoons, please pass it along.

Thank you.

[radfringe]

6. try this one for editorial cartoons

http://www.cagle.com/

[ozymandius]

9. Thanks!

Let's see if this works.

[radfringe]

11. worse case scenario...

I'll have to start squeezing time to pump out a toon a day... :evilgrin:

[ozymandius]

12. Fine with me.

As always - it's a bandwidth issue. I hope your photobucket account will support all that hot linking.

[Demeter]

22. Excellent choice!

Black humor. It's a staple.

Good morning Ozy! What fresh hell awaits?

[ozymandius]

26. I think I feel how Dorothy Parker felt whenever the phone rang.

How are some people going to attempt to tell me that spoiled food is nutritious?

[Wednesdays]

65. Can't you just copy the toon to your photobucket account?

And then just paste the photobucket link in the OP? That's what I do. Or is there some sort of copyright issue involved? :shrug:

[kickysnana]

72. Googling for a 2002 news article this AM and kept getting redirects to ad sites. WUWT? n/t

[ozymandius]

2. Market WrapUp

Census Hiring To Create 1.4 Million Jobs
BY MIKE SHEDLOCK

The economy has lost about 3 million jobs in the past 5 months and seems poised to lose another 2-3 million in the next 5 months. Worse yet, government is the last place one would want to see job creation, yet government remains the most likely source of hiring.

Please consider Obama Stimulus May Get a Timely Boost From U.S. Census Hiring.

March 12 (Bloomberg) by Michael McKee - The 2010 U.S. census may provide an extra kick to the U.S. economy, just as the effects of President Barack Obama’s $787 billion stimulus plan start to take hold.

The census will put more than 1.4 million people on the federal payroll over the next year, making it the largest peacetime government jobs program ever, according to the Census Bureau. The first 140,000 will start work in April. Most of the rest will be hired early in 2010.

The jobs, though temporary, may ease some of the pain in a labor market where almost 3 million have been put out of work in the last five months. The Census Bureau will spend about half its $14 billion budget for the 2010 headcount on personnel, including jobs that pay $10 to $25 an hour and last several weeks to several months.

.....

Bear in mind that government cannot really "create" any jobs per se. It can raise taxes and shift private sector jobs creation to government jobs creation (typically a malinvestment), and it can bring production and consumption forward for those jobs that are genuinely needed (filling potholes), but once the potholes are filled and the census is taken, one has to ask the question, "What will we do for an encore?"

http://www.financialsense.com/Market/wrapup.htm

[Demeter]

24. Prosecuting the BFEE Would Add an Equal Number, For a Longer Term

and what is this crap about government cannot create jobs? I think of police, fire, forest and park rangers, all state monopolies because privatizing such work leads to crime and excess cost....

[MattSh]

78. Well, from the look of things...

it looks like businesses can't create any jobs either.

:shrug:

[tclambert]

42. Demeter's right. "government cannot really "create" any jobs" is incorrect.

It's been a right-wing, "free" market talking point for years now. It is absolutely incorrect. Anybody can create a job by hiring someone to do work, or I suppose even to not work. Work is better. Valuable work is better yet. Work that produces long-term improvements is better yet, like say building up the transportation infrastructure (filling potholes). You could build pyramids and create jobs, and those jobs would stimulate spending that would create other jobs. Pyramids would create an ongoing tourist trade. Filling pot holes, fixing bridges, rebuilding levees, rebuilding New Orleans and Galveston would be better.

Here in Michigan, potholes are a big deal. This is the beginning of peak pothole season. Its an every year deal. In summer, the bigger road construction projects get going. When the snow comes, plowing and salting start. Road maintenance is year round, and damned important. When the state has budget problems, we pay for car repairs and time lost in traffic jams due to deteriorating road conditions.

I used to hear the best kind of government jobs program was NASA. The spinoff benefits from the space program created (yes, created) whole industries. It created high tech jobs, spun off high tech jobs and business opportunities, and encouraged high tech education. That was way better for the economy and the country than multi-million dollar bonuses to financial executives trading in derivatives.

I'm sorry, but the last paragraph you quoted made me really angry.

[Wednesdays]

66. Bu..but...gummint jobs aren't REAL work

It's like community organizing...no real responsibilities.

:eyes:

:sarcasm:

[ozymandius]

80. Please understand. That was not quoted as a fashion of endorsement.

That was quoted to establish the theme of Shedlock's rhetoric.

This argument, that government cannot create jobs, is Randian in its categorization and Bullshittian in its quality. You mention NASA spinning off technologies and entire industries based on those technologies. No-brainer there. What seems obvious to anyone else is obscured to a staunch libertarian like Mike "Mish" Shedlock. They do not want to think such things as being possible.

[tclambert]

99. Yeah, not mad at you. Mad at Shedlock and those idiot libertarians.

Ayn Rand was proven wrong philosophically, historically, and mathematically. Yet, we still get people saying things like, "Government can't create jobs." You might as well say, "Businessmen can't create jobs. Only customers create jobs."

Some Republicans have been trotting out this "government can't create jobs" to defend Bush's horrible job creation record. Yet Bush himself bragged about his job creation record . . . in 2006, and only for the preceding 2 and a half years. John McCain claimed in the campaign that he "knew how to create jobs."

[tclambert]

43. On the subject of census jobs, I'm for it. Those jobs will help.

Many of us here have been beating the drum, "Put people to work." That's the solution to pretty much any economic problem.

Plus, census takers are delicious with fava beans and a nice chianti.

[ozymandius]

3. Today's Reports

08:30 Export Prices ex-ag. Feb
Briefing.com NA
Consensus NA
Prior 0.0%

08:30 Import Prices ex-oil Feb
Briefing.com NA
Consensus NA
Prior -0.8%

08:30 Trade Balance Jan
Briefing.com -$37.5B
Consensus -$38.0B
Prior -$39.9B

10:00 Mich Sentiment-Prel Mar
Briefing.com 56.5
Consensus 55.0
Prior 56.3

http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm

[UpInArms]

46. Jan. trade gap narrows 9.7% to $36.0 bln

01. U.S. Feb. import prices fall 0.2% vs. -0.7% expected
8:31 AM ET, Mar 13, 2009

02. U.S. Feb. import prices down 7th straight month
8:31 AM ET, Mar 13, 2009

03. U.S. import prices down record 12.8% in past year
8:31 AM ET, Mar 13, 2009

04. U.S. trade gap has narrowed for record six straight months
8:30 AM ET, Mar 13, 2009

05. U.S. Jan petroleum deficit lowest since Sept. 2004
8:30 AM ET, Mar 13, 2009

06. U.S. Jan. trade gap lowest since Oct. 2002
8:30 AM ET, Mar 13, 2009

07. U.S. Jan. trade gap below consensus of $38 bln
8:30 AM ET, Mar 13, 2009

08. U.S. Jan. trade gap narrows 9.7% to $36.0 bln
8:30 AM ET, Mar 13, 2009

[UpInArms]

63. UMichigan consumer sentiment rises to 56.6 in March: report

02. UMichigan consumer sentiment rises to 56.6 in March: report
9:57 AM ET, Mar 13, 2009

03. March UMichigan consumer sentiment above 55 expected
9:57 AM ET, Mar 13, 2009

[Demeter]

103. Must Have Been the Heat Wave

When it got above freezing for two days in a row....

[Ghost Dog]

4. Japan stocks jump, lead Asia on U.S. bank hopes

Friday March 13, 3:16 am ET HONG KONG (Reuters) - Japan's Nikkei average leapt 5 percent and led Asian stocks higher on Friday, propelled by growing investor confidence that large U.S. banks will survive without government takeovers and may even profit.

...

The Swiss franc fell to a near three-month low against the euro, after its biggest ever one-day drop against the single currency on Thursday on news the Swiss National Bank sold francs to halt deflation.

The move left some analysts wondering if it was the first shot in a currency war for trade competitiveness.

Citigroup Inc told Reuters the bank does not need any more emergency cash from Washington and expects to stay private, while Bank of America said it was profitable in January and February, easing fears about further instability in the banking industry and sparking a rush back into equities.

"The economic situation seems to be better than what people were saying at the beginning of the year -- a view that has come about now that it seems that U.S. banks' earnings may not be atrocious," said Masaru Hamasaki, senior strategist at Toyota Asset Management in Tokyo.

Yet for every piece of news that improved investor confidence, there was another that left questions about the sustainability of the market rebound.

...

Tokyo's Nikkei climbed 5.1 percent, and posted its biggest weekly gain of the year. Shares of Japan's top bank Mitsubishi UFJ Financial Group climbed 5.8 percent.

The MSCI index of Asia Pacific stocks outside Japan rose 3.2 percent, maintaining this week's up trend and hitting its highest level in about two weeks. The materials and financial sectors were the biggest boosts.

Bank stocks were also the prime movers behind the 3.6 percent rise in Hong Kong's Hang Seng index HSBC rose 3.5 percent, as investors bought back the beaten down shares after an $18 billion rights issue.

Comments from Bank of America, Citigroup and JPMorgan this week have put downward pressure on the most widely watched gauge of market volatility, the Chicago Board Options Exchange's volatility index, or the VIX.

The index closed just above its 200-day moving average on Thursday, and has not closed below it since September 2008.

AFTER SWITZERLAND, IS JAPAN NEXT?

While equity markets were buzzing about banks, currency markets were focused on the aftermath of unexpected actions by the Swiss National Bank, as more central banks turn to unorthodox measures to support their economies.

The Swiss National Bank stunned markets overnight with intervention to weaken the Swiss franc, an interest rate cut and plans for outright purchases of franc-denominated debt as it forecast a deep recession.

...

The SNB's move has also started a guessing game of which country might follow suit. Some analysts pointed at the possibility of Japan, which last intervened in currency markets five years ago, though others dismissed such an idea.

