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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 06:10 AM
Original message
STOCK MARKET WATCH, Friday, June 3, 2011
Source: du

STOCK MARKET WATCH, Friday, June 3, 2011

AT THE CLOSING BELL ON June 2, 2011

Dow 12,248.55 -41.59 (-0.34% )
Nasdaq 2,773.31 +4.12 (+0.15%)
S&P 500 1,312.94 -1.61 (-0.12%)
10-Yr Bond... 3.00 -0.03 (-0.89%)
30-Year Bond 4.23 -0.02 (-0.52%)



Market Conditions During Trading Hours


Euro, Yen, Loonie, Silver and Gold






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

Handy Links - Economic Blogs:

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

Handy Links - Government Issues:

LegitGov    Open Government    Earmark Database    USA spending.gov

Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren
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 =
12









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

Read more: du
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 06:12 AM
Response to Original message
1. good morning, PBD.
:hi:
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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 06:14 AM
Response to Reply #1
3. Morning!
:-)
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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 06:14 AM
Response to Original message
2. Today's Reports
Jun 03 08:30 Nonfarm Payrolls May 140K 169K 244K
Jun 03 08:30 Nonfarm Private Payrolls May 160K 180K 268K
Jun 03 08:30 Unemployment Rate May 9.1% 9.0% 9.0%
Jun 03 08:30 Hourly Earnings May 0.1% 0.2% 0.1%
Jun 03 08:30 Average Workweek May 34.3 34.3 34.3
Jun 03 10:00 ISM Services May 53.5 53.3 52.8

Read more: http://www.briefing.com/investor/calendars/economic/201...
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 06:23 AM
Response to Reply #2
12. Job growth could be weakening as economy sputters
http://hosted.ap.org/dynamic/stories/U/US_ECONOMY?SITE=...

WASHINGTON (AP) -- A weakening economy may not have produced many jobs last month, threatening future economic growth.

Economists are bracing for a disappointing jobs report Friday. Higher oil prices, stagnant wages and a depressed housing market are holding back the economy. Analysts expect that companies likely hired far fewer people in May than the previous three months.

Some economists now forecast that employers added fewer than 100,000 jobs last month, which would be sharp downturn from the average gain of 230,000 in February, March and April.

Other analysts aren't as dramatic -- Goldman Sachs reduced its estimate to 100,000 from 150,000 -- but if accurate, they would still suggest a much weaker job market.
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Fuddnik Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 07:43 AM
Response to Reply #12
34. Paltry 54,000 jobs.
May employment report shows pace of job growth weakening
Higher oil prices, stagnant wages and a depressed housing market holding back economy


http://www.msnbc.msn.com/id/43264646/ns/business-stocks... /


WASHINGTON A key labor market report released Friday morning confirmed that the pace of job growth is losing momentum.

The Labor Department said the U.S. economy added just 54,000 jobs in May, a sharp downturn from the average gain of 230,000 in February, March and April and less than the 180,000 forecast for May before a report on Wednesday showed a sharp slowdown in private job growth last month.

The nations unemployment rate inched up to 9.1 percent in May from 9 percent in April.

Fridays disappointing jobs report comes as the economy deals with higher oil prices, stagnant wages and a depressed housing market are holding back the economy. The biggest question raised by the sluggish report: Is it temporary, or the beginning of a weaker trend?

Many factors holding back the economy, such as the disruptions to manufacturing output stemming from Japan's March 11 earthquake, are temporary.

(snip)
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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 07:36 AM
Response to Reply #2
31. Hoo boy. It's bad. Unemployment at 9.1%, less than 100K jobs created.
Jun 03 08:30 Nonfarm Payrolls May 54K 140K 169K 232K 244K
Jun 03 08:30 Nonfarm Private Payrolls May 83K 160K 180K 251K 268K
Jun 03 08:30 Unemployment Rate May 9.1% 9.1% 9.0% 9.0%
Jun 03 08:30 Hourly Earnings May 0.3% 0.1% 0.2% 0.1%
Jun 03 08:30 Average Workweek May 34.4 34.3 34.3 34.4 34.3

Read more: http://www.briefing.com/investor/calendars/economic/201...


They may try to spin the jump in hourly earnings. Who knows.
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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 07:38 AM
Response to Reply #31
32. And now they're saying the President of Yemen has been killed.
I would expect a lot of turmoil in the markets today.
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Fuddnik Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 08:08 AM
Response to Reply #32
38. Dr. Kevorkian too!!!
Nowhere to hide now!
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tclambert Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 04:51 PM
Response to Reply #38
79. And Marshal Dillon
I mean, James Arness. Bushwhacked, no doubt.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 07:42 AM
Response to Reply #2
33. Employers added 54K jobs, rate ticks up to 9.1 pct

6/3/11 Employers added 54K jobs, rate ticks up to 9.1 pct

Employers hired only 54,000 new workers in May, the fewest in eight months, and the unemployment rate rose to 9.1 percent.

The Labor Department report offered startling evidence that the U.S. economy is slowing, hampered by high gas prices and natural disasters in Japan that have hurt U.S. manufacturers.

The pace of hiring has slowed sharply from the previous three months, when the economy added an average of 220,000 new jobs. Private companies hired only 83,000 new workers in May -- the fewest in nearly a year.

Local governments cut 28,000 jobs last month, the most since November. They have cut jobs for 22 straight month.

More people entered the work force last month. That pushed the unemployment rate up from 9.0 percent in April.

http://finance.yahoo.com/news/Employers-added-54K-jobs-...


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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 07:48 AM
Response to Reply #33
36. Futures are crashing on the news. Dow futures now down 115 pts. nt
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Mayflower1 Donating Member (43 posts) Send PM | Profile | Ignore Fri Jun-03-11 08:01 AM
Response to Reply #36
37. Buckle up.
It's going to be a rough ride today in the markets.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 08:08 AM
Response to Reply #36
39. DJIA Futures way down -143
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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 08:09 AM
Response to Reply #39
40. Elsewhere on DU, this news is being at best ignored and at worst deflected.
It gets kind of frustrating to watch.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 08:15 AM
Response to Reply #40
41. Same with my family and friends

They just don't see the bubble we are living in, and that the bubble eventually will burst. It really is frustrating that they pay so little attention to anything going on.

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 09:54 AM
Response to Reply #2
59. Stocks Slump as U.S. Employment Report Signals Further Economic Slowdow
http://www.bloomberg.com/news/2011-06-03/u-s-stock-inde...

U.S. stocks extended a fifth straight weekly drop, the longest slump for the Dow Jones Industrial Average since 2004, as slower-than-estimated growth in jobs fueled concern that earnings forecasts are too optimistic.

