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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 04:34 AM
Original message
STOCK MARKET WATCH, Wednesday August 11
Source: du

STOCK MARKET WATCH, Wednesday August 11, 2010

AT THE CLOSING BELL ON August 10, 2010

Dow... 10,644.25 -54.50 (-0.51%)
Nasdaq... 2,277.17 -28.52 (-1.25%)
S&P 500... 1,121.06 -6.73 (-0.60%)
Gold future... 1,201 +3.00 (+0.25%)
10-Yr Bond... 2.74 -0.03 (-0.98%)
30-Year Bond 4.00 -0.01 (-0.17%)



Market Conditions During Trading Hours


Euro, Yen, Loonie, Silver and Gold






Handy Links - Market Data and News:
Economic Calendar    Marketwatch Data    Bloomberg Economic News    Yahoo! Finance    Google Finance    Bank Tracker    
Credit Union Tracker    Daily Job Cuts

Handy Links - Economic Blogs:

The Big Picture    Financial Sense    Calculated Risk    Naked Capitalism    Credit Writedowns
Brad DeLong      Bonddad    Atrios    goldmansachs666    The Stand-Up Economist

Handy Links - Government Issues:

LegitGov    Open Government    Earmark Database    USA spending.gov

Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren

Bush Administration Officials Charged = 1
Name(s): Richard Lopez Razo

Financial Sector Officials Convicted since 1/20/09 =
11









This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

Read more: du
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 04:37 AM
Response to Original message
1. Today's Reports
08:30 Trade Balance Jun
Briefing.com -$43.0B
Consensus -$42.2B
Prior -$42.3B

10:30 Crude Inventories 08/07
Briefing.com NA
Consensus NA
Prior -2.78M

14:00 Treasury Budget Jul
Briefing.com -$169.0B
Consensus -$169.0B
Prior -$180.7B

http://www.briefing.com/Investor/Public/Calendars/Econo...
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 04:39 AM
Response to Original message
2. Oil falls below $80 as China growth slows
SINGAPORE Oil prices fell below $80 a barrel Wednesday in Asia as signs of slowing growth in China and falling stock markets undermined expectations that demand for crude will strengthen.

Most Asian and European stock markets fell Wednesday after industrial production in China, the world's biggest energy consumer, fell for a fifth month in July.

Weaker Chinese growth could have global repercussions if it hurts demand for U.S. and European factory equipment, industrial components from Asian economies, oil from the Middle East and iron ore from Australia, Brazil and elsewhere.

In other Nymex trading in September contracts, heating oil fell 1.78 cents to $2.1076 a gallon, gasoline slid 1.19 cents to $2.0734 a gallon and natural gas was steady at $4.301 per 1,000 cubic feet.

http://news.yahoo.com/s/ap/oil_prices
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 04:42 AM
Response to Original message
3. Unemployment drives more home sellers to cut price
NEW YORK (Reuters) Owners cut prices on one-quarter of U.S. homes listed for sale in July, a fourth straight monthly rise, as job market fallout trumped record low mortgage rates, real estate website Trulia.com said on Wednesday.

Sellers in the 50 largest cities slashed $30.1 billion from prices on houses on the market as of August 1, up from $27.3 billion in the prior month, San Francisco-based Trulia said in a report provided to Reuters before official release.

Unemployment near 10 percent, wage cuts, restrictive lending practices and home values that have fallen below their mortgage balances have left many potential buyers unable to take advantage of low rates.

Nonetheless, in half of the 50 largest cities, sellers last month lowered prices on at least 30 percent of the homes for sale. Foreclosures continue to weigh on prices.

http://news.yahoo.com/s/nm/20100811/us_nm/us_usa_housin...
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Warpy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 08:32 AM
Response to Reply #3
27. This is what deflation looks like
Real property deflated during the 1920s. The only thing that was making money was the stock market, and people could get into it paying ten cents on the dollar and borrowing the rest. With a deal like that on a sure thing, they all jumped in because their wages were going nowhere and if they owned land or a home, it was losing them money every day just sitting there.

Fast forward to the Naughties. The stock market, while making paper gains, was flat when indexed to inflation. Housing was the sure thing, the only thing making money, and people could get into it for ten cents on the dollar, borrowing the rest. With a deal like that on a sure thing, they all jumped in because their wages were going nowhere and if they owned stocks in a 401K, the stuff was just sitting there losing them money every day.

We came very close to having the money disappear overnight the way it did in 1929. TARP, even the way the bankers abused it, made the difference there. The wimpy stimulus package also temporarily slowed the inexorable slide to deflation. However, it can't be stalled forever and it's just getting started in earnest.

Big money knows this and this is why they're not lending. By not lending, they're also ensuring a deflationary period will occur.
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 04:44 AM
Response to Original message
4. Dollar drop as data prod Japan closer to policy action
TOKYO (Reuters) Weak Japanese economic data and a fall in the dollar to an eight-month low against the yen on Wednesday prodded Tokyo closer to fresh action to support an already fragile economic recovery.

Market speculation that the Bank of Japan (BOJ) will have to relax its already loose monetary policy has increased as policymakers have raised the alarm over a fall in the dollar against the yen, which they fear could hurt exports.

The dollar dropped below 85 yen on Wednesday and while the finance minister said he was watching the market extremely carefully, he declined to comment on the possibility of currency intervention.

If the dollar slips below November's low of 84.82 yen, it would mark the currency's weakest level in 15 years.

http://news.yahoo.com/s/nm/20100811/bs_nm/us_japan_econ...
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 04:47 AM
Response to Original message
5. Stock futures signal losses in wake of Fed
PARIS (Reuters) U.S. stock index futures pointed to a lower open on Wall Street on Wednesday, as the Federal Reserve's gloomier assessment of the economy rattled investors and the central bank's measures to support the fragile recovery failed to reassure world markets.

At 4:23 a.m. ET, futures for the S&P 500 were down 1.1 percent, Dow Jones futures down 0.97 percent and Nasdaq 100 futures down 1.12 percent.

European stocks were down 0.8 percent in morning trade, led lower by banks such as Societe Generale (SOGN.PA) and UBS (UBSN.VX), while Japan's Nikkei index (.N225) tumbled 2.7 percent, suffering its worst session in nearly a month as a stronger yen deepened worries about the longer-term prospects for Japan's economy.

