STOCK MARKET WATCH, Thursday, June 9, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Thursday, June 9, 2011

AT THE CLOSING BELL ON June 8, 2011

Dow 12,048.94 -21.87 (-0.18%)
Nasdaq 2,675.38 -26.18 (-0.98%)
S&P 500 1,279.56 -5.38 (-0.42%)
10-Yr Bond... 2.94 +0.007 (+0.24%)
30-Year Bond 4.18 -0.01 (-0.14%)

---

Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

---

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

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

Handy Links - Government Issues:
LegitGov    Open Government    Earmark Database    USA spending.gov

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

Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren
Dishonorable Mention: former House majority leader, Tom DeLay

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

Financial Sector Officials Convicted since 1/20/09 = 12

---

---

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

Read more: du

[Pale Blue Dot]

1. Today's Reports

Jun 09 08:30 Initial Claims 06/04 430K 423K 422K
Jun 09 08:30 Continuing Claims 05/28 3700K 3688K 3711K
Jun 09 08:30 Trade Balance Apr -$47.5B -$48.7B -$48.2B
Jun 09 10:00 Wholesale Inventories Apr 0.8% 0.9% 1.1%

Read more: http://www.briefing.com/investor/calendars/economic/2011/06/06-10/#ixzz1Om5yFY6F

[Pale Blue Dot]

41. Jobless Claims Remain at High Level; Trade Deficit Falls

The number of Americans filing new claims for unemployment benefits rose by 1,000 last week, according to a report on Thursday that could stoke fears the labor market recovery has stalled.

Initial claims for state jobless benefits increased to 427,000, the Labor Department said. A department official added the slim rise meant the level was "essentially unchanged."

But economists polled by Reuters had forecast claims dropping to 415,000 from a previously reported count of 422,000.

Elsewhere, the U.S. trade deficit narrowed unexpectedly in April, as U.S. exports rose to a new record and imports from Japan tumbled more than 25 percent in the aftermath of its earthquake, tsunami and nuclear disaster.

http://www.cnbc.com/id/43337769

[Fuddnik]

51. Give it another week or two.

City, County, The State, and School Boards are laying people off in droves down here, in anticipation of the new, leaner fiscal year.

I'd start looking for new claims reports in excess of 500,000 per week by the end of the month.

[Po_d Mainiac]

56. The same is true at this end of Rt 1/I-95 n/t

[Fuddnik]

63. And I see they've pulled the old "Job Re-Training" scam out again.

If everyone would just re-train for jobs that don't exist anymore, everyone would be happy, wealthy, and wise.

Never mind that you can't make your mortgage payment or feed your family, work 3 shifts a day at Mal-Wart, McDonalds, and Dollar General, and still go to school in your spare time. The Amerikan Dream!

I remember the last time they drug this bullshit out. When LTV Steal, the parent company of our railroad went under, we were offered retraining. Luckily, I had enough time in to retire, and get a railroad disability, because the they wouldn't pay for the occupation I wanted (Commercial Pilot). One guy who was about 15 years younger than me, and pretty smart, went to school for his IT certification. In the mean time, the company that took over the railroad wanted him to come back. He couldn't do it because he would be on the hook personally, for $10,000 in tuition they paid, if he dropped out of class. He asked for a couple of months to finish school, and he'd return. They said "Nope. Now or never". He finished school, the IT market went in the tank, and he couldn't go back to his old job.

[plumbob]

69. 100,000 teachers in Texas will be gone by mid-August, along with 10,000

Texas state employees.

[mrdmk]

86. Please remember, in economic terms, unemployment is a lagging indicator

and a prominent one.

Another words, the economy is not getting better, not staying the same, it is getting worse.

[plumbob]

88. MUCH worse. The ripple effect in Texas for just these two categories of

job loss is an estimated additional 550,000 jobs that depended on what these degreed professionals used to spend. Within 6 months.

[Capn Sunshine]

95. The economy , like politics, is local

Here in Southern California, in Northern LA and Eastern Ventura County, the lower end (120-300k) of the Real Estate market is on fire ( new listings sold in less than a week with multiple offers) and there are several major commercial projects under construction.

I personally am involved in four resuarants about to open, and am aware of two others locally. A new restaurant just opened in a space empty since 2008. Things look pretty good around here , the big employers annouced they are hiring a total of some 8,000 jobs, and foreclosures have leveled off.

So, things are undergoing a turnaround, much like around 1994.

Sorry the same isn't happening in Tejas, but that area is in a boom and bust cycle extant of the national economy that goes back 100 years. Best of luck to you and yours.

[Capn Sunshine]

96. OMG

This is THURSDAYS THREAD!!!! WTF?

[DemReadingDU]

53. Jobless Claims Unexpectedly Climb in the U.S.

6/9/11 Jobless Claims Unexpectedly Climb in the U.S.
U.S. initial jobless claims unexpectedly rose last week, a sign that the labor market is struggling to gain traction.

Jobless claims increased by 1,000 to 427,000 in the week ended June 4, Labor Department figures showed today in Washington. Economists surveyed by Bloomberg News projected a drop in claims to 419,000, according to the median forecast. The number of people on unemployment benefit rolls and those receiving extended payments decreased.

Some employers are cutting staff as demand slows because of elevated energy prices, falling house prices and tight credit. The economy generated the fewest jobs in May in eight months and the unemployment rate rose, a report showed last week.

more...
http://www.bloomberg.com/news/2011-06-09/initial-jobless-claims-in-u-s-unexpectedly-climbed-last-week-to-427-000.html

[xchrom]

57. Unemployment aid applications stuck at high level

http://hosted.ap.org/dynamic/stories/U/US_UNEMPLOYMENT_BENEFITS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-06-09-09-02-18

WASHINGTON (AP) -- The number of people seeking unemployment benefits hardly changed for a second straight week, stuck at a high level that points to a slowing job market.

Weekly unemployment benefit applications ticked up 1,000 to a seasonally adjusted 427,000 last week, the Labor Department said.

It marked the ninth straight week in which applications have been above 400,000. That trend represents a setback after applications had been declining all winter.

Applications had fallen in February to 375,000, a level that signals sustainable job growth. They stayed below 400,000 for seven of nine weeks. But applications surged in April to 478,000 - an eight-month high - and they have been stuck above 400,000 since then.

[xchrom]

45. US STOCKS SNAPSHOT-Futures add to gains after jobless data

http://uk.reuters.com/article/2011/06/09/markets-stocks-jobless-idUKWEN413720110609

(Reuters) - U.S. stock index futures added to gains after a brief dip on Thursday following the latest read on weekly initial claims for jobless benefits.

Claims rose by 1,000 to 427,000 in the latest week, above an expectation for 415,000. For details, see

S&P 500 futures SPc1 rose 6.2 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures DJc1 added 34 points and Nasdaq 100 futures NDc1 rose 4 points.





:shrug:

[Pale Blue Dot]

2. Oil rises above $101 after OPEC output unchanged

SINGAPORE – Oil prices rose above $101 a barrel Thursday in Asia, extending gains from the previous session after OPEC leaders unexpectedly left crude production quotas unchanged.

Benchmark oil for July delivery was up 33 cents to $101.07 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract gained $1.65 to settle at $100.74 on Wednesday.

In London, Brent crude for July delivery was up 2 cents to $117.84 a barrel on the ICE Futures exchange.

Leaders of the Organization of Petroleum Exporting Countries, a cartel that controls about 35 percent of global crude output, surprised investors by deciding not to boost production quotas at a meeting Wednesday in Vienna. Analysts had expected an increase of between 1 million and 2 million barrels per day.

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

[xchrom]

50. Opec ready to act if needed, split was over data

http://www.business-standard.com/india/news/opec-ready-to-act-if-needed-split-was-over-data/137945/on

Economics, rather than politics was behind the collapse of this week's Opec talks and the group as a whole would act if it grew worried about oil supplies running short, a top Opec official said on Thursday.

The Organisation of the Petroleum Exporting Countries met for the first time this year on Wednesday and for the first time in around a decade failed to make a decision on output policy.

"Now we are unhappy that we did not reach a decision but this is not the end of the world," Opec Secretary General Abdullah al-Badri told Reuters. "It was not political, it was really an economic situation."

"Of course, for the past six years we have enjoyed a very relaxed atmosphere, now we have some tension. I hope we will overcome it."

Numbers compiled at the Opec headquarters in Vienna had implied the market needed around 2 million barrels per day (bpd) more oil for the third quarter of this year and 1.5 million bpd for the fourth quarter, Badri told a World Economic Forum conference.

[Pale Blue Dot]

3. U.S. Stock-Index Futures Increase as Chevron, Boeing Advance in Germany

U.S. stock futures gained, indicating that the Standard & Poor’s 500 Index may rebound from a six-day slump, its longest decline since February 2009.

Chevron Corp. (CVX), the second-biggest oil company in the U.S., rose 0.5 percent in Germany as crude climbed for a third day in New York. Boeing Co. increased 0.7 percent.

S&P 500 futures expiring in June climbed 0.3 percent to 1,280.3 at 11:11 a.m. in London. Dow Jones Industrial Average futures advanced 25 points, or 0.2 percent, to 12,055.

The S&P 500 has lost 4.9 percent this month as payroll reports and factory orders fell short of economists’ forecasts and investors speculated that the economic recovery is faltering. Today’s initial jobless claims report, which will be published at 8:30 a.m. in Washington, may show that the number of people applying for insurance benefit dropped last week.

http://www.bloomberg.com/news/2011-06-09/u-s-stock-index-futures-increase-as-chevron-boeing-advance-in-germany.html

[Pale Blue Dot]

4. Wiping Out All of 2011's Gains

S&P 1,260. That’s the line we need to hold.