"Competitive currency devaluation is not likely in Japan now because the risks of sparking trade friction are too great. The Swiss can get away with this because of the relatively small size of their economy and the limited role they play in the global economy," Masahiro Sato, joint general manager of the treasury division at Mizuho Trust & Banking Co, said.

Gold prices slipped in the spot market to $924.50 an ounce, as dealers took profits on a 2 percent rise overnight.

However, concerns that more central banks will intervene to weaken their currencies as well as the continued buildup of holdings in the world's largest gold exchange traded fund suggested a rising price trend would continue.

Chinese Premier Wen Jiabao said he had worries about the security of Chinese assets in the United States, comments that helped to push down U.S. Treasuries.

...

U.S. crude futures dipped back under $47 a barrel after rocketing 11 percent higher overnight following better-than-expected U.S. retail sales data for February. Crude for April delivery slid 0.9 percent to $46.60 a barrel.

/... http://biz.yahoo.com/rb/090313/business_us_markets_global.html?.v=4

[Ghost Dog]

13. Banks help European stocks keep winning run alive

Fri Mar 13, 2009 6:01am EDT PARIS, March 13 (Reuters) - European stocks rose in early trade on Friday, gaining ground for a fourth day in a row, on easing fears over banks and after signs of stabilisation in U.S. consumer spending that fuelled a sharp rise on Wall Street.

Banking and insurance stocks led the rally, after U.S. lender Citigroup (C.N) said the bank does not need any more emergency cash from the government and expects to stay private, while rival Bank of America (BAC.N) said it was profitable in January and February, calming worries over the faith of the two stricken banks and the financial system in general.

At 0930 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 1.8 percent at 709.34 points. The index has gained 10 percent since hitting an all-time low on March 9, but is still down 14.7 percent this year, hit by the rapidly escalating global economic downturn.

"The technical rebound we have seen over the past few days could soon be over as people will be keen to book profits," said Alexandre Le Drogoff, technical analyst at Aurel BGC. "We will revisit the recent floor before we get any real recovery. Meanwhile, the market will probably be yo-yoing in the next few sessions."

Banks and insurers, which had been the most hammered stocks so far this year, led the rally on Friday, with Societe Generale (SOGN.PA) up 6.3 percent, Credit Suisse (CSGN.VX) up 8.2 percent, Barclays (BARC.L) up 7.9 percent and AXA (AXAF.PA) up 2 percent.

...

Mining shares, which have shown resilience so far this year, were also surging on Friday, gaining ground along with metal prices on hopes over the outlook for the Chinese economy, fuelled by comments from Chinese Premier Wen Jiabao.

Wen held out the prospect of extra stimulus spending if needed to hit China's 8 percent growth goal this year.

Xstrata (XTA.L) was up 9.8 percent, Rio Tinto (RIO.L) rose 5.5 percent and Anglo American (AAL.L) up 4.7 percent.

...

Around Europe, UK's FTSE 100 index .FTSE was up 1.7 percent, Germany's DAX index .GDAXI up 1.4 percent, and France's CAC 40 .FCHI up 1.9 percent.

French telecoms equipment maker Alcatel-Lucent (ALUA.PA) rose 12 percent after its financial head told French daily Les Echos the firm is aiming to achieve a net profit most likely in the second half of 2010.

Swiss Life (SLHN.VX) jumped 11 percent. The insurer said on Friday it was in talks with German insurer Talanx over the Swiss group's 24 percent stake in pensions specialist MLP (MLPG.DE), which a source told Reuters it wants to cut to below 10 percent.

/... http://www.reuters.com/article/marketsNews/idCALD68373520090313?rpc=44&sp=true

[TheWatcher]

36. So is it Official Yet?

Is this the Hope Bubble?

By the way, I found an old Picture of Stammerin' Hank and Helo Ben last night from their younger years.
Weren't they Adorable little Criminals back then? :)

[Ghost Dog]

85. On present data, I'm predicting

a stormy Monday.

[radfringe]

5. Cramer Creamed...-full unedited video

Jim Cramer of CNBC got caught up in the Daily Show's criticism that initially began with Rick Santelli cancelling an appearance on the Daily Show last week. You can see this here and then here.

One has to give Jim Cramer credit for going on the Daily Show and taking the heat from Jon Stewart. Below is the full unedited interview in four parts.

http://www.examiner.com/x-1172-Birmingham-Progressive-Politics-Examiner~y2009m3d13-Jim-Cramer-and-Jon-Stewart-The-Brawl

[Ghost Dog]

8. Also here:

http://blog.indecisionforever.com/2009/03/13/jon-stewart-and-jim-cramer-the-extended-daily-show-interview/

[Tansy_Gold]

38. And each segment starts

with a commercial for B of A.

[Ghost Dog]

83. Do they? BoA commercials not received here,

as delivered to/by a Spanish ISP.

[Dr.Phool]

21. Stewart was no comedian last night.

More like a prosecutor. He ate Cramer's lunch, and made him admit they're a bunch of douche bags.

[Tansy_Gold]

41. Stewart's greatest line

From segment 3 --

"When are we gonna realize in this country that our wealth is work?"



Tansy Gold, worker and fucking damn proud of it

[tclambert]

48. I thought the best line was

when Cramer tried to defend shows like "Fast Money" by saying, "There's a market for it and you give it to them."

And Jon replied, "There's a market for cocaine and hookers, too."

[TheWatcher]

108. "I know you want to make the World Of Finance Entertaining......

But this Isn't A Fucking GAME."

So many brilliant quotes last night.

[tclambert]

47. Cramer approached it all wrong. He tried to defend his indefensible performance.

He should have gone into complete mea culpa mode, agreed with Jon on everything, and made fun of himself. "Man, I was a real douchebag. Jon, I'm so sorry my advice turned your hundred million into one million. I f'ed up." Then maybe he could have joined with Jon in condemning the lying CEOs who misled everyone and made this crisis happen, and condemned the lack of oversight from a lazy laissez faire government, and admitted that journalists like those on CNBC should have looked at the shenanigans a lot harder, too. "Thank God we have serious journalists like you, Jon, to get the story straight."

[DemReadingDU]

54. Jon Stewart’s brother is a big shot Wall Street executive

3/12/09 Did you know that Jon Stewart’s brother is a big shot Wall Street executive?”

That’s right. In prepping for tonight’s showdown, Stewart is likely ignoring his comedy writers and instead seeking counsel from his brother Larry Leibowitz, the head of U.S. Markets and Global Trading at NYSE Euronext.

The 48-year-old Leibowitz is something of a Wall Street journeyman. He joined the NYSE from UBS, where he served as chief operating officer of the equity business in the U.S. Prior to that he co-ran Schwab’s capital markets business. Before that, Leibowitz co-founded a quantitative hedge fund called Bunker Capital, served as CEO of REDIbook and headed up quant trading at CSFB.

Stewart and his brother grew up in Lawrenceville, N.J. (more trivia: that’s just 38 miles from Cramer’s childhood home in Wyndmoor, Penn). In one of our favorite Jon Stewart lines, he likes to say he changed his name from Jon Leibowitz because it sounded “too Hollywood.”

A quick primer for tonight’s face-off: This whole brouhaha started when CNBC cancelled Rick Santelli’s appearance on Stewart after he became a minor media sensation for his rant against President Obama’s mortgage-bailout plan. Ticked at the network, Stewart excoriated CNBC with an eight-minute segment of embarrassing clips, including one where Cramer told viewers Bear Stearns was “not in trouble” less than a week before the brokerage house’s collapse.

While Santelli has shied away from the attention, Cramer, not surprisingly, has exploited it. He has been making the rounds on the morning shows, appearing on “Today” and “Martha Stewart.” “The reason why it’s been so hard for me, the attacks, is that early on I patterned my show off of his, which is that you can do an entertainment business show,” he told Martha. “And then suddenly to be attacked by a guy that’s your idol makes it difficult.” Cue up the smallest violins in the world.

This will be fun, but we suspect it will be a fair fight. Stewart is “as fast as lightening,” as Martha described him to Cramer. But Cramer can hold his own with anyone–his Harvard Law School classmate Eliot Spitzer said Cramer was the smartest person in their law school class. But as Huffington Post pointed out earlier today, this is good publicity for both of them, who “are smart enough to keep it going as long as they can.”

As for Stewart’s brother, through a spokesman he declined to comment on tonight’s interview. See? We told you he’s a big shot.

http://blogs.wsj.com/deals/2009/03/12/jon-stewarts-wall-street-corner-man-for-tonights-cramer-battle/

[Tansy_Gold]

64. "As fast as lightening"

Sorry. This is one of my pet peeves. I do not normally go after spelling errors, but this one is like fingernails on a blackboard to me.

Besides, I sit here at my computer facing a nice big window where I can watch the day lighten V E R Y S L O W L Y as the sun rises over the mountains. I wouldn't want Stewart to be that "fast."


Tansy Gold

[Demeter]

68. Especially in the WSJ!

Just goes to show how deep the Freeper infestation is--or the ignorance of spellcheck AND English!

[tclambert]

81. Part of the problem with journalism is they laid off people who used to double check everything.

One thing the corporate takeover of media led to was cost cutting. Fact-checkers and proofreaders, who needs 'em? We got this here compyooter thingy what can check spelling automatically. What if you correctly spell a word, but it's the wrong word? Uh, look at the monkey. Look at the silly monkey.

But why worry? Pretty soon, thay wll all rite n lolspeak.

[Ghost Dog]

84. lolspik! coming to your brain soon! by tv decree!

I like it: even more efficient than doublespeak!