United Technologies Corp. (UTX) and Boeing Co. dropped at least 1.5 percent, pacing declines among the biggest companies. Dow Chemical Co. fell 1.9 percent as raw material producers slumped amid concern of slower demand for commodities. Stocks pared losses after a gauge of service industry growth topped economists estimates.

The Standard & Poors 500 Index retreated 0.9 percent to 1,301.79 at 10:25 a.m. in New York, headed for its longest weekly slump since July 2008. The Dow declined 102.85 points, or 0.8 percent, to 12,145.70 today. Both gauges are set to drop for a fifth straight week.

The jobs report is the last nail in the coffin, said Russ Koesterich, the San Francisco-based global chief investment strategist for the IShares unit of BlackRock Inc., which oversees $3.65 trillion as the worlds largest asset manager. It confirms that the economy is dramatically slowing. It tells me that the Fed will be in no rush to tighten monetary policy. This to me is a rational correction in stocks given that economic growth will slow over the next few quarters. You probably need to see some moderation in earnings estimates.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 09:58 AM
Response to Reply #59
61. Trade group says US service sector grew in May
http://news.yahoo.com/s/ap/20110603/ap_on_bi_ge/us_econ...

AP Economics Writer The U.S. economy's service sector, which employs 90 percent of the nation's work force, grew in May for an 18th straight month, posting slightly faster growth than in April.

The Institute for Supply Management said Friday its index tracking the health of service companies increased to 54.6 in May compared from 52.8 in April.

The past three months have had lower readings than in February, when the index hit a five-year high of 59.7. Any reading over 50 indicates expansion.

Many economists had expected a slight rebound in May because they thought a big drop in the index in April was overstating the weakness in the service sector. But the private trade group of purchasing managers said companies responding to its May survey still cited concerns about high fuel costs and rising prices for other commodities.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 06:14 AM
Response to Original message
4. Excuses, excuses
http://www.economist.com/node/18775426

RECOVERIES from financial crises are usually subdued, but Americas is starting to look comatose. On May 26th the government said GDP grew by an annualised 1.8% in the first quarter, identical to its preliminary estimate. Economists had hoped for an upward revision. Worse, as signs of weakness accumulate, forecasters have trimmed estimates for the current quarter from around 3.5% they were projecting a month ago to 2.7% or less now.

Last December an agreement between Barack Obama and the Republicans to extend George Bushs tax cuts and enact new ones led to forecasts of 3% to 4% growth this year. But the new consensus rate of 2.6%, for a recovery now two years old, is barely above Americas long-term potential and scarcely enough to bring unemployment down. To be sure, the post-crisis imperative for banks and households to reduce their debt meant a V-shaped rebound was never on the cards. Even so, this is a terrible performance.

Economists have found themselves repeatedly making excuses. First it was the snowstorms. Then it was Japans earthquake, tsunami and nuclear disaster which crimped the supply of parts to car assembly plants in America. Then, as the snow melted, floods ravaged Arkansas, Mississippi, Missouri and Tennessee, and tornadoes battered Alabama and Missouri. America has suffered five incidents of extreme weather this year, each inflicting at least $1 billion in damage.

The most important special factor has been petrol. Prices jumped from $3 per gallon at the end of December to $3.90 in early May. That has siphoned off much of the purchasing power that consumers should have extracted from Decembers tax agreement and subsequent gains in employment. Total consumer spending rose at just a 6.7% annual rate in the three months to the end of April, but most of that increase was eaten up by inflation. Real spending grew by a paltry 2.2%.
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Fuddnik Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 07:06 AM
Response to Reply #4
18. Would somebody please put this faith-based fantasy to sleep, already!?
"Last December an agreement between Barack Obama and the Republicans to extend George Bushs tax cuts and enact new ones led to forecasts of 3% to 4% growth this year. But the new consensus rate of 2.6%...."

Tax cuts for the rich have been tried and have failed how many times now? IT DON'T FRIGGING WORK!!!!

All you did was increase the debt, and deprive yourself of revenue, that could have been used for jobs programs and infrastructure. Clueless ideological morons.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 07:12 AM
Response to Reply #18
20. i just wish people would wake up & smell the bi-partisan coffee.
both parties draw their economic ideas from the same wishing well.
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Fuddnik Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 07:21 AM
Response to Reply #20
29. You mean they get it fed to them by the same lobbyists and "think" tanks.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 07:25 AM
Response to Reply #29
30. and universities.
academia is as much to blame.

it was the Austrians who wwII.

they all now teach some version of neo-liberal economics -- so that there is little difference in 'sensible' voices.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 08:23 AM
Response to Reply #30
43. Birth/Death Adjustment

6/3/11
Take away the Birth/Death adjustment of 206,000 and the Real NFP is: -150,000.

This is the biggest monthly B/D adjustment in over a year. And if as all the pundit claimed last month, demanding the McDonalds addition of 62,000 janitorial, part-time jobs be added to the May number, the economy really lost over 200,000 in May.

Time to price in QE 666.

http://www.zerohedge.com/article/birthdeath-adjustment-...

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Fuddnik Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 08:54 AM
Response to Reply #43
51. Zerohedge just went offline.
Predator drone?
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Ghost Dog Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 09:26 AM
Response to Reply #51
55. Zerohedge dixit:
Massive collapse in the American employment situation: May NFP at 54K, down from 244K, and not only below consensus of 165K, but below the lowest economist prediction of 65K. Private payrolls increased just 83K on expectations of 170K. Manufacturing payroll dropped 5K on expectation sof a 10K rise. - http://www.zerohedge.com/article/may-non-farm-payrolls-...

Take away the Birth/Death adjustment of 206,000 and the Real NFP is: -150,000. This is the biggest monthly B/D adjustment in over a year. - http://www.zerohedge.com/article/birthdeath-adjustment-...
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 01:30 PM
Response to Reply #43
78. That I'll Believe
They swallowed their own propaganda.
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snot Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 10:33 PM
Response to Reply #30
81. Don't disregard the corporatization of much of academe.
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Vinee Donating Member (421 posts) Send PM | Profile | Ignore Fri Jun-03-11 07:12 AM
Response to Reply #4
21. "Job Creation On Main Street Has Collapsed"
WASHINGTON, D.C., June 2, 2011 Chief economist for the National Federation of Independent Business (NFIB) William C. Dunkelberg, issued the following statement on May job numbers, based on NFIBs monthly economic survey that will be released on Tuesday, June 7, 2011. The survey was conducted in May and reflects 733 randomly-sampled small-business owner respondents:

After solid job gains early in the year, progress has slowed to a trickle. The two NFIB indicatorsjob openings and hiring plansthat predict the unemployment rate both fell, suggesting that the rate itself will rise.

Mays job numbers will disappoint; meaningful job creation on Main Street has collapsed.

http://www.businessinsider.com/nfib-job-creation-on-mai...

