STOCK MARKET WATCH, Thursday, May 26, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Thursday, May 26, 2011

AT THE CLOSING BELL ON May 25, 2011

Dow 12,394.66 +38.45 (+0.31%)
Nasdaq 2,761.38 +15.22 (+0.55%)
S&P 500 1,320.47 +4.19 (+0.32%)
10-Yr Bond... 3.14 +0.01 (+0.42%)
30-Year Bond 4.29 +0.01 (+0.28%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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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 = 12

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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

May 26 08:30 GDP - Second Estimate Q1 1.8% 2.0% 1.8%
May 26 08:30 GDP Deflator - Second Estimate Q1 1.9% 1.9% 1.9%
May 26 08:30 Initial Claims 05/21 400K 400K 409K
May 26 08:30 Continuing Claims 05/14 3700K 3700K 3711K

Read more: http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm#ixzz1NSIlp6in

[DemReadingDU]

38. U.S. Jobless Claims Unexpectedly Climbed Last Week

5/26/11 U.S. Jobless Claims Unexpectedly Climbed Last Week

More Americans than forecast filed applications for unemployment benefits last week, a sign the labor market is struggling to gain momentum.

Jobless claims increased by 10,000 to 424,000 in the week ended May 21, Labor Department figures showed today in Washington. The median estimate of economists in a Bloomberg News survey called for a drop to 404,000. The economy grew less than forecast in the first quarter, a separate report showed.

Consistent gains in hiring are needed to sustain consumer spending, which accounts for about 70 percent of the world’s largest economy. Federal Reserve officials said the jobless rate “remains elevated” at 9 percent, one reason central bankers pledged last month to complete their asset-purchase plan by the end of June and keep borrowing costs near zero.

more...
http://www.bloomberg.com/news/2011-05-26/u-s-jobless-claims-unexpectedly-climbed-last-week-to-424-000.html

[Demeter]

65. NBCHP

"Nobody Could Have Predicted..."

[xchrom]

48. Corporate profits fall, jobless claims up

http://www.reuters.com/article/2011/05/26/us-usa-economy-idUSTRE7492P720110526

(Reuters) - Corporate profits contracted in the first quarter for the first time in more than two years and the economy grew at the same pedestrian pace as previously estimated, government data showed on Thursday.

Signs of the economy's struggle to regain speed were highlighted by an unexpected rise in the number of Americans applying for unemployment benefits last week.

"There is no doubt the economy has slowed. We will call the first half of 2011 as a soft patch," said Robert Dye, a senior economist at PNC Financial Services in Pittsburgh. "We should see growth accelerate in the second half in the 3.0 percent to 3.5 percent area."

After-tax corporate profits fell at a rate of 0.9 percent, the Commerce Department said, after rising at a 3.3 percent pace in the fourth quarter.

[Pale Blue Dot]

2. Oil at $101 amid weak dollar, mixed demand signs

SINGAPORE – Oil prices hovered above $101 a barrel Thursday in Asia amid a weaker dollar and mixed signs about U.S. crude demand heading into the summer driving season.

Benchmark oil for July delivery rose 14 cents to $101.46 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract added $1.73 to settle at $101.32 on Wednesday.

In London, Brent crude for July delivery was down 17 cents at $114.74 a barrel on the ICE Futures exchange.

The Energy Department said Wednesday that oil and gasoline supplies in the U.S. grew last week while distillate inventories fell. Four-week average oil demand in the U.S. dropped 5.3 percent, while gasoline demand fell 2.1 percent, the department said.

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

[Demeter]

11. For some reason gas went up since Monday $3.89

[DemReadingDU]

30. Holiday weekend, n/t

[Pale Blue Dot]

3. Emerging-Market Stocks Advance, Euro Strengthens; U.S. Index Futures Gain

U.S. stock-index futures gained and shares in emerging markets rallied before a report that may show America’s economy grew faster than forecast. The euro strengthened against the dollar and wheat advanced.

Standard & Poor’s 500 Index futures increased 0.3 percent at 11:35 a.m. in London. The MSCI Emerging Markets Index climbed 1.2 percent as South Korean stocks jumped the most since June 2009. The Stoxx Europe 600 Index was little changed. The euro gained 0.7 percent to $1.4180, while the cost of insuring European government debt fell the most in two weeks. The yield on the 10-year Treasury note advanced one basis point to 3.14 percent. Wheat rose 1.6 percent.

The U.S. economy probably expanded 2.2 percent last quarter, faster than the 1.8 percent pace the Commerce Department initially estimated, economists said before today’s report. Consumer confidence in South Korea rose to a three-month high this month, the Bank of Korea said.

“We’ve got reasonable growth taking place in the U.S.,” Andrew Wilson, co-head of fixed-income at Goldman Sachs Asset Management in London, said in an interview with Bloomberg Television’s Francine Lacqua. “Later in the year we expect to see economic data picking up.”

http://www.bloomberg.com/news/2011-05-26/asian-stocks-advance-as-commodity-rally-eases-growth-concern-euro-gains.html

[xchrom]

7. Comin up roses, by damn. Nt

[Demeter]

13. It's a tissue of lies

over a gaping pit of horror

[xchrom]

21. Stocks get some relief from worries about Greece

http://hosted.ap.org/dynamic/stories/W/WORLD_MARKETS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-05-26-06-37-49

LONDON (AP) -- Global stock markets mostly rose Thursday ahead of U.S. economic growth figures and as worries over the debt crisis sweeping Greece eased somewhat following indications that the debt-stressed country may get a second bailout.

The consensus in the markets is that the 1.8 percent annualized rate of growth recorded last month will be revised modestly higher to 2 percent, largely on the back of stronger than anticipated recent retails sales data.

"Expectations are for the figure to be upwardly revised, which would certainly help to quell some of the negative sentiment that has been dogging the markets this week," said Ben Critchley, sales trader at IG Index.

If the growth data disappoint, then it may reinforce concerns about the U.S. economic recovery.

[Demeter]

4. First Rec? Everyone is sleeping?

Well, we had at least 4 downpours yesterday. The ponds are ready to overflow their rock walls. Two major roads are under water, and my neighbor is in a panic that she will be flooded. I knew there was a good reason NOT to buy on the pond itself...but it's not that great a difference for me. Another downpour or two, and I might need a boat...

I wish I could send all the next week's rain to China. I hear they really need it.

[xchrom]

5. I'm sitting outside having a cupa Joe & a smoke. Nt

[Fuddnik]

6. Feel free to send some rain down here.

It's been dry as a bone, and hot.

[Demeter]

14. If I could, I would

Don't know where all the water is coming from...usually, the gulf.

