STOCK MARKET WATCH, Thursday, September 15, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Thursday, September 15, 2011

AT THE CLOSING BELL ON September 14, 2011

Dow 11,246.73 +140.88 (+1.25%)
Nasdaq 2,572.55 +40.40 (+1.57%)
S&P 500 1,188.68 +15.81 (+1.33%)
10-Yr Bond... 2.05 +0.06 (+2.96%)
30-Year Bond 3.32 +0.04 (+1.10%)

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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
Dishonorable Mention: former House majority leader, Tom DeLay

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

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

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

Read more: du

[Pale Blue Dot]

1. Today's Reports

Sep 15 08:30 Initial Claims 09/10 410K 410K 414K
Sep 15 08:30 Continuing Claims 09/03 3700K 3700K 3717K
Sep 15 08:30 CPI Aug 0.2% 0.2% 0.5%
Sep 15 08:30 Core CPI Aug 0.2% 0.2% 0.2%
Sep 15 08:30 Empire Manufacturing Sep -5.0 -4.0 -7.7
Sep 15 08:30 Current Account Balance Q2 -$121.0B -$121.5B -$119.3
Sep 15 09:15 Industrial Production Aug -0.2% 0.0% 0.9%
Sep 15 09:15 Capacity Utilization Aug 77.0% 77.4% 77.5%
Sep 15 10:00 Philadelphia Fed Sep -15.0 -10.0 -30.7

Read more: http://www.briefing.com/investor/calendars/economic/2011/09/12-16/#ixzz1Y1BMfP00

[Pale Blue Dot]

29. The reports are bad, bad, bad.

Sep 15 08:30 Initial Claims 09/10 428K 410K 410K 417K 414K
Sep 15 08:30 Continuing Claims 09/03 3726K 3700K 3700K 3738K 3717K
Sep 15 08:30 CPI Aug 0.4% 0.2% 0.2% 0.5%
Sep 15 08:30 Core CPI Aug 0.2% 0.2% 0.2% 0.2%
Sep 15 08:30 Empire Manufacturing Sep -8.8 -5.0 -4.0 -7.7

Read more: http://www.briefing.com/investor/calendars/economic/2011/09/12-16/#ixzz1Y1YzyHAO

[DemReadingDU]

36. Rally on

:crazy:

[Po_d Mainiac]

38. blame it on the rain n/t

[Demeter]

45. Or 9/11

[Hawkowl]

47. Or lack of rain if in TX n/t

[Roland99]

31. Sept. Empire State index sinks to -8.8

[Roland99]

33. Unemployment-benefit applications rise to 428,000

[Roland99]

34. U.S. consumer prices jump 0.4% in August

[Pale Blue Dot]

2. Oil falls toward $88 amid signs of weak US demand

SINGAPORE – Oil prices fell toward $88 a barrel Thursday in Asia amid signs of sluggish U.S. consumer demand.

Benchmark oil for October delivery was down 21 cents to $88.70 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude fell $1.30 to settle at $88.91 on Wednesday.

In London, Brent crude for November delivery was steady at $109.65 on the ICE Futures exchange.

The Commerce Department said Wednesday that retail sales were flat in August. The government retail sales report is the first major read on consumer spending, which accounts for 70 percent of economic activity, for August.

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

[Pale Blue Dot]

3. U.S. stock futures track Europe higher; data ahead

MADRID (MarketWatch) — Wall Street on Thursday was set to mark the three-year anniversary of the collapse of Lehman Brothers with gains, as investors hoped for progress on problems in the euro zone while they geared up for a heavy schedule of economic data.

Futures for the Dow Jones Industrial Average DJ1Z +0.42% rose 51 points to 11,225, while those for the Standard & Poor’s 500 index futures SP1Z +0.66% gained 5.7 points to 1,188 and Nasdaq 100 futures ND1Z +0.72% rose 15.75 points to 2,262.

Wall Street marked a third session of gains on Wednesday after German Chancellor Angela Merkel and French President Nicolas Sarkozy said they were confident Greece will remain in the euro zone, according to media reports.

“On the third anniversary of Lehman’s collapse and with markets having been as fragile as they were in the days leading up to this event, Ms. Merkel and Mr. Sarkozy had little choice but to say that they ‘are convinced that the future of Greece is in the euro zone,’ assuming that they wanted to avert an unhappy anniversary of that seminal day three years ago,” said Jim Reid, strategist at Deutsche Bank, in a note.

http://www.marketwatch.com/story/us-stock-futures-track-europe-higher-data-ahead-2011-09-15

[xchrom]

4. good morning -- i hope every one is well -- PBD? -- i hope the school year is going well.

:donut:

[xchrom]

5. Mortgage default warnings surged in August

http://hosted.ap.org/dynamic/stories/U/US_FORECLOSURE_RATES?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-09-15-00-29-43

LOS ANGELES (AP) -- Banks have stepped up their actions against homeowners who have fallen behind on their mortgage payments, setting the stage for a fresh wave of foreclosures.

The number of U.S. homes that received an initial default notice - the first step in the foreclosure process - jumped 33 percent in August from July, foreclosure listing firm RealtyTrac Inc. said Thursday.

The increase represents a nine-month high and the biggest monthly gain in four years. The spike signals banks are starting to take swifter action against homeowners, nearly a year after processing issues led to a sharp slowdown in foreclosures.