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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 06:15 AM
Response to Original message
5. Oil hovers below $101 ahead of key US jobs report
SINGAPORE Oil prices hovered below $101 a barrel Friday in Asia ahead of a key U.S. jobs report.

Benchmark oil for July delivery was up 15 cents to $100.55 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract added 11 cents to settle at $100.40 on Thursday.

In London, Brent crude for July delivery was down 12 cents to $115.42 a barrel on the ICE Futures exchange.

Crude has fallen from $115 on May 2 amid signs U.S. economic growth this year could be weaker than previously anticipated. On Thursday, the Energy Information Administration said demand for petroleum products dropped last week for the fourth week in a row.

http://news.yahoo.com/s/ap/oil_prices
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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 06:16 AM
Response to Original message
6. U.S. Stock-Index Futures Decline Before Jobs Data; News Corp. Might Move
U.S. stock-index futures retreated, indicating benchmark gauges may extend their six-week lows, as investors awaited a report that may show employers added the fewest jobs since January last month.

News Corp. might be active after a report that it reached an agreement with U.K. regulators that may clear the path for its full takeover of British Sky Broadcasting Group Plc. Quiksilver Inc. (ZQK) surged 9.8 percent after earnings topped analysts estimates.

Standard & Poors 500 Index futures expiring this month declined 0.4 percent to 1,307.5 at 7:03 a.m. in New York. The gauge has lost 2.4 percent over the past two days after private data showing slower-than-forecast job growth spurred concern that todays payrolls figures will trail estimates. Dow Jones Industrial Average futures slid 48 points, or 0.4 percent, to 12,190 today.

Markets have just started to react to news of a slowdown, Garry Evans, Hong Kong-based global head of equity strategy at HSBC Holdings Plc, wrote in a report to clients. This is likely to continue as earnings forecasts are trimmed. We see this only as a correction; buy back after the summer.

http://www.bloomberg.com/news/2011-06-03/u-s-stock-inde...
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 06:17 AM
Response to Original message
7. Fiat Buys Rest of U.S.s Chrysler Stake
http://www.bloomberg.com/news/2011-06-03/fiat-to-pay-u-...

Fiat SpA (F) will pay $500 million for the U.S. governments remaining 6 percent stake in Chrysler Group LLC, ending the Treasurys involvement in the automaker.

The U.S. Treasury said it will receive an additional $60 million as part of a deal for Fiat to acquire the governments rights to buy a union trust funds stake in Chrysler. The Canadian government will get $15 million from that part of the transaction, the Treasury said yesterday in a statement.

With the new option to buy all of the Chrysler shares held by the United Auto Workers retiree health-care trust, Chief Executive Officer Sergio Marchionne may not need to hold an initial public offering. As recently as this week he said an IPO was still the easiest route for the fund to sell its shares.

As Fiat takes a majority position, an IPO becomes less likely, said Maryann Keller, principal of a self-titled consulting firm in Stamford, Connecticut. Investors wont be keen to buy stock in a company in which Fiat has a controlling position, she said.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 06:18 AM
Response to Original message
8. europe: EU, IMF Wind Up Greek Economy Review as Bailout Readied
http://www.bloomberg.com/news/2011-06-02/eu-imf-wind-up...

European Union and International Monetary Fund officials today complete a review of Greeces plan for 78 billion euros ($113 billion) in asset sales and austerity measures as they prepare the nations second bailout in little more than a year.

The assessment caps a week when Greeces fiscal crisis worsened enough for Moodys Investors Service to raise the probability of a default to 50 percent. Greek Prime Minister George Papandreou will discuss the findings at 3 p.m. on a visit to his Luxembourg counterpart, Jean-Claude Juncker, who leads the group of euro-area finance ministers.

The medium-term plan is largely completed and some technical details remain, George Petalotis, Papandreous spokesman, said yesterday. There were no major hiccups.

The lifeline may incorporate a role for bondholders as European leaders try again to prevent the euro areas first sovereign default. Their May 2010 rescue failed to stem an investor exodus from Greece and the Greek government now faces a funding gap of 30 billion euros next year with 10-year borrowing cost above 16 percent, Europes highest debt load and the economy in a three-year slump.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 06:21 AM
Response to Reply #8
11. Benchmark DAX Advances; Commerzbank, Deutsche Boerse, Siemens Shares Gain
http://www.bloomberg.com/news/2011-06-03/benchmark-dax-...

German stocks were little changed, near a six-week low, as investors await U.S. jobs figures to help gauge the strength of the worlds largest economy.

Q-Cells SE (QCE) and Roth & Rau AG (R8R) paced advancing shares as a report said that China plans to double its solar-power generation capacity. EON AG and RWE AG fell following a report that the utilities will have to lower their sales forecasts

The benchmark DAX Index (DAX) rose 0.1 percent to 7,080.01 at 12:55 p.m. in Frankfurt, while the broader HDAX Index climbed 0.1 percent. Stocks slumped yesterday after Moodys Investors Service raised Greeces default risk to 50 percent and a report showed that U.S. factory orders fell the most in almost a year.

Sentiment has become particularly bearish towards the U.S. economy and a lot of weakness has been priced into the markets for todays payrolls data, said Jonathan Sudaria, a trader at London Capital Group. Many analysts have scaled back their expectations for this figure.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 06:25 AM
Response to Reply #8
13. Protesters take over finance ministry in Athens
http://hosted.ap.org/dynamic/stories/E/EU_GREECE_FINANC...

ATHENS, Greece (AP) -- Protesters took over the Finance Ministry building in Athens Friday morning, hanging a giant banner from the roof calling for a general strike, just as Greece wraps up tough negotiations with international officials on new austerity measures.

About 200 protesters from the communist party-backed PAME union blockaded the entrance to the ministry from dawn, preventing employees from entering. They hung a banner over five stories of the front of the building and took down the European flag from the top of the ministry, replacing it with their own union flag.

They said they would continue the blockade for the entire day. Ministry staff were working from a separate building, an official said.

The protest came as experts from the European Union, European Central Bank and International Monetary Fund were wrapping up a review of Greece's implementation of economic reforms in return for euro110 billion ($159.06 billion) in rescue loans from the EU and IMF.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 08:49 AM
Response to Reply #8
49. German Bunds Climb as Disappointing U.S. Payrolls Stir Demand for Safety
http://www.bloomberg.com/news/2011-06-03/german-bunds-c...

German government debt extended gains after data showed U.S. employers added the fewest number of workers in eight months and unemployment unexpectedly rose.

The yield on 10-year bunds, Europes benchmark debt securities, fell two basis points to 2.97 percent as of 1:31 p.m. in London after earlier rising to 3.01 percent. The two- year yield slid three basis points to 1.61 percent.

