STOCK MARKET WATCH, Friday February 12

[ozymandius]

Source: du

STOCK MARKET WATCH, Friday February 12, 2010

Bush Administration Officials Convicted = 2
Name(s): David Safavian, James Fondren

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

Financial Sector Officials Convicted since 1/20/09 = 11

AT THE CLOSING BELL ON February 11, 2010

Dow... 10,144.19 +105.81 (+1.05%)
Nasdaq... 2,177.41 +29.54 (+1.38%)
S&P 500... 1,078.47 +10.34 (+0.97%)
Gold future... 1,095 +18.90 (+1.76%)
10-Yr Bond... 3.72 0.00 (0.00%)
30-Year Bond 4.67 +0.03 (+0.69%)

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

Market Conditions During Trading Hours

GOLD, EURO, YEN, Loonie, Silver and US$

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

Read more: du

[ozymandius]

1. Financial Sense is down. No Market Observation today.

[kickysnana]

22. Financial sense has been down for quite a few years now.

:sarcasm:

[fan of the arts]

57. Mr. High and Mighty Wood probably blew up their mainframe in an Uncle Fester

experiment of his. Either that or he ate it after some cupcake icing got on it.

[ozymandius]

2. Today's Reports

08:30 Retail Sales Jan
Briefing.com -0.1%
Consensus 0.3%
Prior -0.3%

08:30 Retail Sales ex-auto Jan
Briefing.com -0.3%
Consensus 0.5%
Prior -0.2%

09:55 Mich Sentiment Feb
Briefing.com 76.0
Consensus 75.0
Prior 74.4

10:00 Business Inventories Dec
Briefing.com -0.2%
Consensus 0.2%
v 0.4%

11:00 Crude Inventories 2/5
Briefing.com NA
Consensus NA
Prior 2.32M

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

[Name removed]

4. Deleted message

Message removed by moderator. Click here to review the message board rules.

[ozymandius]

7. Welcome, durak.

I do not work in the industry. I do, however, teach Economics at the high school level on occasion. The Stock Market Watch has been under my stewardship for almost seven years.

[Tansy_Gold]

24. Thank you, Ozy

At least we know who it was, even if we don't know what it said. . . .

:evilgrin:





TG

[ozymandius]

53. Poster said thanks for the info and asked if I work in the business.

I suppose transgressions elsewhere buried durak.

[UpInArms]

36. 8:30 reports:

8:30a U.S. retail sales up 4.7% yr-on-yr in Jan.

8:30a Jan. retail sales ex-auto and ex-gas up 0.6%

8:30a Jan. retail sales ex-gasoline up 0.5%

8:30a Dec. retail sales revised higher to down 0.1%

8:30a Jan retail sales ex-auto up 0.6%, as expected

8:30a U.S. Jan. retail sales up 0.5% vs 0.3% expected

[Warpy]

41. That sounds like people held onto their wallets during the Xmas season

and waited for the post Xmas sales in January.

Gee, some people are finally getting a bit smarter.

All the government reports look worse than expected, which means that Wall Street is getting a dose of reality today, that no business can survive a lack of customers, let alone turn much of a profit.

[ozymandius]

3. Oil slips below $75 as US crude demand eyed

SINGAPORE – Oil prices fell below $75 a barrel Friday in Asia ahead of a weekly crude supply report that could reflect sluggish U.S. demand. ...

The Energy Information Administration is scheduled to release its weekly U.S. crude inventory report later Friday. Earlier figures from the American Petroleum Institute showed crude stocks rose 7.2 million barrels last week, suggesting U.S. demand remains weak as the economy emerges from last year's recession.

The Paris-based International Energy Agency said on Thursday that oil demand in North America has "virtually stalled," but that consumption in developing countries would help offset that and help boost overall global demand this year. ...

In other Nymex trading in March contracts, heating oil fell 0.7 cent to $1.956 a gallon, and gasoline dropped 0.6 cent to $1.9295 a gallon. Natural gas dropped 1.6 cents to $5.38 per 1,000 cubic feet.

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

[ozymandius]

5. Fed Seeks Help From Money Funds to Drain $1 Trillion

Feb. 11 (Bloomberg) -- The Federal Reserve is in talks with money-market mutual funds on agreements to help drain as much as $1 trillion from the financial system as policy makers prepare for the first interest-rate increase since June 2006, according to a person familiar with the discussions.

The central bank is looking to the money-market mutual fund industry which manages $3.2 trillion in assets because the 18 so-called primary dealers that trade directly with the Fed have a capacity limited to about $100 billion, estimates Joseph Abate, a money-market strategist at Barclays Capital in New York. ...

Chairman Ben S. Bernanke yesterday charted ways the Fed might withdraw record monetary stimulus pumped into the economy to fight the recession. Among the central bank’s tools are reverse repurchase agreements, in which the Fed sells securities with the intention of repurchasing them at a later date. ...

The central bank has created more than $1 trillion in excess reserves in the banking system through its purchases of $300 billion of Treasury debt and $1.25 trillion of mortgage- backed securities. To put upward pressure on the federal funds rate, the Fed may need to drain as much as $800 billion, Abate estimates.

http://news.yahoo.com/s/bloomberg/20100211/pl_bloomberg/a4df3zbh_yus

[Demeter]

17. "I've Got a Bad Feeling About This" --Indiana Jones

Good morning, Ozy! And all the SMW readership!

Call me paranoid, but I cannot think that Bernie Ben has the good of the nation or the economy in mind, let alone the people. There must be an angle to this....some devious plot.

