STOCK MARKET WATCH, Monday October 6 **THREAD #2**

[ozymandius]

Source: du

STOCK MARKET WATCH, Monday October 6, 2008

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 106
DAYS SINCE DEMOCRACY DIED (12/12/00) 2813 DAYS
WHERE'S OSAMA BIN-LADEN? 2538 DAYS
DAYS SINCE ENRON COLLAPSE = 2829
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

---

U.S. FUTURES &
MARKETS INDICATORS>
NASDAQ FUTURES-----------------------------S&P FUTURES

---

AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90
Oil - $27.69/bbl
Gold - $266.70/oz.
$1 USD = EUR 1.06678
$1 USD = JPY 116.6200

In recognition of those prescient of the Dow's precipitous return of Bush values (9/29/08): JuneBourder and AnneD

AT THE CLOSING BELL ON October 3, 2008

Dow... 10,325.38 -157.47 (-1.50%)
Nasdaq... 1,947.39 -29.33 (-1.48%)
S&P 500... 1,099.23 -15.05 (-1.35%)
Gold future... 833.20 -11.10 (-1.33%)
30-Year Bond 4.12% -0.03 (-0.75%)
10-Yr Bond... 3.64% -0.00 (-0.05%)






GOLD,EURO, YEN, Loonie and Silver

---

PIEHOLE ALERT

Heads Up!
Preliminary info on appearances by Bush & Co. throughout the country. Details & links are added as they become available so check back. And if you know more, are organizing something, or would like to, contact [e-mail]

For information on protests and other actions Citizens For Legitimate Government

---

Read more: du

[ozymandius]

1. Original Thread Here

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3528839&mesg_id=3528839

[DemReadingDU]

8. Thanks, busy day

[Robbien]

2. Financial panic in Latin America, trading suspended in Sao Paulo

Sao Paulo - The global financial crisis unleashed panic Monday in the stock exchange in Sao Paulo: just 18 minutes after the starting bell in the largest stock exchange in Latin America, trading was suspended after the leading index Bovespa fell over 10 per cent.

When trading resumed, stocks continued to fall in relation to the previous day's closing, and trading had to be suspended again, this time for an hour.

The circuit breaker is used automatically to calm down the markets in the Brazilian financial metropolis when there are changes of over 10 percentage points. Trading is then suspended for half-an-hour. Should the Bovespa fall by another 5 per cent after trading starts again, a new circuit breaker is prescribed, this time for an hour.

At 10.18 am (1318 GMT), the Bovespa had fallen by 10.5 per cent and trading was suspended.

Following the half-an-hour break, however, trading had to be suspended again at 11.44 am (1444 GMT), after the plunge reached 15.06 per cent compared to the previous day's close.

The Bovespa index, which was close to 74,000 points just a few months ago, is now at 37,814.44 points.

http://www.monstersandcritics.com/news/business/news/article_1435119.php/Financial_panic_in_Latin_America_trading_suspended_in_Sao_Paulo_

[ozymandius]

3. 1:44 - Some painful equilibrium seems to have been established.

Symbol Last Change Dow 9,794.45 Down 530.93 (5.14%)
Nasdaq 1,821.25 Down 126.14 (6.48%)
S&P 500 1,035.93 Down 63.30 (5.76%)
10-Yr Bond 3.466% Down 0.178
NYSE Volume 4,381,524,000
Nasdaq Volume 1,874,762,750

1:30 pm : Stocks continue to post steep losses in broad-based weakness. The Nasdaq is underperforming with a loss of more than 6% as large-cap tech struggles.

eBay (EBAY 17.46, -1.48) is under selling pressure after announcing it will lay off roughly 1,000 workers, or 10% of its workforce, in an effort to increase efficiency. The company expects third quarter revenue will come in at the low of its previous guidance, but expects earnings to exceed its previous range of between $0.39 and $0.41 per share. eBay is acquiring Bill Me Later for $945 million and two Danish classified advertising sites for $390 million.DJ30 -511.69 NASDAQ -119.24 SP500 -61.60 NASDAQ Adv/Vol/Dec 289/1.79 bln/2512 NYSE Adv/Vol/Dec 100/945 mln/3109

[Roland99]

4. 1:45pm - Languishing near session lows.

Dow 9,783.78 -541.60
Nasdaq 1,819.41 -127.98
S&P 500 1,035.43 -63.80
Oil $89.90 -$3.98
10-year 3.45% -0.19
Gold $868.50 $35.30

[Dr.Phool]

5. When do we get to play The Doors?

This is the end. Beautiful friend, the end.

Followed by Pink Floyd's "Careful with that axe, Eugene".

[Dogmudgeon]

6. Today's panic is world-wide

Last week's 777+-point loss was not as widespread as today's; there was panic on the trading floors of various markets, but not all.

Today, it appears that the panic is universal. There may be a few markets that are doing well, but not many.

--p!

[Ghost Dog]

14. Deepening finance crisis causes global market panic

06/10/2008 17h25 PARIS (AFP) - Desperate new measures by governments in Europe and North America to stabilise the financial system failed to stop panic selling that swept global markets Monday amid deepening gloom at the scope of the banking crisis.

Nothing seemed to stop stock markets taking, in many cases, record falls.

European Union leaders vowed in a joint statement to "take whatever measures are necessary to maintain the stability of the financial system" and the US Federal Reserve said it would pay interest on bank deposits for the first time in a bid to increase liquidity.

...

"There is all-out panic," said Adrian van Tiggelen, ING senior strategist in The Hague.

...

In a round-the-world rout, Russia's RTS stock market closed down 19.10 percent, Indonesian shares fell 10 percent and trading in Brazil's stock market -- Latin America's biggest -- was twice suspended after massive losses.

Doubts over the effectiveness of the 700 billion dollar US rescue package and the European measures all hit confidence, analysts said.

After a summit of the EU's big four leaders in Paris at the weekend failed to bring about a significant breakthrough, member states' leaders issued a joint statement on Monday vowing to defend banks.

The declaration said governments would defend financial stability by providing "liquidity support through central banks, action to deal with individual banks or enhanced depositor protection schemes."

"While no depositors in our countries' banks have lost any money, we will continue to take the necessary measures to protect both the system and individual depositors," it added.

"In taking these measures, European leaders acknowledge the need for close coordination and cooperation," according to the text, which French President Nicolas Sarkozy read out on the steps of his office in Paris.

However European governments appeared divided on whether guaranteeing all deposits was the best way to safeguard confidence, and the EU commission called on member states for better coordination.

Denmark, Portugal and Iceland guaranteed deposits, emulating Germany on Sunday and Ireland and Greece last week, adding pressure on other European governments to follow suit.

The German finance ministry said the value of its guarantee was "significantly more than one trillion euros."

British Prime Minister Gordon Brown called a meeting of his "economic war cabinet". Finance minister Alistair Darling said the government would consider extending insurance guarantees.

...

International Monetary Fund chief Dominique Strauss-Kahn said the IMF's upcoming World Economic Outlook would show a marked fall in growth and warned the crisis could trigger famines in Africa and Latin America.