"This is really the first time we've seen a significant increase in the number of new foreclosure actions," said Rick Sharga, a senior vice president at RealtyTrac. "It's still possible this is a blip, but I think it's much more likely we're seeing the beginning of a trend here."

[rfranklin]

6. UBS says $2 billion rogue trade suspect held in London

Reuters) - Swiss bank UBS said a rogue trader had lost it $2 billion in unauthorized dealing, and police in London arrested a man in connection with the case.

British police said they had arrested a 31-year-old man on suspicion of fraud. Swiss newspaper NZZ cited UBS as saying the trader worked in its London equities division.

"I can confirm that an employee of the bank was arrested in London in connection with the statement," a spokesman for UBS told Reuters on Thursday.

http://www.reuters.com/article/2011/09/15/us-ubs-idUSTRE78E15I20110915

His only crime was losing money...

[DemReadingDU]

15. Denninger: Oh look - another "rogue trader" doing "unauthorized" things!

9/15/11 An Inconvenient Question ("Rogue Traders")

Denninger says...
This looks suspiciously like the "bare bank*****" that I was expecting to show up somewhere after the Swiss pulled their currency peg game a while back. A 9% move in seconds in FX is virtually guaranteed to detonate someone, simply because of the leverage in those instruments - it's monstrous (frequently 50 or even 100:1) and 9% moves of this sort are unprecedented in allegedly "stable" currency crosses. You see that sort of thing in nations like Vietnam when they devalue against a peg - not "mainstream" currencies like the Swissy.

But this begs another question: How is it that we never seem to hear about "unauthorized" trades that make banks money?

In other words, why is it that I'm left with this uncomfortable feeling that these institutions only call the cops (in this case) or the media and PR department (in most cases) to call something "unauthorized" when the bets their people make turn out poorly - yet they're more than happy to pat the guy on the back and hand him a fat bonus when it works out well?

http://market-ticker.org/akcs-www?post=194175

9/15/11 UBS Had $2B Loss From Unauthorized Trading
http://www.bloomberg.com/news/2011-09-15/ubs-may-have-unprofitable-quarter-on-unauthorized-trade-s-2-billion-loss.html

[rfranklin]

16. You know, it's good to see one's opinions confirmed...

thanks for posting that!

[Po_d Mainiac]

17. U wunner who was on the udder side of the trades..hmmm? n/t

[Demeter]

21. NYT: UBS Reports $2 Billion Loss by Rogue Trader

http://dealbook.nytimes.com/2011/09/15/ubs-reports-2-billion-loss-to-rogue-trader/

UBS said on Thursday that a rogue trader in its investment bank had lost $2 billion, a fresh blow to the struggling Swiss bank.

Police in London have arrested European equities trader, Kweku Adoboli, in connection with the case, according to a person with direct knowledge of the situation, who was not authorized to speak publicly...The police in London said they had arrested a 31-year-old man on suspicion of fraud by abuse of position. The bank said the matter was still being investigated and it did not disclose other details.

The incident raises questions about the bank’s management and risk policies at time when the firm is trying to rebuild its operations and bolster its flagging client base. The case could also bolster the efforts of regulators who have pushing in some countries to separate trading from private banking and other less risky businesses.UBS said the unauthorized trading could drag down earnings in the third quarter, adding that “no client positions” were involved in the “unauthorized trades.”



Shares of UBS dropped more than 8 percent on Thursday, while the broader European banking sector was up

[Demeter]

23. Some History

The rogue trading incident is the biggest in Europe since Jérôme Kerviel’s unauthorized trades nearly brought down the French bank Société Générale.

Mr. Kerviel was convicted last October of breach of trust and other crimes and sentenced to at least three years in prison. He was also ordered to pay restitution of 4.9 billion euros ($6.7 billion), the entire amount the bank lost in unwinding his trades in early 2008.

“It’s a shock, a real negative surprise,” said Panagiotis Spiliopoulos, head of research at the private bank Vontobel in Zurich. “People thought that after the bank had been revamped following the 2008 crisis, it was set up in a way that could avoid this kind of event.”

The bank and regulators refused to comment on what kind of trades were involved in this case. But one initial theory cited by analysts was that the loss, given its scale, was linked to derivatives trading in the foreign exchange market, which is worth an estimated $4 trillion a day.

[DemReadingDU]

27. Derivatives trading worth an estimated $4 trillion a day

:wow:

I'm thinking one of these days, it's all going to implode. Insiders are going to determine the day, and then get out whatever money is there. Then kaboom.

It will be super fast too, those HFT computers will quickly trade for the gains until nothing is left.


Just my opinion

[AnneD]

53. This is nothing more than a.....

high stakes game of musical chairs. He that does not have a chair when the music stops does time and restitution (like that will happen). They go after the symptom not the cause of the disease.

[Po_d Mainiac]

40. 1995 - Nick Leeson (Baring Bros Bank) Redux!

Good thing the banksters always learn from their mistakes!
:rofl:

[OnlinePoker]

55. It never fails.

When these "rogue" traders are making money for a bank, the banks turn a blind eye to their activities. Bonuses and cigars are handed out. When the trades go sour, they feed the "rogues" to the wolves claiming they never authorized such outrageous transactions.

[xchrom]

44. What's $2 billion between friends?

http://www.economist.com/blogs/buttonwood/2011/09/banking-reform

THE news that a trader has lost $2 billion at UBS is quite a shock. All the banks were supposed to have reviewed their system after the Jerome Kerviel affair to prevent this kind of thing from happening; trading positions should be limited, accounts reconciled on a daily basis etc etc. It will be fascinating to find out how it happened.

