STOCK MARKET WATCH, Thursday December 18

[ozymandius]

Source: du

STOCK MARKET WATCH, Thursday December 18, 2008

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 33
WHERE'S OSAMA BIN-LADEN? 2605 DAYS
DAYS SINCE ENRON COLLAPSE = 2902
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

---

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

---

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

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

AT THE CLOSING BELL ON December 17, 2008

Dow... 8,824.34 -99.80 (-1.13%)
Nasdaq... 1,579.31 -10.58 (-0.67%)
S&P 500... 904.42 -8.76 (-0.96%)
Gold future... 868.50 +25.80 (+2.97%)
30-Year Bond 2.67% -0.21 (-7.27%)
10-Yr Bond... 2.19% -0.17 (-7.32%)






GOLD,EURO, YEN, Loonie and Silver

---

PIEHOLE ALERT

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

For information on protests and other actions Citizens For Legitimate Government

---

Read more: du

[ozymandius]

1. Market WrapUp

Turning Japanese?
BY CHRIS PUPLAVA

With the Fed lowering interest rates to 0.25%, effectively zero, announcing further large purchases of agency debt and mortgage-backed securities, and announcing implementation of the Term Asset-Backed Securities Loan Facility to extend credit to households and small businesses, the Fed has embarked on a zero interest rate policy (ZIRP) and quantitative easing (QE). The U.S. is turning Japanese.

Merrill Lynch’s David Rosenberg wrote a piece back on November 28th entitled, “The new ‘D’ word: duration!,” in which he commented on the Treasury market and expected actions by Bernanke based on previous speeches the Fed Chairman has made in the past. Sure enough, within a few weeks Mr. Bernanke has indeed done what he suggested Japan should have done. A few excerpts from the piece are provided below.

.....

There are several reasons why I believe we are going the route of Japan rather than the Great Depression II. Back in the Great Depression banks were allowed to fail and all of the excess of the prior decade were wiped away in just a few short years, while Japan supported insolvent banks creating what came to be known as “Zombie Banks.” The Great Depression allowed all of the dead underbrush to be burned away by the deleveraging fire, while Japan quickly dumped massive amounts of water (Yen) on the fire and the dead underbrush was not removed. As a forest fire clears the way for healthy growth in future years by giving room for new trees and the strong trees that survived (solvent banks that were responsible) room to grow, trying to prevent forest fires keeps the unhealthy trees and dead underbrush able to compete for resources with the strong and healthy trees, weakening future growth. This can be seen below where after recovering from the Great Depression the economy saw growth rates ranging from 9-12%, with the subsequent expansion showing growth rates nearing 20%! With Japan, however, their economy has fluctuated between -3% and 4% for the past 12-15 years.

....

The experience in Japan could very well play out in the U.S. as the rally Japan experienced from late 1998 to 2000 would correspond with a cyclical bull market beginning in the first half of 2009 through 2010. This coming cyclical bull market will be supported by a massive fiscal policy by the Obama administration and continued QE by the Fed as well as an oversold market. As the rest of the world begins to recover, foreign governments and investors will be diverting more of their assets towards strong emerging market growth as the case for emerging markets is not dead but simply taking a breather (and thus indirectly for commodities). Foreigners will also become increasingly concerned with the Fed’s balance sheet as well as record U.S. budget deficits for the next two years, which will likely weigh on the US dollar as the decade closes. By the Fed keeping long-term interest rates low through the purchase of buying U.S. Treasuries, the Fed will have to look the other way as the dollar weakens. A weaker USD will lead to higher import inflation and higher commodity prices. This renewed inflation threat may contribute to another recession down the road, which is likely why the Fed is considering issuing its own debt to help mop up the liquidity they’ve thrown at the system.

http://www.financialsense.com/Market/wrapup.htm

[ozymandius]

2. Today's Reports

08:30 Initial Claims 12/13
Briefing.com 550K
Consensus 558K
Prior 573K

10:00 Leading Indicators Nov
Briefing.com -0.5%
Consensus -0.5%
Prior -0.8%

10:00 Philadelphia Fed Dec
Briefing.com -35.0
Consensus -40.0
Prior -39.3

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

[ozymandius]

32. Jobless claims fall - remain high

NEW YORK (CNNMoney.com) -- The number of Americans newly filing for state unemployment insurance benefits fell more than expected last week, according to a government report released Thursday.

The Labor Department said that initial filings for state jobless benefits fell to 554,000 for the week ended Dec. 13.

http://money.cnn.com/2008/12/18/news/economy/jobless_claims/index.htm

[UpInArms]

38. initial claim details:

31. U.S. weekly jobless claims fall 21,000 to 554,000
8:30 AM ET, Dec 18, 2008

32. U.S. 4-wk. avg. jobless claims rise 2,750 to 543,750
8:30 AM ET, Dec 18, 2008

33. U.S. continuing jobless claims fall 47,000 to 4.38 mln
8:30 AM ET, Dec 18, 2008

34. U.S. 4-wk. avg. continuing claims rise 92,000 to 4.23 mln
8:30 AM ET, Dec 18, 2008

[UpInArms]

40. Initial jobless claims fall 21,000; trend at 26-year high

http://www.marketwatch.com/news/story/Initial-jobless-claims-fall-21000/story.aspx?guid=%7B47AAB8C5%2DBFBF%2D4F56%2DB10A%2DB7A93565DB7F%7D

WASHINGTON (MarketWatch) -- Labor market conditions are weak and jobs are hard to get, according to government data reported Thursday that showed a 26-year high in the trend for initial claims for state unemployment benefits, despite a dip in first-time filings.

First-time claims for state unemployment benefits dropped 21,000 to 554,000 in the week ended Dec. 13, easing back part of a surge in the prior week, the Labor Department reported.

Still, the four-week average of those claims rose 2,750 to 543,750 -- the highest level since December 1982. Initial claims are not expected to drop again until mid-January, according to the Labor Department.

For the week ended Dec. 6, the number of Americans continuing to collect benefits fell 47,000 to 4.38 million. The four-week average of continuing claims rose 92,000 to 4.23 million -- the highest since January 1983.

The high level of claims offers a bleak outlook and suggests to some observers that November's job losses, which were worse than analysts had predicted, may not have been an outlier. In November, 533,000 nonfarm payroll jobs were lost, the most for a single month since 1974.

...more...

[UpInArms]

44. Philly Fed @ -32.9% - Leading indicators fall 0.4%

01. U.S. Dec. Philly Fed above consensus -42.0
10:01 AM ET, Dec 18, 2008

02. U.S. Dec. Philly Fed index -32.9 vs -39.3 in Nov.
10:01 AM ET, Dec 18, 2008

03. U.S. Nov. leading economic indicators fall 0.4%
10:00 AM ET, Dec 18, 2008

[UpInArms]

45. Leading economic indicators fall 0.4% in November

http://www.marketwatch.com/news/story/Leading-economic-indicators-fall-04/story.aspx?guid=%7BD7490684%2D9B5A%2D4320%2D8B7E%2D894EA22D45A4%7D

WASHINGTON (MarketWatch) -- More economic weakness is in store for the first few months of 2009, the Conference Board said Thursday. The index of leading economic indicators fell 0.4% in November, with negative contributions from six of the 10 indicators, and the largest negative contribution from building permits. The largest positive contribution came from the money supply. "An intense housing downturn that's about to begin its fourth year and a severe financial crisis with nearly frozen credit markets have sharply lowered consumer and business expectations," said Ken Goldstein, economist at the Conference Board. The result for October was revised to a decline of 0.9% from a prior estimate of a 0.8% drop.

[ozymandius]

3. Oil hovers near $40 despite OPEC output cut

SINGAPORE – Oil prices hovered near 4 1/2-year lows Thursday in Asia as persistent investor pessimism over global crude demand outweighed OPEC's largest-ever production cut.

Light, sweet crude for January delivery edged up 26 cents to $40.32 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. Earlier, it fell as low as $39.19 — a level not seen since at least July 2004.

The 13-nation Organization of Petroleum Exporting Countries, which accounts for about 40 of global oil supply, said Wednesday it planned to reduce its output quotas by 2.2 million barrels a day.

But markets had already expected a vastly reduced flow of oil and traders focused instead on troubling economic data that points to a long and severe global economic slump.

....

In other Nymex trading, gasoline futures were up 1.25 cents to $1.0180 a gallon. Heating oil was up 2.7 cents at $1.4695 a gallon while natural gas for January delivery fell 1 cent to $5.609 per 1,000 cubic feet.

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

[UpInArms]

4. dollar watch

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

Last trade 78.082 Change -0.504 (-0.65%)

Fed Effectively Cuts Rates To Zero Yet Problems Still Widespread

http://www.dailyfx.com/story/strategy_pieces/watch_what_the_fed_watches/Fed_Effectively_Cuts_Rates_To_1229557500696.html



The Economy And The Credit Market

Even the market’s dour forecast for Tuesday’s FOMC rate decision proved too optimistic. The Fed would cut the US benchmark lending rate 75 basis points to a record low; but technically the central bank is actually targeting a rate between 0.00 and 0.25 percent. In essence this is a zero interest rate policy (ZIRP), just without the stigma that accompanies this unpopular policy stance. This officially marks the end of the line for standard monetary policy from the central bank (though they could officially drop the range). However, both the economy and markets are still reeling; and Chairman Ben Bernanke and his fellow policy members will have to devise alternatives to changes to the benchmark lending rate to bring an end to the worst recession and financial crisis in decades. The bank has been ensuring mortgage-backed securities and agency debt for some time; and buying treasuries evokes comparisons to Japan’s lack of success over the past decade. The market intently waits for alternatives.