"The consequences may be extremely serious because they will be counted in terms of famine or malnutrition in children."

/... http://www.afp.com/english/news/stories/newsmlmmd.aa24dd9cec60ffccad6e0eebd49afef3.251.html

[Tandalayo_Scheisskopf]

7. Watching Fuld on TV...

One gets the sense that he feels he is dealing with his inferiors. He hasn't grasped what that bell tolling in the distance is.

[Politics_Guy25]

10. Do I hear 600 points down?

:BANGHEAD

[Demeter]

38. Now It's 700

I feel a little faint, myself.

[Zenlitened]

79. He kinda reminded me of Elena Ceausescu...

... who seemed so shocked and annoyed when the peasants finally raised their voices.

[antigop]

9. Has anyone heard anything about this? Govt is talking about financing COMPANIES directly?

http://norris.blogs.nytimes.com/2008/10/06/live-blogging-amid-panic/

8:43 a.m. | The Fed Is Worried: Now the government is talking about financing companies directly. If the banks and the markets cannot or will not do it, Uncle Sam will.

The Fed put out a statement this morning that said it would start paying interest on deposits and would increase the size of its Term Auction Facility auctions. Both are ways of getting cash out to banks.

But the banks are not lending very much, and the commercial paper market is in danger of closing up as investors seek safety above everything.

So the Fed added:

In addition, the Federal Reserve and the Treasury Department are consulting with market participants on ways to provide additional support for term unsecured funding markets.

The Fed added that it was prepared to do more “as necessary to foster liquid money market conditions.”

So we may soon have the government deciding which companies deserve short-term loans, and at what interest rates. Does this remind anyone else of central planning systems?

[Roland99]

12. So, the bailout needs a friend?

[Tandalayo_Scheisskopf]

22. Well, I certainly hope...

They embrace the Swedish model, instead of the Chinese model.

[Demeter]

40. Tell Paulson to cut checks only for States and Employers who produce tangibles

and screw the financiers.

[54anickel]

43. Getting the fuel for our economy out of the profit driven private sector and nationalized

instead might not be such a bad thing. :shrug:

Where we're at now is a glaring testimonial of what happens when the private sector runs wild and becomes "bigger" than the body that is suppose to govern it.

Ain't too purty.

[antigop]

52. but,but, but.....isn't that socialism? n/t

[Demeter]

144. We Had a Slogan: "Millions for Defense, Not a Penny in Tribute"

That was when Jefferson took on the Barbary pirates and the Marines were born....

[ozymandius]

117. I posted this story this morning.

Here's the synopsis in all its glorious soviet splendor.

Oct. 6 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke may find the next fronts of the financial crisis to be just as chilling as last month's downfall of Wall Street titans: its spread to corporate America and state and local governments.

Companies from Goodyear Tire & Rubber Co. and Duke Energy Corp. to Gannett Co. and Caterpillar Inc. are being forced to tap emergency credit lines or pay more to borrow as investors flee even firms with few links to the subprime-mortgage debacle. California Governor Arnold Schwarzenegger says his and other states may need emergency federal loans as funding dries up.

A cash crunch on Main Street would endanger companies' basic functions -- paying suppliers, making payrolls and rolling over debt. The widening of the crisis suggests that Bernanke and Treasury Secretary Henry Paulson may have further fires to put out even as the Treasury sets up the $700 billion financial- industry rescue plan approved last week.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aktjzhZEdgfY&refer=home

[dixiegrrrrl]

136. It reminds me of opportunistic triage...

Blurring the pretense of boundaries between government, corporations, and using the Fed. to decide which competitors are "allowed" to die, just like they did with Lehman, but saved AIG.

[Roland99]

11. 2:05pm - Pushing a 600pt drop on the Dow! NASDAQ down 7%

Dow 9,731.77 -593.61
Nasdaq 1,808.97 -138.42
S&P 500 1,029.14 -70.09
Oil $89.90 -$3.98
10-year 3.46% -0.19
Gold $866.50 $33.30

[Roland99]

15. -607.95... AMEX index down 10%. S&P close to breaking under 1,000.

[not fooled]

17. Aieeeee!!!

[nolabels]

13. Will we need galoshes when it goes through the floor? Dow 9,745.47 -579.91 (-5.62%)

I know they have been doing a lot of bailing out and everything but shouldn't we be prepared :yoiks:

[Dr.Phool]

16. Off 617pts now.

[radfringe]

18. :begin sarcasm:

:sarcasm: where's mccain when you need him? why isn't he suspending his campaign and flying to wall street to save the day?

...nevermind - found him, he's phoning in an order for 90 tons of mud - remember Campaign First, Country later...maybe

[Roland99]

19. 2:19pm - The Energizer Bunny Collapse. Just keeps falling and falling and falling.(NASDAQ under 1800

Dow 9,651.33 -674.05
Nasdaq 1,798.99 -148.40
S&P 500 1,026.55 -72.68
Oil $89.90 -$3.98
10-year 3.45% -0.19
Gold $866.20 $33.00

[Politics_Guy25]

20. This is a calamity

For the first time since 9/11/01, I am truly fearful about what lies ahead for the globe.

DOW DOWN 685!!!!!!!!!!!!

[Mojorabbit]

23. My heart is in my throat.

Holy Moly. There goes my retirement savings.

[Politics_Guy25]

30. Yeah-this is awful awful awful-n/t

[Tandalayo_Scheisskopf]

21. 2:15PM Kasino Update. Cue The Gregorian Chanting.

PETROLEUM ($/bbl)
PRICE* CHANGE % CHANGE TIME
Nymex Crude Future 89.37 -4.51 -4.80 13:38<--== !
Dated Brent Spot 84.24 -4.12 -4.67 14:08<--== !!
WTI Cushing Spot 89.44 -4.44 -4.73 14:06


PETROLEUM (¢/gal)
PRICE* CHANGE % CHANGE TIME
Nymex Heating Oil Future 252.12 -14.08 -5.29 13:38<--== This should go a lot lower, RSN
Nymex RBOB Gasoline Future 209.96 -12.87 -5.78 13:38<--== Prediction: Below 2.00 RSN


NATURAL GAS ($/MMBtu)
PRICE* CHANGE % CHANGE TIME
Nymex Henry Hub Future 6.90 -.46 -6.27 13:38<--== More to come here as well.
Henry Hub Spot 7.16 -.43 -5.67 10/03
New York City Gate Spot 7.41 -.57 -7.14 10/03


ELECTRICITY ($/megawatt hour)
PRICE* CHANGE % CHANGE TIME
Mid-Columbia, firm on-peak, spot 58.40 .63 1.09 10/03
Palo Verde, firm on-peak, spot 53.69 -1.24 -2.26 10/03
Bloomberg, firm on-peak, day ahead spot/West Coast 62.21 -.95 -1.50 10/03

Saudis say it's going a lot lower and they are giving big discounts to their preferred customers now. You can look at that as a harbinger. Because there are not gonna be a lot of hedge funds left standing to run this market up. That model is completely broken.