That’s where we started the Year on January 3rd and we finished that day at 1,271, beginning a fine tradition of making almost all of our gains on the first day of the month, continuing a very disturbing (and very fake) year-long trend that I am calling "sell the next day (of the month) and go away." (chart by Bespoke).

Notice that this trend became very disturbing at the same time Uncle Ben announced his fabulous QE2 plan that showered money on his fellow Banksters according to a nice, predictable schedule that allowed them to lever up their investments to inflate stocks and commodities, trapping index fund investors (especially the working poor who make monthly contributions to IRA and 401K accounts in a nice, predictable and controllable fashion). It’s a simple plan, index fund managers get your pension money at the end of the month, they are required to buy baskets of stocks to balance their funds and that action can be manipulated by clever bankers who jack up the prices and then sell into the fake demand they created – effectively stealing tens of Billions each month out of the paychecks of working Americans. Just another one of those great crimes they commit where they steal a little bit of money from everyone, every day.

Speaking of robbing from the rich to give to the poor (see "The Dooh Nibor Economy"), it’s time we said happy 10th anniversary to the Bush/Obama tax cuts that have, as Barry Ritholtz put it: "driven the balanced budget he inherited from President Clinton deep into the red." So deep in the red, in fact, that even now Congress is still debating about extending the $14.5Tn deficit that the Congressional Budget Office says will double over the next 10 years if these cuts remain in place.

http://www.philstockworld.com/2011/06/08/wednesday-wiping-out-all-of-2011s-gains/

Great article. Highly recommended.

[Ghost Dog]

5. Good morning. Aaaargh.

http://www.youtube.com/watch?v=zGT83feJTQI

[Demeter]

6. McDonald's April hiring spree could have accounted for half of May's job growth: report

http://www.nydailynews.com/news/national/2011/06/04/2011-06-04_mcdonalds_april_hiring_spree_could_have_accounted_for_half_of_mays_job_growth_re.html

[Demeter]

7. Why Washington Isn't Doing Squat About Jobs and Wages by: Robert Reich

http://truthout.org/why-washington-isnt-doing-squat-about-jobs-and-wages/1307250719

The unemployed are politically invisible. They don’t make major campaign donations. They don’t lobby Congress. There’s no National Association of Unemployed People. Their ranks are filled with women who had been public employees, single mothers, minorities, young people trying to enter the labor force, and middle-aged men who have been out of work for longer than six months. You couldn’t find a collection of people with less political clout. ...What do these jobless have in common? They lack the political connections and organizations to get the ears of politicians, and demand policies to spur job growth.

Women who had been teachers, public health professionals and social workers have been hit hard. These jobs continue to be slashed by state and local governments. Public schools alone accounted for nearly 40% of the nation’s total public sector job losses in the last year. From March 2010 to March 2011, women lost 214,000 public sector jobs, compared with a loss of 115,000 public jobs by men...Unmarried mothers are having a particularly difficult time getting back jobs because their work was heavily concentrated in the retail, restaurant and hotel sectors. Many of these jobs disappeared when consumers reduced their discretionary spending, and they won’t come back in force until consumers start spending more again. According to a new report by the California Budget Project, the recession erased more than half the jobs single mothers in California had gained from 1992 to 2002. The result has been a drop in the share of unmarried mothers in jobs, from 69.2% in 2007 to 58.8% in 2010. Unmarried mothers who still have jobs are working fewer hours per week than before.

Blacks also continue to be hard hit. Their unemployment rate here in California reached 20% this past March, up 5% from a year ago. That’s more than double their rate before the downturn. Some of this is because of the comparatively low education levels of many blacks, and their weak connections to the labor market. Some is due to employer discrimination. Blacks were among the last hired before the recession and therefore among the first to be let go in the downturn. That means they’ll be among the last hired as the economy recovers.

Many young people who have never been in the job market are unable to land a first job. Employers with a pick of applicants see no reason to hire someone without a track record, particularly those without much education. Unemployment among high school dropouts is hovering around 30%. Even recent college graduates are having a much harder time than usual finding a job. Many are settling for jobs that don’t ordinarily require college degrees, which pushes those with less education even further back in the line...Older workers who have lost their jobs are at the greatest risk of continued unemployment. Employers assume they aren’t as qualified or reliable as those who are younger and have been working more recently. According to research by the Urban Institute, once you’re laid off, your chance of finding another job within a year is 36% if you’re under the age of 34. But your odds drop the older you get. If you’re jobless and in your 50s, your chance of landing another job within the year is only 24%. Over 62, you’ve got only an 18% chance.

[bread_and_roses]

8. Friday, June 3? (n/t)

[Demeter]

10. ah, the Good Old Days

before high humidity became the scourge of the land...

[Pale Blue Dot]

11. D'oh!!!

Fixed. Thank you!

[DemReadingDU]

21. Today is Thursday!

lol

[Pale Blue Dot]

31. LOL - Can you tell that today is the last full day of classes for me?

Holy cow. Now the editing period has expired.

[Demeter]

9. There Is No Such Thing as a Free Market

http://www.truthout.org/there-no-such-thing-free-market/1307462405

What They Tell You

Markets need to be free. When the government interferes to dictate what market participants can or cannot do, resources cannot flow to their most efficient use. If people cannot do the things that they find most profitable, they lose the incentive to invest and innovate. Thus, if the government puts a cap on house rents, landlords lose the incentive to maintain their properties or build new ones. Or, if the government restricts the kinds of financial products that can be sold, two contracting parties that may both have benefited from innovative transactions that fulfil their idiosyncratic needs cannot reap the potential gains of free contract. People must be left ‘free to choose’, as the title of free-market visionary Milton Friedman’s famous book goes.

What They Don’t Tell You

The free market doesn’t exist. Every market has some rules and boundaries that restrict freedom of choice. A market looks free only because we so unconditionally accept its underlying restrictions that we fail to see them. How ‘free’ a market is cannot be objectively defined. It is a political definition. The usual claim by free-market economists that they are trying to defend the market from politically motivated interference by the government is false. Government is always involved and those free-marketeers are as politically motivated as anyone. Overcoming the myth that there is such a thing as an objectively defined ‘free market’ is the first step towards understanding capitalism.

Labour Ought to Be Free

In 1819 new legislation to regulate child labour, the Cotton Facto- ries Regulation Act, was tabled in the British Parliament. The proposed regulation was incredibly ‘light touch’ by modern standards. It would ban the employment of young children – that is, those under the age of nine. Older children (aged between ten and sixteen) would still be allowed to work, but with their work- ing hours restricted to twelve per day (yes, they were really going soft on those kids). The new rules applied only to cotton factories, which were recognized to be exceptionally hazardous to workers’ health.

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

If the same market can be perceived to have varying degrees of freedom by different people, there is really no objective way to define how free that market is. In other words, the free market is an illusion. If some markets look free, it is only because we so totally accept the regulations that are propping them up that they become invisible.

[xchrom]

12. what day is this? nt

[Demeter]

16. IT'S THURSDAY, JUNE 9TH

but don't tell PBD, he had too many of Fuddnik's lethal lemonades yesterday...

[xchrom]

18. oh god -- i'm so relieved -- i had put the trash out for thursday pickup --

and there i saw friday.

[DemReadingDU]

24. Relieved too. Friday I'm off for the weekend with my sisters!

And I haven't started packing!

[xchrom]

27. in the words of the divine Miss RuPaul --

'you bettah work, girl!'

[Pale Blue Dot]

32. Sorry everyone!

It's the end of the school year and I'm feeling a little scattered - lol.

I alerted, so hopefully some nice moderator can fix it...

[Fuddnik]

33. I think it was the Mango-Habanero Salsa that caused the brain damage!

I wish I had taken the video camera. Rosco was having a riot. He wanted to jump off the boat so bad. And the waters off Anclote Key are full of Bull Sharks this time of year.

[xchrom]

42. sorry rosco -- you are not shark food. nt

[Fuddnik]

But, the sharks might be Rosco food.

[Demeter]

49. Aren't Sharks Endangered, a Protected Species Now?

Something about shark-fin soup?

[Fuddnik]

58. Not Bull Sharks.

Scientists figure that the Great White got it's bad reputation from Bull Sharks. A very aggressive species. And they can survive in fresh water. They've been spotted 2,000 miles up the Amazon River. And a freshwater bay near the panhandle is full of them.

I figure, eat them before they eat you.

It's like the campaign sticker I had on my car back in 1972. "Dick Nixon before he dicks you".

[xchrom]

66. are they good to eat? nt

[Demeter]

13. Pentagon sees Libya military costs soar

US military operations in Libya are on course to cost hundreds of millions of dollars more than the Pentagon estimated, according to figures obtained by the Financial Times.

Robert Gates, the outgoing secretary of defence, said last month that the Pentagon expected to spend “somewhere in the ball park of $750m” in the 2011 fiscal year as part of efforts to protect the Libyan people.

Read more >>
http://link.ft.com/r/QM42II/HYKK2U/204L2/PRIEOP/3OGKC4/D5/t?a1=2011&a2=6&a3=8

ANOTHER FINE MESS, BROUGHT TO YOU BY THE FOLKS AT GOLDMAN SACHS. THE DISCOVERY THAT GADDAFI ISSUED DEATH CONTRACTS ON GS EXPLAINS WHY THE EMPLOYEES OF A CERTAIN WALL ST. BANKSTER WERE BUYING AND LEARNING TO SHOOT FIREARMS...NOT AGAINST UNION PROTESTERS!

