STOCK MARKET WATCH, Tuesday, February 22, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Tuesday, February 22, 2011

AT THE CLOSING BELL ON February 18, 2011

Dow 12,391.25 +73.11 (+0.59%)
Nasdaq 2,833.95 +2.37 (+0.08%)
S&P 500 1,343.01 +2.58 (+0.19%)
10-Yr Bond... 3.52 -0.07 (-1.87%)
30-Year Bond 4.64 -0.06 (-1.22%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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Handy Links - Market Data and News:Economic Calendar    Marketwatch Data    Bloomberg Economic News    Yahoo! Finance    Google Finance    Bank Tracker    
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Handy Links - Government Issues:
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Handy Links - Videos:
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    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

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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

[Pale Blue Dot]

1. Today's Reports

Feb 22 09:00 Case-Shiller 20-city Index Dec -2.2% -2.4% -1.59%
Feb 22 10:00 Consumer Confidence Feb 67.0 67.0 65.6 60.6

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

[Pale Blue Dot]

44. US Stock Futures Deepen Losses After Case-Shiller Data

NEW YORK (Dow Jones)--U.S. stock futures pointed to a sharply lower open on Tuesday as the market returned after a long weekend of escalating violence in the Middle East and North Africa that sent oil prices soaring.

Stock futures deepened their losses after the S&P Case-Shiller index of home prices in 20 cities showed a bigger year-over-year drop than economists had forecast.

Dow Jones Industrial Average futures dropped 75 points to 12300, while Standard & Poor's 500-stock futures fell 16 points to 1327 and Nasdaq 100 futures tumbled 35 points to 2360. Prior to the data, Dow futures had been down 70 points, while S&P 500 futures were off 15 points and Nasdaq futures had tumbled 33 points. Changes in futures do not always accurately predict stock moves after the opening bell.

The S&P Case-Shiller 20-city home price index fell 2.4% year-over-year, more than the 2.0% drop economists surveyed by Dow Jones Newswires had predicted.

http://online.wsj.com/article/BT-CO-20110222-709013.html

[Pale Blue Dot]

67. Consumer confidence spikes to three-year high

NEW YORK (CNNMoney) -- Consumer confidence surpassed expectations and hit a three-year high in February, in the latest ray of hope for an economic recovery, a business research group said Tuesday.

The Conference Board said its Consumer Confidence Index jumped to 70.4 in February from 64.8 in January. That was far ahead of expectations of a Briefing.com economists' consensus of a 67 reading.

Lynn Franco, director of the board's Consumer Research Center, said the CPI spiked "due to growing optimism about the short-term future."

"Consumers' assessments of current business and labor market conditions has improved moderately, but still remains rather weak," Franco said. "Looking ahead, consumers are more positive about the economy and their income prospects, but feel somewhat mixed about employment conditions."

http://money.cnn.com/2011/02/22/news/economy/consumer_confidence/

More signs that Americans believe the propaganda more than they believe their own eyes.

[Pale Blue Dot]

2. Oil jumps above $93 as Libya crisis deepens

SINGAPORE – Oil prices soared above $93 a barrel Tuesday in Asia as Libyan leader Moammar Gadhafi's grip on power in the OPEC nation weakened amid violent protests calling for his resignation.

Benchmark crude for March delivery was up $7.34 at $93.54 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.

Markets were closed Monday in the U.S. for a holiday. The March contract, which expires later Monday, last settled Friday, down 16 cents at $86.20. The April contract rose $7.81 to $97.52.

In London, Brent crude for April delivery gained $1.26 to $107.00 a barrel on the ICE Futures exchange.

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

[Pale Blue Dot]

88. IEA Chief: $100 Oil 'Very, Very Bad' for Economy

With oil prices rising sharply on the back of the crisis in Libya, the head of the International Energy Agency has warned crude prices hitting $100 a barrel could be bad news for economic growth.

"That is our concern, regardless of the margins of disruption, if the $100 per barrel of oil is continued in 2011, the burden of oil to the global economy is as bad as 2008," Nobuo Tanaka, the Executive Director of the International Energy Agency told CNBC on the sidelines of a major oil conference in Riyadh.

Nubuo's comments come amid escalating violence and protests in Libya. In a speech Tuesday, the nations' beseiged leader, Muammar Gaddafi, defied calls to step down, saying he would hold his post and die a martyr if necessary.

Oil traders told Reuters Tuesday that the nation has declared a force majeure on oil exports. U.S. crude prices remained sharply elevated, trading more than 5 percent higher Tuesday.

http://www.cnbc.com/id/41714336

[Pale Blue Dot]

3. U.S. Stock-Index Futures Retreat as Libyan Government Attacks Protesters

U.S. stock futures fell, signaling that the Standard & Poor’s 500 Index may drop from its highest level since June 2008, after the Libyan government attacked protesters and Muammar Qaddafi said he was still in the country.

S&P 500 contracts expiring in March lost 1.4 percent from the close on Feb. 18 to 1,323.7 at 9:50 a.m. in London. Dow Jones Industrial Average futures expiring the same month dropped 1 percent to 12,256. Nasdaq-100 Index futures sank 1.6 percent to 2,356.75. Oil jumped to the highest price since September 2008. The MSCI Asia Pacific Index retreated 1.8 percent today, its biggest decline in a month, and the Stoxx Europe 600 Index lost 0.8 percent.

Libya, the holder of Africa’s largest oil reserves, is the latest country in the region to be convulsed by protests ignited by the ouster of Tunisia’s president last month and energized by the departure of Egypt’s President Hosni Mubarak on Feb. 11. Violence has flared in Yemen, Djibouti, Iran and Bahrain as governments have sought to crack down on demands for change.

“It’s just a volatile, unpredictable situation,” said Jack Ablin, chief investment officer at Chicago-based Harris Private Bank, which oversees $55 billion. “There’s a heightened element of risk as oil prices rise, which could weigh on a fragile recovery. From a global security perspective, there’s also an element of uncertainty and risk. Even as fundamentals look better in the U.S., our stock market might see a dramatic move because of all the global pressures.”

http://www.bloomberg.com/news/2011-02-21/u-s-stock-index-futures-retreat-as-libyan-government-attacks-protesters.html

[Pale Blue Dot]

4. Market Crash 2011: It will hit by Christmas

SAN LUIS OBISPO, Calif. (MarketWatch) — Politicians lie. Bankers lie. Yes, they’re liars. But they’re not bad, it’s in their genes, inherited. Their brains are wired that way, warn scientists. Like addicts, they can’t help themselves. They want to sell stuff, get rich.

We want to believe they’re telling us the truth. Silly, huh? Both trapped in this eternal “dance of death” controlled by programs hidden deep in our brains, telling us what to do, telling us to ignore facts to the contrary — till it’s too late, till a new crisis crushes all of us.

Psychology offers us a powerful lesson: Our collective brain is destined to trigger a crash before Christmas 2011. Why? We’re gullible, keep searching for a truth-teller in a world of liars. And they’re so clever, we let them manipulate us into acting against our best interests.

In fact, behavioral science tells us that bankers and politicians are lying to us 93% of the time. It’s 13 times more likely Wall Street is telling you a lie than the truth. That’s why they win. Why we lose. Because our brains are preprogrammed to cooperate in their con game. Yes, we believe most of their lies.

http://www.marketwatch.com/story/market-crash-2011-it-will-hit-by-christmas-2011-02-22

[AnneD]

6. It will never happen......

They would never miss the chance to gin up the numbers and get that fat Christmas bonus- don't you know. Never underestimate the power of greed.

[DemReadingDU]

8. Not necessarily around Christmas, but before

That could be this summer, maybe the Ides of March, maybe Halloween.