[Amonester]

24. It looks like it's the george w bush FX

going down down down to the ground

the blivet started witn arbusto energy
now chimpy's done it to the entire planet

[HCE SuiGeneris]

25. 9,619.39 -705.99 / -6.84%

[Marie26]

27. Eek!

Maybe y'all can do a pool on whether today will beat Thursday's 777 point drop.

[paparush]

26. So, um, when do I pull my cash out of my savings account?

I have practically nothing in the stock market. A tiny, insignificant 401k. That's it.

Everything else I have is in a Bank of America, Money Market Savings Account, which the reps keep assuring me is FDIC insured.


Oh, and two houses, paid for free and clear. Hope I can continue to afford to pay the taxes and insurance.

[Roland99]

31. Sit still but work on being more self-sufficient. Buy local, plant a garden, etc.

[Dr.Phool]

36. I can get to work on my winter garden tomorrow.

But a lot of people north of here don't have that option.

In six years here, we've only seen one frost.

[Roland99]

41. Indoor gardening. Better than nothing. I'm starting one this weekend.

I have an extra bedroom with nothing in it. :)

[KayLaw]

32. Interesting that you ask that.

Twice this morning I've run into people suggesting we pull out a few thousand. Google: "Fed Bank of America universal shutdown." Probably just a rumor but decide for yourself. Anything could happen now, as far as I'm concerned. It's crazy.

[dixiegrrrrl]

140. ya might want to look up how the FDIC thing works..

it can take up to 5 years to be paid.
And that is if there is enough money left to pay out.

Which is why people are keeping their cash close to hand.

[paparush]

156. Thanks, dg!

[Roland99]

28. 2:28pm - -723!!

DJIA 9,602.26 -723.12 -7.00%
Nasdaq 1,790.15 -157.24 -8.07%
S&P 500 1,014.75 -84.48 -7.69%
Dow Util 379.64 -32.07 -7.79%
NYSE 6,477.95 -610.99 -8.62%
AMEX 1,558.64 -188.93 -10.81%
Russell 2000 572.15 -47.25 -7.63%
Semcond 264.20 -20.54 -7.21%
Gold future 866.20 +33.00 +3.96%
30-Year Bond 3.94% -0.18 -4.37%
10-Year Bond 3.44% -0.21 -5.74%

[Hugin]

34. Good Gawk!

8/

Hopefully, TPTB will realize they've been putting their money on the wrong horse with this 'Trickle-down' recovery
and start putting their money where the people are... I'm doubtful of them doing that, tho.

[THUNDER HANDS]

29. -719 at 2:28 p.m.

ugh.

[Roland99]

33. -753

[Roland99]

35. NOTE: Short-selling still not allowed on the markets. And *still* tanking like a McCain joke.

[Dr.Phool]

39. If you can't blame it on short sellers,

or deadbeat homeowners, or Europeans, who ya gonna blame it on?

Oh, I forgot. CLINTON!

[mainegreen]

37. -707?

Holeeeee christ!

x(

[Ghost Dog]

42. Icelandic government battles to save the economy

Time appeared to be running out for Iceland to deliver a solution to the financial crisis as the currency slumped 30% against the euro

The Icelandic government tonight presented an emergency bill giving it sweeping powers over the nation's banks as it battled to save the country from financial ruin.

In an address broadcast on Icelandic television, prime minister Geir Haarde said the bill, supported by opposition parties, would allow the government to push through mergers between the battered Icelandic banks or force them to declare bankruptcy.

Haarde, who had spent the weekend in intensive talks, made it clear how urgent the need for action now was. "As recently as last night, it looked like the banks could continue operations for a while," he said. "This morning and today, things have totally changed for the worse." Time appeared to be running out for Iceland to deliver a solution to the financial crisis today as its currency, the krona, slumped 30% against the euro.

The emergency bill, which parliament was due to adopt last night, would also allow the government to take over housing loans held by the banks and put them in a government housing fund.

The financial regulator had earlier suspended shares in Iceland's main banks to prevent panic selling. The government also followed the likes of Ireland and Germany by guaranteeing all of the domestic deposits in Icelandic savings accounts, although UK savers in the popular Icesave and Kaupthing Edge accounts run by the Icelandic banks will not be covered.

Concerns about the Icelandic economy grew stronger last week after the government seized control of the third largest bank Glitnir, taking a 75% stake in return for €600m - Haarde warning Icelanders at the time of "the inevitable cut in living standards" to come.

The falling currency, which closed at a record low of 230 Icelandic krona to the euro, is worsening the crisis for the banks, which are shouldering large overseas debts, and for many thousands of individuals in Iceland who were encouraged to take out car loans and mortgages in foreign currencies in recent years.

In Iceland, there was widespread fear. Sigridur Dögg Audunsdottir, a local government worker in Reykjavik said everyone in the country was "holding their breath". She today withdrew her cash from the bank, all the way to her overdraft limit, to make sure her family had enough to live on. "It is just unimaginable. It is so dark and gloomy, we have never experienced anything like this. I took out my money just to be safe, because I felt I had to do something. We've all been living ahead of ourselves, so in many ways this was inevitable. People here have been so obssessed with money. Iceland is like a nouveau riche country."

...

Richard Portes, an expert on Iceland at the London Business School, said the government had made a mistake by nationalising Glitnir and creating fear in the markets, instead of just providing it with liquidity. "You have the same law of unintended consequences that you had in the case of Lehman Brothers," he said. "The Iceland problem was immediately vastly exaggerated." He said the Icelandic banks had been unfairly targeted. "The world is a little unjust. They don't hold any toxic papers. The assets they will have to sell are prefectly good assets. They have been prudently managed and haven't been exessively dependent on the wholesale money markets compared to anyone else."

Iceland has undergone a remarkable transformation in the past couple of decades, from an economy largely based on fishing to one of the richest in Europe, driven by its biggest three banks following deregulation of the banking system. The banks grew rapidly on borrowing and now have assets eight times Iceland's GDP. But the party has come to an end, with the krona losing more than half its value against the euro in the past 12 months, inflation running at 12%, and interest rates at 15.5%.

/... http://www.guardian.co.uk/business/2008/oct/06/creditcrunch.marketturmoil4

[Demeter]

145. That Last Paragraph is the Key

"Iceland has undergone a remarkable transformation in the past couple of decades, from an economy largely based on fishing to one of the richest in Europe, driven by its biggest three banks following deregulation of the banking system. The banks grew rapidly on borrowing and now have assets eight times Iceland's GDP. But the party has come to an end, with the krona losing more than half its value against the euro in the past 12 months, inflation running at 12%, and interest rates at 15.5%."

Iceland decided to become the financial equivalent of Nigeria--or the European equal of the US. No wonder they're in such hot water.

[IndependentDem]

44. -786.52 (-7.62%) @ 2:45PM EDT

this sucks.