[Fuddnik]

25. Well then, it belongs to us, send it back!

I talked to friend of mine in Cleveland yesterday. He spends the winters down here. He went back April first, and said it, been nothing but rain, rain, and more rain since then. He said his garden is saturated and flooded.

We might get some rain this week-end. Our niece and nephew are coming down for a few days tomorrow from Missouri, and I'm sure that's just what they want to see. More rain.

[Demeter]

33. It's taking the scenic route

Great Lakes, Niagara Falls, St. Laurence Seaway, down the East Coast and around the Florida peninsula.

[xchrom]

8. south asia: India raises energy profile in Central Asia

http://www.atimes.com/atimes/Central_Asia/ME27Ag01.html

MONTREAL - India took another step towards economic and strategic penetration in Central Asia with the visit to New Delhi last week of Uzbekistan's President Islom Karimov, who signed an agreement that could lead to India's ONGC Videsh Ltd (OVL) prospecting for oil and gas inside its neighbor's territory in cooperation with Uzbekneftegaz.

In meetings with Indian Prime Minister Manmohan Singh, both sides agreed to raise the level of bilateral relations to a ''long-term strategic partnership''. The heads of state signed 34 accords across a wide range of issues that, alongside the hydrocarbon sector, included cooperation in pharmaceuticals and information technology.

Under their provisional agreement, OVL, the overseas arm of India's state-owned Oil and Natural Gas Corporation, will form


working groups with Uzbekneftegaz in a view towards joint activities in third countries, allowing OVL to continue to increase access to Central Asia's vast energy resources.

[xchrom]

9. India bets on training Africa

http://www.atimes.com/atimes/South_Asia/ME27Df01.html

NEW DELHI - Of the various cooperation programs Indian Prime Minister Manmohan Singh announced in Addis Ababa on Tuesday, plans for an India-Africa Virtual University (IAVU) take pride of place.

Addressing the plenary of the Second Africa-India Forum Summit in the Ethiopian capital, Manmohan offered a credit line of US$5 billion to African countries over the next three years, to help them achieve their development goals.

An additional $700 million was pledged by Singh for building new institutions and devising training program on the continent, an Indian government website said. IAVU follows the huge success of the Pan-African e-Network Project, and Singh said the initiative


would help spur demand in Africa for higher studies in Indian institutions.

"We further propose that 10,000 new scholarships under this proposed university will be available for African students after its establishment," he said.

[xchrom]

44. Big is beautiful: Jaguar, not Nano, is Tata trump card

http://www.firstpost.com/business/big-is-beautiful-jaguar-not-nano-is-tata-trump-card-16247.html

When Ratan Tata launched the Nano in January 2008, the world applauded. A few months down the line that same year, when Tata bought the iconic, but bleeding, Jaguar-Land Rover brands from Ford for $2.3 billion, the world was underwhelmed.

Worldwide, the expectation was that the $2,500 car would revolutionise the car industry (the poor man’s Model T), and the $65,000 luxury brand would be a millstone around the Tata neck.

Actually, it’s the other way round.

JLR is paying back in spades. The Nano has barely made an impact in the cheap car market, though it is unfair to write it off as another dream car that failed to deliver.

[xchrom]

45. The report card: India Inc’s hits and misses

http://www.firstpost.com/business/the-report-card-india-incs-hits-and-misses-15770.html

Share prices are all tied up with growth in earnings per share (EPS). Put simply, these tend to move in line with a company’s profitability. There are both internal and external factors that decide which way the profit graph moves. Hence, one needs to keep an eye out for how companies manage their expenditure to cut costs and run their sales force to increase revenue in order to clue in to a trend. The visibility of revenue, profit growth and challenges businesses face are some of the crucial pointers existing and prospective investors should keep in mind before plotting their next move.

The results season is here as the frenzy builds to put out those figures for the financial year ended March 2011. A deeper analysis of a total of 250 companies of the BSE 500 universe — which does not include banks and energy cos — lays bare the following trend:

Textiles 14455.28 36.7 1469.05 96.5

.
Infrastructure Developers & Operators 12045.1 62.7 2962.91 71.6

.
Retail 1907.13 23.3 75.15 53.6

.
Consumer Durables 16380.88 23.1 1728.76 28.8

.
Refineries 296075 28.8 20940 28.7

.


.
Sectors that did not do well

.
Power Generation & Distribution 71999.25 22 12349.51 7.8

.
Construction 33078.72 23.1 1793.13 -6.3

.
Steel 95013.68 10.2 11254.86 -10.4

.
Telecomm-Service 46807.09 7.2 4503.49 -34.1

.
Tyres 5490.49 9 198.25 -52.3

.

[xchrom]

10. asia: Sony Forecasts Return to Profit in Year to March 2012

http://www.thejakartaglobe.com/business/sony-forecasts-return-to-profit-in-year-to-march-2012/443313

Tokyo. Japanese electronics and entertainment giant Sony Thursday reported its third annual loss in a row after the March 11 quake but forecast a return to the black this year despite a huge online attack.

Sony confirmed that it suffered a net loss of 259.6 billion yen ($3.2 billion) in the year to March but forecast a net profit of 80 billion yen for the fiscal year that ends in March 2012.

The maker of PlayStation consoles and Bravia televisions was forced to shutter plants in Japan after March's twin disaster battered supply chains and damaged some of its facilities.

Since last month the firm has been targeted in cyber attacks involving the theft of names, passwords and addresses from more than 100 million accounts on its PlayStation Network and Sony Online Entertainment services.

[xchrom]

12. Indonesia Aims for Rice Surplus of 10m Tons in Five Years

http://www.thejakartaglobe.com/business/indonesia-aims-for-rice-surplus-of-10m-tons-in-five-years/443308

The Indonesian government aims to boost its rice production surplus to 10 million tons within five years, Hari Priyono, secretary general at the nation’s agriculture ministry, said in Jakarta today.

The government will boost rice output by increasing productivity of existing crops and by expanding rice planting areas, Priyono said.

[xchrom]

15. Korea Aerospace Signs Deal to Sell Trainer Jets to Indonesia

http://www.thejakartaglobe.com/business/korea-aerospace-signs-deal-to-sell-trainer-jets-to-indonesia/443285

Korea Aerospace Industries Ltd., Korea’s largest plane maker, signed a $400 million deal to sell 16 T-50 trainer jets to Indonesia, marking South Korea’s first export of the aircraft.

Korea Aerospace will deliver the jets to the Indonesian air force by 2013 to replace the country’s aging fleet, the Sacheon, South Korea-based company said late yesterday in an e-mailed statement. South Korea was given exclusive negotiation rights in April after its T-50 trainers beat out Russia’s Yak-130 and the Czech Republic’s L-159, according to the statement.

