STOCK MARKET WATCH, Tuesday December 21, 2010

[Pale Blue Dot]

Source: Stock Market Watch

STOCK MARKET WATCH, Tuesday December 21, 2010

AT THE CLOSING BELL ON December 20, 2010

Dow 11,478.13 -13.78 (-0.12%)
Nasdaq 2,649.56 +6.59 (+0.25%)
S&P 500 1,243.91 +3.17 (+0.21%)
10-Yr Bond... 3.33 -0.01 (-0.30%)
30-Year Bond 4.43 -0.01 (-0.16%)

---

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
Dishonorable Mention: former House majority leader, Tom DeLay

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

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

No link yet.

[xchrom]

1. recommend -- thank you pale blue dot. nt

[Pale Blue Dot]

2. I'm sorry this is late - I didn't think I was starting today.

And I don't have a new cartoon for you all. :cry:

[Lochloosa]

9. Will this do?

[Pale Blue Dot]

13. Perfect! Thanks! nt

[Hugin]

14. Thanks, Lochloosa.

That'll do quite nicely.

[DemReadingDU]

26. good toon!

[Tansy_Gold]

11. As you can see

We SMWers are always glad to jump in and help!

By the way, do you have dogs?



TG, TT

[Pale Blue Dot]

12. Uh-oh. I'm a cat person.

I have 2 of them. Will that get me fired? :scared:

[DemReadingDU]

28. Nah, We accept all pets

I have 2 dogs, and 1 cat
:)

and thank you to kick off the SMW this morning!

[Tansy_Gold]

30. Nah, won't get you fired. Just wondering if we'd get to see

PUPPY PICTURES now and then. Kitty pictures will suffice.

TG, TT

[ozymandius]

47. Here are cuties from one of the SMW's recently departed.

[Po_d Mainiac]

54. Me thinks the little guy is tryin to say

Da Doc weelie dwiddn't mean to pizz on da fwoowah

[Tansy_Gold]

57. And Big Sis is sayin'

You lie, little man. You're cute, but you lie. You ain't foolin' nobody.

:evilgrin:

[Demeter]

33. I have 2 cats, and a grandpuppy who visits frequently

It's all good. I'm surprised that you start today, but you are doing fine!

[Hugin]

16. Nice start.

Seamless... Didn't even notice it wasn't Ozy until I saw the cartoon.

:)

[ozymandius]

17. Sorry I'm late.

I slept through my alarm.

[Hugin]

18. Up watching the lunar eclipse last night, Ozy?

I did... Oddest thing, for a full-moon night, I could've sworn I was in Human Form for a couple of minutes.

[ozymandius]

19. I saw the beginning.

The shadow just started falling across the moon's right-hand edge. This is after falling asleep earlier and waking up about an hour before it became full a eclipse.

Do you mean that on a full moon I am not the only person who transforms into a were-turtle?

[Hugin]

21. That would explain it.

I thought you were wearing a green sweater.

No, no... I'm a pretty standard snarling were-beast on the full-of-the-moon.

Over time, thoroughly domesticated, however.

Man, these poodle cuts are taking it too far. They chafe. But, the leopard print coat the villagers bought me is kind of nice.

[Tansy_Gold]

56. I thought you were a crow? n/t

[Hugin]

64. Raven.

On alternating Thursdays and the first Monday of Odd Numbered months.

But, I can dream. :)

[Tansy_Gold]

68. My apologies.

No insult intended, I hope none was taken.


TG

[AnneD]

44. I had a spectacular view....

of the clouds. I had even gotten some great binoculars (the kind that allow you see the tick on the deer's butt). sigh

I have weird schedules when I am out of school. I have to focus on getting things done. Met with another group of old teacher friends. They are apolitical (or use to be). I can't even print what they were saying. One is really close to the younger kids. She was saying they were even more savvy than we were. Her take, Europe and Wikileaks and the fall out are a sign of things to come. I suddenly feel more hopeful. We were happy about the repeal of the DADT, and none of us are gay-just a lot of dear gay friends we have known forever (remember, this is Houston we are talking about).

[Po_d Mainiac]

50. freakin snow kept getting in me eye's every time I looked up. n/t

[Tansy_Gold]

40. Who are you? Have you ever been here before?

:evilgrin:

Hi, Ozy, and I'm glad you had the opportunity to sleep in!!

:hi: and have a wonderful day! You soooooo deserve it!



TG, in overcast AZ where we may get spin-off rain from CA today. . . .

[ozymandius]

42. Long time lurker. First time poster.

I have a bad cold. The alarm went off at 6:30 and I guess my unconscious brain turned the thing off. It's overcast here, too, and threatening rain.

