STOCK MARKET WATCH, Wednesday October 22

[ozymandius]

Source: du

STOCK MARKET WATCH, Wednesday October 22, 2008

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 90
DAYS SINCE DEMOCRACY DIED (12/12/00) 2829 DAYS
WHERE'S OSAMA BIN-LADEN? 2554 DAYS
DAYS SINCE ENRON COLLAPSE = 2844
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

---

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

---

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

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

AT THE CLOSING BELL ON October 21, 2008

Dow... 9,033.66 -231.77 (-2.50%)
Nasdaq... 1,696.68 -73.35 (-4.14%)
S&P 500... 955.05 -30.35 (-3.08%)
Gold future... 768.00 -22.00 (-2.78%)
30-Year Bond 4.19% -0.09 (-2.10%)
10-Yr Bond... 3.70% -0.18 (-4.71%)






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

Getting Ready for "The Turn" in the Dollar
BY FRANK BARBERA, CMT

Over the years, I have written a number of controversial articles, some which were correct, and some which were off base. Like a player that bats .300 in baseball, in the financial markets, if you can correctly see what’s coming next more then half the time, you are doing reasonably well. I start today’s article on this note because I know that right here, right now, this article and this call are bound to be among the most highly controversial and represent one of the more aggressive calls I have made in some time. Yet, looking at the state of the currency markets, it appears as though a truly major turn is dead ahead. Now, I am writing this article from the point of view of a market technician, and I want to state up front that I have no idea “why” the Dollar will weaken, and why the Euro will bounce back. For whatever reason, I would assert that at the moment, an “inflection point” of epic proportions is now directly ahead. Of course, there is always room to speculate where fundamentals are concerned. In markets as super charged as the currency markets are at the moment, an important trend change could come from something as simple as some European finance minister opening his mouth and talking about lower rates. Alternatively, maybe some economic data could trigger a major swing. From the standpoint of the message of the charts, the fundamentals matter little. The charts are shouting out potential “trend change” and that is all we are paying attention to at the current time.

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

[ozymandius]

2. Today's Report

10:35 Crude Inventories 10/18
Briefing.com NA
Consensus NA
Prior NA

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

[UpInArms]

48. Petroleum Inventories Report: everything is up

02. U.S. crude supply up 3.2 mln brls last week: Energy Dept.
10:36 AM ET, Oct 22, 2008

03. U.S. distillate supply up 2.2 mln brls: Energy Dept.
10:36 AM ET, Oct 22, 2008

04. U.S. gasoline supply up 2.7 mln brls: Energy Dept.
10:36 AM ET, Oct 22, 2008

[ozymandius]

3. Oil falls below $70 on US recession fears

SINGAPORE – Oil prices fell below $70 a barrel Wednesday in Asia as investors shrugged off a looming OPEC production cut after company forecasts suggested the U.S. may be headed for a severe economic slowdown that crimps crude demand.

Light, sweet crude for December delivery dropped $2.59 to $69.59 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore.

The November contract expired Tuesday and fell $3.36 to settle at $70.89. Last Thursday, that contract had declined as low as $68.57 a barrel, the lowest since June 2007.

....

Investors are also watching for signs of slowing U.S. demand in the weekly oil inventories report to be released Wednesday from the U.S. Energy Department's Energy Information Administration. The petroleum supply report was expected to show that oil stocks rose 2.9 million barrels last week, according to the average of analysts' estimates in a survey by energy information provider Platts.

The Platts survey also showed that analysts projected gasoline inventories rose 3.0 million barrels and distillates went up 600,000 barrels last week.

In other Nymex trading, heating oil futures fell 6.03 cents to $2.12 a gallon, while gasoline prices dropped 5.39 cents to $1.64 a gallon. Natural gas for November delivery jumped 1.0 cents to $6.85 per 1,000 cubic feet.

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

[radfringe]

4. Pie-crumb theory

The trickle-down theory of giving/diverting money to those at the top of the economic levels (1%-ers) and hoping some of it will trickle down has been revised.

It is now the Pie-crumb theory.

McCain wants the the 1%-ers to have the whole pie, and the rest of us can wait for crumbs to fall.

His recent reference to making a bigger pie is no different than back in 2000 when bush said "we ought to make the pie higher"

[ozymandius]

6. Haha!

This brings to mind something I caught last night about a crowd chanting to Obama, "we want pie!"

The backstory says that they want some, any pie for they have had none over the past eight years.

[aquart]

9. You'll get pie in the sky when you die.

Work and pray
Live on hay
You'll get pie in the sky when you die.