A Closer Look At Financial And Consumer Conditions



Market conditions have been unsettled by the Fed’s historic rate shift. Initially, the additional rate cut spurred a false sense of security that rallied capital markets. However, the reality is quickly sinking into the market. Policy officials have run out of rope with traditional monetary policy and the risks are as great as ever. The government has skirted the potential collapse of the US auto industry and other sectors are likely queuing up for the same. Not only will bankruptcies here further plunge the economy into recession; but it will spark a fire sale in capital assets (as well as shares). More concerning, defaults on loans and obligations could trigger another seizer in credit markets.



The bottom is not yet in sight; and the Fed has run out of options in its traditional policy spectrum. Growth is the primary concern for policy officials at this point, and they will have to act with unique fixes aimed specifically at the American consumer and business to put the economy on solid ground. As Chairman Bernanke and his fellow policy members try to come up with a creative solution going forward, the holiday season promises tip the world’s largest economy into a steeper nose dive. After more than half a million jobs were lost last month - and considering spending and confidence are already nearing record lows – it looks like it will be an anemic holiday season.

...more...

The Beginning of the End of Paper Money

http://club.ino.com/trading/2008/12/the-beginning-of-the-end-of-paper-money/

excerpt:

Today the Fed announced another rate cut, which is both a foregone conclusion and a big yawn. Short term interest rates are already at zero or thereabouts, so that policy tool is pretty much a spent force. The real excitement came when Ben Bernanke explained that short term interest rates are just one of the levers he can pull, and nowhere near the most powerful one. Going forward, the Fed will engage in what is known as “quantitative easing,” an obscure term for something both simple and terrifying: The Fed will create dollars–maybe trillions of them–and buy up other assets.

At first it will buy mostly longer-dated Treasuries, in order to push down rates at the distant end of the yield curve. But because long-term Treasury rates are already at record lows, that strategy has a limited value. Pushing the 30-year yield from today’s 2.93% to, say, 2% won’t have a noticeable impact on the world’s frozen credit markets. Because the problems are with corporate bonds and asset backed securities, the Fed will have to buy increasing amounts of them.

This will have the desired effect of reliquefying the banking system–for a while. But the global financial markets aren’t stupid (okay, they are. But they do learn eventually, after being smacked in the face with enough monetary two-by-fours). This flood of dollars will send the value of the dollar down versus other currencies, and push up interest rates on the very long-term bonds that the Fed is buying with newly printed currency.

The result? The mother of all currency crises, in which a falling dollar causes other countries to devalue their own currencies in order to keep their export industries from imploding, which causes everyone to avoid bonds (which pay interest in depreciating currencies), which causes long-term rates to rise world-wide, which causes central banks to print even more currency in a futile attempt to repeal the law of supply and demand.

It’s going to get very, very ugly, and–after a series of failed experiments with capital-and-price controls–will lead to the realization that the whole concept of fiat (i.e. government controlled) currency is fatally-flawed. Along the way, older forms of money like gold and silver, which can’t be created in infinite quantities by panicked governments, will soar in value. I’ll go out on a limb and predict $5,000 gold and $100 silver by 2015.

...more...

[ozymandius]

7. Good morning UIA.

:donut: :donut: :donut:

Can anyone make a dent in stopping the cumulative dissolution of our financial sectors? The Fed takes unprecedented measures to increase the flow of liquidity and the effort is met with a yawn. OPEC cuts oil production by an historically large number and there's another yawn.

What has traction these days except entropy?

[UpInArms]

10. g'morning, Ozy!

I think that TPTB are all too stupid, lazy, greedy, spineless and possibly too frightened of losing their dinner invitations to do anything that remotely resembles any real response to what is going on.

As they try to sweep Madoff's $50 billion (billion with a B) ponzi scheme back into the 90s, and hold hands and form a circle with the bankers a la Paulson, there will be lots of finger pointing and noise making.

I become annoyed with their foolishness and their failure to even with one braincell to grasp the fact that money cannot just be printed and minted out of the air and have any real value.

The lunatics are running the asylum and the sooner they all get kicked to the curb and have their assets stripped and start living out of their cars, the better.

[ozymandius]

14. This relates to Andrew Lahde's resignation letter.

Recently, on the front page of Section C of the Wall Street Journal, a hedge fund manager who was also closing up shop (a $300 million fund), was quoted as saying, “What I have learned about the hedge fund business is that I hate it.” I could not agree more with that statement. I was in this game for the money. The low hanging fruit, i.e. idiots whose parents paid for prep school, Yale, and then the Harvard MBA, was there for the taking. These people who were (often) truly not worthy of the education they received (or supposedly received) rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government. All of this behavior supporting the Aristocracy, only ended up making it easier for me to find people stupid enough to take the other side of my trades. God bless America.

http://bigpicture.typepad.com/comments/2008/10/andrew-lahde-go.html

[UpInArms]

17. that goes with the septic tank analogy - where all the biggest turds float to the top

but I enjoyed Lahde letter - this was a great 'graph:

On the issue of the U.S. Government, I would like to make a modest proposal. First, I point out the obvious flaws, whereby legislation was repeatedly brought forth to Congress over the past eight years, which would have reigned in the predatory lending practices of now mostly defunct institutions. These institutions regularly filled the coffers of both parties in return for voting down all of this legislation designed to protect the common citizen. This is an outrage, yet no one seems to know or care about it. Since Thomas Jefferson and Adam Smith passed, I would argue that there has been a dearth of worthy philosophers in this country, at least ones focused on improving government. Capitalism worked for two hundred years, but times change, and systems become corrupt. George Soros, a man of staggering wealth, has stated that he would like to be remembered as a philosopher. My suggestion is that this great man start and sponsor a forum for great minds to come together to create a new system of government that truly represents the common man’s interest, while at the same time creating rewards great enough to attract the best and brightest minds to serve in government roles without having to rely on corruption to further their interests or lifestyles. This forum could be similar to the one used to create the operating system, Linux, which competes with Microsoft’s near monopoly. I believe there is an answer, but for now the system is clearly broken.

[tclambert]

25. Oh, you made me miss my late friend who told me about his airhead theory of management:

"Airheads float to the top." I wish he was still alive so I could share with him your wonderful septic tank analogy. He would have loved it.

[AnneD]

57. Andrew Ladhe has written the best parting shot.......

although I did not make the green he has-I have reached the same conclusions as he has, in all subjects.

I would love to get the George Soros chair in Philosophy at any University and I do think I can hold my own. What kind of Democracy do we really have? The reason why I even bother to ask is that I recently had a conversation with my latest young stock broker trainee (the ones they send to sell me new products-even though I outperform them). Some how we got on the subject of torture and she naively said she thought it was ok in cases of emergency (the GOP meme). After I regained my colour-I went ballistic. Having a background in a PSYOP unit and working with the interrogators-I felt like I have some credibility in this area. By the time I was finished-I could tell had ripped off her assumptions like a scabbed band aid. I like her very much and she has respect for me. I know she will go off and think about this- as I hope she will. She is a digger as they say.

But what worries me is that Bush and Cheney have planted this ugly seed and they are going unpunished. This Democracy has lost it's humanity and has failed if our young people think this is ok. The soil for this Democracy has been polluted by corporations and we need to start subjecting corporations to human consequences up to and including death for crimes against humanity.

[tclambert]

28. Some Native Americans asked if they could buy Manhattan back for few handfuls of wampum.

I told 'em they would be overpaying.

[ozymandius]

12. GLOBAL MARKETS-Fed fallout weighs on dollar; oil hits 4-yr low

LONDON, Dec 18 (Reuters) - The dollar hit a 2-1/2 month low against the euro and held close to a 13-year low versus the yen on Thursday, pressured by the Federal Reserve's aggressive rate cut this week, while European stocks ticked higher.

Oil hit a four-year low below $40 a barrel, having fallen eight percent on Wednesday, as further evidence of slowing demand outweighed OPEC's biggest ever production cut.

The fallout from Tuesday's dramatic move by the U.S. central bank to cut interest rates to near zero and the promise for more quantitative easing action intensified, with investors betting that the Bank of England would also deliver deep rate cuts, which knocked sterling.

The euro has gained nearly 8 percent against the dollar this week, on track for its biggest weekly gain ever since its introduction in 1999.

http://uk.reuters.com/article/bondsNews/idUKLI50951120081218

[ozymandius]

5. Chrysler, Ford idle factories; GM delays new plant

DETROIT – Chrysler is closing all its North American manufacturing plants for at least a month, the starkest move yet taken by U.S. automakers as they anxiously await word about government loans.

....

Chrysler, GM and Ford have been taking dramatic steps as they struggle to survive the recession and U.S. sales have dipped to their slowest rate in 26 years. Chrysler and General Motors fear they might not have enough money to pay their bills in a matter of weeks.

Attempting to cut costs, GM was halting construction of a plant tied to one of its most important projects, the Volt. Ford also said it will shut down 10 plants for an extra week in January because of sluggish sales.

Chrysler said Wednesday it would extend the normal two-week holiday shutdown that begins Friday to at least Jan. 19 at all 30 of its factories due to slumping sales.

