STOCK MARKET WATCH, Wednesday July 28

[ozymandius]

Source: du

STOCK MARKET WATCH, Wednesday July 28, 2010

AT THE CLOSING BELL ON July 27, 2010

Dow... 10,537.69 +12.26 (+0.12%)
Nasdaq... 2,288.25 -8.18 (-0.36%)
S&P 500... 1,113.84 -1.17 (-0.10%)
Gold future... 1,166 +3.90 (+0.34%)
10-Yr Bond... 3.05 +0.05 (+1.77%)
30-Year Bond 4.08 +0.06 (+1.47%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren

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

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

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

Read more: du

[ozymandius]

1. Today's Reports

08:30 Durable Orders Jun
Briefing.com 1.0%
Consensus 1.0%
Prior -0.6%

08:30 Durable Orders ex Transporation Jun
Briefing.com 0.5%
Consensus 0.6%
Prior 1.6%

10:30 Crude Inventories 07/24
Briefing.com NA
Consensus NA
Prior 0.360M

14:00 Fed's Beige Book Jul

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

[Roland99]

18. June durable-goods orders fall sharply

June durable-goods orders fall sharply
http://www.marketwatch.com/story/june-durable-goods-orders-fall-sharply-2010-07-28?dist=beforebell

Orders for U.S.-made durable goods sank in June, falling 1.0% on weaker demand for airplanes, electronics, and machinery, steel and other long-lasting manufactured products, the Commerce Department reported Wednesday. The decrease far exceeded the expected 1.0% rise forecast by economists surveyed by MarketWatch. It was the largest drop in total orders since August 2009. Excluding transportation, orders fell 0.6%. Shipments fell 0.3% in June and were down 1.3% excluding transportation goods. Inventories rose 0.9% for the sixth straight monthly gain.

Here's the best part...from their leader headline on the main page:

June orders fall 1%, reflecting drops across a broad range of big-ticket items. The decrease confounds expectations for a 1% increase.

Seriously, what do these confounded, confused, befuddled, unaware economists make in a year? I'm really thinking about getting a degree in economics from Whatsamatta U and switching careers....

[Dr.Phool]

20. They probably thought I was gonna buy an airplane last month.

Unexpectedly, they were wrong. I just didn't have the petty cash laying around.

[Roland99]

22. This is about the closest any of us will ever get to owning a private plane....

[Po_d Mainiac]

23. YIKES! n/t

[ozymandius]

25. Who makes a living being 100% wrong?

I want names - dammit! Who are these people? Are they Ivy League economists? Or did they get their diplomas from a box of Cracker Jacks? (Do they still put the "toy surprise" inside?)

It seems that if these perpetually surprised economists were to connect the dots: (a) the Baltic Dry Index; (b) the corrugated cardboard manufacturers index; (c) the steel manufacturer stats, and; (d) the Chicago Fed Economic Activity Index for manufacturing sectors and personal consumption stats, then they would have arrived at the conclusion that durable goods consumption and manufacturing would fall and that inventories would rise.

It takes tens of minutes to track this stuff down. A high school student should be able to do it yet the "serious" professionals cannot.

[Roland99]

29. Maybe they were trying the new hopey-changey economic school of thought?

[Roland99]

32. Courtesy of RUDED (r u dead)

Roland's University of Dependable Economic Data

ugly Baltic Dry Index chart

Chicago Fed data from 2 days ago

Led by deterioration in production- and employment-related indicators, the Chicago Fed National Activity Index declined to –0.63 in June, down from +0.31 in May. Three of the four broad categories of indicators that make up the index made negative contributions in June, while the sales, orders, and inventories category made the lone positive contribution.

The index’s three-month moving average, CFNAI-MA3, decreased to –0.05 in June from +0.31 in May. The CFNAI-MA3 suggests that growth in national economic activity returned very close to its historical trend in June after reaching its highest level since March 2006 in May. With regard to inflation, it indicates subdued inflationary pressure from economic activity over the coming year.

Confounded...indeed.

[ozymandius]

38. Thank you for punking them a second time.

Punks.

I would like to read their reasoning in some form like the Fed's Beige Book. I imagine the research for these economic forecasts were done at the saloon.

I feel... odd.. whipping this issue time and time again. It seems the wellspring of outrage over bogus forecasts is limitless. Bogus forecasts determine the current and future course of serious decision making. They also warp the boondoggle markets where way too many people trust their retirement future - if one believes that there will be any such thing as retirement in the future.

On second thought: I do not want to read the surprised economists reasoning behind their conclusions. I sense that reading their drivel might make me feel stupid.

[Roland99]

39. My take on the forecasts is that they need that next carrot to dangle in front of the markets

gotta keep them propped up without being totally in-your-face obvious that they're being propped up.

[Po_d Mainiac]

52. You make a point that needs stressing.

Forecasting is supposed to be a science whose determinations help establish policy.

States/towns/school districts/etc usually don't have the "luxury" of deficit spending, and the budget process often covers a 2 year span.

What amounts to amazement amongst the economists, is transcribed into real cuts in services, pain and lay-offs locally when they miss badly.