Banking stocks will be in the spotlight after a source told Reuters Barclays Capital (BARC.L) will cut about 400 jobs in back office functions in the United States, Europe and Asia.

http://news.yahoo.com/s/nm/20100811/bs_nm/us_markets_st...
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 04:50 AM
Response to Original message
6. Fed caution weighs on world stock markets
LONDON World markets dropped Wednesday despite a late rally on Wall Street as investors gave a lukewarm reception to the Federal Reserve's latest batch of measures to sustain economic growth in the U.S. Japanese shares were additionally weighed down by the yen's export-sapping appreciation against the dollar.

In Europe, the FTSE 100 index of leading British shares was down 56.97 points, or 1.1 percent, to 5,319.44 while Germany's DAX fell 67.74 points, or 1.1 percent, to 6,218.51. The CAC-40 in France was 35.94 points, or 1 percent, lower at 3,694.64.

The Fed's new plan came as it kept its benchmark interest rate unchanged below 0.25 percent and warned that "the pace of recovery in output and employment has slowed in recent months." However, the rate-setting committee is not united Thomas Hoenig continues to insist that the U.S. economy does not need any more help from the central bank than it already has.

Further weighing on the market's appetite for risk was the news that Chinese retail sales are not growing as fast as anticipated at first glance, China's annual increase of 17.9 percent in July looks impressive, but it was below the 18.5 percent consensus in the markets.

http://news.yahoo.com/s/ap/20100811/ap_on_bi_ge/world_m...
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 04:56 AM
Response to Original message
7. Treasuries, Yen Gain on Growth Concern; U.S. Futures Decline
Aug. 11 (Bloomberg) -- Treasuries rose, sending the two- year yield to a record low, and the yen strengthened through 85 against the dollar for the first time since November after the Federal Reserve said the recovery is decelerating. Stocks and U.S. futures dropped.

The two-year Treasury yield fell as low as 0.4892 percent, and was down two basis points at 0.497 percent at 10:31 a.m. in London. The yen appreciated to 84.99 per dollar, the strongest since Nov. 27, and the dollar gained 0.9 percent to $1.3059 against the euro. The MSCI World Index slipped 0.8 percent, while futures on the Standard & Poors 500 Index sank 1.3 percent. Oil fell as much as 1 percent, nickel declined 1.6 percent and copper slid 0.7 percent.

The Fed said it wont unwind stimulus measures designed to support an economic recovery that is weaker than previously anticipated. Chinas industrial output rose the least in 11 months, retail sales growth eased and new loans climbed less than estimated, adding to signs that the worlds third-biggest economy is slowing. Growth in oil demand will decline in 2011, the International Energy Agency in Paris said, citing significant risks that the global recovery will falter.

The difference between two- and 10-year Treasury yields was 2.24 percentage points, after earlier narrowing to 2.20 percentage points, the least since May 2009. The German 10-year bund yield dropped to 2.471 percent, the lowest since at least 1989, when Bloomberg began compiling the data. The cost of hedging against losses on Treasuries rose for a seventh day, with credit-default swaps linked to U.S. government debt rising 2.5 basis points to 46.5, according to data provider CMA. The contracts have risen from 36.2 on Aug. 2. and are at the highest in two months.

http://noir.bloomberg.com/apps/news?pid=20601087&sid=aQ...



These factors indicate that the onus in now on the Bank of Japan to make a policy change, weaken the yen. Coincidentally, the Fed is planning quantitative easing. Like a scientific experiment - it will be curious to see how a flood of money from both sides of the globe affects capital flows and commodity price fluctuations.
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 05:05 AM
Response to Reply #7
8. Fed Reverses Exit Plan With $2 Trillion Holding Floor (Update1)
Aug. 11 (Bloomberg) -- The Federal Reserve reversed plans to exit from aggressive monetary stimulus and decided to keep its bond holdings level to support an economic recovery it described as weaker than anticipated.

Central bankers meeting yesterday adopted a $2.05 trillion floor for their securities portfolio, pivoting toward a quantitative target for monetary policy. Treasuries surged and stocks pared losses as some investors judged the decision opened the door to a resumption of large-scale asset purchases.

Officials directed the New York Feds trading desk to reinvest what economists estimate will be $15 billion to $20 billion a month in maturing agency and mortgage-backed securities back into U.S. Treasuries. The purchases will help keep Treasury yields and mortgage costs low and prevent the level of monetary stimulus from shrinking further.

Yields on U.S. 10-year notes yesterday dropped to an 18- month low and closed at 2.76 percent in late New York trading, down 7 basis points. A basis point is 0.01 percentage point.

http://noir.bloomberg.com/apps/news?pid=20601087&sid=aW...



Now, here's the thing: If the Fed is going to make any money (or just break even) off this plan to buy securities then you need the private sector to act in concert. When someone re-fis their home to take advantage of the lower rate, then the Fed makes a little money off the deal when the security holding moves from their hands into the private entity. But banks have restrictive lending policies these days. So where will there be a natural market for the Fed's holdings established to be a floor of $2 Trillion?
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 05:31 AM
Response to Reply #8
10. They Just buy T Bills
Edited on Wed Aug-11-10 05:55 AM by Demeter
no more mortgages. They are selling the mortgages (the bad ones) back to those responsible for writing them.

It's still a shell game--there just aren't any private players.



Fed moves towards monetary easing

The US Federal Reserve on Tuesday took a first step towards easing monetary policy, as it downgraded its view of the economic outlook amid rising fears that the US could face a double-dip recession.

Meeting in Washington, Fed monetary policymakers agreed to begin reinvesting proceeds from expiring mortgage-backed securities in longer-term Treasuries, thereby preventing a natural shrinking of the $2,300bn balance sheet the US central bank built up during the recession.

The move signals a significant shift in thinking at the Fed, which only a few months ago was tilting towards tightening
monetary policy in order to fend off inflation as the economic recovery gathered strength.
Read more >>
http://link.ft.com/r/R5WAEE/6VEZH0/T10SH/729B77/JIF518/...
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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 07:00 AM
Response to Reply #10
24. Morning Marketeers...
:donut: and lurkers. We went to a sheriff's auction of houses lat week. There were many folks out there and it looked as if there were no shortage of homes up for auction. But that was not the interesting story. Now I love my husband most days of the week :spray: But he has one character trait that drives me up the wall-he doesn't pay attention at times and is easily distracted. He is the classic absent minded professor. If he has a concert etc, I am surprised if he remembers to dress himself. I am always after him to accept this and be careful when these situations arise.

