STOCK MARKET WATCH, Friday October 15

[ozymandius]

Source: du

STOCK MARKET WATCH, Friday October 15, 2010

AT THE CLOSING BELL ON October 14, 2010

Dow 11,094.57 -1.51 (-0.01%)
Nasdaq 2,435.38 -5.85 (-0.24%)
S&P 500 1,173.81 -4.29 (-0.37%)
10-Yr Bond... 2.48 -0.02 (-0.92%)
30-Year Bond 3.89 -0.02 (-0.51%)

---

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

Handy Links - Videos:
The Coming Collapse of the Middle Class    Charlie Rose talks with Roubini    Charlie Rose talks with Krugman
    William Black: This Economic Disaster    Bill Moyers with Kevin Drum and David Corn

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

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

[ozymandius]

1. Today's Reports

08:30 CPI Sep
Briefing.com 0.1%
Consensus 0.2%
Prior 0.3%

08:30 Core CPI Sep
Briefing.com 0.1%
Consensus 0.1%
Prior 0.0%

08:30 Retail Sales Sep
Briefing.com 0.2%
Consensus 0.4%
Prior 0.4%

08:30 Retail Sales ex-auto Sep
Briefing.com 0.1%
Consensus 0.4%
Prior 0.6%

08:30 NY Fed - Empire Manufacturing Survey Oct
Briefing.com 3.0
Consensus 5.75
Prior 4.10

09:55 Mich Sentiment Oct
Briefing.com 67.0
Consensus 68.5
Prior 68.2

10:00 Business Inventories Aug
Briefing.com 0.4%
Consensus 0.5%
Prior 1.0%

14:00 Treasury Budget Sep
Briefing.com -$32.0B
Consensus -$33.5B
Prior -$46.6B

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

[ozymandius]

2. Oil steady below $83 as stock market rally cools

SINGAPORE – Oil prices hovered below $83 a barrel Friday in Asia as a global stock rally stumbled and the U.S. dollar stabilized.

Oil prices broke above $80 last month as crude traders took their cues from surging stock markets and a weakening dollar, which makes dollar-based commodities such as oil cheaper for investors with foreign currencies.

In other Nymex trading in November contracts, heating oil fell 0.14 cent to $2.283 a gallon and gasoline rose 0.61 cent to $2.143 a gallon. Natural gas gained 1.2 cents to $3.669 per 1,000 cubic feet.

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

[ozymandius]

3. Bernanke speech seen tipping to Fed's next move

WASHINGTON (Reuters) – U.S. Federal Reserve Chairman Ben Bernanke could provide clues on the Fed's next policy steps in a speech on Friday exploring central bank options when inflation is low.

Financial markets, which widely expect the U.S. central bank to begin a new program of buying longer-term U.S. Treasury securities at its November 2-3 meeting, will hang on Bernanke's words for clues about the scope of the program.

Observers will also look for more details about Fed plans to raise markets' expectations of future inflation, a subject policy makers broached at their last meeting in September.

Financial markets will look to Bernanke to provide clarity on whether the Fed is likely to announce a big program of asset purchases to be carried out over several months or whether it will opt for more modest buying plans made public one meeting at a time. Some Fed officials believe the impact of asset buying in lowering borrowing costs is greatest when markets know the full extent of the Fed's purchase plans.

http://news.yahoo.com/s/nm/20101015/bs_nm/us_usa_fed

[ozymandius]

5. World stock markets mixed ahead of Bernanke speech

In early European trading, Germany's DAX was up 0.2 percent at 6,470.76. France's CAC-40 rose 0.2 percent to 3,826.30 while the FTSE 100 index of leading British shares was down 0.2 percent at 5,714.19.

Wall Street was set to fall slightly. Dow futures were off 3 points at 11,049.00 and broader S&P futures slipped 0.3 point to 1,173.20.

Japan's benchmark Nikkei 225 stock average lost 83.26 points, or 0.9 percent, to 9,500.29 after jumping almost 2 percent the previous day. Exporters lost ground amid ongoing anxiety about the strong yen, which hit another 15-year high against the dollar Thursday.

China's benchmark index in Shanghai surged 3.2 percent to 2,971.16. Industrial & Commercial Bank of China Ltd., or ICBC, climbed 6.6 percent. China Vanke Co., the nation's biggest property developer, added 1.6 percent.

http://news.yahoo.com/s/ap/20101015/ap_on_bi_ge/world_markets

[Demeter]

37. Clues from the Clueless?

More like wishful thinking, IMO.

[ozymandius]

4. Investor fears grow over foreclosure mess

WASHINGTON/NEW YORK (Reuters) – A growing crisis over shoddy foreclosure documents deepened on Thursday as investors dumped stock in some of the biggest U.S. banks on fears their profits could be hit.