Ozy..You asked how these douche bags arrive at their predictions? I'm going to guess their direction comes from watching the necklines on the CNBS bimbets.
YMMV

[dixiegrrrrl]

64. That chart defines ugly, doesn't it?

It has been awhile since I looked at the Index, my heart sank..as did the index. Jeeeez.

[DemReadingDU]

86. I read it as 'rude ed'

:)
so glad u translated!

[Ghost Dog]

62. To be charitable, maybe they've just been brainwashed,

like so many in USUK culture, and/or were just too busy "looking after their careers/job prospects" to actually do any REAL WORK.

[Hawkowl]

72. Correctness would undercut tax cuts

I believe the reason these economists are wrong all the time, is that they are bought and paid for by the corporate oligarchy that runs this country. If they admit failure, reasonable people will reinstate corporate tax rates and individual tax rates approaching at least the Kennedy years. Capital gains taxes would be massively increased.

So, the oligarchs and their paid minions, the "economists", play stupid rather than admitting corruption and fraud, and hope to hide the truth as long as possible. See the following article from http://www.huffingtonpost.com/2009/09/07/priceless-how-the-federal_n_278805.html

"The Federal Reserve, through its extensive network of consultants, visiting scholars, alumni and staff economists, so thoroughly dominates the field of economics that real criticism of the central bank has become a career liability for members of the profession, an investigation by the Huffington Post has found.

This dominance helps explain how, even after the Fed failed to foresee the greatest economic collapse since the Great Depression, the central bank has largely escaped criticism from academic economists. In the Fed's thrall, the economists missed it, too."



So yes, I believe it is a conspiracy. I mean didn't the emails from those Wall Street types pushing the toxic assets detail the mindset? Saying well someone has to do it, and planning on being gone or dead before anyone found out?

[Roland99]

36. Retailers Pay More to Get Cargo (No Guarantee)

Retailers Pay More to Get Cargo (No Guarantee)
http://www.nytimes.com/2010/07/27/business/global/27shipping.html?src=un&feedurl=http%3A%2F%2Fjson8.nytimes.com%2Fpages%2Fbusiness%2Feconomy%2Findex.jsonp

Fighting for freight, retailers are outbidding each other to score scarce cargo space on ships, paying two to three times last year’s freight rates — in some cases, the highest rates in five years. And still, many are getting merchandise weeks late.

The problems stem from 2009, when stores slashed inventory. With little demand for shipping, ocean carriers took ships out of service: more than 11 percent of the global shipping fleet was idle in spring 2009, according to AXS-Alphaliner, an industry consultant.

Carriers also moved to “slow steaming,” traveling at slower and more fuel-efficient speeds, while the companies producing containers, the typically 20- or 40-foot boxes in which most consumer companies ship goods, essentially stopped making them.

...

(While container shipping has recovered from last year’s lower spot prices, commodity shipping, where companies ship raw goods like iron ore or petroleum, remains in a depression. This month, the Baltic Dry Index, which measures commodity shipping costs, fell for the longest number of consecutive days in almost nine years because of low demand for materials like steel.)

Bit of a mexed missage there...maybe that's why the analysts were "confounded". :)

[Ghost Dog]

61. So. +1% expected, -1% reported. Hmmmm.

Tell me I'm surprised.

(Hi. First time I look in today). :hi:

[ozymandius]

2. Oil hovers above $77 after surprise US supply jump

SINGAPORE – Oil prices hovered above $77 a barrel Wednesday in Asia after a report showed U.S. crude supplies unexpectedly rose last week, suggesting demand remains weak.

Crude inventories jumped 3.1 million barrels last week, the American Petroleum Institute said late Tuesday. Analysts had expected a drop of 2.3 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

Supplies of gasoline and distillates also rose, the API said.

The Energy Department's Energy Information Administration is scheduled to report its supply data later Wednesday.

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

[Tansy_Gold]

27. Surprise! Surprise! Oooga boooga!

What dolts.

These are the people who are supposed to be tracking the details EVERY SINGLE DAY. There should be NOTHING surprising them EVER.


Dolts. Jerks. Ignoramuses. Stupids.



Wankers.




Tansy Gold, NTY

[burf]

35. Perhaps the increase in inventory is due this.

State-run Kuwait Oil Company (KOC) chief executive, Sami Rushaid said the country will raise production from its northern oilfields to 820,000 barrels per day by the end of July.
Rushaid told told the Seyassah daily that current production from the fields stood at 720,000 bpd.

Kuwait's total production capacity is expected to reach 3.3 million bpd in August, Rushaid said, reiterating the country's current capacity was at 3.17 million bpd.

The world's fourth-largest oil exporter is aiming to reach a capacity of 4 million bpd in 2020.


The original article was posted over at The Oil Drum a month ago.

Good day to everyone at SMW.

[Ghost Dog]

63. Kuwait, huh? Iran is going to be doing business via Dubai. n/t

[wordpix]

42. huh? US inventories rise signaling weak demand, and prices rise?

Can someone pls. explain how the law of supply and demand relates to this scenario? :crazy:

I think BushCo economics are at work. :eyes:

[burf]

45. It all very simple

The oil barons control the supplies and demand the price they want.