The lack of consumer credit is hampering sales and forcing the production cuts, Chrysler LLC said in a statement. Chrysler, Jeep and Dodge dealers say they have willing buyers for vehicles, but they can't close the deals, Chrysler said.

http://news.yahoo.com/s/ap/20081218/ap_on_bi_ge/meltdown_autos

[UpInArms]

6. SEC staff saw Madoff as a voice of authority - as "one of their own"

http://www.reuters.com/article/ousiv/idUSTRE4BG6US20081217?virtualBrandChannel=10272&sp=true

WASHINGTON (Reuters) - The alleged $50 billion fraud by Wall Street veteran Bernard Madoff may have escaped the attention of U.S. Securities and Exchange Commission staffers for one simple reason -- they saw him as one of their own.

The former Nasdaq Stock Market chairman regularly made appearances at the SEC, serving on agency advisory panels, where he was widely regarded as a sage markets expert and jovial voice representing his brokerage firm, Bernard L. Madoff Investment Securities, and the securities industry as a whole.

"When it came to Bernie, people paid more attention. This was a guy who really knew how markets worked," said Georgetown University Law School professor Donald Langevoort, who served on an SEC advisory committee with Madoff in the early 2000s.

"He was the grown-up in the room. If there was confusion or a question or two people on opposite sides going at each other, Bernie would speak up and explain what the deal was," Langevoort said. "I'm sure in some way that may have thrown even the commission off their guard."

Madoff's name was so well known around the SEC's offices that his efforts to give market-makers a broad reprieve from short selling restrictions led SEC officials to call the measure the "Madoff Exemption."

...more...

the media trying to do everything they can to push this back to 1999 and then onto Donaldson

the freakin' shills are attempting to plant the blame on anything and everything but what and who the responsibility lies with: Bush/Cheney maladministration and Cox the stupid piece of shit do-nothing crapweasel

[ozymandius]

8. WTF!

So when Madoff said, "It's virtually impossible to break the rules," did the SEC say 'Amen'?

[UpInArms]

11. well, yeah!

and now he can stay in his cushy $7 million penthouse instead of seeing the inside of a prison cell.

:banghead:

[UpInArms]

15. The SEC, created after the 1929 stock market crash to police markets and restore investor confidence

okay - that's not the title of the article, but it should be

http://www.reuters.com/article/ousiv/idUSTRE4BF0QZ20081218

CHICAGO (Reuters) - President-elect Barack Obama was set on Thursday to name seasoned regulator Mary Schapiro to head the Securities and Exchange Commission as he considers a major overhaul of the heavily criticized agency.

The SEC, created after the 1929 stock market crash to police markets and restore investor confidence, has come under fire after the Wall Street meltdown and financial scandals exposed lapses in its oversight.

The collapses of investment firms Bear Stearns and Lehman Brothers prompted scathing criticism from lawmakers who said the agency, charged with monitoring publicly traded firms, should have flagged the problems earlier.

Criticism has intensified with the $50 billion investment fraud -- one of the biggest in history -- allegedly carried out over many years by Bernard Madoff.

Schapiro is now chief executive of the Financial Industry Regulatory Authority, a self-regulatory body for the securities industry. She served as an SEC commissioner for six years, then became chairwoman of the Commodity Futures Trading Commission (CFTC) in 1994 during the Clinton administration.

...more...

[ozymandius]

20. Here's a poignant excerpt from Bailout Nation.

lifted from The Big Picture

Here’s an excerpt from Bailout Nation, about a subject under much discussion today: The incompetence of the S.E.C.

Part IV: Market Failure
Chapter 14. Casting Blame

Over the course of two terms, Bush appointed three SEC Chairmen, each ill-suited for the position. It was a veritable parade of poor choices for the role of regulating stock markets. His first appointment, Harvey Pitt, was a securities industry defense attorney and was wholly unsuited to the position. Instead of representing the interests of investors, Pitt was an industry lapdog. Pitt pledged a “kinder and gentler” SEC just when the opposite was needed in the midst of a huge run of corporate misfeasance.

In an era of corporate accounting scandals, Pitt had close ties to the accounting industry. And for inexplicable reasons, Pitt met with the heads of companies under active SEC investigation. As a Wall Street lawyer, Pitt had “recommended that clients destroy sensitive documents before they could be used against them – advice that seemed to find echoes in the SEC’s investigations into Enron and its shredder-happy auditor, Arthur Andersen.” Pitt had to recuse himself from many of the SEC’s votes — they were frequently about the clients he had represented as a defense attorney. By July of 2002, Senator (and future GOP presidential candidate) John McCain was calling for Pitt’s resignation.

Pitt, not surprisingly, demoralized the agency. To investor advocacy groups, having Pitt as SEC chief was like putting Osama bin Laden in charge of Homeland Security.

The next SEC Chairman Bush appointed was William Donaldson. He is the one who allowed the net-cap rule to be exempted for the five biggest banks in 2004. Instead of 12 to 1 leverage, banks levered up 30 and even 40 to 1 after the waiver. It isn’t glib to say the financial meltdown was three times as bad as it might have been for Donaldson’s SEC agreeing to this waiver. It would be charitable to call his chairmanship undistinguished.

[tclambert]

26. Interview for any job in the Bush administration:

Interviewer: "Do you have any experience in this field?"
Applicant: "Yes, I'm an expert."
I: "You are? Well, that counts heavily against you."
A: "But I'm an industry lapdog."
I: "Well, okay then. You're approved."

[AnneD]

59. I can't remember what class I remember it from....

but one thing I remember learning is that agencies that are created to regulate will, over time, become closer to protecting the agency from the public rather than protecting the public. You get into a bunker mentality. Case in point-when is the last time the Dept of labour actually done anything for Labour. If they did-I would think that Chou would be treated like Rumsfield right about now-or would be screaming for COLA to the minimum wage every few years instead of 20. The FAA is a classic example as now is the SEC.

[Hugin]

50. Translation: They'll fix it up real nice for the poor ripped off rich folks.

Dip into the Treasury to pay-off all the rich folks who knew something wasn't right and shoved money Madoff's way
anyhow.


Meanwhile, the Middle-class is being raped, robbed and beaten in the closet by these same people and nary a finger
will be lifted to make-things-right for them...

It's disgusting and it only serves to illustrate how there's two levels of Justice... What Class War? :hmpf:

[ozymandius]

9. Borrowers rushing to refinance loans as rates drop

WASHINGTON – Homeowners around the country are scrambling to refinance their mortgages at the lowest rates since the early 1960s as the economy staggers through what's likely to be the worst recession in decades.

Mortgage brokers are already reporting a surge of calls from borrowers trying to take advantage of the Federal Reserve's extraordinary actions this week.

The central bank, aiming to free up lending and jolt the economy back to life, on Tuesday cut the federal funds rate from 1 percent to a target range of zero to 0.25 percent and pledged to keep funneling money into the market for mortgage investments.

On Wednesday, some mortgage brokers were quoting mortgage rates of close to 4.5 percent for people with strong credit and hefty down payments.

.....

It was the best news in months for anyone looking to lock in a 30-year, fixed-rate mortgage. But it was not expected to be a cure-all, and borrowers already in danger of foreclosure probably won't be able to take advantage.

http://news.yahoo.com/s/ap/20081218/ap_on_bi_ge/financial_meltdown

[tclambert]

27. That's good news for some.

What about people who are upside down on their mortgages? Can they refinance, or are they stuck with their Option ARMs that are about to explode?

[AnneD]

60. Two guesses

first one dosen't count.

[Dr.Phool]

62. You got it.

When the appraisal comes in at about 30% lower than the original purchase price, and they want another 20% of that down. And only if your credit score is above 750.

Lots of applications are going to be rejected. And more foreclosures.

[UpInArms]

13. 4 Facts Bernanke Can't Deal With

http://club.ino.com/trading/2008/12/4-facts-bernanke-cant-deal-with/

Well Chairman Bernanke finally rolled the dice. The question is, what will be the results of this unconventional bet? The U.S. is now officially in uncharted waters. We have never seen interest rates this low before, and the U.S. has never been in such a precarious position.

Chairman Bernanke’s proposed solution is a simple one. Let’s do everything the exact opposite of what we did during the Great Depression and let’s see if we can spend our way out of it. This is an unproven thesis and there’s no guarantee that it’s going to work. What if it doesn’t?

I think right about now we need to have a reality check and look at the facts as we see them:

Fact #1: The consumer is in a state of shock. With the collapse of the stock market, the American people have seen the value of their property rapidly diminish in value as well as the depletion of the retirement programs they may have had in place. This double whammy basically destroyed consumer confidence, which is going be a difficult task to correct as the public is waiting for the other shoe to drop. So, let’s say this dramatic drop to record low interest rates doesn’t work, then what? Well the Fed will just print more and more money which will create its own set of problems in the future. Mark my words, the amount of money to be printed will be close to $5 trillion as the FED is determined to get us out of this hole. This in turn can only mean one thing in the future … rampant inflation. This is something that we are all going to have to deal with down the line.

and now you go to link #2 for the next 3 things

http://club.ino.com/trading/bernanke-rolls-the-dice-cont/

Fact #2: With zero to historic low interest rates in the US, the dollar is going to come under tremendous pressure. I expected that we will see a continued erosion in this currency until such time as interest rates begin to bounce back.

...more at link #2...

[ozymandius]

21. The Fed's Kitchen Sink Interest Rate Policy (Bonddad is terrified for good reasons)

The Fed announced their policy of establishing "a target range for the federal funds rate of 0 to 1/4 percent."

This brings two points to mind:

1.) The Fed has no interest rate moves left. This is it.

2.) The Fed is terrified about the economy. And they have good reason:

Since the Committee's last meeting, labor market conditions have deteriorated, and the available data indicate that consumer spending, business investment, and industrial production have declined. Financial markets remain quite strained and credit conditions tight. Overall, the outlook for economic activity has weakened further.