At the auction. he was really out of it. I told him to be careful-but of course I was the nagging wife. Well guess who lost their driver's license. Then, because of the homeland security laws, he had to produce a passport (he doesn't have an Indian Birth Certificate) along with the usual proof of insurance, etc. It took him 2 days and 3 trips back to the house to get everything. He was cussing in English and Hindi the last time he came in. All this nagging wife said was what I always say "And what lesson did we learn from this". I don't know if he would have had this much grief if he were white but hopefully he will be more careful. But then again.........

Have a good day at the casinos.

Happy hunting and watch out for the bears.
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 09:12 AM
Response to Reply #24
35. Ah, yes, the life of forgetful/eccentric mind
I kid you all not...

A couple of years ago, when I was first talking w/my gf, I got home from work, got out of the car and went inside the house (all while being on the phone with her). I go inside, look thru the mail, set my keys where I usually put them and then I think to myself "where the heck is my phone??".

I go outside to the car, unlock it, look in the center console, the door pocket, etc. My gf hears my exasperation and asks me what's wrong. I tell her I can't find my phone. Her reply, "You mean the thing in your hand that you're talking to me on?"



:)
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Dr.Phool Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 10:00 AM
Response to Reply #35
50. Kind of like tearing the house apart looking for your keys?
You know, the ones in your other hand?

Been there, done that.
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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 05:37 PM
Response to Reply #50
81. Or your glasses...
you know, the ones you are wearing. I didn't fuss at him too much. I save that for when he doesn't lock the door :eyes:
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 05:27 AM
Response to Original message
9. There are a few recent, provocatively framed posts at Ritholtz's blog.
I encourage you to go read them. Ritholtz has posted a side-by-side comparison of Fed statements, one from June 23 and the other from August 10. They are in the Scribd format. Scribd documents cannot be embedded here nor can they be copied and pasted. Ritholtz has highlighted key passages from each. You will need to click over to The BIg Picture to see them.

The second item concerns inflation and deflation. Ritholtz undertakes a respectful task of critiquing observation from those with whom he often finds himself in disagreement, but respects their methodologies.

With this, I wish you a good morning and a fine day. Work calls...

:donut: :donut: :donut:
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 09:24 AM
Response to Reply #9
40. you can cut-n-paste. Have to click the text selector button at the bottom (the vertical line thingie
But you lose the highlighting.



June 23

Information received since the Federal
Open Market Committee met in April suggests
that the economic recovery is proceeding and
that the labor market is improving gradually.
Household spending is increasing but remains
constrained by high unemployment, modest
income growth, lower housing wealth, and tight
credit. Business spending on equipment and
software has risen significantly; however,
investment in nonresidential structures
continues to be weak and employers remain
reluctant to add to payrolls. Housing starts
remain at a depressed level. Financial
conditions have become less supportive of
economic growth on balance, largely reflecting
developments abroad. Bank lending has
continued to contract in recent months.
Nonetheless, the Committee anticipates a
gradual return to higher levels of resource




August 10 Text

Information received since the Federal
Open Market Committee met in June indicates
that the pace of recovery in output and
employment has slowed in recent months.
Household spending is increasing gradually,
but remains constrained by high unemployment,
modest income growth, lower housing wealth,
and tight credit. Business spending on
equipment and software is rising; however,
investment in nonresidential structures
continues to be weak and employers remain
reluctant to add to payrolls. Housing starts
remain at a depressed level. Bank lending has
continued to contract. Nonetheless, the
Committee anticipates a gradual return to
higher levels of resource utilization in a
context of price stability, although the pace
of economic recovery is likely to be more
modest in the near term than had been
anticipated.

Measures of underlying inflation have
trended lower in recent quarters and, with
substantial resource slack continuing to
restrain cost pressures and longer-term
inflation expectations stable, inflation is
likely to be subdued for some time.

utilization in a context of price stability,
although the pace of economic recovery is
likely to be moderate for a time.

Prices of energy and other commodities
have declined somewhat in recent months, and
underlying inflation has trended lower. With
substantial resource slack continuing to
restrain cost pressures and longer-term
inflation expectations stable, inflati
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 09:31 AM
Response to Reply #9
44. That article doesn't touch on the other factor of deflation: credit restriction
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 05:54 AM
Response to Original message
11. US regulators tighten control over Wall St risk

US regulators have increased their scrutiny of the countrys largest banks in recent months, digging deeper into riskier activities and pushing institutions to conduct more rigorous stress tests of their financial health
Read more >>
http://link.ft.com/r/YIQXNN/GKUEIN/4VXHZ/18KP3C/OJ1DVQ/...


SURE THEY HAVE, SURE THEY ARE.

IF THEY WERE REGULATING, THEY'D SHUT THOSE PUPPIES DOWN. THIS IS CALLED ENABLING. THE LIVING DEAD.
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Joe Chi Minh Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 08:29 AM
Response to Reply #11
26. Demeter. That is truly vicious! And I like it.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 09:05 AM
Response to Reply #26
31. It's Hot and Humid, Again
90+F yesterday, same again today. And overcast, so we won't even see meteor showers--but nary a drop of rain, either.

I hate August. I hate this summer.
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 09:13 AM
Response to Reply #31
36. Walked outside this morning and I was running about an hour late.
Fully expected a nice 80+ degree, sticky morning to hit me in the face (since the house faces east). To my great surprise, it felt almost cool and not so humid with a nice breeze.


ahhh...a sampling of fall.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 09:15 AM
Response to Reply #36
38. We haven't even had that yet.
Heavy dews and 70F. It's unreal.
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 09:25 AM
Response to Reply #38
41. all you need is a nice front moving south out of Canada and it's Tornado time
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 09:27 AM
Response to Reply #41
43. Shhh! She'll Hear You!
(It's not nice to fool Mother Nature! or give her ideas).
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Joe Chi Minh Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 10:31 AM
Response to Reply #31
57. My wide is always moaning about the temperature being 10 degrees plus
higher down South than in Edinburgh. I just love a cool, fresh breeze.
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Warpy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 11:48 AM
Response to Reply #57
62. I think she's likely to dislike being called "wide."
and since it's too late to edit, perhaps you should take her out for the day until this thread has sunk into total obscurity.