All other matters are only window dressing so the talking heads in the media can spin it to their advantage.

[DoBotherMe]

60. Welcome to DU and SMW!

I've not seen your name before, so HELLO!:hi: Dana ; )

[Dr.Phool]

55. You have a small supply of money and they demand it.

Law of supply and demand.

[Ghost Dog]

65. Well put there, sir! burf (an occasional poster) also!

(Edit: Hi, DoBotherMe <g>).

[ozymandius]

3. US faces prolonged sluggish growth prospects

WASHINGTON (AFP) – A year after bouncing back from a brutal recession, the US economy is losing steam and may enter a long period of sluggish growth inadequate to ease high unemployment, analysts warn.

A series of data the past month underline a slowdown in economic activity in the world's largest economy -- retail sales, new home construction, manufacturing, inventory building and exports were all weaker than expected.

Consumer confidence, a key barometer, has plunged to its worst level in five months on concerns over unemployment and business conditions, according to a closely-followed survey released Tuesday.

http://news.yahoo.com/s/afp/20100728/ts_alt_afp/useconomygrowth

[dixiegrrrrl]

68. "bouncing back" ??????

Damn...I missed that bounce.

Are we truly "the world's largest economy", btw?

[ozymandius]

4. Confidence falls even as corporate profits rise

NEW YORK – The disconnect between Wall Street and Main Street is growing.

Americans' confidence in the economy faded further in July, according to a monthly survey released Tuesday, amid job worries and skimpy wage growth. That's at odds with Wall Street's recent rally fueled by upbeat earnings reports from big businesses such as chemical maker DuPont Co. and equipment maker Caterpillar Inc. That's because the pumped-up profits are being fueled by cost cuts like layoffs and overseas sales. In fact, big companies have shown few signs they're ready to hire.

The Consumer Confidence Index came in at 50.4 in July, a steeper-than-expected decline from the revised 54.3 in June, according to a survey the Conference Board. The decline follows last month's decline of nearly 10 points, from 62.7 in May, and is the lowest point since February. It takes a reading of 90 to indicate a healthy economy — a level not seen since the recession began in December 2007.

The survey was taken July 1-21, beginning just before the Standard & Poor's 500 index hit a nine-month low of 1,022.58 on July 2. It had risen 4.5 percent by July 21 and has since climbed an additional 4 percent as upbeat earnings reports from key manufacturers have made investors more convinced that the economic recovery isn't stalling as much as they had originally thought.

http://news.yahoo.com/s/ap/20100728/ap_on_bi_go_ec_fi/us_economy

[Po_d Mainiac]

9. So some of the survey was taken prior to retirement accounts

hitting the streets.

:donut:
good morning

[Ghost Dog]

67. .

What I worry about is how the wave of USUK frustrated anger, when it bursts upon us all, will work out.

http://www.youtube.com/watch?v=WEQzX4AO4X4

[Po_d Mainiac]

81. Geez Dog.....u didn't get the memo?

That was a bitch of a party. Every drop of adult beverages was consumed during the Booosh regime.

[Ghost Dog]

84. Oh, sure, yeah. Understood.

(I'm not sure I ever left that party). :smoke:

[Dr.Phool]

10. "Confidence falls even as corporate profits rise".

And that's exactly the problem. There is no hope for the consuming class anymore. The banksters on Wall Street, the corporations, insurance companies, utilities, and politicians are siphoning all the money out of the economy. There's nothing left to stimulate the economy.

And true to form, Washington and Geithner have mis-diagnosed the problem. They came to the conclusion that the problem is that banks aren't lending any money. I submit that nobody wants a loan because they don't have any money to pay it back. They're already in hock up to their eyeballs. A small business owner isn't waiting for a bank to give him a loan so that he can run out and hire more employees that he doesn't need. He needs goddamned customers, with money that can buy his goods and services so that he can make a living, and when he has enough of them, he'll hire more people.

It's enough to drive a crazy man nuts. We hire these incompetent boobs to live in insulated world, and all they do is fiddle while Rome burns. I think that we are now officially a failed state, defined by Noam Chomsky as a government that can not, or will not protect it's citizens from destruction or violence. And I think he's being optimistic. I say they're causing our destruction.

And good morning all. I'll check back in, and maybe be a little more cheerful after a second cup of coffee.

[ozymandius]

14. Second cup of coffee

The bitter taste matches my mood.

What you said, Dr. Phool, strikes to the heart of the matter. The most connected, the capitalized receive the protection of our government. Yet, for the proletariat, the government views stimulus only through the lens that increases our accrual of personal debt. This is my main beef with the Obama administration. It boggles me why Obama keeps people in place who make policy decisions that pursue this goal of personal indebtedness, and yet, other Democrats like Senator Dodd throw cold water on the nomination of Elizabeth Warren. She has been the standard bearer for decades signaling the dangers of personal debt.

Obama said at his inauguration that there would be missteps in his administration. Then I did not believe that he could have meant a whole series of missteps on one issue and in one direction.

[Dr.Phool]

17. Missteps?

Try clusterfuck.