Capacity Utilization -- the amount we are using of our manufacturing capacity.

More to the point, the Fed will step up their other activities:

The focus of the Committee's policy going forward will be to support the functioning of financial markets and stimulate the economy through open market operations and other measures that sustain the size of the Federal Reserve's balance sheet at a high level. As previously announced, over the next few quarters the Federal Reserve will purchase large quantities of agency debt and mortgage-backed securities to provide support to the mortgage and housing markets, and it stands ready to expand its purchases of agency debt and mortgage-backed securities as conditions warrant. The Committee is also evaluating the potential benefits of purchasing longer-term Treasury securities. Early next year, the Federal Reserve will also implement the Term Asset-Backed Securities Loan Facility to facilitate the extension of credit to households and small businesses. The Federal Reserve will continue to consider ways of using its balance sheet to further support credit markets and economic activity.

To the point: the Fed is scared right now. I mean really scared. And they will do anything even remotely possible right now.

http://www.huffingtonpost.com/hale-stewart/the-feds-new-strategy-the_b_151492.html

---

I recommend that you click through to see the charts Bonddad uses to illustrate his point.

[tama]

74. It's about time

that Fed's Ponzi scheme collapses. Same for Treasuries.

[ozymandius]

16. Morgan Stanley CFO says firm has capital for deals

NEW YORK (Reuters) - Morgan Stanley is looking far and wide for acquisitions that can build up its retail banking business, and it has the capital "firepower" to pursue deals, Chief Financial Officer Colm Kelleher told Reuters on Wednesday.

Kelleher, in an interview after the firm announced a worse-than-expected $2.2 billion fourth-quarter loss, said Morgan has slashed its balance sheet by 37 percent to $658 billion this year. With the benefit of infusions from a Japanese bank and the U.S. Treasury, it has also raised its capital ratio, a key measure of financial strength.

That means it can pursue takeovers to build deposits, an important part of its strategy in the new, more challenging market environment.

....

In an effort to expand its access to stable, low-cost funding, Morgan wants to expand its deposit base. It recently hired some Wachovia Corp consumer banking executives to help build up a significant deposit-gathering business.

Already, Morgan's bank unit has amassed $42 billion of deposits, most of it from its wealth management business. Kelleher said the firm intends to grow its deposit base to as much as 50 percent of funding needs within three years.

http://uk.reuters.com/article/hotStocksNewsUS/idUKTRE4BG4NF20081217

[ozymandius]

18. Obama to Name Tarullo to Open Fed Seat, Democrat Says (Update2)

Dec. 18 (Bloomberg) -- President-elect Barack Obama today will name one of his economic policy advisers, Daniel Tarullo, to an open seat on the Federal Reserve Board, a Democrat familiar with the decision said.

Tarullo, 57, a professor at Georgetown University's law school, was President Bill Clinton's top adviser on international economic policy. The Democrat who said Tarullo is Obama's choice for the Fed seat spoke on condition of anonymity.

Tarullo, if confirmed by the Senate, would join Chairman Ben S. Bernanke and other members of the Board of Governors as they seek to ease the worst credit crunch in seven decades and reverse a deepening, yearlong recession.

....

Tarullo would stand out from current Fed governors. He doesn't have an academic background in economics or a career history in banking, with law being the focus of his educational background. Among the current five Fed board members, three have doctorates in economics, one is a former investment banker and one is a former community banker.

http://www.bloomberg.com/apps/news?pid=20601068&sid=axEYxWfoWCIk&refer=economy

[tama]

75. So,

will Tarullo the law professor declare his new job unconstitutional?

[ozymandius]

19. AIG Writedowns May Rise $30 Billion on European Swaps (Update1)

Dec. 17 (Bloomberg) -- American International Group Inc., which already has suffered more than $60 billion in writedowns and losses, may have to absorb almost $30 billion more because of flaws in the way its holdings are valued.

An examination of AIG’s credit-default swaps guaranteeing more than $300 billion of corporate loans, mortgages and other assets not covered by a $152.5 billion federal rescue shows the New York-based insurer may value some of its positions at levels that don’t reflect distress in the markets, according to an analyst at Gradient Analytics Inc. and a tax consultant who teaches at Columbia University Business School in New York. Executives at two firms that have similar investments say they account for the securities differently than AIG does.

“Every time I look at their statements I find something new,” said Donn Vickrey, executive vice president of Gradient Analytics in Scottsdale, Arizona. He estimated that AIG may need to take at least $28 billion in additional writedowns on swaps covering European corporate loans and prime residential mortgages, as well as collateralized loan and debt obligations.

.....

The U.S. rescue plan announced in November, the government’s second effort to save AIG, covers only its most troubled credit-default swaps, about 20 percent of the $377 billion on the insurer’s books as of Sept. 30. Under the plan, a new government-backed entity will acquire collateralized debt obligations with a face value of $72 billion that had been insured by AIG swaps. An initial transfer of $46.1 billion of CDOs was announced on Dec. 2. A second fund bought troubled residential mortgage-backed securities with a face value of $39.3 billion, AIG said on Dec. 15.

Wider losses may cast new doubt on whether the federal funds will be enough to prop up AIG, the biggest U.S. insurer by assets. The U.S. package almost doubled from the $85 billion approved in September to save the company from bankruptcy. Previous miscalculations about the swaps contributed to the ouster of Chief Executive Officer Robert Willumstad and his predecessor, Martin Sullivan.

http://www.bloomberg.com/apps/news?pid=20601109&sid=aQr2vnbm4Jww&refer=exclusive

[DemReadingDU]

22. Columbus, Oh - National Century Trial - Happ found not guilty

12/18/08 Financial fraud case produces 1st acquittal
Prosecutors' case fell short, juror says
by Jodi Andes

The "not guilty" verdicts that came in federal court yesterday were not so much a vindication of the last National Century Financial Enterprises executive to stand trial, a juror said.

Instead, they were more a belief that federal prosecutors had not done their job, the juror said after he and his fellow jurors acquitted James K. Happ of five counts after 12 hours of deliberation.

"He very well may have been guilty. A lot of us thought he was," said the juror who wouldn't give his name. "But if he was, you gotta have the evidence."

Happ, 48, of Dublin, was tried on conspiracy, money-laundering conspiracy and three counts of wire fraud in connection with money advances that he authorized while in charge of purchasing National Century's accounts receivable.

He was the only one of 11 former National Century executives charged in the scam who walked out of the courtroom with a not-guilty verdict.

For Happ, the acquittal was vindication.

"Praise God. He answers prayers," Happ said. "I never believed I had any intent to defraud anyone."

But there was no doubt that fraud had occurred at National Century, the juror said.

The Dublin-based company bought accounts receivable from health-care providers and collected the money owed on them for a fee. Money generated from the sale of bonds to investors provided the funding.

However, investors didn't know that National Century also gave providers millions of dollars without purchasing accounts receivable to back up the loans. That's because a separate set of books hid that and the company's shrinking reserve accounts.

Investors lost $1.9 billion when National Century collapsed in 2002. It's considered to be the largest fraud case by a private company in U.S. history.

Witnesses testified that Happ was part of that deceit. But the witnesses were "tainted," the juror said.

The key witness, Sherry Gibson, had falsified National Century's books herself. Frank Magliochetti, who testified that Happ boasted he could never be prosecuted because he didn't sign anything, bragged about his own ties to organized crime.

Prosecutors should have brought in more witnesses and greater proof to show that Happ had personally been deceitful, the juror said.

Happ's attorneys admitted that he advanced money to health-care companies. But that's simply how National Century did business, his attorneys said, and auditors and banks oversaw company accounts.

They also argued that the advances had been made for eight years before Happ joined the company in 2000.

After leaving National Century, Happ went to work for Tender Loving Care, a client of National Century's that had received close to $100 million in unmerited advances.

TLC later filed for bankruptcy. But Happ, TLC's chief executive officer, oversaw the sale of company assets to repay National Century, the defense noted.

That did not make things right, Assistant U.S. Attorney Doug Squires told the jury.

"If someone takes your wallet and it later is recovered, does that mean that no crime is committed? No, it doesn't," Squires said.

After the verdict, the prosecutorial team of Squires, N. Nathan Dimock and Nicole Sprinzen declined to comment through the office spokesman, Fred Alverson.

"We appreciate the effort of all the (FBI and Internal Revenue Service) agents in preparation of the evidence," Alverson said. "And we respect the jury's decision."

The case was tried in U.S. District Court in Columbus before Judge Algenon L. Marbley.
http://www.columbusdispatch.com/live/content/local_news/stories/2008/12/18/happ_verdict.ART_ART_12-18-08_A1_FRC94QJ.html?sid=101



12/17/08 Final National Century exec acquitted

James Happ will not share his former work colleagues’ fate.

Happ, an accountant and former vice president of servicer operations for Dublin-based National Century Financial Enterprises Inc., has been found not guilty of a count each of conspiracy and money laundering conspiracy and three counts of wire fraud.

A 12-member jury at the U.S. District Court in Columbus returned the verdict Wednesday afternoon after a day-and-a-half of deliberations.

Happ was the seventh former executive from National Century to go to trial and the only one to be acquitted. Six former executives were convicted of fraud and four pleaded guilty. Happ was the eleventh and final National Century employee to face criminal charges.

Happ’s trial began Dec. 1 and ended just two weeks later after his defense attorneys declined to put any witnesses on the stand.

In opening arguments, attorney Craig Gillen told jurors that Happ never had a hand in any wrongdoing at the company.