U.S. payrolls increased by a less-than-projected 54,000 last month, after a revised 232,000 gain in April, Labor Department figures showed today.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 08:50 AM
Response to Reply #8
50. U.K. Banks Cut 103,000 Jobs Since 2008
http://www.bloomberg.com/news/2011-06-02/u-k-banks-cut-...

The U.K.s five-largest banks including Royal Bank of Scotland Group Plc (RBS) and Lloyds Banking Group Plc (LLOY) have eliminated more than 103,000 jobs since 2008, with more to come.

Thats about 11 percent of their combined global workforces from the end of 2008 through 2010, according to Bloomberg data based on company filings. At least 34,500 of the cuts were made in Britain.

Banks have aggressive plans to control costs, which would suggest that some further headcount reduction is required, said Andrew Gray, banking leader at PricewaterhouseCoopers LLP in London. In many cases cost savings will need to be made on their global businesses and will be spread across their international cost base.

British banks have cut jobs and sold assets, trimming their balance sheets by 1.5 trillion pounds ($2.5 trillion) since the 2008 banking crisis as lenders reduce leverage and meet tougher capital requirements from regulators. Financial companies plan to cut 16,000 more jobs in the first half of 2011, according to the Confederation of British Industry, a lobbying group.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 10:30 AM
Response to Reply #8
67. Trichet calls for EU finance ministry
http://www.irishtimes.com/newspaper/finance/2011/0603/1...

Mr Trichet suggested a rethink on economic sovereignty was necessary to find a new balance between the independence of countries and the interdependence of their actions in a common currency bloc.

To safeguard the euro he floated the idea of a veto for EU leaders over national economic policy and tomorrow, or the day after tomorrow a central EU finance ministry.

Would it go too far if we envisaged . . . giving euro area authorities a much deeper and authoritative, say in the formation of the countrys economic policies if these go harmfully astray? asked Mr Trichet, suggesting a direct influence, well over and above the reinforced surveillance that is presently envisaged?

Mr Trichets proposals carefully phrased as hypothetical ideas came in a speech in Aachen yesterday where he was awarded the prestigious Karlspreis for services to European unity.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 10:33 AM
Response to Reply #8
69. Growth in euro zone services sector slows
http://www.irishtimes.com/newspaper/breaking/2011/0603/...

The expansion of the euro zone's services economy slowed a little in May as business confidence dipped to its weakest in a year and a half, according to surveys on Friday, although inflation pressures started to ease.

The Markit Eurozone Services PMI, measuring the changes in the activities of around 2,000 companies ranging from banks to hotels, fell in May to 56.0 from 56.7 in April, although it was revised up from the preliminary May reading of 55.4.

That represented the index's 21st month above the 50 mark that signifies growth, but survey compiler Markit warned of still-worsening disparities between a strong Franco-German euro zone core, and debt-burdened peripheral members.

"Despite slowing, services growth remains robust and the sector should still make a significant contribution to economic growth in the second quarter," said Chris Williamson, Markit's chief economist.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 10:35 AM
Response to Reply #69
70. Service sector growth at its weakest in three months
http://www.guardian.co.uk/business/2011/jun/03/service-...

Fresh evidence of a slowdown in the UK's pace of growth emerged on Friday when the monthly snapshot of the services sector showed activity at its weakest for three months.

The CIPS/Markit health check of industries from banking to high street spending, which make up about 75% of Britain's total output, dipped from 54.3 in April to 53.8 in May.

Although the reading of above 50 suggests that the services sector is continuing to expand slowly, the performance last month was weaker than the City had anticipated.

Markit senior economist Paul Smith said the services PMI index and a surprisingly weak manufacturing survey this week pointed to a soft second-quarter GDP reading.
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geckosfeet Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 06:19 AM
Response to Original message
9. Hi pale. Marketwatch Data link seems to be dead.
Thanks for these posts.
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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 06:20 AM
Response to Reply #9
10. Thanks! I'll fix it! nt
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 06:27 AM
Response to Original message
14. World markets muted ahead of US jobs report
http://hosted.ap.org/dynamic/stories/W/WORLD_MARKETS?SI...

BANGKOK (AP) -- World stock markets mostly fell Friday amid more evidence the U.S. economy is sputtering as investors turned their focus to a key monthly jobs report.

Oil prices dropped below $100 a barrel. In currencies, the dollar rose against the euro and was down against the yen after Moody's warned that it might put the U.S. government's credit rating under review for a possible downgrade.

Meanwhile, many investors were girding for the monthly U.S. employment report, which will be released later Friday and show whether the economy's soft patch translated into less hiring in May.

In early European trading, the FTSE 100 index of leading British shares was up 0.2 percent to 5,861.01 while Germany's DAX was up 0.6 percent to 7,116.90. The CAC-40 in France was 0.4 percent higher at 3,903.93.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 06:34 AM
Response to Reply #14
16. EMERGING MARKETS-Stocks steady pre-payrolls, Turkish mkts fall
http://af.reuters.com/article/southAfricaNews/idAFLDE75...

''It's really wait-and-see for U.S. payrolls numbers with everyone watching what the euro/dollar does," said Simon Quijano-Evans, chief EMEA economist at ING.

The MSCI emerging equities index .MSCIEF was steady in the middle of recent ranges. Emerging stocks are slightly in the black for the year but have been under pressure from concerns about the global economy and volatile commodity prices, since many emerging markets are commodity market producers.

The Thomson Reuters emerging Europe index .TRXFLDEEPU gained 0.23 percent, heading back towards recent two-week highs.

Signs euro zone policymakers may be getting closer to an agreement on a new bail-out for debt-laden Greece supported east European markets, especially Hungary. Concern in recent months about Greece had put pressure on emerging European assets as investors fretted about the impact on banks in the region if Greece were to default on its debt.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 06:31 AM
Response to Original message
15. UPDATE 1-India sees no sign of joint BRICS IMF candidate yet-sources
http://af.reuters.com/article/southAfricaNews/idAFL3E7H...

* India still favours common emerging mkts candidate

* If no BRICS consensus, will support candidate on "merit" (Adds details, background, quotes)

By Manoj Kumar

NEW DELHI, June 3 (Reuters) - The BRICS group of fast-growing economies has yet to build consensus behind an emerging markets candidate to head the International Monetary Fund, two Indian sources said, a sign that efforts to nominate a joint candidate may be losing steam.