Thank you! :donut: :donut: :donut:

[kickysnana]

51. We are digging out again...

More panels on teh Dome were shot out with a shotgun to let the ice fall out.

They held the Vikings game at TCF Stadium on the U of MN campus outdoors in the middle of the storm. They were honoring the old timers who told the current Vikes to stop whining and go win.

Minneapolis declared a snow emergency at 9pm and I bet there were a lot of people who left work and went straight to the dome on the freeways that were traveling between 5-7 MPH who never heard that it had already been declared.

The snow was expected to go through until early morning but it turned to sleet after awhile and made the morning commute another nightmare. Luckily the schools are mostly already on break.

With the rain on top I here the heavy duty snow blower faltering outside. We have the conga line of snows coming through that will most likely break all records for December snowfall and they are running out of places to put it. The PIPI (Pain in the Posterior Index) might set a record unless we have an early spring.

[Po_d Mainiac]

53. Football is meant to be played in the elements (shrinkage weather) anyway..n/t

[Po_d Mainiac]

52. There are a couple articles Re the banksters getting good attention

out in the lobby.

No doubt, much of this is due to your efforts with the SMW.:toast:

[ozymandius]

63. protests? muggings?

For either or both, I am flattered.

[DoBotherMe]

66. Thank you for stepping in to keep SMW going

Even though I mainly K&R, I feel as though I'm a regular. Happy Holidays to you! Dana ; )

[Pale Blue Dot]

3. Homes at Risk, and No Help From Lawyers

In California, where foreclosures are more abundant than in any other state, homeowners trying to win a loan modification have always had a tough time.

Gregory Royston, a real estate attorney, said winning modifications to mortgages was never easy and often impossible.

Now they face yet another obstacle: hiring a lawyer.

Sharon Bell, a retiree who lives in Laguna Niguel, southeast of Los Angeles, needs a modification to keep her home. She says she is scared of her bank and its plentiful resources, so much so that she cannot even open its certified letters inquiring where her mortgage payments may be. Yet the half-dozen lawyers she has called have refused to represent her.

“They said they couldn’t help,” said Ms. Bell, 63. “But I’ve got to find help, because I’m dying every day.”

Lawyers throughout California say they have no choice but to reject clients like Ms. Bell because of a new state law that sharply restricts how they can be paid. Under the measure, passed overwhelmingly by the State Legislature and backed by the state bar association, lawyers who work on loan modifications cannot receive any money until the work is complete. The bar association says that under the law, clients cannot put retainers in trust accounts.

http://www.nytimes.com/2010/12/21/business/21foreclosure.html

[Demeter]

34. That's just viciously sick

Wonder what would happen if THAT got to the Supreme Court...

[ozymandius]

39. The unemployed have similarly difficult circumstances.

Before becoming a teacher, I lost a job and applied for unemployment benefits. My former employer challenged my claim. State law limits how much an attorney can charge to advocate for the claimant. As a result, very few attorneys are willing to take the case. Luckily, I have many friends who are attorneys and found representation for the hearing. It helps to have a social network for these things.

Point is: attorneys DO have a choice in taking these cases. It makes it sound like these attorneys have never heard of either contingency or pro-bono work. Regarding California state law: that law sounds like it was written by attorneys in service to the banks.

[Pale Blue Dot]

4. Open Letter to Bank Regulators on Mortgage Securitization and Servicing Practices

Today, a letter urging fundamental changes in the mortgage securitization markets, signed by 50 individuals with expertise in this arena, was sent to the Chairmen of the FDIC, the Fed, and the SEC, and the Secretary of the Treasury and the Comptroller of the Currency.

Despite widespread evidence of failings, abuses, and outright fraud in the securitization process, reform measures have been halting at best. The FDIC has proposed far-reaching and well thought out measures in the face of considerable industry opposition. By contrast, the Treasury has taken the position that it has little authority over servicers, despite its considerable influence over both the banks in which most of them reside, and their biggest customers, Fannie and Freddie.

The letter points out that the continued failure to address this issue is detrimental to homeowners, investors, and the broader economy. It urges the adoption of new standards as part of these regulators’ duties under Dodd Frank and makes specific recommendations.

http://www.nakedcapitalism.com/2010/12/open-letter-to-bank-regulators-on-mortgage-securitization-and-servicing-practices.html

The letter is at the link.

[Lochloosa]

5. Happy to K/R

Thanks Pale Blue Dot:toast:

[Pale Blue Dot]

6. No gooberment reports today.

Woo hoo! I actually typed "gooberment"! :D

[Pale Blue Dot]

7. Oil hovers above $89 ahead of US supply reports

SINGAPORE – Oil prices hovered above $89 a barrel Tuesday in Asia as traders anticipated that weekly U.S. crude inventories would fall in a sign of improved demand.