[plumbob]

70. What a surprise! A military fuckup costs more than they said to start!

Well, maybe not exactly a surprise.

Thank goodness we're not "really" in Libya, after all.











Do ya just get sick of the out and out lies they tell? Sometimes I'd like a refreshing "we'll do what we want, and fuck you!" At least then the truth is out there.

[Loge23]

90. Phantom spending

These are the expenditures that are never discussed: Iraq, Afghanistan, and now Libya.
It's those damn teachers and old folks that are sapping the national treasury!
Un-freakin'-believable!

[plumbob]

92. Yes and old folks that are also teachers (like me) - double damn them!

Parasites with a duty to die for the Fatherland , the Motherland , the Homeland and the greater glory of military might, you betcha!

[Demeter]

14. Citi admits customer data at risk after breach

Citigroup has acknowledged that a computer breach may have given hackers access to the data of hundreds of thousands of bank card customers

Read more >>
http://link.ft.com/r/H60H77/AMZ7EI/T10SH/26LTSX/5C6Y4G/LE/t?a1=2011&a2=6&a3=9

[xchrom]

15. Downing Street hits back at archbishop's broadside

http://www.guardian.co.uk/politics/2011/jun/09/downing-street-hits-back-archbishops-broadside


Downing Street has hit back at claims made by the head of the Church of England that the coalition government is forcing through "radical policies for which no one voted".

Ministers also waded in after Rowan Williams, the archbishop of Canterbury, issued a broadside in which he also challenged the "big society" project and criticised the government for continuing to blame the country's difficulties entirely on the deficit it inherited from Labour.

Downing Street reacted swiftly to Williams' comments, made in an editorial written as guest editor of this week's New Statesman magazine.

The government was taking the action needed to deal with the problems facing the country, a Downing Street spokesman said. "This government was elected to tackle the UK's deep-rooted problems. Its clear policies on education, welfare, health and the economy are necessary to ensure we're on the right track."







uh -- no -- the good archbishop had it right.

[xchrom]

17. The world gets back to burning

http://www.economist.com/blogs/schumpeter/2011/06/energy-statistics

NOT since 1973 has world energy use increased by as much, in percentage terms, as it did in 2010. According to BP’s annual Statistical Review of World Energy, published today, 2010’s energy consumption was up by 5.6% on the year before. In part this is thanks to recovery from the economic crisis; in part it is down to the longer-term shift in economic activity towards emerging economies, which are less efficient in their energy use.

Robust growth was seen in all regions and in almost all types of energy use: the world consumed more of every main fuel bar one than it had in any previous year. Consumption of oil, which accounts for 34% of the world’s primary energy by BP’s calculations, rose by 3.1%. Coal, at 30% the number two fuel, was up by 7.6%, growing faster than at any time since 2003. Consumption of gas, which contributes 24%, was up by 7.4%, the biggest annual growth since 1984.

The growth in fossil fuels was so strong that although non-fossil-fuel energy also had a record year, its share of the world total primary energy decreased a little. Hydro (6.5%) saw its biggest annual increase on record, in part due to more dams and in part due to a lot of rain; Christof Rühl, BP’s chief economist, notes there was more precipitation in 2010 than in any year in the past century. Other renewables grew impressively too, thanks to countries all round the world continuing to pile on new wind capacity. That said, non-hydro renewables still check in at only 1.3% of global energy consumption—1.8% if you include biofuels.

Of all the fuels, only nuclear had seen better years; 2% growth over 2009 still left it a little below its levels in 2005 and 2006. Ten years ago nuclear and hydro were pretty evenly pegged as energy providers; last year hydro provided 20% more electricity. After the disaster at Fukushima, with its attendant closure of a lot of Japanese and German nuclear capacity, nuclear will undoubtedly fall further behind still.

[Demeter]

19. Europe prays for rain as drought worsens

Europe is in the grip of a new north-south divide; yet this time the gap is about rainfall, and it is the north that is lagging behind

Read more >>
http://link.ft.com/r/5F39HH/DW54ZE/4VXHZ/YH3PND/GK4P1E/UP/t?a1=2011&a2=6&a3=9

[xchrom]

20. middle east: Arming the UAE

http://www.atimes.com/atimes/Middle_East/MF10Ak01.html

The International Defense Exhibition, otherwise known as IDEX, has been held bi-annually in the United Arab Emirates (UAE) since 1993. It is the largest defense expo in the Middle East and North Africa and one of the biggest in the world. But far from being a one-off, it highlights the UAE's growing stature as a global arms buyer.

This year's IDEX took place in February in the glistening Abu Dhabi National Exhibition Centre. Its high ceilings and massive rooms displayed a diverse array of high-tech weaponry against the backdrop of heavily illuminated signboards like the ones you see in the showrooms of luxury car dealerships. All the big Western defense corporations were there - Lockheed Martin, Boeing, Dyncorp, Northrup Grumman, European Aeronautic Defense and Space Co - as well as Chinese companies, including China North. There were also a host of local companies including Arabian


Aerospace, Abu Dhabi Ship Building Company, and the state-owned Mubadala. Like all of these events, it was a heavily male enterprise. The exhibitors wore suits. The visitors wore either the military uniform of the UAE or traditional Arab dress.

Outside, the expo began with a parade and air show, and representatives from BAE Systems gave passers-by a tour of the latest features of their all-terrain tank. Just inside the entry hall, visitors could check out a parked yellow Hummer on their way to the exhibits. At the US pavilion, a representative from Boeing demonstrated the features of its integrated defense simulator, and General Dynamics showed off its latest MK-47 machine gun. At the Lockheed Martin exhibit, you could get within inches of anti-aircraft missiles propped on plastic risers like pieces of modernist art - so shiny you could see your reflection in them.

[Fuddnik]

22. Who wants to see a real Dick?

[xchrom]

23. europe: UK cuts support for large solar power plants

http://www.guardian.co.uk/business/feedarticle/9687584

LONDON, June 9 (Reuters) - Britain said on Thursday it will go ahead with reducing support tariffs for large scale solar plants from Aug. 1, despite vocal resistance from the industry.
Government incentives, so-called feed-in-tariffs (FITs), for solar plants larger than 50 kilowatts (kW) will be cut nearly in half for the smallest projects.
"It's going to make delivery of large scale solar projects in the UK very difficult, if not impossible. But it will re-focus attention on the smaller end of the market where the government is hoping to see penetration," said Ronan O'Regan, director of energy and utilities at consultancy PwC.
The energy ministry announced its initial proposals for fast-tracking a reduction in the tariffs on March 18, which caused an outcry among solar plant developers who had expected a review of tariffs only next year.
"This is really bad news, the government is not listening. It sends a very clear signal to solar investors: don't come to the UK," said Howard Johns, chairman of the Solar Trade Association.

[xchrom]

26. UK interest rates kept on hold

http://www.guardian.co.uk/business/2011/jun/09/uk-interest-rates-left-on-hold

The Bank of England sat on its hands on Thursday, offering some respite for cash-strapped households by leaving interest rates unchanged again.

As expected, the Bank's monetary policy committee left its benchmark rate at a record low of 0.5% for the 27th month in a row. It also left its £200bn quantitative easing programme unchanged.

It was the first meeting for new MPC member Ben Broadbent, a former Goldman Sachs economist, who replaced arch-hawk Andrew Sentance.

City economists have put back the likely date for the first increase to this autumn, but many think it won't happen until next year. A November rate rise is seen as a 60% probability, while markets are not fully pricing in a rate rise until next April.

[xchrom]

46. Inflation rate slows in May {ireland}

http://www.irishtimes.com/newspaper/breaking/2011/0609/breaking19.html

The cost of living continued to increase in May, though at a slower rate than in previous months.

Figures released by the CSO this morning show that the the consumer price index rose by 0.1 per cent last month. This compares to a 0.4 per cent jump between March and April, and a 0.9 per cent in the previous two months.

The annual rate of inflation now stands at 2.7 per cent - meaning that prices were 2.7 per cent higher last month than they were in May 2010. However, this is lower than the annual inflation rate of 3.2 per cent recorded in April.

As with previous months, higher mortgage and energy costs were the main contributor to the rise in costs compared to a year ago. In terms of monthly trends, an increase in the cost of men's clothes, hotel rates and higher prices for spirits sold in off licences and supermarkets contributed to the increase in the consumer price index last month.

[xchrom]

61. Greece Is Said to Need $65.8 Billion More in Emergency Loans From EU, IMF

http://www.bloomberg.com/news/2011-06-09/greece-is-said-to-need-65-8-billion-more-in-emergency-loans-from-eu-imf.html

European governments and the International Monetary Fund would lend as much as an extra 45 billion euros ($66 billion) to Greece under the latest three- year plan to avoid the euro area’s first sovereign default, two people with direct knowledge of the talks said.

European estimates put Greece’s 2012-14 financing gap at as much as 170 billion euros, the people said. It would be filled by the loans, plus around 57 billion euros in unspent aid from last year’s bailout, roughly 30 billion euros in asset-sale proceeds and about 30 billion euros in rollovers by creditors.

Structuring the rollovers remains the most sensitive part of the package, with European Central Bank President Jean-Claude Trichet warning on a teleconference of euro-area officials yesterday that German calls for a debt exchange might lead ratings companies to declare Greece in default, the people said.