In a statement on May 24, the BRICS countries had sharply criticised European officials for suggesting the next IMF head should automatically be a European, and that efforts were being made for a common BRICS or emerging markets candidate.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 07:03 AM
Response to Original message
17. Obama Administration knew for weeks that GM would make fraudulent claims


6/2/11 Obama Administration knew for weeks that GM would make fraudulent claims

The federal government knew of deceptive advertising by General Motors well in advance, and tacitly approved of it. Only later did federal officials distance themselves from those deceptive claims, after they drew criticism from an inspector general, Republican members of Congress, and even some journalists at liberal newspapers. Not, however, before the Treasury Secretary himself had trumpeted GMs deceptive claims, which the Treasury Department had plenty of time to review before GM made them.

Documents just released by the U.S. Treasury Department in response to a Freedom of Information Act request make this clear. They show that General Motors and the Obama Administration coordinated PR strategy regarding GMs much-criticized ad campaign in 2010, in which the car maker misleadingly claimed to have repaid what it received from taxpayers. In those ads, GMs CEO at the time, Ed Whitacre, boasted that GM repaid its government bailout loan in full, with interest, five years ahead of schedule.

In May 2010, the Competitive Enterprise Institute (CEI) filed a deceptive advertising complaint with the FTC, and GM shortly thereafter stopped running the ads. CEI also filed a Freedom of Information request with Treasury for documents on the ad campaign. Those documents were finally released late last month, after a year of delay far beyond the 20-day legal deadline for responding to FOIA requests.


more...
http://www.examiner.com/scotus-in-washington-dc/obama-a...


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hamerfan Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 07:07 AM
Response to Reply #17
19. Hope? Change?
Looks like it's all the same to me. Politics, what a crock.
Expecting a down day today. Standby the Bloodbath visual.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 07:14 AM
Response to Reply #17
22. please x-post this in editorials and other articles? nt
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 07:16 AM
Response to Reply #22
24. Could you post please? Thanks!
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 07:20 AM
Response to Reply #24
28. sure. nt
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 08:21 AM
Response to Reply #24
42. lol -- i was unaware that that newspaper is considered right wing.
so now i have cause a multiple dust up.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 08:37 AM
Response to Reply #42
46. I had no idea either

But the Yahoo link is apolitical and it shows $14B that taxpayers coughed up for the bailouts.



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Fuddnik Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 10:07 AM
Response to Reply #46
62. The actual evidence came from the gov't. FOIA.
But, I guess if someone other than....hmmmm. I can't think of anybody that's not under the bus around here anymore.

I guess the only safe source anymore is a White House release, with blue linkies.
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Fuddnik Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 10:12 AM
Response to Reply #42
64. Now I see why DRDU doesn't venture out of here anymore.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 10:33 AM
Response to Reply #64
68. LOL!

I rarely post anywhere, so there aren't many people who recognize me. Which, on second thought, might not be a bad thing.


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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 07:19 AM
Response to Reply #17
26. The cost of the auto bailouts to Taxpayers? $14B


6/1/11 Govt to lose $14B of auto bailout funds

The Obama administration said Wednesday that the government will lose about $14 billion in taxpayer funds from the bailout of the U.S. auto industry.

more...
http://news.yahoo.com/s/ap/20110601/ap_on_re_us/us_obam...

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bread_and_roses Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 09:28 AM
Response to Reply #26
56. And where's the gov't admitting what we lost to the Banksters?
maybe they have? maybe I read it and forgot it? Right now all I can remember is a passel of lies and lies and lies - reading this thread + some e-mails from this AM I am so mad I could spit.

Not that there's anything new - I think my neural anger connections were exhausted for a while and I just sank into despair. Seem to have woke up this AM - here's part of an e-mail I got this morning:

We need a jobs program that actually creates good jobs, and we need it now. New York currently gives away $8.2 billion in corporate tax breaks every year, and our main economic development engine, IDAs, recently handed out $135 million to companies that failed to create jobs or even cut them. Subsidies are responsible for the loss of millions of dollars that could be going to fund schools, libraries, healthcare and other important public services we all rely on.

We need solutions to our jobs and budget crises, and yet a jobs plan isnt even on the state agenda.


and i read somewhere - probably around here - that our great "hope and change" Pres had nixed a WPA style jobs program from the start! I guess whatever "change" he was talking about had nothing much to do with Main Street.

My daughter can't find a job. Her boyfriend can't find a job. My friends' kids can't find jobs. Not to mention the Elders working at McDs around the country. It's sickening.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 10:36 AM
Response to Reply #56
71. The banksters won
Edited on Fri Jun-03-11 10:39 AM by DemReadingDU
That's the whole point of the bailouts.

The bailouts aren't designed to help we the people. Heck no, the bailouts are designed to transfer our money to the banksters!

edit: same for QE1, QE2, QE? These programs are all designed to transfer our money to the banksters. They get richer, and we go into poverty.
:(

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bread_and_roses Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 01:07 PM
Response to Reply #71
76. Yes, I know
that's what I meant- they'll admit the cost to bail out auto (though if I remember rightly through the fog of rage, under duress - goddess forfend we the people should ever know anything) - because that cost is blamed - wrongly so - on UAW. They'll never admit what they paid out to their Bankster Buds and won't get back.
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Hotler Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 07:44 AM
Response to Reply #17
35. FUCKERS! All they do is lie. n/t
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 07:16 AM
Response to Original message
23. south asia: Tata wobbles towards handover of dynasty
http://www.atimes.com/atimes/South_Asia/MF04Df01.html

MUMBAI - A five-member committee searching for a successor to Ratan Tata, head of the Mumbai-based US$101 billion Tata group of companies, by itself exemplifies the doubts hanging over the legacy of the 73-year-old chairman when he stands down next year. <1>

In the 20 years since taking the reins from the legendary JRD Tata, Ratan Tata has turned one of Asia's oldest business houses into India's largest privately owned corporate group, with 90 companies employing nearly 400,000 people in 80 countries. Revenues increased 12-fold to more than $67.4 billion in 2009-10. At the same time, he leaves concerns over whether he sacrificed quality for quantity, attracted undue controversy and pursued contradictory strategies.

As recently as last week, Tata drew attention to himself by calling


British managers lazy, announcing this discovery after having invested billions of dollars in the country. He then criticized business rival and head of Reliance Industries Mukesh Ambani for pursuing a lavish lifestyle in an impoverished country like India - even as the Tata group garners profits from opulent spending on its luxury brands, from cars to hotels such as the five-star Taj Mahal Palace in Mumbai. Tata claimed a British newspaper took his Ambani comments out of context, although Indians are very familiar with his tendency for such verbal "mishaps".
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 09:19 AM
Response to Reply #23
54. Bird of gold
http://www.firstpost.com/blogs/bird-of-gold-19850.html

Its a myth that Indians are vegetarian. There are a lot of vegetarians in India, but a lot of them eat some form of meat, usually chicken or fish. There are taboos on cow and pig, not meat in general. Chicken, for example, is booming.