Every time I hear this, "if the banks would start lending to small businesses" meme, I want to pull my hair out. If a business had customers, they wouldn't need a loan. If they need loans to make payroll, they have a very poor business model or are over leveraged, Wall Street style.

Warren needs to be Geithner's replacement. She seems to get it.

As for Dodd being the dumbest politician I've ever met, that still stands, but I offer a qualifier now. I've never met Evan Bayh. Every time I see that vapid face, I have to wonder just how clueless he really is.

[Ghost Dog]

70. ... But I see many looking for a loan, "just to tide me over", just to make a payment on debt

interest owed, "by next month, i'll pay you back, honest", to those very same, um, "financial institutions".

[Tansy_Gold]

21. "Misstep" or........

goosestep?


I went looking for an illustration for this post and landed on the website of "The Canadian," www.agoracosmopolitan.com, which bills itself as

The Canadian is an editorially independent and not-for-profit national newspaper. It is inspired by Canada's very first newspaper called 'Le Canadien', that was founded in 1806.

We are committed to affirming a sovereign Canada, by defending the national public interest via a critical approach to mass-media coverage. The aspirations for a sovereign Canada had inspired the journalists of 'Le Canadien', as well as Tommy Douglas, former Prime Minister Trudeau, and other Canadians, toward the pursuit of the Canadian Dream. Trudeau had specifically referred this Canadian Dream, as the pursuit of a socially progressive 'Just Society'.


socially progressive and fiscally conservative???? :shrug: But the photo I snatched happened to be attached to an interesting article "Beijing 2008 Olympics: Labour relations and social policy reveals China is Neo-Fascist and not Communist." http://www.agoracosmopolitan.com/home/Frontpage/2008/08/01/02501.html

Just kinda make you go hmmmmm.


Tansy Gold, who knows absolutely nothing about "The Canadian" and expects to be told by wiser DU members that she followed a false lead because sometimes she does

[AnneD]

31. Morning Marketeers...

:donut::donut: and lurkers. Have a donut to take the edge off that coffee Ozy. I am disappointed with this administration in a way I could never have been with Bush I or Bush II. With Obama, I had hope-not that things would get better immediately, but that we would be pointed in the right direction. Hell, I am realistic. I have mucked stables before-I don't expect instant. I knew it would take a while to clean up the Bush mess. But what really hurt was Obama's choices and his actions.

He has proven himself to be a poor leader and negotiator. On a fundamental level, he does not seem to understand basic horse trading-something I would not have expected from a lawyer. He does not engage in negotiation as he does appeasement-and we know what happened the last time that was used in negotiation. Instead of losing Czechoslovakia, we are losing the middle class and our country.

The only vision he seems to have is one of an America of the corporation, by the corporation, and for the corporation. Our Health Care reform, Wall Street reform, (and I fear Consumer Credit Agency) were written by industry with industry in mind rather than by law makers with the public in mind.But it is not just the current middle class that is being f#@k*d over-but they have begun to attack our future. They are allowing corporate interests entry into education. Education is a trust, not an assembly line for widgets. Education was doing fairly well until politicians started 'improving it' by substituting test results for adequate funding.

Pardon me for being cynical here but perhaps it is good we do have this eternal war going as this seems the only jobs program they have funded. I can only imagine what the jobless rate would be if we didn't have THIS jobs program going. Colour me cynical but I thought and expected better of him. I worked my butt off both in campaigning and working OT so I could give money. I wanted him to be a clean candidate- not dependent on corporate money. That will not happen this next cycle. I will work for local folks but on a national level-they can kiss my middle class liberal ass.

You always take a chance when you vote for a president because much of it is on the job training. George Bush lived down to my expectations of a GOP stump bump. Obama went in there prepared, but he failed the character test. He has proven he cannot lead. We don't need a consensus, we need a leader with a set of balls that is not afraid to use them.

So our theme song for the day "Is that All There Is"

www.youtube.com/watch?v=Fpn_xu81ySo

Happy hunting and watch out for the bears.

[Loge23]

33. Sad, but undeniably true

Nice summation there, Anne. I keep holding out hope for some spark of what we voted for - and keep getting disappointed.
It is what it is, unfortunately. It will be a very interesting run-up to 2012. Thing is, it looks to me like he really doesn't want this job. I wouldn't be surprised if he calls it a one-termer, as crazy as that sounds.
But you are spot-on with the leadership void.

[Dr.Phool]

41. LOL

At least Palin would quit!

:rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :hide:

[TalkingDog]

71. +1 n/t

[Roland99]

49. Hear! Hear!

[wordpix]

47. this is one main reason we in CT would have thrown Dodd out but

no doubt he'll next go to work for an investment bank and make million$ per year in his new revolving door job.

[wordpix]

46. +1, also, 10% don't have jobs & more are fearful of losing theirs so they're not spending

I agree the admin. has misdiagnosed the problem. Obama needs to get rid of his financial advisors---they're not making anything better. Put Elizabeth Warren in charge of SOMETHING, whether its consumer financial protection, the treasury, or preferably as his chief financial adviser. Summers and Geithner ---goodbye.