[xchrom]

67. Austerity measures strangle Greece's recovery

http://www.guardian.co.uk/business/2011/jun/09/austerity-measures-strangle-greece-recovery

Greece's crisis-hit economy expanded by a sickly 0.2% in the first three months of this year – even worse than first thought – as its fiscal austerity measures strangled demand, official figures have revealed.

The bailed-out economy is now shrinking at an annual rate of 5.5%, instead of an initial estimate of 4.8%, the Greek statistical agency said on Thursday.

Bond yields jumped after the announcement, with the government now facing paying 25.08% over two years if it tried to borrow from the financial markets. The cost of insuring Greek debt against default also hit new record highs.

Athens is widely expected to receive a fresh bailout from its eurozone partners in the coming weeks, but Germany is locked in a standoff with the European Central Bank about the terms of any new assistance package, and whether Greece's private sector creditors will have to bear part of the cost.

[xchrom]

62. European Stocks Are Little Changed After Six-Day Slide; Home Retail Sinks

http://www.bloomberg.com/news/2011-06-09/european-stock-index-futures-retreat-home-retail-infineon-dsv-may-drop.html

European stocks were little changed after six days of losses as declines in retailers and banks offset gains in utilities. Asian shares fell, while U.S. index futures rose.

Home Retail Group Plc (HOME) plunged the most in 2 1/2 years after sales at its Argos chain declined. Elekta AB (EKTAB) rallied 2.9 percent as the world’s second-largest maker of radiation-treatment equipment reported earnings that topped estimates. Suez Environnement SA advanced 2.1 percent as JPMorgan Chase & Co. upgraded the shares.

The Stoxx Europe 600 Index rose less than 0.1 percent to 269.04 at 1:46 p.m. in London after earlier rising as much as 0.6 percent. The measure has fallen 7.6 percent from this year’s high on Feb. 17 and is trading at about 12.8 times its companies’ reported earnings, the cheapest valuation since 2008, according to data compiled by Bloomberg.

“There’s room for a technical rebound, but it remains just that,” said Vincent Guenzi, a fund manager at Cholet-Dupont Gestion SA in Paris, which oversees $2.9 billion. “We don’t see a new upswing because there isn’t a motor.”

[Demeter]

25. Credit Market Nightmare: The US Default Idea Is Going Mainstream

It gets really hard to play chicken when the other side isn't afraid of crashing.

Heretofore the debt ceiling game has been characterized as exactly that -- a game of chicken -- with the presumption that one side would veer off the road at the last second.

But what if the GOP really doesn't worry about crashing at all, and in fact it thinks crashing might be good?

We've been saying for a while how stunned we were that the idea of a technical default was gaining currency among mainstream thinkers, and now Reuters confirms it. Nobody is particularly concerned about a default. The deadlines are no big deal. As long as it's short, they think, it wouldn't have calamitous implications, a notion hotly disputed by just about every financial institution (including small banks).

Particularly influential on the GOP was this OpEd in the Journal by Stan Druckenmiller (the former hedge funder) calling for the default outcome, or at least saying it wasn't so bad.

Read more: http://www.businessinsider.com/debt-default-goes-mainstream-2011-6#ixzz1OmKeZeLM

What If the U.S. Treasury Defaults?

'People aren't going to wonder whether 20 years ago we delayed an interest payment for six days. They're going to wonder whether we got our house in order.'

http://online.wsj.com/article/SB10001424052748703864204576317612323790964.html

By JAMES FREEMAN

'A financial crisis is surely going to happen as big or bigger than the one we had in 2008 if we continue to behave the way we're behaving," says Stanley Druckenmiller, the legendary investor and onetime fund manager for George Soros. Is this another warning from Wall Street that Congress must immediately raise the federal debt limit to prevent the end of civilization?

No—Mr. Druckenmiller has heard enough of such "clamor and hyperbole." The grave danger he sees is that politicians might give the government authority to borrow beyond the current limit of $14.3 trillion without any conditions to control spending.

One of the world's most successful money managers, the lanky, sandy-haired Mr. Druckenmiller is so concerned about the government's ability to pay for its future obligations that he's willing to accept a temporary delay in the interest payments he's owed on his U.S. Treasury bonds—if the result is a Washington deal to restrain runaway entitlement costs.

"I think technical default would be horrible," he says from the 24th floor of his midtown Manhattan office, "but I don't think it's going to be the end of the world. It's not going to be catastrophic. What's going to be catastrophic is if we don't solve the real problem," meaning Washington's spending addiction....

[Demeter]

28. Limited default might clear way for Greek bond swap

http://www.reuters.com/article/2011/06/08/us-ecb-greece-swap-idUSTRE7572OX20110608

After initially resisting the idea of any Greek debt restructuring, the European Central Bank is warming to the idea of having private investors share the burden of rescuing Greece, potentially clearing the way for a debt swap.

Although the ECB still opposes a cut in the principal of the debt, which would mean full default, it is now believed to be considering a scenario in which credit rating agencies would declare Greece in limited or "selective" default -- minimizing the impact on financial markets and its own balance sheet.

If the central bank decides to endorse this scenario, it will remove a major obstacle to agreement among international creditors on a second bailout of Greece.

In a letter written on Monday, Germany's Finance Minister Wolfgang Schaeuble proposed to the ECB, the International Monetary Fund and euro zone peers that holders of Greek bonds swap them for longer-dated bonds, giving Athens seven more years to work through its 340 billion euro debt pile....

HOW MANY GOVERNMENTS, ECONOMISTS, FINANCIERS AND POLITICIANS CAN DANCE ON A KNIFE'S EDGE WITHOUT GETTING CUT?

[Demeter]

29. We’re broke and we don’t need blarney

http://www.irishcentral.com/story/roots/ireland_calling/were-broke-and-we-dont-need-blarney-123456164.html

The euphoria generated by the visits of the Queen and President Obama has now worn off. We were on a high here for a while and it certainly was a welcome break from the depression that has pervaded the country for the past year or more. But last week it was back to reality with a bang. And boy, that reality sure is grim.

Last week the latest figures for unemployment showed that the number out of work is going up, not down; it's now at 14.8%, up from 13.2% a year ago.

Also last week we learned that the interest payments on our huge debt burden are now eating up HALF of all the income tax raised in the state. And of course the debt is still growing at a dizzying rate because the state is still spending tens of millions every day we don't have.

In fact a government minister here let it slip last week that we might need a second bailout from the EU-IMF, like Greece, which will add even more to the mountain of debt that is crushing our economy...

[Demeter]

30. Is the White House Up for Grabs? By Mike Whitney

http://www.informationclearinghouse.info/article28278.htm

Barack Obama figured his reelection was in the bag. All he had to do was throw the progressive wing of his party a bone by pulling a few thousand troops out of Afghanistan, and then wait for the economy to gradually get stronger. What could be easier? 2012 would be a romp. He never thought that his chief economic advisor, Lawrence Summers, might have misjudged the severity of the downturn or that all those pesky "lefty" economists (Stiglitz, Baker, Reich, Thoma, Krugman etc) were right in pushing for more fiscal stimulus. After all, what did they know? Most of them would have supported another W.P.A. if they were given half a chance. Good luck slipping that by the deficit hawks in congress! Besides Wall Street wants "austerity"; so austerity it is. You don't get reelected by rocking the boat.

But then something unexpected happened, the economy started turning South. Housing, manufacturing and consumer confidence all began to lose altitude at the worst possible time, just when the GOP started hammering away the slowness of the recovery. So, when the BLS released its report last Friday, showing that US payrolls had risen by a paltry 54,000 and the unemployment rate climbed back to 9.1 percent, the Obama team went into full panic-mode. They finally realized that the economy was badly listing and that Obama might not be reelected after all. Horrors. That's all it took to put the wheels in motion.

In a matter of hours, Obama completely reversed his position on fiscal stimulus and began reciting from the Christina Romer songbook. Romer, you may recall, was the president's former economic advisor who Obama threw under the bus because she kept pushing for more fiscal stimulus. In an article in the Washington Post, Romer explained why she was given the boot, er, why she "decided to spend more time with her family". Here's an excerpt:

"There was a definite split among the economics team about whether we should push for more fiscal stimulus, or switch our focus to the deficit. A number of us tried to make the case that more action was desperately needed and would be effective. Normally, meetings with the President were very friendly and free-wheeling. He likes to hear both sides of an issue argued passionately. But, about the fourth time we had the same argument over more stimulus in front of him, he had clearly had enough. As luck would have it, the next day, a reporter asked him if he ever lost his temper. He replied, “Yes, I let my economics team have it just yesterday.”...("Christina Romer looks back — and forward", Washington Post)...

[Po_d Mainiac]

34. Flash crashing through the night?

http://finviz.com/futures_charts.ashx?t=ES&p=m5:wtf:

[maddezmom]

35. Kick

for the correct date :hi:

[Demeter]

36. Talk is cheaper

http://www.economist.com/blogs/dailychart/2011/05/telecommunications

The cost of telecommunications has fallen worldwide

DEVELOPING countries still pay far more for communications than developed countries as a proportion of overall income. But over the past two years these services have become more affordable worldwide, according to the ITU (International Telecommunication Union). The ITU’s ICT price basket combines the average cost of fixed-line telephones, mobile phones and fixed-line broadband internet services, calculated as a proportion of gross national income per person. (Broadband is not shown on the chart because in countries where it is still rare, its high cost swamps the chart and makes it difficult to read.) Africa made the biggest gains. Of the countries covered, seven countries had overall price-basket declines greater than 50%, mainly because of declines in fixed broadband. Mobile-phone charges are higher in developing countries in part because many customers pay for calls using pre-paid scratch cards rather than via monthly contracts which include large "buckets" of calling time for which the effective cost per minute is much lower.