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Joe Chi Minh Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 02:40 PM
Response to Reply #62
75. You're one devious character! I like your style. Positively, Byzantine, even. I love it
Edited on Wed Aug-11-10 02:48 PM by Joe Chi Minh
when they pronounce it 'BIZantine', instead of 'ByeZANtine', as I pronounce it. I couldn't pronounce it that way without laughing.

But I was thinking, when I spotted it myself just now... 'wide'... 'broad'... I've always thought of the word, 'broad', as a beautifully poetic, if earthy, description of our 'long-haired friends'. Or short-haired, as the case may be.

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 06:03 AM
Response to Original message
12. Lehman, HSBC May Be Sued Over Worthless `Minibonds'
http://www.bloomberg.com/news/2010-08-09/lehman-hsbc-ma...

Lehman Brothers Holdings Inc. and HSBC Holdings Plc may be sued over $1.6 billion in worthless securities sold to retail investors in Hong Kong, a judge in New York ruled yesterday.

U.S. District Judge William H. Pauley III reversed part of a decision by Lehmans bankruptcy judge, who threw out a suit by seven holders of structured financial notes called minibonds. The plaintiffs seek to represent a class of investors in the notes from June 16, 2003, to Sept. 15, 2008, Pauley said in his decision.

An estimated $1.8 billion of minibonds were sold to about 43,000 investors in Hong Kong, according to local regulators. Lehmans bankruptcy in 2008 wiped out the value of the investments, resulting in protests outside bank branches that have continued even after last years government-brokered settlement between sellers and buyers of minibonds...

Hong Kong doesnt have a mechanism for filing class action lawsuits.


...In two orders, issued in November and December, U.S. Bankruptcy Judge James Peck ruled that the plaintiffs lacked standing to sue and that any attempt to revise their complaint would be futile. Pauley yesterday reversed the dismissal of one count against HSBC and Lehman and permitted the plaintiffs to amend two dismissed counts.

Pacific International Finance Ltd. issued the minibonds and marketed them as linked to the credit of financially sound companies and backed by AAA-rated collateral, Pauley said. A Hong Kong regulatory investigation disclosed that Lehman designed the minibonds program, the judge said. HSBC Bank USA was selected as trustee of the collateral securing the notes, Pauley said, citing testimony in the Hong Kong proceeding...

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 06:05 AM
Response to Original message
13. European Union pushes for right to levy taxes directly on British (ALL OF EU, ACTUALLY)
http://www.telegraph.co.uk/news/worldnews/europe/eu/793...

The EU hopes that the plan, to be unveiled next month, which could see new taxes on air travel and financial transactions, will give it more independence and fund controversial expansion proposals.

The direct taxes would reduce each country's annual payment to the EU...
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 06:08 AM
Response to Original message
14. 'Breaking the Buck' Was Close for Many Money Funds
http://online.wsj.com/article/SB10001424052748703428604...

At least 36 of the 100-largest U.S. prime money-market funds had to be propped up in order to survive the financial crisis, according to a report from Moody's Investors Service.

From August 2007 to December 2009, at least 20 firms that manage such funds in the U.S. and Europe pumped more than $12 billion combined into their funds, according to the Moody's Corp. unit. The lifelines included purchases of troubled securities and capital contributions.

Without that help, the battered money-market funds would have "broken the buck," or fallen below the $1-a-share net asset value typically maintained by the funds, said Henry Shilling, senior vice president at Moody's....
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 06:58 AM
Response to Reply #14
23. 'Breaking the Buck' might happen again
from the article...
"Moody's warned that mutual-fund companies might be less willing to bail out troubled money-market funds next time."

I'm beginning to think there is no safe place to stash a few extra dollars.
Money Market funds could 'break the buck' again
FDIC is broke
Burying cash could mold and rot in the ground


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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 09:06 AM
Response to Reply #23
32. Bank of Sealy?
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Zenlitened Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 10:30 PM
Response to Reply #23
91. Not sure about 401k's, but for IRA's some of the bigger firms now offer savings accounts...
...backed by the FDIC.

If the FDIC fails... well, where our money is housed will be the least of our problems! :yoiks:

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 06:17 AM
Response to Original message
15. I.R.S. Shifts to Combat Tax Evasion (INTERNATIONALLY)
http://www.nytimes.com/2010/08/05/business/05irs.html?_...

The Internal Revenue Service said Wednesday that it would overhaul a unit devoted to scrutinizing large corporations and wealthy individuals, a shift that would bolster the agencys growing focus on international tax evasion.

The I.R.S. said that it would centralize operations at the core unit, which will now be known as the large business and international division, to give international examiners the authority to decide whether to pursue or settle contentious tax cases involving multinational corporations....Various government and policy research studies show that large corporations are increasingly using gray areas of the tax code to minimize or illegally evade billions of dollars in taxes a year through complex international structures....
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 06:20 AM
Response to Original message
16. `On the Mend' AIG Repays $3.5 Billion of Fed Debt Since April
http://www.bloomberg.com/news/2010-08-05/aig-on-the-men...

American International Group Inc. reduced the debt it owes on a Federal Reserve credit line by about $3.5 billion in the last three months, signaling an improvement in liquidity at the bailed-out insurer.

AIG owed $23.4 billion as of July 28, down from about $27 billion at the end of April, according to Fed data. The draw has declined for 10 of the past 12 weeks, the first time that has happened since the facility was established in 2008 as part of New York-based AIGs first rescue...

MUCH MORE AT LINK
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 06:22 AM
Response to Original message
17. At Goldman, Derivatives Were 25% to 35% of '09 Revenue
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 06:37 AM
Response to Original message
18. Obamas Endangered Economists By TOBIN HARSHAW
http://opinionator.blogs.nytimes.com/2010/08/06/obamas-...

Well, gang, its the first Friday of the month, and we all know what that means: the nonfarm payroll employment report!

..............