[rfranklin]

17. But they can only keep it afloat with government handouts...

i.e. quantitative easing as it now known. At some point, however, the Federal Reserve will have to raise interest rates. That's when the music stops and everyone rushes for the exits.

[Demeter]

21. Fed Would Rather Go Bankrupt First

and I'm inclined to agree with them!

[hamerfan]

9. Thanks for the link, PBD

Well worth the read.

[Demeter]

11. So He's Basing It on Cycles Analysis

Not on any kind of actual raw data or political predictions.

Like war and/or revolution in the Middle East; anarchy in Libya; Germany dropping the Euro, or anything else...

Unless all the algorithms are based on cycles theory, he's just making an opinion.

And frankly, it isn't the markets that matter, it's the underlying economies.

[DemReadingDU]

13. Nobody can predict when

But a meltdown will happen, probably sooner than later.

[Loge23]

33. It's unsustainable

The fundamentals are not improving. We still have epically high employment, little to no new construction activity, and - still - falling R.E. equity. The "stimulus" is about shot - it clearly was not what it should have been to begin with.
The pigs at the trough are essentially at their last orgy. Once this "rally" is shot, the carnival will pack up the tents. Not that it matters, many will go off to the desert with their $10+ million (I'm being modest) which should at least sustain their economy for the remainder of their days.
I absolutely hate to be so darn negative about the future, but it is very difficult to see any real signs of a sustainable recovery leading into significant growth.
Add in rising inflation, the continuing war on labor, and the ever-increasing gap between the elites and the rest of us and you have one long anxiety attack.
The string is just getting shorter and shorter for all of us who are in the winter of our working life.

[DemReadingDU]

42. Even college is becoming unattainable

The private college in our area is on a huge development program...buying up land, constructing new buildings, new apartments, new athletic facilities, etc.etc. The tuition, room, books, fees amounts to over $40,000 per year.
:wow:

With increasing unemployment of the middle class, who does this college think will be able to afford to attend? And why would a student or parents go into debt to finance education at this private college when it's expensive at a state college nowadays too.

[Demeter]

48. The Children of Banksters, Of Course

Do banksters reproduce?

[amandabeech]

92. Meanwhile, Obama tells us that everyone should go to college.

Oh, and he freezes Pell grants.

He wants more people to get tech, engineering and science degrees, run up huge student loan balances, and then *magically* get jobs that allow the grads to feed themselves, clothe themselves, shelter themselves and make student loan payments while competing against ordinary grads from third world countries who didn't have to finance their educations.

Everything is just peachy-keen!

[Demeter]

97. And then Gives OUT H1-B VISAS LIKE CANDY

Obama is tap dancing for all he's worth, and the man has no rhythm!

[amandabeech]

98. You're absolutely right.

This is the same guy who wants to "reform" public schools even though he never attended one and his children most certainly do not.

The H-1B and L-1 stuff has to stop even though employers might have to hire workers over 35 and train them for a few days. Horrors! :sarcasm:

[Demeter]

49. To Recover from a Pillage

you have to first: stop the pillage; second: recover the stolen goods; third: put the pirates out of business, for good; fourth: build defenses against another such attack.

We have yet to get to point Zero: recognize that a crime is in progess...

[tama]

93. Can't help thinking

there's something wrong with these words and their presuppositions: "sustainable recovery leading into significant growth".

[AnneD]

34. That sounds like a football pot......

to me. Any one else want to play? We will guess the next melt date. You can guess a date and include the reasoning (that is always much more interesting anyway). Of course we will have all the wonderful virtual prizes that the SWT is (in)famous for. I mean, who DIDN'T want their own pool cleaned by a speedo clad Carl Rove.

Give me some time to dream up the rules and I will post them and your dates. Of course you will be able to change the dates as things come into focus and I might even give a date spread (like a point spread).

[DemReadingDU]

35. yeh, we did this a couple years ago

I'll play, get the rules ready!

[Demeter]

37. Darling AnneD

even though the pool is community property, I STILL wouldn't want it cleaned by a a speedo-clad Karl Rove.

SHEESH!

[AnneD]

38. And THIS from the woman.....

that did 44 men in one weekend. OK I'll grant you it was a long weekend, but still. :evilgrin:

[Demeter]

40. I had Help

and we only got halfway, anyhow.

[Warpy]

87. Right now, it's a case of "where else can you go?"

Commodities prices have been ginned up so there's little money to be made there. Even lowering plutocrat taxes won't generate that much more wealth. Stocks are about all there is. Even with a flat market, the best of them pay dividends (until the rest of the customer base dries up), making them superior to a basement safe full of overpriced gold bars.

That's not going to last, of course. The market is still hyperinflated, floating on a sea of funny accounting money and printed money with nothing behind it but wishful thinking.

This is the Republican economic end game, the one they always put us into when they get into power too long. There's nothing that can stop it now.

[Festivito]

5. Debt: 02/17/2011 14,123,589,307,190.53 (DOWN 6,300,383,186.97) (Thu, DOWN a lot.)

(Good day after President's Day.)
Use of a plow truck did not leave a good job done. Ouch.
(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)
= 9,490,705,812,100.38 + 4,632,883,495,090.15
DOWN 11,510,944,063.77 + UP 5,210,560,876.80

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 $3.21 THAT'S 1B$, and $3,211.44 makes 1T$.
A family of three: Mom, Dad, Child: $9.63, ABOUT TEN BUCKS for a 1B$ 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 311,386,592 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 $45,357.09.
A family of three owes $136,071.27. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 24 reports in the last 30 to 34 days.
The average for the last 24 reports is 4,818,573,763.31.
The average for the last 30 days would be 3,854,859,010.65.
The average for the last 34 days would be 3,401,346,185.86.
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$/day.
There were 97 reports in 140 days of FY2011 averaging 5.79B$ per report, 4.01B$/day.
Above line should be okay

PROJECTION:
There are 703 days remaining in this Obama 1st term.
By that time the debt could be between 15.1 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)
02/17/2011 14,123,589,307,190.53 BHO (UP 3,496,712,258,277.45 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 +0,561,966,276,298.80 ------------* * * * * * * * * * * * * * BHO
Endof11 +1,465,126,363,207.59 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
01/28/2011 +002,605,585,609.92 ------------*********
01/31/2011 +072,534,426,006.14 ------------********** Mon
02/01/2011 -002,841,687,784.84 --
02/02/2011 +000,160,101,452.72 ------------********
02/03/2011 -011,756,222,449.85 -
02/04/2011 +000,096,985,369.31 ------------*******
02/07/2011 -000,024,110,721.58 ---- Mon
02/08/2011 +000,098,708,298.02 ------------*******
02/09/2011 +000,070,875,766.12 ------------*******
02/10/2011 -016,083,331,993.98 -
02/11/2011 -000,131,455,172.80 ---
02/14/2011 -001,050,366,540.96 -- Mon
02/15/2011 +048,146,191,309.44 ------------**********
02/16/2011 +000,114,208,468.26 ------------********
02/17/2011 -011,510,944,063.77 -

80,428,963,552.15 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=4737980&mesg_id=4737983

[Festivito]

100. Debt: 02/18/2011 14,124,831,879,791.32 (UP 1,242,572,600.79) (Fri, UP a little.)

(Good day.)
The snow hardens.
(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)
= 9,490,899,277,201.22 + 4,633,932,602,590.10
UP 193,465,100.84 + UP 1,049,107,499.95