The loss comes hard on the heels of the publication in Britain of the Vickers report on banking reform and will doubtless be used as evidence in the debate. Indeed, my inbox already includes this comment from Sonia Falconieri of the Cass Business School that

While the separation of investment and commercial banking will prevent this kind of episode from impacting on depositors, it will not prevent further incidents from happening. Compensation packages with excessive bonuses and unrealistic targets are the reasons for excessive risk taking among traders, particularly at a moment of high financial instability that makes difficult to achieve the required targets. This together with a loose internal control system makes investment banks vulnerable to rogue trading.

We ought to be able to agree on two things. First there will always be bad lending decisions, rogue traders etc. But second, the government should act to ensure that, as far as possible, the costs of these crises do not fall on the taxpayer. It seems to me that the Vickers report is headed in the right direction.

[Demeter]

51. Adoboli held over $2bn UBS ‘rogue trade’

Kweku Adoboli, a 31-year old trader in UBS’s London-based exchange traded funds business, was arrested on Thursday in connection with a $2bn loss due to unauthorised trading at the Swiss group’s investment bank

The Swiss group declined to comment, other than saying the loss had been caused by “a trader” and the matter was under investigation. It warned that the discovery could prompt it to report an overall loss for the group when third-quarter figures are revealed in October.

Read more >>
http://link.ft.com/r/VKY5JJ/8Z4GI8/DXJ2Y/62CP7Y/U1HXV3/LE/t?a1=2011&a2=9&a3=15

[xchrom]

7. europe: Germany reports 14.7 percent rise in exports

http://hosted.ap.org/dynamic/stories/E/EU_GERMANY_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-09-15-04-22-00

BERLIN (AP) -- Germany's Federal Statistics Office says the country saw exports rise by 14.7 percent in the first half of 2011 compared to the same time period the previous year.

The office said Thursday that from January to June 2011 exports came in at euro525.6 billion ($721.60 billion), up from euro458.3 billion in the first six months of 2010. When adjusted for prices, the rise was 10.1 percent.

Second quarter exports rose an unadjusted 10.8 percent to euro264.7 billion compared to euro238.8 billion in the same quarter last year.

The Wiesbaden-based agency said the exports saw particularly strong growth to non-European Union countries, including Turkey, Russia and China.

[xchrom]

8. Europe would trade jobs for China aid: economist

http://www.marketwatch.com/story/europe-would-trade-jobs-for-china-aid-economist-2011-09-15

HONG KONG (MarketWatch) — China could end up aggravating Europe’s unemployment woes if it extends aid to help ward off sovereign defaults among peripheral E.U. member states, according to one economist.

Europe’s current-account surplus would likely disappear in the event of significant Chinese aid in the form of investments into European bonds or other assets, as offsetting imports of Chinese-made goods would be required by Europe to balance its current and capital accounts.

“There’s this myth that somehow you want to get foreigners to invest in your country, and that’s based on the same kinds of mistakes that we make as if thinking about countries as if they are households, as if exports were their revenues and imports were their expenses,” said Michael Pettis, a professor at Peking University’s Guanghua School of Management.

Europe has sufficient domestic savings to fund its needed investments, as evidenced by the region’s current account surplus, and Europe should be aware of the trade-offs from Asian aid, Pettis told MarketWatch.

[xchrom]

9. EU's ultimatum to Germany: act now to save the euro

http://www.independent.co.uk/news/world/europe/eus-ultimatum-to-germany-act-now-to-save-the-euro-2354988.html

The president of the European Commission, Jose Manuel Barroso, issued a stark warning to Germany yesterday that eurobonds could be the price of preventing a break-up of the single currency. Addressing the European Parliament, Mr Barroso said the Commission will "soon present options" for the introduction of a common European debt union.

Stock markets across Europe rose following Mr Barroso's speech as investors interpreted it as a sign that the Continent's leaders are finally prepared to do what is necessary, in their view, to guarantee the future of the single currency. But any move in the direction of the issuance of government bonds underwritten by all 17 nations of the eurozone looks set to run into a brick wall in the shape of the German Chancellor Angela Merkel.

Last month, Ms Merkel described eurobonds as "exactly the wrong answer". And yesterday her Foreign Minister, Guido Westerwelle, said:"We are opposed as far as the instrument of eurobonds is concerned because we believe you can't fight debt in Europe by making it easier to take up debt."

[xchrom]

10. Retail sales fall as prices rise

http://uk.reuters.com/article/2011/09/15/uk-retail-sales-idUKTRE78E1EH20110915

(Reuters) - Retail sales fell in August and prices rose at their fastest annual rate in three years, in a further sign of the pressures consumers face from high inflation, low wage growth and worries about the sluggish economic recovery.

While the numbers were modestly better than expected, economists said the outlook for stores was bleak and that a run of gloomy data would raise pressure on the Bank of England to start a second round of asset purchases to boost growth.

Consumer confidence is weak at a time of tight household finances, rising unemployment and fears that the euro zone debt crisis and slowing global growth could tip the country back into recession.

The Office for National Statistics said sales volumes including automotive fuel dropped by 0.2 percent, slightly better than forecasts for a dip of 0.3 percent. Sales volumes did not grow at all on the year -- the weakest since December 2010.