B.V. Rao started Venkys with five hundred birds and seven acres of land. Less than forty years later, his sons paid 23 million to buy an English Premier League football club the Blackburn Rovers. In a country where beef is taboo, chicken is king. As the current Venkys MD, B.Venkatesh Rao told Feedinfo, poultry meat is generally favored and accepted by the majority of the religions of India.

Per capita chicken consumption more than doubled from 2001 to 2010 (fapri.org). That US organization estimated growth of about 8% per year. Rao says its growing much faster 18-20%. The numbers are tiny on a global scale (consumption per capita was 2.26kg in 2010), but the growth is not.

Fast Food

One reflection of that growth is the rise of fast food outlets. According to Reuters, sector growth is estimated at 25-30%. They report that McDonalds has 211 restaurants in India serving about 250,000 people a day. KFC has about 107. Even Venkys has started a ready-to-eat chain, Venkys Exprs.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 10:13 AM
Response to Reply #23
65. Sensex sheds 119 pts as RIL loses 1.6% on gas output worries
http://timesofindia.indiatimes.com/business/india-busin...

MUMBAI: The BSE Sensex on Friday dipped over 118 points to 18,376.48 on heavy selling in heavy-weight Reliance Industries (RIL), even as a rise in Reliance Anil Ambani led group stocks capped its losses.

The Bombay Stock Exchange benchmark Sensex, which opened higher at 18,672.65 before noon, trailed RIL losses which fell 1.65 per cent to Rs 936.15 a piece today.

The company stock, which had gained 1.8 per cent till noon, dived after Mukesh Ambani, RIL chairman and managing director, failed to share the company plans on stemming the decline in natural-gas output.

Worried investors indulged in panic selling that pushed the Sensex, which had declined 114.63 points in the previous session, further into 117.70 points loss at 18,376.48.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 07:18 AM
Response to Original message
25. Asian exhaustion
http://www.atimes.com/atimes/Asian_Economy/MF04Dk01.htm...

MONTREAL - This was an odd week for Asian stocks even if slightly positive on balance. Two exchanges (Taiwan and India) were each set to gain roughly 2% on the week, while Australia was ready to lose almost that much, and all seven other exchanges reviewed here were distributed in the relatively narrow band between unchanged and up a little over three-quarters of 1%.
Correlation between percentage move and volatility was positive but low, and lower still by any aggregation. This means that no definite regional or sub-regional trend has yet emerged from the last month of stutter-stepping in the Asian equity markets, but also that global trends are having no uniform effect. Despite


occasional large swings resulting from developed-market events, the national markets in Asia are at least so far being left each to its own devices.

The best performing and also most volatile exchange was in Taiwan, where the TSEC/Taiex was up 2.7% in trading mid-afternoon Friday to 9,046, but looking near short-term overbought with positive but decreasing momentum. Other short-term technical indicators were generally neutral, and the index is well above both its 50- and its 200-day moving average, but there is a longer-term potential weakness and it meanders in a no-man's-land without definite medium-term supports or resistances nearby.
The Indian exchange looked to be second-best performer, but only the sixth most volatile, despite the Sensex fading in late Wednesday morning to 18,591 after a spike-open. It was still up 1.9% in late morning trading local time Friday. Most short-term technical indicators were actually giving no signal as volatility remained low and steady, and momentum shifted to the upside this week after steadily increasing from a strong-negative reading two weeks ago. A second leading indicator appears to confirm the short-term reversal to the upside.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 07:20 AM
Response to Original message
27. Mexico Accuses U.S. Companies of Buying Stolen Natural Gas Products from Drug Cartels
http://www.allgov.com/Top_Stories/ViewNews/Mexico_Accus...

Mexico Accuses U.S. Companies of Buying Stolen Natural Gas Products from Drug Cartels
Mexicos national oil company, Pemex, is suing a collection of American oil and pipeline companies claiming that they have purchased stolen natural gas products from drug cartels.

In the northeast of Mexico, drug bandits have been hijacking tanker trucks carrying natural gas condensate from the Burgos oil field. Pemex insists the thefts are encouraged and facilitated by U.S. companies, primarily in Texas, that have knowingly or unwittingly bought the stolen gas and then sold it in the United States. Three of the companies, Big Star Gathering, Superior Crude and F&M, are accused of having actively and knowingly participated in a conspiracy to import and market the stolen condensate in the United States.

The thefts have cost Mexico at least $300 million since 2006, according to the plaintiff. Pemex provides the Mexican government with about 40% of its annual revenue. The enormous Burgos Field includes 2,827 wells.

Natural gas condensate is a mixture of hydrocarbon liquids produced with natural gas and used as feedstock for refineries and petrochemical plants.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 08:30 AM
Response to Original message
44. asia: Rupiah Set for Weekly Gain as Global Funds Raise Bond Holdings
http://www.thejakartaglobe.com/business/rupiah-set-for-...

Indonesia's rupiah headed for its biggest weekly gain since April as international investors boosted ownership of the nation's debt after inflation slowed for a fourth month in May.

Consumer prices rose 5.98 percent from a year earlier after having increased 6.16 percent in April, official data show. Global funds boosted holdings of government debt by almost 15 percent to 225.32 trillion rupiah ($26.3 billion) this year, according to data from the debt-management office.

"Inflation is manageable and the economic outlook for the country is positive," said Wiling Bolung, head of treasury at ANZ Panin Bank in Jakarta. "The market is still bullish on the rupiah and investment in government bonds is still strong."

The rupiah advanced 0.4 percent this week, the most since the five-day period ended April 29, to 8,538 per dollar as of 9:12 a.m. in Jakarta, according to data compiled by Bloomberg. The currency gained 0.1 percent today from June 1. Financial markets in Indonesia were closed yesterday for a public holiday.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 08:31 AM
Response to Reply #44
45. China Govt Economist Predicts Yuan May Stop Rising After 2-3 Yrs
http://www.thejakartaglobe.com/business/china-govt-econ...

Beijing. The Chinese yuan's steady appreciation could come to an end after two or three years, and the central bank is more likely to use quantitative measures rather than interest rates to check inflation, a former adviser to the central bank said in remarks published on Friday.

Fang Gang, a government economist, was quoted in the Securities Times as predicting the Chinese economy faced no risk of a hard landing, adding that although economic growth rate was still at a reasonable level, it pace was moderating.

"In the past eight months, the central bank more often used quantitative tools, including central bank bills, reserve requirement ratio and credit quota limit, but it made less use of interest rate rises," Fan said.

Such a preference would likely continue, he said, since raising Chinese interest rates would widen the gap with U.S. rates and lure more undesirable capital inflows.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 08:44 AM
Response to Reply #44
47. Turkish Companies Have Big Hopes for Indonesia
http://www.thejakartaglobe.com/tradeandindustry/turkish...