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 $3.21 THAT'S 1B$, and $3,211.37 makes 1T$.
A family of three: Mom, Dad, Child: $9.63, ABOUT TEN BUCKS for a 1B$ 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 311,393,792 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 $45,360.03.
A family of three owes $136,080.09. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 24 reports in the last 30 to 31 days.
The average for the last 24 reports is 3,018,793,718.69.
The average for the last 30 days would be 2,415,034,974.95.
The average for the last 31 days would be 2,337,130,620.92.
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$/day.
There were 98 reports in 141 days of FY2011 averaging 5.75B$ per report, 3.99B$/day.
Above line should be okay

PROJECTION:
There are 702 days remaining in this Obama 1st term.
By that time the debt could be between 15.1 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)
02/18/2011 14,124,831,879,791.32 BHO (UP 3,497,954,830,878.24 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 +0,563,208,848,899.60 ------------* * * * * * * * * * * * * * BHO
Endof11 +1,457,951,984,740.10 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
01/31/2011 +072,534,426,006.14 ------------********** Mon
02/01/2011 -002,841,687,784.84 --
02/02/2011 +000,160,101,452.72 ------------********
02/03/2011 -011,756,222,449.85 -
02/04/2011 +000,096,985,369.31 ------------*******
02/07/2011 -000,024,110,721.58 ---- Mon
02/08/2011 +000,098,708,298.02 ------------*******
02/09/2011 +000,070,875,766.12 ------------*******
02/10/2011 -016,083,331,993.98 -
02/11/2011 -000,131,455,172.80 ---
02/14/2011 -001,050,366,540.96 -- Mon
02/15/2011 +048,146,191,309.44 ------------**********
02/16/2011 +000,114,208,468.26 ------------********
02/17/2011 -011,510,944,063.77 -
02/18/2011 +000,193,465,100.84 ------------********

78,016,843,043.07 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=4742775&mesg_id=4742790

[xchrom]

7. 3 days without SMW and i've started to twitch. nt

[Fuddnik]

56. Link?

:evilgrin:

[AnneD]

59. No links....

but a cream ought to help....Oh I am SO sorry. I thought he said itch not twitch.:evilgrin:

[xchrom]

61. smart asses! nt

[xchrom]

62. double post. nt

[xchrom]

60. link this!

:woohoo:

[AnneD]

63. Hey....

Fudd started it. :rofl:

[xchrom]

64. bad fudd!

:spank:

[AnneD]

65. You need to stop that...

you'll only encourage him.:spray:

[xchrom]

66. ...

:popcorn: but it'll be funny!

[AnneD]

77. You cheeky little...

monkey you.

[xchrom]

78. that's Miss Monkey! nt

[Demeter]

10. Egypt Takes a Step Back From IMF Ways

http://www.truth-out.org/egypt-takes-a-step-back-from-imf-ways67925


...Since the mid 1980’s, the World Bank, the IMF, and USAID have sought to encourage policies that limit the role of government in the economy, cut budget deficits, and give more influence to the private sector and corporations...Under pressure from the public following the success of the January revolution, the government of Prime Minister Ahmed Shafiq - originally appointed by Mubarak but kept by the military to run the everyday affairs until new elections are held - quickly rolled back some of the controversial policies. Many of the moves announced over the past few days are designed to be a quick fix to the economic situation faced by millions of Egyptians who are eager to enjoy concrete benefits of the 18-day revolution in which 365 protesters died.

The new government has announced that all citizens are eligible to apply for monthly portions of sugar, cooking oil, and rice. The previous cabinet, which was comprised of businessmen and former corporate executives, had frozen the rations. This decision overturned the previous policy of providing monthly rations only to those who prove they are poor through a lengthy process of paperwork and red tape...Furthermore, the new government promised to offset any extra cost in food prices that might accompany rising prices internationally. Radwan put the initial cost at 2.8 billion Egyptian pounds (about 425 million dollars).

Under the new policies, the health ministry will offer free health care 24 hours a day at public hospitals. Days before the Jan. 25 revolution, the Mubarak regime had limited free health care hours from 8:00 am to 1:00 pm.

Temporary workers who have spent at least three years working for the government will now be given permanent contracts that carry higher salaries, and benefits such as pension plans, and health and social insurance.

Many municipalities also saw long lines of applicants after the interim government said that it will offer subsidized housing for young people on an expedited basis.

And on Wednesday, the Central Bank of Egypt said it will be a "guarantor" to achieve the demands of banking sector employees, which include curbing top management compensation packages and salaries as well as offering greater benefits for employees.

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

Al-Hariri, a member of the left-of-centre Tagammu Party, agreed that the current interim government is not taking a U-turn away from capitalist policies inspired by Western financial institutions.

"Their measures are just like tranquilizers; something to kill the pain but not cure anything," he said. Al-Hariri added that past policies under Mubarak were not effective and that any future government should find an alternative. He recommended long- term plans to create more jobs, and what he called "real industries" and "real investments"...Confiscating wealth looted by cronies of the former regime, more egalitarian distribution of wealth, gradual taxation, better government oversight, and placing "a reasonable ceiling" on profitability of goods and services sold to the public are among the measures that should restore an economic balance to society, he said.

[Demeter]

22. Egypt requests freeze on Hosni Mubarak's foreign assets

http://www.bbc.co.uk/news/uk-politics-12527404

Egypt's top prosecutor has requested the freezing of the foreign assets of Hosni Mubarak, 10 days after the president stood down amid mass rallies.

Prosecutor General Abdel Magid Mahmud asked the Egyptian foreign minister to contact other nations on the issue.

He said the freeze would apply to Mr Mubarak, his wife, his two sons and two daughters-in-law...

[Demeter]

23. Egypt: army promises Hosni Mubarak he will not be prosecuted

http://www.telegraph.co.uk/news/worldnews/africaandindianocean/egypt/8336646/Egypt-army-promises-Hosni-Mubarak-he-will-not-be-prosecuted.html?sms_ss=email&at_xt=4d61cf71155a393a,0

Egypt's military have promised to protect the ousted President, Hosni Mubarak, from prosecution and to allow him to live freely in retirement in his Sharm-el-Sheikh holiday home, sources have told The Daily Telegraph. ...

Mr Mubarak, who was ill in the run-up to his resignation nine days ago and whose condition worsened as he flew out of Cairo, is now said to be recovering in his beachfront villa.

Despite heavy security outside the hotel compound owned by a friend where he is staying, army sources insist he remains free to come and go should he wish.

"The military has sworn an oath not to pursue legal action against Mr Mubarak," said one well-placed source.

General Ahmed Saleh, the deputy governor of South Sinai, which covers Sharm-el-Sheikh, confirmed he had no orders to hinder Mr Mubarak's movements.

[Demeter]

12. SEC Expert on Why It is a Wuss at Litigation

http://www.nakedcapitalism.com/2011/02/sec-expert-on-why-it-is-a-wuss-at-litigation.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29


YVES: As readers may have noticed, I grumbled over the weekend about the decision by federal prosecutors not to bring charges against Countrywide’s Angelo Mozilo. I attributed it to two causes: extreme deregulation (you can’t prosecute if virtually nothing is a crime) and timid prosecutors...

COMMENT FROM AN SEC INSIDER:

"The problem is that litigating cases is costly, particularly in terms of time; and it is also very risky. Too many lawyers at the SEC are looking to pad resumes before moving on to private practice, and quite simply, a half a dozen cases can quickly be settled out of court in the time it takes to litigate one major case. Not only that, but the outcome of a settlement is guaranteed, the outcome of a court proceeding is not....

The solutions are actually not difficult, in my view. The most simple is to provide more resources for litigation, which would give stronger incentives to look for more cases and carry them through. Enforcement staff are overwhelmed, and it’s easy to dismiss difficult cases while focusing on more clear-cut cases that are easier to settle.

The other solution is to provide stronger leadership direction in pushing for higher profile cases going to court. The Commission readily accedes to Enforcement’s preference for quick settlements; that certainly could change. And more (civil) cases going to court would likely lead to more criminal prosecutions, as criminal authorities seem to be reluctant to bring action on cases that are settled out of court."