[truthisfreedom]

46. That might be an understatement.

[theDash]

47. We may see a halt before the close

NASDAQ down 8.23%, DOW and S&P not far behind

[Roland99]

51. Broke thru -800!! -713 now. Largest one-day % drop since Oct. 1997 (per CNBC)

Last close under 9,600 was Oct 2003.

[uppityperson]

68. Thank you for those dates, I was wondering about them.

http://money.cnn.com/data/markets/dow/

[Wednesdays]

45. Near, far, wherever you are...

Cue Celine Dion...

[Coventina]

48. Gallows humor but I can't help it. LOL! n/t

[Wednesdays]

50. Gallows humor is all we've got left, at this point.

:(

[Maeve]

58. It's all you CAN have when you're dying

And the vultures are circling...

[Wednesdays]

78. There ain't even vultures out in the frozen North Atlantic

You're all on your own, and your flesh just gets slowly eaten away by the salt water.

[Hugin]

55. "My Heart Will Go On - Celine Dion"

Apologies to Leo DiCaprio's Posse.

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

[Wednesdays]

75. Excellent video, although that one shows the pretty part

Today isn't so much about the pretty... http://www.youtube.com/watch?v=9vz4xHW8_6k

[Hugin]

80. ...

That was the part I was going to post at first.

But, I didn't want the boney wizened finger of "You're being negative" waved in my face yet again.

Thanks for putting this take out there. ;)

[Marie26]

61. I feel seasick.

UGH. This literally is making me queasy.

[Tandalayo_Scheisskopf]

49. Man, you just cannot beat...

Them deregulated markets, can you? (do I REALLY need a sarc tag here?)

[antigop]

56. All hail the free markets! n/t

[Hugin]

57. You'd better add one...

Lot's of the Sarcasm Impaired lurking today. ;)

[Lydia Leftcoast]

53. I just did my daily yen/dollar check--YIKES!

The yen is at slightly more than 100 per dollar, which means that it has risen 5 yen since close of trading Friday.

[Hissyspit]

54. I can't watch.

[Dr.Phool]

59. Satan to the rescue

Down 666.41
3:00pm

[CatholicEdHead]

60. No apparent panic on the trading floors according to CNBC

What caught my eye is going down to near 9500 today.

Everything seems to be dropping period.

[Delphinus]

65. Strange!

Last week there were pictures in my hometown paper of traders looking hopeless - will have to see what's around tomorrow and see what's not adding up.

[Gregorian]

62. Congratulations Leo Strauss and Grover Norquist!

You won!

Is there anything else you'd like?

[RedLetterRev]

63. How about we give them free matching neckties?

Attached to tall, sturdy objects and when they model them, we make sure their feet can't quite touch the ground.

Just a suggestion.

[Gregorian]

66. Lamppost!

Years ago on Bartcop there was a member with that as his sig line. He was way ahead of things. He was even lucky enough to get to spend days in a van driving across the country with Obama.

I don't know. I like doing things the kind and intelligent way. But most people just react to crises. Dumb and painful.

Although a neocon blender might be fun for a while.

[54anickel]

64. No PPT, no pixie dust, nothing, nada - they don't even attempt to maintain appearances anymore. No

need to. The shearing barn gig is up. They're done fleecing. That bailout bill has provided them with a new method of collecting wool. Unfortunately it gives them the entire hide from the mutton shop.

Head for the hills Billy!!!

[Hugin]

69. I guess they missed the day in class where they taught slaughtering the sheep isn't needed...

to get the wool.

Pure greed on a Extinction Schedule.

[Roland99]

67. 3:16pm - FAEIRES!!! -532. Near 300pt rise in the last half hour

[Hugin]

71. The PPT are back from divvying up the cushy no-bid slots on the Bailout Management Board.

There's an article around here someplace.

No, I'm not joking or being sarcastic.

[54anickel]

84. This one? "Outside experts hired for huge clean-up"

http://business.smh.com.au/business/outside-experts-hired-for-huge-cleanup-20081005-4ud2.html

THE US Treasury Secretary, Henry Paulson, is hiring up to 10 asset management companies to join the lawyers and bankers he is recruiting to jump-start the Government's $US700 billion ($900 billion) bank rescue program.

The Treasury began implementing the plan within an hour of the House of Representatives vote giving Mr Paulson the extraordinary powers he had sought to combat the financial crisis in his country. Mr Paulson is seeking to assemble a team to determine which toxic securities to target, how to value them and how to arrange purchases.

"This is something that, for a typical company, would take no less than five years," said Lynn Turner, a former chief accountant at the Securities and Exchange Commission. "Anyone who thinks they can do this in two weeks is insane."

Already BlackRock, Pacific Investment Management Co (known as Pimco) and Legg Mason are seeking to become money managers for the program, insiders said. The three were informally advising the Treasury as it negotiated the bail-out package with Congress, they said.

Ed Forst, the former Goldman Sachs executive who Mr Paulson hired to head the transition team, started work last week and is charged with helping establish the new Office of Financial Stability.

more... somehow I think that $5,000 contract for Forst is a typo :eyes:

[Mojorabbit]

72. Will it be a pump and dump? An hour to go! nt

[Amonester]

131. The casino short-sellers made a bundle today.

They sell high, wait a little, and bang, they buy low, and 'pocket' the diff (tax-free).

A third-grader could do it... (wait for the suckers to buy high, subtract, buy back, cash in. Do it again tomorrow.)

Not that it 'produced' anything that's worth something ...

[Demeter]

146. Clapping My Hands VERY Loudly

I DO Believe in Fairies! I Do!

[Warpy]

70. You've got guts, Ozy

Weaker souls would be huddled in the corner with a fifth of their favorite poison.

[ozymandius]

130. Thanks.

I am sitting here with a beer in hand. Hops do have a relaxing effect.

Sometimes an academic point-of-view helps.

[54anickel]

73. And now a word from our sponsor....John McCain and his Keating, McCheating economics band!!!

If you haven't caught this one yet.....Obama has pulled out the stops!

http://www.keatingeconomics.com/

[Hugin]

77. That's why I like that Sen. Obama...

Good sense of timing. I like that in a President.

[54anickel]

88. Almost serendipitous. He certainly didn't have to go digging for a tie-in.

It pretty much presented itself.

[AnneD]

124. He has learned what others before have failed to learn about NeoCons.....

bloody their noses with the dirty truth before they paint you with a lie. That's kicking old school Chicago style. They been trying to paint him with an Ayers lie.

NEVER BRING A KNIFE TO A GUNFIGHT.

[paparush]

74. So, um, can someone help me understand this late afternoon up swing?

Is this Washington saying.."Nooooooo we can't close under 10,000"?

[Dr.Phool]

76. Plunge Protection Team.

They've been manipulating the close, pretty much openly for months now.

[paparush]

81. Ah..the PPT..I've been seeing this on all the boards.

Working Group on Financial Markets (mmm Wikipedia).

So this PPT action is, allegedly, more of our tax dollars at *ahem* work?

[Dr.Phool]

86. Yep, that's them.

On a bad day, they usually step in during the final 15-30 minutes, and you'll see a 2-300 point swing to the positive in minutes.