[Joe Chi Minh]

76. I read here, the reality is that unemployment was running at about 22%, as

the poster remarked, Great Depression level. I wonder. Surely, you're not given the true figures.

[wordpix]

43. does DuPont make Corexit?

:shrug: just wondering

[Po_d Mainiac]

54. I checked after their earnings came out..

They do not.

I also could not find where they are a supplier of any of the raw ingredients. That does not mean that they don't, just that I could not find any connection.

Corexit is produced by Nalco Holding Company which appears to be a part of the Blackstone Group. There are also lots of ties through joint ventures to BP and Exxon.

[wordpix]

83. thanks

[ozymandius]

5. Global steelmakers paint gloomy picture

NEW YORK (Reuters) – Steelmakers painted a gloomy picture of the short-term prospects for the industry on Tuesday as global prices have fallen and industrial demand is not recovering from the recession as quickly as expected.

The negative outlook from Japan to North America sent steelmakers' shares tumbling, with U.S. Steel (X.N) ending down over 6 percent.

U.S. Steel complained of slower order rates with lower shipments in the third quarter and it idled a blast furnace in Serbia and has begun maintenance work on another in
Slovakia.

Another U.S. steelmaker, AK Steel (AKS.N) said it is cutting production capacity to match weak demand from big steel buyers like the automobile and construction industries.

http://news.yahoo.com/s/nm/20100727/bs_nm/us_steel

---

This stat will probably be reflected in today's durable goods report.

[ozymandius]

6. European Stocks, U.S. Futures Decline on Economy Concern

July 28 (Bloomberg) -- Stocks in Europe fell, snapping a six-day rally, and U.S. index futures declined as concern the economic recovery will be prolonged overshadowed better-than- estimated earnings. Copper rallied on speculation American durable-goods orders improved.

The Stoxx Europe 600 Index slipped 0.4 percent at 11:24 a.m. in London, after climbing as much as 0.6 percent. Futures on the Standard & Poor’s 500 Index dropped 0.1 percent. Copper rose to an 11-week high.

http://noir.bloomberg.com/apps/news?pid=20601087&sid=aOgqkCyJ5UdY&pos=2

[ozymandius]

7. Citigroup May Move Prop Traders to Hedge Funds for Volcker Rule

July 28 (Bloomberg) -- Citigroup Inc. may move a team of proprietary traders into its hedge-fund unit, one of at least three alternatives the U.S. bank is studying to comply with the Dodd-Frank Act, people briefed on the matter said.

Traders in the Citi Principal Strategies unit, led by Sutesh Sharma, would be reassigned to Citi Capital Advisors, which mostly oversees money for outside investors, said the people, speaking anonymously because the talks are preliminary. The bank would set up the traders as hedge-fund managers and seed their funds, then raise money from outside investors to redeem its stakes, the people said.

Citigroup and Goldman Sachs Group Inc. are among U.S. firms grappling with provisions in the law signed last week requiring banks to stop using their own money to wager on securities and markets. The changes were advocated by former Federal Reserve Chairman Paul Volcker, who said banks supported by federal deposit insurance shouldn’t be allowed to speculate.

Under another scenario considered by Citigroup, members of the Principal Strategies team would be distributed across the bank’s main client-facing trading operations based on their specialties, the people said. For example, proprietary traders who specialize in stocks in specific industries would join the single-stock trading team, one of the people said.

http://noir.bloomberg.com/apps/news?pid=20601087&sid=aVJjykgakENU&pos=5

[Festivito]

Debt: 07/26/2010 13,252,030,092,034.06 (UP 3,505,095,024.15) (Mon)

(Up a little. Good day.)
A day at the desk was somewhat nice.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 8,697,919,989,698.74 + 4,554,110,102,335.32
UP 27,014,896.10 + UP 3,478,080,128.05

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 310-Million person America.
If every American, man, woman and child puts in $3.23 THAT'S 1B$, and $3,228.38 makes 1T$.
A family of three: Mom, Dad, Child: $9.69, ABOUT TEN BUCKS for a 1B$ 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 13 seconds we net gain another American, so at the end of the workday of the report, there should be 309,752,854 people in America.
http://www.census.gov/population/www/popclockus.html ON 04/09/2010 15:49 -> 309,034,742
Currently, each of these Americans owe $42,782.59.
A family of three owes $128,347.78. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 21 reports in the last 30 to 31 days.
The average for the last 21 reports is 10,177,347,867.75.
The average for the last 30 days would be 7,124,143,507.43.
The average for the last 31 days would be 6,894,332,426.54.
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$/day.
There were 204 reports in 299 days of FY2010 averaging 6.58B$ per report, 4.49B$/day.
Above line should be okay