MUCH MORE

[Pale Blue Dot]

14. BofA Doubles Writedown for Credit-Card Unit to $20.3 Billion

Bank of America Corp., the biggest U.S. lender by assets, almost doubled a goodwill impairment for its credit-card unit to $20.3 billion to reflect increased defaults and an almost 2-year-old change in rules.

The bank restated federal regulatory filings to record the writedown to its FIA Card Services unit in 2009’s first half, the firm said yesterday in a statement. The non-cash charge, which replaced a $10.4 billion impairment booked on the unit last year, doesn’t affect “the financial results, safety and soundness or the capital position” of the Charlotte, North Carolina-based parent company, said Robert Stickler, a spokesman.

The writedown shows the credit-card unit’s prospects may have deteriorated more than initially disclosed after the U.S. passed legislation, known as the Card Act, in May 2009 to curb fees and interest-rate increases. In November, the bank said some measures would cut annual revenue by $1 billion, undermining efforts by Chief Executive Officer Brian T. Moynihan, 51, to improve returns for investors. The firm yesterday said the act and “deteriorating credit quality” caused the revision.

“This is another sign that the quality of the bank’s consumer-credit book is weaker than what they previously indicated,” said Tony Plath, a finance professor at the University of North Carolina at Charlotte. “It’s a huge number, and the way they’re disclosing it erodes the bank’s credibility. Why are we waiting until 2011 to do an impairment charge for two years ago?”

http://www.bloomberg.com/news/2011-02-21/bofa-almost-doubles-credit-card-unit-writedown-to-20-3-billion.html

[Pale Blue Dot]

15. Farmers Can't Meet Demand as Corn Stocks Drop to 1974 Low

The smallest corn inventories in 37 years are a sign farmers around the globe are failing to produce enough grain to meet rising consumption, even as planting expands and food prices surge.

Growers from Canada to Russia boosted annual output of wheat, rice and feed grain by 16 percent since 2000, not enough to keep up with the 20 percent gain in demand, U.S. Department of Agriculture data show. While a Bloomberg survey of 25 analysts shows the agency on Feb. 24 may forecast a 3.5 percent increase in U.S. corn planting, the government says world stockpiles will equal 15 percent of use, the lowest since 1974.

Global inventories for all grain will drop 13 percent before the next harvest, the USDA estimates. That’s the first decline since 2007, when surging food prices sparked more than 60 riots from Haiti to Egypt. Increasing demand is causing isolated food shortages and accelerating inflation in developing countries even as it boosts farmers’ incomes and shifts planting strategies.

“We need to grow a huge crop this year to meet global food needs,” said Paul Jeschke, 58, who farms 3,600 acres (1,457 hectares) near Mazon, Illinois, and plans to boost corn planting by 50 percent because the crop is as much as $200 an acre more profitable than soybeans at current prices. “The increased demand for meat and dairy is driving demand for corn and soybeans.”

http://www.bloomberg.com/news/2011-02-22/corn-stockpiles-falling-to-1974-lows-as-farmers-fail-to-meet-demand-growth.html

[amandabeech]

95. Meanwhile, we continue to pave over farmland in the U.S.

Somehow, no one but us pessimistic prols saw the oncoming tractor pulling the empty wagons that were supposed to be filled with amazing yields from a new green revolution. Ha!

I know that most here favor large-scale immigration for the U.S. I don't, in large part because more immigration means more productive farm and ranch land being turned into housing and shopping centers. I should know. I live in a development in Maryland outside D.C. that was a nice dairy farm just ten years ago. We do not get many severe droughts here in the Mid-Atlantic region, and should be preserving our farmland. Instead, our population has increased tremendously in the last 20 years. A nation cannot continue to gain population and lose farmland indefinitely and maintain food independence, let alone export food to the rest of the world. And, it is as difficult to recreate productive farmland from an abandoned subdivision or shopping center as it is to convince people to move to dilapidated inner city neighborhoods.

Being thin may not be fashionable any more, because food prices may make everyone cut down on food. If all the poor people go back to being thin, being a little chubby may come into fashion.

[Pale Blue Dot]

16. U.S. Home Prices Probably Had Biggest 12-Month Drop in a Year

Residential real-estate prices dropped in the 12 months to December by the most in a year, a sign the U.S. housing market is struggling even as the rest of the economy recovers, economists said before a report today.

The S&P/Case-Shiller index of home values in 20 cities fell 2.4 percent, the biggest year-over-year decrease since December 2009, according to the median forecast of 19 economists surveyed by Bloomberg News. Another report may show consumer confidence fell this month from the highest level in almost three years.

Foreclosures are forecast to rise this year as banks resume seizures, further depressing values and prompting would-be buyers to hold off on purchases. Unemployment at 9 percent and declines in housing are among reasons the Federal Reserve has signaled it will proceed with its unconventional monetary stimulus.

“We’re seeing declines in home prices and they are broad- based,” said Julia Coronado, chief North America economist at BNP Paribas in New York. “We’re seeing very weak demand for housing, lots of distressed supply coming on the market. There is every reason to expect downward pressure for a while.”

http://www.bloomberg.com/news/2011-02-22/home-prices-in-u-s-probably-posted-biggest-decline-in-year.html

"even as the rest of the economy recovers." ARRRGGGHH!! How long can they keep inserting that line into every single article demonstrating exactly the opposite?

[Pale Blue Dot]

18. Italy Exchange Halted for `Technical Issues' After Plunge

rading on the Italian exchange remained halted because of “technical issues” after the benchmark FTSE MIB Index fell the most in eight months yesterday on concern Libya’s unrest may affect Italian companies.

Borsa Italiana SpA, owned by London Stock Exchange Group Plc, said in a statement on its website that “restoring operations” are underway after stocks failed to open and the futures market was halted at 12:10 p.m. All markets are suspended, the Milan bourse said in a separate statement.

The trading suspension “is something unacceptable,” said Francesco Vercesi, a money manager at Fiduciaria Orefici Sim SpA in Milan. Investors were permitted to cancel orders submitted before the scheduled opening, the exchange said. Futures trading on the FTSE MIB was temporarily halted Jan. 3 because of technical “issues.”

The FTSE MIB yesterday lost 3.6 percent to 22,230.2, the biggest decline since June 29. Impregilo SpA, the country’s largest construction company, plummeted 6.2 percent to 2.31 euros, the biggest loss since April 2009. The company has 1 billion euros ($1.4 billion) of projects in Libya, according to Milan broker Equita Sim SpA. UniCredit SpA, the nation’s biggest bank, sank 5.8 percent to 1.87 euros, the largest loss since May.

http://www.bloomberg.com/news/2011-02-22/italian-exchange-trading-halted-because-of-technical-issues-on-indexes.html

[Demeter]

19. US economics: One big Ponzi scheme

http://english.aljazeera.net/indepth/opinion/2011/02/2011218151257526294.html

Thank you, Bernie (Madoff), for breaking your silence - even if you are still clinging to that cover-up mode you adopted since you took the entirety of the blame for your crimes...What is clear is that ripping off the rich is punished far more severely than ripping off the poor. The lengthy sentence you were given spared countless other greedsters and goniffs from facing the music - what music there is.

...There were many who should have known and done something about it. The Securities and Exchange Commission (SEC) and other regulators for one. Perhaps The New York Times for another. Remember, it was Madoff's confession to his sons that started him on his way to his new 12' x 12' home from home - in a federal correctional institute, where he may dream of his seized penthouse, homes and yachts - rather than any press expose. For years, he went undetected by business journalists, who knew - or should have known - what he was up to. There are even questions about the speed with which he was sentenced, preventing him from being tried - a process which, through diligent cross-examination, would have brought us more information on the details of his dirty deals.