“Jim Happ never told a lie to any investors. Period,” Gillen said.

Happ stood trial on accusations he was part of an executive-level cabal at the medical financing company that defrauded investors for years. A financier for health-care providers like doctors’ offices and hospitals, National Century’s bread and butter was buying accounts receivable from care providers at a discount, then securitizing the receivables into AAA-rated bonds for sale to investors. At its peak, the company employed more than 350 at its office campus in Dublin while recording annual revenue of more than $250 million.

The government has alleged National Century collapsed after running a sophisticated pyramid scheme that fell apart. In addition to purchasing legitimate accounts receivable, the government alleged National Century funded companies owned by its founders without getting receivables in return, effectively making risky unsecured loans with investor cash. The company charged its clients for those advances, the government has said, which inflated National Century’s revenue and generated bonuses for senior executives.

Government attorneys argued that Happ, as the firm’s chief accountant and head of servicer operations, was responsible for making sure that purchased accounts receivable were eligible. In a July 2007 indictment, the government alleged that Happ improperly advanced as much as $5.4 million to a company owned by NCFE founder Lance Poulsen.

The government also accused Happ of ordering a National Century subordinate to remove safeguards on the company’s computer system relative to a health-care provider he planned to join after leaving National Century.
http://columbus.bizjournals.com/columbus/stories/2008/12/15/daily20.html



link backwards to previous articles
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3646824&mesg_id=3646983

[DemWynner]

64. Happ said. "I never believed I had any intent to defraud anyone."

what the hell does that mean? it sounds like a kid, I don't think I meant to...

Also liked this one:

“Jim Happ never told a lie to any investors. Period,” Gillen said.
who did he tell lies to? Their secretaries?

"Praise God. He answers prayers,"

[DemReadingDU]

23. GMAC nears bank status, federal help

12/17/08 GMAC is most of way to target for raising capital it needs to become bank holding company, and that could help it tap into federal funds.

Auto finance firm GMAC has doubled the amount of capital it has raised from its creditors, moving it closer to qualifying for much needed federal funds.

Still, the company remains short of its capital target of $30 billion, forcing it on Tuesday to again push back the deadline for raising the money.

GMAC is hoping to raise the capital so it can become a bank holding company, which would allow it to tap into the $700 billion bank bailout fund. Bank status would also allow it to borrow money directly from the Federal Reserve. But GMAC had only $9 billion on hand at the end of the last quarter.

Embattled automaker General Motors (GM, Fortune 500) will get a boost if GMAC meets its capital goal and gains access to federal money. More GM customers and dealers would get financing they need. GMAC is 49%-owned by GM and 51%-owned by private equity firm Cerberus Capital Management.

more...
http://money.cnn.com/2008/12/17/news/companies/GMAC/?postversion=2008121720

[Festivito]

24. Debt: 12/16/2008 10,630,556,502,899.80 (DOWN 25,045,009,161.30) (All FICA.)

(Very little public debt change. The FICA debt, the money owed to us workers went down.)

= Held by the Public + Intragovernmental(FICA)
= 6,418,858,135,322.00 + 4,211,698,367,577.88
UP 172,636,444.49 + DOWN 25,217,645,605.80
(NOTE: Excel 2007 cannot handle ten-trillion plus to the penny. It zeroes the penny.)

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

THINKING IN BILLIONS: 3 or 4 dollars per billion in a 300-Million person America.
If every American, man, woman and child puts in $3.33 each THAT'S 1B$.
A family of three: Mom, Dad, Child: THEIR SHARE IS TEN BUCKS in 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 a 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)
(I hate those end to end dollars to the moon and back, or years to spend $100/second. Just say'n)
If you read this and have a suggestion or comment, good or bad, I'd love to see it.

ANALYSIS:
There were 22 reports in the last 30 to 32 days.
The average for the last 22 reports is 579,541,739.30.
The average for the last 30 days would be 424,997,275.49.
The average for the last 32 days would be 398,434,945.77.
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$/day.
There were 52 reports in 77 days of FY2009 averaging 11.65B$ per report, 7.87B$/day.

PROJECTION:
GWB** must relinquish the presidency in 35 days.
By that time the debt could be between 10.6 and 10.9T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
12/16/2008 10,630,556,502,899.80 GWB (UP 4,902,360,706,718.23 so far since Bush took office.)

Fiscal Year ends: Sep 30
Borrowed in FY1993: (Maybe later.)
Borrowed in FY1994: 281,261,026,873.94
Borrowed in FY1995: 281,232,990,696.07
Borrowed in FY1996: 250,828,038,426.34
Borrowed in FY1997: 188,335,072,261.61
Borrowed in FY1998: 113,046,997,500.28
Borrowed in FY1999: 130,077,892,735.81
Borrowed in FY2000: _17,907,308,253.43 Bill alone
Borrowed in FY2001: 133,285,202,313.20 Bill and George
Borrowed in FY2002: 420,772,553,397.10 All George
Borrowed in FY2003: 554,995,097,146.46
Borrowed in FY2004: 595,821,633,586.70
Borrowed in FY2005: 553,656,965,393.18
Borrowed in FY2006: 574,264,237,491.73
Borrowed in FY2007: 500,679,473,047.25
Borrowed in FY2008: 1,017,071,524,650.01
Borrowed in FY2009: 605,831,605,987.40 so far this fiscal year.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
11/25/2008 +001,468,316,558.23 ------------*********
11/26/2008 +000,650,427,812.76 ------------********
11/28/2008 +000,783,239,406.89 ------------********
12/01/2008 +038,288,359,563.07 ------------********** Mon
12/02/2008 +000,199,375,927.74 ------------********
12/03/2008 -000,525,799,120.43 ---
12/04/2008 -022,902,653,130.86 -
12/05/2008 -000,187,074,568.06 ---
12/08/2008 -000,759,942,653.72 --- Mon
12/09/2008 +000,031,558,514.41 ------------*******
12/10/2008 +000,087,731,393.17 ------------*******
12/11/2008 -019,940,834,952.80 -
12/12/2008 -000,182,958,692.63 ---
12/15/2008 +027,986,876,028.13 ------------********** Mon
12/16/2008 +000,172,636,444.49 ------------********

25,169,258,530.39 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008.
US borrowed $965,924,699,640.73 in last 89 days.
That's 966B$ in 89 days.
More than any year ever, except last year, and it's 95% of that highest year ever only in 89 days.
And it is over 100% of ANY dismal Bush, for any dismal Bush-year, ONLY IN 89 DAYS NOT 365.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock

(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=3648340&mesg_id=3648356

[Festivito]

68. Debt: 12/17/2008 10,655,552,067,433.70 (UP 24,995,564,533.90) (All FICA.)

(Very little public debt change. The FICA debt, the money owed to us workers went up as much as it went down yesterday. Weird.)

= Held by the Public + Intragovernmental(FICA)
= 6,418,658,027,770.20 + 4,236,894,039,663.57
DOWN 200,107,551.80 + UP 25,195,672,085.69
(NOTE: Excel 2007 cannot handle ten-trillion plus to the penny. It zeroes the penny.)

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

THINKING IN BILLIONS: 3 or 4 dollars per billion in a 300-Million person America.
If every American, man, woman and child puts in $3.33 each THAT'S 1B$.
A family of three: Mom, Dad, Child: THEIR SHARE IS TEN BUCKS in 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 a 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)
(I hate those end to end dollars to the moon and back, or years to spend $100/second. Just say'n)
If you read this and have a suggestion or comment, good or bad, I'd love to see it.

ANALYSIS:
There were 22 reports in the last 30 days.
The average for the last 22 reports is 1,685,726,062.58.
The average for the last 30 days would be 1,236,199,112.56.

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$/day.
There were 53 reports in 78 days of FY2009 averaging 11.90B$ per report, 8.09B$/day.

PROJECTION:
GWB** must relinquish the presidency in 34 days.
By that time the debt could be between 10.7 and 10.9T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
12/17/2008 10,655,552,067,433.70 GWB (UP 4,927,356,271,252.13 so far since Bush took office.)

Fiscal Year ends: Sep 30
Borrowed in FY1993: (Maybe later.)
Borrowed in FY1994: 281,261,026,873.94
Borrowed in FY1995: 281,232,990,696.07
Borrowed in FY1996: 250,828,038,426.34
Borrowed in FY1997: 188,335,072,261.61
Borrowed in FY1998: 113,046,997,500.28
Borrowed in FY1999: 130,077,892,735.81
Borrowed in FY2000: _17,907,308,253.43 Bill alone
Borrowed in FY2001: 133,285,202,313.20 Bill and George
Borrowed in FY2002: 420,772,553,397.10 All George
Borrowed in FY2003: 554,995,097,146.46
Borrowed in FY2004: 595,821,633,586.70
Borrowed in FY2005: 553,656,965,393.18
Borrowed in FY2006: 574,264,237,491.73
Borrowed in FY2007: 500,679,473,047.25
Borrowed in FY2008: 1,017,071,524,650.01
Borrowed in FY2009: 630,827,170,521.30 so far this fiscal year.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
11/26/2008 +000,650,427,812.76 ------------********
11/28/2008 +000,783,239,406.89 ------------********
12/01/2008 +038,288,359,563.07 ------------********** Mon
12/02/2008 +000,199,375,927.74 ------------********
12/03/2008 -000,525,799,120.43 ---
12/04/2008 -022,902,653,130.86 -
12/05/2008 -000,187,074,568.06 ---
12/08/2008 -000,759,942,653.72 --- Mon
12/09/2008 +000,031,558,514.41 ------------*******
12/10/2008 +000,087,731,393.17 ------------*******
12/11/2008 -019,940,834,952.80 -
12/12/2008 -000,182,958,692.63 ---
12/15/2008 +027,986,876,028.13 ------------********** Mon
12/16/2008 +000,172,636,444.49 ------------********
12/17/2008 -000,200,107,551.80 ---

23,500,834,420.36 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008.
US borrowed $990,920,264,174.63 in last 90 days.
That's 991B$ in 90 days.
More than any year ever, except last year, and it's 97% of that highest year ever only in 90 days.
And it is over 100% of ANY dismal Bush, for any dismal Bush-year, ONLY IN 90 DAYS NOT 365.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock

(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=3650122&mesg_id=3650191

[DemReadingDU]

29. "The market has failed, and officialdom is perpetuating that failure."