PROJECTION:
There are 909 days remaining in this Obama 1st term.
By that time the debt could be between 14.5 and 19.5T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
07/26/2010 13,252,030,092,034.06 BHO (UP 2,625,153,043,120.98 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,342,201,088,522.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,638,472,900,704.48 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
07/06/2010 +000,075,213,990.44 ------------******* Tue
07/07/2010 +000,013,416,608.65 ------------*******
07/08/2010 +011,830,915,605.93 ------------**********
07/09/2010 -000,134,583,926.15 ---
07/12/2010 -000,143,600,537.54 --- Mon
07/13/2010 +000,353,392,256.51 ------------********
07/14/2010 +000,197,224,468.53 ------------********
07/15/2010 +047,740,634,202.02 ------------**********
07/16/2010 +000,234,726,558.99 ------------********
07/19/2010 -000,002,380,240.85 ----- Mon
07/20/2010 +000,028,467,145.72 ------------*******
07/21/2010 +000,002,455,391.44 ------------******
07/22/2010 +010,637,573,043.16 ------------**********
07/23/2010 -000,409,271,286.12 ---
07/26/2010 +000,027,014,896.10 ------------******* Mon

70,451,198,176.83 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=4480479&mesg_id=4480498

[Festivito]

88. Debt: 07/27/2010 13,258,280,104,675.66 (UP 6,250,012,641.60) (Tue)

(Up a little. Good day.)
And now for more training.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 8,698,462,195,782.90 + 4,559,817,908,892.76
UP 542,206,084.16 + UP 5,707,806,557.44

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 310-Million person America.
If every American, man, woman and child puts in $3.23 THAT'S 1B$, and $3,228.31 makes 1T$.
A family of three: Mom, Dad, Child: $9.68, ABOUT TEN BUCKS for a 1B$ 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 13 seconds we net gain another American, so at the end of the workday of the report, there should be 309,759,500 people in America.
http://www.census.gov/population/www/popclockus.html ON 04/09/2010 15:49 -> 309,034,742
Currently, each of these Americans owe $42,801.85.
A family of three owes $128,405.55. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 32 days.
The average for the last 22 reports is 9,998,832,630.20.
The average for the last 30 days would be 7,332,477,262.15.
The average for the last 32 days would be 6,874,197,433.26.
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$/day.
There were 205 reports in 300 days of FY2010 averaging 6.58B$ per report, 4.49B$/day.
Above line should be okay

PROJECTION:
There are 908 days remaining in this Obama 1st term.
By that time the debt could be between 14.5 and 19.5T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
07/27/2010 13,258,280,104,675.66 BHO (UP 2,631,403,055,762.58 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,348,451,101,163.90 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,640,615,506,416.08 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
07/07/2010 +000,013,416,608.65 ------------*******
07/08/2010 +011,830,915,605.93 ------------**********
07/09/2010 -000,134,583,926.15 ---
07/12/2010 -000,143,600,537.54 --- Mon
07/13/2010 +000,353,392,256.51 ------------********
07/14/2010 +000,197,224,468.53 ------------********
07/15/2010 +047,740,634,202.02 ------------**********
07/16/2010 +000,234,726,558.99 ------------********
07/19/2010 -000,002,380,240.85 ----- Mon
07/20/2010 +000,028,467,145.72 ------------*******
07/21/2010 +000,002,455,391.44 ------------******
07/22/2010 +010,637,573,043.16 ------------**********
07/23/2010 -000,409,271,286.12 ---
07/26/2010 +000,027,014,896.10 ------------******* Mon
07/27/2010 +000,542,206,084.16 ------------********

70,918,190,270.55 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=4482000&mesg_id=4482015

[ozymandius]

8. SEC: More transparency coming

NEW YORK (CNNMoney.com) -- The Securities and Exchange Commission will make it easier for the public to join in the rulemaking discussion, as required by the new Wall St. reform law.

The SEC's changes go "well beyond what is legally required," the commission in a statement Tuesday, and they are meant to provide "greater transparency and accountability."

But under the reform, the public can now comment before the commission makes its proposals. Public hearings will also be available for some issues, the SEC said.

Complaints about the regulatory body reached a groundswell following public outcry over a perceived lack of foresight -- from scammers like Bernie Madoff to complicated mortgage-backed products sold by banks such as Goldman Sachs.

http://money.cnn.com/2010/07/27/news/economy/SEC_rules/index.htm

[bread_and_roses]

11. Great Cartoon!

Been real busy and mostly just checking in to make sure everyone is still "here." Maybe back later.

[Dr.Phool]

13. "Still here"

But, some of us weren't "all there" to begin with. Good morning.

:hi:

[DemReadingDU]

15. agree!

super busy here too, hope to check back later

[Tansy_Gold]

16. Same here

We had a "brief" thunderstorm last night that ended up lasting almost two hours, and I shut the computer down, so i lost two very productive hours. Now trying to catch up.

As usual, we needed the rain, but now we'll have the humidity as well as the heat. Oh well, that's Arizona in the summer!



Tansy Gold, NTY :hi:

[Dr.Phool]

19. 96 degrees here today. And muggy.

It's enough to make you wish for a hurricane.

Thankfully, we have two modern conveyances. Air conditioning and vodka.

[Roland99]

24. I was torn over Bonnie....

Part of me wanted to experience my first tropical storm, the other part wanted to keep the lawn dry (still don't have the replacement battery for the electric mower yet)

We saw a record high of 98F yesterday, topped the 97F mark from 1996. This summer certainly feels warmer than last. Granted, it's only my 2nd summer in central FL but, whew...just sitting outside about 8pm (in the shade out front) watching the kidlets ride their bikes I was sweating profusely.