Benchmark oil for February delivery was up 14 cents to $89.51 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 77 cents to settle at $89.37 on Monday.

Crude inventories likely fell 2.4 million barrels last week, according to analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos.

The American Petroleum Institute is scheduled to announce its inventory numbers later Tuesday while the Energy Department's Energy Information Administration reports its weekly supply data Wednesday.

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

[Loge23]

8. Congrats and good luck, PBD! (eom)

[Festivito]

10. Debt: 12/17/2010 13,883,400,070,159.87 (UP 4,562,719,009.25) (Fri)

(Up some. Good day.)
Carolled.
(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)
= 9,323,762,654,615.76 + 4,559,637,415,544.11
UP 2,071,215,295.43 + UP 2,491,503,713.82

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

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 311-Million person America.
If every American, man, woman and child puts in $3.22 THAT'S 1B$, and $3,216.05 makes 1T$.
A family of three: Mom, Dad, Child: $9.65, ABOUT TEN BUCKS for a 1B$ 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 310,940,192 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 $44,649.74.
A family of three owes $133,949.23. (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 4,278,234,111.69.
The average for the last 30 days would be 3,137,371,681.91.

There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 54 reports in 78 days of FY2011 averaging 5.96B$ per report, 4.13B$/day.
Above line should be okay

PROJECTION:
There are 765 days remaining in this Obama 1st term.
By that time the debt could be between 14.9 and 17.8T$.
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)
12/17/2010 13,883,400,070,159.87 BHO (UP 3,256,523,021,246.79 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 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,321,777,039,268.10 ------------* * * * * * * * BHO
Endof11 +1,505,751,529,908.42 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
11/29/2010 +000,134,381,143.81 ------------******** Mon
11/30/2010 +065,487,463,946.10 ------------**********
12/01/2010 -005,680,380,232.98 --
12/02/2010 +000,827,003,518.64 ------------********
12/03/2010 -000,051,568,825.48 ----
12/06/2010 +000,077,038,802.53 ------------******* Mon
12/07/2010 +000,178,077,201.68 ------------********
12/08/2010 +018,541,141,818.10 ------------**********
12/09/2010 +000,426,018,289.04 ------------********
12/10/2010 +000,085,971,333.21 ------------*******
12/13/2010 -000,140,409,571.73 --- Mon
12/14/2010 +000,270,507,131.41 ------------********
12/15/2010 +035,075,952,728.32 ------------**********
12/16/2010 -002,942,603,716.29 --
12/17/2010 +002,071,215,295.43 ------------*********

114,359,808,861.79 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=4666696&mesg_id=4666713

[Festivito]

72. Debt: 12/20/2010 13,868,461,288,845.81 (DOWN 14,938,781,314.06) (Mon)

(Up little. Good day.)
Surveyed and surprised, visited.
(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)
= 9,323,679,506,642.29 + 4,544,781,782,203.52
DOWN 83,147,973.47 + DOWN 14,855,633,340.59

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 311-Million person America.
If every American, man, woman and child puts in $3.22 THAT'S 1B$, and $3,215.83 makes 1T$.
A family of three: Mom, Dad, Child: $9.65, ABOUT TEN BUCKS for a 1B$ 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 310,961,792 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $44,598.6.
A family of three owes $133,795.81. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 21 reports in the last 30 to 31 days.
The average for the last 21 reports is 3,750,575,919.83.
The average for the last 30 days would be 2,625,403,143.88.
The average for the last 31 days would be 2,540,712,719.89.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 55 reports in 81 days of FY2011 averaging 5.58B$ per report, 3.79B$/day.
Above line should be okay

PROJECTION:
There are 762 days remaining in this Obama 1st term.
By that time the debt could be between 14.9 and 17.8T$.
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)
12/20/2010 13,868,461,288,845.81 BHO (UP 3,241,584,239,932.73 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 +0,306,838,257,954.10 ------------* * * * * * * BHO
Endof11 +1,382,666,224,114.16 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
11/30/2010 +065,487,463,946.10 ------------**********
12/01/2010 -005,680,380,232.98 --
12/02/2010 +000,827,003,518.64 ------------********
12/03/2010 -000,051,568,825.48 ----
12/06/2010 +000,077,038,802.53 ------------******* Mon
12/07/2010 +000,178,077,201.68 ------------********
12/08/2010 +018,541,141,818.10 ------------**********
12/09/2010 +000,426,018,289.04 ------------********
12/10/2010 +000,085,971,333.21 ------------*******
12/13/2010 -000,140,409,571.73 --- Mon
12/14/2010 +000,270,507,131.41 ------------********
12/15/2010 +035,075,952,728.32 ------------**********
12/16/2010 -002,942,603,716.29 --
12/17/2010 +002,071,215,295.43 ------------*********
12/20/2010 -000,083,147,973.47 ---- Mon

114,142,279,744.51 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=4668091&mesg_id=4668105

[Pale Blue Dot]

15. It's time for me to mold young minds.

I'll check in later!