The contract makes South Korea the first country in Asia to export supersonic jets, whose market has been dominated by the U.S., the U.K., Russia, France and Sweden, the company said. South Korea, whose arms exports reached a record $1.2 billion in 2009, aims to boost annual overseas sales of weapons to $4 billion in 2020.

The Indonesia deal will help Korea Aerospace sell its T-50 trainer jets to Israel, Poland and the U.S., the statement said. Lockheed Martin Corp., the world’s biggest defense company, provides the jet’s avionics systems, flight control systems and wings. The engines are made by General Electric Co

[xchrom]

16. OECD pessimistic on '11 economic forecast

http://search.japantimes.co.jp/cgi-bin/nb20110526a2.html

The economy may suffer a serious setback due to the March 11 earthquake and tsunami, the Organization for Economic Cooperation and Development warned Wednesday, forecasting negative growth in the world's third-largest economy for this year.

The OECD, the Paris-based club of wealthy nations, said the government should finance reconstruction work by "shifting expenditures and increasing revenues," while urging it to decide on "large enough" tax hikes in order to achieve its fiscal consolidation goals.

The country's economy is expected to suffer a 0.9 percent contraction in 2011, the OECD said in its outlook report on the world economy, downgrading its April forecast of a 0.8 percent expansion. For 2012, it said the economy would expand 2.2 percent in real gross domestic product terms, lower than the earlier estimated 2.3 percent growth.

The disaster has significantly slowed the country's industrial output, disrupting the nationwide supply chain of manufactured products. It also sparked fears of electricity supply shortages after nuclear and thermal power stations were damaged.

[xchrom]

59. Hanwha wins $7.25 billion Iraq deal

http://joongangdaily.joins.com/article/view.asp?aid=2936763

Hanwha Engineering and Construction won a $7.25 billion deal to build a town from the ground up in Iraq. It is the biggest overseas construction project ever won by a single Korean company.

The Korean construction company said yesterday that Kim Hyun-chung, vice chairman and CEO of Hanwha E&C, signed an agreement on May 25 with Sami R. Al-Araji, chairman of the National Investment Commissions, at Iraqi Prime Minister Nouri Kamal al-Maliki’s office in Iraq.

The town will be located 25 kilometers (15.5 miles) east of Baghdad and constructed on a 1,830 hectare plot of land.

Hanwha Engineering will construct 100,000 public housings units.

[xchrom]

60. Consumer confidence rises in May

http://joongangdaily.joins.com/article/view.asp?aid=2936764

Korea’s consumer confidence rose for the second straight month in May, aided by optimism about an economic recovery, the central bank said yesterday.

The consumer sentiment index (CSI) stood at 104 for May, up from 100 in April, the Bank of Korea (BOK) said in a monthly report. It marked the highest level since February, when it came in at 105.

The sentiment index fell below the 100-point level for the first time in 23 months in March. The survey, based on a poll of 2,047 households in 56 major cities, was conducted from May 13-20.

A reading above 100 means optimists outnumber pessimists.

[xchrom]

61. Koreans cash in on boom in Saudi Arabia

http://joongangdaily.joins.com/article/view.asp?aid=2936757

Korean builders are enjoying a construction boom in Saudi Arabia as the oil-rich country is trying to spend big in a bid to prevent a pro-democracy movement, a trade association said yesterday.

Local builders have won a combined $9.03 billion worth of construction deals from Saudi Arabia so far this year, compared with $1.58 billion worth of orders won during the same period last year, according to the International Contractors Association of Korea (ICAK).

The figure accounts for 48 percent of total overseas orders that Korean builders won during the cited period, according to the association.

In March, Samsung Engineering Co., Korea’s largest industrial plant builder, signed a $2.76 billion deal to build a gas facility in eastern Saudi Arabia.

[hamerfan]

17. Sales of foreclosed homes 'astronomically high' in first quarter

LOS ANGELES — Sales of homes in some stage of foreclosure declined in the first three months of the year, but they still accounted for 28 percent of all home sales — a share nearly six times higher than what it would be in a healthy housing market.
Foreclosure sales, which include homes purchased after they received a notice of default or were repossessed by lenders, hit the highest share of overall sales in a year during the first quarter, foreclosure listing firm RealtyTrac Inc. said Thursday.
"It's an astronomically high number," said Rick Sharga, a senior vice president at RealtyTrac. "In a normal market, you're looking at the percentage of homes sold in foreclosure to be below 5 percent."

http://www.msnbc.msn.com/id/43175612/ns/business-personal_finance/

[xchrom]

19. well that's depressing. nt

[Roland99]

28. local news this morning: 32% of home sales in FL are foreclosed homes.

[xchrom]

53. California investigates Florida firm that processes foreclosures for major banks

http://www.latimes.com/business/realestate/la-fi-foreclosure-probe-20110526,0,2430733.story

California Atty. Gen. Kamala D. Harris is investigating an obscure Florida firm that processes foreclosures for many of the nation's major financial institutions, as she intensifies her examination of repossession practices in the Golden State.

The state's top law enforcement officer subpoenaed Lender Processing Services Inc. of Jacksonville, Fla., a company that handles loans in default on behalf of several major banks. The subpoena requires LPS to produce documents and provide written answers to questions from the attorney general's office by June 24.

As part of an investigation into so-called robo-signing, Harris said she was investigating whether employees of the company fraudulently signed key foreclosure documents in California. LPS processes more than 50% of all mortgages in the United States and has contracts with more than 80 financial institutions, she said.

The robo-signing scandal erupted late last year when several banks admitted to employing people who improperly signed documents used in foreclosures. Much of the evidence surrounding robo-signing has been uncovered in states where courts oversee the process and require significant paperwork when a lender seizes a home; California foreclosures occur largely outside the courtroom.

[xchrom]

18. africa: Malawi awards six licences for oil, gas exploration

http://af.reuters.com/finance/markets

LILONGWE (Reuters) - Malawi has granted six licences to foreign firms for the exploration of petroleum and gas reserves in Lake Malawi and the Shire river, the minister of natural resources and energy said on Thursday.

The minister, Grain Malunga, however, declined to name the companies awarded the exploration rights, saying that they will be announced in parliament in due course.

Malawi's economy is driven by agriculture with tobacco its mainstay. But in recent years, the southern African nation has been trying to shift its dependence on tobacco to mining and energy because of the effects of the global anti-smoking lobby.

Paladin Energy is already mining uranium in northern Malawi, and the government has in the last three years granted five exploration licences for rare earth metals.

[xchrom]

20. Tunisians face more job losses as economy struggles

http://af.reuters.com/article/topNews/idAFJOE74P01F20110526

LA BAULE, France (Reuters) - Tunisia, touch-paper for unrest that swept the Arab world, will suffer rising unemployment through most of 2011 as the economy struggles to grow, Employment Minister Said Aidi told Reuters on Wednesday.