Do not believe all you read

...Madoff is also still not coming clean about the web of alliances he had internationally, as well as in New York. We live in a global economy after all. We now know of Swiss and Austrian connections - but what about Israel, where this ingratiating handler was well known for his connections with Jewish philanthropists and institutions? So far, that story has yet to be told.

At the same time, the people investigating Madoff are making a small fortune. According to the Financial Times: "The army of lawyers and consultants helping to recover funds from Bernard Madoff's $19.6bn fraud stand to earn more than $1.3bn in fees, according to new figures that detail the cost of liquidating the huge Ponzi scheme."...The best reporting on this subject is not in the mainstream press but in a music magazine, Rolling Stone, where Matt Taibbi investigates why the whole of Wall Street is not in jail: "Financial crooks brought down the world’s economy - but the feds are doing more to protect them than to prosecute them," he charges.


The truth is that many of us still do not really want to know - because, if we did, we would have to do something about it...So who will do anything about it?

The political right prefers to change the subject, while the left does not seem to have the time or energy to make economic justice its principal concern - even as polls show the economy is the number one problem for most in the US.
...Many activists say they want to emulate the Egyptians, but who will organise anything as effective - even in a land that used to be known for people's movements - to raise hell? In Egypt, young people used the internet to organise and mobilise for change. In the US, the internet seems to function more as an escape valve, consuming hours of our time and giving us another way to talk to each other - and ventilate against the government. Social media here seems to be more for socialising...The government supports internet freedom abroad - but restricts it and spies on it at home. Obama has already supported a law allowing him to shut it down here in a national emergency.

[Demeter]

20. Tunisia seeks Ben Ali's extradition

http://english.aljazeera.net/news/middleeast/2011/02/2011220191453117646.html

Tunisia is seeking the extradition of Zine El Abidine Ben Ali, the country's deposed president, from Saudi Arabia to face charges stemming from the violent crackdown on protesters last month, Tunisia's foreign ministry has said.

The country wants to try Ben Ali over his role in the deaths of protesters killed by security forces during the uprising, which brought an end to his decades-long rule, the foreign ministry said in a statement carried by state media on Sunday...The request followed a protest by as many as 4,000 Tunisians in front of the Kasbah in Tunis on Sunday afternoon, demanding an end to the transitionanal government led by Mohamed Ghannouchi.

Ben Ali fled Tunisia to Jeddah on January 14, after weeks of protests ended his 23-year-old rule.

The interim government, which is preparing the country for national elections, has asked Saudi Arabia to provide "as soon as possible" information on Ben Ali's health, the state news agency TAP reported. The 74-year-old former leader is reportedly very ill in hospital after suffering a stroke. Rumours are rife that the former leader might be dead.

WOULDN'T THAT BE CONVENIENT!

[Demeter]

24. China May Force Banks to Set Up Crisis-Handling Procedures

http://www.bloomberg.com/news/2011-02-21/china-may-force-banks-to-set-up-procedures-for-handling-potential-crisis.html

China’s banking regulator plans to require lenders to set up procedures to allow them to restore their finances in the event of a crisis, a person with knowledge of the matter said.

Banks deemed systemically important, including Industrial & Commercial Bank of China Ltd., may have to sell debt convertible into equity, the person said, declining to be identified because the regulator’s deliberations are private. Regulators will also be given broader powers to supervise those lenders in an effort to discover risks early, the person said.

China is seeking to avoid a repeat of its last banking crisis, when the government spent more than $650 billion over a decade to bail out banks after years of state-directed lending. Concerns that a deterioration of lenders’ asset quality could derail the world’s fastest-growing major economy surfaced after credit expansion surged to a record 96 percent in 2009, prompting the banking regulator to tighten capital rules.

“The regulator is incorporating a crisis mentality into its daily supervision of banks to make sure they have everything in place when big trouble comes,” said Tang Yayun, a Shanghai- based analyst at Northeast Securities Co. MORE

[amandabeech]

96. This is not a good sign. n/t

[Demeter]

25. US arrests Swiss banker in tax probe

A Credit Suisse banker has been arrested in connection with a long-running US tax evasion investigation and could be one of several individuals likely to face charges this week as prosecutors turn their focus from institutions to bankers and wealthy clients, said people familiar with the matter.

Christos Bagios was arrested about two weeks ago on entering the US and is in transit to a detention centre in southern Florida, according to the Bureau of Prisons’ website and people familiar with the matter.

Read more >>
http://link.ft.com/r/IOCBMM/26PJVA/4VXHZ/OJW73K/D4GBG4/MQ/t?a1=2011&a2=2&a3=21

[xchrom]

30. hmmmph -- they can arrest banksters in the EU -- but not here. nt

[AnneD]

80. Personally...

I think we need to go all Iceland on these corrupt banksters asses. Have you all heard anything about the banking crisis in Iceland lately....No and you won't either, at least in the M$M. They don't want us getting wise to the scam. Well, here are some links for you xchrom (snicker).

These are each about an hour long and for you cube rats that can't get youtube.....for you edification and listening pleasure...

http://rt.com/programs/keiser-report/oil-reserve-investment-trading/

http://rt.com/programs/keiser-report/money-forest-oil-dictatorship/

http://rt.com/programs/keiser-report/budget-revolution-military-welfare/



I like Max Keiser but it finally dawned on me...he reminds me of Charlie McCarthy.

[Fuddnik]

83. Detention? Florida?

With his credentials, he'll be Rick Scott's Chief of Staff by the end of the week.

[Demeter]

26. SEC case prompts funds to sweep for bugs

Hedge fund managers are hiring security firms to sweep their offices and homes for listening devices, security experts say, in reaction to the US government’s insider trading investigations.

“Over the past six months, there has been a really heightened interest in electronic sweeps for hedge funds,” said Christopher Falkenberg, founder of Insite Security, a security and risk management firm in New York. “They’re working harder at clamping down on their information security and making sure the telephones are secured and the offices aren’t being bugged. We’ve also been asked to sweep traders’homes.”

Read more >>
http://link.ft.com/r/DHGUVV/EWCBF4/204L2/EW0GYN/GKO66J/D5/t?a1=2011&a2=2&a3=21

THE SMELL OF PARANOIA IN THE MORNING...HOW DOES THAT GO?

"IF YOU AREN'T DOING ANYTHING ILLEGAL..."

[mrdmk]

79. It may not be the smell of paranoia or illegallity

The problem maybe who is collecting the information and for whom (i.e. corporate espionage!) In history, some people have been known to get very rich on proprietary information...

[Fuddnik]

89. Well, Fox News had bedbugs a while back.

It figures, with what they've been sleeping with.

SEC? Probably crabs.

[Demeter]

27. Mohamed El-Erian - Prepare for a shock from the Middle East

While related political and social issues rightly dominate the headlines, this past weekend could also prove a tipping point when it comes to the implications for the global economy; and there is little that western countries can do to offset short-term stagflationary winds.

Read more >>
http://link.ft.com/r/TWK799/TPEDFW/XBAN6/PRX5ZM/OJMX5E/GX/t?a1=2011&a2=2&a3=22

OKAY, EVERYBODY SPAZ OUT!

[Demeter]

28. Maersk claims new 'mega containers' could cut shipping emissions

http://www.guardian.co.uk/environment/2011/feb/21/maersk-containers-shipping-emissions


...While at 400m long and 73m tall the new "Triple-E" container ships will be only marginally longer and taller than the current biggest class of vessel, the 160,000-tonne ships will be able to carry nearly 20% more containers than previously because of their width. Maersk has signed a $1.9bn (£1.17bn) contract with Korean shipbuilders Daewoo for the first 10, with an option for 20 more. The first order will be completed in two to four years.