Not laughing here. Ok, I am :)

[TheWatcher]

109. I Can Haz Stok Divdendz?

[Tansy_Gold]

119. more at

www.lolfed.com

[Wednesdays]

67. I'll give Cramer this much credit...

His only talent lies in being a patsy to a comedian. :rofl:

[ozymandius]

7. Oil slips below $47 as investors eye OPEC meeting

SINGAPORE – Oil prices slipped below $47 a barrel as investors jockeyed over whether OPEC will announce a production cut at its meeting on Sunday, and how big the cut might be.

Benchmark crude for April delivery fell 23 cents to $46.80 a barrel by afternoon in Singapore on the New York Mercantile Exchange. Oil prices soared $4.70 on Thursday to settle at $47.03.

Prices have lurched between $42 and $47 this week as leaders of the Organization of Petroleum Exporting Countries sent mixed signals about a possible output reduction.

....

The slumping U.S. economy has hurt many developing countries which rely on demand from the West for their exports. Chinese oil imports have dropped 13 percent in the first two months of the year while the country's exports plunged 25.7 percent year-on-year in February.

"Unless there's a massive OPEC cut, it's well-capped at $50," Moltke-Leth said. "We've seen it in black and white with China's terrible export numbers. That's a lot of demand destruction."

....

In other Nymex trading, gasoline for April delivery fell 0.73 cents to $1.34 a gallon, while heating oil dropped 0.98 cent to $1.22 a gallon. Natural gas for April delivery was steady at $4.00 per 1,000 cubic feet.

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

[ozymandius]

16. OPEC set to keep oil production quotas unchanged

LONDON (Reuters) - OPEC oil producers are likely to keep their official oil production targets unchanged when they meet on Sunday, choosing to enforce existing quotas rather than cut output further, a Reuters poll showed on Tuesday.

Nine of 14 analysts polled thought the Organization of the Petroleum Exporting Countries would agree to roll forward production ceilings when they meet in Vienna on March 15.

Five analysts suggested the 12-member producer group would opt to reduce output quotas. The average output cut forecast by this minority was a reduction of 710,000 barrels per day (bpd).

....

Several OPEC members are desperate to prop up oil prices as their budgets have been squeezed hard over the last few months.

Economists calculate that at $40 per barrel, 11 of OPEC's 12 members, as well as Russia and Mexico, face budget deficits.

http://www.reuters.com/article/GCA-Oil/idUSTRE52C1VY20090313

[radfringe]

10. oil - gas charts

oil / gas : http://www.dailyfutures.com/energies/

[ozymandius]

14. Wall Street's "rocket" rise stirs doubts on staying power

NEW YORK (Reuters) – The three-day run-up in U.S. stocks on Thursday is bringing desperately needed relief for bruised investors, but the bounce off 12-year lows is stoking fears that it may be a little too rapid to be sustainable.

A crucial characteristic of a meaningful rally is the market's ability to consolidate its gains over time to build a solid base, market technicians and strategists said.

In just three days, the Standard & Poor's 500 (.SPX) is up 11 percent. But for the year so far, the S&P is still down 16.9 percent. Since its October 2007 record high, the index is still off 52 percent.

.....

Another source of discomfort about the latest bounce is the fact that the CBOE Volatility Index (.VIX) , also known as Wall Street's fear gauge, remains elevated at around 40 and in a range at which the market's previous recovery attempts have faltered since November.

Additionally, analysts noted that high-yield spreads are still too wide, short-term credit spreads are creeping back up, and upside equity volume has yet to pick up speed despite improving slightly on Tuesday and on Thursday.

http://news.yahoo.com/s/nm/20090312/bs_nm/us_usa_stocks_advance_1

[ozymandius]

15. China 'worried' about US Treasury holdings

BEIJING – China's premier expressed concern Friday about its massive holdings of Treasuries and other U.S. debt, appealing to Washington to safeguard their value, and said Beijing is ready to expand its stimulus if the economy worsens.

Premier Wen Jiabao noted that Beijing is the biggest foreign creditor to the United States and called on Washington to see that its response to the global slowdown does not damage the value of Chinese holdings.

....

Wen's comments foreshadowed possible appeals to President Barack Obama, who will meet with Chinese President Hu Jintao at a London summit of leaders of the G-20 group of major economies on April 2 to discuss the global financial crisis.

....

U.S. Treasury Secretary Timothy Geithner is pressing for a new coordinated stimulus but European governments are reluctant to take on more debt before they see how current plans are working. The Europeans want to emphasize the need for greater regulation of markets, including a crackdown on tax havens and increased control over hedge funds.

http://news.yahoo.com/s/ap/20090313/ap_on_bi_ge/as_china_us_economy

[ozymandius]

17. General Electric, a bellwether of American business, suffers a blow

FOR decades America’s General Electric (GE) has worn its AAA credit rating as a badge of pride. The company has also used it to mint money in its financial-services business, GE Capital. No longer. On Thursday March 12th Standard & Poor’s (S&P), a credit-rating agency, stripped the company and its financial arm of their top-notch ratings, downgrading them to AA-plus. That added insult to the injury that GE has already suffered as a result of the deterioration in the quality of part of GE Capital’s loan portfolio.

Despite its image as an industrial behemoth with a reputation for innovating in a wide range of sectors from wind turbines to brain scanners, GE makes a good deal of money from GE Capital’s activities. Last year the outfit generated a profit of $8.6 billion, or almost 48% of GE’s total earnings. By exploiting its AAA rating, GE Capital was able to raise capital cheaply and then deploy it to fund everything from commercial-property and home loans to credit-card lending and insurance. But the chaos triggered by the credit crunch has taken the shine off GE’s cash machine, which has seen some of its property and other loans turn sour. Announcing its decision to downgrade the business, S&P predicted rising credit losses in coming months in several areas of GE Capital’s portfolio.

Although GE’s demotion from AAA was bad news, it triggered a rise in the firm’s shares, which had recently been trading at about the same price as one of the light bulbs that the company makes. No doubt investors were relieved that S&P didn’t make an even deeper cut in the company’s rating. They may also have taken comfort from the agency’s conclusion that GE’s industrial businesses should continue to pump oodles of cash, in spite of the global downturn.

http://www.economist.com/business/displaystory.cfm?story_id=13296449

[TheWatcher]

18. Morning Commentary: American Journalism Shines Through: On A COMEDY SHOW

Unless you've been living under a rock for 24 hours, completely bereft of any form of Modern Communication, you have no doubt heard about "The Beatdown Heard Round The World" As Jim Cramer was taken to the Wood Shed by Jon Stewart on "The Daily Show."

I have to admit, I was very skeptical about last night, and I was worried that everything was going to backfire. I really like Jon Stewart, but I have been frustrated in the past by interviews he has done with people who should be in jail for their behavior, and he let them off the hook, never daring to go into the areas we so desperately NEED to be gone to in dealing with these jackals who run our society.

Cramer was coming into this interview with the benefit of one of the most powerful (Albeit Fraudulent. I am not going to elaborate further as we have covered that EXHAUSTIVELY in these threads) three day rallies in Wall Street History, and a Goebbels like plethora of Propaganda that the Bought And Paid For Media has lathered us with for three days about how the Economic Crisis is "all but over", "Everyone's Profitable, Everything's Fine", "The New Bull Market Is Here", blah, blah, blah, blah.

Surely he would find some way to Slime his way off the Hook, given bulletproof talking points, and once again tell us what we are told by the Corporate Media everytime the Establishment gets exposed: "Yeah. SO? Go Eat Cake."

Earlier in the day on Day 3 of "Operation Fleece the Planet", Cramer was pounding the table about Dow 8000 and Beyond, how the new Bull Market was on the Horizon, etc, etc, etc.

I was worried that the timing of his appearance would work out to be nothing more than a beneficial PR Stunt for CNBC.

That is not what happened.

There is NOTHING that could have prepared that beady-eyed little criminal for the Buzz Saw he walked into. He must have thought he was going on some Comedy Show to play soft shoe with the host and make his points, come off real contrite and sorry, and giggle and snicker his way out the door.

He thought WRONG.

DEAD WRONG.

Stewart was NOT there to play nice.

He was NOT there to be Funny.

He was NOT there to be anyone's Monkey

He was NOT there to play Patty-Cake.

He was there to call out not only Cramer, but the entire Criminal organization that he works for.

And HE MEANT BUSINESS.

In 10 minutes, he completely destroyed this man, and possibly, for all intents and purposes, his career, and he did it eloquently, politely, firmly, and about as serious as Frost did to Nixon.

He played the videos that Cramer was not prepared to deal with and had absolutely no answer or refutation for.

If I didn't have such blind, raging contempt for the man, I would have ALMOST felt sorry for him, as all of his sins and the sins of the Shill, Criminal Network he works for, were basically laid bare and naked, for all the World to see.

You'd have to go back to Ali VS. Chuvalo to find a fight this one-sided. As refreshing as it was to see, it was almost uncomfortable to watch, as this arrogant, manic Clown who has assisted in the fleecing of so many, was reduced to a whimpering, blubbering, pathetic creature.

Stewart gave no Quarter, and gave us something the Corporate News Media SHOULD HAVE done, and has the RESPONSIBILITY TO DO:

Real Journalism.

And they should have done it 10 years ago.

As wonderful as it was to see Cramer dismantled on live TV, out of his element, and helpless, it must be said that in the end, Cramer is a tadpole on the Food Chain of Economic Corruption.

He's nothing more than a mafia Mouthpiece, a tool used by the Corporate Criminal Organization he works for, to fleece the Sheep of all their wealth and treasure, and he's been very effective at this job, along with the rest of CNBC.

The real Capos of the Rogues Gallery like Greenspan, Paulsen, Bernanke, Grasso, et al., have done FAR more damage than a thousand Cramers could do.

Think they'll ever get publicly called out like that, or face the prosecution of the Public or a Court Room?

We can dream can't we?

Speaking of Dreams, from the looks of the Futures, it looks like Operation Fleece The Planet will be surging into it's fourth day at the Opening Bell in the House Of Bullshit that is the NYSE.