I think we should all wear the black of mourning, this President's Day. Such brave men took such enormous risks, and they would be heartsick to see the result. But not surprised. They knew the historical record.

Tonight we'll be celebrating President's Day, Chinese Lunar New Year, and Valentine's Day in a Triple Whammy Weekend. It should make for chaos, matching the markets. See you there!

[ozymandius]

19. Good morning, Demeter and all.

:donut: :donut: :donut:
Bernanke is also trying to deflect criticism away from the Fed but realizing a return on his counterfeit investment. If they make money on the deals then Congress may be inclined to leave the Fed alone. It sounds simplistic, almost to the point of silliness, but I stand by my statement. The psychology employed here among our goobermental and quasi-goobermental institutions is often parallel to that of a fifth grader.

I am getting ready for work. Have a nice Friday.

:hi:

[AnneD]

28. Morning Marketeers...

:donut: and lurkers. Well Ozy, if anyone knows fifth graders-it's some of us hear. Working in middle school gives me a deep understanding of the GOP but that is another story.:spray:

Well the weather last night was cold, wet, and miserable and we were afraid no one would show up for the board meeting. Well, the board thought wrong. Over a thousand teachers showed up, baying for blood. Our new slogan is remember November (our next election cycle). I think the Board was in shock. We signed up new union members. There were many teachers testifying. Most of the parents that supported the boards decisions were from our creme de la creme high dollar home value areas. These volunteer parent in these schools have no concept and would never consider doing volunteer work in the hoods or barrios where the majority of the district function. The highlights...when one of the union members-talking about firing teachers on their students test score results proposed that what was sauce for the goose was sauce for the gander-brought up the new Superintendent's state ratings from his previous posts. Seems like his district's ratings dropped (some dramatically), just as we expected. Of course copies were given to the Board and media. Many good, experienced teachers in rough areas stand to be fired, replaced by hb1 visa and new inexperienced teachers. But that is what they want.

Happy hunting and watch out for the bears.

[DemReadingDU]

35. Way to go!

That is awesome there was a great turnout, and people speaking up.

Our village meetings are routinely contentious with an out-of-control mayor and his crony police chief. Life would be so much better if they would resign. But they never look at themselves causing the problems, it's always everybody else.

[ozymandius]

52. That's just freakin' awesome!

I love the Super's past record being brought into the open. If this man is a wrecking crew on two legs then people need to know about it. Please continue to keep us posted, AnneD.

Good luck beating this barbarian horde back into the wild.

[TheWatcher]

25. Private Hudson Agrees With You.

http://4.bp.blogspot.com/_Dui8IAY9uqg/SFsQcJouJuI/AAAAAAAACE8/nDiCixJz28Y/s400/Game+Over+Man.jpg

Stay Safe this weekend and be well, dear friend. :)

[Ghost Dog]

6. German halt, Italian reverse hit euro zone recovery

PARIS, Feb 12 (Reuters) - Europe's post-recession recovery hit a roadblock on Friday as Germany economic growth unexpectedly halted and Italy went into reverse in the final quarter of 2009, though France made up for some of the damage.

....

German gross domestic product was flat in the final quarter of last year, the statistics office said, following expansions in the two previous quarters that ended a year-long recession. Growth of 0.2 percent had been forecast.

Italian fared even worse with a GDP fall of 0.2 percent from the third quarter, contrary to forecasts that the third largest economy in the euro zone would keep its head above water with a 0.1 percent GDP increase.

France, the euro zone's second largest economy, fared better in the same period with a GDP increase of 0.6 percent versus the third quarter that, unlike Germany, was driven in large part by healthy consumer spending.

...

Those figures followed confirmation on Thursday that Spain, one of the hardest hit by the end of housing booms across the globe, stayed in recession with a fourth quarter GDP dip of 0.1 percent versus the previous three months.

...

In France, where the recession knocked 2.2 percent off GDP in 2009 as a whole compared to a 5 percent dent in Germany, the end of year news was marginally more positive than expected, once again as a result of domestic demand.

While Germany's statistics office does not give the details behind its GDP estimate for another few days, the French data showed a 0.9 percent quarter-on-quarter increase in household consumption in the fourth quarter.

That helped to offset the damage from tumbling investment, a major casualty of recession, which fell 1.2 percent in the final quarter versus the preceding one and dropped 6.9 percent over 2009 as a whole.


/... http://www.xe.com/news/2010/02/12/953573.htm?c=1&t=

[Ghost Dog]

8. Eastern EU recovery hits speed bump, rocky road ahead

PRAGUE, Feb 12 (Reuters) - The economic recovery shuddered to a halt in the Czech Republic at the end of 2009, while Hungary and Romania remained mired in recession as the European Union's emerging east ended the year deep in the red.

Following disappointing figures showing the region's main export market Germany had stagnated from October to December, the data from the EU newcomers was a cold shower for economists who had expected the region's recovery to accelerate.

It added to concerns over headwinds facing the entire region this year that include the end to a restocking cycle in Germany that will hit manufacturers, banks keeping a tight lid on lending, and belt-tightening by some governments who are trying to rein in budget deficits and runaway debt.

The Czech economy dropped 0.6 percent over the previous three months, widely missing analysts' forecast for a 0.8 percent rise and ending a six-month run of accelerating growth.

The number was completely out of the range predicted by analysts in a Reuter poll, where the most pessimistic estimate was for a 0.4 percent quarterly drop.