At risk is not just the health of the banks but also the fragile housing market and the broader economy, which is still struggling to emerge from the worst recession since the 1930s, analysts warn.

All 50 U.S. states have started a joint investigation of the mortgage industry, focusing on allegations that for years banks have not reviewed documents properly or have submitted false statements to evict delinquent borrowers.

The fiasco threatens to eat into bank profits by delaying sales of bank-owned properties, drawing fines from regulators, and spawning lawsuits from both homeowners and investors in mortgage-backed securities.

http://news.yahoo.com/s/nm/20101014/bs_nm/us_usa_foreclosures

---

If the lawsuits over one area of this fiasco has not gone class action yet - then it soon will be. The scam in which homes have been taken away from people who own them free and clear will eat up the futures of anyone involved in doing the banksters' bidding in this wholesale theft. I mean lawyers, brokerage firms, banks, judges and the idiots who wielded the rubber stamp to initiate the foreclosure paperwork. Their next few years bode horrible things.

[DemReadingDU]

14. It's a national home disaster

When a mortgage is entered into the Mortgage Electronic Registry Service, MERS, and subsequently transferred from one lender to another, there doesn't appear to be any way to chain them together. All because the designers of MERS did not want to pay the recording fees when transferring the mortgage.

So who owns the mortgage? The 1st lender? the 2nd lender? the 3rd lender? Who is going to prove ownership and unwind this horrible debacle? And more importantly, how does the homeowner know when he makes a payment, that it is applied to the correct lender?

This huge problem became evident during the foreclosure crisis, but actually could impact anyone whose mortgage is in that MERS system because the homeowner may not be able to get a good clean title/deed when he thinks the home is paid for.

A nightmare cometh.

[Po_d Mainiac]

35. This (robo-signing) just the tip of the iceburg

http://www.youtube.com/watch?v=1j2esw2B8TI&feature=player_embedded

Finally this is getting coverage outside the blogs

[ozymandius]

6. Bank Selloff Adds Pressure to Fix Foreclosure Mess

Oct. 15 (Bloomberg) -- U.S. banks and government officials face mounting pressure to address concern that firms mishandled mortgage and foreclosure documents.

Shares of Bank of America Corp. and Wells Fargo & Co. yesterday fell the most in more than two months amid uncertainty about defective mortgages. Paul Miller, an analyst at FBR Capital Markets in Arlington, Virginia, raised his estimate for the cost of litigation and delays to banks to $10 billion yesterday from $6 billion.

An investigation by attorneys general in all 50 states into banks’ foreclosure practices fueled speculation about even greater losses if mortgage-bond investors successfully challenge the underlying loans and force lenders to buy them back. Industry experts also said faulty foreclosures may lead banks to agree to principal writedowns.

The 24-company KBW Bank Index fell 2.6 percent yesterday. Shares of Bank of America fell by 5.2 percent in New York, Wells Fargo declined 4.2 percent and Citigroup slumped 4.5 percent. Charlotte, North Carolina-based Bank of America and New York- based JPMorgan, which fell 2.8 percent, were the worst performers in the 30-member Dow Jones Industrial Average. The stocks were little changed in European trading today.

http://noir.bloomberg.com/apps/news?pid=20601087&sid=al6CDC6flRnw&pos=2

---

This certainly adds to Citi's problems. Their debt levels already outweighed their market capitalization before the foreclosure morass. In effect - they are a company headed for bankruptcy.

[ozymandius]

7. Bank of America Downgraded by Bonds on Loans: Credit Markets

Credit-default swaps on the country’s largest bank by assets are above those of its peers by a record margin, according to data provider CMA. The contracts, which imply Bank of America has lost its investment-grade rating, exceed Citigroup Inc.’s by the most ever and surpassed Morgan Stanley’s this week for the first time in a year.

Bank of America is being singled out for expanding its real-estate operations and acquiring Countrywide Financial Corp., then the biggest U.S. mortgage lender, in 2008 during the worst housing slump since the Great Depression, Havens said. The bank also increased its mortgage assets through the $29 billion purchase of Merrill Lynch & Co. in January 2009 under pressure from the Federal Reserve, which was trying to prevent failure of the U.S. banking system.

JPMorgan Chase & Co., the second-biggest U.S. bank by assets, sold $4 billion of bonds. The offering came a day after the bank said it was adding $1 billion to reserves set aside for repurchasing mortgages. It expanded a review of foreclosures to about 115,000 files in 41 states from at least 56,000 loans in 23 states on Sept. 23.

http://noir.bloomberg.com/apps/news?pid=20601087&sid=a.OSCtNs2Jy0&pos=6

---

JPMorgan Chase tipped their hand with this disclosure. The investigations by attorneys general and other state entities as well as the pending individual citizen-initiated cases will swap their legal departments for a few years if legal proceedings stop before the trial phase and several years if the number of pending cases do make it to trial. This $1 billion set aside evidences the bank's assessment to settle complaints.