[CatholicEdHead]

91. Now around -350 or so and the trend seems to be up with 10min to go

[tom_paine]

108. Yep. I have no doubt truillions of our tax dollars were funneled by PPT long before this

just to hold off the collapse that much longrer.

remember, basically the Bushies consider the Public Treasury THEIR PERSONAL MONEY,and I have no dubt they envy Hitler and Stalin the fact that they didn't have to go through all this bullshit to steal from THEIR subjects...they just took it and said STFU.

The Bushies, because the newfangled Inverted Totalitarianism requires a more gentle approach, can't stage mass arrests and can't openly murder dissenters as they might wish had the Nazis not spoiled it for them by discrediting these practices. Thus, roundabout ways that do not raise suspicions, plus the suual Bushie Criminal MO of causing the disease, then showing up pretending to be the doctor, while using the victim's trust at the costume to clean them out of any valuable said Bushies may have missed when causing the crisis they are now here to "heal" (by stealing some more).

So look at it that way. The PPT was created after the 1987 market crash, but it's real intention, I think, was to provide the Buishies with a Plausibly deniable method to siphon trillions of taxpayer dollars, funnel them to their friends, and not have any oversight while doing.

Just more of the same. When it's the Bushes, the "doctor" is coming to clean you out, and doesn't give a shit if you live or die, just that he gets your watch and wallet, thengets away scot-free (which Bushies always do and will do again).

[Wednesdays]

83. Faerie dust...brought to you by YOU the taxpayer. nt

[Tandalayo_Scheisskopf]

82. It just keeps going down.

CLX08.NYM Crude Oil Nov 08 87.90 2:57pm ET Down 5.98 (6.37%)
HOX08.NYM Heating Oil Nov 08 2.4702 2:28pm ET Down 0.1918 (7.21%)
NGX08.NYM Natural Gas Nov 08 6.842 2:28pm ET Down 0.516 (7.01%)
PNX08.NYM Propane Gas Nov 08 1.37 2:33pm ET 0.00 (0.00%)
RBX08.NYM RBOB Gasoline Nov 08 2.0555 2:28pm ET Down 0.1728 (7.75%)

[Roland99]

89. Good grief! RBOB Gas down to $2.05??? Gas here should be $2.55-2.65, TOPS!! What is it??

$3.39.

[Tandalayo_Scheisskopf]

127. The extra cost...

Of non-existent market regulation. Just a lot of people getting their last licks in because the party is gonna be over soon.

[Ghost Dog]

85. Impending U.S. Economic Collapse And Death Of Democracy

... snip ...

The concentration of power in the United States into the hands of the elites and the concomitant disenfranchisement of the masses has now reached such extremes, that the elites no longer have to disguise themselves or even use subtlety. This was made clear by the passing of the "bailout plan", which most citizens were vehemently opposed to. After a few days of paying lip service to the voting public, they went ahead and passed it. The purpose of the plan is to sell vast quantities of near worthless financial sludge to the taxpayer at top dollar and the controlled media went into overdrive telling the masses that the system would collapse without the bailout, but they neglected to add that Wall St has known that this would happen for months or even years and that they will be back for another similar handout later, pointing a gun at citizen's heads in exactly the same manner.

The elites have almost arrived at their nirvana of dictatorial control in the United States. Milestones along the road to the servitude of the masses have included the takeover of the media, already mentioned, which was achieved by a process of syndication, the elimination of political choice by the reduction of political parties to just two, who maintain the thinnest facade of democracy, behind which the same masters rule, the endless mergers and acquisitions in the corporate world which have resulted in an immense concentration of financial and thus political power, the lobbying system through which politicians are bought by big business, whose interests they then represent, which accounts for, among other things, the vast defense budget, the events of 9/11, which provided the excuse for the predatory takeover of key strategic and/or resource rich countries in the Mid-East and also for the draconian Patriot Acts, that consigned the US Constitution to the dustbin of history and which have conferred dictatorial powers upon the leaders of the United States, which they can implement any time they like.

A crucial point to grasp is that the ongoing concentration of power and wealth over many years, both in the corporate world and in the political sphere, and the collusion between them has resulted in inevitable arrogance and resulting hubris, which is why, for example, the US Fed thought that it could override normal recessionary forces in 2003 and slashed interest rates to near zero, igniting the housing boom. This interference in normal market cycles has been going on for many years and its destructive effects are cumulative, resulting in massive distortions and misallocation of capital that have brought about the disastrous situation that now exists whose end results are likely to be hyperinflation followed by a deflationary implosion. The outright criminality fostered by the prevailing corporate environment in the US is what led Wall St to collude with the rating agencies to intentionally swindle foreign banks and institutions out of billions with their spliced and diced mortgage paper, and Wall St has been irreparably damaged by this debacle.

Payback time for Wall St and Washington will be when foreign investors fail to turn up at the bond auctions to finance the bailout plan, whose $800+ billion will have to be created out of thin air. So the bonds will have to be monetized, which will mean an immediate spike in inflation, which will cause the rate of corporate bankruptcies to soar as failing companies take down others in a chain reaction because the losses will be highly leveraged by credit default swaps etc.

This is the underlying reason why banks won't lend to each other - they can't calculate the counterparty risk. All of this will set off a massive derivatives meltdown that will bring the whole system crashing down. At this point Martial Law will be declared in the US which will effectively be a lockdown police state. There are similarities to the early 30's, one of which is that the collapse will present the elites with opportunities to buy physical assets at pennies on the dollar, and they may buy vast tracts of real estate, for example, for prime land, in full knowledge that the properties on them may get burned to the ground. However, unlike the 30's when families huddled together and helped each other out, and many people had basic skills and could make and grow things, the modern citizen is comparatively helpless and faced with a shuttered bank and empty shelves at the supermarket may panic and resort to desperate measures. For these reasons it is thought wise to have some cash stashed away and a supply of tradable gold and silver in a safe place or safe places.

/... http://www.marketoracle.co.uk/Article6654.html

[Dogmudgeon]

95. EXCELLENT article -- thanks!

And consider that Mr. Maund wrote it last week.

http://www.clivemaund.com/article.php?art_id=1768">Here is the link to the original, with other interesting articles.

--p!

[Pale Blue Dot]

87. We have the 13th Credit Union Failure of the year

October 6, 2008, Alexandria, Va. -- The National Credit Union Administration (NCUA) placed N&W Poca Division Federal Credit Union of Bluefield, West Virginia, into liquidation October 3, 2008.

The NCUA Asset Management and Assistance Center will issue checks to individuals once they have verified the balances in share accounts in the N&W Poca Division Federal Credit Union. Through the NCUA National Credit Union Share Insurance Fund, credit union members’ deposits are insured to at least $250,000 on regular accounts and $250,000 on certain retirement accounts.

NCUA made the decision to liquidate N&W Poca Division Federal Credit Union and discontinue its independent operations after determining that the credit union is insolvent. It has no prospects for restoring viable operations. At the time of liquidation, the credit union served 1,194 members and had assets of approximately $6 million. This is the 13th federally insured credit union to close in 2008.