The government wants to hire 20,000 public-sector workers before elections in July but does not expect job creation to start recovering until the fourth quarter, Aidi said.

"We owe it to the people to tell the truth... The labour situation will continue to deteriorate and we will have a higher jobless rate in July than in June," he said on the sidelines of an investment conference in La Baule.

The North African country has seen its jobless rate rise to 16 percent after street protests forced President Ben Ali to quit and subsequently spread to countries including neighbour and major trading partner Libya, now under heavy NATO fire.

With the help of international donors, Tunisia aims to bring unemployment below 7 percent in five years' time, Aidi said. Measures to help create jobs in 2011, including tax incentives for businesses, will cost around 500 million dinars, he said.

[xchrom]

47. PREVIEW-S.Africa risks breaking WTO rules in Wal-Mart deal

http://www.reuters.com/article/2011/05/26/walmart-massmart-wto-idUSLDE74B0QZ20110526

JOHANNESBURG, May 26 (Reuters) - South Africa is unlikely to impose local supply targets in its upcoming ruling on Wal-Mart's (WMT.N) $2.4 billion bid for retailer Massmart (MSMJ.J) because such demands could violate international trade rules.

South Africa's Competition Tribunal is likely to decide by Monday on whether to allow the world's largest retailer to buy a 51 percent stake in Massmart, a deal both government and unions have said would squeeze local suppliers and lead to job cuts.

Wal-Mart, which relies on its global network to source goods at lower prices than competitors, has said it would agree to conditions on job cuts, but not local procurement.

The deal is seen as a test case for major foreign investment in South Africa. Home to the continent's deepest capital markets, South Africa is also a country where unions hold enormous political influence.

[xchrom]

22. Companies and Nonprofits that Received Stimulus Money Now Owe $750 Million in Taxes

http://www.allgov.com/Top_Stories/ViewNews/Companies_and_Nonprofits_that_Received_Stimulus_Money_Now_Owe_750_Million_Dollars_in_Taxes_110525

Thousands of businesses and non-profit organizations that benefited from the federal stimulus plan owe the IRS more than $750 million in back taxes.

A Government Accountability Office report states that at least 3,700 recipients of $24 billion in economic stimulus were in arrears with the federal government.

Of the total owed, about 55%, or $417 million, was in the form of corporate taxes. The remainder consists of payroll taxes ($207 million) and excise, unemployment and other taxes ($133 million).

It is not illegal for government contractors to owe unpaid federal taxes, and federal contracting officers are not required to review a company’s tax delinquency unless it is already debarred or suspended for tax evasion.

[xchrom]

23. Wages Poised to Rise in U.S. as Paychecks for Temps Get Bigger

http://www.businessweek.com/news/2011-05-26/wages-poised-to-rise-in-u-s-as-paychecks-for-temps-get-bigger.html

May 26 (Bloomberg) -- Staffing agencies are charging companies more for temporary workers, a possible harbinger of a bump up in salaries for permanent employees later this year.

The bill rate at Calabasas, California-based On Assignment Inc., which places temporary staff primarily in the information technology and health-care fields, climbed 6.3 percent in the quarter ended March 31 from the same time last year, the largest 12-month gain since 2008.

The increase in the amount the company charged was “surprising,” said Tobey Sommer, a staffing analyst at SunTrust Robinson Humphrey Inc. in Nashville, Tennessee.

Agencies like On Assignment are the first to reflect shifts in wages because demand for their services is more immediate, prompting “real time” changes in fees, Sommer said. By contrast, he said, employers calibrate compensation for permanent workers less frequently, causing those adjustments to lag behind.






me: who will be the first to piss & moan about wage inflation?

[Pale Blue Dot]

27. Temporary jobs.

That's all that needs to be said.

[wordpix]

73. and part-time jobs

very big in the job market these days.

[Loge23]

34. "happy to have a job"

That was the comment from a Ohioan auto worker on the evening Blues last night as GM re-opened an assembly line.
I wonder what they are paying her. I can only hope she still works under a union contract.
The point is, corporations hear that sentiment loud and clear - ""happy to have a job".
While the sentiment is true and heartfelt by many workers, it is an invitation for decreased wages and benefits for corporations.
Don't ever believe that life is fair in business - it isn't. Nor are the economic conditions of global business - the catch-all excuse for lowering wages - as threatening to the American worker as is Republicanism.
"Happy to have a job" also means "I don't care how much the corporations make". It's a dangerous situation that American workers have been backed in to, and it's only getting worse.

[DemReadingDU]

37. +++

[xchrom]

24. Lagarde Plans Trip to China to Seek Asian Backing for IMF Job

http://www.businessweek.com/news/2011-05-26/lagarde-plans-trip-to-china-to-seek-asian-backing-for-imf-job.html

May 26 (Bloomberg) -- French Finance Minister Christine Lagarde is seeking meetings in China and other emerging powers as part of an effort to broaden support for her candidacy to head the International Monetary Fund beyond Europe.

Dates for visits to China trip or other countries have yet to be set, the French Finance Ministry said today.

Lagarde, who announced her bid yesterday, has won endorsements from across Europe, gaining support from the U.K., Germany and Sweden, among others. U.S. Treasury Secretary Timothy F. Geithner praised Lagarde’s qualifications to head the Washington-based fund while refraining from endorsing her candidacy.

Lagarde “is an exceptionally capable person, an excellent mix of financial economic knowledge, talent and the kind of political skill you need to navigate this context,” Geithner said at an event in Washington. A second candidate, Mexican central bank Governor Agustin Carstens, is also “very talented,” he said.





and here i thought that was a done deal re: china.

[Hotler]

26. k&r n/t

[Demeter]

29. Venezuelan state oil company hit with sanctions over Iran trade

http://www.csmonitor.com/World/Americas/Latin-America-Monitor/2011/0524/Venezuelan-state-oil-company-hit-with-sanctions-over-Iran-trade

Washington announced sanctions on PDVSA Tuesday for selling gasoline to Iran. The action is unlikely to slow the flow of Venezuelan oil to its No. 1 customer, the US....The United States slapped sanctions on the Venezuelan state oil company PDVSA for selling gasoline to Iran, an effort to continue pressuring the Islamic Republic over its nuclear ambitions.

The move also signals Washington’s growing impatience with President Hugo Chavez’s penchant for warmly embracing (literally and figuratively) some of Washington’s worst enemies, such as Iran’s Mahmoud Ahmadinejad and Libya’s Muammar Qaddafi.

While the sanctions will likely serve as fodder for an anti-imperialist tirade from Venezuela’s stridently anti-American President Chavez, the decision is unlikely to disrupt the flow of nearly a million barrels a day of oil shipped between Venezuela and its largest trading partner, the US.