[AnneD]

46. Don't they have penicillin for that ???????

get those kids pumping some neurons and remember, there is nothing worse than dealing with a parent that got a C on their essay.:evilgrin:

[ozymandius]

48. When do they give you folks some time off?

I was under the impression that the whole school universe has the week before a holiday totally free. Just shows that you learn something new every day.

[TalkingDog]

20. Borowitz Report: Goldman’s Massive Bonuses ‘Totally Deserved,’ Says Satan

http://www.borowitzreport.com/2010/12/20/goldmans-massive-bonuses-totally-deserved-says-satan/

“I don’t doubt for a minute that my friends at Goldman deserved those bonuses,” Satan said, adding that “buying their souls was the best investment I ever made.”

“It really is the gift that keeps on giving,” he chuckled.

[ozymandius]

22. Pro Publica: States Sue BoA, BoA Employees Sing

It was not long ago that BoA circulated a memo, obviously leaked, that admitted to a "huge problem" over securities repurchase requests. Now add shoddy service to mortgage modifications that appears to be intentional. The lawsuits that have emerged from Arizona and Nevada are not news. The fact that BoA employees are starting to sing like canaries is very new and offers BoA glacial sized trouble.

Pro Publica:

On Friday, Arizona and Nevada both filed suit against Bank of America, saying it deceived homeowners trying to avoid foreclosures. The suits allege that Bank of America knowingly misled homeowners in the loan modification process, regularly promising quick help when the process instead dragged out over months if not years, foreclosing on homeowners during the modification process despite promises that homeowners would be safe and making “false” promises to homeowners that their trial modifications would become permanent, among other complaints.

Interviews with former bank employees provide a window into the bank’s call centers. One employee told the Nevada Attorney General’s office, “I felt like I was always lying to borrowers,” saying they were told to mislead homeowners about the status of their applications. The employee complained to a supervisor, and says of what happened next: “Her instructions in response were just to give the borrowers their status and to tell them that they are ‘in the process,’ in spite of the fact that the computer showed that nothing was happening.”

State laws in Arizona and Nevada apply specific processes to mortgage modifications. BoA is obliged to follow these rules. The suits filed in these respective states now add that the bank operated in bad faith with its borrowers. Bad faith implies intent. The attorneys general in these states will no doubt use this to describe standard business practices at Bank of America in trial.

[Hugin]

23. I think it's important to remind people that prior to these shenanigans only around 1% of mortgages

fell into foreclosure.

That statistic was true for years and years.

Tell me again why de-regulation was a good thing for anybody, but, the banks.

[ozymandius]

27. No argument from me.

The foreclosure rate prior to modernization is incredibly small. But now that deregulation became the creed, the sermon and every entry of the banking hymnbook - banks operate with an attitude of total impunity.

[ozymandius]

24. U.S. Foreclosure Task Force Will Take ‘Whatever Action’ Needed

Is Treasury giving or taking orders?

Dec. 20 (Bloomberg) -- The Obama administration’s foreclosure task force is preparing to take action next year against any lenders or other institutions that acted “improperly,” U.S. Treasury Secretary Timothy F. Geithner and Housing and Urban Development Secretary Shaun Donovan said in a joint statement today.

The task force met at the Treasury today to discuss an ongoing review of mortgage foreclosure procedures. In the meeting, 11 federal agencies described their efforts to “assess and remedy” foreclosure issues, the joint statement said.

more

More to come, I suppose.

[Hugin]

25. You can bet they're looking at those remedies through they eyes of the MBA.

And not the eyes of a typical mortgagee.

[Hotler]

29. Thanks Pale Blue Dot. nt

[Roland99]

31. Index Futures - A bright, bright day today folks!

S&P 500 1,247 +5.30 +0.43%
DOW 11,450 +46.00 +0.40%
NASDAQ 2,227 +7.00 +0.32%


Morning, Pale Blue Dot!

[ozymandius]

32. First New York, Now New Jersey Threatens to Halt Foreclosures

New York was the first state to put the kibosh on shoddy foreclosure practices. Now New Jersey has adopted a similar attitude that applies Napoleonic standards to the banks' foreclosure processes.