NCUA chartered N&W Poca Division Federal Credit Union in 1968 to serve employees of the Norfolk and Western Railway System who work in Mercer, McDowell, and Mingo Counties in West Virginia, and Tazewell, Buchanan, Russell, and Wise Counties in Virginia.

http://www.ncua.gov/news/press_releases/2008/MR08-1006.htm

[theDash]

90. going back up past 10,000

fairy dust all around

[TheWatcher]

93. Rumor has it that a Rate Cut Rumor that was leaked sparked this latest Fairy neverland Party

This entire market runs on nothing but Bullshit. It's a fake, rigged Casino that has absolutely nothing to do with reality.

Ignore Wall Street

Pay Attention to MAIN STREET.

[Roland99]

92. 3:50pm - Oh for *crying out loud*! Almost back to 10,000!!!

WHEEEEEEEEEEE

[Cerridwen]

94. 8 minutes - can they get it back to 10,000?

Why am I hearing an auctioneer fast talking in the background?

[theDash]

97. is it just my browser?

when cnnfn's dow ticker updates, it's in increments of over 100 pts (one minute in one direction, the next minute in the other)

[Dr.Phool]

102. Not your browser. Craziness.

Especially this time of day.

[Cerridwen]

112. Hey, theDash. Don't know what's up with yours. I use the ticker

over at yahoo. http://finance.yahoo.com/

Watch out for the headline on that page if you're heavily invested and have blood pressure issues, though. It starts...Market Meltdown...and just gets worse from there.

[Dr.Phool]

98. Push, Push, Push.....

9991 and counting. 2 minutes left!

[Cerridwen]

104. "my" ticker says 10,014.52 at close. n/t

[Cerridwen]

99. Up over 10,000...wait for it....oh my, back under 10,000...2 minutes?

After close settling gonna be fun to watch.

Will it do up or down? I think I'm getting seasick.

[architect359]

96. Huh. Looks like it'll break back into the 10,000 after all...

Just a few more minutes to go. I wonder what tomorrow will bring...?

[theDash]

101. looks like the PPT might pull it off

Over 10,000

[Gen. Jack D. Ripper]

103. Probably a huge rally

on rumors that Henry Paulson farted and it smelled like cabbage.

[54anickel]

113. Give a round of applause to those Pixies. They really busted their arses today!

Gave a few up to the grinder for the extra pixy dust. RIP little friend.

[Cerridwen]

126. Awwww, poor pixie. It's so ugly it's almost cute. Kinda like my

little terrier. Of course, my little terrier has more sense than to play in the stock market when he can just roll in whatever foul smelling stuff he might find. Probably a good thing he can't fly, too.

:D

[54anickel]

157. It was probably cuter when it had some life in it. As for the terrier, I've got one of

them too and I know exactly what you mean about rolling in it!

[Roland99]

100. At the bell...6 points over 10,000. will it settle above?

I wonder how much that cost the taxpayer to get it to close over 10,000??

[Roland99]

105. 9,984...settling downward

[Cerridwen]

106. 9987.84 - after close...and falling. owwwwie. n/t

[Roland99]

109. 9,971.91 ... -353.47. Amazing 4th Quarter comeback but the QB fumbled at the goal line.

[Cerridwen]

115. 9968.72 - FLAG on the play!!!! n/t

[Wednesdays]

150. LOL...fumbled on the goal line, wheras a touchdown would have

made it only an 11-TD loss at the closing gun, instead of 12. :rofl:

[theDash]

107. no market manipulation going on here

please move along folks ...

[Roland99]

110. ayup...rate cut rumor responsible for 500pt swing? Could be but suspect.

[Wednesdays]

111. Really. A gain of 400 points in an hour...

And what was the good news driving that spike, again? :shrug:

[htuttle]

119. "First, I must sprinkle you with fairy dust..."

...otherwise known as 'tax dollars'...

[Demeter]

147. Now Think Lovely, Wonderful Thoughts, and Up You Go!

Lovelier thoughts, Michael!

[AnneD]

132. It's a faith based marketplace....

That was a Hail Mary Play if ever I saw one.

[tom_paine]

123. Tens of billions at least. Maybe more. You know it's the Wild West under Bushie Tyranny.

The sheriff is usually working for the crooks.

So we will never know. Today? May have been a hundred billion or more. We can never know unless freedom returns to our nation, which is not very likely.

Failing that, we have have to wait until our tyrannyical rulers fall and wait until we rifle HS headquarters as the east Germans did to stasi HQ.

But you know that can NEVER happen here because not only is th American Subject Populace too spineless, overmedicated and over TV-zombified, but at the VERY first sign the Bushies will react with brutal force, though it will probably be non-lethal (a la Raytheon).

No Tiennanmen Square would EVER EVER EVER be allowed for ANY length for time in Imperial Amerika. It would be stopped LONG BEFORE the relative poitn where the Chicoms stopped it (with millions already in the square).

And when the Bushes DID move, rest assured no Bushie Tanks will stop for some dumb peasant standing in front of it, like the Chinese did. An Amerikan Subject making that kind of move will likely be tasered and brutalized, then charged with resisting arrest and terrorism.

Imperial Amerika would NEVER allow the kind of long-term camping in publci spaces the "liberal" Chinese Communists allowed. The Bushies would CRUSH any resistance long before it got to millions. They would crush it brutally and fully apply terrorism laws to inncoens who were just camping and lightly protesting.

The M$M will brilliantly and with plenty of Palusible Deniability (Censored items will flash once across the ticker so CNN can claim, WE DID run the story), make the brutalities disappear. the pundits will explain why it never happened, why it COULDN'T have happende, or as with so many thing since the M$M has turned into an instrument of tyrants and corporations, just literally make it disappear.

And as well all know, to the Amerikan Subject Populace (95-98%, at least), if it isn;t on their Stae-Controlled TVs, then it just didn't happen.

[ozymandius]

114. There's been an amazing upswing in volume in the past two hours.

Almost double what it was around 1:30.

NYSE Volume 7,757,610,500
Nasdaq Volume 3,409,853,000

[54anickel]

118. Big B little Argain seekers? No f'in way I'm buying into that, but more power to those

who do....I mean someone has got to be buying at these bargain prices, right? Right?
Hank, is that you?!?

*Crickets*

[Pale Blue Dot]

116. I'm betting on a rate cut tomorrow.

...but then again my long-term crystal ball has been much better than my short-term crystal ball.

[Roland99]

120. 4:10pm - still settling downward. 9,955.50.

[Cerridwen]

121. It appears to be holding there. Are we done for the day?

Yeesh!