Out on the Interwebs last night, whilst visiting some of the more Main Stream Economic forums, I was treated to a virtuoso Orchestra of Delusion, as the herd was foaming at the mouth about all the "Hopes" and "Assurances" that will surely usher in the next Bubble. There was even some delusional deference to the "Miracle Turnaround Of 2003" and how this was very similar and had arrived almost to the day of that fateful Fake Rally that began six years ago, and lasted until September of last year.

Oh they have visions of Bubbles in their heads, these little Matrix Dwellers, and how GOOD and WONDERFUL all of this artificial crap is.

I have some news for these people. IF, TPTB manage to blow another Bubble as extreme as the last one that just collapsed, it could very well take the entire Economic Infrastructure of the PLANET with it next time. the World CANNOT survive another dislocation of such extreme Moral Hazard.

What we are seeing is not a "recovery", but Brute Force, In Your Face, Blatant, Wanton ECONOMIC TERRORISM.

That's right. ECONOMIC TERRORISM.

These Criminal Psychopaths are playing Russian Roulette with everyone else's money, and if they manage to Blow another bubble like the one we just had, they will be playing it with CIVILIZATION ITSELF.

And if that seems a bit paranoid and extreme for some, you need only look at the current fallout we are experiencing from their LAST Excellent Adventure for guidance.

We CANNOT afford another repeat of 2003-2009. The consequences would be catastrophic beyond anything mankind has seen before.

And look, these words I speak are not the words of some Self-Aggrandizing Messiah. I'm No Prophet, No John Adams, No great Leader among men.

I'm a Working American, just like everyone else who posts here. An observer who analyzes the current Circumstances and Environment that we currently find ourselves in, and follows them to their logical conclusion.

This isn't Rocket Science. It's pretty obvious stuff if you take the time to look objectively, look outside the Propagandized Matrix, and see things for what they ARE, not how you are told to PERCEIVE them.

Back to The Daily Show:

In my opinion, the only flaw in Stewart's approach is he didn't go far enough.

CNBC not only KNEW all of this stuff was going on, the were ACCOMPLICES and COMPLICIT in carrying it out. They are ACCESSORIES, and deserve the same due process and prosecution as the Criminals who gave them their marching orders.

But after the steady Diet of Soviet Level Propaganda we are fed on an everyday basis, hey, I'll take it.

Good Night, And Good Luck Mr. Stewart.

And Good Job.

It's About Fucking Time someone did it.

[ozymandius]

20. What a great screed!

I've yet to watch the video. Your screed really makes me anxious to get there ASAP.

[Dr.Phool]

27. I watched it and recorded it last night.

The first thing I did this morning, as my wife was getting ready for work, was "You gotta see this".

Stewarts intro: "How weird is our world, when Jim Cramer is on TV, baking pies, and Martha Stewart is the one who went to jail for securities fraud?"

[tclambert]

53. And how weird is it that the best reporting comes from a comedian?

The "real" reporters have become corporate PR shills. The only ones who think to ask, "Wait, is that really true?" are the frakkin' comedians. There was a time when journalists took pride in never trusting anyone's word. They insisted on double-checking anything they were told, no matter how authoritative the source. They used to have a saying, "If your mother says she loves you, check it out."

[Wednesdays]

71. Haven't you been watching? The media is questioning everything now

Why is Obama's stimulus package too big/too small/too short/too fat/too poorly dressed? What are the connections between Obama and Blago? What is Obama's connections to ACORN? And on and on.

See? The press is doing it's job now.

[tclambert]

82. You're right. Funny how they suddenly woke up after an eight year nap.

Goldarn librul media!

[TheWatcher]

30. You Should watch the unedited version in all it's Glory.

I hope for Mr. Stewart's sake I did not raise the expectations of what you will see too high, but it WAS inspirational to see that level of candor on a Network Show.

Perhaps in the larger scheme of things and going back and looking at some old Murrow tapes, maybe it isn't The Second Coming.

But when you consider that we have Media that Propagandizes the Public on a level not seen since 1930's Germany and 1970's Soviet Russia, and you are so used to that level of abuse on a daily basis, something like this seems like Mana from Heaven, or an Oasis in the Desert.

In my opinion, like I said, I don't think he went NEARLY far enough, but I'll take it.

"Look, I know you want to make the World of Finance Entertaining, but this isn't a Fucking GAME....."

Go have a look.

I think you will like what you see. :)

[Tansy_Gold]

44. AFter reading a whole lot of hype, I wasn't disappointed

But you're correct. Stewart didn't go far enough.

We'll need to wait to see what the repercussions are. :evilgrin:


Tansy Gold

[DemReadingDU]

59. link to DailyShow full episode

3/12/09 Jon Stewart interviews Jim Cramer
http://www.thedailyshow.com/full-episodes/index.jhtml?episodeId=220533

[DemReadingDU]

50. Great summary, Thanks!

[dixiegrrrrl]

104. WOWSER..........

Screed, indeed.

I rate that 10 shoes......


:applause: :applause: :applause: :applause:

[ozymandius]

19. U.S. Household Net Worth Falls 18%

Not very good: The Federal Reserve reported that “Americans’ net worth fell in 2008, erasing four years of gains, as the value of their houses and stock market portfolios decline, according to new data from the Federal Reserve.”

The specifics ain’t pretty:

• Household assets as a whole fell 15% to $65.7 trillion, unadjusted for inflation.

• Household liabilities a declined less than 1% to $14.2 trillion.

• Net worth of American households (difference between assets and liability) was $51.5 trillion, down $11.2 trillion or nearly 18% from 2007.

• Americans’ total wealth is now back to levels prior to 2004.

more...

http://www.ritholtz.com/blog/2009/03/us-household-net-worth-falls-18/

[rfranklin]

23. That sounds like a reason to rally!

I don't think we've seen the worst yet. My business is down 50% over last year.

[ozymandius]

25. Stock Market Rallies to 1997 Prices

The only thing that is certain recently is volatility.

DOW up 3.5%

S&P 500 up 4.1%

NASDAQ up 4.0%

The S&P has now rallied back to 1997 prices!

-see graph-

This is still the 2nd worst S&P 500 / DOW bear market in the U.S. in 100 years.

Note that the Great Depression crash is based on the DOW; the three others are for the S&P 500.

http://www.calculatedriskblog.com/2009/03/stock-market-rallies-to-1997-prices.html

[TheWatcher]

32. We're Partying Like It's 1997!!!!!!!

:party:

just you wait, pretty soon we'll get back to the levels right before the Asian Contagion, and then we'll REALLY have some fun when the Greenspan Put rallies the Market to....

Oh, Wait.....

[tclambert]

56. Households' net worth? According to Festivito's numbers, they have a negative net worth

when you factor in falling house prices, mortgages, credit cards, and each citizen's share of the national debt. Ten trillion divided by 300 million equals about $33,333 or $133,333 for a family of four. If you chop off the top 1%, who skew the average horribly, do the bottom 99% have a positive net worth AT ALL?

(And not counting you, Ozy, 'cause you have that fortune in dryer lint futures you were talking about yesterday.)

[Demeter]

28. Well, Everybody, It's a REAL Friday the 13th

It appears my father is having strokes. My sister is as I type driving 10 hours to see to him. He refused to move near anybody, go to doctors, etc, etc, One would think he wanted to die. He won't even call an ambulance! Or it could just be he has no idea how hard one has to work to continue to live. Mother used to do all that work for him and bully him into doing what needed to be done. She's been gone 10 years now, and all those bad habits have been doing their worst on his well-being.

I don't know what is coming, but I expect the worst.

I expect that WE will be posted just so I have some distraction. It's not like I can do anything but worry and provide moral support over the phone right now. My sister has no job, no children and no pets. Her husband can sustain himself while she's trying to help Dad.

Thanks for listening.

[TheWatcher]

33. Sorry to hear about this Demeter.

:hug:

My family and I will keep yours in our thoughts today, my friend.

[Hugin]

34. I'm so sorry to hear of your troubles, Demeter.

My Friday the 13th problems are building from what started a month ago on the last Friday the 13th... (What? Are we going to have one every month now?) But, even compounded, my problems aren't in the same category with yours today. You have my sympathies and I'll see you in the WEE!

[Demeter]

106. When February Has a Friday the 13th, So Will March

Since February is exactly 4 weeks long....

[Dr.Phool]

37. Sorry to hear that Demeter.

I'm going through the same thing with my dad. He's 10 hours away, and I had him talked into moving down here, into a very nice retirement-assisted living community nearby.

He called yesterday, said he changed his mind, and took his home off the market. :banghead:

[Demeter]

39. I Was Cheering Your Success--Guess I Was Too Early

This is where the issue of competency comes up. It is a losing battle any way you look at it, anything you try.

[DemReadingDU]

51. Thoughts are with you Demeter

Not an easy time right now.

:hug:

[JNelson6563]

40. I'm hoping for the best for you and yours.

:hug:

[Tansy_Gold]

45. Went through this a year ago with my dad

and I'm 2200 miles away.

The frustration comes from not being able to do much of anything.

:hug: and thinking about you.


TG

[ozymandius]

57. I am very sorry an sympathetic to your situation, Demeter.

:hug: Having experienced very similar circumstances, I know how emotionally turbulent this can be. My heartfelt thoughts go to your sister as well.

[KoKo]

61. Sending good thoughts your way....

went through this with my dad awhile back and felt so helpless living far away and trying to deal with just short visits trying to help him. It's hard to go through. :hug:

[Wednesdays]

73. Here's hoping for the best for you, too, Demeter

:hug:

[antigop]

76. Take care, Demeter. Sending good thoughts your way... n/t

[Ghost Dog]

86. Empathy.

:hug:

[Karenina]

96. Thinking good thoughts for you and yours, Demeter,

:hug:

[Demeter]

105. Well, Sis Got There at 7am

and after 10 hours, has yet to get him to an emergency room. I'm going to tell her to give him an ultimatum--go or I leave!

there's stubborn, and then there's Polish. And then there's my father.