The company hopes to be able to cut the cost of transporting a container from China to Europe by 26%. "These are probably the largest ships you will see built for some years. We could have made them longer but ports would have had to be enlarged. We could not make them wider because port cranes can only reach across 23 or 24 containers," said Maersk chief executive officer Eivind Kolding in London...But the ships, which are nearly twice as large as the majority of the world's 9,000 container ships, were designed solely for the China-Europe route. Only Felixstowe in Britain, and Rotterdam and Bremerhaven in mainland Europe will have the facilities to handle them, along with Port Said in Egypt and just four ports in the east, including Shanghai and Hong Kong. "They will definitely stimulate further trade between China and Europe, but they are too big for any ports in north or south America. Eventually we would like to be able to take them to the US but for the moment they would take four or five days to be unloaded there," said Kolding.
...............................................

Yesterday Maersk sought to position itself as environmentally responsible, saying that $30m (£18.45m), or one-sixth of the total cost of each vessel, would go towards fuel-saving and emissions reduction. The vessels' twin engines have been designed to run slower, waste heat will be recovered and instead of using nearly 200 tonnes of fuel a day, the new ships should be able to run on around 100 tonnes.

"We have rethought the whole ship. We are setting a new bar, or standard. These ships will operate at fuel consumption of 50% less than the industry average and 20% better than the existing best. They will travel at 19 knots (21.8mph) rather than 23 knots (26.5mph) and the emissions will be 50% less . The ships could travel even slower but you reach a point when transit time becomes an issue," said Kolding.

The improvement was cautiously welcomed by environment and development groups. "Shipping is the lifeblood of international trade, but it is also a source of carbon emissions bigger than many industrialised countries, and set to treble by 2050. Efficiency improvements to engines are part of the solution, but only by setting a cap can governments really get a grip," said Tim Gore, Oxfam's climate change policy adviser...But the company could not say how much less air pollution the ships would emit. In international waters, sulphur and nitrogen emissions are barely regulated and the largest container ships have been found to emit as much sulphur and nitrogen pollutants as 50m cars. New laws will force reduction in some areas but the technology has not been developed yet to fully "scrub" the diesel emissions of mega ships like those planned by Maersk. In addition, European air quality standards are far more lax for shopping than those of the US.

[Demeter]

29. Madison Area AFL CIO Votes to Prepare For General Strike By Mike Elk

http://www.michaelmoore.com/words/mike-friends-blog/madison-area-afl-cio-votes-to-prepare-for-general-strike

... Around 10:50PM Wisconsin Time on February 21st the South Central Federation of Labor endorsed the following motions:

Motion 1: The SCFL endorses a general strike, possibly for the day Walker signs his “budget repair bill,” and requests the Education Committee immediately begin educating affiliates and members on the organization and function of a general strike.

Motion 2: The SCFL goes on record as opposing all provisions contained in Walker’s “budget repair bill,” including but not limited to, curtailed bargaining rights and reduced wages, benefits, pensions, funding for public education, changes to medical assistance programs, and politicization of state government agencies.

It’s important to note that this is just a threat and not actually going out on a general strike. Under the Taft-Hartley Act a general strike in support of other workers is illegal; therefore the key word is the phrase “begin educating affiliates and members on the organization and function of a general strike”. In addition, only individual unions, not the central labor federation has the ability to call a strike.

Many private sector unions would not go out on a general strike out of fear of being of sued by their employers. However, local labor observers say many public sector unions and some of the construction unions would go out on a strike. Threatening a general strike creates even more pressure for Scott Walker in the business community. The business community in Wisconsin already appears to bucking under the intense pressure of the mass labor mobilization as I noted here last week.

[xchrom]

32. ...

:applause:

[Demeter]

39. Wisconsin’s Walker Joins Government Asset Giveaway Club (and is Rahm Soon to Follow?)

http://www.nakedcapitalism.com/2011/02/wisconsins-walker-joins-government-asset-giveaway-club-and-is-rahm-soon-to-follow.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29

...The problem, of course, is that these deals put important public resources paid for by taxes (or even worse, financed by bonds and thus potentially not even yet fully paid for) in the hands of private investors. They then earn their returns by charging user fees of various sorts. The public must rely on the new owners for reinvestment and maintenance, and depending on how the deal is negotiated, may have ceded control as far as fee increases are concerned. This is tantamount to selling the family china only to have to rent it back in order to eat dinner.

Now defenders will argue that there is nothing wrong with this in practice, as long as the price is fair, no one is harmed. That’s spurious. This is worse than an intergenerational transfer. Those future fees not only must recoup maintenance costs (which any owner would presumably pay) and the time value of money, but also the investor’s target return in excess of that. In addition, the large transaction costs of these deals are ultimately borne by the seller.

And the list of shortcomings thus far are merely those that result if you have two sides that are equally sophisticated. That is hardly the case with municipalities versus bankers and investors. As the old saying goes, “If you sit down for a game of poker and you don’t know who the sucker at the table is, it’s you.”

But even that dim view presupposes that the government body will try to avoid being fleeced but will. Imagine what happens when government officials are in a position to lend a helping hand with a wholesale giveaway to their cronies.

Consider this section from Wisconsin’s Budget Repair Bill:

16.896 Sale or contractual operation of state−owned heating, cooling, and power plants. (1) Notwithstanding ss. 13.48 (14) (am) and 16.705 (1), the department may sell any state−owned heating, cooling, and power plant or may contract with a private entity for the operation of any such plant, with or without solicitation of bids, for any amount that the department determines to be in the best interest of the state. Notwithstanding ss. 196.49 and 196.80, no approval or certification of the public service commission is necessary for a public utility to purchase, or contract for the operation of, such a plant, and any such purchase is considered to be in the public interest and to comply with the criteria for certification of a project under s. 196.49 (3) (b).

Now this looks really heinous, right? Government officials can hive off assets to anyone they like, literally including their brother in law, although they are certain to be a tad more discreet and will purvey them to credible-looking parties....

[Demeter]

31. Ugly Out There!

http://www.nakedcapitalism.com/2011/02/ugly-out-there.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29

The Shanghai Index fell 2.6% overnight.

Italian bonds are blowing out. If sustained, this is bigger deal than the stock market swoon across Europe: CAC down 1.45%, FTSE down 1.1%, Dax off .4%. A lot of Libyan shares apparently in Italy and Libyan interests own over 7% of Unicredit, the biggest bank in Italy. Ouch.

The euro is off but not horribly so considering all the bad news even before Libya raised the stakes. 1.36 at this hour.

The yen has strengthened (but the yen and Japanese stocks, which were off 1.7%, usually trade in opposite directions).

Brent has backed slightly from its spike to $108, gold and silver have recovered a bit after falling in a dollar rally.

US nerves clearly rattled. S&P futures off over 17 points (it was over 19 a little while ago) and Dow futures off over 100 points.

[Demeter]

36. And Closer To Home:

gee, we're up to 16.4F! Windchill of 9.

At least it stopped snowing. The hills are as high as they were before the massive thaw.

The caravan reached its destination, and the two-year-old is firmly in charge. We will have to wait for him to be in extremis or at least, unconscious, to get him into a hospital. If it weren't my only sister, I'd borrow Tansy's stamp...

I TOLD her she would have to be the "mean mommy". Unfortunately, she's only had dogs, not kids.

[xchrom]

41. the best to you, demeter.

and i certainly hope for better weather for -- hard to do anything when it's bad like that.

[Demeter]

46. It's Sis and BIL I Worry About

They've invited the lion into their den...