The Atlantics Derek Thompson breaks the news down into five tidy points:

1. SORTA BAD: Private sector employment has increased by 630,000 this year.
2. REALLY BAD: but its closer to 200,000, or 40K per month, if you factor out March and April.(CENSUS JOBS)
3. LOPSIDED: Health care employment alone accounts for 231,000 new jobs in the last year.
4. DISCOURAGING: There were 1.2 million discouraged workers in July, up by 389,000 from a year earlier.
5. DEPRESSING: June was twice as bad as we thought, since the payroll changed was revised from -125,000 to -221,000.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 06:38 AM
Response to Original message
19. Disgraced HP CEO to get about $28m in cash, stock
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 06:41 AM
Response to Original message
20. Brazil created close to 1.8 million jobs in 2009
http://www.earthtimes.org/articles/news/338218,18-milli...

DETAILS--WE NEED DETAILS! JUST THROWING ONE NUMBER OUT THERE MEANS NOTHING!
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 06:47 AM
Response to Original message
21. This Economy Stinks, Yes it Does BY DEAN BAKER
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 07:26 AM
Response to Reply #21
25. Stocks set to sink

8/11/10
U.S. stocks were headed for a sharply lower open Wednesday, after reports of slower growth in China and a downbeat outlook from the Bank of England rattled investors and sparked selloff in world markets.
http://money.cnn.com/2010/08/11/markets/premarkets/inde...


I saw your heading that economy stinks, and mis-read this article that stocks stink.




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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 09:08 AM
Response to Reply #25
33. I'll Say They Did! 200 Points in 10 minutes!
With an opening like that, what will they do for an encore?
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bread_and_roses Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 01:20 PM
Response to Reply #33
64. isn't it about time for the regularly scheduled miracle? or did it already start?
I just dropped in for a sec - gotta run again, but will get to rest of thread later - i can usually find time late in the day to at least see what you're all saying.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 01:28 PM
Response to Reply #64
66. Three Miracles in Three Days?
Why that would be a.......implausible coincidence!
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Festivito Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 06:51 AM
Response to Original message
22. Debt: 08/09/2010 13,311,250,227,462.87 (UP 1,135,957,930.56) (Mon)
(Down a little. Good day.)
Late and rushed making bad news. Poked and prodded getting bad news. Hot humid night. Looks nice through the window though.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 8,776,823,621,528.39 + 4,534,426,605,934.48
DOWN 264,966,096.92 + UP 1,400,924,027.48

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=n...

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 310-Million person America.
If every American, man, woman and child puts in $3.23 THAT'S 1B$, and $3,227.41 makes 1T$.
A family of three: Mom, Dad, Child: $9.68, ABOUT TEN BUCKS for a 1B$ 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 13 seconds we net gain another American, so at the end of the workday of the report, there should be 309,845,900 people in America.
http://www.census.gov/population/www/popclockus.html ON 04/09/2010 15:49 -> 309,034,742
Currently, each of these Americans owe $42,960.87.
A family of three owes $128,882.62. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 31 days.
The average for the last 22 reports is 5,336,152,127.95.
The average for the last 30 days would be 3,913,178,227.16.
The average for the last 31 days would be 3,786,946,671.45.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 214 reports in 313 days of FY2010 averaging 6.55B$ per report, 4.48B$/day.
Above line should be okay

PROJECTION:
There are 895 days remaining in this Obama 1st term.
By that time the debt could be between 14.5 and 17.9T$.
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)
08/09/2010 13,311,250,227,462.87 BHO (UP 2,684,373,178,549.79 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,401,421,223,951.10 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,634,245,197,259.27 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
07/20/2010 +000,028,467,145.72 ------------*******
07/21/2010 +000,002,455,391.44 ------------******
07/22/2010 +010,637,573,043.16 ------------**********
07/23/2010 -000,409,271,286.12 ---
07/26/2010 +000,027,014,896.10 ------------******* Mon
07/27/2010 +000,542,206,084.16 ------------********
07/28/2010 -000,094,171,033.04 ----
07/29/2010 +003,752,718,531.15 ------------*********
07/30/2010 +000,337,023,124.63 ------------********
08/02/2010 +069,233,337,488.16 ------------********** Mon
08/03/2010 -000,228,970,360.68 ---
08/04/2010 +000,329,380,791.87 ------------********
08/05/2010 +005,243,790,680.65 ------------*********
08/06/2010 +000,053,282,619.67 ------------*******
08/09/2010 -000,264,966,096.92 --- Mon

89,189,871,019.95 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org /
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.ph...
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Festivito Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 07:13 PM
Response to Reply #22
84. Debt: 08/10/2010 13,319,830,936,991.03 (UP 8,580,709,528.16) (Tue)
(Up some. Good day.)
Children's hospital. A kid cries in the distance. I'm almost through.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 8,778,544,682,843.82 + 4,541,286,254,147.21
UP 1,721,061,315.43 + UP 6,859,648,212.73

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=n...

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 310-Million person America.
If every American, man, woman and child puts in $3.23 THAT'S 1B$, and $3,227.34 makes 1T$.
A family of three: Mom, Dad, Child: $9.68, ABOUT TEN BUCKS for a 1B$ 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 13 seconds we net gain another American, so at the end of the workday of the report, there should be 309,852,547 people in America.
http://www.census.gov/population/www/popclockus.html ON 04/09/2010 15:49 -> 309,034,742
Currently, each of these Americans owe $42,987.64.
A family of three owes $128,962.93. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 32 days.
The average for the last 23 reports is 5,477,219,841.00.
The average for the last 30 days would be 4,199,201,878.10.
The average for the last 32 days would be 3,936,751,760.72.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 215 reports in 314 days of FY2010 averaging 6.56B$ per report, 4.49B$/day.
Above line should be okay