Czech gross domestic product fell 4.2 percent year-on-year in real terms in the fourth quarter, and the full-year drop was 4.3 percent.

...

The GDP data pushed the crown lower and helped lift the zloty in Poland -- the only EU state to avoid a contraction last year -- to a week high as it outpaced its peers.

...

Romania also undershot forecasts, shrinking 1.5 percent in the fourth quarter. That defied analysts expectations of a 0.1 percent expansion and dashed hopes that the Balkan state of 22 million had climbed out of a deep recession at the end of 2009.

...

Hungary, among central Europe's worst-off economies and the beneficiary of an IMF bailout, fared better, slowing its pace of contraction to 0.4 percent versus the previous three months.

That was an improvement from the 1.2 percent drop seen in the third quarter. On an annual basis, fourth quarter GDP was down 4 percent, beating analysts' expectations of a 5 percent fall.

...

Euro zone member Slovakia was the best of the lot, but analysts cautioned that a strong 2.0 percent acceleration in the second quarter, could face difficulty. The expansion missed expectations of a 2.2 percent rise. Fourth quarter gross domestic product fell 2.7 percent when compared with a year earlier.

/... http://www.xe.com/news/2010/02/12/953577.htm?c=1&t=

[ozymandius]

9. Oh Dear.

From The Guardian: Angela Merkel dashes Greek hopes of rescue bid:

Despite a show of Franco-German unity on the crisis and the first statement from EU leaders pledging to safeguard the currency's stability, hopes on the markets of a German-led rescue plan to shore up Greece's critical public finances were dashed by Merkel, who repeatedly emphasised that Athens would need to put its own house in order and brushed aside all questions of financial support.

"Germany is stepping totally on the brakes on financial assistance," said a senior EU diplomat. "On legal grounds, on constitutional grounds and on principle." Another senior diplomat said of the Germans: "They're not waving their chequebooks." ...

Berlin and Paris have been at odds for the last week through several rounds of negotiations, with the French, backed by the Spanish, seeking a solution through lending to Greece. But Germany and the European Central Bank (ECB) took a hard line, arguing that the bigger risk to the euro's stability came from bailing out a profligate member state which has notched up a budget deficit of almost 13% and a national debt of nearly €300bn.

The split meant 16 finance ministers could not agree a common position before the summit. "Germany cannot justify its taxpayers having to finance the lovely lives of the Greeks," said a senior diplomat.

Rather than bailing out Athens, Berlin is insisting on rigorous policing of the Greek austerity programme by a triple force from the commission, the ECB and the International Monetary Fund, an exercise never attempted in the eurozone.

:popcorn: Would you like butter on your popcorn? This is an extreme test of EU unity.

[Demeter]

18. Angela Bailed, Instead of Bailing Out Banks Again?

Let's see how long she lasts in office....

[DemReadingDU]

21. I don't think Germany has the money to bail out Greece, and

the rest of the PIIGS
Portugal, Ireland, Italy, Greece, Spain

It will be interesting to see whether a group of countries (or maybe the U.S.?) bailout the PIIGS. I'm thinking that no one wants Greece to default, because it would trigger those credit default swaps, which would trigger other more credit default swaps, and on and on, until the Ponzi implodes. So I really don't think anyone will let Greece default.

Edit: But whoever bails out one country, it appears they will need to bailout the other countries nearing default. Who can do that? Yet no one wants to see those CDSs triggered either. It will be an interesting day and weekend.

[Po_d Mainiac]

29. Exactly

After watching Ben and Henry, Merkel and crew know how the last page reads.

I'm reminded of a lesson from a flight instructor if you have to make a forced landing at night..."Just before touching down. turn on your lights. If you don't like what you see, turn them off."

[Dr.Phool]

31. My instructor gave the exact same lesson.

[TalkingDog]

39. I love the smell of black humor in the morning. It smells like....

well, not victory.... More along the lines of burnt coffee.....

[Hugin]

42. Burnt popcorn?

:rofl:

[TalkingDog]

44. Stale cigarette smoke? n/t

[Hugin]

48. Old boxed lunches?

:7

[Demeter]

54. Used Gym Socks, Definitely

[Statistical]

37. US won't (and shouldn't) bailout Greece.

Remember we are deficit spending so it wouldn't be a bailout with cash we have laying around.

We would borrow money (from Chinese and other Treasury buyers) and use that money to pay Greece.
In essence it would be Chinese money bailing out Greece however US taxpayers would be the middle man.
Less risk & more profit for Chinese (and other T-bond buyers), and US taxpayer picks up the interest to pay off debt Greece racked up.

Doesn't even make sense.

Let IMF bailout Greece, or even better EU central bank, or barring that a coalition of EU nations (would be the most hurt by Greece default) or barring all that let Greece default.

[TalkingDog]

45. So I guess that makes Greece the Lehman Brothers of Europe?

Or is the Bear Stearns?

[Ghost Dog]

10. EU leaders fail to calm fears of Greek sovereign default

Yesterday’s pledge by the European Union that it will, if necessary, come to the aid of the embattled Greek economy was a vain attempt to calm rampant speculation in Greek government bonds and fears that the spread of financial contagion threatens the entire eurozone. For the Greek working class, as well as workers throughout Europe, it was the equivalent of a gun pointed at their heads.

EU President Herman Van Rompuy could not give any specifics about what form of financial cushion is being put together, and details may not emerge until Monday at a finance ministers meeting. But he insisted that the precondition for any aid was “rigorous” action by the social-democratic PASOK government of Prime Minister George Papandreou.