[Demeter]

37. Most at Fed want rate hikes before asset sales

http://www.reuters.com/article/2011/05/18/us-usa-fed-minutes-idUSTRE74H5QT20110518

Most Federal Reserve officials prefer to raise rock-bottom interest rates before selling assets when the time comes to tighten policy, restoring their main tool for managing the economy, according to minutes of their April meeting...

During an extensive discussion of how the central bank might pull back its massive support for the world's largest economy, officials indicated unloading the mortgage debt the Fed piled on during the financial crisis would be a priority in eventually shrinking the Fed's $2.7 trillion balance sheet.

"A majority of participants preferred that sales of (mortgage) agency securities come after the first increase in the (Fed's) target for short-term interest rates," the Fed said.

"Many of those participants also expressed a preference that the sales proceed relatively gradually, returning (Fed holdings) to all Treasury securities over perhaps five years," the minutes said.

YEAH, WELL, I WANT A PONY...

[Demeter]

38. As Lenders Hold Homes in Foreclosure, Sales Are Hurt

http://www.nytimes.com/2011/05/23/business/economy/23glut.html?_r=1

The nation’s biggest banks and mortgage lenders have steadily amassed real estate empires, acquiring a glut of foreclosed homes that threatens to deepen the housing slump and create a further drag on the economic recovery.

All told, they own more than 872,000 homes as a result of the groundswell in foreclosures, almost twice as many as when the financial crisis began in 2007, according to RealtyTrac, a real estate data provider. In addition, they are in the process of foreclosing on an additional one million homes and are poised to take possession of several million more in the years ahead.

Five years after the housing market started teetering, economists now worry that the rise in lender-owned homes could create another vicious circle, in which the growing inventory of distressed property further depresses home values and leads to even more distressed sales. With the spring home-selling season under way, real estate prices have been declining across the country in recent months....Over all, economists project that it would take about three years for lenders to sell their backlog of foreclosed homes. As a result, home values nationally could fall 5 percent by the end of 2011, according to Moody’s, and rise only modestly over the following year. Regions that were hardest hit by the housing collapse and recession could take even longer to recover — dealing yet another blow to a still-struggling economy.

Although sales have picked up a bit in the last few weeks, banks and other lenders remain overwhelmed by the wave of foreclosures. In Atlanta, lenders are repossessing eight homes for each distressed home they sell, according to March data from RealtyTrac. In Minneapolis, they are bringing in at least six foreclosed homes for each they sell, and in once-hot markets like Chicago and Miami, the ratio still hovers close to two to one...Before the housing implosion, the inflow and outflow figures were typically one-to-one.

[Demeter]

39. SEC approves new rewards for whistleblowers

http://www.washingtonpost.com/business/economy/sec-approves-new-rewards-for-whistleblowers/2011/05/25/AGdNhHBH_story.html?hpid=z10

Blow the whistle on financial fraud, earn valuable rewards.

The Securities and Exchange Commission approved rules Wednesday that could make it highly lucrative for Wall Street whistleblowers and other corporate insiders to alert the agency to securities violations.

The agency was acting at the behest of Congress and President Obama, who mandated the rewards last year in legislation responding to the mortgage meltdown.

Under the rules, whistleblowers will be entitled to receive 10 percent to 30 percent of the money they help the SEC collect through enforcement actions. Corporations had lobbied intensely for rules that would impose constraints on whistleblowers. But a majority of SEC commissioners rejected pleas by business groups that, before going to the SEC, whistleblowers should be required to notify the companies they are accusing of wrongdoing and give them a chance to address the allegations.

[Fuddnik]

43. With their track record so far.

Such a deal! This week Only! Blow the whistle and get only 3 years hard labor instead of ten!

And for the price of a good lawyer, you get a free upgrade to Leavenworth, instead of the torture package at the Portsmouth Naval Brig!

Hurry while supplies last!

[Demeter]

40. AIG disconnects with investors

http://www.ifre.com/aig-disconnects-with-investors/636926.article

The re-entry of American International Group into the public markets may prove historic for all the wrong reasons. What should have been a celebrated event has morphed into an unmitigated disaster, leaving investors that participated in the insurer’s US$9bn follow-on offering to cry foul. AIG shares broke on the open... at US$28.27 - well below the US$29.00 offer price set on 300m shares, briefly retrenched, and then turned south. The stock closed at US$28.28, causing investor losses of more than US$200m, after having traded as low as US$27.50.

Near-term, the fallout is likely to result in investor boycott of the new issue market; long-term, the failure jeopardises the US government’s hope of a profitable exit on the bailout. There is plenty of blame to go around: AIG, investment banks, and the government itself...The responsibility falls squarely on JP Morgan, stabilisation agent and one of four bookrunners. Bank of America Merrill Lynch and Goldman Sachs were also active leads, but have less of a fiduciary responsibility. Deutsche Bank was a bookrunner in name only...Stabilisation is a tricky capital-markets concept and the details in this case may never be known...Here is how it works. The stabilisation agent allocates more shares than the amount stated on the prospectus, creating a short position. If the stock rises after freeing syndication, the bank covers by exercising the over-allotment option; if it falls, it covers by purchasing in the aftermarket...A common tactic in especially difficult situations is to intentionally allow the stock to open below offer. The goal is two-fold: “shake out” flippers hoping to extract a quick profit and preserve “buying power” at lower prices.

The risk is alienating long-term holders. “It never pays to open a deal below issue,” said the hedge fund source. “I understand that you’re trying to shake out the flippers, but you can also create shock value where the long-only becomes a flipper.” So how did this happen? JP Morgan, and by association its fellow bookrunners, went to extraordinary lengths to condition investor expectations. Their communication at the close Monday was price sensitivity within the US$29-$30 context, but that the books were covered. The final message Tuesday ahead of pricing was that 75% of the deal was allocated to long-only investors. Pricing at US$29, a 1.6% discount to the US$29.46 close Tuesday, seemed sufficient to accommodate all constituents.

Conceivably, the US government was on the way to profit on its bailout. The cost basis to do so was US$28.72, and the sale of 200m shares reduced its stake to roughly 74.4%, with a still-sizable overhang of 1.365bn shares – as the 45m share over-allotment came entirely from the government...AIG management also contributed to the failed offering. The statement by AIG CEO Robert Benmosche, who took over in August 2009, that he expected the government to be fully out by mid-2012 seems aggressive – a little more than a year, and at a profit? “I know the CEO wasn’t happy with the price,” confided one senior banker close to the situation...There are certainly fundamental reasons to give investors pause – legacy CDO exposure and abnormally high returns on the investment portfolio, to name two, but the offering itself was a disaster, technically speaking.

[girl gone mad]

91. My heart breaks.

:sarcasm:

[Demeter]

44. Libyan gold rush followed end to sanctions

http://www.washingtonpost.com/world/middle-east/libyan-gold-rush-followed-end-to-sanctions/2011/05/25/AGGgbVBH_story.html?hpid=z1

Some of the world’s most sophisticated banks and investment firms rushed to do business with Moammar Gaddafi’s government in Libya after the United States rescinded the country’s designation as a state sponsor of terrorism five years ago, according to an internal financial document obtained by The Washington Post. HSBC, Goldman Sachs and other top banks took on hundreds of millions in cash deposits. Hedge funds and private investment firms, including the Washington-based Carlyle Group, sold Libya’s investment authority complex financial products. The Libyan sovereign wealth fund bought more than $1 billion in U.S. Treasury bills, effectively giving Libya a chance to underwrite U.S. debt. By last year, Libya’s fund recorded about $56 billion in assets around the world, the internal document shows... just months after Gaddafi’s government was cleared for international business deals, leading financial institutions were courting Gaddafi officials for access to a huge new reservoir of capital — more than $40 billion at the time. The gold rush in Libya occurred with encouragement from U.S. officials, who wanted to reward Gaddafi for pledging to honor international law, disavow terrorism and compensate relatives of victims of the Pan Am Flight 103 bombing.

“Sanctions are powerful because of our ability to leverage the U.S. financial system. Immediate access to the U.S. and Western investment upon the removal of sanctions is the ultimate carrot,” said one senior U.S. official, who declined to be named because he was not authorized to speak about the matter. “That carrot is what compels sanctioned narcotics traffickers, proliferators and supporters of terrorism to change their behavior and stop engaging in the illicit conduct that got them cut off from the United States.” But the sudden embrace of Gaddafi became a source of embarrassment once his government — long known for its ruthlessness in suppressing dissent — used massive force to attempt to squelch a civilian uprising in February. Since then, government forces and rebels have been locked in a stalemate, with NATO warplanes regularly striking loyalist targets...“It’s amazing how many big banks were prepared to do business with the Gaddafi regime given the obvious concerns over corruption and brutality in Libya,” said Corinna Gilfillan, head of the U.S. office of Global Witness, a nonprofit watchdog group...


The Libyan Investment Authority was created to help the country leverage the wealth generated from oil revenue. Known by its Arabic name as “the mother of all funds,” it was run by managers who were purportedly independent of Gaddafi. But the fund was closely tied to Gaddafi’s powerful son, Saif al-Islam Gaddafi, who has a doctorate from the London School of Economics... portrayed himself as a reformer who was trying to push Libya in a new direction. He helped choose the leadership of the investment authority and routinely met with financiers in the United States and Europe in search of new investments. After the crackdown began, Saif Gaddafi became his father’s most public supporter, brandishing weapons and urging citizens to fight the rebels.