PROJECTION:
There are 894 days remaining in this Obama 1st term.
By that time the debt could be between 14.5 and 17.9T$.
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)
08/10/2010 13,319,830,936,991.03 BHO (UP 2,692,953,888,077.95 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,410,001,933,479.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,639,014,986,369.25 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
07/21/2010 +000,002,455,391.44 ------------******
07/22/2010 +010,637,573,043.16 ------------**********
07/23/2010 -000,409,271,286.12 ---
07/26/2010 +000,027,014,896.10 ------------******* Mon
07/27/2010 +000,542,206,084.16 ------------********
07/28/2010 -000,094,171,033.04 ----
07/29/2010 +003,752,718,531.15 ------------*********
07/30/2010 +000,337,023,124.63 ------------********
08/02/2010 +069,233,337,488.16 ------------********** Mon
08/03/2010 -000,228,970,360.68 ---
08/04/2010 +000,329,380,791.87 ------------********
08/05/2010 +005,243,790,680.65 ------------*********
08/06/2010 +000,053,282,619.67 ------------*******
08/09/2010 -000,264,966,096.92 --- Mon
08/10/2010 +001,721,061,315.43 ------------*********

90,882,465,189.66 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org /
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.ph...
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 08:35 AM
Response to Original message
28. 9:34am - Free Fallin'
Dow 10,458 -185 -1.74%
Nasdaq 2,226 -51 -2.25%
S&P 500 1,101 -20 -1.79%
GlobalDow 1,855 -39 -2.07%
Oil 79.13 -1.12 -1.40%

Gold 1,207 9 0.78%


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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 08:37 AM
Response to Original message
29. Bloomberg: The U.S. is bankrupt, Ponzi scheme six decades straight

8/11/10 U.S. Is Bankrupt and We Don't Even Know It: Laurence Kotlikoff

Lets get real. The U.S. is bankrupt. Neither spending more nor taxing less will help the country pay its bills.

$4 Trillion Bill

How can the fiscal gap be so enormous?

Simple. We have 78 million baby boomers who, when fully retired, will collect benefits from Social Security, Medicare, and Medicaid that, on average, exceed per-capita GDP. The annual costs of these entitlements will total about $4 trillion in todays dollars. Yes, our economy will be bigger in 20 years, but not big enough to handle this size load year after year.

This is what happens when you run a massive Ponzi scheme for six decades straight, taking ever larger resources from the young and giving them to the old while promising the young their eventual turn at passing the generational buck.

Herb Stein, chairman of the Council of Economic Advisers under U.S. President Richard Nixon, coined an oft-repeated phrase: Something that cant go on, will stop. True enough. Uncle Sams Ponzi scheme will stop. But it will stop too late.

And it will stop in a very nasty manner. The first possibility is massive benefit cuts visited on the baby boomers in retirement. The second is astronomical tax increases that leave the young with little incentive to work and save. And the third is the government simply printing vast quantities of money to cover its bills.

Worse Than Greece

Most likely we will see a combination of all three responses with dramatic increases in poverty, tax, interest rates and consumer prices. This is an awful, downhill road to follow, but its the one we are on. And bond traders will kick us miles down our road once they wake up and realize the U.S. is in worse fiscal shape than Greece.

more...
http://www.bloomberg.com/news/2010-08-11/u-s-is-bankrup...



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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 08:39 AM
Response to Reply #29
30. Karl Denninger: How Did The Word "Ponzi" Get Into The MSM?

8/11/10 How Did The Word "Ponzi" Get Into The MSM?
Karl Denninger

read more...
http://market-ticker.org/archives/2572-How-Did-The-Word...



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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 09:13 AM
Response to Reply #30
37. If the Top 1% Get 99% of the Income, They Should Pay 99% of the Taxes
And maybe not working so hard to cheat other people would be a good thing for the economy...
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 09:21 AM
Response to Reply #37
39. Historical Top Tax Rates



http://www.taxpolicycenter.org/taxfacts/displayafact.cf...



Tax rates today, are nowhere as high as some people think they are.


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MilesColtrane Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 10:03 AM
Response to Reply #37
51. Oh my, if we tax the hell out of Paris Hilton, she'll have no incentive to work.
I'm not seeing the downside there.
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Joe Chi Minh Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 10:13 AM
Response to Reply #37
55. You're plagiarising Adam Smith. If he'd lived today and received the same degree
Edited on Wed Aug-11-10 10:14 AM by Joe Chi Minh
of media exposure, he'd have been suicided, post haste.
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florida08 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 01:28 PM
Response to Reply #37
65. Quote of the year
Wish I had a bumper sticker with that...
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 01:29 PM
Response to Reply #65
67. Which One?
They are all gems today--except for mine, of course.
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florida08 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 05:12 PM
Response to Reply #67
79. lol
If the Top 1% Get 99% of the Income, They Should Pay 99% of the Taxes

this would be a good sig line
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 07:26 PM
Response to Reply #79
86. I Had Thought of that myself
Imagine if we ALL adopted that as a sig line!
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 09:10 AM
Response to Reply #29
34. No Taxing the Obscenely Wealthy and Corporations, I See
That's called playing to your base. We should try it, we Democrats. Just for fun.
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Warpy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 09:43 AM
Response to Reply #29
47. Stupid Repblicans have been blaming Boomers for everything
for the last 60 years, for costing too much money when they realized having 50 kids to a classroom was a bad idea and they needed to build schools to now, when they realize that after we sweated our lives away supporting Generation Suck (largely Republican) and it's our turn to retire, we're going to cost them money again. Never mind the work we've done all our lives or the fact that the younger folks need the jobs, we're just not a cost effective generation, never have been.

Plus, we ended their favorite anticommunist war. They'll never forgive us for that one.

Rich men like Bloomberg are just going to have to realize their free ride on the gravy train is coming to an end. Having bankrupted the system and looted the infrastructure as well as an entire generation of workers, they're just going to have to cough up to cover the flip side.

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 09:25 AM
Response to Original message
42. Reagan insider (STOCKMAN): 'GOP destroyed U.S. economy'
http://www.marketwatch.com/story/reagan-insider-gop-des...

"How my G.O.P. destroyed the U.S. economy." Yes, that is exactly what David Stockman, President Ronald Reagan's director of the Office of Management and Budget, wrote in a recent New York Times op-ed piece, "Four Deformations of the Apocalypse."

Get it? Not "destroying." The GOP has already "destroyed" the U.S. economy, setting up an "American Apocalypse."

Yes, Stockman is equally damning of the Democrats' Keynesian policies. But what this indictment by a party insider -- someone so close to the development of the Reaganomics ideology -- says about America, helps all of us better understand how America's toxic partisan-politics "holy war" is destroying not just the economy and capitalism, but the America dream. And unless this war stops soon, both parties will succeed in their collective death wish....