[specimenfred1984]

114. Sorry, hopefully it's only TIAs, Transient Ischemic Attacks

My mother-in-law had them and takes medication for it, it's horrible but correctable.

http://www.americanheart.org/presenter.jhtml?identifier=4781

[DemReadingDU]

29. Columbus Ohio - Sentencing scheduled for National Century’s Poulsen

Continuing the saga...

3/11/09 Sentencing scheduled for National Century’s Poulsen, associate

By the end of month, Lance Poulsen and his longtime friend Karl Demmler should know their fates.

Poulsen, 65, the former CEO of National Century Financial Enterprises Inc., will be sentenced on fraud convictions on March 27, as will Demmler, who was convicted of witness tampering charges.

U.S. District Court Judge Algenon Marbley ordered the sentencings Wednesday.

Poulsen was found guilty on Oct. 12 of securities fraud, wire fraud and money laundering charges for his role in leading his former Dublin company to defraud investors out of nearly $2 billion.

Three months earlier, Poulsen and Demmler were found guilty by a separate federal jury of attempting to bribe a government witness that planned to testify against Poulsen.

Poulsen faces up to 135 years in prison after already receiving a 10-year sentence and $17,500 fine for witness tampering. Demmler faces 35 years for witness tampering.

National Century was a financing company for the health-care industry that collapsed into bankruptcy in 2002.

http://columbus.bizjournals.com/columbus/stories/2009/03/09/daily28.html


link backwards to previous articles...
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=103&topic_id=428929&mesg_id=429009

[Demeter]

31. The Wheel of Justice Grind Slowly But Very Finely

Whenever they are turned into the wind, of course.

[DemReadingDU]

52. Now if they can just catch that bird, Rebecca Parrett

Fugitive Rebecca Parrett on America's Most Wanted
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3681304&mesg_id=3681404

[Demeter]

35. CORRUPTION-US: Homeowner Rip-Offs Spark Scores of Lawsuits

http://ipsnews.net/news.asp?idnews=46071



BOSTON, Mar 11 (IPS) - Many of the biggest mortgage lenders in the U.S. have engaged in widespread, systematic schemes that ripped off hundreds of thousands of families seeking to buy a home, refinance or foreclose, according to lawsuits filed on behalf of consumers.

Scores of class-action lawsuits, from the 1990s and up to today, detail the illegal and questionable practices used by mortgage-lending companies that pushed millions into bad mortgages, then into bad refinancing loans and then into foreclosures with unfair fees.

The lawsuits have been filed by private attorneys and state attorneys general, and on behalf of NGOs.

Ameriquest, Countrywide Financial, H&R Block and Option One, HSBC Finance and Wells Fargo are just a few of the companies that have been sued - some repeatedly - for masterminding or carrying out plans to defraud families.

"Many of the mortgage lenders taking advantage of people today are those who were the biggest perpetrators last time around," Jim Campen, executive director of Americans for Fairness in Lending, told IPS.

HSBC, Britain's largest bank, and its entities Household International and Household Financial and Beneficial, wrote hundreds of thousands of sub-prime loans in the U.S. that have been the subject of multiple class-action lawsuits.

The company has gotten into trouble for its mortgages and consolidation loans aimed at people who are low-income.

It was sued in 2002 by attorneys general and paid 484 million dollars into a fund for harmed homeowners in all 50 states. It later settled with ACORN, and later with private attorneys. Complaints against the company are ongoing, according to Fair Finance Watch, an NGO.

DETAILS ON SPECIFIC COMPANIES FOLLOWS--SEE LINK

[dixiegrrrrl]

107. Great news....thanks for sharing this.

[UpInArms]

49. dollar watch

http://quotes.ino.com/chart/?s=NYBOT_DX&v=i

Last trade 87.514 Change +0.115 (+0.15%)

US Trade and Import Prices Better Than Expected; USD Sells off on Improved Sentiment

http://www.dailyfx.com/story/market_alerts/fundamental_alert/US_Trade_and_Import_Prices_1236947865543.html

US trade deficit narrows to 36B while import prices drop 0.2%; better than expected. USD selling off across the board.

Euro Gains Capped By Weak Retail Sales, Yen Continues To Fall On Intervention Speculation

http://www.dailyfx.com/story/bio1/Euro_Gains_Capped_By_Weak_1236940086553.html

After reaching an intraday high of 1.2959 the Euro began trading heavy leading up to the January Retail Sales Report. Consumer consumption in the region rose by 0.1% which was below the forecast of 0.2%. Additionally, the annualized rate fell for eighth month to -2.2% after a revised lower -2.4% the month prior. Consumers continue to tighten their wallets as a deepening recession has weighed on their confidence. The Euro fell to as low as 1.2890 after the release before finding support. The 50-Day SMA at 1.2947 lies ahead and may limit upside potential. Additionally, the G-20 meeting this weekend could fail deliver like the G-7 and could reignite risk aversion which could weigh on the single currency.

The Yen continued to lose ground overnight as speculation has increased that the Swiss National Banks’ willingness to buy currencies in order to depreciate the Franc will encourage the BoJ to follow suit. The struggling export driven economies would benefit from a weaker currency and many have expected that the central banks would take such actions. Therefore, we could see Yen weakness continue with the March 5th high of 99.69 as a possible target. The 200-Day SMA looms just above at 99.91 and is a level to watch as a break above there would be the first time since October, 2008 and could lead to a breakout to the upside. Meanwhile, the Swiss Franc has pulled back form yesterday’s high of 1.19168 as traders take profits.

The Pound extended its gains from yesterday reaching as high 1.4071 as rising equity markets helped buoy demand. Resistance lies ahead at the 20-day SMA at 1.4158 which could be tested if U.S. stocks continue their momentum from yesterday. However, the remarks from BoE member Kate Barker that the central bank should continue to print money as “The evidence over the last month was of more pronounced weakness in the global economy and of fragility in the financial markets” could weigh on the pound.

The dollar continued to lose ground overnight as risk appetite grew on the back of comments from Bank of America CEO and expectations of more stimulus measures from Japan and China. Indeed, the troubled bank leader is expecting earnings of $50 billion for the year which reinforced comments from Citibank that t would be profitable in the first quarter. Stock markets have continued to find support as the end of the banking troubles gets closer. The University of Michigan consumer confidence survey could dampen optimism as forecasts are calling for the reading to fall to an all-time low of 55.0. If Americans continue to retrench it will limit future domestic growth and weigh on earrings expectations. The U.S. trade balance is also expected to cross the wires with the deficit expected to shrink to -$38.0 billion from -$38.9 billion which would be the lowest in six years. The contraction n consumer consumption is expected to have impacted demand for imports despite the dollar’s recent strength.

...more...

[formercia]

55. Switzerland breaks with tradition on tax evasion

http://finance.yahoo.com/news/Switzerland-breaks-with-apf-14626195.html


Switzerland to cooperate on tax evasion, in historic break with banking secrecy tradition


BERN, Switzerland (AP) -- The Swiss government said Friday it would cooperate on cases of international tax evasion, breaking with a long-standing tradition of protecting wealthy foreigners accused of hiding billions of dollars in the Alpine nation.

The government insisted it would hold onto its cherished banking secrecy rules, but said other countries could now expect Swiss cooperation in cases where they provide compelling evidence of tax evasion.

--snip--

Switzerland is hoping to avoid being blacklisted by world powers when they meet in April to discuss stepping up their fight against tax cheats. It is also embroiled in a dispute with the United States over wealthy Americans that have stashed money in its biggest bank, UBS AG.

--snip--

Now, off to find the hidden loot....

[Ghost Dog]

98. Bloomberg report on this:

http://www.bloomberg.com/apps/news?pid=20601085&sid=aCZ7WwkgZOfM&refer=europe#

[tclambert]

58. Nothing on Madoff? Okay, here's something:

Bernard Madoff went from a $7 million penthouse to a tiny jail cell with cinderblock walls and linoleum floors after confessing he carried out what may be the biggest fraud in Wall Street history to escape the pain of a recession.

The change in lifestyle for the 70-year-old financier was welcomed Thursday by angry investors who packed into a federal courtroom to watch Madoff plead guilty to cheating nearly 5,000 investors out of billions of dollars.

"I am painfully aware that I have deeply hurt many, many people, including the members of my family, my closest friends, business associates and the thousands of clients who gave me their money," he told U.S. District Judge Denny Chin.

"I cannot adequately express how sorry I am for what I have done," he said just before Chin ordered him to prison to await a June 16 sentencing when he will face up to 150 years in prison.

http://www.google.com/hostednews/ap/article/ALeqM5hnkPe640MG8WMCAvAwv5GqtqxsOAD96T494O0

And directly off to jail! That was unexpected. I thought he would stay under penthouse arrest until sentencing. But the judge revoked his bail:

"In light of Mr. Madoff's age, he has an incentive to flee, he has the means to flee,
and thus, he presents a risk of flight," Chin said.

I'd like to see a few dozen more financial moguls go up in front of Judge Chin.

[Demeter]

69. Flee, or Suicide!

He probably thought to do a Kenny Lay and enable the family to keep some loot.

[ozymandius]

75. I cannot plainly state what I wish to happen to these moguls.

However, my main fantasy is to see Dick Fuld, John Thain, Henry Paulson and Alan Greenspan among others fighting over scraps from a dumpster.

[Festivito]

60. Debt: 03/11/2009 10,951,099,637,335.63 (DOWN 7,308,948,886.80) (Mostly FICA.)

(Mostly FICA.)