[xchrom]

51. i know how you feel -- and you can only do so much. nt

[Po_d Mainiac]

43. The DX is in the 77.5 range

That is not a dollar rally

@ $1.37/ EUD - @ $0.94/CHF - @0.986 CAD is definitely not use of the U$D as a flight to safety. Au above $1400 and Ag @ 30years highs are the new safe havens.

All those PM shorts are burning someones balance sheet.

Will we see Blyth screaming naked through Central Park with JD in tow? :popcorn:

NMFDTB...YMMV

[Demeter]

47. Better than what's on cable!

Until the PTB get burned bad enough to "retire", it's going to go on and on and on...

[Po_d Mainiac]

76. Remember how Elizabeth Warren described JD in the buff?

And it's still shrinkage cool, even in NYC....You might not get much of a show.

[Demeter]

45. How to Foreclose on Your Bank MUST READ

http://www.nakedcapitalism.com/2011/02/how-to-foreclose-on-your-bank.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29

This is not a joke...

I WISH I COULD USE THIS IN OUR CO-OP'S LAWSUIT AGAINST NCB...

[Demeter]

50. Consumer Stress Continues to Rise While DC Goes into “Mission Enough Accomplished” Mode

http://www.nakedcapitalism.com/2011/02/consumer-stress-continues-to-rise-while-dc-goes-into-mission-enough-accomplished-mode.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29

The officialdom has moved on to a new form of theater, namely legislative mud wrestling, which serves as a useful distraction from the failure to deliver on what ought to have been the first order of business, namely reining in the financiers. As we’ve said repeatedly, cleaning up the banking system is a necessary precursor for recovery from a serious financial crisis. Instead, whether by dumb luck or design, enough Americans have become fixated with various forms of jealousy over advantages they believe their neighbors have (whether accurate or not) that it is providing a great smokescreen for the oligarchs to continue their looting....

[xchrom]

52. +1

[Demeter]

53. Hmmm...Drop 100 and change, then bounce right back up?

What a liar this market is.

[maddogesq]

55. Agreed, but sometimes one can feel good about investments.

In my case, there is this Michigan company. I am extremely proud of them.

http://www.thestreet.com/story/11016505/1/uni-solarr-laminates-installed-at-nevadas-washoe-county-school-district.html

[Fuddnik]

54. Housing data may have understated extent of collapse

updated 1 hour 25 minutes ago 2011-02-22T13:45:53

Housing data may have understated extent of collapse
NAR may have over-counted home sales dating as far back as 2007 — report



WASHINGTON — A housing trade association is examining the possibility that the data it releases underestimated the collapse of the housing industry, the Wall Street Journal reported on Monday.

The National Association of Realtors, which issues the monthly existing home sales report that is closely watched by economists and financial markets, may have over-counted home sales dating as far back as 2007, the newspaper said in an article posted to its web site.

NAR's home sales count was at odds with calculations by CoreLogic, a California real estate analysis firm, according to the report. CoreLogic says NAR could have overstated home sales by as much as 20 percent.

An over-count of home sales may mean that there is a bigger backlog of unsold homes and that it will take longer for the U.S. housing sector to climb out of the deep hole it is already in, dragging on the broader economic recovery.

(snip)

http://www.msnbc.msn.com/id/41715313/ns/business-real_estate/

The crash of U.S. housing markets, in part because of shoddy lending practices, was at the heart of the economic meltdown that started in the United States and spread around the world.

[xchrom]

57. +1

[kickysnana]

58. +1

[Tansy_Gold]

68. + another one, and I would add

I think they've understated the extent of the drop in home values, too.

Effectively this has made many some people believe they have equity in their homes when they're really quite a bit underwater; believing they have equity, they've continued to pay on mortgages they might otherwise have walked away from.

It also allows them to keep assets on their books at higher values (which is nothing that they haven't done before).

Higher $$ properties have lost less value, while lower %% properties appear to have lost much more, and those are the properties more people currently own or owe on.

We won't know the "true" value of anything until the market completely crashes and finds a legitimate level again.



TG, TT

[Po_d Mainiac]

75. Values..Hah

Banksters have been playing this number by buying their own foreclosures..This cover sentence #3...Extend and pretend/mark to myth

[AnneD]

82. Glad you checked in....

I was about ready to put out an all points bulletin, or would you rather HS and TSA come over and give you a......check up.

Glad you are up and running.

[Tansy_Gold]

85. I've been angry

I posted three angry screeds about the Wisconsin teachers meekly going back to work. I got very few responses. I figured no one was listening to me.


I see the DJIA is down over 170 at the moment, and that suggests someone other than the robotraders are having an impact. As I said elsewhere, I think there is a cliff looming ahead.


Anyone who has ever driven toward mountainous country knows that you start seeing the mountains miles and miles and miles before you reach them. They start out small and distant, then slowly loom closer and larger. On my one and only trip to the Grand Canyon, the aspect that struck me most forcefully was that I got no preview. It didn't appear on a distant horizon and gradually manifest itself. We drove into the park, and then, quite suddenly, this gaping split in the earth was just. . . . . . . THERE. Photographs don't prepare you for that.

That's the only analogy I can make to what I think is coming. We're not going to see it ahead of time, because it's not going to be caused by the usual factors. We saw the housing bubble. We've watched the jobless recovery put money in the pockets of the rich. These are all logical and understandable and, to a certain extent, predictable. Even peak oil is something we can kind of prepare for because it's not going to happen, like, tomorrow. The 1929 crash didn't immediately result in "The Depression." Even the responses to Pearl Harbor and 9/11 took some preparation.

But I do believe that when the next "world-changing" event happens, the change will come much much much more rapidly. The fall of the Soviet Union took months, even years. The fall of Mubarak took a couple of weeks, but that was not the fall of Egypt. If/when the fall of the U.S. arrives, I think it will be much more on a scale of the collapse and break-up of the USSR, but it will happen much more quickly, more in the time frame of Mubarak's ouster. Unfortunately, I see one possibility that will be quite unlike either of those "revolutions": I think there is a much greater chance for a very very ugly civil war in the U.S. than in Egypt or the USSR.

The warnings will be economic, not social. Keep your eye on SMW & WEE. . . . .


TG, TT

[Fuddnik]

90. I posted one over the week-end asking if their unions were about to sell them out.

Looks like they did. They need a general strike, and run that asshole governor out of the state on a rail. They had the momentum, and blew it.

[Tansy_Gold]

99. The general strike may be coming

I agree, Fudd. They blew it. They had momentum and best of all, they had media coverage.

That said, the support from other unions may pick up the slack. I don't know.

My understanding -- and I hope someone will correct me if I'm wrong -- is that under Taft-Hartley, such a thing as a general strike can't happen. A union with a valid contract can't strike, and so any strike in support of another union is illegal. So that may limit some actions.

On the other hand, when the public takes to the streets and capitol and courthouse steps, then it's another matter entirely.

And that's what it must become. A couple of days of demonstrations didn't bring down Mubarak. The pressure must be unremitting. And if that pressure has to be applied to Scott Wanker, then so be it. Point out every single connection to him and the Koch Bros. Lay it on the line that the Kochs want to DESTROY the middle class as we know it. They want a nation of serfs, with a few hand picked house you-know-whats to have a slightly better quality of life. No aspirations, no dreams, no opportunities. Mississippi 1952 (or 1852; they're interchangeable) is their dreamland.

I happened to pick up a copy today of "Using Terri: The Religious Right's Conspiracy to Take Away Our Rights." I don't think most people, including professed christians, have much idea what a Koch-supported theocracy would look like. And unfortunately, our side isn't much into fear mongering the way theirs is, with the result that their side achieves their nefarious objectives and we are unable to stop them. Thus it is that the teachers are NOT sufficiently afraid of what might/will happen to them if they do not stand strong. They are short term worried about their jobs, and they submit to the grand mastery that will ultimately include Koch ownership of their power plants, with results similar to what happened when Enron controled the power grid in California a decade ago. How quickly we forget.