Crucially for commodities markets, the sanctions will not prevent PDVSA from selling oil to the US or any other markets and do not affect PDVSA’s subsidiary, Citgo.

A CLEAR ATTEMPT TO HAVE ONE'S CAKE, AND EAT IT, TOO.

[Demeter]

31. A Stone Age Subculture Takes Shape in the US

http://www.spiegel.de/international/zeitgeist/0,1518,677121,00.html#ref=rss

A modern-day Stone Age subculture is developing in the United States, where wannabe cavemen mimic their distant ancestors. They eat lots of meat, bathe in icy water and run around barefoot. Some researchers say people led healthier lives in pre-historic times...

John Durant greets the hunter-gatherers of New York once a month in his apartment on the Upper East Side. They eat homemade beef jerky, huddle around the hearth and swap recipes for carpaccio with vegetables or roasted wild boar. Often enough, the host will deliberately skip a few meals the next day. After all, didn't his earliest ancestors starve a little between hunts? Instead of eating, Durant prefers to run barefoot across Brooklyn Bridge. In the winter, he takes part in the Coney Island Polar Bear swim in the icy Atlantic.

The 26-year-old and the other members of the New York group promoting what they term "Evolutionary Fitness" (EF) are part of a growing subculture that seeks health and happiness by emulating their Paleolithic forefathers. This diehard clan of modern-day cavemen call themselves "hunter-gatherers" or "paleos". Their philosophy is based on the idea that the human body is best suited to the lifestyle of the people who roamed the Earth tens of thousands of years ago.

Not surprisingly, the diet of these 21st-century hunter-gatherers is packed with meat. But they also practice climbing, sprinting and leaping as it they still lived in fear of marauding mammoths. Some even donate blood as part of their Stone Age existence. After all, hadn't their forebears spilt a lot of blood fighting saber-toothed tigers and their ilk?

[xchrom]

35. huh. -- well i'll be -- i suppose one must do something

with one's time.

but i have no desire to run over a bridge in mid winter in bare feet.

[Demeter]

40. Did you read the rest of it?

Quite a cult!

[xchrom]

42. i sure did. i put the link up on my facebook. nt

[Fuddnik]

54. Are they the same guys who keep messin' with Sasquatch?

And trying to sell jerky on TV?

[Demeter]

32. So That’s What ‘Too Big to Fail’ Means

http://economix.blogs.nytimes.com/2010/02/11/so-thats-what-too-big-to-fail-means/?emc=eta1

ANOTHER WAY OF SAYING: "TOO STUPID TO LIVE?"

FROM FEBRUARY LAST YEAR:

By CATHERINE RAMPELL

The White House released the annual Economic Report of the President... Most of it is contains data and trends that economists already knew about, but it has some fantastic charts. (And you know how we feel about those around here.) Below, for example, is a graph comparing the country’s total economic output — its gross domestic product — to the size of the American banking sector. Now you will understand why many of the country’s banks were considered “too big too fail”:


Economic Report of the President

As you can see, the financial sector grew a lot faster than G.D.P. over the last half-century. From 1952 to 2009, nominal output increased by 4,000 percent; financial sector assets, on the other hand, increased 16,000 percent.The greater growth in the financial sector was primarily driven by what has been called the “shadow banking system.” Accordingly, the makeup of financial sector assets has changed drastically, shifting from a concentration of assets in banks (which include commercial banks, bank-holding companies, thrifts and credit unions) toward other institutions, including mutual funds, government-sponsored enterprises (like Fannie Mae and Freddie Mac) and issuers of asset-backed securities.

Here’s a chart, also from today’s report, illustrating the composition of the financial sector over the last few decades.


Economic Report of the President

Notice the declining dominance of banks right around the early 1980s, when the financial sector was deregulated. Today, banks still represent the largest component of the financial sector, 26.7 percent as of June 2009, but back in 1952, banks accounted for 53.2 percent of financial sector assets. Given that our financial regulatory system was primarily intended for a different landscape, these charts may help you appreciate why the financial services sector managed to outrun its government overseers in the last couple of decades. In fact, the government does not even know the size of one increasingly important component of the financial sector: hedge funds. Hedge funds are excluded from the charts above, the report says, because “the Federal Reserve is unable to get a clean number for hedge funds because they are largely unregulated private investment pools that are not required to report their holdings to any official source."

[Demeter]

36. FIXING DEMOCRACY: A Better Mousetrap for the Age of Rats

http://firedoglake.com/2010/02/14/a-better-mousetrap-for-the-age-of-rats/

...I refer, of course to the robber barons of Wall Street, the plump rats and plutocrats of the Industrial Revolution and its technology-empowered successors...It doesn’t take a fine-grained historical account to see that our democratic mousetrap has proved inadequate to the task of catching rats, from yesterday’s railroad magnates to today’s Wall Street thieves. It took a civil war to stop the trafficking in human beings. With some extraordinary exceptions – child labor laws, the New Deal, civil rights – we’ve done little more than occasionally wipe the coal dust from our faces.

What is the source of the rat-magic that has made many Americans believe their freedom depends upon the freedom of others to, well, destroy their freedom? Some point to Calvinism. Others mention Hobbes’ description of humans as fallen brutes.. Adam Smith’s “invisible hand” became the right hand of the Calvinist God. Then there’s Charles Darwin. To the Right, biological evolution is a fraud, but social Darwinism is the cat’s meow. Their worldview goes something like this:

A person lives in isolation from other humans and from all of nature. Life is deterministic. Freedom is acceptance of one’s place in the hierarchy. Free people accept a dog-eat-dog world in which human attachment and interdependence are seen as mollycoddling folly. Obedience to authority brings economic security and is a sign of divine favor. Extreme wealth usually proves that some are naturally closer to God than others. Importantly, economic exploitation can, sometimes, be taken as betrayal..The holders of this unhandsome outlook don’t see it this way, of course. They are inside the worldview. For them, it is where meaning comes from.

The progressive worldview holds that persons live in an interdependent world with nature and with one another. Self-reliance and social responsibility are recognized virtues. Individuals exist in relationship. When one is in chains, no one is free. Freedom comes with responsibilities. It is something more than a safe place in a hierarchy...George Lakoff uncovered another key source of the difference: family. The language and values of “strict” parent types correspond to conservative political views. “Nurturant” styles correspond to progressive views. Obedience and discipline are important to the strict parent. Its first priority is the maintenance of authority. Nurturant parents focus on responsibility and concern for others. Most of us hold some of both. The strict parent at home might be tolerant and empowering at work or hold political views at odds with his parenting style.