= Held by the Public + Intragovernmental(FICA)
= 6,662,844,615,842.74 + 4,288,255,021,492.89
UP 187,775,216.55 + DOWN 7,496,724,103.35

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 306-Million person America.
If every American, man, woman and child puts in $3.27 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.81, ABOUT TEN BUCKS for a 1B$ 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 14 seconds we net gain a another American, so at the end of the workday of this report, there should be 305,955,515 people in America.
http://www.census.gov/population/www/popclockus.html
Currently, each of these American's owe $35,793.11.
A family of three owes $107,379.33. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 20 reports in the last 30 to 28 days.
The average for the last 20 reports is 11,898,771,088.17.
The average for the last 30 days would be 7,932,514,058.78.
The average for the last 28 days would be 8,499,122,205.84.
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$/day.
There were 35 reports in 50 days of Obama's part of FY2009 averaging 0.39B$ per report, 0.34B$/day so far.
There were 110 reports in 162 days of FY2009 averaging 8.42B$ per report, 5.72B$/day.

PROJECTION:
There are 1,411 days remaining in this Obama 1st term.
By that time the debt could be between 12.9 and 22.9T$.
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)
03/11/2009 10,951,099,637,335.63 BHO (UP 324,222,588,422.55 so far since Obama took office.)

Fiscal Year ends: Sep 30
Borrowed in FY1993: (Maybe later.)
Borrowed in FY1994: 281,261,026,873.94
Borrowed in FY1995: 281,232,990,696.07
Borrowed in FY1996: 250,828,038,426.34
Borrowed in FY1997: 188,335,072,261.61
Borrowed in FY1998: 113,046,997,500.28
Borrowed in FY1999: 130,077,892,735.81
Borrowed in FY2000: _17,907,308,253.43 Bill alone
Borrowed in FY2001: 133,285,202,313.20 Bill and George
Borrowed in FY2002: 420,772,553,397.10 All George
Borrowed in FY2003: 554,995,097,146.46
Borrowed in FY2004: 595,821,633,586.70
Borrowed in FY2005: 553,656,965,393.18
Borrowed in FY2006: 574,264,237,491.73
Borrowed in FY2007: 500,679,473,047.25
Borrowed in FY2008: 1,017,071,524,650.01
Borrowed in FY2009: 926,374,740,423.20 so far this fiscal year.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
02/19/2009 +012,906,622,783.22 ------------**********
02/20/2009 +035,338,367,983.16 ------------**********
02/23/2009 -000,426,861,213.78 --- Mon
02/24/2009 +000,473,801,933.93 ------------********
02/25/2009 +000,413,635,509.27 ------------********
02/26/2009 +048,048,940,708.92 ------------**********
02/27/2009 +000,306,718,307.89 ------------********
03/02/2009 +074,163,317,993.12 ------------********** Mon
03/03/2009 +000,498,419,440.82 ------------********
03/04/2009 +000,625,214,862.41 ------------********
03/05/2009 +006,943,273,604.61 ------------*********
03/06/2009 +000,851,040,035.06 ------------********
03/09/2009 -000,039,321,146.54 ---- Mon
03/10/2009 +000,452,187,222.11 ------------********
03/11/2009 +000,187,775,216.55 ------------********

180,743,133,240.75 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008.
US borrowed $1,286,467,834,076.56 in last 174 days.
That's 1,286B$ in 174 days.
More than any year ever, including last year, and it's 126% of that highest year ever only in 174 days.
And it is over 100% of ANY dismal Bush, for any dismal Bush-year, ONLY IN 174 DAYS NOT 365.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock

(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=3778955&mesg_id=3779189

[Festivito]

120. Debt: 03/12/2009 10,983,549,928,728.74 (UP 32,450,291,393.11) (Up goodly amount.)

(A day of a large move after days of low moves.)

= Held by the Public + Intragovernmental(FICA)
= 6,694,196,414,273.22 + 4,289,353,514,455.52
UP 31,351,798,430.48 + UP 1,098,492,962.63

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 306-Million person America.
If every American, man, woman and child puts in $3.27 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.81, ABOUT TEN BUCKS for a 1B$ 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 14 seconds we net gain a another American, so at the end of the workday of this report, there should be 305,961,686 people in America.
http://www.census.gov/population/www/popclockus.html
Currently, each of these American's owe $35,898.45.
A family of three owes $107,695.35. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 20 reports in the last 30 to 28 days.
The average for the last 20 reports is 11,217,667,058.26.
The average for the last 30 days would be 7,478,444,705.51.
The average for the last 28 days would be 8,012,619,327.33.
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$/day.
There were 36 reports in 51 days of Obama's part of FY2009 averaging 0.61B$ per report, 0.50B$/day so far.
There were 111 reports in 163 days of FY2009 averaging 8.64B$ per report, 5.88B$/day.

PROJECTION:
There are 1,410 days remaining in this Obama 1st term.
By that time the debt could be between 12.9 and 22.3T$.
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)
03/12/2009 10,983,549,928,728.74 BHO (UP 356,672,879,815.66 so far since Obama took office.)

Fiscal Year ends: Sep 30
Borrowed in FY1993: (Maybe later.)
Borrowed in FY1994: 281,261,026,873.94
Borrowed in FY1995: 281,232,990,696.07
Borrowed in FY1996: 250,828,038,426.34
Borrowed in FY1997: 188,335,072,261.61
Borrowed in FY1998: 113,046,997,500.28
Borrowed in FY1999: 130,077,892,735.81
Borrowed in FY2000: _17,907,308,253.43 Bill alone
Borrowed in FY2001: 133,285,202,313.20 Bill and George
Borrowed in FY2002: 420,772,553,397.10 All George
Borrowed in FY2003: 554,995,097,146.46
Borrowed in FY2004: 595,821,633,586.70
Borrowed in FY2005: 553,656,965,393.18
Borrowed in FY2006: 574,264,237,491.73
Borrowed in FY2007: 500,679,473,047.25
Borrowed in FY2008: 1,017,071,524,650.01
Borrowed in FY2009: 958,825,031,816.30 so far this fiscal year.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
02/20/2009 +035,338,367,983.16 ------------**********
02/23/2009 -000,426,861,213.78 --- Mon
02/24/2009 +000,473,801,933.93 ------------********
02/25/2009 +000,413,635,509.27 ------------********
02/26/2009 +048,048,940,708.92 ------------**********
02/27/2009 +000,306,718,307.89 ------------********
03/02/2009 +074,163,317,993.12 ------------********** Mon
03/03/2009 +000,498,419,440.82 ------------********
03/04/2009 +000,625,214,862.41 ------------********
03/05/2009 +006,943,273,604.61 ------------*********
03/06/2009 +000,851,040,035.06 ------------********
03/09/2009 -000,039,321,146.54 ---- Mon
03/10/2009 +000,452,187,222.11 ------------********
03/11/2009 +000,187,775,216.55 ------------********
03/12/2009 +031,351,798,430.48 ------------**********

199,188,308,888.01 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008.
US borrowed $1,318,918,125,469.67 in last 175 days.
That's 1,319B$ in 175 days.
More than any year ever, including last year, and it's 130% of that highest year ever only in 175 days.
And it is over 100% of ANY dismal Bush, for any dismal Bush-year, ONLY IN 175 DAYS NOT 365.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock

(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=3780657&mesg_id=3780828

[KoKo]

62. Bulls Betting on the Demise of Mark to Market, Revival of the Uptick Rule

(CNBC "Fast Money Maven"...is happy with this because he's long on banks...hard to know if it's helpful to allow the demise of "mark to market" or if it's just another scam to drive banking stocks up for a quick trade by the Najarians of Wall St.) :shrug:
---------

Bulls Betting on the Demise of Mark to Market, Revival of the Uptick Rule
Posted Mar 13, 2009 09:05am EDT by Aaron Task in Investing, Banking

The stock market has rallied the past three days for any number of reasons, chief among them it was due for at least a technical, "dead-cat" bounce after hitting 12-year lows on Monday. One fundamental factor in the rise is Wall Street's increased expectation for at least some help from Washington D.C. on two issues: mark to market accounting and the uptick rule.

On Thursday, the House Financial Services Committee held a hearing on mark to market, during which Robert Herz, the chairman of the Financial Accounting Standards Board (FASB), agreed provide more detailed guidelines on the controversial accounting practice within three weeks.

Jon Najarian, co-founder of optionMonster.com, has been a vocal advocate of temporarily suspending mark to market, in order to give banks a "chance to breath" and (hopefully) sell toxic assets in a less pressurized environment and at something other than rock-bottom prices.

A full suspension of mark to market, even temporarily, seems unlikely given comments from Herz Thursday and earlier this week from Fed chairman Ben Bernanke. But some "relaxation" of the accounting rule seems likely.

Najarian is certainly betting that way; he has a leveraged long position on financials via ETFs and is long shares of JPMorgan, Wells Fargo and Morgan Stanley.

That bet is largely based on his hopes for action on mark to market but also on expectations for a reinstatement of the uptick rule, which prohibited the shorting of a stock unless it was rising.

Right or wrong morally, removing or redefining mark to market would likely have a tangible - and beneficial - result for banks currently saddled with toxic assets that are trading anywhere from 20 to 40 cents on the dollar (when they trade at all). Conversely, most traders believe reinstating the uptick rule will largely have psychological benefits, but few participants will shake a stick at anything that improves sentiment.

http://finance.yahoo.com/tech-ticker/article/207236/Bulls-Betting-on-the-Demise-of-Mark-to-Market-Revival-of-the-Uptick-Rule?tickers=XLF,MS,WFC,JPM,FAS,SKF,%5EDJI

[Demeter]

70. Reality Will Out, No Matter How They Try to Paper It Over

We must have cornered the market on denial, in this country.