[Demeter]

10. And the sooner, the better

Let's put the TBTF banksters out of our misery. Forever.

Let the lessons be learnt.

[AnneD]

33. Morning Marketeers.....

:donut: I got an interesting pitch in the mail yesterday from Citi. If I open an account with them, I get $100. A variation on the toaster theme I guess. I did not check their interest rate on their CD's etc, but if they really better than most banks...they are about to go under and they are desperate for cash.

If you want to gamble and get a few bucks, it might be worth it-but I wonder if FDIC can handle it. It might be like a python swallowing a baby deer.

Switching gears now, I think I now have my bosses by the short hair. They don't even want to see me at the meetings any more. I bet they rue the day they ever started targeting me. They are so sick of these records. I know it will trigger a city and state audit, but myself and just about every other Nurse over 10 years in the school district has shown them our collective finger over this. Nurse that I know to never say a cross word are cussing up a blue streak over this. Frankly, I welcome an audit. It will be their problem not mine.

I have laid out documentation on record prior to this so we should all be covered in a court of law if it comes down to it. It is still rough for me to deal with, but I am handling it the best I can. Mom is having health issues now so that compounds it. We are keeping each others spirits up.

Happy hunting and watch out for them bears.

[Demeter]

38. Give them Hell, AnneD

they more than deserve it.

[Tansy_Gold]

51. What ^^^ she said , , , ,

in spades & pitchforks!!!

[ozymandius]

8. Grayson to FBI: Prosecute The Frauds

From Congressman Grayson's letter:

When it comes to foreclosures, there is mounting evidence of a state of rampant lawlessness in Central Florida. There are increasing signs that big banks routinely evade laws meant to protect homeowners, in many well-documented cases of ‘foreclosure fraud.’ Despite the demonstrated existence, for instance, of ‘robosigners’ signing affidavits attesting to documents that they have never seen, the parties engaging in such misconduct are not being brought to justice. Big banks are mischaracterizing this as mere ‘technical problems,’ and apologizing only where there is clear and very public evidence of harm.

It is not enough for big banks only to apologize for fraud, perjury, and even breaking and entering – when they are caught. It is time for handcuffs. Fraud does not become legal just because a big bank does it.

The letter in its entirety is available at The Big Picture.

[Roland99]

15. For a nation of laws, a lot of white-collar criminals sure don't spend time in jail

[Demeter]

18. Well, of course not! The Masters of the Universe don't do time!

It's the basic definition of a conspiracy.

[Roland99]

60. No, they don't. >>>>>>>>>>

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4576686

[tclambert]

9. The Republicans answer to the cartoon: Tax cuts for the rich!

Because they create jobs! Just give them more money, and hey, presto, more jobs will appear. The fact that they are currently sitting on $2 trillion in cash not creating jobs? Look at the monkey! Look at the silly monkey!

[Demeter]

11. Happy Friday Everyone, and Ozy! TGIF

I'm still trolling for a topic or theme for the weekend...

I think I've got it! Perfect for the occasion. (No, you will have to wait and see, or you can try guessing...)

[Po_d Mainiac]

48. Something to do with 'chain gangs' perhaps?

[Demeter]

52. Think FRSP

and look up the date....have some cake, too!

[Po_d Mainiac]

55. I need not look up the date, madame.

Nor the setting...

But I can dream that the year is 2010/11

[Dr.Phool]

57. Oh I love FRSP's.

Sounds good. If Rosco lets go of my leg.

[Tansy_Gold]

65. advice from Jim Stafford

http://vids.myspace.com/index.cfm?fuseaction=vids.individual&videoid=27073690

[Demeter]

12. LET IT DIE: Rushkoff on the economy

http://www.arthurmag.com/2009/03/16/let-it-die-rushkoff-on-the-economy/

With any luck, the economy will never recover.

In a perfect world, the stock market would decline another 70 or 80 percent along with the shuttering of about that fraction of our nation’s banks. Yes, unemployment would rise as hundreds of thousands of formerly well-paid brokers and bankers lost their jobs; but at least they would no longer be extracting wealth at our expense. They would need to be fed, but that would be a lot cheaper than keeping them in the luxurious conditions they’re enjoying now. Even Bernie Madoff costs us less in jail than he does on Park Avenue.