Western emphasis

The KPMG report, dated June 30, 2010, shows a wide array of investments across the globe, with an emphasis on the West. In the first quarter of 2010, the fund had $315 million in cash spread across accounts at HSBC, the Arab Banking Corp., Goldman Sachs, the Central Bank of Libya and other institutions. It owned $6 billion in equities, including shares of General Electric, AT&T, Citigroup and Telefonica. Its biggest stock holdings were in Italy, where the investment authority owned almost $600 million worth of stock in UniCredit, the Italian-based bank with operations across Europe...The report shows that a quarter of Libya’s $6 billion in stock holdings are in Italian companies, with 15 percent in U.S. firms. But most of the $3.2 billion in bonds — 65 percent — are held in U.S. bonds, including Treasuries....An adviser to rebel Finance Minister Ali Tarhouni said the rebels should be given access to the investments, although they do not expect that to happen. “We believe these are the Libyan people’s assets and it’s ours,” the official said, speaking on the condition of anonymity because he is not authorized to be named. “We are in immediate need of cash. It’s the Libyan’s people’s money, and they have a right to it.”

[Demeter]

47. Big Banks Cash In on Commodities

http://online.wsj.com/article/SB10001424052702304563104576359704074143190.html?mod=dist_smartbrief

A group of 10 large banks—including Goldman Sachs Group Inc., Morgan Stanley, J.P. Morgan Chase & Co., Citigroup Inc., Bank of America Corp. and Barclays PLC—saw their commodities revenues increase by 55% in the first quarter, according to Coalition, a firm that analyzes the performance of investment banks. After a disappointing 2010, commodities was the fastest-growing segment in banks' fixed-income businesses in the first three months of this year, even though it still accounts for just 7% of banks' total fixed-income revenues, Coalition said. Commodities trading is a bright spot for institutions that face new regulatory clampdowns on practices that previously fattened bank profit margins, such as trading with their own capital and slapping customers with hefty "overdraft" fees. Oil is up about 10% so far this year, settling at $100.29 a barrel Wednesday, and commodities such as gold and copper are close to all-time highs.

J.P. Morgan has emerged as one of the biggest beneficiaries of the commodities boom sweeping Wall Street. The bank's commodities unit—which employs about 1,800 people, more than any of its rivals—made more money during the first quarter than through all of last year, according to people familiar with the matter. So far this year, the unit has earned roughly $750 million and is on course to beat its 2011 internal target of $1.2 billion, these people added. The J.P. Morgan unit earned just $514 million for all of 2010, falling far short of its goals. The performance at J.P. Morgan is largely the result of a recent acquisition and the run-up in prices and volatility levels. But the early results are being celebrated inside the halls of J.P. Morgan after the bank struggled through defections, miscues, bad press and a coal trade that cost the firm $130 million in 2010. The New York bank is making a bold and costly bet that a recent string of commodities-trading acquisitions will transform the operation into an industry leader and unseat rivals Goldman Sachs and Morgan Stanley. A bank spokeswoman declined to comment on any commodity-trading dollar figures, which it doesn't make public.

Commercial banks such as J.P. Morgan and Bank of America may have an edge over rivals like Goldman Sachs and Morgan Stanley, as new financial rules force Wall Street to cut back on "proprietary trading" with the bank's own capital and turn the focus of their business toward helping clients. Commodities desks at commercial banks can tap a larger corporate client base, offering hedging services to producers and consumers of raw materials, facilitating transactions for hedge funds and selling commodity-linked investment products to pensions and sovereign-wealth funds...The revenue jump takes some heat off J.P. Morgan's embattled head of commodities, Blythe Masters, who went before the board last fall to explain why her group had fallen short of its goals and assured employees she still had the support of her superiors; her boss, Jes Staley, who runs the investment bank, had indicated he would re-evaluate the business this year if revenue dipped below $1 billion, according to a person familiar with the matter.

J.P. Morgan isn't the only financial-services firm getting a commodities lift this year. At Credit Suisse AG, commodity-trading revenue for the first quarter was $74 million, as compared with a loss of $66 million during the same period last year. At Goldman's fixed-income group, commodities were the only division that showed revenue growth in the first quarter, bucking the trend of a 28% decrease in the bank's fixed-income business, including credit products, interest-rate products and currencies. Similarly, Morgan Stanley reported higher revenue in commodities, despite a 35% fall in its fixed-income-group revenue during the last quarter. Bank of America and Deutsche Bank AG also were up, according to people familiar with the situation. J.P. Morgan's jump so far in 2011 is larger than its peers' partly because it started from a lower base. The firm recorded only about $35 million in commodities-trading revenue through the first two quarters of 2010. It also is benefitting from a series of acquisitions of assets from RBS Sempra Commodities, a deal that gave the bank a larger client base in oil, natural gas, power and metals. Earlier purchases of Bear Stearns and assets from UBS gave the firm a larger presence in energy and agriculture...

[xchrom]

48. south asia: Sensex eases second day on slowing growth concern

http://timesofindia.indiatimes.com/business/india-business/Sensex-eases-second-day-on-slowing-growth-concern/articleshow/8789031.cms

MUMBAI: Indian markets eased for a second day on Thursday as risk appetite waned on slowing growth concerns and accelerating food inflation meant more upward pressure on interest rates.

Data showed car sales in India rose 7% in May, their slowest pace of growth in two years, and analysts expect a further decline in momentum as higher fuel prices, interest rates and vehicle costs crimp demand.

The food price index rose an annual 9.01% in week to May 28, government data showed on Thursday, up from 8.06% in the previous week.

Financials led the losses as the data comes ahead of the central bank's policy review on June 16, when it is expected to raise rates for the 10th time in 15 months.

[Demeter]

52. Is high unemployment the 'new normal' even in a recovery?

NO. THERE IS NOTHING "NORMAL" ABOUT HIGH UNEMPLOYMENT. NOR IS IT ACCEPTABLE.

A "new normal" is emerging for the U.S. jobs market, and a growing number of economists warn that it's likely to mean that unemployment will remain persistently high, at 7 percent or more, for years to come.

The 9.1 percent unemployment rate reported in May remains high by post-World War II standards long after the economy resumed growth following the worst recession in 70 years. It's prompting economists to rethink basic assumptions about the U.S. labor market.

At issue is what's called the "full employment" rate. It's generally thought to be the rate at which everybody willing and able to work can find a job. It's a theoretical "ideal" rate; "full" employment can't be zero because there'll always be people in transition between jobs, and others with disabilities or just plain lazy who'll be excluded from the workforce.

For much of the 1980s, the unemployment rate hovered between 6 percent and 7.5 percent. During the mid-1990s, the rate fell steadily to around what economists came to consider the rate of full employment — 5 percent. Anything above that would signal inefficiencies in the economy...Then in 2000, the improbable happened. It hovered around 4 percent most of the year, then dipped to 3.9 percent during the final four months. Those numbers were stronger than most economists thought possible without triggering inflation.

Today perceptions are far different...

Read more: http://www.mcclatchydc.com/2011/06/08/115469/is-high-unemployment-the-new-normal.html#ixzz1OmedYsDc

[Demeter]

55. Lawyers: The New Dead-End Profession?

http://www.thefiscaltimes.com/Articles/2011/06/08/Lawyers-The-New-Dead-End-Profession.aspx?utm_source=The+Fiscal+Times+Latest+News&utm_campaign=8d92aed26a-Latest_News_from_the_Fiscal_Times_06_09_11&utm_medium=email

...Since the 2008 economic crisis and historic recession, a law degree, even from the top schools, is no longer a ticket to a good job and six-figure salary. While only a fraction of all new attorneys are walking away from the profession, many have had to take lesser-paying jobs with less status and fringe benefits. Close to 30 percent of lawyers expect to graduate with more than $120,000 in debt. Another 15 percent said they would owe more than $100,000, according to Yahoo News.

The class of 2010 has been especially hard hit: fully one-third of all law school graduates are not practicing law, and about half found jobs in private practice. The National Association for Legal Professionals says graduates have faced the worst job market since the mid -nineties. In fact, legal occupations will add the fewest new jobs among all professional and related subgroups over the decade, increasing by about 188,400, according to Bureau of Labor Statistics overview of 2008 to 2018.

There are 200 American Bar Association-approved law schools in the U.S., up from 182 schools in 2000. Total enrollment is also up over the last 10 years from 132,464 students in 2000 to 154,549 in 2010, according to the American Bar Association. Of those students, 38,157 were awarded J.D.’s or LL.B’s in 2000, 44,004 in 2010. Despite the economic crisis, law school demand is up.

And though law graduates are having more difficulty finding jobs out of school, the median salary for all lawyers has for the most part continued to rise, according to data over the last 10 years from the Bureau of Labor Statistics....

[Fuddnik]

65. Three things in life are certain.

The madam opened the brothel door in Winnipeg and saw a

rather dignified, well-dressed, good-looking man in

his late forties or early fifties.



"May I help you sir?"

she asked.

The man replied,

"I want to see Valerie."



"Sir, Valerie is one of our most expensive ladies.
Perhaps you would prefer someone else"

said the madam.



He replied,

"No, I must see Valerie."



Just then, Valerie appeared and announced to the

man she charged $5000 a visit.



Without hesitation, the man pulled out five thousand dollars
and gave it to Valerie, and they went upstairs.





After an hour, the man calmly left.



The next night, the man appeared again, once more
demanding to see Valerie.