This implies not merely an endorsement of the austerity measures already outlined—aimed at cutting Greece’s budget deficit from its present 12.7 percent of GDP to below the EU ceiling of 3 percent by 2012. A freeze on public sector salaries, bonus cuts, a two-year rise in the retirement age and increases in taxes on fuel, tobacco, alcohol and property are seen by the European ruling elites as wholly inadequate. Measures similar to those already imposed in the Irish Republic, involving a 20 percent wage cut in the public sector, tax increases and welfare cuts, will likely be demanded.

...

The small size of the Greek and Portuguese economies has helped make them the favoured target for speculation. But there are broader concerns over the similarly high general levels of debt of Europe’s major economies. And it is the euro itself that is under attack, having already lost around 9 percent against the dollar since December. There has been broad-based speculation over countries being forced out of the euro and even the collapse of the currency itself.

“The challenges facing the eurozone are very serious,” said Simon Tilford, chief economist for the Center for European Reform in London. “For countries that have become pretty uncompetitive in the eurozone and have weak public finances, the current environment is very dangerous.”

The crisis is, in addition, far from being confined to the eurozone sixteen. With UK debt as high, if not higher, than that of Greece, the Guardian asked pointedly, “Meanwhile, where will the next currency explosion occur? Might it conceivably be here in Britain where the scale of budget deficits could threaten an eventual credit re-rating and lead to massive currency speculation against sterling?”

Pointing to the global nature of the present crisis, the Observer noted that “the uncertainty surrounding sovereign debt worries spread late last week into many other markets, spreading renewed fears about the strength of the recovery in the global economy.

“If all main economies have to struggle to pay off the huge deficits run up as a result of their recessions, they could be squeezed by rising taxes and spending cuts for years to come. Suddenly, the robust global recovery world stock markets were pricing in looks a bit overoptimistic.”

The February 6 Washington Post similarly warned, “Investor panic is threatening to drive up the cost of borrowing for myriad nations around the world and to destabilize global currency markets.”

Economic historian Niall Ferguson, in a Financial Times column headlined “A Greek Crisis is Coming to America,” wrote: “For the world’s biggest economy, the US, the day of reckoning still seems reassuringly remote. The worse things get in the eurozone, the more the US dollar rallies as nervous investors park their cash in the ‘safe haven’ of American government debt. This effect may persist for some months, just as the dollar and Treasuries rallied in the depths of the banking panic in late 2008.

“Yet even a casual look at the fiscal position of the federal government (not to mention the states) makes a nonsense of the phrase ‘safe haven.’ US government debt is a safe haven the way Pearl Harbor was a safe haven in 1941.”

European and world capitalism face a real and imminent danger of economic collapse—one that would be a continuation of 2008, but even worse in its scope. The multi-billion-dollar bailout of the banks and the pumping of billions of dollars into the global economy through “quantitative easing” did not end the threat of a global recession. It merely transferred to national governments the losses incurred by the world’s banks.

/Continues... http://www.wsws.org/articles/2010/feb2010/summ-f12.shtml

[Tansy_Gold]

51. There were no losses, only thefts

The world economies are quite healthy, in that they continue to generate a steady stream of wealth that flows unabated into the pockets and tax-haven bank accounts of the very wealthy. Whether they are the oil sheikhs of the Mideast, Russian oligarchs, Asian manufacturing bosses, or western banksters and insurance tsars, their wealth is generated by working people who see increasingly LESS compensation for their labor.

Most of the fixes that have been proposed, whether by the various agencies of the US government (the Fed, Treasury, Obama administration, R and D congressional spokespeople, etc.) or other governments, involve immediate rescues of those least in need of rescuing -- the TBTF banks, whether they are privately held/operated or are themselves agencies of their national governments.

Unless and until the general populations arise and demand that the policies of continual funneling of cash to those who have done the least good and the most harm cease, nothing will change.

Trade agreements -- GATT, WTO, NAFTA, etc. -- that serve to benefit the already wealthy and not the workers must be rescinded.

Taxes must be reformed so that there remain incentives to succeed on all levels, not solely at the top. Inheritance is not an incentive but rather a disincentive and should be taxed accordingly. Unearned income is likewise a disincentive and should be taxed accordingly.

Michael Steele may think a million dollars is not a lot of money, but when put into the context of how long a modest working-class family even in the United States could live on a million dollars, the perspective changes. (I'm sure there is NOTHING on the face of the earth that could change Mr. Steele's perspective, as he is as blind and stupid and disgustingly arrogant as any 18th century Frech aristocrat). Yours truly currently manages to live a reasonably comfortable lifestyle on less than $25,000 a year. Yours truly is fortunate not to have a mortgage or rent payment and has no family to support. But suppose we add to that $25,000 a monthly payment for rent/mortgage of $1500 and another $500 a month for food and clothing for an additional family member or two. Even at $50,000 a year, that million would suffice for a modest family for 20 years! Twenty years, Mr. Steele. Two decades. Five presidential terms.

What is needed, then, to restore the health of all our economies is to stop the thievery. Too many refuse to see taxes as the lifeblood of an economy; they believe the aristo mantra that taxes are the theft, and of course it is a mantra promoted by the thieves.

It may take an economic cataclysm to wake them up and make them aware of reality, but even that may not be enough. After all, how much has really changed in Haiti since the earthquake?