[xchrom]

13. Britons gloomy on economy, back Conservatives - poll

http://uk.reuters.com/article/2011/09/15/uk-britain-politics-poll-idUKLNE78E00820110915

(Reuters) - Britons remain gloomy about their financial prospects but the ruling Conservative Party is seen as having the best policies to manage a struggling economy, the latest Reuters/Ipsos MORI monthly poll showed.

Opposition Labour remained the most popular party, but its support had slipped to its lowest level since last October. Labour leader Ed Miliband's personal ratings were the lowest since he became party leader last September, falling back after he made a strong impression during a phone-hacking scandal.

Britain has been ruled by a Conservative-Liberal Democrat coalition since May 2010 and a national election is not due until 2015.

However, the main parties will hold their annual conferences in the coming three weeks and their leaders will be looking closely at the opinion polls to gauge the national mood before they face the party faithful.



***:rofl: um-good luck, britain?

[xchrom]

14. Prospect of more Bank QE grow as economy stumbles - Reuters poll

http://uk.reuters.com/article/2011/09/15/uk-economy-britain-poll-idUKLNE78E00320110915

(Reuters) - There is a growing chance the Bank of England will restart its bond buying programme as a one-in-three chance of another recession has convinced more forecasters that the bank will act to cut those odds, a Reuters poll found.

The poll of 60 economists, taken over the past week, found forecasts for 2012 economic growth slashed, based on a recent run of poor data, a spiralling debt crisis in major trading partner the euro zone, and a slowdown in the United States.

The number of Britons out of work rose by its biggest amount in two years, official data showed on Wednesday, a sign that the government's fiscal retrenchment programme is starting to bite.

[xchrom]

26. Zapatero drops hint that GDP forecast may be lowered

http://www.elpais.com/articulo/english/Zapatero/drops/hint/that/GDP/forecast/may/be/lowered/elpepueng/20110914elpeng_11/Ten

Prime Minister José Luis Rodríguez Zapatero on Wednesday acknowledged the Greek debt crisis could put a drag on Spain's economic growth as the resultant credit crunch drove local banks back into the arms of the European Central bank to meet their funding needs.

Quarterly growth in the Spanish economy slowed to 0.2 percent in the period April-June from 0.4 percent in the first three months of the year as exports, which have offset a sharp fall in domestic demand, weakened.

The government's official forecast for GDP growth this year remains at 1.3 percent, although the International Monetary Fund and other organization's experts believe the figure is likely to be only half that.

"We are going through a period of financial tension and economic uncertainty, particular because of the situation in Greece, which could affect these forecasts," Zapatero said in Congress

[xchrom]

30. EU predicts Eurozone growth is 'coming to a standstill'

http://www.bbc.co.uk/news/business-14930126

The European Commission has predicted that economic growth in the eurozone will come "to a virtual standstill" in the second half of 2011.

It halved its forecast for July to September to growth of just 0.2%, while the forecast for the last three months of the year is down from 0.4% to 0.1%.

The commission blamed financial market problems over the summer as well as weakening demand from outside Europe.

But it remained confident that there would not be a return to recession.

[xchrom]

35. Swiss Defend Their Island of Prosperity

http://www.spiegel.de/international/europe/0,1518,785972,00.html

The people currently coming to Switzerland are not just there for the beautiful landscape. They want to get out of the euro zone and into the Alpine country, for several hours or more -- and sometimes for good.

They are among the best customers of Swiss customs agents working along Switzerland's 1,855-kilometer (1,159-mile) international border. They include Germans who have settled on the Swiss side of Lake Constance to take advantage of lower taxation rates, Frenchmen who earn good money as workers at luxury watch factories on Lake Geneva, and Italians who are moving their savings out of Berlusconi-run Italy to bank accounts in the Swiss canton of Ticino.

The Swiss currency had already been long seen as an alternative to gold. But since the evening of Aug. 9, when it was announced that the Swiss franc had reached parity with the euro for the first time, Switzerland appeared to have finally become the safest haven for investors in turbulent times.

By August, the franc had increased in value by almost 30 percent within 15 months. This had little to do with the Swiss, but a lot to do with the recommendations of international analysts. In light of the risk that the European monetary union could collapse under the mountains of debt of its member states, bankers recommended that their customers invest in the currencies of stable countries: the Japanese yen, the Swedish krona and the Norwegian krone, the Canadian and Australian dollars -- and the Swiss franc.

[Demeter]

60. Sounds like we have our "Basket Of Currencies"

to take the place of the overworked dollar on international exchange.

[xchrom]

11. asia: Hong Kong shares edge up in relief rally, China down

http://uk.reuters.com/article/2011/09/15/markets-hongkong-china-stocks-update-idUKL3E7KF1QM20110915

HONG KONG, Sept 15 (Reuters) - Hong Kong shares edged higher on Thursday after hitting a two-year low in the previous session, in a relief rally on hopes of further support for Greece, although low volumes and strong gains in defensive stocks pointed to lingering caution.

HSBC and insurer AIA Group , which suffered sharp losses earlier this week, led the benchmark higher. The Hang Seng Index closed up 0.71 percent at 19,181.5 points, while turnover on Thursday dipped below its 20-day average.

"I don't think we are anywhere near the bottom yet, risk aversion is still very palpable despite the rally," said Hong Hao, a global strategist at CICC in Beijing. "In a bear market, it's a good idea to get out on rallies."