From the Wall Street Journal:

New Jersey courts are threatening to block six major lenders from foreclosing on most homeowners unless they can prove their process is sound.

In response to errors blamed on so-called "robo-signers" and other potential shortcuts, judges on Monday ordered six lenders to defend their foreclosure practices and 24 others to produce reports on their process.

New Jersey will also require banks' attorneys to certify they spoke with a bank employee who reviewed the foreclosure documents, a practice similar to one enacted in October by New York. For now, foreclosures will continue, but Mr. Rabner said he didn't expect a rush to push cases through in the meantime. The orders pertains to uncontested cases, or 94% of foreclosures in New Jersey.

While I expect that some will frown on the application of Napoleonic standards of "prove your innocence" in legal cases, I really doubt that banksters will receive much sympathy. The banks have already shown contempt for the legal process with robo-signing documents, fraudulent documentation and forged attorney signatures. Nearly half of all foreclosures in New Jersey were initiated by the nation's largest banks. Those held to these newly applied standards, which should be a no-brainer in a courtroom proceeding, are among the worst offenders in foreclosure kangaroo courts: Ally Financial, Bank of America, Citibank, JP Morgan Chase, OneWest Bank FSB and Wells Fargo.

[hamerfan]

35. Happy to K&R

for PBD! Great job. :hi:

[Demeter]

36. TD Bank to buy Chrysler Financial for $6.3 billion

http://www.marketwatch.com/story/td-bank-to-buy-chrysler-financial-for-63-billion-2010-12-21?siteid=YAHOOB

TD Bank Group said Tuesday that it is buying Chrysler Financial from private-equity group Cerberus for $6.3 billion in cash, marking the second large acquisition of a U.S. financial-services firm by a Canadian bank in a week...

Cerberus acquired Chrysler Financial in 2007, when it led an investor group that bought car maker Chrysler.

During the financial crisis, Cerberus gave up its equity in the auto company when the U.S. Treasury bailed out the firm. Cerberus maintained its stake in the financial unit.

AND I HOPE THEY LOST EVERY CENT THEY PAID FOR IT ALL...THAT DOG NEEDS NEUTERING.

[Demeter]

37. SEC investigating Hurd's exit from HP

http://news.yahoo.com/s/nm/20101221/bs_nm/us_hp_hurd

Regulators are looking into the events surrounding Mark Hurd's abrupt exit as chief executive of Hewlett Packard Co, a source familiar with the matter said on Monday.

The SEC's probe was first reported by the Wall Street Journal, which cited anonymous sources as saying the Securities and Exchange Commission was investigating claims that Hurd shared inside information with an ex-contractor ahead of its $13.9 billion acquisition of Electronic Data Systems in 2008.

Hurd's departure in August stunned investors and sent shares tumbling 8 percent in the first trading day after the announcement. Now an Oracle co-president, he left under a cloud of sexual harassment accusations, although the board found no evidence to back up that allegation....

[DemReadingDU]

41. Insider trading or "close personal relationship"

Insider trading with "close personal relationship"?

"HP instead accused Hurd of filing inaccurate expense reports to conceal a "close personal relationship" with a former contractor, although Hurd's representatives have disputed that."

makes one go hmmmm

[Demeter]

38. Auditors Face Fraud Charge

http://online.wsj.com/article/SB10001424052748704138604576029991727769366.html?mod=WSJ_myyahoo_module

New York prosecutors are poised to file civil fraud charges against Ernst & Young for its alleged role in the collapse of Lehman Brothers, saying the Big Four accounting firm stood by while the investment bank misled investors about its financial health, people familiar with the matter said.

State Attorney General Andrew Cuomo is close to filing the case, which would mark the first time a major accounting firm was targeted for its role in the financial crisis. The suit stems from transactions Lehman allegedly carried out to make its risk appear lower than it actually was.

Lehman Brothers was long one of Ernst & Young's biggest clients, and the accounting firm earned approximately $100 million in fees for its auditing work from 2001 through 2008, say people familiar with the matter.

The suit, led by Mr. Cuomo, New York's governor-elect, could come as early as this week. It is part of a broader investigation into whether some banks misled investors by removing debt from their balance sheets before they reported their financial results to mask their true levels of risk-taking, a person familiar with the case said. The state may seek to impose fines and other penalties...

[DemReadingDU]

43. Jingle Jams: A Holiday Mix From NPR Music

Jingle Jams: A Holiday Mix From NPR Music

We asked 10 of NPR Music's partner stations to send us 10 of their favorite holiday songs, so this continuous stream is packed with gems. From Bach to The Ramones to Louis Armstrong, it's a perfect playlist for those who wish to indulge in the spirit of the season while remaining glued to the computer.