And so it may come to pass that Taft-Hartley and the legality or illegality of a general strike may take a back seat to saving the middle class. If the labor council in Wisconsin is preparing an education program on it, then perhaps the rest of us ought to listen in.



TG, TT

[DemReadingDU]

101. and now here in Ohio, we have protests too

The new Republican governor wants to bust the unions, just as in Wisconsin. I'd like to see these protests spread to other states such that the media can't avoid talking about it, because the uprising would be everywhere.

[AnneD]

94. An interesting observation....

re: the Grand Canyon and something to cogitate on.

I saw you posts and, well, I could tell you were worked up. The actions that I have seen in every labour dispute have always each been different. These disputes are delicate dances these days. It is not so much in your face as it use to be. I trust the legislative folks in WI are a bit shocked by it all, esp the support. The Gov has already lost the high ground. I have to trust the rank and file in WI to know how hard to push.

That being said, I am not afraid to go the distance because I am prepared. I will be at lobby day in March here in Texas and will be supporting other striking workers on the picket line by walking the lines with them. I will be supporting the NFL players in their walk out, because of the Packers actions. I figure what is done to one is done to all. I am not satisfied until the union workers are satisfied-and only they can decide how far to take it. I will never never ever bad mouth a striking worker, no matter how 'inconvenienced' I am. If I have learned anything, it is to show solidarity.

As a Nurse, I often have been asked to work a short contract. It would inevitably be to staff a hospital during a strike. I have always declined those offers and told the staffing agency up front (and they are the highest paying jobs). I do not cross a picket line but I don't judge those that do. I haven't walked in their shoes. I just know what I would do.

Just my 2 cents.

[Robbien]

73. So only 3.3 mil used homes were sold last year but NAR reported 4.9 mil sold. . .and no one noticed

Per
http://online.wsj.com/article/SB10001424052748704476604576158452087956150.html?mod=googlenews_wsj

CoreLogic. . . measures sales by tracking property records through local courthouses.

NAR . . . uses a sample of sales data reported by local multiple-listing services to calculate monthly changes in sales.



--------

CoreLogic has been reporting the right numbers but everyone has been ignoring them because NAR's numbers were more enticing.

NAR said that their numbers were off because of consolidations and takeovers in the listings market and no one told NAR. NAR complained it has to be told when major events happen in their field of expertise otherwise they have no clue.

Only reason NAR looked into the discrepancy is that mortgage bankers were upset mortgages being issued didn't line up with NAR reported sales. It only took the mortgage bankers five years to question NAR.

Nincompoops and boobs, the whole lot of them.

[xchrom]

74. i'm sure some one will issue a statement saying they were surprised and this is unexpected. nt

[Tansy_Gold]

81. HOOCOODANODE????? n/t

[Pale Blue Dot]

69. Medtronic to Cut 5% of Workforce as Sales Drives Profit (1500 to 2000 jobs lost)

Feb. 22 (Bloomberg) -- Medtronic Inc., the biggest maker of heart-rhythm devices, said it will cut 1,500 to 2,000 jobs as sales of pacemakers and defibrillators continue to stagnate.

The company will cut shed 4 percent to 5 percent of its employees with voluntary programs and layoffs, Minneapolis-based Medtronic said in a statement. Sales from pacemakers and defibrillators, the company’s biggest products, fell 2 percent in the quarter. Demand for new devices such as heart valves, stents for aortic aneurysms and insulin pumps rose, boosting company revenue by 3 percent to $3.96 billion.

Net income in the three months ended Jan. 28 rose 11 percent to $924 million, or 86 cents a share, from $831 million, or 75 cents, a year earlier, the Minneapolis-based company said. A low tax rate helped profit beat the 83-cent average estimate of 25 analysts surveyed by Bloomberg.

“Medtronic’s challenge is that 62% of its sales today are in businesses that over the next three to five years are unlikely to grow and face average annual price erosion of 4 percent to 5 percent,” Michael Weinstein, an analyst at JPMorgan Securities in New York, wrote in a Feb. 18 note to investors. “In light of all these challenges, Medtronic is increasingly focused on cutting costs and reallocating resources amongst its businesses.”

http://www.businessweek.com/news/2011-02-22/medtronic-to-cut-5-of-workforce-as-sales-drives-profit.html

[Pale Blue Dot]

70. Immigration raid forces 200 layoffs at Lone Star Bakery

CHINA GROVE, Texas - A food manufacturing plant was forced to lay off around 200 workers after a "silent raid" found nearly half of its employees were undocumented. Immigration and Customs Enforcement (ICE) conducted a paper audit on the China Grove plant, Lone Star Bakery. Company officials say the illegal workers, some who had worked there for 15 years, had provided social security numbers that didn't match up with their names.

"It's really hard," commented Ibett Farfan, one of the undocumented workers who was laid off last week. "I came here to work."

Now, after nine years working at the plant, Farfan has lost her job and doesn't know how she'll continue to support her two young daughters. While Farfan is native to Mexico, both of her daughters were born in the United States.

"I felt like it was a real injustice," commented Kay Grimes, Corporate Attorney for Lone Star Bakery. "These people have been working in this country for a long time. They're hard workers, and good people."

http://www.woai.com/news/local/story/Immigration-raid-forces-200-layoffs-at-Lone-Star/PJeXdG9cdkGgHLbZsU2LAQ.cspx

[AnneD]

84. Our theme for today........

China Grove....the Doobie Brothers

http://www.mediafire.com/?z2ndzxu0wyf

[Pale Blue Dot]

71. Walker warns of imminent layoff of 1,500 government workers if Senate fails to act on budget bill

MADISON -- Gov. Scott Walker said late Monday that unless 14 Senate Democrats return to the state Capitol to act on his budget bill by this weekend, approximately 1,500 state and government employees face layoffs soon and as many as 12,000 could ultimately get pink slips.

"It is of the greatest important that we pass this budget repair bill. It sets the table to make sure we can balance the $3.6 billion deficit going into the next biennium," Walker told a news conference in Madison.

He also said failure to act quickly on the budget bill would eventually lead to the state being unable to make Medicaid reimbursements.


http://newsofthenorth.net/article/Top_Stories/WI_State_News/BREAKING_NEWS_Walker_warns_of_imminent_layoff_of_1500_government_workers_if_Senate_fails_to_act_on_budget_bill_says_Democrats_need_to_come_back_home/120017

[Pale Blue Dot]

72. 230 to be laid off from NC Slim Jim plant

GARNER — ConAgra Foods Inc. is laying off 230 workers from a Slim Jim production facility in North Carolina that was damaged during a deadly explosion in 2009.

The Omaha, Neb.-based food manufacturer has notified state officials in a letter released Monday that the layoffs will take place in the middle of April. ConAgra has previously said it will close the North Carolina site in late 2011 and transition production to a facility in Ohio.

The 2009 explosion at the plant in Garner killed four people and caused parts of the building's roof to collapse. Investigators have said contractors were purging gas lines at the time of the blast.

About 750 people worked at the North Carolina operation when the explosion occurred. ConAgra is donating the facility and land to the Town of Garner.

http://www.citizen-times.com/article/20110221/NEWS/110221035/230-laid-off-from-NC-Slim-Jim-plant?odyssey=mod|newswell|text|Frontpage|p

[TalkingDog]

86. 2: 36pm Each and Every Grain Commodity Losing Points

http://www.insidestocks.com/mktcom.asp?code=BSTK§ion=grains

[RUMMYisFROSTED]

91. BB