The lingering European debt crisis and slowing global growth have combined to hammer global markets since late July, with market watchers unconvinced by the latest rhetoric of European leaders.

[xchrom]

12. Nikkei up almost 2 pct on Europe hopes; Elpida soars

http://uk.reuters.com/article/2011/09/15/markets-japan-stocks-idUKL3E7KF0YR20110915

TOKYO, Sept 15 (Reuters) - The Nikkei average climbed nearly
2 percent on Thursday, moving away from a 2-1/2 year closing low
hit the previous day as investors bought back shares after
France and Germany said Greece's place remains in the euro zone.

Tech shares rose and Elpida Memory soared after the
memory chip maker said it may shift some production to Taiwan
from Japan to cope with the yen's strength and survive in a
dwindling market.

Although there are still widespread fears that Greece will
ultimately default on its debt, sentiment for riskier assets got
a lift after Europe's top bureaucrat said plans for a common
euro zone bond, seen by many as a key tool to ease the region's
debt crisis, would soon be presented.

Immediate resistance for the Nikkei lies at 8,700 and then
at 8,732, which was the settlement level for Nikkei futures and
options expired in September, traders said.

[xchrom]

28. China reiterates its willingness to buy European bonds

http://www.bbc.co.uk/news/business-14925703

A top Chinese official has said China is willing to buy bonds issued by debt-burdened European nations, reinforcing a stance taken by Premier Wen Jiabao.

The comments were made by Zhang Xiaoqiang, vice chairman of the National Development and Reform Commission.

A number of European economies are facing a funding crunch.

China, the world's second largest economy, has more than $3 trillion (£1.9tn) in foreign exchange reserves.

[xchrom]

32. China 'losing edge' as low-cost manufacturer, says KPMG

http://www.bbc.co.uk/news/business-14926728

China is losing its edge as the world's cheapest place to manufacture goods, a new report suggests.

Indonesia and Bangladesh are benefiting most as rising costs in China force firms to switch production, it says.

The report by consultants KPMG says that minimum wage levels in China are now four times greater than other places in South and South East Asia.

However, the report says China can defend its position because of its productivity and infrastructure.

[xchrom]

42. The celestial economy

http://www.economist.com/node/21528591

IT IS perhaps a measure of America’s resilience as an economic power that its demise is so often foretold. In 1956 the Russians politely informed Westerners that “history is on our side. We will bury you.” In the 1980s history seemed to side instead with Japan. Now it appears to be taking China’s part.

These prophesies are “self-denying”, according to Larry Summers, a former economic adviser to President Barack Obama. They fail to come to pass partly because America buys into them, then rouses itself to defy them. “As long as we’re worried about the future, the future will be better,” he said, shortly before leaving the White House. His speech is quoted in “Eclipse”, a new book by Arvind Subramanian of the Peterson Institute for International Economics. Mr Subramanian argues that China’s economic might will overshadow America’s sooner than people think. He denies that his prophecy is self-denying. Even if America heeds its warning, there is precious little it can do about it.
In this section

Three forces will dictate China’s rise, Mr Subramanian argues: demography, convergence and “gravity”. Since China has over four times America’s population, it only has to produce a quarter of America’s output per head to exceed America’s total output. Indeed, Mr Subramanian thinks China is already the world’s biggest economy, when due account is taken of the low prices charged for many local Chinese goods and services outside its cities. Big though it is, China’s economy is also somewhat “backward”. That gives it plenty of scope to enjoy catch-up growth, unlike Japan’s economy, which was still far smaller than America’s when it reached the technological frontier.

[Demeter]

61. When China Overtakes the US

I hope its leaders take the Peterson Institute and everyone associated with it out to be shot. Including Peter G Peterson himself.

[Demeter]

18. Max Keiser: Jamie Dimon, Terrorist

http://www.youtube.com/watch?v=MGmayjYQpB8&feature=player_embedded

[Demeter]

19. New Study Finds Women Should Only Be Making 20 Cents Less On Dollar Than Men

http://www.theonion.com/articles/new-study-finds-women-should-only-be-making-20-cen,21354/

A new study released Monday by the U.S. Labor Department found that women, who currently earn 23 cents less on the dollar when doing the same work as men, should in fact be earning only 20 cents less than their male counterparts. "This is 2011, and it is frankly ridiculous that women earn only 77 percent of what men make, when they should clearly be making 80 percent of what men make," department spokesman Frank Neiderberg said. "There's simply no doubt that, in this day and age, women contribute a full four-fifths of what men do to the economy. No doubt whatsoever." A coalition of feminist groups said the report "is a small step in the right direction, but doesn't go nearly far enough," causing many observers to point out that nothing is ever good enough for those people.

[xchrom]

20. Investors fail to bite at Microsoft Wall Street pow-wow

http://uk.reuters.com/article/2011/09/15/us-microsoft-analysts-idUKTRE78E0FR20110915

(Reuters) - A rising tide of investor agitation over Microsoft Corp's static share price and bulging cash hoard made no mark at the software company's annual meeting with Wall Street analysts and fund managers on Wednesday.

Despite recent calls for a big dividend increase, and the head of Chief Executive Steve Ballmer -- who has presided over a halving of the company's share price in his 11-year tenure -- investors left the matters of management and cash distribution untouched at the three-hour meeting in Anaheim, California.