[Roland99]

122. I think that's a wrap!!

DJIA 9,955.50 -369.88 -3.58%
Nasdaq 1,862.96 -84.43 -4.34%
S&P 500 1,056.87 -42.36 -3.85%
Dow Util 389.07 -22.64 -5.50%
NYSE 6,755.01 -333.93 -4.71%
AMEX 1,615.68 -131.89 -7.55%
Russell 2000 595.92 -23.48 -3.79%
Semcond 274.77 -8.60 -3.02%
Gold future 866.20 +33.00 +3.96%
30-Year Bond 3.94% -0.18 -4.39%
10-Year Bond 3.43% -0.22 -5.98%

[ozymandius]

128. and the blather

http://www.briefing.com/Investor/Public/MarketSnapshot/StockMarketUpdate.htm

On Monday, stocks plummeted across the world on global financial and economic concerns, although late-session buying interest helped U.S. stocks pare more than half of their losses in the final hour of trade.

The Dow, Nasdaq and S&P 500 fell 3.5%, 3.8% and 4.3%, respectively, all settling at multi-year lows. Still, the end result was a huge improvement from the session's worst levels, when the Dow, Nasdaq and S&P 500 were down 7.8%, 8.8% and 8.3%, respectively.

Helping stocks pare their losses was a headline that France proposed an emergency G8 meeting on the financial crisis, which increased speculation that global central banks may make a coordinated intermeeting rate cut.

Overseas equity markets fared even worse than the U.S., with the DJ World Excluding U.S. Index falling 7.3% as Europe fell 7.6%

The selling in Europe was driven over concerns that more bailouts of European financial institutions are needed after Germany's government stepped in to prevent the collapse of property lender Hypo Real Estate. In addition, interbank lending rates rose in European currencies as banks remain reluctant to lend to each other.

Global growth concerns were prevalent in commodity trading, with the CRB Index plunging 5.2%. Oil prices dropped 5.0% to $89.15 per barrel.

Meanwhile, risk averse investors bid up the prices of Treasuries in a flight-to-quality trade. The 10-year note climbed 36 ticks sending its yield down to 3.47%. On a related note, gold, which is considered a safe-haven, rallied 4.4% to $865.50 per ounce.

Weakness in Europe prompted a large 1.5% rally in the dollar. The euro fell 2.2% to $1.35 and the pound declined 1.7% to $1.74.

In an attempt to improve liquidity and shore up confidence, the Fed announced this morning that it is planning to double the outstanding Term Auction Facilities (TAF) balances to $900 billion. The TAFs aim to improve liquidity by allowing depository institutions to borrow from the Fed using the same collateral that is accepted at the discount window. The Fed will also start paying interest on depositary institutions' required and excess reserve balances. The announcement failed to lift the stock market.

The sharp declines in global stock markets induced traders to raise their bets on the size of a rate cut at the Oct. 29 FOMC meeting, with increased speculation that there will be a coordinated global central bank intermeeting rate cut. Fed funds futures suggest a 52% chance that the fed funds rate will be cut by 75 basis points.
..Nasdaq 100 -4.1%. ..S&P Midcap 400 -4.4%. ..Russell 2000 -3.8%.

[Demeter]

148. No F'ing Way They Can Cut The Rates 3/4%!

Dream on, people.

[Wednesdays]

151. Sure they can. Who'da thunk 2 weeks ago they'd give away $700B?

So, yeah, I'm totally predicting a huge rate drop.

Now excuse me...I'm hungry and I have to pick up my $678.95 Happy Meal Special at McDonald's. And then fill my gas tank for $3300.

[TheWatcher]

125. Tomorrow should be quite interesting

If you thought today was fun, look what we have on the plate for tomorrow:

FNM and FRE settlement
Margin Calls from today
Rate Cut Rumor leaked from today....Does The Fed Pull The Lever On the Slot Machine ONE MORE TIME?

Stay Tuned Tomorrow for more Financial Folly and Infinite Fiat Tomfoolery on the next exciting Episode of

BAILOUT BINGO!

[DainBramaged]

129. I predicted this, yes I did

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x3008391

Stocks will fall to below 10,000 by the time 1/20/09 arrives

[amandabeech]

133. Sue Herrera on CNBC this afternoon reported that there was a rumor going around about a G-8 meeting.

It was to be an emergency meeting and REAL SOON.

CNBC was also saying that the markets have already priced in a cut in the discount rate, but who knows?

IMVHO, the PPT had some outside help today.

It is important to note, too, that the volume was not spectacular, and there were sales into the rallies, especially at the closing bell.

One commentator on CNBC said that today's rallies were primarily retail brokers and mutual fund managers selling on instructions from investors after those investors received their monthly statements over the weekend.

So who knows what tomorrow will bring.

Asian market openings this evening should be interesting. NZ starts at 7:00 pm EDT.

[RUMMYisFROSTED]

134. Chimp at the G-8.

A reassuring thought.

[amandabeech]

137. Yes, it is, isn't it.

However, some of the others seem to be pretty reasonable, and there is a definite need to at least attempt some coordination.

Even the oil rich Russians are having big problems in their markets. And the price of oil has gone down in dollars, so Putin may have to put mittens on those bear claws.

[RUMMYisFROSTED]

138. A meeting of the oligarchs, unfortunately.

[Ghost Dog]

139. This one? World Bank chief hopes G7 meeting will calm markets

Mon Oct 6, 2008 1:57pm EDT WASHINGTON, Oct 6 (Reuters) - World Bank President Robert Zoellick said on Monday he hoped meetings of the Group of Seven rich countries' financial leaders in Washington this weekend will convey they are working together to calm markets.

He said consistent and coordinated actions by the grouping of rich countries -- the United States, Britain, Germany, Italy, France, Canada and Japan -- would help restore confidence, needed to address turmoil that has shut down bank-to-bank lending and other loan markets.

...

He said he hoped the group address issues of toxic assets clogging financial markets and overhaul of financial regulation and supervision.

Zoellick said it was also critical that the G7 not forget that developing economies were at a tipping point, hit by costlier food and fuel prices and the prospect of slower growth, declines in exports, capital flows and investments.

/.. http://www.reuters.com/article/marketsNews/idINN0640009120081006?rpc=44

If it's really G7 rather than G8, it means Russia is not invited. Erroneously, IMHO.
________

Also:

"The ground underneath our feet is moving like an earthquake," said acting U.S. Treasury Undersecretary for domestic finance Anthony Ryan.

Expectations were building for a rate cut by the U.S. Federal Reserve, possibly as part of coordinated action with the European Central Bank. European financial policymakers have faced criticism for a fragmented response to the crisis.

Fed fund futures have priced in a probability of a 75-basis-point cut by the U.S. central bank this month.

The Treasury, charged with putting the $700 billion fund to work to buy up bad debt, named Neel Kashkari, a veteran banker from Goldman Sachs, to head the landmark program.

Ryan said the Treasury had not ruled out buying shares in companies. "There's a lot of flexibility in the legislation," he said.

/... http://www.reuters.com/article/topNews/idUSTRE49542Y20081006?sp=true

[amandabeech]

155. That may be it, but it doesn't sound like much of an emergency.

And, as you say, it is G-7. I agree on the error of not inviting Russia. But then, I suppose that the Russians are in the doghouse since the Georgian adventure.