Note: These songs play in a continuous loop — you will be joining in midstream.

http://www.npr.org/2010/12/13/97778347/jingle-jams-a-holiday-mix-from-npr-music



edit: changed my avatar so I am recognizable at other forums
:)

[Demeter]

45. Riding the unlikely commercial real estate rebound

http://finance.fortune.cnn.com/2010/12/20/riding-the-unlikely-commercial-real-estate-rebound/


For years commercial real estate has been billed as the next big train wreck. So why are some investors shouting all aboard?

A slowly recovering economy is part of it, though no one expects to make a quick killing on loans and securities tied to office buildings, hotels, shopping malls and the like. The bigger drivers of this rally are the low rates pushing investors to reach for yield by taking on more risk, and the wide open junk bond market that has allowed lots of companies once left for dead to refinance loans and trudge forth.

All aboard the CMBS express?

Those trends made commercial real estate debt and commercial mortgage-backed securities, or CMBS, among the top-performing asset classes this year. Buyers aren't banking on a repeat of the past year's mega-returns, which were driven by the sector's stubborn failure to collapse and by a surge in bond prices fueled both by liberal government buying and fear that the economy was turning Japanese...

[ozymandius]

49. National Average: 1 in 7 Americans rely on food stamps

This is an increase from last quarter of 1-in-8 Americans using food stamps.

CNN:

NEW YORK (CNNMoney.com) -- The use of food stamps has increased dramatically in the U.S., as the federal government ramps up basic assistance to meet the demands of an increasingly desperate population.

The number of food stamp recipients increased 16% over last year. This means that 14% of the population is now living on food stamps. That's about 43 million people, or about one out of every seven Americans.

As this is a national average the highs and lows are very far apart. In the worst-afflicted states, the ratio is 1:5, or 20% of the population living on public assistance. Persistently high unemployment rates and a mismatch between available jobs and population centers exacerbates the conditions that lead to hunger.

You know that I argue we have experienced a Depression with tendril-like effects that have burrowed into our economic substrate. Food stamps have truly replaced the soup kitchens of eighty years ago.

[Demeter]

55. Moody's Cuts Irish Banks' Ratings

http://online.wsj.com/article/SB10001424052748703886904576031440296621036.html?mod=dist_smartbrief

Moody's Investors Service cut its ratings on several major Irish banks days after it slashed the country's sovereign-debt ratings by five notches.

The ratings firm downgraded various ratings of Allied Irish Banks, the Bank of Ireland, EBS Building Society, Irish Life & Permanent, Irish Nationwide Building Society, ICS Building Society and Anglo Irish Bank.

Moody's on Friday downgraded Ireland's debt to Baa1 from Aa2, leaving it just three rungs above junk-grade territory. The ratings firm then on Monday cited its downgrade of the country as a reason to slash ratings on the banks, saying "the high degree of systemic support from the government had so far largely mitigated the pressure stemming from a much weaker standalone credit profile of these banks."

...The ratings firm on Friday, talking about why it slashed ratings on Ireland, said the country "has suffered from the repeated crystallization of bank-related contingent liabilities on the government's balance sheet."

KILL THE ZOMBIES AND SAVE THE AULD SOD.

[Demeter]

58. Dude, Where's My Mortgage? How MERS Is Subverting Our Entire System of Property Rights

http://www.alternet.org/story/149189/dude%2C_where%27s_my_mortgage_how_an_obscure_outfit_called_mers_is_subverting_our_entire_system_of_property_rights?page=entire

Banks have scrambled America's system of private property ownership to the point that no one knows who owns what.

"For the first time in the nation's history, there is no longer an authoritative, public record of who owns land in each county." -- University of Utah law professor Christopher Peterson

There is an unbelievable scandal in the making that threatens to subvert our four-century-old method for guaranteeing a fundamental building block of the American republic—property ownership. The biggest reason why you probably haven’t heard much about it is that it involves one of the most generic and boring company names imaginable: Mortgage Electronic Registration Systems, Inc., or MERS. It is a story of deception engineered at the highest level of power for short-term gain, and another epic failure of the private sector to uphold the laws and traditions of American society, even something as fundamental as property rights.

Created in 1995 by the country's biggest banks, MERS quietly took control of and privatized mortgage record-keeping across the country and, in the span of a few years, scrambled America's private property ownership records to the point where no one could figure out who owns what. This was no accident, and was done by design: MERS was a tool used by America's top financial institutions to pump up the real estate market. Mortgage-backed securities, robo-signers, lightning quick foreclosures, subprime mortgages and just about everything else that went into feeding the biggest real estate bubble in U.S. history could not function without help from MERS. But unlike many of the Wall Street scandals, this one could blow up in the banks’ faces, with the little guy laughing all the way back to his free McMansion, and local governments seeing their empty coffers fill back up with the billions of dollars in unpaid fees that MERS circumvented...