"Nobody asked the question," one fund manager, who had earlier identified Microsoft's use of its $53 billion cash hoard as the most important issue facing investors, said after the meeting. "We want to see more of a bank dividend," said the fund manager, who asked not to be named.

Microsoft currently pays a 2.5 percent dividend, which stands somewhere in the middle of large, established technology companies but lags other established industries.

[xchrom]

22. Solyndra Gets More Scandalous

http://www.theatlantic.com/business/archive/2011/09/solyndra-gets-more-scandalous/245130/

Last week, I wondered if Solyndra, the bankrupt California solar panel firm, was going to be the first real scandal of the Obama administration. This week, I watched the Energy and Commerce hearings on the Solyndra decision, and there was some pretty fierce grilling going on, even though the Solyndra executives dropped out at the last minute. Meanwhile, though the White House has maintained that it did not intervene in the Solyndra loan, yesterday the Washington Post broke the news that the White House had pressed the Office of Management and Budget to greenlight the loan in a hurry.

The August 2009 e-mails, released exclusively to The Washington Post, show White House officials repeatedly asking OMB reviewers when they would be able to decide on the federal loan and noting a looming press event at which they planned to announce the deal. In response, OMB officials expressed concern that they were being rushed to approve the company's project without adequate time to assess the risk to taxpayers, according to information provided by Republican congressional investigators.

'Solyndra collapsed two weeks ago, leaving taxpayers liable for the $535 million loan.

One e-mail from an OMB official referred to "the time pressure we are under to sign-off on Solyndra." Another complained, "There isn't time to negotiate."

"We have ended up with a situation of having to do rushed approvals on a couple of occasions (and we are worried about Solyndra at the end of the week)," one official wrote. That Aug. 31, 2009, message, written by a senior OMB staffer and sent to Terrell P. McSweeny, Biden's domestic policy adviser, concluded, "We would prefer to have sufficient time to do our due diligence reviews."

[DemReadingDU]

37. Why is Solyndra being hammered?

Surely the banksters have left the taxpayers liable for gazillions.

:eyes:

[Demeter]

46. Because the GOP is trying to pin a Bush fiasco on Obama

as usual. Plus it's a lot of money, plus people are anti-science and really don't believe in solar...like the old fart on the condo board.

[xchrom]

24. Who's Had the Worst Recession: Boomers, Millennials, or Gen-Xers?

http://www.theatlantic.com/business/archive/2011/09/whos-had-the-worst-recession-boomers-millennials-or-gen-xers/245056/

The Millennial generation got hit hardest by the Great Recession. You might have heard this, over and over, especially if you read The Atlantic or happen to have asked somebody from the Millennial generation. Downturns like this one change the course of a lifetime for college graduates, as low starting salaries snowball into a lifetime of depressed wages, slim pensions, and even shorter lifespans.

Hogwash! a Boomer might retort. Even if they have narrower prospects, Millennials have their whole lives to make back lost wages. When the stock market tumbled and housing prices collapsed, couples near retirement lost their nest eggs at the very moment that they were looking to step out of the workforce. Surely, they suffered the most from the timing of this recession.

Oh, come on! a Gen-Xer might respond, we got the worst of both worlds. The 46 million Americans between the age of 33 and 46 reached the prime of their working years only to find salaries depressed by a bad economy and promotions suppressed by lingering Boomers.

This is a debate without a winner, and we're not going to name one. Instead, we're want to look across three categories -- employment, income, and overall wealth outlook -- and argue on behalf of each generation that their cohort got it worst.

[AnneD]

56. The Reader's Digest Summary......

Things are tough all over.....

I don't like articles that pit the needs of one group over the other. As I see it, we are all in this together, this is M$M creating a wedge where it doesn't exist.

Boomers need jobs to help their gen x and gen y kids, to help their parents to replenish their 401's that have taken 2 hits in the last 10-12 years, and not be a burden to their kids.

Gen X needs jobs to build their savings and raise their children and pay their school loan debts. Remember, these workers are the support of the early and mid boomers.

Gen Y needs jobs to put new found knowledge into practice, take advantage of more seasoned worker's knowledge, and start their savings for retirement and life. Remember, these worker are the future support of late boomers and Gen X.

The bottom line.....

We all need jobs JOBS AND MORE JOBS :banghead:

[xchrom]

25. Uncle Sam doesn't want you

http://www.atimes.com/atimes/Global_Economy/MI16Dj03.html

Not long ago, the city council of Ventura, California, passed an ordinance making it legal for the unemployed and homeless to sleep in their cars. At the height of the Great Recession of 2008, one third of the capital equipment of the American economy lay idle. Of the women and men idled along with that equipment, only 37% got a government unemployment check and that check, on average, represented only 35% of their weekly wages.

Meanwhile, there are now two million "99ers" - those who have maxed out their supplemental unemployment benefits because they have been out of work for more than 99 weeks. Think of them as a full division in "the reserve army of labor". That "army", in turn, accounts for 17% of the American labor force, if one includes


part-time workers who need and want full-time work and the millions of unemployed Americans who have grown so discouraged that they've given up looking for jobs and so aren't counted in the official unemployment figures.

As is its historic duty, that force of idle workers is once again driving down wages, lengthening working hours, eroding on-the-job conditions, and adding an element of raw fear to the lives of anyone still lucky enough to have a job.