Tansy Gold

[Demeter]

55. Tansy Gold for President!

That's it, in a nutshell. Marxism without the squick.

[ozymandius]

11. Uncertainty about Greece aid keeps euro under pressure

LONDON (Reuters) - The euro fell broadly on Friday, staying under pressure after a pledge by the European Union to help Greece tackle its fiscal problems did little to quell uncertainty surrounding ballooning Greek sovereign debt. ...

Still, a lack of details on what will be done to help Greece kept investors jittery, resulting in widening yield spreads between benchmark government bonds in Greece and Germany -- widely considered the safest in the euro zone.

That helped push the euro down across the board, striking a decade low against the higher-yielding Australian dollar at A$1.5313 and plumbing its lowest level against the Swedish and Norwegian crowns since autumn 2008. ...

As Greece's fiscal woes continue to hang over the market, investors await meetings early next week between EU finance ministers, although analysts said that might still be too early to expect much clarity on what steps the bloc would take to help Greece tackle its debt.

http://www.reuters.com/article/idUSTRE5BF27F20100212

[TheWatcher]

26. THIS Is The Country that is going to Bail Out GREECE?

:rofl:

Oh, THIS will end well.

How can a country that can barely keep itself together Bail Out the Teriyaki Shop down the block from me, let ALONE another COUNTRY.

I guess it's time to Invoke Private Hudson ONCE AGAIN this morning:

Hey Sarge, How Do I get Out Of This Chickenshit Outfit?

[PassingFair]

47. Sounds like color-commentary from a Formula One race...

"Europe's post-recession recovery hit a roadblock on Friday as Germany economic growth unexpectedly halted and Italy went into reverse in the final quarter of 2009, though France made up for some of the damage."

[ozymandius]

12. China Raises Bank Reserve Ratio to Cool Fastest-Growing Economy

Feb. 12 (Bloomberg) -- China ordered banks to set aside more deposits as reserves for the second time in a month to cool the fastest-growing major economy after loan growth accelerated and property prices surged. ...

China’s policy makers aim to avert asset bubbles and restrain inflation after flooding the economy with money last year to drive the nation’s recovery from the first global recession since World War II. The central bank said yesterday that it wants to gradually normalize monetary conditions from a “crisis mode” after gross domestic product expanded a more- than-forecast 10.7 percent in the fourth quarter from a year earlier, the fastest pace in two years. ...

The central bank on Jan. 12 increased banks’ reserve requirements for the first time since June 2008 after a record 9.59 trillion yuan ($1.4 trillion) of new loans in 2009. New loans in January soared to more than the previous three months combined, prompting the central bank to impose even higher reserve ratios on some individual banks. ...

Besides record lending, a 4 trillion yuan, two-year stimulus package and subsidies for consumer purchases have driven China’s recovery. The nation has also kept its currency pegged at about 6.83 per dollar since July 2008 to aid exporters.

http://www.businessweek.com/news/2010-02-12/china-raises-bank-reserve-ratio-to-cool-fastest-growing-economy.html

[ozymandius]

14. Beijing Seen Vacant for 50% Commercial as Chanos Predicts Crash

...
Beijing’s office vacancy rate of 22.4 percent in the third quarter of last year was the ninth-highest of 103 markets tracked by CB Richard Ellis Group Inc., a real estate broker. Those figures don’t include many buildings about to open, such as the city’s tallest, the 6.6-billion yuan ($965 million) 74- story China World Tower 3.

Empty buildings are sprouting across China as companies with access to some of the $1.4 trillion in new loans last year build skyscrapers. Former Morgan Stanley chief Asia economist Andy Xie and hedge fund manager James Chanos say the country’s property market is in a bubble. ...

Investor concerns have spread beyond real estate. Among 15 major Asian markets, the benchmark Shanghai Composite Index is valued third-highest relative to estimates for this year’s earnings, after Japan and India, even after falling 8.5 percent in the past six months.

A glut of factories in China is “wreaking far-reaching damage on the global economy,” stoking trade tensions and raising the risk of bad loans, the European Union Chamber of Commerce in China said in November.

http://www.bloomberg.com/apps/news?pid=20601109&sid=a8K__QRxjnQM&pos=11

[rfranklin]

20. True capitalism under a "communist" government...

Boom and bust...boom and bust....et cetera

[ozymandius]

13. Bank of America Judge Poses 8 Questions on Settlement With SEC

Feb. 12 (Bloomberg) -- The judge overseeing Bank of America Corp.’s proposed $150 million settlement with the U.S. Securities and Exchange Commission posed eight questions for attorneys to answer before he decides whether to accept it.

U.S. District Judge Jed Rakoff said yesterday he wants more information about what disclosures specific bank officials recommended for Merrill Lynch & Co.’s bonuses and losses in the months before Bank of America bought the firm. Rakoff also asked if the settlement should be modified in four ways. ...

Rakoff, who rejected a $33 million settlement in September, told lawyers for both sides at a hearing on Feb. 8 that he still has concerns about the new accord and had additional questions. After reviewing their responses to yesterday’s queries, he will decide whether to accept the deal by Feb. 19, he said. Should he reject it, the civil case will go to trial on March 1.

http://www.businessweek.com/news/2010-02-12/bank-of-america-judge-poses-8-questions-on-settlement-with-sec.html

[ozymandius]

15. AT&T, Verizon May Have to Share Internet Lines Under FCC Plan

Feb. 12 (Bloomberg) -- AT&T Inc. and Verizon Communications Inc. would be forced to lease fast Internet lines to rivals providing Web services to small businesses under a proposal being weighed by U.S. regulators.