More than 30 Turkish companies hope to establish ties with Indonesian firms during an exhibition in Jakarta as they try to tap Southeast Asias largest market.

The Turkish companies, most from the food and beverage industry, are holding the Turkish Export Products Fair 2011 at the Jakarta Convention Center from Thursday through Saturday.

We plan to promote collaboration between the Turkish business community and Indonesian businesses to develop bilateral trade relations between the two countries, Zekeriya Mete, chairman of the Istanbul Exporters Association, said on Thursday.

Indonesia as a country is developing very rapidly and has a very strategic position in Southeast Asia. In addition, Indonesia and Turkey have good international trade relations. As members of the Turkish business community, we are committed to maintaining our friendship with Indonesia.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 09:02 AM
Response to Reply #44
52. JPMorgan exec accused of tax scam
http://search.japantimes.co.jp/cgi-bin/nn20110602b1.htm...

The Tokyo Regional Taxation Bureau has filed a complaint against a former JPMorgan Securities Japan Co. executive, alleging he evaded some 50 million in taxes on profit he earned through stock transactions, sources said Wednesday.

According to the complaint filed with the Tokyo District Public Prosecutor's Office, Hideharu Taira, 45, failed to declare some 140 million in profit from exercising options that entitled him to shares in the company's U.S. parent, JPMorgan Chase & Co., for two years to 2008, the sources said.

He was given the stock options when he worked at JPMorgan Securities Japan from 2001 to 2006.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 11:13 AM
Response to Reply #44
72. Inflation continues to be a concern
http://joongangdaily.joins.com/article/view.asp?aid=293...

Korea is struggling to contain growing inflationary pressure, causing concerns that price instability could undercut the momentum of the nations economic recovery.

Core inflation accelerated from 3.2 percent in April to 3.5 percent last month, showing that demand-side inflationary pressure has been growing, Vice Finance Minister Yim Jong-yong said at an anti-inflation meeting.

Prices of goods directly linked to the daily lives of ordinary people still remain unstable, he said, adding that the government will continue efforts to ease price hikes of rice, pork, mackerel, home renting and other services.

Yim also said Seoul will announce its public service management plan this month that will include guidelines for how much public service fees will be raised in the second half.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 11:18 AM
Response to Reply #44
73. Korea, China, Japan free trade forum opens
http://joongangdaily.joins.com/article/view.asp?aid=293...

Representatives of think tanks from Korea, China and Japan promised to work together to promote a regional free trade agreement at a trade forum in southern Seoul yesterday.

At the first Korea, China, Japan Economic and Trade Forum at COEX in Samseong-dong, southern Seoul, the three sides said it is important for the private sector to show support for working together towards a free trade deal.

They said economic integration between the three countries is the ultimate goal.

Korea hosted the first event and Oh Young-ho, vice chairman of the Korea International Trade Association, led the discussions yesterday.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 08:47 AM
Response to Original message
48. Oil drops 2 percent after weak jobs report
http://hosted.ap.org/dynamic/stories/O/OIL_PRICES?SITE=...

NEW YORK (AP) -- Oil is falling nearly 2 percent after the government said the U.S. unemployment rate increased to 9.1 percent.

The Labor Department says that employers added 54,000 jobs in May, the fewest in eight months. Job gains had averaged 220,000 over the past three months. Lackluster hiring could mean gasoline consumption will continue to slide this summer.

The unemployment report adds to a bevy of disappointing economic news this week, including a government report that wholesale gasoline demand has dropped for 10 weeks in a row.

Benchmark West Texas Intermediate crude for July delivery lost $1.98 to $98.42 per barrel on the New York Mercantile Exchange.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 09:07 AM
Response to Original message
53. Doctors stick patients with paperwork fees
http://www.marketwatch.com/story/doctors-stick-patients...

SAN FRANCISCO (MarketWatch) Need a doctor to fill out a health form for your childs summer camp, school or day care? It may cost you extra.

As many primary-care doctors struggle to cover the growing costs of running their practices, some are charging patients extra for completing paperwork outside of a regular office visit. Per-item fees, where they exist, have risen in the past few years, practice-management experts say, and typically range $5 to more than $20 a pop. On the high end, the fee can rival or exceed your office-visit copay, depending on your health plan.

But some doctors argue such charges are necessary to cover the extra staff time involved in meeting increasingly complex paperwork demands.

About 64% of 149 group-practice administrators in pediatrics, family medicine, geriatrics and internal medicine said they charge extra for form completion, according to 2009 data from the Medical Group Management Association, a trade group based in Englewood, Colo.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 09:30 AM
Response to Original message
57. US heading for depression, eurozone seen as a failure
http://www.firstpost.com/world/alarm-bells-19768.html

The alarm bells are ringing loud and clear, signalling a global economic slowdown, but equity markets appear to be marching to the beat of their own drum.

Economies in the US and Europe are in dire straits, and it appears that growth in emerging markets, still robust but slowing down, may not compensate for the resounding crash that is imminent in the other half of the world.

Overnight, rating agency Moodys warned that the US would lose its AAA sovereign rating a measure of its creditworthiness if US politicians dont get their act together to address the debt burden issue. Policymakers are increasingly flirting with the idea of a technical default of US debt obligations, which has debt markets unnerved.






me: no virgin to corruption & greed is india -- and now even they are looking at us askance.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 09:52 AM
Response to Original message
58. Gross Says More Buying by Fed Unlikely Even as Job Growth Slows: Tom Keene
http://www.bloomberg.com/news/2011-06-03/gross-says-mor...

Pacific Investment Management Co.s Bill Gross, manager of the worlds biggest bond fund, said the Federal Reserve is unlikely to do a third round of quantitative easing even with the economy adding fewer jobs than forecast.

Central bankers are likely to extend the extended period language for longer in their policy statements, Gross said in a radio interview on Bloomberg Surveillance with Tom Keene. The less-than-projected pace of jobs growth in May that the Labor Department reported today shows that there is a persistency here. Its back to our old new normal, he said.

U.S. employers in May added the fewest workers in eight months and unemployment unexpectedly rose to 9.1 percent, underscoring the concern of policy makers that the expansion is failing to boost the labor market. The Fed began the second round of asset purchases, known as QE2, on Nov. 12 after buying $1.7 trillion in securities through last year, increasing the amount of money in circulation to spur growth and prevent deflation. The Feds $600 billion in purchases of Treasuries are due to end this month.

We dont see a QE3. There has been too much discussion and dissent within the Fed to permit that type of program, Gross said in the interview from Pimcos headquarters in Newport Beach, California. Given the current pace of growth and inflation they will speak to a fed funds rate that persists for an extended period of time, which in effect caps interest rates in the process.
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masmdu Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 09:58 AM
Response to Original message
60. 2 "IFs"... SPemini...If Low holds and close above 1320...then 3 up to 1400
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mrdmk Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 10:12 AM
Response to Original message
63. That was some opening, minus 125 points straight down
k & r
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 10:26 AM
Response to Original message
66. Gold hits high as dollar falls after U.S. data
http://www.reuters.com/article/2011/06/03/us-markets-pr...