No one volunteers to serve in this army. But anyone, from Silicon Valley engineers to Florida tomato pickers, is eligible to join what, in our time, might be thought of as the all-involuntary force. Its mission is to make the world safe for capitalism. Today, with the world spiraling into a second "Great Recession" (even if few, besides the banks, ever noticed that the first one had ended), its ranks are bound to grow. The All-Involuntary Army (of Labor)

[Pale Blue Dot]

39. ECB Coordinates With Federal Reserve to Provide Dollars to Euro-Area Banks

The European Central Bank said it will lend dollars to euro-area banks in three separate three- month loans to ensure they have enough of the U.S. currency through the end of the year.

The Frankfurt-based ECB said that, in coordination with the Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank, it will conduct three U.S. dollar liquidity-providing operations with a maturity of approximately three months. The loans are in addition to the bank’s regular seven-day dollar offerings and will be conducted as fixed-rate tenders with full allotment, the ECB said in a statement.

The euro jumped almost a cent against dollar after the announcement and traded at 1.3864 at 3:11 p.m. in Frankfurt.

Two banks this week borrowed dollars from the ECB in its regular seven-day operation, a sign they are finding it difficult to gain access to the U.S. currency in markets. The premium European banks pay to borrow in dollars through the swaps market is close to the highest level in almost three years.

http://www.bloomberg.com/news/2011-09-15/ecb-coordinates-with-federal-reserve-in-lending-dollars-to-euro-area-banks.html

This continuation of the Ponzi scheme is why stocks are shooting up in spite of the horrible economic news.

[Roland99]

41. and the markets rejoice.

[DemReadingDU]

43. Lending Dollars to Euro Banks

And what happens if those loans can't be paid back?

Since the loans are made in our dollars, I assume we taxpayers eventually will have to pay for that too
:(

[Demeter]

48. Crédit Agricole and SocGen downgraded

The downgrade in France’s two largest banks comes as the country’s financial sector struggles to convince the market it can manage any Greek default

Read more >>
http://link.ft.com/r/WDI4RR/DWY0X4/SUO9T/306F2Z/JES6U5/MQ/t?a1=2011&a2=9&a3=15


Moody’s cuts two French banks’ ratings

SocGen and Crédit Agricole decision follows uncertainty surrounding French exposure to Greek sovereign debt and violent swings in share prices

Read more >>
http://link.ft.com/r/NA70KK/HY92M7/06MUC/C4MBL8/2OVQ5E/9A/t?a1=2011&a2=9&a3=15

WHAT ABOUT UBS?

[Demeter]

49. E&Y faces probe on Anglo Irish Bank audit

Irish accounting regulator will hold a hearing to examine Ernst & Young’s handing of the Anglo Irish audit, which is being challenged in three areas

Read more >>
http://link.ft.com/r/WDI4RR/DWY0X4/SUO9T/306F2Z/3029WB/MQ/t?a1=2011&a2=9&a3=15

[Demeter]

50. France and Germany show support for Greece

Nicolas Sarkozy, French president, and Angela Merkel, German chancellor, tried to quell speculation that Athens could be forced out of the euro bloc

Read more >>
http://link.ft.com/r/NA70KK/HY92M7/06MUC/C4MBL8/XH8KVF/9A/t?a1=2011&a2=9&a3=15

[Hawkowl]

52. Ferrari Is Recession Proof as Luxury Sells Out

"Maserati SpA’s new sport-utility vehicle was one of the most sought-after models at the Frankfurt car show this week and Ferrari SpA predicted record sales as executives said ultra-luxury remains recession-
proof.

“If you go to the Ferrari stand, there aren’t any customers worried about the recession,” Fiat Chief Executive Officer Sergio Marchionne said at the International Motor Show. “The last Ferrari customers I saw at the show weren’t crying.”

Fiat’s two upscale brands may help the Turin, Italy-based carmaker weather a decline at its main business as Europe’s credit crisis worsens. Even without the Kubang SUV, Maserati aims to boost deliveries by almost eightfold to 45,000 cars in 2014 as it increases dealers by 150 percent worldwide. Lamborghini SpA’s new Aventador model is sold out for 18 months and Rolls-Royce Cars announced a 10 million-pound ($15.8 million) expansion at its Goodwood, England plant. Ferrari expects to deliver 7,000 cars in 2011 on demand for its first family car, the $356,000 four-seat FF that came to market this year. Fiat’s most profitable unit plans to cap sales at 7,000 going forward to maintain exclusivity. Ferrari targets “significant” results this year after earnings before interest and taxes rose 23 percent in 2010 to 302 million euros ($414 million) on revenue of 1.92 billion euros, Chairman Luca Cordero di Montezemolo said. "

http://mobile.bloomberg.com/news/2011-09-14/ferrari-proves-recession-proof-as-ultra-luxury-sells-out-cars.html


So, "let them eat cake", seems to be the order of the day! Guillotines are right around the corner. I'd say Greece is probably first up.

[AnneD]

54. As long as....

their ego is bigger than the size of their dicks or brains....

Now if one is truly into the beauty of a machine and races professionally or semiprofessionally (and know the mechanics inside out)...that is another story. But most of the buyer of these fine machines do not appreciate them but are in it for snobbery.