[tclambert]

91. Denial can last a long time, though.

It took the Catholic Church 300 years to apologize about the Galileo thing. And there are a lot of people who, because it says so in a certain book, expect this guy to come back who left two thousand years ago. C'mon it's been two thousand years! He stood you up! Maybe he's just not that into you.

And 22% of Americans think George W. Bush did a good job, even after eight years of pretty convincing evidence otherwise.

[Tansy_Gold]

101. "a chance to breath" n/t

.

[DemReadingDU]

74. Charles Hugh Smith: The Dematerialization of America

3/12/09 The Dematerialization of America by Charles Hugh Smith

Dematerialization is an endless garage sale. As people move out of huge recently-built homes stuffed with furniture, skiis, three TVs, etc. and move into apartments or much smaller dwellings, they will sell or give away the surplus they no longer have room to store. People who declare bankruptcy will get rid of all the stuff in their storage lockers.

The surplus of an entire generation of consumerist excess is stupendous. Much will end up in landfill because it was poorly made or poorly maintained or both. Quality goods will be sold for pennies on the dollar because there are too many of everything. Our car is 10 years old and will last another 10 years without any major effort (it was made in Kentucky). I have a leather jacket that's 20 years old and is a bit worn but it still keeps me warm. My bicycle is basically a forever machine; so are my hand tools. You can make your own list of stuff which will last for many years if not decades.

As California Yankee observed, the real "shock to the system" will be to those for whom consumption, acquisition of another material object and the act of shopping formed their identity, their pastime and their quest for status/self-worth. Dematerialization will change the national focus in a number of ways. I was discussing status and retail with my old friend G.F.B. recently, and he commented that people will still want visible status symbols; but they will no longer be handbags plastered with a "luxury" brand name. That is out, declasse, gauche, embarrassing.

What will be "in" and chic will not be gaudy designer-label goods but hand-adorned generic clothing and the like. Luxury cars will become declasse, and superficial conspicuous consumption will be reviled by the very consumers who followed that false god right over the cliff.

Dematerialization is what happens when the velocity of money falls to near-zero. When people have to save up to buy an item cash, they will buy far fewer goods than when they could pile up tens of thousands of dollars in credit card debt. When people don't buy a new car and house every three years, they will generate zero transaction/loan fees--the very churn which fueled the false prosperity of the last decade.

The invisible ray of credit contraction and decelerating money is dematerializing the nation. We can mourn what has been lost or celebrate the passing of a scourge.

http://www.oftwominds.com/blogmar09/dematerialization03-09.html

[tclambert]

87. I blame David Copperfield.

The magician, not the Dickens character. (Spoiler: He does it by slowly rotating the bleachers where the audience sits, so slowly they don't realized they moved. That's why dancers come out and waste like five minutes. Then, voila, the Statue of Liberty has dematerialized. (It's behind you, dummies!))

Hmm, in the Dickens novel, didn't financial fraud make up a major plot point? And didn't he reveal the secret to financial success: "Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."?

[antigop]

77. WSJ: Fitch cuts Berkshire's credit rating

http://online.wsj.com/article/SB123690009712913033.html?mod=rss_whats_news_us_business

Fitch Ratings cut its credit ratings on Berkshire Hathaway Inc. from the top rating, saying no financial-oriented holding company should be rated AAA because of significant market volatility.

The rating agency has been reviewing ratings of insurance and financial services company amid the U.S. recession and global economic downturn, resulting in the downgrades of many companies' ratings.

Fitch said Berkshire's potential earnings and capital volatility are the result of its large, unhedged market exposures through investments in stocks and various derivative contracts and are "inconsistent with the stability required at the AAA level."

Shares of Berkshire, owned by billionaire investor Warren Buffett, lost nearly a third of their value in 2008. The company posted a $15 billion decline in net unrealized gain on investment securities, largely tied to declining equity markets, partially offset by $5 billion of net income, in 2008, Fitch said. Net earnings also fell to a six-year low during the year, with $3.3 billion of mark-to-market losses on equity index put contracts.

The firm does consider the diversity of Berkshire's investments in retail, service and manufacturing companies as limiting the exposure somewhat, but said the degree of diversification in not sufficient to keep the AAA rating.

[Ghost Dog]

88. I'll slip in a quick question here: Who rates the rating companies?

And, why are they all US-based, anyway?

[tclambert]

94. And how did they rate the financial companies in the days before Lehman went kaput?

Why are they US-based? Uh, my guess is baseball. Baseball is the sun source of all statistical education. I vote for Nate Smith to rate the rating companies.

[DoBotherMe]

100. LOL!

you are great! :rofl: Dana ; )

[Robbien]

79. Mexico not happy Forbes picked a drug king to represent Mexico on the rich list

MEXICO CITY - Mexico is decrying Forbes Magazine's decision to include the reputed leader of one of the country's most violent drug cartels on its list of billionaires.

. . .

President Felipe Calderon said Thursday that "magazines are not only attacking and lying about the situation in Mexico but are also praising criminals."

Mexico's Attorney General Eduardo Medina Mora said Forbes is defending crime by "comparing the deplorable activity of a criminal wanted in Mexico and abroad with that of honest businessmen."

http://www.startribune.com/world/41185347.html?elr=KArks:DCiUBcy7hUiD3aPc:_Yyc:aUU


Honest Businessmen ? A drug king and rich corporatists is a good fit IMHO.

[Ghost Dog]

89. Could that have been precisely Forbes's point?

:P

[tclambert]

95. "Honest businessmen?" In the words of Gandhi, when asked what he thought about Western civilization,

"It would be a good idea."

[Ghost Dog]

97. Music (Raging)

http://noolmusic.com/youtube_videos/john_mclaughlin_and_shakti.php (Shakti)

[Ghost Dog]

90. Stocks in Europe Climb; Barclays, Credit Suisse, BHP Advance (Bloomberg pumping now)

March 13 (Bloomberg) -- European stocks climbed, capping the Dow Jones Stoxx 600 Index’s biggest weekly rally in two months, as Bank of America Corp. said it will be profitable this year and China and Japan pledged aid for their economies.

Barclays Plc and Credit Suisse Group AG rose more than 3 percent as Bank of America’s Chief Executive Officer Kenneth Lewis said he expects the biggest U.S. bank to make money this year. BHP Billiton Ltd. led a rally in commodity producers after China’s Premier Wen Jiabao indicated he may add to earlier stimulus measures to revive the world’s third-biggest economy.

The Stoxx 600 climbed 0.7 percent to 168.57 as Bank of America joined JPMorgan Chase & Co. and Citigroup Inc. in saying that it made money during the first two months of 2009. The gauge pared gains in afternoon trading as U.S. stocks fell on concern over rising credit-card defaults.

The benchmark for European equities advanced 5.7 percent this week, the most since Jan. 2, as the Swiss central bank cut its interest rate to close to zero and China’s spending on factories increased.

“We are getting to a stabilization of the larger financial institutions,” said Lucy MacDonald, London-based chief investment officer of global equities at RCM UK Ltd., which has about $100 billion. “There is a lot of liquidity being pumped into the system. We seem to have found a short-term bottom to the market,” she said in a Bloomberg Television interview.

National benchmark indexes rose in 12 of 18 western European markets. The U.K.’s FTSE 100 added 1.1 percent and France’s CAC 40 climbed 0.4 percent. Germany’s DAX was little changed.

/... http://www.bloomberg.com/apps/news?pid=20601085&sid=aeh1KkKGy7G0&refer=europe

[Ghost Dog]

92. Barker Backs BOE Money Printing as Recession Worsens

March 13 (Bloomberg) -- Bank of England policy maker Kate Barker said the bank’s decision to buy assets with newly created money is necessary to prevent deflation as Britain’s recession shows signs of worsening.

“The evidence over the last month was of more pronounced weakness in the global economy, and of fragility in the financial markets” and “the economic outlook has deteriorated further,” she said in a speech in London yesterday. Printing money “is the best course in order to achieve our objective of keeping inflation to target in the medium term.”

/... http://www.bloomberg.com/apps/news?pid=20601085&sid=anQjH6pSMydI&refer=europe

[Ghost Dog]

93. Germany Said to Consider New ‘Bad Bank’ Plan for Toxic Assets

March 13 (Bloomberg) -- German Chancellor Angela Merkel’s government is considering a plan to take over toxic bank assets until they mature, enabling lenders to avoid massive write-offs while dodging a new bailout, three people familiar with the proposal say.

The recommendation by a government panel co-chaired by Deputy Finance Minister Joerg Asmussen and Deputy Economics Minister Walther Otremba aims to circumvent pricing the assets, according to the people, who spoke anonymously because details have yet to be provided to lawmakers. Lenders would “park” the holdings in a state-controlled “bad bank” until maturity, betting a market recovery will minimize losses, the people said.

The measures draw on the lessons of a $73 billion aid program for the banking system inherited from East Germany in 1990 after re-unification. They’d mark a tack untried in the U.S. and the U.K., where officials are also struggling to relieve banks of junk assets that have frozen lending.

“Taking assets off banks’ books was never going to be a smooth ride though the case for doing so is urgent,” Wolfgang Gerke, president of the Bavarian Center of Finance, a Munich- based research institute, said in an interview. “Lessons learned after reunification may be a big help.”

Germany has had several false starts in seeking to exorcise the bad assets that BaFin, the financial-services regulator, estimates at 300 billion euros ($388 billion). Earlier plans have considered swapping government bonds for the assets and establishing a number of separate “bad banks.”

/... http://www.bloomberg.com/apps/news?pid=20601085&sid=anQjH6pSMydI&refer=europe

[specimenfred1984]

102. S&P could easily go up another 100 points

It's not a huge mystery, the markets are corrupt and manipulated, "news" doesn't matter, fundamentals don't matter, technicals don't matter: only lies matter. The lies are flowing from every TV whore's lips, everybody's buying, there's huge opportunity everywhere! Trends don't matter, economics don't matter, politics don't matter, in fact what a person just said 5 seconds ago doesn't matter, only greed matters.