[Dr.Phool]

26. It's the hottest I've seen yet. Been here 8 years.

But, I promised last winter that I'd never complain about the heat. It was the coldest winter we've had.

[Roland99]

30. Yeah, thanks for that one, btw!

:-p


Although, after having endured 2.5" of ice and no power for 3 days and then moving out of the house trudging thru snow and ice before I moved here last May, last winter wasn't really that bad.

I wouldn't mind this heat so much if we had our pool already (or at least an enclosure out back)...in time....in time. :)



We should have a SMW beach party or something one day!

[AnneD]

90. That sounds like a theme...

Beach Blanket Bingo Weekend. Let me know when you have the party, I'll be there.:smoke:

[Roland99]

91. Wouldn't need wood. Just light the Gulf on fire for the marshmallows....

[AnneD]

92. Flame kissed...

shrimp, flounder, red fish, turtle......add some onion and you have a nice saute going.

[AnneD]

37. Having gone through Ike.....

it is an over rated experience, Roland. Much like adrenaline is an over rated hormone (per my Nursing Experience).

[Roland99]

40. Ike's remains hit me when I was still in Ky

5 days of no power but at least the weather was perfect so all worked out well. Still, 750,000 across the region lost power (note this was just 4 months prior to the ice storm power outage which got even MORE people)

[Lochloosa]

12. 5th Rec. Whoo Hoo

[ozymandius]

28. numbers and blather

9:41Dow 10,537.84 0.15 (0.00%)
Nasdaq 2,288.58 0.33 (0.01%)
S&P 500 1,112.90 0.94 (0.08%)
10-Yr Bond 3.05% 0.05
NYSE Volume 308,515,062.50
Nasdaq Volume 112,411,171.88

09:15 am : S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -3.80. Stock futures still point to a slightly lower start to the session. Their relative weakness comes in the wake of disappointing durable goods orders data for June. Meanwhile, a big batch of better-than-expected earnings and strong gains in Asia have been met with a muted response. Little movement among currencies, particularly the euro, has taken away a trading cue from premarket participants. Coming up, though, is oil inventory data for the week ended July 23 (10:30 AM ET), results from an auction of 5-year Notes (1:00 PM ET), and the Fed's latest Beige Book (2:00 PM ET).

[Roland99]

34. In Study, 2 Economists Say Intervention Helped Avert a 2nd Depression

In Study, 2 Economists Say Intervention Helped Avert a 2nd Depression
http://www.nytimes.com/2010/07/28/business/economy/28bailout.html?_r=1

Like a mantra, officials from both the Bush and Obama administrations have trumpeted how the government’s sweeping interventions to prop up the economy since 2008 helped avert a second Depression.

...

Now, two leading economists wielding complex quantitative models say that assertion can be empirically proved.

In a new paper, the economists argue that without the Wall Street bailout, the bank stress tests, the emergency lending and asset purchases by the Federal Reserve, and the Obama administration’s fiscal stimulus program, the nation’s gross domestic product would be about 6.5 percent lower this year.

In addition, there would be about 8.5 million fewer jobs, on top of the more than 8 million already lost; and the economy would be experiencing deflation, instead of low inflation.

No surprise that it staved off a total financial meltdown. It's just the thought of using taxpayer-funded money to bail out these criminals to save us all from their crimes and misdeeds that leaves a bitter taste in our mouths and a leaky roof over our heads.

[florida08]

44. now don't laugh

but I've been ignoring the bad news lately to read Harry Potter..the Deathly Hallows. This fiction at least is more entertaining.
But I just heard that the Chevy Volt will cost 41K? I mean really? It gets 40 miles on a charge then a generator (that runs on gasoline)kicks in to extending it to 300. Apparently you can get a tax credit that will bring the cost down to around 33,500.

I was surprised to find out the Nissan's Leaf's interior was made out of recycled water bottles! Now that's recycling.

The thing is when you make around 60K a 40K car is asking a bit too much..unless that's the only bill you have. But you decide
There's a link provided to see the Leaf.

Back to the Deathly Hallows only 200 more pages..the thing is a phone book I tell ya.

http://green.blogs.nytimes.com/2010/07/27/chevy-volts-sticker-41000/

[Tansy_Gold]

48. 41K???? It's even more unaffordable when you're only making

20K.

[Roland99]

50. Might as well sink all the income into a Tesla

Of course, you'd have to live in it (or with family) but you'd be ridin' in style. ;-)

[Po_d Mainiac]

56. FYI

Both Ford Focus and GM Volt will use Compact Power, Inc. (CPI) batteries. CPI is a wholly owned subsidiary of South-Korea's LG Chem.

At least the So. Korean firm (CPI) is building a new facility in Holland, Mi to build the batteries.

So while we were killing Iraqi's, what used to be a third world nation surpassed the US in developing a key element in the future of ground based transportation!