...We've arrived at a historic turning point as a nation that no longer needs outside enemies to destroy us, we are committing suicide. Democracy. Capitalism. The American dream. All dying. Why? Because of the economic decisions of the GOP the past 40 years, says this leading Reagan Republican...
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 09:32 AM
Response to Reply #42
45. ORIGINAL SOURCE: Four Deformations of the Apocalypse By DAVID STOCKMAN
Edited on Wed Aug-11-10 09:33 AM by Demeter
http://www.nytimes.com/2010/08/01/opinion/01stockman.ht...

QUITE A MEA CULPA. WHO EVER EXPECTED STOCKMAN TO BE A GOLD BUG?
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 09:42 AM
Response to Reply #42
46. At this point, I think we all know the results of the economic autopsy
it's how we get out of this that matters now.

And still, as I said a few years ago, it's going to hurt...and hurt badly. There *will* be massive cuts to Medicare/Medicaid/SS. There *will* be tax hikes. There *will* be a great lowering of the standard of living for 98% of Americans.

We could very well come out of this with a true aristocracy and then the rest of us.


At that point, then what? China takes over?
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 09:47 AM
Response to Reply #46
48. FRSP@!
No aristocracy allowed. This is America!
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 09:58 AM
Response to Reply #48
49. People are going to need to get up off their butts
Edited on Wed Aug-11-10 10:30 AM by DemReadingDU
Get involved, it's a continual fight for basic rights.

We know first hand.

Spouse was at a public meeting 2 weeks ago, had his name on agenda to speak for 5 minutes. Halfway thru his prepared statement, the mayor decides he doesn't like the content of spouse's statement. He orders his crony police chief to remove him. The police chief arrests my spouse and books him in jail!

This in a tiny village in Ohio. We are livid.


and that is why we have been so busy the past few weeks, fighting for our basic 1st Amendment right of Free Speech, and other basic freedoms.

We have an attorney working with us.




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Warpy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 10:06 AM
Response to Reply #49
52. Good thing you've got a lawyer
because you've got grounds for a really juicy lawsuit. Just make sure it's against the man, not the town. Offer to settle if the man is permanently barred from town office.

A call to the ACLU might be in order, too.

They've likely already altered the schedule and removed his name. The alteration will be clumsy and easy to trace because Republicans are not smart.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 10:23 AM
Response to Reply #52
56. Spouse recently became member of ACLU

And will talk to them concerning violations of civil rights.

But first he has a pre-trial for 'disrupting a meeting'. The sheriff in our county has said in all his 20+ years of being sheriff, he has never heard of anyone being locked into jail for such a minor misdemeanor.

We have multiple copies of everything. There even was an audio recording of the meeting, so the charges that were used to arrest spouse, can be refuted by the audio.
:)


The attorney is working on charges against the village and the mayor.
We also want to file charges against the police chief for false arrest.

The Open Meeting Laws were also broken.

The mayor also refuses to gives us Public Records.

For a small village, they are in deep do-do.



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Warpy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 10:36 AM
Response to Reply #56
58. They will drop the charges on the advice of the town lawyer
but he's still got a case if they had him locked up for speaking.

His ACLU card will come in very handy.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 01:31 PM
Response to Reply #58
68. The charges should be dropped, but

The mayor and the town lawyer are friends


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Warpy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 01:41 PM
Response to Reply #68
71. A lawyer is still a lawyer and he knows the mayor stepped in doodoo
Whether or not this pinhead takes the lawyer's advice is the only question.

If he doesn't, then the ACLU really needs to be involved.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 01:57 PM
Response to Reply #71
72. The mayor has annointed himself the King

The mayor apparently has never believed in following any rules, he does whatever he wants to do.

Here's another - The mayor ordered the village Council and all village employees and police officers to document any conversation with spouse and create reports for the mayor regarding those conversations.

:wtf:


But the mayor forgets that these reports are now considered Public Records. So every week spouse requests copies of these reports that the employees are writing to document their conservations with spouse.

Don't these employees understand that their 1st Amendment right to free speech and association is being violated too?

We get anonymous letters supporting us, but no one has publicly stood up to support us. They are fearful they will be retaliated against too, if they speak out.





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tclambert Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 02:49 PM
Response to Reply #72
76. Is your mayor's name Kwame?
Does he go around insisting the beaches "WILL BE OPEN ON THE 4TH OF JULY"?

Escalate to the State Police or the FBI. Local cops may be in his pocket, and that gives the higher levels of law enforcement a reason to investigate corruption and abuse of power. I love it when they make mayors do the perp walk.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 03:09 PM
Response to Reply #76
78. It appears the mayor has a super big ego

and so does the police chief

It is more of 'I AM THE MAYOR' and 'I AM THE POLICE CHIEF'

Definitely an abuse of power and their title

It's an ongoing process, to be sure, of documenting everything. Depending on whatever else we uncover, it could be escalated to higher levels.

Thankfully, spouse and I are retired so that we have the time to pursue this. They picked on the wrong guy, or maybe spouse is the right guy to upset their power regime.



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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 01:33 PM
Response to Reply #56
69. Godspeed and Good Luck
Preparedness and facts will only get you so far....
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 02:01 PM
Response to Reply #69
73. Thank you

We believe the mayor, village attorney, and judges, are all friends. We are just starting to finally get some write-ups in the newspapers. Perhaps at the next meeting, we can get TV coverage.



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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 06:55 PM
Response to Reply #73
83. Friends with cameras are great friends.
If you know people with cameras - even video cameras on cell phones will work - then encourage them to attend.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 07:27 PM
Response to Reply #83
87. Great idea, might even get more people to attend to see the mayor pull this stunt again
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 10:09 AM
Response to Reply #49
53. Holy Crapola!
I second the suggestion to get in touch with the ACLU.

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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 07:37 PM
Response to Reply #53
89. Yes, we plan to soon

Spouse just received his member card to ACLU.
:)
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florida08 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 01:36 PM
Response to Reply #49
70. omg!
Put in obscenities here ______________________________________.