Alas, I’m not being sarcastic. If you had spent the last decade, as I have, reviewing the way a centralized economic plan ravaged the real world over the past 500 years, you would appreciate the current financial meltdown for what it is: a comeuppance. This is the sound of the other shoe dropping; it’s what happens when the chickens come home to roost; it’s justice, equilibrium reasserting itself, and ultimately a good thing...

Now that the scheme we have mistaken for the real economy is collapsing under its own weight, however, it’s a whole lot easier to make these arguments. And, if anything, it’s even more important for us to come to grips with the fact that the system in peril is not a natural one, or even one that we should be attempting to revive and restore. The thing that is dying—the corporatized model of commerce—has not, nor has it ever been, supportive of the real economy. It wasn’t meant to be. And before we start lamenting its demise or, worse, spending good money after bad to resuscitate it, we had better understand what it was for, how it nearly sucked us all dry, and why we should put it out of our misery...

[Lucky Luciano]

25. LOL! As if the bankers would be the only ones

To suffer in his pipedream fantasy! It took much less than that to put nonbankers into a hellish situation.

[girl gone mad]

45. It will have to get worse before it can get better.

If we don't destroy the parasite, we will never recover.

[StarburstClock]

66. You must have missed this part:

"Try arguing that to a banker whose livelihood is based on perpetuating that illusion".

[Lucky Luciano]

68. Tell you what. If the financial system completely collapses and only the bankers get hurt,

Then I will owe you a coke!

[Demeter]

13. 10 Things You Really, Really Don't Need

http://www.alternet.org/story/148474/10_things_you_really%2C_really_don%27t_need

I TAKE ISSUE WITH THE LISTING OF MICROWAVE OVENS-BUT THEN, MINE WAS ONLY $37...AND IT'S THE ONLY SAFE WAY FOR THE KID TO COOK (WITH A DIAL, INSTEAD OF PROGRAMMABLE BUTTONS, SO SHE DOESN'T MAKE CHARCOAL OUT OF LEFTOVERS)...

[DemReadingDU]

16. Microwaves with dials are safer

It is easy to turn the dial to the minutes needed to warm the food.

We have push-buttons, and occasionally have entered what we thought was 2 minutes to cook something, but accidentally entered an extra zero whereby the food was cooking for 20 minutes. Yikes!

[Demeter]

17. The Kid did that, too--hence the charcoal

which is why I insist on dials--I like this current one, because the space between minutes is large, so even an error is not as fatal.

A person with disability can have a real problem hitting the right sequence of buttons, or realizing the error.

[DemReadingDU]

20. Many appliances use electronic digital numbers, not dials

Stoves, washers, dishwashers, etc.

Personally, I prefer those mechanical dials, but they are becoming difficult to find.


Edit: Even people without disabilities sometimes have difficulty getting the right sequence or correct numbers.

[Roland99]

24. That's why I like to just push the "2" button. Automatically fires up for 2min.

:)

[Hugin]

22. The only thing listed that I have is a microwave.

Which I use to heat up my smoked turkey legs. (Dear Katherine B., It takes 5 or 6 hours to smoke up a batch of deeelicious turkey legs and only 3 minutes on high to reheat them for eating. Yours, Hugin) :eyes: Although, the rest of the items make it clear she doesn't eat meat, but, I've made some tasty smoked tofu over the years and it reheats in a microwave even faster.

She must've been on deadline. Had to come up with a few inches of column in a hurry.

[DemReadingDU]

23. That's all I have too

None of those high-tech gadgets for me

[JDPriestly]

26. The author of the alternet article must be of average height or tall. tall

We who are short need throw pillows -- not too many of them, but certainly a couple. Chairs and couches are built for tall or medium-sized people. Short people use throw pillows.

[Tansy_Gold]

29. ABSOLUTELY!!!

I started a post on this earlier, then erased it because it sounded so. . . . silly. But at just a smidgen over 5', I often find myself excruciatingly uncomfortable when there are no throw pillows.



Tansy Gold, who also HATES those stupid high tables and chairs that are all the home fashion rage because SHE CAN'T GET ON THEM.

[Hugin]

30. Oh, I have several pillows around, too.

But, until you chimed in I didn't think of them as "throw" pillows.

They're "orthopedic" pillows. I suppose to the untrained observer they may appear to be decorative in nature. :blush:

[DemReadingDU]

31. Same with me

I'm just under 5', and took me forever to find a small couch that I felt comfortable sitting on, a few years ago.

I think when people bought huge McMansions, they felt they needed huge furniture to go in them. Now that people are downsizing to smaller houses, or rental houses, or moving in with relatives, the furniture manufacturers need to right-size the furniture.

oops, spelling.