...In conservatives’ more confining picture of human nature, legitimate authority is more often a cleric or a CEO than a product of that suspicious, unseemly lottery called an election, unless the cleric or CEO wins the election. And, capitalism has the neat feature of sorting people into an economic hierarchy. As their capital accumulates, the rich really do get richer. It seems quite natural to the conservative authoritarian. Government interventions aimed at putting the rats on a diet are unnatural acts. And that’s why democracy’s mousetrap can’t catch rats...Progressives, then, would be wise to incorporate two themes in their messages: 1) The need for institutional safeguards against betrayal by economic and political elites; 2) An authentic, empathy-based argument that we are, collectively and cooperatively, our own best allies. It’s easy to say, but, apparently, harder to do.

[Demeter]

39. Why insensitive bosses make more sense By Lucy Kellaway

http://www.ft.com/intl/cms/s/0/de826702-182d-11df-9256-00144feab49a.html#axzz1NPdbWTKD

...Jon Moulton was asked by the FT to name his three strongest character traits. He replied: determination, curiosity and insensitivity. As the first two characteristics were a bit ho-hum, they may have lulled some readers into missing the third. Others may have been briefly startled to hear the celebrated private equity man congratulate himself on being insensitive but reasoned that, as he is a maverick and stinking rich, he can say what he likes. Moulton was simply being Moulton...But I read his answer and knew he had just uttered the single most sensible word that I’d seen on the flabby subject of leadership in at least a decade. Insensitivity is essential to survival in business. (Actually, I think it’s pretty important for survival in life, too – but that’s another story.)According to Moulton, the great thing about being insensitive is that it “lets you sleep when others can’t”. I seized on this remark and put it together with something that Lord Browne had said to me the previous week, when he’d let slip that, in 40 years at BP, he hadn’t lost one night’s sleep because of work. If you are the sort of person who loses sleep, you can’t be a CEO, he said.

(THIS IS BEFORE THE OIL WELL BLEW OUT IN THE GULF...DEMETER)

By combining Moulton and Browne, I get this syllogism. CEOs must sleep. Insensitivity is vital for sleep. Therefore, CEOs should be insensitive.
(THIS IS A CLASSICAL ILLOGICAL CONCLUSION OR FALLACY KNOWN AS THE UNDISTRIBUTED MIDDLE, SEE BELOW...DEMETER) This is surely right. Being the boss means you need to be able to take decisions that will hurt individual people. If you are sensitive you will dither and prevaricate, or you will do the necessary but then toss and turn fretting about the consequences.

This realisation overturns the theory that has held sway for the past 15 years – that emotional intelligence (which means doing a lot of empathising) is the single most important thing that distinguishes winners from losers. Insensitive people are supposed to be dreadful at leading because they can’t read emotion and easily succumb to arrogance or bullying behaviour. This strikes me as unfair: the insensitive aren’t obviously more monstrous than the rest of us, and they are certainly a lot simpler...I have mostly enjoyed working for insensitive people as I find them restful and straightforward. An insensitive boss can be told what his failures are without going into a blind funk. They don’t take things personally. And because they are insensitive, they help me behave better. If I know I’m not going to get rewarded for being needy, I have no choice but to tone it down a bit.

Of course, there are times when insensitivity can be a handicap. Sometimes a boss needs to know precisely how his staff are feeling. There are also times when a bit of human sympathy and kindness are called for. The solution is to outsource sensitivity: every senior management team needs one person who serves as the corporate box of tissues, and who tells the boss when he needs to respond to an emotion that he hasn’t picked up on...If one wants proof that emotional intelligence is a disadvantage at work one only needs to look at women in corporate life. They are supposed to be great at reading emotion, and yet seem unable to make it to the top in any great number. My new emotional dyslexia theory fits the facts much better. There is evidence that autism (chronic emotional illiteracy) is simply an extreme version of the male brain. This means that the average man, armed with his mild emotional dyslexia, has a most unfair advantage in being well equipped to sail through a day in the office and sleep like a baby in his bed at night.

---------------------------------------------------------------------------

FALLACY OF THE UNDISTRIBUTED MIDDLE: http://en.wikipedia.org/wiki/Fallacy_of_the_undistributed_middle

The fallacy of the undistributed middle takes the following form:

1. All Zs are Bs
2. Y is a B
3. Therefore, Y is a Z

This can be graphically represented as:

SEE WIKILINK FOR FLOWCHART

where the premises are in the green box and the conclusion is derived above them.

It may or may not be the case that "all Zs are Bs," but in either case it is irrelevant to the conclusion. What is relevant to the conclusion is whether it is true that "all Bs are Zs," which is ignored in the argument. The fallacy is similar to affirming the consequent and denying the antecedent in that if the terms were swapped around in either the conclusion or the first co-premise, then it would no longer be a fallacy. Indeed, from the perspective of first-order logic, all cases of the fallacy of the undistributed middle are in fact examples of affirming the consequent or denying the antecedent, depending on the structure of the fallacious argument.

I'LL LEAVE TO THE STUDENT THE TASK OF POINTING OUT THE OTHER LOGICAL FALLACIES.

AS FOR ME, I'D RATHER HAVE A BOSS OR PRESIDENT WHO TOSSES AND TURNS...BECAUSE HE KNOWS HE MAY BE, AND SEEKS TO AVOID, DOING WRONG.

[Demeter]

41. "Toilet Humor" for the Day--It's Good, Clean Fun! Go See!

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4863562

[xchrom]

43. lol! nt

[xchrom]

46. Euro slips to two-month low as Greek debt fears worsen

http://www.firstpost.com/fwire/euro-slips-to-two-month-low-as-greek-debt-fears-worsen-15150.html

Singapore: The euro fell back towards a two-month low and oil prices slipped on Wednesday on fears about Europe’s spreading debt crisis and the possibility of a further reduction of positions in risky assets.

Asian stocks also fell, tracking weakness on Wall Street as firmer commodity prices were offset by lingering concerns over the economic outlook for the United States as well as euro zone debt woes.

The euro, which had rallied after better-than-expected German business confidence data on Tuesday, edged back in the direction of a two-month low of $1.3968 hit earlier this week. It has lost roughly 6 percent since early May.

Europe’s policy options to avert a Greek debt default appear to be dwindling fast, casting a pall over the single currency and fueling fears of a chain reaction in other heavily indebted countries in the 17-nation euro area.

[xchrom]

49. europe: 'End the Epoch of Atomic Madness' in the EU

http://www.spiegel.de/international/germany/0,1518,765066,00.html

Nuclear politics in Europe have been roiled by rumors and unexpected changes since Chancellor Merkel's recent decision to lead Germany away from nuclear power -- again -- by about 2021. Switzerland also announced its own, slower phase-out on Wednesday, saying the country's five nuclear plants would be allowed to go dark by about 2034. Rather than seek an ambitious, German-style "energy revolution," Switzerland plans to simply build no new reactors and let the older plants grow obsolete.