[Demeter]

59. Saving Social Security: Stopping Obama's Next Bad Deal by: Dean Baker

http://www.truth-out.org/saving-social-security-stopping-obamas-next-bad-deal66099

President Obama insists that he is a really bad negotiator, therefore, the deal he got on the two-year extension of the Bush tax cuts and the one-year extension of unemployment insurance benefits was the best that he could do. This package also came with a one-year cut in the Social Security tax.

This cut will seriously threaten the program's finances if, next year, the Republican Congress is no more willing to end a temporary tax cut than this year’s Democratic Congress.

The logic here is straightforward. Under the law, the Bush tax cuts were supposed to end in 2010. Tax rates returned to their pre-tax cut levels in 2011. However, the Republicans maintained a steady drumbeat about the evils of raising taxes in the middle of a downturn, even if the tax increase would just apply to the richest 2 percent of the population.

As we saw, President Obama and the Democratic Congress could not muster the votes needed to overcome the Republicans and ended up extending the tax cuts for the richest 2 percent of the population. The Democrats will be faced with a similar situation at the end of 2011 when the Social Security tax cut is scheduled to expire, except that, this time, the tax cut in question will apply to an overwhelming majority of working people.

Also, the House will be controlled by the Republicans and the Senate will be considerably less Democratic. This raises the possibility, if not the likelihood, that the tax cut will remain in place indefinitely, more than doubling the size of Social Security’s projected long-term shortfall.

Before we even get to this juncture, the Republicans will have another opportunity to impose a really bad deal on President Obama. Sometime in the spring, the government will run up against its debt ceiling. This will prevent the government from any further borrowing.

Since the government has a substantial deficit, with spending exceeding revenue, hitting this limit would mean that the government would not have sufficient funds to pay for all its programs. It also would mean that the government could not pay interest or principal on debt that is coming due; in effect requiring it to default on its debt.

The prospect of the US government defaulting on its debt creates the sort of end-of-the-world scenario in which Congress rushed to pass the TARP in 2008. Back then, President Bush, Fed Chairman Ben Bernanke, and all sorts of other luminaries told members of Congress and the public that we would have a second Great Depression if the Wall Street banks were not immediately bailed out, no questions asked. And the money flowed.

The prospect of defaulting on the debt will create a similar outbreak of shrill warnings of disaster. This would likely to lead to scenario in which President Obama signs whatever debt ceiling package House Republicans hand him, even if it includes the privatization of Social Security and Medicare and major cuts and/or elimination of other important programs. The argument from the administration will be that they have no choice.

In order to avoid this train wreck, supporters of Social Security and Medicare have to restructure the options. They have to push President Obama to announce in advance that he will never sign a debt ceiling bill that includes cuts to Social Security and Medicare, the country's two most important social programs.

These programs are crucial to the financial security and health of tens of millions of people. If there are to be changes in these programs, then they should occur after a full public debate in the light of day, not as the result of Republican trickery and parliamentary game playing.

This would be a hugely popular position since not only Democrats, but also independents and even Tea Party Republicans, overwhelming support Social Security and Medicare. Furthermore, the gun, in the form of a potential debt default, is actually pointed at the Wall Street banks, not the public.

A debt default would be a very bad situation and one that we absolutely should try to avoid. But the day after the default, the country would still have the same capital stock and infrastructure, the same skilled labor force and the same technical knowledge as it did the day before the default. In other words, the ability of our economy to produce more than $15 trillion in goods and services each year will not have been affected.

One thing that would not be around the day after a default is Wall Street. The default would wipe out the value of the assets of the Wall Street banks, sending Goldman Sachs, Citigroup, and the rest into bankruptcy. The recovery for the economy from such a situation will be difficult, but the shareholders of the Wall Street banks would be wiped out and their top executives unemployed.

For this reason, the threat of a default is a gun pointed most directly at Wall Street. Given the power of Wall Street over Congress, it is inconceivable that they would ever let the Republicans pull the trigger.

This means that, if President Obama is prepared to take the right and popular position of supporting Social Security and Medicare, he will win. This is both good policy and great politics. The public just has to force President Obama to stand up and show some leadership.


This work by Truthout is licensed under a Creative Commons Attribution-Noncommercial 3.0 United States License.