Am sorry as I can be Dem. Trump charges to silence dissent. Damn that chaps my fanny. Please keep this thread apprised of the situation if possible. Will hold good, postive and irate thoughts for you and spouse.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 02:05 PM
Response to Reply #70
74. Thank you

It has been interesting the past few weeks, and we are learning a lot.
Next village meeting is in a couple weeks, so I don't expect much to happen until then.
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Tansy_Gold Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 05:35 PM
Response to Reply #74
80. Strong thoughts headed your way, DRDU
I've been wrapped up the past couple days in my own local issues, missed seeing this until late.

iirc, ACLU's main focus is First Amendment, so I'm sure they will be interested in this one.

Remember, :yourock:



TG, NTY
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 07:35 PM
Response to Reply #80
88. It is such a blatant violation of the 1st Amendment

Spouse is on the agenda to speak about 'Free Speech and Association', the 1st Amendment. Then gets arrested at 2.5 minutes into his 5 minute prepared statement.
:wtf:


Spouse just received his member card to ACLU, and we'll be contacting them soon.

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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 06:49 PM
Response to Reply #49
82. Holy Hell!
I hope you have a lawyer who can channel outrage into blistering litigation. Many times I wish that I had gone ahead to law school. This is the kind of pro bono case I would love to take. May your lawyer feel the same.

Please keep us informed on your progress.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 07:25 PM
Response to Reply #82
85. I will try to post some background info tomorrow why we are being targeted
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 10:13 AM
Response to Original message
54. 11:10am - Bleeding worsens
Edited on Wed Aug-11-10 10:13 AM by Roland99
Dow 10,424 -220 -2.07%
Nasdaq 2,212 -65 -2.84%
S&P 500 1,094 -28 -2.46%
GlobalDow 1,843 -52 -2.73%
Oil 78.52 -1.73 -2.16
Euro /$1US 1.2871 -0.0299
$1US / Yen 85.3000 -0.1800
Pound / $1US 1.5642 -0.0208
Aud / $1US 0.8988 -0.0147

10yr T-note 2.71 -0.06
2yr T-note 0.51 -0.02
Gold 1,205 +7 +0.60%


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Loge23 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 10:51 AM
Response to Original message
59. Thomas Frank pulls a "Slater"
Today's WSJ contains the last regular weekly column from Thomas Frank - and it's a doozy! No sense posting the link, it's paid content, so spank this, Murdoch.
For the uninitiated, Mr. Frank is the only lefty on the WSJ and virtually the only reason at all to even turn to the editorial pages.
Well, until today. His column began in the summer of '08, a time "when the economic disaster was beginning to unfold" - "an awful time", he remembers, "but for someone in my situation there was also - please pardon the expression - hope to go along with the disaster". He correctly (IMO) sees the HCR as only taking place after "making sure that the big institution players were on board".
Mr. Frank, in Steve Slater fashion (Slater is the Jetblue guy, btw), grabs the mic and calls out everyone before "chuting" off to his new life. He observes Obama who "As the right howled socialism, took pains to demonstrate his loyalty to the exhausted free-market faith."
The Republicans: "who chose to respond to the crisis not by renouncing the consensus faith of the last 30 years but by doubling down on it, calling for more deregulation, more war on government".
The Media, "where I expected the most changes..in the world of professional punditry, which had largely failed to raise questions about the disaster as it loomed". He reserves special comment for Thomas Friedman who "still burbles theories of creativity that were management cliques ten years ago".
Washington, he observes, "is the same as ever" where "prosperous, well-educated people still tote their yoga mats around town, line up outside special cupcake shops, and listen to NPR talk shows welcome the next generation of boring centrists into the glorious circle of the right-thinking".
It's scathing stuff, and I for one will miss Frank's balance in the WSJ. He signs off by grabbing "two cans of beer and the escape chute to terra firma".
Good luck to you too, Tom - and thanks.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 01:13 PM
Response to Reply #59
63. You can read the article in Google

Either post the title, or the link, in a Google search field, press enter, and you can read the article

8/11/10 The Economic Crisis: Lessons Unlearned by Thomas Frank
That Republicans have succeeded in blaming government is testimony to their political brilliance.

http://online.wsj.com/article/SB10001424052748704164904...

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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 11:05 AM
Response to Original message
60. Mortgage Applications Essentially Unchanged Despite Lowest Rates
Mortgage Applications Essentially Unchanged Despite Lowest Rates
http://www.calculatedriskblog.com/2010/08/mba-mortgage-...

The Refinance Index increased 0.6 percent from the previous week and the seasonally adjusted Purchase Index increased 0.3 percent from one week earlier.
...
The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.57 percent from 4.60 percent, with points decreasing to 0.89 from 0.93 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. This was the lowest 30-year contract rate ever recorded in the survey.

...

The purchase index has increased slightly for four straight weeks - but is still 40% below the level of the last week of April (and about 32% below the last week of April using the 4-week average).

This recent collapse in the purchase index has already shown up as a decline in new home sales (counted when the contract is signed), and will show up in the July and August existing home sales reports (counted at close of escrow).


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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 11:06 AM
Response to Original message
61. BLS: Low Labor Turnover in June
BLS: Low Labor Turnover in June
http://www.calculatedriskblog.com/2010/08/bls-low-labor...

The number of job openings in June was 2.9 million, which was little changed from May. Although the month-to-month change is small, the number of job openings has risen by 599,000 (26 percent) since the most recent series trough of 2.3 million in July 2009. Even with the gains since July 2009, the number of job openings remained well below the 4.4 million open jobs when the recession began in December 2007...


...

Click on graph for larger image in new window.
http://calculatedriskimages.blogspot.com/2010/08/job-op...

Notice that hires (blue) and separations (red) are pretty close each month. In June, about 4.35 million people lost (or left) their jobs, and 4.25 million were hired (this is the labor turnover in the economy) for a loss of 97,000 jobs in June (this includes Census jobs lost).

When the hires (blue line) is above total separations, the economy is adding net jobs, when the blue line is below total separations (as in June), the economy is losing net jobs.


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RUMMYisFROSTED Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 02:56 PM
Response to Original message
77. Incense says:



"Let's go back to 2 months ago."





:think:
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skoalyman Donating Member (751 posts) Send PM | Profile | Ignore Wed Aug-11-10 08:26 PM
Response to Reply #77
90. I'd be worried about those curtains surly thats a fire hazard
come to think of it our economy as a whole is a fire hazard :scared: :scared:
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