A story in yesterday's Financial Times Deutschland also reported that Merkel's government would revoke a stiff new fuel-rod tax, perhaps as a sort of consolation prize to the German nuclear industry worth an estimated €2.3 billion ($3.3 billion). On Wednesday, however, a government spokesman denied the report. "There is no such decision," Steffen Seibert told reporters in Berlin. "It's very clear that when the government puts forward its concept to accelerate (the nuclear phase-out), it will address individual questions, as well as financial questions."

Stress Tests, but Not for Terrorism

On Tuesday, the EU also announced finalized guidelines for stress tests of European reactors, which some EU leaders had been demanding since the Fukushima catastrophe in Japan. Still, the tests will be less rigorous than some leaders -- including Merkel -- have been demanding. The EU's energy commissioner, Günther Oettinger, told reporters this week that, starting June 1, regulators will have to check European nuclear plants for disaster preparedness against a range of threats, including earthquakes, floods, tsunamis and extreme temperatures.

[xchrom]

50. Ireland’s economy to stagnate in 2011: OECD

http://www.thejournal.ie/irish-economy-to-stagnate-in-2011-oecd-143778-May2011/

THE OECD BELIEVES the Irish economy will stagnate this year, with private domestic demand expected to contract as a result of austerity measures.

The Organisation for Economic Cooperation and Development now expects gross domestic product (GDP) to come in at zero per cent in 2011 – a reduction from growth of 1.5 per cent six months ago.

Read a summary of the OECD’s projections.

The Paris-based think tank also says Ireland should not raise its rate of corporate tax, RTÉ reports. ”We don’t think it should be increased,” Senior economist with the OECD Patrick Lenain said, pointing out; “Capital is mobile and can move to another country”.

[xchrom]

51. Sellafield to undergo EU stress tests

http://businessetc.thejournal.ie/sellafield-to-undergo-eu-stress-tests-143825-May2011/

BRITAIN’S TEN nuclear plants, including Sellafield, are to undergo a series of EU stress tests.

The tests – which were announced yesterday as a response to the Fukushima crisis in Japan – are designed to see if they could survive forest fires, transport accidents, loss of electrical power supplies and withstand human error. However, the stations will not be tested for their ability to survive a terror attack.

Europe is divided on the question of whether or not the Fukushima crisis has undermined the viability of nuclear power as an energy source.

[Demeter]

66. The odds of a nuke being cracked open like an egg in England by a Mag. 9 Earthquake

are extremely low...

but there are more likely risks to consider.

[xchrom]

62. Putin slams Russia's raw-material economy

http://news.xinhuanet.com/english2010/world/2011-05/26/c_13895943.htm

MOSCOW, May 26 (Xinhua) -- The Russia economy based on the export of raw materials has exhausted itself and did not let the country ascend to a new stage of development, Prime Minister Vladimir Putin said Thursday.

"Export of unprocessed raw materials can't be an engine of growth any more," Putin said, adding that government has realized that people would not tolerate such a situation.

"Raw-material economy not only keeps us on the low positions in the global division of labor. The main thing is, it doesn't let us move to a new stage of the human capital, to secure standards of the 21st century," Putin said at a business forum here.





:eyes: i'm sure that was sincere & heartfelt on his part.

[xchrom]

64. Britain has higher rate of self-made rich than U.S.

http://uk.reuters.com/article/2011/05/26/uk-wealth-selfmade-rich-idUKTRE74P2YB20110526

(Reuters) - Britain's billionaires are more likely than their U.S. counterparts to have made their own money rather than inherited it, a study has found, challenging popular perceptions of greater social mobility in America.

A survey by French bank Societe Generale and Forbes of super-rich people in 12 countries, many of whom are billionaires, found 80 percent of the British sample entirely "self-made," as opposed to inherited wealth or a mix of both.

Among the U.S. rich, 68 percent were entirely self-made, the report said. Just a 10th of the British multimillionaires have wealth that was all inherited, compared with 18 percent of American billionaires, the report said.

Only Russians beat the British for the dominance of new money with all those in the survey having made their own millions in the two decades since the dismantling of the Soviet Union's command economy.

[xchrom]

52. PRECIOUS-Gold knocked off 3-week peak by sagging silver

http://www.reuters.com/article/2011/05/26/markets-precious-idUSLDE74P0WV20110526

LONDON, May 26 (Reuters) - Gold fell on Thursday after a
sharp sell-off in the silver market, but still remained within
sight of three-week highs, supported by investors seeking
perceived havens from the worsening euro zone debt crisis.

Europe's policy options to avert a Greek debt default
appeared to be dwindling, sparking fears of a chain reaction
affecting other heavily indebted countries in the 17-nation
currency bloc.

The euro rose to one-week highs against the dollar after a
report that China was interested in buying "bailout bonds" for
Portugal, although ongoing concern about the lasting impact of
the crisis pulled the currency off session highs.

This in turn helped the dollar pare gains and stripped as
much as 4 percent off the silver price, denting gold.

[xchrom]

55. Blue Shield CEO Bruce Bodaken earned $4.6 million last year

http://www.latimes.com/health/healthcare/la-fi-insurer-executive-pay-20110526,0,264582.story

For the first time, California's largest nonprofit health insurer has released the salaries of its 10 highest-paid executives in response to a new state law intended to keep healthcare insurance costs under control.

The top earner at Blue Shield of California was Chief Executive Bruce Bodaken, who made $4.6 million last year — more than four times the salary of his counterpart at the state's largest for-profit insurer, Anthem Blue Cross.

San Francisco-based Blue Shield revealed Bodaken's salary in documents filed with the state's insurance commissioner, who had demanded the information under the law that allows regulators to examine executive salaries and other criteria to determine whether insurance rate increases are "unreasonable."

In its report to the state, Blue Shield said that its 10 highest-paid executives earned more than $14 million total last year. The insurer identified the executives only by number, saying each earned $749,643 to $4,601,226. The top earner was listed as "chief executive officer," Bodaken's title.

[xchrom]

56. middle east: Dubai World mulls refinancing a further $850m

http://www.arabianbusiness.com/dubai-world-mulls-refinancing-further-850m-402276.html

State-owned conglomerate Dubai World, the firm at the heart of the emirate’s debt crisis, is considering refinancing a further $850m, it emerged Thursday.

Dubai World, which includes DP World, Nakheel and Drydocks World among its units, signed a final agreement with its 80 creditors to restructure $26bn of debt in April.

The move by the group’s subsidiary, Port & Free Zone World (P&FZ), is revealed in a prospectus produced by DP World, which is due to list its shares on the London Stock Exchange next week, said the UK’s Guardian newspaper.