12/18/08 London Banker: "The market has failed, and officialdom is perpetuating that failure."
By Mike Whitney

London Banker's snippet in Mike Whitney's article...

The latest essay by London Banker, "Deflation has become Inevitable", has been widely circulated on the Internet, but is worth reprinting here to underline the glaring and, perhaps, fatal flaws in Bernanke's thinking:

"For a while now I have been on the fence on the inflation/deflation issue .... I’m now coming down on the side of deflation for a very simple reason: there is no longer any incentive to save or invest, and so debt and investment cannot increase much beyond current bloated levels....


The determination to avoid any accountability for failed banks, failed business models, failed regulatory systems and failed academic rationales for all the above invites anyone with spare cash – an increasingly select crowd – to withhold it from further depredations. It is this instinct, more than confidence in the government, which is driving so many to seek the temporary safety of short-dated government securities.

The result of discouraging domestic and foreign creditors and investors must be inevitable deflation as debt levels become increasingly hard to finance and ultimately contract. Irresponsible central banks and governments can try to bail out the failed banks, businesses and municipalities at the centre of every popped bubble, but the bubble economies are ever more certain to deflate with each bailout. Each bailout further undermines the market discipline which is bedrock to a saver or investor’s decision to part with hard-earned cash by trusting it to the intermediation of the management of a bank or business.

It’s this simple: I won’t invest in a country that bails out failure and punishes savers. I won’t invest in the US or UK until they change course and protect savers and investors, ensuring a reasonably predictable positive return.

It is now clear to me that policy makers in the West are determined to apply every available resource to underpinning failure, misallocation and executive excess. As this discourages the honest saver from parting with cash, policy makers are ensuring that deflation will wreak its havoc on the financial and real economies of the world. Only when that deflation has played out and rational policies that reward market-based management and returns are restored will it be worthwhile to invest again. In the meanwhile, any wealth saved securely from state seizure will "swell" to buy more assets in future - a key aspect of deflation and a key means of restoring the control of the economy into the hands of more farsighted savers and investors.

Some day soon savers will revolt at financing further depredations. They will refuse to buy even government securities, gagging at the quantities of issue forced upon them under terms of only negative return. When that final massive bubble bursts, deflation will follow its harsh corrective course and clean out deficit-financed “unproductive works”.

The market has failed, and officialdom is collaborating in perpetuating that failure." (London Banker)

Well said.

read more from Mike Whitney...
http://www.informationclearinghouse.info/article21486.htm


edit to include link to London Banker's article
http://londonbanker.blogspot.com/2008/12/deflation-has-become-inevitable.html

[pjt7]

30. Is Mary Shapiro really

the best pick Obama can come up w/ for the SEC?

That agency has been asleep for a few decades.

[Tansy_Gold]

33. No, I am.

Tansy Gold

:evilgrin:


Seriously -- I think any of the SMW regulars (TG excluded 'cause I admit I don't know nothin' about regulatin' no markets, with all due respect to Butterfly McQueen) could do a superb job, heckuva lot better'n any of the idiots who have been in there the past, oh, eight years.



Tansy Gold, still :evilgrin:

[Hugin]

49. Demeter would be a good pick, too.

Although, often confusing 'trimming Executives' with 'trimming Executive pay' might be seen as a negative...


To the Executives. :evilgrin:


Me? I have neither the interest nor the inclination for the post. Unless they add a cool uniform, outrageous
headgear and some righteous 'teeth' to the duties. Then... I might be convinced. Oh, and some medals, certificates-of
-achievement and a stunning name-tag patch.

[AnneD]

61. I am still holding out for.....

the George Soros Chair in Business Philosophy at Harvard. By the time I have these PC's (privileged characters) doing some real work at the posted wages then have them try to live on their wages-I'll be able to successfully change the culture. I see far too many trust fund babies here now. We need some serious re orienting of the moral compass.

If I don't get the Soros chair I would like to pass a law that requires all youth to either enlist in the Military for 2 years or do 2 years of Peace Corp or American Corp. No exceptions PERIOD

Although an SEC chair is tempting.........

[KoKo]

47. "London Banker's" article is a must read!

I've bookmarked the site to read his earlier posts, since he will not be blogging anymore due to new job.

Thanks!

[ozymandius]

31. pre-open numbers

S&P 500 +6.90 909.90 12/18 8:49am

NASDAQ +1.75 1230.25 12/18 8:49am

Dow Jones +79.00 8858.00 12/18 8:43am

[Ghost Dog]

34. Euro zone imports and exports fall, outlook grim

BRUSSELS, Dec 18 (Reuters) - Euro zone seasonally adjusted imports and exports fell in October against September, pointing to weakening global demand and underlining the risk of a deep recession in the single currency area.

The 15 countries sharing the euro had an unadjusted trade surplus of 900 million euros ($1.3 billion), down from 4.2 billion in October 2007, the EU statistics office said. Imports rose 3 percent year-on-year and exports gained 1 percent.

But seasonally adjusted, the euro zone logged a trade deficit in October of 1.3 billion euros, against a gap of 4.4 billion in September as exports fell 2.5 percent against the previous month and imports declined 4.6 percent.

"The financial crisis and the economic recession prompted a sharp decline in buying everywhere," said Dominique Barbet, economist at BNP Paribas.

"Uncertainty about future demand and the need to reduce inventories, which are more difficult to finance, requires a rapid adjustment. No significant recovery is forecast short-term. This set of data confirms our scenario of a serious recession associated with lower prices for manufactured goods."

Economists said the sharp monthly fall in imports most likely resulted from a drop in oil prices as well as weakening domestic demand in the recession-hit euro zone.

/... http://www.reuters.com/article/marketsNews/idINSTR84312720081218?rpc=44

[Ghost Dog]

36. Euro surges broadly, hits 2-1/2 mth high vs dlr

Thu Dec 18, 2008 8:50am EST LONDON, Dec 18 (Reuters) - The euro surged across the board on Thursday, buoyed by expectations that euro zone interest rates will not fall as steeply as those in other major economies despite data pointing to worsening German business sentiment.

The euro is set for its best weekly performance ever against the dollar, after the U.S. Federal Reserve cut benchmark interest rates to a historic low near zero on Tuesday.

In contrast, the European Central Bank seems more cautious about drastically reducing rates, where key rates now stand at 2.5 percent.

In thin volatile trade, the euro surged to a 2-1/2 month high against the dollar at $1.4719. By 1303 GMT, it was up 1.5 percent on the day at $1.4625.

The single currency also hit a fresh record-high above 95 pence <EURGBP=> and is also on track for its best week and month ever against the pound.

"The rise in euro/sterling is relentless, pushing the pair up toward parity," said Christian Lawrence, currency strategist at RBC Capital Markets in London.

The euro's rise accelerated despite a weaker-than-expected reading of the Ifo institute's index on German business sentiment. The headline index fell to 82.6 in December from 85.8 in November, below expectations of 84.0.

/... http://www.reuters.com/article/marketsNews/idINLI10172220081218?rpc=44&sp=true

[DemWynner]

35. On Wall Street, Bonuses, Not Profits, Were Real

For Dow Kim, 2006 was a very good year. While his salary at Merrill Lynch was $350,000, his total compensation was 100 times that — $35 million.

The difference between the two amounts was his bonus, a rich reward for the robust earnings made by the traders he oversaw in Merrill’s mortgage business.

Mr. Kim’s colleagues, not only at his level, but far down the ranks, also pocketed large paychecks. In all, Merrill handed out $5 billion to $6 billion in bonuses that year. A 20-something analyst with a base salary of $130,000 collected a bonus of $250,000. And a 30-something trader with a $180,000 salary got $5 million.

The company has since lost three times that amount, largely because the mortgage investments that supposedly had powered some of those profits plunged in value.

Unlike the earnings, however, the bonuses have not been reversed.

As regulators and shareholders sift through the rubble of the financial crisis, questions are being asked about what role lavish bonuses played in the debacle. Scrutiny over pay is intensifying as banks like Merrill prepare to dole out bonuses even after they have had to be propped up with billions of dollars of taxpayers’ money. While bonuses are expected to be half of what they were a year ago, some bankers could still collect millions of dollars.

Critics say bonuses never should have been so big in the first place, because they were based on ephemeral earnings. These people contend that Wall Street’s pay structure, in which bonuses are based on short-term profits, encouraged employees to act like gamblers at a casino — and let them collect their winnings while the roulette wheel was still spinning.


...
http://dealbook.blogs.nytimes.com/2008/12/18/on-wall-street-bonuses-not-profits-were-real/

[KoKo]

37. It was really sad to see Bill Gross of PIMCO involved in this crookery...

I've respected him for years...thinking he was one of the good guys trying to warn us. Turns out he was in on it all. :-( This article is one of the best I've read.