[Festivito]

57. Debt: 09/13/2011 14,717,868,058,346.24 (UP 29,608,684,064.99) (Tue, DOWN a little.)

(UNDER the new 2011 debt limit of 14.694-trillion dollars by 423.868-billion dollars. Good day.)
The far end of Spruce Pines with much to read and do.
(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)
= 10,067,653,336,814.70 + 4,650,214,721,531.49
DOWN 41,637,039.50 + UP 29,650,321,104.49

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 313-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,196.07 makes 1T$.
A family of three: Mom, Dad, Child: $9.59, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 312,884,192 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $47,039.35.
A family of three owes $141,118.04. (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 5,939,781,269.25.
The average for the last 30 days would be 4,355,839,597.45.
The average for the last 32 days would be 4,083,599,622.61.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 236 reports in 348 days of FY2011 averaging 4.90B$ per report, 3.32B$/day.
Above line should be okay

PROJECTION:
There are 495 days remaining in this Obama 1st term.
By that time the debt could be between 15.4 and 17.3T$.
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)
09/13/2011 14,717,868,058,346.24 BHO (UP 4,090,991,009,433.11 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +1,156,245,027,454.50 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,212,728,261,554.29 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
08/23/2011 +000,814,357,949.50 ------------********
08/24/2011 +000,495,517,849.57 ------------********
08/25/2011 +015,444,082,130.78 ------------**********
08/26/2011 +001,003,663,200.19 ------------*********
08/29/2011 -000,073,220,970.90 ---- Mon
08/30/2011 +000,152,580,275.78 ------------********
08/31/2011 +034,126,581,560.14 ------------**********
09/01/2011 +034,131,323,630.30 ------------**********
09/02/2011 +000,182,220,803.10 ------------********
09/06/2011 -000,290,117,782.20 --- Tue
09/07/2011 +015,583,261,687.60 ------------**********
09/08/2011 -006,211,008,386.30 --
09/09/2011 +000,079,600,651.10 ------------*******
09/12/2011 -000,033,661,156.40 ---- Mon
09/13/2011 -000,041,637,039.50 ----

95,363,544,402.76 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=4993954&mesg_id=4994430

[Festivito]

63. Debt: 09/14/2011 14,683,910,471,705.99 (DOWN 33,957,586,640.21) (Wed, UP a little.)

(UNDER the new 2011 debt limit of 14.694-trillion dollars by 389.910-billion dollars. Good day.)
We're back and no one is here.
(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)
= 10,067,922,521,846.90 + 4,615,987,949,859.08
UP 269,185,032.20 + DOWN 34,226,771,672.41

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 313-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,196.00 makes 1T$.
A family of three: Mom, Dad, Child: $9.59, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 312,891,392 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $46,929.74.
A family of three owes $140,789.21. (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 4,205,113,099.27.
The average for the last 30 days would be 3,223,920,042.78.
The average for the last 33 days would be 2,930,836,402.52.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 237 reports in 349 days of FY2011 averaging 4.74B$ per report, 3.22B$/day.
Above line should be okay

PROJECTION:
There are 494 days remaining in this Obama 1st term.
By that time the debt could be between 15.4 and 17.2T$.
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)
09/14/2011 14,683,910,471,705.99 BHO (UP 4,057,033,422,792.90 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +1,122,287,440,814.20 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,173,739,014,032.04 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
08/24/2011 +000,495,517,849.57 ------------********
08/25/2011 +015,444,082,130.78 ------------**********
08/26/2011 +001,003,663,200.19 ------------*********
08/29/2011 -000,073,220,970.90 ---- Mon
08/30/2011 +000,152,580,275.78 ------------********
08/31/2011 +034,126,581,560.14 ------------**********
09/01/2011 +034,131,323,630.30 ------------**********
09/02/2011 +000,182,220,803.10 ------------********
09/06/2011 -000,290,117,782.20 --- Tue
09/07/2011 +015,583,261,687.60 ------------**********
09/08/2011 -006,211,008,386.30 --
09/09/2011 +000,079,600,651.10 ------------*******
09/12/2011 -000,033,661,156.40 ---- Mon
09/13/2011 -000,041,637,039.50 ----
09/14/2011 +000,269,185,032.20 ------------********

94,818,371,485.46 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4995249&mesg_id=4995584

[RUMMYisFROSTED]

58. Looks like a winner.

[mahatmakanejeeves]

59. WaMu, Seaarland, WLIB, Ambac, Lehman, Madoff: Bankruptcy

WaMu, Seaarland, WLIB, Ambac, Lehman, Madoff: Bankruptcy

September 14, 2011, 11:01 AM EDT
By Bill Rochelle

Sept. 14 (Bloomberg) -- Washington Mutual Inc.’s full-payment Chapter 11 plan was denied approval for a second time in eight months when U.S. Bankruptcy Judge Mary F. Walrath wrote a 139-opinion refusing confirmation.

The ruling yesterday in Wilmington, Delaware, was a victory for shareholders in their battle with noteholders, whom they accuse of violating insider-trading laws.
....

The WaMu holding company filed under Chapter 11 in September 2008, one day after the bank subsidiary was taken over. The bank, once the sixth-largest depository and credit- card issuer in the U.S., was the largest to fail in the country’s history.

Yes, I recall it well, as I own shares of WaMu. In 2006 or so, they traded at $48 per share. Now they are 16 cents per share or thereabouts. With any luck, I'll see their value climb to 17 cents per share, maybe even 18.

[Demeter]

62. In other news:

last night took out the exposed marigolds, but didn't actually frost. Today high of 58 and frost warning tonight.

It was a short season.