The biggest U.S. phone companies have told the Federal Communications Commission that opening access to lines they laid would curb their incentive to continue spending billions of dollars expanding high-speed service. The FCC’s decision “will significantly affect investment in fiber-based networks,” line- maker Corning Inc. said in a filing with the agency. ...

Letting competitors lease lines into businesses may boost Internet adoption, help small businesses grow and aid job creation, said Colin Crowell, an aide to Democratic FCC Chairman Julius Genachowski, in an interview. ...

The FCC decided in 2003, under Republican leadership, that phone companies don’t need to sell competitors access to the fiber lines they added. The decision didn’t affect cable companies, which are subject to different regulations and don’t have to lease lines.

The 2003 decision encouraged broadband deployment by assuring phone companies they could invest without having to share lines at regulated rates, said Paul Gallant, a Washington- based analyst with Concept Capital’s Washington Research Group, in an interview.

http://www.bloomberg.com/apps/news?pid=20601109&sid=amXBlGdIQ_k0&pos=14

[ozymandius]

16. FT Explains Proposed Bank Reforms

From Ritholtz: The FT takes a look at the far-reaching proposals for overhauling Wall Street by President Obama via this nice animation...

Source:
The Obama banking plan explained

[TheWatcher]

23. Well, Like I told Demeter yesterday, the Party won't last.

If The Futures are any indication of how the day is to play out, then it will be a typical example and timely reminder that this entire week illustrates what our entire Economy, if that's what we can still refer to it as without hysterically laughing, is based on.

Bullshit.

Rumors Of bail outs, backstops, and entire countries propping up other countries is no more a road to a real recovery, or even the beginning of a reality to one than dousing yourself in Bactine to treat a tumor.

This has been one of the most epic and blatant Smoke and Mirror jobs I can remember in recent memory, and that is saying a lot because I remember some REAL TWILIGHT ZONE EPISODES before the last collapse.

Oh, I know I say that now and then the Pump Monkeys with oversized F12 Keys which have their index fingers surgically attached to them will stampede in the afternoon hours, maniacally tapping away as the wires that are attached to strategic "motivational" areas surge with electricity to make sure their tapping Pumps the brain dead masses to blissful new levels of absurdity and false comfort, but it can't hide the underlying reality.

And That Reality is the system is very close to collapse.

TPTB know it, The White House knows it, The Banksters know it, and you damn sure better bet that Helo Ben and Goofy know it.

Some serious technical weakness has been exposed this morning, and even though they may manage to paper it over to send the Sheep drooling off into the weekend with their Winter Olympic Feed Bags strapped firmly in place in anticipation of a Long Weekend Graze, those who can see, can PLAINLY see that the damage has been done.

The ONLY thing that matters now is Main Street. Those who are still using Wall Street as a gage to show them the genesis of a continuing "Recovery" might as well pony up to the admission they think the WWE is 100% real and unscripted.

But for the sake of analyzing what the criminals are trying to do for their own bottom line, what they SEEM to be doing is trying to repeat the pattern of the last bubble, in which, if you all remember, the Dow was basically in a holding pattern, a very tight trading range for almost a year, after it rose above 10,000 off the March 2003 Low.

What happened after that, we all know. We were told that we had a "robust" economy for the next four years, and the Markets were driven to new All-Time Highs for the Dow, the absurdly gigantic Housing Bubble made everyone want to change their name to 60's television star "Flipper", and yet again, the "New Paradigm" bullshit was resurrected from the Vault of the Dot Con (no, I didn't misspell that) era, and we were fed a steady diet of that until The Great Lie Revealed itself in September of '08, before Stammerin' Hank and Helo Ben delivered the Greatest Heist of all time.

And many "Thanked God" It Passed.

And it looks like they are trying to do the same thing ALL OVER again.

Didn't these idiots learn anything from The Nazis?

You NEVER Market the same Product the same Way TWICE.

OR, maybe they think we are so stupid, so abused, so Stockholmed, so subservient, they can do whatever they want, no matter how sloppy it looks. (Like Carrie Underwood's AWFUL White Shoes during the Star Spangled Banner at The Super Bowl. Side Issue. I apologize for that, but you have to admit if EVER there were a case of Domestic Terrorism, THAT was it.)

Whatever the case, we'll see if they can pull it off.

IF They do, then look for a Dow Low of about 4800 in the next collapse.

If they manage to do another Bubble after THAT, then I would seriously start watching "Road Warrior" on a regular basis, just to get a feel for what the future will be like, because They are going to take us there if they have to.

Good Luck Today Marketeers.

It may be all we have left.

This is your Economy on Artificial Asset Inflation and Reckless Monetization:

ANY QUESTIONS?

[DCBob]

32. Maybe you are expecting a bit too much from this "recovery"..

Of course there are big/huge/enormous problems in our economy but that does not mean we are heading for MadMaxville. I think it just means we are headed for a reduced standard of living with high unemployment for many many years. We will muddle along and keep the lights and some food on the table.. It wont be pretty but it wont be a disaster. IMO.

[fan of the arts]

58. Study some history, black markets and crime will grow exponentially

as they always have in lawless, corrupt nations. Start with the USSR for a very recent example. You seriously think people will just sit around unemployed? They won't. Will the U.S. currency just be allowed to drop to zero: NO, it'll be falsely manipulated. Will the U.S. consumer produce and buy products that are part of a completely corrupt corporate system of fascism? NO.