[Demeter]

19. From a Maine House, a National Foreclosure Freeze

http://www.nytimes.com/2010/10/15/business/15maine.html

The house that set off the national furor over faulty foreclosures is blue-gray and weathered...Nicolle Bradbury bought this house seven years ago for $75,000, a major step up from the trailer she had been living in with her family. But she lost her job and the $474 monthly mortgage payment became difficult, then impossible...It should have been a routine foreclosure, with Mrs. Bradbury joining the anonymous millions quietly dispossessed since the recession began. But she was savvy enough to contact a nonprofit group, Pine Tree Legal Assistance, where for once in her 38 years, she caught a break...Her file was pulled, more or less at random, by Thomas A. Cox, a retired lawyer who volunteers at Pine Tree. He happened to know something about foreclosures because when he worked for a bank he did them all the time. Twenty years later, he had switched sides and, he says, was trying to make amends...Mr. Cox realized almost immediately that Mrs. Bradbury’s foreclosure file did not look right. The documents from the lender, GMAC Mortgage, were approved by an employee whose title was “limited signing officer,” an indication to the lawyer that his knowledge of the case was effectively nonexistent.

Mr. Cox eventually won the right to depose the employee, who casually acknowledged that he had prepared 400 foreclosures a day for GMAC and that contrary to his sworn statements, they had not been reviewed by him or anyone else.

GMAC, the country’s fourth-largest mortgage lender, called this omission a technicality but was forced last month to halt foreclosures in the 23 states, including Maine, where they must be approved by a court. Bank of America, JPMorgan Chase and other lenders that used robo-signers — the term caught on instantly — have enacted their own freezes.

.....

Fannie Mae and GMAC, which serviced the loan for Fannie, have now most likely spent more to dislodge Mrs. Bradbury than her house is worth. Yet for all their efforts, they are not only losing this case, but also potentially laying the groundwork for foreclosure challenges nationwide...It was not a complete loss for GMAC — Judge Powers declined to find the lender in contempt — but nearly so. GMAC was ordered, as a penalty, to pay Mr. Cox personally what he would have been paid for his work on the deposition and related matters had he been charging Mrs. Bradbury. That, he says, is $27,000.

[Po_d Mainiac]

28. The question is how was the place

appraised for more than $30k?

That is where the RE fraud story really starts!!

[Demeter]

21. Push to End Job Barriers Rattles Greece and Economy

http://www.nytimes.com/2010/10/15/world/europe/15greece.html

Antonios Avgerinos, 59, a retired army pharmacist, always wanted his own pharmacy here. And why not? Greek law ensures that pharmacists get a 35 percent profit on all drugs sold, even over-the-counter medications.

But Greek law also limits just about everything else about pharmacies. They must be at least 820 feet apart and have a likely market of no fewer than 1,500 residents. To break into the business, an aspiring pharmacist generally has to buy a license from a retiring one. That often costs upward of $400,000.

“It is an absurd system,” Mr. Avgerinos said recently. “But it has been that way my whole life.”

Maybe not for much longer.

As the government of Prime Minster George Papandreou struggles to get the nation’s financial house in order — reducing the size of its bloated civil service, chasing after tax evaders and overhauling its pension system — it has also begun to tackle a much less talked about problem: the cozy system of “closed professions” that has existed here for decades, costing the economy billions of dollars a year.

WE OUGHT TO TRY THAT---STARTING WITH THE POLITICAL PROFESSION!

[JDPriestly]

27. Professions in the US are licensed in order to insure a minimal

amount of training and expertise of those entering them. The political profession is open to all -- even Sarah Palin and Christine O'Donnell.

I want to know that any pharmacist or doctor that I rely on for my medical care and advice has proven knowledge of at least a certain core of information. We do not have a system similar to that of Greece.

[Po_d Mainiac]

39. The license has nothing to do with their "professional" certification

It just a permit to have a retail outlet at a particular location.

[JDPriestly]

62. I know. A previous person responding to the post stated that

we need to get rid of professional license requirements here. No, we don't. We have the right to practice our professions but we sometimes need to pass examinations or otherwise fulfill legitimate professional qualifications in order to put out our signs. That seems very different than the situation in Greece.

[Dr.Phool]

32. I dub thee, "Sir Rosco".

[DemReadingDU]

36. So cute!

[Demeter]

40. Awww!

Now you are going to be dealing with royalty.