From the article:

“No one wanted to stop this thing,” said former mortgage analyst at Merrill. “It was a machine, and we all knew it was going to be a very, very good year.”

Merrill Lynch celebrated its success even before the year was over. In November, the company hosted a three-day golf tournament at Pebble Beach, Calif.

Mr. Kim, an avid golfer, played alongside William H. Gross, a founder of Pimco, the big bond house; and Ralph R. Cioffi, who oversaw two Bear Stearns hedge funds whose subsequent collapse in 2007 would send shock waves through the financial world.

“There didn’t seem to be an end in sight,” said a person who attended the tournament.

Back in New York, Mr. Kim’s team was eagerly bundling risky home mortgages into bonds. One of the last deals they put together that year was called “Costa Bella,” or beautiful coast — a name that recalls Pebble Beach. The $500 million bundle of loans, a type of investment known as a collateralized debt obligation, was managed by Mr. Gross’s Pimco.
Merrill Lynch collected about $5 million in fees for concocting Costa Bella, which included mortgages originated by First Franklin.

http://www.nytimes.com/2008/12/18/business/18pay.html?_r=1&ref=business

[DemWynner]

39. I liked it too

I don't usually have time to post, although I always read this page every day. I thought that this was a very telling article. you can not give those sort of bonuses without people taking huge risks to get the big money. this is at the bottom of what went wrong with the financial community.

[KoKo]

41. I just added the "snip" about Bill Gross's involvement....

Thanks again for posting the article.

[UpInArms]

42. U.S. credit card rule changes receive OTS approval (rules don't go into effect until 2010!)

http://www.reuters.com/article/bondsNews/idUSN1835460820081218

WASHINGTON, Dec 18 (Reuters) - Final rules aimed at preventing credit card holders from being hit by unfair and deceptive practices such as surprise fees and interest rate hikes were approved on Thursday by the U.S. Office of Thrift Supervision.

The new regulations are expected to bring some relief to millions of card holders but result in lower revenue for credit card issuers.

The Federal Reserve Board and the National Credit Union Administration are expected later on Thursday to approve the same regulations, which go into effect on July 1, 2010.

OTS Director John Reich said in a statement that the rule will "ensure fair treatment" for the millions of American credit cards users.

"The rule will enhance public confidence in financial institutions and establish a level playing field for institutions that want to do business fairly without suffering competitive disadvantages," Reich said.

In 2007, Americans used an estimated 694.4 million credit cards with Visa (V.N: Quote, Profile, Research, Stock Buzz), MasterCard (MA.N: Quote, Profile, Research, Stock Buzz), American Express (AXP.N: Quote, Profile, Research, Stock Buzz) and Discover (DFS.N: Quote, Profile, Research, Stock Buzz) logos, according to the Card Industry Directory.

...more...

I'm so mad :grr:

How in the F*** will this help anyone right GD now!

not an icon in the book says how pissed I am!

[Hugin]

58. Yeah, I thought the new Regs were to go into effect in a few months!1!!

Not after they'd trashed everyone.

:grr:

[JNelson6563]

43. Big movement already on the 10 yr.

My gawd but that yield is low! Anybody know the lowest it's ever been?

Julie

[ozymandius]

51. I could only find that this is the lowest it's been since 1951.

It also says this is a record low.

http://www.reuters.com/article/hotStocksNews/idUSTRE4BF3TA20081216

[JNelson6563]

63. Wow, that's quite something.

I can't believe this is particularly good news. Thanks for checking that out Ozy. :toast:

Julie

[UpInArms]

70. TREASURIES-US 10Y note yield hits five-decade low

http://www.reuters.com/article/bondsNews/idUSNYG00143720081218

NEW YORK, Dec 18 (Reuters) - The U.S. 10-year Treasury note yield hit a five-decade low on Thursday in a safe-haven bid as stocks extended their declines after Standard & Poor's said General Electric Co. (GE.N: Quote, Profile, Research, Stock Buzz) had at least a one-in-three possibility of a ratings downgrade within two years.

The benchmark 10-year Treasury note's price, which moves inversely to its yield, rose more than one full point, pushing down the yield briefly to 2.04 percent <US10YT=RR>, the lowest level since the early 1950s.

[UpInArms]

46. want to have some fun?

http://www.sockandawe.com/

[JNelson6563]

52. You wicked girl!

:patriot: :cheers:

Though I could only get a 4. Oy.

Julie

[Hugin]

53. We're #1! We're #1!

U.S.A! U.S.A!

:patriot:

[UpInArms]

54. 36,569,887 shoes have hit the shit in the face

:D

[54anickel]

65. 8 on my first try and notice the US is in first place for Bush-shoeing so far. Then again, there

are a lot of out of work people here with plenty of time on their hands these days.....:-(

[ozymandius]

55. I scored 2 then 4 then 5 then 10!

Twenty one shoes! Yippee! :woohoo:

[AnneD]

67. You naughty little monkey you......

she said as she book marked the site to send to all her friends......

[Roland99]

48. 10:27am - Lackluster mixed messages (but oil is dropping)

DJIA 8,820.20 -4.14 -0.05%
Nasdaq 1,578.88 -0.43 -0.03%
S&P 500 905.59 +1.17 +0.13%
Global Dow 1,546.40 +1.64 +0.11%
Dow Util 366.00 +3.97 +1.10%
NYSE 5,742.83 -26.97 -0.47%
AMEX 1,364.50 +5.83 +0.43%
Russell 2000 485.59 -1.00 -0.21%
Semcond 214.94 -6.22 -2.81%
Gold future 857.30 -11.20 -1.29%
Oil $38.00 -$2.06
30-Year Bond 2.60% -0.07 -2.51%
10-Year Bond 2.10% -0.09 -4.20%

[ozymandius]

56. lunchtime update

12:07
Dow 8,794.55 Down 29.79 (0.34%)
Nasdaq 1,583.46 Up 4.15 (0.26%)
S&P 500 905.50 Up 1.08 (0.12%)
10-Yr Bond 2.10% Down 0.09
NYSE Volume 2,359,416,750
Nasdaq Volume 818,115,375

12:00 pm : Johnson & Johnson (JNJ 6004, +1.26) is providing leadership to the health care sector and the broader S&P 500.

Aside from some selling pressure in the prior session, shares of JNJ have been on an upward trend since the start of the week. The stock is up roughly 4.8% since.

Health care is now up 2.3%, which is more than any other sector. The advance is helping provide leadership to the broader market since health care is the second largest sector in the S&P 500. Health care accounts for roughly 15% of the S&P 500's total weight. (Tech is the largest sector and is currently off by 0.2%).DJ30 -0.40 NASDAQ +7.58 SP500 +4.14 NASDAQ Adv/Vol/Dec 1466/801 mln/1147 NYSE Adv/Vol/Dec 1795/444 mln/1202

11:30 am : Stocks recently made their way to a 0.7% gain, but quickly retreated when the S&P 500 hit 910.

Though the stock market is currently trading near the unchanged mark this session, it is still up 2.8% week-to-date. The stock market is up 0.9% month-to-date. In the event a Santa Claus rally gives the stock market an additional boost to ride out the month, December will be the first month since August to finish higher. DJ30 -37.11 NASDAQ -0.02 SP500 -1.01 NASDAQ Adv/Vol/Dec 1422/698 mln/1137 NYSE Adv/Vol/Dec 1718/384 mln/1243

[specimenfred1984]

66. President wants to bankrupt American manufacturing, think about that

Or, stare at some Tim muthafucking Wood charts and pretend you're Goldmember from an Austin Powers movie. Also consider that U.S. bonds are becoming worthless as the U.S. is becoming worthless and then, go ahead and completely ignore reality and let your greed take you right into the purchase of some treasuries. Finally, you can ignore this warning too: if the Obama admin doesn't start arresting 100s of corrupt bank aholes, in 2009 the U.S. becomes the next Argentina.

[specimenfred1984]

69. Darn, everything was so perky and happy on Tuesday

The bottom was in, the Fed will do whatever it takes, the prez will help autos, xmas sales look great, blah blah blah. Two days later it turns out it was all lies but hey, in 2 more days the lies will be repeated as truth once again!

[Dr.Phool]

71. Thank God they cut interest rates!

Thank God It Passed!
Wanna see me pull a rabbit outta my ass..er hat?

Is this fraudulent system past the point of any possible redemption now?

We're finally down to where you can count the weeks chimpolini has left in office on one hand. Can we count the decades on one hand until things are fixed?

[uppityperson]

72. that was my thought, and a question.

Since they cut whatever it was way down (sorry for the vagueness, aha Fed cut rate to essentially zero), and the stock market continues to fall, now what? I mean, I knew yesterday that they were flailing, and seem to have cut stuff as far as they can, so...

damn

[Dr.Phool]

73. In my finite knowledge, the only option left, if they haven't done so already.

Is fire up the printing press, and maybe buy a couple of extras. They'll try to hyper-inflate us out of this mess, and it won't work.

There is so much debt, and so many liabilities, that I can't fathom the numbers that they have to cover.

You've got all the toxic crap that they've picked up. You've got bailout money. You've got CDS's, derivatives, mortgages, etc. Are they going to let their rich sponsors take the fall? I doubt it.

Social Security, Medicare, Medicaid, food stamps, working people, veterans, states, cities, and infrastructure will in all likelihood will bear the brunt.

The Pentagon will get a nice increase to keep us in line.

While they should be seizing the assets of EVERYONE involved in this whole mess, including Congressmen and Senators, they won't do squat.