Valerie explained that no one had ever come back
two nights in a row as she was too expensive.



"There are no discounts.

The price is still $5000."



Again, the man pulled out the money, gave it to Valerie,
and they went upstairs.








After an hour, he left.


The following night the man was there yet again.


Everyone was astounded that he had come for a third
consecutive night, but he paid Valerie

and they went upstairs.







After their session, Valerie said to the man,




"No one has ever been with me

three nights in a row."

"Where are you from?"


The man replied,

" New Brunswick ."


"Really," she said.

"I have family in New Brunswick ."


"I know." the man said.

"Your sister died, and I am her attorney."

"She asked me to give you your

$15,000 inheritance."




The moral of the story is that

three(3) things in life are certain:




1. Death



2. Taxes

3. Being screwed

by a lawyer!

[Demeter]

72. When the US Abandoned the Rule of Law For Most Major Crimes

being a lawyer had no where to go but down.

[xchrom]

73. ...

:spray:

[xchrom]

54. asia: World Bank , IMF dismal on Japan growth potential

http://search.japantimes.co.jp/cgi-bin/nb20110609n1.html

WASHINGTON — The World Bank said Tuesday that it projects Japan's economy to expand 0.1 percent this year in terms of real gross domestic product, a plunge from an estimated 4.0 percent in 2010, following the March 11 earthquake and tsunami.

Given the expected strong domestic demand in rebuilding the country, however, the economy is likely to grow 2.6 percent in 2012 and 2.0 percent the following year, the World Bank's latest Global Economic Prospects report showed.

"Recent events in Japan and the political turmoil in the Middle East and North Africa have cut sharply into domestic growth," the report said.

The Washington-based entity forecasts growth in the Middle East and North Africa to be 1.9 percent for 2011, down from the 3.1 percent expansion it projected last year.

[xchrom]

64. Asian Equities Decline on U.S. Economic Slowdown; Tokyo Electric Plunges

http://www.bloomberg.com/news/2011-06-09/asian-stocks-fall-on-u-s-economic-slowdown-canon-toyota-newcrest-drop.html

Asian stocks fell, dragging the regional benchmark index to its lowest level in two weeks, after the Federal Reserve said the U.S. economy is slowing in some regions, adding to signs the global recovery is weakening.

Li & Fung Ltd. (494), the world’s biggest supplier of toys to retailers, fell 1.8 percent in Hong Kong. Samsung Electronics Co., the world’s largest maker of televisions and flat-screens by sales, slid 1.4 percent in Seoul. Tokyo Electric Power Co. sank 4 percent after power outages at its crippled Fukushima Dai-Ichi nuclear plant hampered efforts to stop radiation leaks. Nintendo Co., the maker of Wii video-game consoles, slumped 4.6 percent after UBS AG lowered its rating to “neutral.”

The MSCI Asia Pacific Index fell 0.4 percent to 132.59 as of 7:16 p.m. in Tokyo, heading for its lowest close since May 25. More than five stocks dropped for every four that rose in the gauge. Some $364 billion has been erased from the market value of the measure since this year’s peak on May 2, amid disappointing economic data, capped by a jobs report last week that showed U.S. companies hired fewer workers than estimated.

[xchrom]

76. China's auto sales, output decline for 2nd month in May

http://news.xinhuanet.com/english2010/business/2011-06/09/c_13920077.htm

BEIJING, June 9 (Xinhua) -- China's auto sales and output continued to trend downward for a second month in May, the China Association of Automobile Manufacturers (CAAM) said Thursday.

Figures released by the CAAM show auto output in May hit 1.3489 million units, down 4.89 percent year-on-year, while sales fell 3.98 percent to reach 1.3828 million.

The declines were larger than those recorded in April, when sales that month decreased 0.25 percent from 2010, the first decline in more than two years. Output also dropped 1.85 percent.

Zhu Yiping, CAAM's assistant secretary general, said the continuous decline in May was due to the removal of tax incentives in car purchases this year, rising fuel costs, and the purchase limits in some cities that strive to address traffic congestion.

[xchrom]

78. Banks may see revenue drop in China

http://news.xinhuanet.com/english2010/business/2011-06/09/c_13919400.htm

BEIJING, June 9 (Xinhuanet) --China's commercial banks are likely to face revenue declines in the second half of this year, assuming that the central bank further tightens monetary policies to tame soaring inflation.

The People's Bank of China (PBOC), the central bank, may continue to curb excessive liquidity by raising the reserve requirement ratio for commercial banks in the second half, indicating banks' profit from interest is likely to decrease, according to a report released by Ernst & Young Global Ltd on Wednesday.

The report was based on a survey of 17 big, listed banks in China, including Industrial and Commercial Bank of China Ltd, Agricultural Bank of China Ltd and Bank of Communications Ltd.

It showed, on average, about 80 percent of the respondents' net profit came from lending in 2010; for some small and medium-sized banks, the figure was 86 percent.

[xchrom]

79. Designed in Japan, but made in China

http://news.xinhuanet.com/english2010/china/2011-06/09/c_13919372.htm

BEIJING, June 9 (Xinhuanet) --China is likely to see a new wave of Japanese companies transferring their domestic production lines to the country, as a result of the devastating earthquake and tsunami in March. That's according to Dai Hakozaki, the deputy director general of the Japan External Trade Organization Beijing.

Hakozaki told China Daily that, in the light of China's rapidly rising domestic consumption, the country will continue to be the most attractive destination for Japanese outbound direct investment. Moreover, that will play a part in promoting Japan's economic recovery.

The March earthquake brought a halt to the export of some components in the auto, mechanical and electronics industries, causing losses for Japanese manufacturers based in China and also to auto part providers in Japan.

The earthquake will result in "some Japanese manufacturers moving production lines to China or increasing capacity at existing plants in the country", said Hakozaki, without further elaboration.

[xchrom]

59. Obama Team Eyes Employer Payroll Tax Break

http://www.bloomberg.com/news/2011-06-08/payroll-tax-break-said-to-be-discussed-by-obama-aides-amid-slowing-economy.html

President Barack Obama’s advisers have discussed seeking a temporary cut in the payroll taxes businesses pay on wages as they debate ways to spur hiring amid signs that the recovery is slowing, according to people familiar with the matter.

The idea, which is in preliminary stages of discussion, is among several being talked about at the White House as the economy holds center stage for the administration and Congress, the people said on condition of anonymity to discuss internal deliberations. The unemployment rate in May rose to 9.1 percent, the highest level this year.

The talks reflect the political constraints the White House is operating under with the Republican majority in the U.S. House pushing to cut federal spending. A hiring stimulus based on a tax break for employers may appeal to Republican lawmakers, many of whom have called for measures to help businesses.

The idea of cutting the employer contribution to payroll taxes also has recently been under discussion among Republican members of Congress, said Douglas Holtz-Eakin, who was chief economic adviser to the 2008 Republican presidential nominee, Senator John McCain of Arizona.

“It’s semi-serious, not with a lot of urgency,” Holtz- Eakin said.

[Fuddnik]

68. Translation:

From the "New Democrat, DLC dictionary"

How can we best bankrupt Social Security and Medicare? Nobody is buying this shit about it being broke in 40 years, so we'd better break it now!

[xchrom]

71. i can't even fathom this. nt

[Demeter]

75. Anything to Avoid Actually Doing Something

with the added kick of defunding SS and Medicare...

[xchrom]

80. +1

[xchrom]

60. latin america: Brazil Signals More Rate Increases to Come After Raising Selic to 12.25%

http://www.bloomberg.com/news/2011-06-08/brazil-raises-key-interest-rate-to-12-25-after-inflation-exceeds-target.html

Brazil’s central bank raised the benchmark lending rate for a fourth straight time and signaled it is prepared to increase borrowing costs further, bucking economists’ projections.

Policy makers kept a pledge to raise borrowing costs for a “sufficiently long period” to bring inflation back to target in 2012, in a statement accompanying yesterday’s decision to boost the Selic a quarter-point to 12.25 percent. Analysts had expected the rate to reach 12.50 percent in July and remain there until year-end, a June 3 central bank survey said.

The wording shows bank President Alexandre Tombini plans to raise the Selic more than a quarter-point to cool inflation that in April breached the 6.5 percent upper limit of the bank’s target range for the first time since 2005, said Marcelo Salomon, chief economist for Brazil at Barclays Plc. Brazil’s rate rises have helped stoke a 17 percent climb in the real against the dollar in the past year.

[Demeter]

74. Well, the Market PPT is Putting Some Oomph Into It Today

Think they will try to retake the whole 500?

The oil speculators are salivating.

[Demeter]

77. I can't take any more good news--farewell, cruel e-world

gonna find a real life...for some insane reason.

[Demeter]

81. The GOP desperately wants Obama to repeat FDR's notorious mistake of 1937

http://www.salon.com/news/politics/war_room/2011/06/08/lyons_gop_recovery/index.html

A PARTING SHOT...EXCEPT I THINK OBAMA IS A WILLING PARTICIPANT IN THIS MISTAKE

[Demeter]

82. 'Trouble' Has Died; Leona Helmsley's Pampered Pooch Inherited Millions

http://www.npr.org/blogs/thetwo-way/2011/06/09/137077110/trouble-has-died-leona-helmsleys-pampered-pooch-inherited-millions?ft=1&f=1001

Trouble has passed away at the age of 12 (or, 84 if you're counting in dog years).