[DemReadingDU]

34. How Wall Street Shafted Main Street

Great video!
Spitzer: Why has the SEC not jumped all over this?
Parker - Is there not some basis for a criminal charge of fraud?
Spitzer - Thousands of subpoenas needed
Rosner - Taxpayer and investor have been harmed


10/11/10
CNN --October 11, 2010--Josh Rosner, who heads the research firm Graham Fisher, presents new proof that banks knew they were selling bad loans.
http://www.youtube.com/watch?v=1j2esw2B8TI

10/11/10 PARKER SPITZER transcript
http://www.cnnstudentnews.cnn.com/TRANSCRIPTS/1010/11/ps.01.html

[Demeter]

41. The Foreclosure Crises--NYT EDITORIAL

http://www.nytimes.com/2010/10/15/opinion/15fri1.html

...This latest foreclosure crisis should settle one issue once and for all. The banks that got us into this mess can’t be trusted to get us out of it. The administration and Congress need to act.

[DemReadingDU]

44. Yes indeed

and need to act ASAP

[Demeter]

42. The Mortgage Morass By PAUL KRUGMAN a must read!!

http://www.nytimes.com/2010/10/15/opinion/15krugman.html



American officials used to lecture other countries about their economic failings and tell them that they needed to emulate the U.S. model. The Asian financial crisis of the late 1990s, in particular, led to a lot of self-satisfied moralizing. Thus, in 2000, Lawrence Summers, then the Treasury secretary, declared that the keys to avoiding financial crisis were “well-capitalized and supervised banks, effective corporate governance and bankruptcy codes, and credible means of contract enforcement.” By implication, these were things the Asians lacked but we had.

We didn’t.

The accounting scandals at Enron and WorldCom dispelled the myth of effective corporate governance. These days, the idea that our banks were well capitalized and supervised sounds like a sick joke. And now the mortgage mess is making nonsense of claims that we have effective contract enforcement — in fact, the question is whether our economy is governed by any kind of rule of law.
........................

Now an awful truth is becoming apparent: In many cases, the documentation doesn’t exist. In the frenzy of the bubble, much home lending was undertaken by fly-by-night companies trying to generate as much volume as possible. These loans were sold off to mortgage “trusts,” which, in turn, sliced and diced them into mortgage-backed securities. The trusts were legally required to obtain and hold the mortgage notes that specified the borrowers’ obligations. But it’s now apparent that such niceties were frequently neglected. And this means that many of the foreclosures now taking place are, in fact, illegal.
.....True to form, the Obama administration’s response has been to oppose any action that might upset the banks, like a temporary moratorium on foreclosures while some of the issues are resolved. Instead, it is asking the banks, very nicely, to behave better and clean up their act. I mean, that’s worked so well in the past, right?

The response from the right is, however, even worse. Republicans in Congress are lying low, but conservative commentators like those at The Wall Street Journal’s editorial page have come out dismissing the lack of proper documents as a triviality. In effect, they’re saying that if a bank says it owns your house, we should just take its word. To me, this evokes the days when noblemen felt free to take whatever they wanted, knowing that peasants had no standing in the courts. But then, I suspect that some people regard those as the good old days.

What should be happening? The excesses of the bubble years have created a legal morass, in which property rights are ill defined because nobody has proper documentation. And where no clear property rights exist, it’s the government’s job to create them...One thing is for sure: What we’re doing now isn’t working. And pretending that things are O.K. won’t convince anyone.

[Demeter]

43. Only One Thing

I'm not sure I want this government--nor any we've endured over the last 30 years, to even touch this issue.

And I sure don't want Catfood-Commission Obama picking a panel to do it, nor Harry-the-broken-Reid, nor Miss-Piggy-Pelosi.


There are damn few people in the spotlight that I would trust: Grayson, Sherrod Brown, Kucinich, and Howard Dean, although his latest public opinion left doubts in my mind....and Elizabeth Warren, of course!

[FarCenter]

46. So are the problems with mortgages the bank owns or the ones Treasury owns

If I recall correctly, when JP Morgan Chase took over Bear Stearns and Washington Mutual, the mortgages held by those two institutions (an investment bank bundleing mortgages, and a thrift institution originating and wholesaling mortgages) were divided into two groups -- "good" mortgages which became JPMC's assets, and "bad" mortgages that the government took over.

Probably JPMC would have put most of the later originations and the dodgier paper, such as ARMs and NINJAs, in the bundle that went to the government, and they would have kept the older, better underwritten stuf for themselves. In which case, JPMC may not be on the hook for most of the problem mortgages.

BofA may be in worse shape, since they voluntarily merged with CountryWide and didn't have the opportunity to bundle the crap off to the government. They did so with the Merrill merger.

Is this the case?

[DemReadingDU]

47. To me, it is any mortgage entered in MERS is suspect

Mortgage Electronic Registry Service (MERS)

Check thru the SMW threads earlier in the week for additional links we posted about MERS

[Roland99]

50. That nails it quite well. The Repukes think theirs and their bank friends' shit don't stink.

Of course we should trust them!