“ understands that Port & Free Zone World FZE is considering refinancing its outstanding net debt facilities of approximately $850m, secured in part against certain of its shares in the company, in the short to medium term,” the document said.

[xchrom]

57. Lockheed proposes $5bn Aegis ships sale to Saudi Arabia

http://www.arabianbusiness.com/lockheed-proposes-5bn-aegis-ships-sale-saudi-arabia-402233.html

Lockheed Martin Corp has proposed selling to Saudi Arabia eight Littoral Combat Ship hulls outfitted with its Aegis radar in a package that may be valued at $5bn, a company executive said.

“What we are offering is the Aegis SPY 1F system on the Littoral Combat Ship,” Paul Lemmo, vice president of business development at Lockheed’s Mission Systems and Sensors unit, said in an interview today in Arlington, Virginia.

The Aegis SPY-1F is a smaller, lighter version of the air and missile defense radar deployed on US Navy ships.

Saudi Arabia is seeking eight surface combatant ships, such as the Littoral Combat Ship, as the “centerpiece of its plan to recapitalise its eastern fleet” that may also include fast- patrol boats, helicopters and drones, he said.

[Pale Blue Dot]

58. Heinz reports record earnings, but plans to close 5 plants, cut 800 to 1,000 jobs

Food manufacturer H.J. Heinz Co. reported record profit and sales for the fiscal year ended April 27, but the company also noted that its outlook for 2012 includes closing five factories and “streamlining” its global workforce by 800 to 1,000 positions.

For the fiscal year, the company had net income of $989.5 million, or $3.06 per share, compared with $864.9 million, or $2.71 per share, a year ago. Sales for the year were $10.7 billion, up from $10.5 billion a year ago.

For the fourth quarter, the company had profit of $223.9 million, or 69 cents per share, compared with $192.4 million, or 60 cents per share, a year ago. Sales for the quarter were $2.9 billion, up from $2.7 billion last year.

The company did not say which factories would be closing, but noted it would be two in Europe, two in the U.S. and one in the Pacific. After the closings, the company will have 76 factories. The 2012 plan also includes creating a supply chain hub in The Netherlands, which will lead procurement, manufacturing, logistics and inventory control. The company is also accelerating investment in its Project Keystone, which aims to improve productivity by harmonizing global processes and establishing a standard enterprise resource planning system through SAP.

http://www.bizjournals.com/pittsburgh/news/2011/05/26/heinz-reports-record-earnings-to.html

[Festivito]

63. Debt: 05/24/2011 14,345,448,620,741.80 (DOWN 12,446,264.27) (Tue, DOWN some.)

(OVER the old debt limit of 14.294-trillion dollars by 51-billion dollars. Good day.)
Shoes are wet.
(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)
= 9,712,166,006,111.72 + 4,633,282,614,630.08
DOWN 4,058,498,841.79 + UP 4,046,052,577.52

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 312-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,204.33 makes 1T$.
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 312,077,792 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 $45,967.54.
A family of three owes $137,902.62. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 32 days.
The average for the last 23 reports is 2,269,819,582.04.
The average for the last 30 days would be 1,740,195,012.90.
The average for the last 32 days would be 1,631,432,824.59.
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$/day.
There were 161 reports in 236 days of FY2011 averaging 4.87B$ per report, 3.32B$/day.
Above line should be okay

PROJECTION:
There are 607 days remaining in this Obama 1st term.
By that time the debt could be between 15.2 and 17.5T$.
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)
05/24/2011 14,345,448,620,741.80 BHO (UP 3,718,571,571,828.72 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 +0,783,825,589,850.10 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,212,272,628,369.86 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
05/04/2011 +000,080,372,925.23 ------------*******
05/05/2011 -017,721,236,989.45 -
05/06/2011 +000,087,184,054.82 ------------*******
05/09/2011 +000,429,272,774.96 ------------******** Mon
05/10/2011 +000,237,893,268.24 ------------********
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 --

13,862,144,978.62 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=4861225&mesg_id=4861932

[Festivito]

75. Debt: 05/25/2011 14,345,436,174,196.44 (DOWN 12,446,545.36) (Wed, UP a lot.)

(OVER the old debt limit of 14.294-trillion dollars by 51-billion dollars. Good day.)
Joel to visit the tar.
(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)
= 9,722,806,787,651.37 + 4,622,629,386,545.07
UP 10,640,781,539.65 + DOWN 10,653,228,085.01

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 312-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,204.26 makes 1T$.
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 312,084,992 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 $45,966.44.
A family of three owes $137,899.32. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 days.
The average for the last 23 reports is 2,022,006,673.82.
The average for the last 30 days would be 1,550,205,116.60.

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$/day.
There were 162 reports in 237 days of FY2011 averaging 4.84B$ per report, 3.31B$/day.
Above line should be okay

PROJECTION:
There are 606 days remaining in this Obama 1st term.
By that time the debt could be between 15.2 and 17.5T$.
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)
05/25/2011 14,345,436,174,196.44 BHO (UP 3,718,559,125,283.36 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 +0,783,813,143,304.70 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,207,138,385,258.29 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
05/05/2011 -017,721,236,989.45 -
05/06/2011 +000,087,184,054.82 ------------*******
05/09/2011 +000,429,272,774.96 ------------******** Mon
05/10/2011 +000,237,893,268.24 ------------********
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 ------------**********

24,422,553,593.04 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=4863816&mesg_id=4864182

[RUMMYisFROSTED]

67. Sidelines.

:think:

[Fuddnik]

68. Oh yeah?

http://www.youtube.com/watch?v=2Cds-OKBCto

Take that!

http://www.youtube.com/watch?v=4a9LtyydNxE&feature=related

with sound. maybe.

[RUMMYisFROSTED]

69. Sublime.

[Demeter]

70. Drowned Rat

It poured for over an hour. 5:30-6:30+ PM. What little progress we made in draining off has been nullified. Predictions are 3 days before the underwater roads are no longer closed.

I'm not cut out for perverse weather. Not when I can't stay home to enjoy it.

Snow keeps a body housebound with little effort. With rain, you have to practically drown, and they will kindly evacuate you so that you still have to go to work...

Gonna need a theme tomorrow--something dank and foul to match the weather. Any ideas?

[hamerfan]

72. Sounds like the Blues to me

Texas Flood, maybe?

http://www.youtube.com/watch?v=tWLw7nozO_U

[hamerfan]

71. Good toon!

Shamelessly stolen from a thread in a different forum:

[Fuddnik]

74. Has everyone seen this?

http://www.youtube.com/watch?v=AzULm4d8h8w

It's a very powerful video, two hors long, but the last 8 minutes, a speech by Chris Hedges, is especially powerful.

I'll repost it along with an announcement tomorrow.