It may not be thunderdome but the watcher just used that as hyperbole. It will be criminal as hell.

[Demeter]

43. I Think theToo Big to Fails Are Going Down--and About Time, Too

If the choice is between strangling your native land, and killing off a blackmailing bankster, most leaders will choose the latter.

Of course, if W were still in power, it would be no contest. He came too close to succeeding as it was.

But Obama? Would he see the light? THAT'S what makes lunch indigestible--wondering if the Boy Wonder has caught a clue, yet. If he really means it when he offers himself as a one-term President. If he has the slightest notion what he gaily walked into, and if he's ready to walk out of it, to grow up and be a Man. Because that's what it will take to defeat all these juvenile deliquents--a Father figure who means business, and not business as usual.

[UpInArms]

27. dollar watch

http://quotes.ino.com/chart/?acs=NYBOT_DX&v=i

Last trade 80.555 Change +0.561 (+0.72%)

Daily Sound Bites 02.12

http://www.dailyfx.com/forex/fundamental/article/daily_sound_bites/2010-02-12-1022-Daily_Sound_Bites_02_12.html



...more...

Euro Selling May Resume If German, EZ GDP Figures Reveal Over-Reliance on Stimulus

http://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2010-02-12-0609-Euro_Selling_May_Resume_If.html

The Euro may come under selling pressure once again if fourth-quarter GDP figures from Germany and the Euro Zone reveal an over-reliance on fiscal stimulus just as investors are acutely concerned about public deficits in the currency bloc.

Key Overnight Developments

• New Zealand Core Retail Sales Disappoint, Fall Most in 14 Years
• Euro Consolidates, British Pound Lower in Overnight Trade

Critical Levels



The Euro consolidated in a narrow 40-pip range below 1.3700 to the US Dollar. The British Pound traded gently lower, shedding as much as 0.3% against the greenback. We remain short EURUSD at 1.4881 and GBPUSD at 1.5765.

Asia Session Highlights



New Zealand’s Retail Sales disappointed, yielding a flat result in December and snapping a four-month trend of consecutive expansion. Economists had forecast a 0.6% increase ahead of the release. Factoring out car dealers, gas stations and auto repair shops, receipts fell -1.8% to mark the largest monthly drop in at least 14 years. Separately, REINZ House Sales fell 1.1% in the year to January, marking the first decline in 11 months. Despite an outsized export sector, New Zealand still counts on private consumption to contribute the largest share of overall economic growth. To that effect, lackluster sales activity bodes ill for economic recovery and a speedy return to higher interest rates, meaning the central bank may be forced to delay withdrawing monetary stimulus beyond the mid-year timeframe set by RBNZ chief Alan Bollard.

Euro Session: What to Expect



Fourth-quarter Gross Domestic Product figures headline the economic calendar, with Germany’s economy expected to have added 0.2% in the three to December 2009 while that of the overall Euro Zone expanded 0.3%. Traders are likely to look past the headline figure, however, looking specifically for signs of life in private consumption and investment to show that economic recovery can survive after stimulus runs dry. This will be especially significant this time around as the fiasco in Greece has markets worried about public deficits in the currency bloc, with investors likely to punish the Euro if a lack of self-sufficient growth breeds fears that governments will need to keep the region on life-support and lead to a further fiscal deterioration.

Risk sentiment are likely to overtake price action late into the session as January’s US Advance Retail Sales report comes across the wires, with traders still looking to the health of America’s economy as a proxy for economic recovery in the world at large.

...more...

[JNelson6563]

30. Happy Valentine's beloved Marketeers!

I usually buy hearts just so I can give them to you guys but I am out of money this time 'round so this is going to have to do as my valentine to you all. Though I rarely post in the thread anymore I still read it and marvel at all the effort you all put into it. Thank you for your tireless efforts!

Love to all--
Julie

[UpInArms]

33. happy Valentine's Day to you, Julie!

you are truly a DU treasure -



:grouphug:

[54anickel]

46. JULIE!!! Happy Valentine's to you too!

And to all the DU Marketeers!!!

[Dr.Phool]

34. Bank of America forecloses on house that couple had paid cash for

Bank of America forecloses on house that couple had paid cash for

By Tony Marrero, Times Staff Writer
In Print: Friday, February 12, 2010


SPRING HILL — Charlie and Maria Cardoso are among the millions of Americans who have experienced the misery and embarrassment that come with home foreclosure.

Just one problem: The Massachusetts couple paid for their future retirement home in Spring Hill with cash in 2005, five years before agents for Bank of America seized the house, removed belongings and changed the locks on the doors, according to a lawsuit the couple have filed in federal court.

Early last month, Charlie Cardoso had to drive to Florida to get his home back, the complaint filed in Massachusetts on Jan. 20 states.

The bank had an incorrect address on foreclosure documents — the house it meant to seize is across the street and about 10 doors down — but the Cardosos and a Realtor employed by Bank of America were unable to convince the company that it had the wrong house, the suit states.

(snip)

http://www.tampabay.com/news/business/realestate/bank-of-america-forecloses-on-house-that-couple-had-paid-cash-for/1072632

[Roland99]

38. 9:59am - China blinks; Markets wince

Dow 10,023 -121 -1.19%
Nasdaq 2,159 -19 -0.86%
S&P 500 1,067 -12 -1.09%
GlobalDow 1,849 -11 -0.58%
Gold 1,079 -16 -1.46%
Oil 73.45 -1.83 -2.43%

[Festivito]

40. Debt: 02/10/2010 12,340,570,199,406.32 (DOWN 8,896,933,332.17) (Wed)

(Down just a bit. Debt seems to jump up big then drop slowly maybe up a little and down a little for days--repeat. Good day all.)