Greed is good, forget your morals it's time to invest! Communist countries look great, Mexican drug lords are rich, torturers are cashing in, real estate is cheap, banks are all great businesses now, health care isn't your right you loser, I'm turning down pork, there's tons of money on the sidelines, socialism won't win!

Point of rant: America is full of easily manipulated, brainwashed, sloganeering tools that react to propaganda only. Give that supposedly progressive person a $100,000 of Exxon stock and 2/3rds of them keep it and stay quiet about it. It's a sad fact but most of the people we meet are little capitalists with minds full of delusions about the way things should work.

[TheWatcher]

111. I am afraid your point is DEAD ON fred.

I just got done sparring with one of these slathering tools in another thread.

I simply cannot BELIEVE the mentality of some people.

I neatly laid out the reasons that this rally had happened, which I have also done AD NAUSEUM and EXHAUSTIVELY in these threads daily as well.

At first it was the typical, "This is all Black Helicopter Stuff" the usual juvenile, tired insult. No debate, no refutation of the message or the facts, just attack, attack, attack.

But then it devolved into something more disturbing.

Basically this person's mentality is thus:

"I don't care how it happened, even if it wasn't based in reality or done at my expense, or the expense of the economy and could have dire consequences. We just needed some optimism. I just want to feel good, and whatever they can tell me that will help me feel good and hopeful, I'll go along with whatever."

And then more giggling and snickering.

JESUS CHRIST, at long last, WHAT IS WRONG WITH PEOPLE?

Is it so important to be wedded to delusion that you are willing to sacrifice your country, your future, your family's future, the future of further generations that are to come, JUST SO YOU CAN FEEL GOOD?

All over DU tonight, we have threads cheering on "The Big Week in the Markets".

It's the "Obama Recovery", "The Stimulus Must Be WORKING!", "Those Right Wing Bastards Aren't Giving Obama credit for this wondrous "Miracle Rally"", and on, and on, and on, and on, and on, and on, and on.

I weep for this country.

I really do.

:banghead:

[DemReadingDU]

112. I weep too

Very few people see what is going on. And it's happening right before our eyes. All this propaganda and fake positive news to get people to buy into the markets so that the banksters can sell to reap profits. They get richer, we get poorer.

With the banks imploding, GM, GE, Eastern Europe in turmoil, it's no mystery to me for the rally this week.

The banksters are are not done transferring our money to them. They will do anything to get what remains of our 401(K)s, our IRAs, our pensions, our savings accounts, and social security. They won't be finished until they have all the wealth, and we have nothing. Then the world will collapse, most banks will fail, huge global depression, 20-30% unemployment, homelessness, starvation, protests, riots, disease. A worldwide tsunami that can't be stopped.

Heaven help us poor, and may the banksters rot in hell.


edit: spelling

[specimenfred1984]

113. Sadly, propaganda has worked very well on most people

I've read just a few books about propaganda but it really opened my eyes, gov't and corporate lies have been sold to people for 100 years now, starting with anti-union propaganda before WWI. Selling lies is seen as more important than reality to a lot of people, a person really has to go out of the mainstream press to learn how to think for themselves and most people just don't. Studies show that once a person has "learned" something from a trusted source it takes a minimum of 5 times of hearing the opposite before the person can even begin to believe the opposite of what they "learned" from the trusted source.

That's what American society is up against and again, most people don't even know it, they are dumbed-down sloganeering good Germans doing what they are told. The idea that they are brainwashed is too insulting for them to even comprehend, hence cognitive dissonance/pain in even entertaining the idea. It's the curse of the modern age of media which is only utilized at this point only by the intellectuals who are, of course, scorned by the propagandists as they have always been because we don't believe their lies. The rest of the population watches youtube and American Idol and eats the propaganda 24/7 as they root for drugged out sports figures, gambling and pharmaceutical happiness.

The only thing that makes me feel better about it is occasionally sharing information in places where people may actually listen. People can't be told anything, they have to learn it themselves.

[Ghost Dog]

115. It's the human psychology of the marketplace:

The most essential factor in the marketplace.

Nevertheless, the recent history of avariciousness (greed), the most immediate, and dumb, cause, notwithstanding; what we are witnessing are but the first steps of the Great Ecological Adjustment (natural justice), with plenty more to come.

Edit: video/sound track: http://www.youtube.com/watch?v=IW6h_QrDpR0 (Radio Tarifa)

To be followed by: http://www.youtube.com/watch?v=5UsggWFpqlo (idem.)

Another (something else): (Ederlezi): http://www.youtube.com/watch?v=qWr-mGWj0vk

[Ghost Dog]

116. (Time):

http://www.youtube.com/watch?v=OEqCSmXTX6o (Kalashnikov (Iuris, Justus, Justice). Danger.

Edit to add: http://www.youtube.com/watch?v=BmANPPIi168&feature=related (Women of Ireland (Mná na h-Éireann))

Another, Otra: http://www.youtube.com/watch?v=Tt8p5AxJn18&feature=related (O'Conner)

And, of course: http://www.youtube.com/watch?v=wR0CjBtsG8I&feature=related (Sinéad O'Connor - Óró 's é do bheatha 'bhaile -Nuit Celtique)

http://www.youtube.com/watch?v=cWHo7syTQOo (She Moved Through The Fair) ---- Marketers?

Bottom line (almost): (Hippy shit): http://www.youtube.com/watch?v=bgkxSSQbGsI

http://www.youtube.com/watch?v=pEHqZrvGBiw (Amor, Tristeza)

[TheWatcher]

117. I don't know if people tell you this enough Ghost Dog.

But I absolutely love your Video Posts.

Very good stuff, and very good for meditation.

Thanks to you I will probably never need Blood Pressure Medication.

Cheers to you, my friend. :)

:toast:

[Ghost Dog]

118. Thanks.

Greatly appreciate you, folks like you, being around, over there, too.

http://www.youtube.com/watch?v=oA9EF5J_clU&feature=related (Jarabe de Palo).

Edit: Sorry you didn't hear what I was playing later, unavailable vía Youtube or wherever...

:hi: stay cool.

...And thanks beyond words to the culture of my adopted home: my multifarious Spanish friends.

[ozymandius]

110. End of the day numbers & blather

Dow 7,223.98 Up 53.92 (0.75%)
Nasdaq 1,431.50 Up 5.40 (0.38%)
S&P 500 756.55 Up 5.81 (0.77%)
10-Yr Bond 2.885% Down 0.007
NYSE Volume 7,937,841,500
Nasdaq Volume 2,081,269,000

4:15 pm : Following the stock market's near 11% rebound during the previous three sessions, participants were compelled Friday to take profits amid a lack of positive catalysts. Still, stocks showed resolve to the selling effort by climbing back from a loss of more than 1% to finish the session with a solid gain.

Sellers focused their efforts on financials, which had surged nearly 40% from last week's intraday lows to the prior session's close. That gain was inspired by reassuring headlines indicating JPMorgan Chase (JPM 23.75, +0.55), Bank of America (BAC 5.76, -0.09), and Citigroup (C 1.78, +0.11) are profitable so far this year. More recently, Citigroup went on to say it will not need additional funds from the government.

Financials have also been bolstered in recent sessions by headlines suggesting possible relaxation from mark-to-market rules and short-selling rules. Though there haven't been any new details released about those matters, the potential for more positive headlines is challenging short sellers.

Financials initially showed strength Friday, but fell to a loss of more than 4%. Given the gains financials registered in recent sessions, the downward move wasn't very surprising considering the lack of positive catalysts and listless trading in early action. What was encouraging, though, was the fact financials came rallying back to close with a gain (+0.3%).

Despite a lack of clear leadership and very choppy trading, the broader market was also able to muster a gain and close above its November closing low. Stocks have now closed higher in four straight sessions, which was last done more than one month ago.

Health care, which is the largest sector in the S&P 500 by market weight, was this session's best performing sector. Health care stocks advanced 3.3% as investors show renewed interest in the sector following its string of weakness. Stocks in the sector had become battered during recent weeks as investors feared health care reform would crimp profits. Recent merger and acquisition activity has also induced a bit of a snap back in buying.

Energy was the session's worst performing sectors. Energy shed 0.7% amid downgrades of several oil equipment and services stocks and a 1.7% decline in crude oil prices. Crude oil for April delivery settled at $46.25 per barrel. Oil prices had actually traded higher in the early going, but this weekend's OPEC meeting has created a sense of uncertainty among traders.

The Federal Open Market Committee (FOMC) will meet March 17-18 to make its latest monetary policy decision. The FOMC is expected to keep interest rates in the target range of 0% to 0.25%. Per usual, though, market participants will look for insights into the FOMC's plans to support financial markets.

This session's economic news had little effect on trading. February import prices were down 0.2% month-over-month, which is a softer downturn than the 0.7% decline that was widely expected.

Meanwhile, the January Trade Balance showed a $36.0 billion deficit, which is less steep than the $38.0 billion deficit that was expected. A drop in exports slightly offset a drop in imports. The deficit has narrowed every month since July, revealing an overall contraction in global trade.

With global trade slowing, Japan and China indicated they are willing to devise fresh stimulus. That sentiment helped drive a 5.2% gain in Japan's Nikkei and a 4.4% gain in Hong Kong's Hang Seng. The MSCI Asia-Pacific Index closed 3.5% higher.DJ30 +53.92 NASDAQ +5.40 NQ100 +0.3% R2K +0.8% SP400 +0.4% SP500 +5.81 NASDAQ Dec/Adv/Vol 1149/1518/2.06 bln NYSE Dec/Adv/Vol 1101/1959/1.61 bln