[Tansy_Gold]

58. speaking of s*** that don't stink. . . .what's the news on the baby front? n/t

[Roland99]

59. Still a very slow process...nothing yet. :-/

methinks the doc rushed things a bit.

Hope to have the next progress report in a couple of hours but she's only just now at the point that Pitocin would have any effect on inducing.

[Roland99]

61. OH WAIT! She's going in now!

they opted for the c-section. Baby should be here soon!

[RUMMYisFROSTED]

49. 11,000!

It's a miracle!











*The truth hurts!

[Demeter]

54. It's a QE Bubble and Unmitigated Fraud, is what it is.

[Demeter]

53. crosspost to Taibbl

http://www.rollingstone.com/politics/news/12697/64824?RS_show_page=0

Proof that we have no rule of law, AND that the Criminals are running the business. And this is 2 years old and reprinted...

[Po_d Mainiac]

56. Here is the paper trail for your mortgage .

MERS can trace it in a heartbeat

[StarburstClock]

63. It's all good good good, except for the bad bad bad

Naz up, DOW dn: the poor guy who's suffering from dementia and hangs around to cheer his wonderful life of perfect decisions must have a splitting headache today with half his Alzheimer's-eaten brain cheering and the other booing. Strangely enough he's a microcosm of America itself, a country half full of deluded robotic psychopaths who've sold out their entire lives and the other half who may be broke but won't be spending their last years babbling in a haze of denial. Yes it turns out the latest studies have shown that Hispanics live longer in America than anyone else, despite having lower incomes and education levels. Imagine that, money isn't everything. Whodda ever thought?

A friend of mine works at a hospital and get this, hospitals in the D.C. area are suffering financially. Why? Not enough patients. That's right, with an aging population in a major city the hospitals are still such a raging ripoff that people die instead of going there. People don't want to destroy their families with debt and have their lifetimes of sellout work be all for nothing. Isn't that wonderful, lying your entire life then needlessly dying to preserve the ill-gotten gains. I think this calls for a revision of "the American dream", or let's just do an entire rewrite.

Wipe the slate clean, let the banks go down and the non-functional system that props them up, it benefits no one. Then, start rewriting "the America dream" using the current system as a checklist of what not-to-do's. Put people in jail that committed crimes and do away with the "we'll just put it behind us" BS that is the equivalent of an ostrich sticking it's head in the ground.

[Dr.Phool]

70. Welcome to SMW. And DU.

[Roland99]

64. I'm a Grandfather!!!! Woo hoo!!!

Don't know the height and weight but my baby granddaughter is here!!

Hope to have pics tonight or tomorrow! :)

[Tansy_Gold]

67. AWRIGHT!!!!!!!

[Dr.Phool]

69. Congratulations!

I hope everything went well.

[DemReadingDU]

71. YAY!

[Festivito]

72. Debt: 10/13/2010 13,612,299,748,993.36 (DOWN 364,983,581.60) (Wed)

(Down a lot again. Good day.)
Working overnight, driving the rest of the day.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 9,009,424,488,282.75 + 4,602,875,260,710.61
UP 4,079,531,881.58 + DOWN 4,444,515,463.18

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 310-Million person America.
If every American, man, woman and child puts in $3.22 THAT'S 1B$, and $3,220.90 makes 1T$.
A family of three: Mom, Dad, Child: $9.66, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 310,472,192 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $43,843.86.
A family of three owes $131,531.58. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 days.
The average for the last 22 reports is 7,675,307,277.27.
The average for the last 30 days would be 5,628,558,670.00.

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$/day.
There were 259 reports in 378 days of FY2011 averaging 6.57B$ per report, 4.50B$/day.
Above line should be okay

PROJECTION:
There are 830 days remaining in this Obama 1st term.
By that time the debt could be between 14.8 and 18.3T$.
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)
10/13/2010 13,612,299,748,993.36 BHO (UP 2,985,422,700,080.28 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,050,676,718,101.60 ------------* BHO
Endof11 +46,377,293,845,669.20 ------------* * * still too many * * *

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
09/22/2010 -000,022,020,658.96 ----
09/23/2010 -008,701,405,875.05 --
09/24/2010 +000,034,117,767.19 ------------*******
09/27/2010 -000,066,407,812.28 ---- Mon
09/28/2010 +001,463,391,855.14 ------------*********
09/29/2010 +000,391,315,850.35 ------------********
09/30/2010 +058,907,978,013.89 ------------**********
10/01/2010 -005,585,417,177.51 --
10/04/2010 +000,259,208,393.70 ------------******** Mon
10/05/2010 +000,697,809,032.26 ------------********
10/06/2010 +000,102,633,566.23 ------------********
10/07/2010 -010,581,200,428.89 -
10/08/2010 -000,047,594,597.51 ----
10/12/2010 -002,308,905,840.19 -- Tue
10/13/2010 +004,079,531,881.58 ------------*********