Bernie Madoff probably was diagnosed with a terminal disease and has about 3 months left to live, and they'll pin it all on him. The lone gunman theory.

We'll be broke, but pronounced cured, and all is fine on Wall Street and Washington again.

And to quote a fittingly bad comic, Dennis Miller, "But, then again, I could be wrong".

[UpInArms]

76. stickin' a fork in it

Dow 8,604.99 219.35 (2.49%)
Nasdaq 1,552.37 26.94 (1.71%)
S&P 500 885.28 19.14 (2.12%)
10-Yr Bond 2.074% 0.116

NYSE Volume 6,405,588,500
Nasdaq Volume 2,105,724,000

4:25 pm : Stocks chopped along in a relatively narrow range until economic bellwether General Electric (GE 15.96, -1.43) had its credit outlook lowered late in the session. The announcement induced selling pressure, which took the stock market to a loss of 3.0% before it finished with a loss of 2.1%.

Shares of General Electric fell to a multiweek low after Standard & Poor's lowered the company's credit outlook to Negative from Stable, which is not the same as an actual downgrade. GE is one of only a handful of companies to carry a coveted AAA rating. However, Standard & Poor's did indicate there is a one-in-three possibility of a downgrade within the next two years. General Electric traded as a laggard, weighing on the S&P 500 and the Dow Jones Industrial Average.

Exxon Mobil (XOM 76.90, -4.16), which also carries a AAA credit rating, was a laggard, too. Exxon's stock dropped markedly as crude futures contracts plunged amid ongoing demand concerns. Integrated oil companies finished the session 5.9%, while oil and gas drillers dropped 11.3%.

Though OPEC announced yesterday production cuts intended to bolster prices by realigning supply with demand, oil prices have gone on the slide this week. January crude fell as much as 10.2% to take out a multiyear low of $35.98 per barrel before settling at $36.74 per barrel; contracts for January delivery expire after tomorrow's close. Upon the expiration of the January contracts, February will become the front month. February crude closed at $42.06, down 5.7%.

Materials (-4.0%) also traded with weakness as Freeport McMoRan (FCX 23.32, -2.69) dropped more than 10%. Its loss followed weakness in metals.

February gold slipped $7.90 to settle at $860.60 per ounce, while and March silver shed $0.30 to settle at $11.12 per ounce. Copper was also down with March contracts slipping $0.072 to $1.302 per ounce.

Weakness in commodities was exacerbated by a resurgent dollar. The U.S. dollar was able to snap its recent losing streak by climbing 0.7% this session. It is still down 5.0% for the week, though, as currency traders assess the country's extraordinary spending plans and weak economic conditions.

Though a stronger dollar bodes well for U.S. consumers, it can dampen earnings prospects from multinational companies depending on foreign markets for growth. Nike (NKE 52.69, +2.05) and FedEx (FDX 62.60, -1.37), both global companies, posted better-than-expected quarterly earnings results ahead of the opening bell. Their results have been helped by international markets, but economic headwinds will challenge their performance in the future.

As such, President-elect Obama is reportedly planning an $850 billion economic stimulus plan that would be phased in over the next couple of years.

The current White House administration is reportedly planning to provide automakers with aid before Dec. 25. Treasury Secretary Paulson will take the lead in the planning, but details for the plan remain unknown. Separate reports indicated General Motors (GM 3.66, -0.71) and Chrysler reopened merger talks, but GM later denied the claim.

In economic Weekly initial jobless claims and continuing claims were down a bit from the prior week, and essentially in-line with economists' expectations. Claims totaled 554,000 and 4.38 million, respectively. The claims numbers can be considered relatively positive since they didn't surpass the estimated levels, which has been the case in previous weeks, but the decrease may suggest some workers have exhausted their jobless benefits since companies continue laying off workers. DJ30 -219.35 NASDAQ -26.94 SP500 -19.08 NASDAQ Dec/Adv/Vol 1747/1043/2.06 bln NYSE Dec/Adv/Vol 1799/1311/1.38 bln

3:30 pm : The energy and materials sectors continue to stand out as the session's worst performers as commodities trade with weakness. Energy is off by 6.2%, while the materials sector has shed 4.9% this session.

January crude oil prices dropped $3.32 to close at $36.74 per barrel. They hit lows of $35.98 per barrel, which is consistent with levels last seen in June 2004. Demand concern remains at the forefront of traders' minds, while knowledge that the January contracts expire at tomorrow's close likely played a role as well.

February crude also fell, though by a less significant degree. It shed $2.55 to close at $42.06 per barrel. February crude took out lows at $41.55 per barrel.

January natural gas squandered early gains as crude oil moved lower. It settled down $0.062 at $5.557. Still, the sell-off was not as severe as that of crude, and natural gas finished off its low of $5.50. The latest natural gas inventory data was generally in-line with expectations.

The downturn in energy prices was likely exacerbated by a stronger dollar, which managed to buck recent weakness to advance around 0.7% against a basket of major foreign currencies.

Precious metals responded by moving lower. February gold slipped $7.90 to settle at $860.60 per ounce, while and March silver shed $0.30 to settle at $11.12 per ounce. March copper slipped $0.072 to $1.302. DJ30 -273.99 NASDAQ -40.11 SP500 -24.38 NASDAQ Dec/Adv/Vol 1902/872/1.63 bln NYSE Dec/Adv/Vol 1981/1141/951 mln

[ozymandius]

77. I'm glad I hit 'reload' before posting.

Thanks for your fork-stickin' UpInArms. :hi:

[UpInArms]

78. we're supposed to be in for a lovely ice storm tonight -

if I don't appear tomorrow, you'll know the power gods have frowned upon our world and it will be cold and miserable in the UpInArms household.

Keep a good thought for us

[ozymandius]

79. Be safe and warm.

I trust you have provisions for a long weekend.

:crossesfingers:

[UpInArms]

80. seeing as how last year gave us the training

we have:

extra batteries for flashlights
extra lamp oil/new wicks installed in lamps (8 in total)
candles
fully charged heavy duty marine battery to power minor electrical appliances
an alternative heat source (trouble involved in moving it in and out, but have a wood burning stove that can be installed and used to heat the house)
lots of wood to burn
plenty of foodstuffs that can be eaten - warm meals can be prepared
lots of gallons of water in reserve
many blankets and quilts
full tank of gas in car (if power goes down, no gas gets pumped)

:fingerscrossed:

[AnneD]

82. dogs...check

dogs can be the best bedwarmers.

[UpInArms]

83. ... we had a sad night last night

a dog we had rescued - she was older - more than 10 years - and her person died in June of this year, they were going to put her down - and we said "no, we'll take her in and love her" well, long story short - her diet had been terrible and she was morbidly obese when we got her - a schipperke weighing in at 24.75 pounds - barely able to walk - we put her on a diet and an exercise regime and had her down to 17 pounds - for the past month she acted like she was a puppy - dancing around and eyes gleaming -

yesterday, she fell on the slick road and broke her hip - osteoporosis - and ...

was a sad day for the UpInArms family

:weep:

but we had 5 glorious months of "Weezie" and we shall miss her

down to one dog again :(

[ozymandius]

85. I'm terribly sorry UpInArms.

She had some wonderful months living with you. She sounds like she was a delight.

[DemReadingDU]

87. It is sad to lose a family pet

It may have been 5 months, but I bet they were the best 5 months for "Weezie".

Take care, SW Ohio is supposed to get more ice tonight too.

[UpInArms]

89. here's Weezie

in August - with glasses

[Hugin]

91. What a very sad story.

You have my sympathy UpInArms. :(

[UpInArms]

92. she was our blessing

thanks Prag

:grouphug:

[DemReadingDU]

93. She's a movie star!

Ah, that's a great picture.


edit

:grouphug:

[UpInArms]

94. that pic made the front page of the paper

and eveyone who met her, loved her

(edited - spulling)

[AnneD]

97. So sorry.....

We rescued a beautiful collie off the reservation road late one night (place full of bears, coyotes, and cougars). We spent hours guessing her name (we figured it out)and contacting every shelter and feed store in the surrounding counties to find her home. Then took her to get dipped and groomed. I am sure she was poisoned from the dip. Daughter called her to take a walk. Pepper jumped up, planted a went one on my daughter, then collapsed. She died in my daughters arms-with me trying to give CPR.

She blessed us with her presence for 6 months. The only comfort I could give my daughter was that she had received all the love we could have given her. And if she did have to go-how wonderful to have died peace dully surrounded by those who love you the most.

[ozymandius]

84. I just checked weather underground.

It looks like temperatures are hovering around freezing with a solid mass of clouds passing over the state.

http://www.wunderground.com/US/MO/

[tclambert]

86. Weather underground?

You tore me in two with that one. Go for the Bill Ayers joke? Or go for the cemetery weather report?

[tclambert]

88. Muddy with a chance of worms.

Couldn't help it.

[bread_and_roses]

95. Dammit, I forgot the batteries

We are supposed to get storm tomorrow (upstate NY), and I stocked up today - but forgot the batteries. Oh, well, if AM - we usually lose power at least for a while in any big storm up here on the hill. So, thanks for the reminder!

[UpInArms]

96. hopefully, you won't need too many

and you will stay safe and warm

[AnneD]

81. Warm wishes heading toward you.....

We are in for a nasty weekend here too.

[Dr.Phool]

90. Mr. Grinch visiting the Asian Markets

Hang Seng off 2.5% at the open.
Nikkei off 1.1% so far.

Wall Street futures down slightly so far.

See y'all in the morning.