[Ghost Dog]

135. Reuters summit-Green policies can have big economic spinoffs-UN

Mon 6 Oct 2008, 19:42 GMT

(For other news from the Reuters Environment Summit, click on http://www.reuters.com/summit/Environment08?pid=500)

BARCELONA, Spain, Oct 6 (Reuters) - The credit crunch is distracting from a shift to green policies that have big but often overlooked economic benefits, the head of the U.N. Environment Programme said on Monday.

Achim Steiner called on governments to do more to set higher value on the natural world, ranging from wetlands that purify water to forest parks that store billions of tonnes of greenhouse gases in their vegetation.

"The credit crisis is a very real but regrettable distraction" from efforts to protect the planet from threats such as climate change, he told Reuters during an Oct. 5-14 International Union for Conservation of Nature congress.

...

"You are not talking about niches, pilot projects any more," he said of green technologies such as solar or wind power. "There is real money flowing."

"Germany has more jobs in the clean technology sector than in the automotive sector. There are more people working worldwide in renewables than the oil and gas sector," he said.

"We also see opportunities arising, green jobs. This is investing in economic development and more benign growth," he said. Governments should ask themselves: "can you bring forward a technology pathway we are clearly going to go down by a decade?"

/... http://africa.reuters.com/wire/news/usnL6585976.html

[Ghost Dog]

141. BofA earnings tumble, cuts dividend; to raise $10 billion

Mon Oct 6, 2008 5:22pm EDT NEW YORK (Reuters) - Bank of America Corp, the largest U.S. bank, on Monday reported a 68 percent drop in quarterly earnings, halved its dividend and said it would seek to raise $10 billion in additional capital.

The weaker than expected profit, announced two weeks early, sent the bank's shares down 8 percent in after-hours trade.

Bank of America had been seen as one of the industry's pillars of strength and had most recently made headlines with its plan to acquire investment bank Merrill Lynch & Co Inc, but the results and accompanying moves to bolster its capital, showed that it too, is reeling from the credit crisis.

"These are the most difficult times for financial institutions that I have experienced in my 39 years in banking," said Kenneth D. Lewis, its chairman and chief executive officer, in a statement. "We now believe it is important to be at or near our 8 percent Tier 1 capital ratio target given the recessionary conditions and outlook for still weaker economic performance, which we expect to drive higher credit losses and depress earnings."

Bank of America said third-quarter profit dropped to $1.18 billion, or 15 cents a share, from $3.70 billion, or 82 cents a share, a year ago.

Analysts looked for earnings per share of 60 cents, excluding one-time items, according to Reuters Estimates.

/... http://www.reuters.com/article/topNews/idUSTRE4957L920081006

[Demeter]

149. BOA Is Reeling From the Settlements for Its Countrywide Predatory Lending Suits

in several states, including my native Michigan.

[Lydia Leftcoast]

142. And the dollar closed at just over 101 yen, thereby drawing back

from the psychological barrier of 100, which it hasn't gone below since the early 1990s.

[Festivito]

143. Debt: 10/03/2008 10,186,269,007,199.11 (UP 37,519,723,114.96) (700B$ starts?)

(Third day in FY2009. Does this start the 700B$ borrowing, has it begun already, or is it still waiting to begin. I do not know.)

= Held by the Public + Intragovernmental(FICA)
5,913,838,136,448.68 + 4,272,430,870,750.43
(Public, I think now includes China and Brazil et. al.)

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

HISTORICAL:
President's term ends/begins: Jan 20
01/20/1993 4,188,092,107,183.60 BC Inaugural
01/22/2001 5,728,195,796,181.57 BC (UP 1,540,103,688,997.97)
10/02/2008 10,186,269,007,199.11 ** (UP 4,458,073,211,017.54 so far since Bush took office)

Fiscal Year ends: Sep 30
(Guess who might want to hide the Reagan Bush years.)
Borrowed in FY1993: (OLDER DATA IS MISSING)
Borrowed in FY1994: 281,261,026,873.94
Borrowed in FY1995: 281,232,990,696.07
Borrowed in FY1996: 250,828,038,426.34
Borrowed in FY1997: 188,335,072,261.61
Borrowed in FY1998: 113,046,997,500.28
Borrowed in FY1999: 130,077,892,735.81
Borrowed in FY2000: _17,907,308,253.43 Bill alone
Borrowed in FY2001: 133,285,202,313.20 Bill and George
Borrowed in FY2002: 420,772,553,397.10 All George
Borrowed in FY2003: 554,995,097,146.46
Borrowed in FY2004: 595,821,633,586.70
Borrowed in FY2005: 553,656,965,393.18
Borrowed in FY2006: 574,264,237,491.73
Borrowed in FY2007: 500,679,473,047.25
Borrowed in FY2008: 1,017,071,524,650.01
Borrowed in FY2009: 161,544,110,286.62 so far, three days.

UpInArms, the brillig clock fails to work since 10/03/2008!
http://www.brillig.com/debt_clock

53,848,036,762.21 Last three days average.
_4,520,317,887.33 FY2008 average(225).
_2,225,242,102.43 FY2007 average(225).
__,_79,588,036.68 FY2000 BC only average(225).
(And that was Bill Clinton doing more, with less borrowing, including a tech bubble burst, including a pre-election readjustment, all his, and the numbers were better even after that 2000-September: 4th quarter ended.)
56,884,049,338.70 Last seven business days average since double digit billions amounts began happening each day.

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.)
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3528839&mesg_id=3528853

[DemReadingDU]

153. I'm wondering the same thing

There's been huge amounts added daily to the debt for awhile. Perhaps Paulson already anointed himself King, and started executing his plan prior to getting approval from Congress?

Or is there some other monetary database that Paulson is using to execute his plan?

[dweller]

152. so, a year ago today, give or take a day or so

the DOW hit an all time high of 14,xxx or some such. So in one year it has fallen what... 30%+ ?


ABC news remarked on that tonite. Perspective and all, i guess.
dp

[Wednesdays]

154. Asia still in sell-off mode

Early Tuesday trading: all Asian markets are down. Nikkei is down 4.65%.

[Hugin]

158. Annoying New Pool Standings.

______________________________________________________________________________________________________________________

Guess the date for when the Dow will close down 20% of it's value from the Great Reset value of 10,578. That would be
8462.59. I doubt anyone could claim there isn't a recession at that value.

Similar rules to AnneD's pool apply... HARSH REGULATION WILL BE OBSERVED! The pool will lock at 500 points above
the target value or 8963.59.



Prag... 10/07/08
AnneD... 10/07/08


uppityperson... 10/08/08
radfringe... 10/09/08 (765 432 1 Countdown!)
dweller... 10/15/08
Karenina... 10/20/08
AnneD... 10/24/08 (Note: AnneD is a Sentimentalist)
Roland99... 10/27/08
Dr.Phool... 10/30/08
MsLeopard... 10/31/08 (Note: BOO!)
Wednesdays... 11/05/08
Pigwidgeon... 11/17/08

______________________________________________________________________________________________________

If you'd like to be added, let me know.

No, this pool in no way advocates a collapse of the American Economy.

[OakCliffDem]

159. Kick