(Reuters) - Gold hit session highs on Friday as the dollar tumbled after a monthly jobs report from the United States showed the economy created far fewer jobs than expected.

Spot gold touched a peak of $1,546.39 a troy ounce. It was bid at $1,542.15 at 1326 GMT from $1,532.55 an ounce late in New York on Thursday. The precious metal hit a record high of $1,575.79 on May 2.

Gold priced in sterling hit a record high of 946.79 pounds ($1,548) an ounce as a weaker dollar across a basket of currencies triggered a rush for the precious metal.

U.S. employment rose far less than expected in May in its weakest reading since September, while the jobless rate rose as high energy prices and the effects of Japan's earthquake bogged down the economy.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 11:21 AM
Response to Original message
74. australia: Australian share market loses further ground as uncertainty continues on US economic data
http://www.couriermail.com.au/business/market-up-in-ear...

AUSTRALIAN shares lost further ground on Friday due to low expectations for the next round of economic data due from the US.

The market posted its fifth weekly loss in the past six weeks.

The benchmark S&P/ASX200 index lost 17.3 points, or 0.38 per cent, to 4583.1 points on Friday, while the broader All Ordinaries index dropped 16.6 points, or 0.35 per cent, to 4666.6 points.

On the ASX 24, the June share price index futures contract closed 26 points lower, at 4580 points, with 31,199 contracts traded.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 12:40 PM
Response to Original message
75. Well, Looks Like the End of All the Nonsense
I guess the Weekend's theme (Eat, Drink and be Merry, (for tomorrow we die)) was excellently timed...

I bet Uncle Ben expected to run the market back up 300pts today...tough luck, Bernanke. Three days the market has significantly declined...

http://www.youtube.com/watch?v=_eyFiClAzq8

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Festivito Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 01:29 PM
Response to Original message
77. Debt: 06/01/2011 14,344,655,966,314.35 (DOWN 12,314,896.66) (Wed, UP a lot.)
(OVER the old debt limit of 14.294-trillion dollars by 51-billion dollars. Good day.)
McD's ran out of salads? Yikes.
(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)
= 9,736,528,968,465.76 + 4,608,126,997,848.59
UP 13,072,944,722.02 + DOWN 13,085,259,618.68

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

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 312-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,203.74 makes 1T$.
A family of three: Mom, Dad, Child: $9.61, ABOUT TEN BUCKS for a 1B$ 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 312,135,392 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 $45,956.52.
A family of three owes $137,869.56. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 33 days.
The average for the last 23 reports is 2,479,387,564.83.
The average for the last 30 days would be 1,900,863,799.71.
The average for the last 33 days would be 1,728,057,999.73.
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$/day.
There were 166 reports in 244 days of FY2011 averaging 4.72B$ per report, 3.21B$/day.
Above line should be okay

PROJECTION:
There are 599 days remaining in this Obama 1st term.
By that time the debt could be between 15.2 and 17.4T$.
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)
06/01/2011 14,344,655,966,314.35 BHO (UP 3,717,778,917,401.27 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 +0,783,032,935,422.60 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,171,340,251,759.22 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
05/11/2011 +000,200,317,592.65 ------------********
05/12/2011 -015,508,101,950.43 -
05/13/2011 +000,162,115,757.85 ------------********
05/16/2011 +051,422,548,961.68 ------------********** Mon
05/17/2011 -009,024,423,933.79 --
05/18/2011 +009,842,715,417.27 ------------*********
05/19/2011 -002,359,793,261.41 --
05/20/2011 +001,132,579,417.77 ------------*********
05/23/2011 -001,060,800,214.98 -- Mon
05/24/2011 -004,058,498,841.79 --
05/25/2011 +010,640,781,539.65 ------------**********
05/26/2011 -005,228,052,393.61 --
05/27/2011 +000,285,108,497.37 ------------********
05/31/2011 +005,592,179,988.61 ------------********* Tue
06/01/2011 +013,072,944,722.02 ------------**********

55,111,621,298.86 Total of 15 above reports.

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

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

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.ph...
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Festivito Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-04-11 12:03 AM
Response to Reply #77
82. Debt: 06/02/2011 14,344,706,437,041.50 (UP 50,470,727.15) (Thu, DOWN a little.)
(OVER the old debt limit of 14.294-trillion dollars by 51-billion dollars. Good day.)
Hamburgers, hamburgers, hamburgers and popcorn for dessert.
(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)
= 9,735,616,790,661.91 + 4,609,089,646,379.59
DOWN 912,177,803.85 + UP 962,648,531.00

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

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 312-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,203.66 makes 1T$.
A family of three: Mom, Dad, Child: $9.61, ABOUT TEN BUCKS for a 1B$ 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 312,142,592 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 $45,955.62.
A family of three owes $137,866.86. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 31 days.
The average for the last 23 reports is 1,045,946,997.78.
The average for the last 30 days would be 801,892,698.30.
The average for the last 31 days would be 776,025,191.90.
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$/day.
There were 167 reports in 245 days of FY2011 averaging 4.69B$ per report, 3.20B$/day.
Above line should be okay

PROJECTION:
There are 598 days remaining in this Obama 1st term.
By that time the debt could be between 14.8 and 17.4T$.
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)
06/02/2011 14,344,706,437,041.50 BHO (UP 3,717,829,388,128.42 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 +0,783,083,406,149.80 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,166,634,462,223.17 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
05/12/2011 -015,508,101,950.43 -
05/13/2011 +000,162,115,757.85 ------------********
05/16/2011 +051,422,548,961.68 ------------********** Mon
05/17/2011 -009,024,423,933.79 --
05/18/2011 +009,842,715,417.27 ------------*********
05/19/2011 -002,359,793,261.41 --
05/20/2011 +001,132,579,417.77 ------------*********
05/23/2011 -001,060,800,214.98 -- Mon
05/24/2011 -004,058,498,841.79 --
05/25/2011 +010,640,781,539.65 ------------**********
05/26/2011 -005,228,052,393.61 --
05/27/2011 +000,285,108,497.37 ------------********
05/31/2011 +005,592,179,988.61 ------------********* Tue
06/01/2011 +013,072,944,722.02 ------------**********
06/02/2011 -000,912,177,803.85 ---

53,999,125,902.36 Total of 15 above reports.

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

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

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.ph...
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plumbob Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-03-11 06:45 PM
Response to Original message
80. kick for the evening crowd. nt
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