38,623,033,969.95 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.php?az=show_mesg&forum=102&topic_id=4574960&mesg_id=4574980

[Festivito]

73. Debt: 10/14/2010 13,606,947,094,101.90 (DOWN 5,352,654,891.46) (Thu)

(Down a lot again. Good day.)
Went through Pine brook restaurant and golf club.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 9,005,974,021,915.06 + 4,600,973,072,186.84
DOWN 3,450,466,367.69 + DOWN 1,902,188,523.77

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 310-Million person America.
If every American, man, woman and child puts in $3.22 THAT'S 1B$, and $3,220.83 makes 1T$.
A family of three: Mom, Dad, Child: $9.66, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 310,479,392 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $43,825.6.
A family of three owes $131,476.81. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 days.
The average for the last 22 reports is 7,578,254,339.75.
The average for the last 30 days would be 5,557,386,515.82.

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$/day.
There were 260 reports in 379 days of FY2011 averaging 6.53B$ per report, 4.48B$/day.
Above line should be okay

PROJECTION:
There are 829 days remaining in this Obama 1st term.
By that time the debt could be between 14.7 and 18.2T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
10/14/2010 13,606,947,094,101.90 BHO (UP 2,980,070,045,188.82 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,045,324,063,210.20 ------------* BHO
Endof11 +43,064,629,999,550.00 ------------* * * still too many * * *

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
09/23/2010 -008,701,405,875.05 --
09/24/2010 +000,034,117,767.19 ------------*******
09/27/2010 -000,066,407,812.28 ---- Mon
09/28/2010 +001,463,391,855.14 ------------*********
09/29/2010 +000,391,315,850.35 ------------********
09/30/2010 +058,907,978,013.89 ------------**********
10/01/2010 -005,585,417,177.51 --
10/04/2010 +000,259,208,393.70 ------------******** Mon
10/05/2010 +000,697,809,032.26 ------------********
10/06/2010 +000,102,633,566.23 ------------********
10/07/2010 -010,581,200,428.89 -
10/08/2010 -000,047,594,597.51 ----
10/12/2010 -002,308,905,840.19 -- Tue
10/13/2010 +004,079,531,881.58 ------------*********
10/14/2010 -003,450,466,367.69 --

35,194,588,261.22 Total of 15 above reports.

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

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

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4576178&mesg_id=4578374

[Festivito]

74. Debt: 10/14/2010 13,606,947,094,101.90 (DOWN 5,352,654,891.46) (Thu)

(Down a lot again. Good day.)
Went through Pine brook restaurant and golf club.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 9,005,974,021,915.06 + 4,600,973,072,186.84
DOWN 3,450,466,367.69 + DOWN 1,902,188,523.77

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 310-Million person America.
If every American, man, woman and child puts in $3.22 THAT'S 1B$, and $3,220.83 makes 1T$.
A family of three: Mom, Dad, Child: $9.66, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 310,479,392 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $43,825.6.
A family of three owes $131,476.81. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 days.
The average for the last 22 reports is 7,578,254,339.75.
The average for the last 30 days would be 5,557,386,515.82.

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$/day.
There were 260 reports in 379 days of FY2011 averaging 6.53B$ per report, 4.48B$/day.
Above line should be okay

PROJECTION:
There are 829 days remaining in this Obama 1st term.
By that time the debt could be between 14.7 and 18.2T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
10/14/2010 13,606,947,094,101.90 BHO (UP 2,980,070,045,188.82 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,045,324,063,210.20 ------------* BHO
Endof11 +43,064,629,999,550.00 ------------* * * still too many * * *

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
09/23/2010 -008,701,405,875.05 --
09/24/2010 +000,034,117,767.19 ------------*******
09/27/2010 -000,066,407,812.28 ---- Mon
09/28/2010 +001,463,391,855.14 ------------*********
09/29/2010 +000,391,315,850.35 ------------********
09/30/2010 +058,907,978,013.89 ------------**********
10/01/2010 -005,585,417,177.51 --
10/04/2010 +000,259,208,393.70 ------------******** Mon
10/05/2010 +000,697,809,032.26 ------------********
10/06/2010 +000,102,633,566.23 ------------********
10/07/2010 -010,581,200,428.89 -
10/08/2010 -000,047,594,597.51 ----
10/12/2010 -002,308,905,840.19 -- Tue
10/13/2010 +004,079,531,881.58 ------------*********
10/14/2010 -003,450,466,367.69 --

35,194,588,261.22 Total of 15 above reports.

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

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

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4576178&mesg_id=4578374