= Held by the Public + Intragovernmental(FICA)
= 7,840,750,213,342.20 + 4,499,819,986,064.12
DOWN 56,577,287.25 + DOWN 8,840,356,044.92

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 309-Million person America.
If every American, man, woman and child puts in $3.24 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.72, ABOUT TEN BUCKS for a 1B$ 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 10 seconds we net gain another American, so at the end of the workday of the report, there should be 308,703,198 people in America.
http://www.census.gov/population/www/popclockus.html ON 11/07/2009 08:19 -> 307,879,272
Currently, each of these Americans owe $39,975.52.
A family of three owes $119,926.55. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 33 days.
The average for the last 23 reports is 2,607,200,067.86.
The average for the last 30 days would be 1,998,853,385.36.
The average for the last 33 days would be 1,817,139,441.24.
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$/day.
There were 90 reports in 133 days of FY2010 averaging 4.79B$ per report, 3.24B$/day.
Above line should be okay

PROJECTION:
There are 1,075 days remaining in this Obama 1st term.
By that time the debt could be between 13.8 and 17.9T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
02/10/2010 12,340,570,199,406.32 BHO (UP 1,713,693,150,493.24 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +0,430,741,195,894.60 ------------* * * * * * * * * * BHO
Endof10 +1,182,109,297,003.98 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
01/21/2010 -031,161,420,148.11 -
01/22/2010 -000,070,049,877.74 ----
01/25/2010 -000,041,466,126.01 ---- Mon
01/26/2010 +000,973,181,275.87 ------------********
01/27/2010 +000,063,416,019.94 ------------*******
01/28/2010 -024,245,578,618.07 -
01/29/2010 -000,416,981,206.21 ---
02/01/2010 +090,319,223,365.33 ------------********** Mon
02/02/2010 -000,066,012,400.47 ----
02/03/2010 +000,334,538,130.44 ------------********
02/04/2010 -009,677,289,403.68 --
02/05/2010 -000,081,816,346.60 ----
02/08/2010 +000,119,837,978.11 ------------******** Mon
02/09/2010 +000,368,016,270.35 ------------********
02/10/2010 -000,056,577,287.25 ----

26,361,021,625.90 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=4264663&mesg_id=4264686

[Festivito]

50. Debt: 02/11/2010 12,349,324,464,284.28 (UP 8,754,264,877.96) (Thu)

(Up some. Debt seems to jump up big then drop slowly maybe up a little and down a little for days--repeat. Good day all.)

= Held by the Public + Intragovernmental(FICA)
= 7,848,015,306,528.53 + 4,501,309,157,755.75
UP 7,265,093,186.33 + UP 1,489,171,691.63

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 309-Million person America.
If every American, man, woman and child puts in $3.24 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.72, ABOUT TEN BUCKS for a 1B$ 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 10 seconds we net gain another American, so at the end of the workday of the report, there should be 308,711,838 people in America.
http://www.census.gov/population/www/popclockus.html ON 11/07/2009 08:19 -> 307,879,272
Currently, each of these Americans owe $40,002.76.
A family of three owes $120,008.27. (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 2,775,657,325.95.
The average for the last 30 days would be 2,128,003,949.90.
The average for the last 31 days would be 2,059,358,661.19.
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$/day.
There were 91 reports in 134 days of FY2010 averaging 4.83B$ per report, 3.28B$/day.
Above line should be okay

PROJECTION:
There are 1,074 days remaining in this Obama 1st term.
By that time the debt could be between 13.8 and 17.9T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
02/11/2010 12,349,324,464,284.28 BHO (UP 1,722,447,415,371.20 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 +0,439,495,460,772.50 ------------* * * * * * * * * * BHO
Endof10 +1,197,133,158,074.35 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
01/22/2010 -000,070,049,877.74 ----
01/25/2010 -000,041,466,126.01 ---- Mon
01/26/2010 +000,973,181,275.87 ------------********
01/27/2010 +000,063,416,019.94 ------------*******
01/28/2010 -024,245,578,618.07 -
01/29/2010 -000,416,981,206.21 ---
02/01/2010 +090,319,223,365.33 ------------********** Mon
02/02/2010 -000,066,012,400.47 ----
02/03/2010 +000,334,538,130.44 ------------********
02/04/2010 -009,677,289,403.68 --
02/05/2010 -000,081,816,346.60 ----
02/08/2010 +000,119,837,978.11 ------------******** Mon
02/09/2010 +000,368,016,270.35 ------------********
02/10/2010 -000,056,577,287.25 ----
02/11/2010 +007,265,093,186.33 ------------*********

64,787,534,960.34 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=4266307&mesg_id=4266460

[Dr.Phool]

49. So, they pumped it back up again.

The fraud continues.

[Demeter]

56. Not Really

They bailed enough to keep the ship afloat until Monday. There isn't a prayer of inflating a bubble again, and most reasonable people are willing to admit it.

[Roland99]

59. hehe...made the highlighted comment on Marketwatch's article on Bayh's retirement

http://www.marketwatch.com/story/democrat-bayh-cites-partisanship-for-senate-exit-2010-02-15

"Good riddance to DLC rubbish! @#$%&! the Corporatists!"