[Demeter]

60. MGM studio emerges from bankruptcy

Metro-Goldwyn-Mayer, the company behind Hollywood classics such as The Wizard of Oz and Gone with the Wind, has emerged from bankruptcy with $500m of new financing arranged by JPMorgan, and a new management team

Read more >>
http://link.ft.com/r/73UJGG/18J23S/CWSVD/A7T75Y/FXLLZI/AZ/t?a1=2010&a2=12&a3=21

[DemReadingDU]

61. That was quick

I thought they just filed for bankruptcy a month ago.
:shrug:

[Demeter]

62. US Follows Japan: The Rise of Freeters, aka Temps

http://www.nakedcapitalism.com/2010/12/us-follows-japan-the-rise-of-freeters-aka-temps.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29

One of the post-bubble era trends in Japan that has caused consternation within the island nation is the rise of an employed underclass. The old economic model was lifetime employment, even though that was a reality observed more at large companies than in the economy overall. Nevertheless, college graduates could expect to find a job without much difficulty and look forward to a stable career if they performed reasonably well.

In the new economic paradigm, wages are compressed among full-time salaried workers (meaning seniority/managerial based pay differentials, which were not all that great in Japan to begin with, have narrowed). And even worse from a societal standpoint is the rise of “freeters” or workers hired into temporary jobs. Some of them can work for the same company for a very long time, but they are not only paid less, but are also not in the hierarchy of permanent worker. Many become freeters right out of college, and are never able to get back on track with their peers, since companies in Japan, as in the US, prefer to hire new college or professional school graduates into their entry level positions.

The bigger implications for Japan are negative. Many freeters can’t afford to live by themselves, and therefore become “parasite singles” staying with their parents. The delay in or inability to support oneself further suppresses Japan’s birthrate, worsening its demographic crisis. And it exerts a psychological toll, particularly in Japan, which places particular importance on group ties.

A recent article by Charles Hugh Smith depicts the rise of freeters as directly related to growing income disparity:

The gap between extremes of income at the top and bottom of society — measured by the Gini coefficient — has been growing in Japan for years. To the surprise of many outsiders, once-egalitarian Japan is becoming a nation of haves and have-nots…

More than one-third of the workforce is part-time as companies have shed the famed Japanese lifetime employment system, nudged along by government legislation that abolished restrictions on flexible hiring a few years ago. Temp agencies have expanded to fill the need for contract jobs as permanent job opportunities have dwindled.

Many fear that as the generation of salaried baby boomers dies out, the country’s economic slide might accelerate. Japan’s share of the global economy has fallen below 10% from a peak of 18% in 1994. Were this decline to continue, income disparities would widen and threaten to pull this once-stable society apart…

Freeters ”who have no children, no dreams, hope or job skills could become a major burden on society, as they contribute to the decline in the birthrate and in social insurance contributions,” Masahiro Yamada, a sociology professor wrote in a magazine essay titled, ”Parasite Singles Feed on Family System.”

In Japan, the rise of permatemps started from the bottom up, with new graduated who were relegated to short-term work. As the New York Times indicates tonight, the rise of temps in the US instead appears to be happening across a broad swathe of jobs, meaning everyone who loses a job is at risk of never finding a job again. Of course, with job tenures shrinking, the distinction between having a full time job versus a temporary one may seem to be overblown. But traditional jobs also include real perks, such as benefits, and also usually terminated less casually than temporary positions (and this distinction has long been abused: for instance, a relative of mine was a “temporary” employee for eight years at GM in the 1990s, running an administrative unit).

AND I HEAR A PERSONAL REPORT FROM MY FRIEND IN JAPAN THAT ALL IS NOT GOOD--PROBABLY BETTER THERE THAN HERE, THOUGH....THEIR ECONOMY SUCKS FOR THEM.

[Mojorabbit]

65. Thanks Pale Blue Dot! nt

[DoBotherMe]

67. Kick

[tclambert]

69. You're not Ozy! Oh, I'm gonna start rocking and moaning. Definitely.

Thanks for taking on the responsibility, Pale Blue Dot.

[tclambert]

70. Michigan Is Only State To Have Decline In Population Since 2000

DETROIT -- Michigan will lose a seat in Congress after being the only state to experience a population drop-off over the past decade, the U.S. Census Bureau said Tuesday.

Results of the 2010 census show the number of Michigan residents fell by 0.6 percent since 2000, officials said. As a result, the state's U.S. House delegation will decrease from 15 to 14. That continues a decline since 1970, when the state had 19 representatives.

Experts say the culprit was a deep, decade-long recession that sent many residents to other states in search of jobs. The loss of a House seat will hurt Michigan's clout in Washington and also will reduce its share of funding for federal programs such as highway construction, education and health care.
_______________________________________

From: http://www.clickondetroit.com/news/26206408/detail.html

[RUMMYisFROSTED]

71. Even less representation.

Painful.