As New York's Daily News reminds us, Trouble was the "pampered pooch" who inherited $12 million when infamous hotel queen Leona Helmsley died in 2007. She (Trouble, that is) was living the retired life in Florida with Carl Lekic, general manager of the Helmsley Sandcastle hotel in Sarasota.

Trouble, a Maltese, didn't see all the money her owner left her. CBSNewYork notes that a judge "later knocked down" the inheritance to $2 million.

But her life was pretty good. According to the Daily News, Trouble was getting along on about $100,000 a year — much of that for Lekic's fee and a full-time security guard (there were some death threats aimed at Trouble, apparently). The money that's left will be put into the Leona M. and Harry B. Helmsley Charitable Trust, CBS says....As the Daily News adds: "Helmsley, who cut two grandchildren out of her will and evicted her son's widow after his death, was often seen cuddling the canine, which was always impeccably dressed."

[Fuddnik]

84. The amazing thing is,

The dog never bit her ugly ass.

[Fuddnik]

83. Just look at what he's surrounded himself with.

A willing participant, with a built-in scapegoat.

He can play the victim, and blame the Republicans. He, himself is sowing the seeds for a Palin or worse presidency.

[Festivito]

85. Debt: 06/06/2011 14,344,658,255,226.84 (DOWN 36,136,990.40) (Mon, DOWN some.)

(OVER the old debt limit of 14.294-trillion dollars by 51-billion dollars. Good day.)
Slightly hungry.
(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)
= 9,738,557,389,966.16 + 4,606,100,865,260.68
DOWN 2,705,846,785.55 + UP 2,669,709,795.15

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 $3,203.37 makes 1T$.
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 312,171,392 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $45,951.23.
A family of three owes $137,853.68. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 21 reports in the last 30 to 31 days.
The average for the last 21 reports is 1,046,254,746.04.
The average for the last 30 days would be 732,378,322.23.
The average for the last 31 days would be 708,753,215.06.
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$/day.
There were 169 reports in 249 days of FY2011 averaging 4.63B$ per report, 3.14B$/day.
Above line should be okay

PROJECTION:
There are 594 days remaining in this Obama 1st term.
By that time the debt could be between 14.8 and 17.4T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
06/06/2011 14,344,658,255,226.84 BHO (UP 3,717,781,206,313.76 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 +0,783,035,224,335.10 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,147,822,718,402.86 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
05/16/2011 +051,422,548,961.68 ------------********** Mon
05/17/2011 -009,024,423,933.79 --
05/18/2011 +009,842,715,417.27 ------------*********
05/19/2011 -002,359,793,261.41 --
05/20/2011 +001,132,579,417.77 ------------*********
05/23/2011 -001,060,800,214.98 -- Mon
05/24/2011 -004,058,498,841.79 --
05/25/2011 +010,640,781,539.65 ------------**********
05/26/2011 -005,228,052,393.61 --
05/27/2011 +000,285,108,497.37 ------------********
05/31/2011 +005,592,179,988.61 ------------********* Tue
06/01/2011 +013,072,944,722.02 ------------**********
06/02/2011 -000,912,177,803.85 ---
06/03/2011 +005,646,446,089.80 ------------*********
06/06/2011 -002,705,846,785.55 -- Mon

72,285,711,399.19 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=4875489&mesg_id=4876053

[Festivito]

89. Debt: 06/07/2011 14,344,646,208,741.83 (DOWN 12,046,485.01) (Tue, DOWN some.)

(OVER the old debt limit of 14.294-trillion dollars by 51-billion dollars. I lost an update, yesterday. Good day, anyway.)
Warm and refreshing today.
(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)
= 9,734,031,249,304.81 + 4,610,614,959,437.02
DOWN 4,526,140,661.35 + UP 4,514,094,176.34

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 $3,203.29 makes 1T$.
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 312,178,592 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 $45,950.13.
A family of three owes $137,850.38. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 32 days.
The average for the last 22 reports is 998,150,144.63.
The average for the last 30 days would be 731,976,772.73.
The average for the last 32 days would be 686,228,224.43.
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$/day.
There were 170 reports in 250 days of FY2011 averaging 4.61B$ per report, 3.13B$/day.
Above line should be okay

PROJECTION:
There are 593 days remaining in this Obama 1st term.
By that time the debt could be between 14.8 and 17.4T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
06/07/2011 14,344,646,208,741.83 BHO (UP 3,717,769,159,828.75 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 +0,783,023,177,850.10 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,143,213,839,661.15 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
05/17/2011 -009,024,423,933.79 --
05/18/2011 +009,842,715,417.27 ------------*********
05/19/2011 -002,359,793,261.41 --
05/20/2011 +001,132,579,417.77 ------------*********
05/23/2011 -001,060,800,214.98 -- Mon
05/24/2011 -004,058,498,841.79 --
05/25/2011 +010,640,781,539.65 ------------**********
05/26/2011 -005,228,052,393.61 --
05/27/2011 +000,285,108,497.37 ------------********
05/31/2011 +005,592,179,988.61 ------------********* Tue
06/01/2011 +013,072,944,722.02 ------------**********
06/02/2011 -000,912,177,803.85 ---
06/03/2011 +005,646,446,089.80 ------------*********
06/06/2011 -002,705,846,785.55 -- Mon
06/07/2011 -004,526,140,661.35 --

16,337,021,776.16 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=4878402&mesg_id=4878662

[Festivito]

93. Debt: 06/08/2011 14,344,634,161,864.99 (DOWN 12,046,876.84) (Wed, UP some.)

(OVER the old debt limit of 14.294-trillion dollars by 51-billion dollars. Good day.)
Work late, up early, work early, entertain later.
(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)
= 9,743,261,382,320.32 + 4,601,372,779,544.67
UP 9,230,133,015.51 + DOWN 9,242,179,892.35

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 $3,203.22 makes 1T$.
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 312,185,792 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 $45,949.03.
A family of three owes $137,847.09. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 33 days.
The average for the last 23 reports is 954,228,535.00.
The average for the last 30 days would be 731,575,210.16.
The average for the last 33 days would be 665,068,372.88.
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$/day.
There were 171 reports in 251 days of FY2011 averaging 4.58B$ per report, 3.12B$/day.
Above line should be okay

PROJECTION:
There are 592 days remaining in this Obama 1st term.
By that time the debt could be between 14.7 and 17.4T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
06/08/2011 14,344,634,161,864.99 BHO (UP 3,717,757,112,951.91 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 +0,783,011,130,973.20 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,138,641,684,482.94 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
05/18/2011 +009,842,715,417.27 ------------*********
05/19/2011 -002,359,793,261.41 --
05/20/2011 +001,132,579,417.77 ------------*********
05/23/2011 -001,060,800,214.98 -- Mon
05/24/2011 -004,058,498,841.79 --
05/25/2011 +010,640,781,539.65 ------------**********
05/26/2011 -005,228,052,393.61 --
05/27/2011 +000,285,108,497.37 ------------********
05/31/2011 +005,592,179,988.61 ------------********* Tue
06/01/2011 +013,072,944,722.02 ------------**********
06/02/2011 -000,912,177,803.85 ---
06/03/2011 +005,646,446,089.80 ------------*********
06/06/2011 -002,705,846,785.55 -- Mon
06/07/2011 -004,526,140,661.35 --
06/08/2011 +009,230,133,015.51 ------------*********

34,591,578,725.46 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=4878402&mesg_id=4878858

[Festivito]

94. Debt: 06/09/2011 14,344,638,149,810.46 (UP 3,987,945.47) (Thu, UP some.)

(OVER the old debt limit of 14.294-trillion dollars by 51-billion dollars. Good day.)
Hookey.
(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)
= 9,750,040,419,177.27 + 4,594,597,730,633.19
UP 6,779,036,856.95 + DOWN 6,775,048,911.48

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 $3,203.15 makes 1T$.
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 312,192,992 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 $45,947.98.
A family of three owes $137,843.95. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 31 days.
The average for the last 23 reports is 819,721,914.00.
The average for the last 30 days would be 628,453,467.40.
The average for the last 31 days would be 608,180,774.91.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 172 reports in 252 days of FY2011 averaging 4.55B$ per report, 3.11B$/day.
Above line should be okay

PROJECTION:
There are 591 days remaining in this Obama 1st term.
By that time the debt could be between 14.7 and 17.4T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
06/09/2011 14,344,638,149,810.46 BHO (UP 3,717,761,100,897.38 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 +0,783,015,118,918.70 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,134,129,041,290.98 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
05/19/2011 -002,359,793,261.41 --
05/20/2011 +001,132,579,417.77 ------------*********
05/23/2011 -001,060,800,214.98 -- Mon
05/24/2011 -004,058,498,841.79 --
05/25/2011 +010,640,781,539.65 ------------**********
05/26/2011 -005,228,052,393.61 --
05/27/2011 +000,285,108,497.37 ------------********
05/31/2011 +005,592,179,988.61 ------------********* Tue
06/01/2011 +013,072,944,722.02 ------------**********
06/02/2011 -000,912,177,803.85 ---
06/03/2011 +005,646,446,089.80 ------------*********
06/06/2011 -002,705,846,785.55 -- Mon
06/07/2011 -004,526,140,661.35 --
06/08/2011 +009,230,133,015.51 ------------*********
06/09/2011 +006,779,036,856.95 ------------*********

31,527,900,165.14 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=4878402&mesg_id=4879572

[Demeter]

87. Tomorrow is Friday. It is also Euchre Night

So the Weekend Economist theme is "the games People play" and you can take that any way you like...although I will be gone most of the evening, I will try to start the thread. See you there! or not...