[florida08]

51. Isn't it ridiculous?

Can't pull my boat behind that..if I had one that is. Think I'd invest in a pool first...if I could afford one. It's enough just paying my light bill each month in the heat we're dealing with here. It was 108 in the garage this week. I put fan out there and my hubby just laughed his head off...but I swear my tires looked like they were melting.

[wordpix]

53. DC is this hot, too. Keep your CDs at home, not in the car

[Dr.Phool]

57. Dumbass Dodd. No recess appointment for Warren.

Dodd: No Recess Appointment For Warren, Who Still May Not Be Confirmable
Brian Beutler | July 27, 2010, 1:54PM

Senate Banking Committee Chairman Chris Dodd cast more doubts this afternoon about whether Elizabeth Warren could garner enough votes to head the newly created consumer financial protection bureau, one day after White House Press Secretary Robert Gibbs called her "very confirmable."

"I don't know, that's the question, how does he know that?" Dodd said in response to a question from TPMDC on his way in to the Democrats' weekly policy lunch.

"She's qualified, no question about that. The question is whether she's confirmable," Dodd added. "The issue is you can't confirm somebody, if you go six or seven months without someone in that job, you've got a problem."

Progressives have been strongly pressuring the Obama administration to appoint Warren ever since the Wall Street reform bill passed in Congress. Some have argued that she be given a recess appointment if a minority of senators block her confirmation. Dodd objects to that idea.

(snip)

http://tpmdc.talkingpointsmemo.com/2010/07/dodd-no-recess-appointment-for-warren-who-still-may-not-be-confirmable.php?ref=fpblg
----------------------------------------------------------------

Do these cowards ever TRY to put up a fight about anything?

[florida08]

58. Gibbs knows it because

everyone wants her..except Wall Street banksters. Even Timmy has come out in her support

"She's qualified, no question about that. The question is whether she's confirmable" Wtf does that mean? She's not crooked enough? I don't hear anyone else saying this.

[wordpix]

78. right, she's not confirmable b/c she's honest, you've got it

[PassingFair]

82. I'd like to see her in a cage-match with Mort Zuckerman.

T-O-O-L

[burf]

59. Does Dodd retire at the next year?

Perhaps he sees himself as the prime candidate to be the head of the commission.

[Dr.Phool]

66. Yeah, he's gone.

We'll probably see him on the Supreme Court next.

[wordpix]

79. he either retires or moves through revolving door to head some investment bank

I bet on #2

[wordpix]

77. ggrrrr, Dodd, you are blackening your legacy again...

:grr:

[Roland99]

69. 3:05pm - Fed sours markets with dour forecast

Dow 10,481 -56 -0.53%
Nasdaq 2,260 -28 -1.22%
S&P 500 1,104 -10 -0.86%
GlobalDow 1,858 -2 -0.12%
Oil 76.88 -0.62 -0.80%
Gold 1,164 +2 +0.20%

[RUMMYisFROSTED]

73. The Incense says: "Mild Loss."

For now.

[TalkingDog]

74. SEC No Longer Obliged to Respond to Press, Says Fox

I hate to champion anything to do with Fox. But if this is true, it's troubling....

http://blogs.barrons.com/stockstowatchtoday/2010/07/28/sec-no-longer-obliged-to-respond-to-press-says-fox/


Fox Business Network this morning reported that a suit it filed against the Securities & Exchange Commission in March for information pertaining to Bernie Madoff’s fraud was greeted yesterday by the Commission with the rather startling assertion that the SEC no longer has to respond to public requests for information under new rules brought on by financial reform legislation.

[RUMMYisFROSTED]

75. It feels transparent in my gut, though.

[dixiegrrrrl]

80. I saw that earlier today but the only source was Fox.

And I was wondering why Fox was reporting something negative about
TPTB.
However, the story seems to be that in future, due to the FinReg that Pres. Obama signed, there is no way the public can ever learn anything about the SEC unless the SEC chooses to tell.
'Course they say "regulatory agencies" and Congress can examine the SEC.
I had a good laugh over that.

More transparency, my foot.

[Robbien]

85. Fox news filed a FOIA with the SEC and the SEC said no

So Fox got pissed I guess and that's why they are reporting the story.

Fox was told:

"The new provision applies to information obtained through examinations or derived from that information," said SEC spokesman John Nester. "We are expanding our examination program's surveillance and risk assessment efforts in order to provide more sophisticated and effective Wall Street oversight. The success of these efforts depends on our ability to obtain documents and other information from brokers, investment advisers and other registrants. The new legislation makes certain that we can obtain documents from registrants for risk assessment and surveillance under similar conditions that already exist by law for our examinations. Because registrants insist on confidential treatment of their documents, this new provision also removes an opportunity for brokers, investment advisers and other registrants to refuse to cooperate with our examination document requests."



So now the SEC is signing non-disclosure agreements with companies in order to get documents?

[DemReadingDU]

87. More from Karl Denninger

http://market-ticker.org/archives/2533-Oh,-They-DO-Intend-To-Steal-From-You.html

[Roland99]

89. But...but...but...Obama's and Biden's public appointment schedules are open for all to see!

See? That ain't smoke being blown up our asses...it's pure sunshine!