[poppysgal]

100. Wait

:wow: I don't want to die to eat pie

[Karenina]

60. WE WANT PIE!!!

http://www.youtube.com/watch?v=tGBH86k3Y8w

[ozymandius]

5. Regional banks 3Q reports show ongoing credit woes

NEW YORK – A bevy of regional banks reported worse-than-expected third-quarter results on Tuesday, burdened by investment losses and higher credit costs — a stark indicator of more loan troubles ahead.

Still, analysts were able to find a silver lining in the reports, noting that several banks will likely benefit from the government's recent initiatives to aid ailing banks.

Ohio banks KeyCorp, National City Corp. and Fifth Third Bancorp all reported sizable losses for the quarter on Tuesday, while U.S. Bancorp, Regions Financial Corp., BancorpSouth Inc. and M&T Bank Corp. reported steep declines in profit.

The third quarter proved one of the most tumultuous times in America's economy since the stock market crash of 1929, so it should come as no surprise that the financial results thus far illustrate the effects of that turmoil on the nation's banks. Yet all of the reports on Tuesday fell below analysts' estimates.

http://news.yahoo.com/s/ap/20081021/ap_on_bi_ge/earns_banks

---

Every other day, it seems, we have banking news that raises the memory of the Great Depression.

[ozymandius]

7. Global stocks slide anew, dollar sets 2-year high

LONDON (Reuters) – Stock markets around the world fell sharply again on Wednesday after concerns about economic recession and falling commodity prices were fueled by a fresh spate of gloomy corporate earnings.

Emerging markets were hardest hit by the global retreat and the fresh commodity pressure, with the U.S. dollar and government bonds the big gainers.

MSCI's main index of emerging equities fell some 4.5 percent to its lowest level since June 2005, sharply underperforming the 2.45 percent loss in MSCI's index of world stock markets.

.....

"There is an increase in risk aversion. The emerging market world appears to be starting to collapse; that means it'll be much more difficult for the global economy to recover," said Peter Mueller, rates strategist at Commerzbank in Frankfurt.

http://news.yahoo.com/s/nm/20081022/ts_nm/us_markets_global

[ozymandius]

8. Asian markets slide on glum corporate outlook

TOKYO – Asian markets veered sharply lower Wednesday, with Tokyo's Nikkei index tumbling nearly 7 percent, amid spreading pessimism over corporate earnings outlooks in the U.S. and at home. European markets also opened lower.

As credit markets show signs of improving, investors are turning their attention to dismal forecasts from major U.S. companies and Japanese media reports of disappointing sales and profit results — stoking fears of a global recession.

....

Japan's Nikkei 225 stock average fell for the first time in three days, dropping 631.56 points, or 6.79 percent, to 8,674.69. Hong Kong's Hang Seng sank 5.2 percent, while South Korea's main index shed 5.1 percent.

....

Particularly hard hit were Japan's megabanks, which slumped after The Nikkei financial daily reported that Mitsubishi UFJ would miss its net profit projection for the April-September period by about two-thirds due to higher bad loan costs and the falling value of its shareholdings. Mitsubishi UFJ Financial Group Inc. shed 8.8 percent and Sumitomo Mitsui Financial Group Inc. dived 8 percent.

http://news.yahoo.com/s/ap/20081022/ap_on_bi_ge/world_markets

[AnneD]

58. Our theme for today.....

Done before but a good choice anyway-Slip Sliding Away by Paul Simon

Slip slidin away
Slip slidin away
You know the nearer your destination
The more youre slip slidin away

I know a man
He came from my home town
He wore his passion for his woman
Like a thorny crown
He said Delores
I live in fear
My love for yous so overpowering
Im afraid that I will disappear

<edit>
I know a woman
Became a wife
These are the very words she uses
To describe her life
She said a good day
Aint got no rain
She said a bad days when I lie in bed
And think of things that might have been

<edit>

And I know a fa-ther
Who had a son
He longed to tell him all the reasons
For the things he'd done
He came a long way
Just to explain
He kissed his boy as he lay sleeping
Then he turned around and headed home again

<edit>

God only knows
God makes his plan
The informations unavailable
To the mortal man
We work our jobs
Collect our pay
Believe we're gliding down the highway
When in fact were slip slidin away

[ozymandius]

15. Warsaw Beats London as IPO `Casino' Lures Buyers to 69% Losses

Oct. 22 (Bloomberg) -- Warsaw overtook London to become Europe's hottest market for initial public offerings with a small-cap exchange that's luring investors even after listed shares tumbled 69 percent this year.

Six companies debuted in Poland since last month's bankruptcy of Lehman Brothers Holdings Inc., bringing this year's total to 68, data compiled by Bloomberg show. In the U.K., 59 initial share sales took place in 2008, the data show.

The combination of 10.9 percent annual wage growth this year and disclosure rules that allow companies listing on the NewConnect market to sell shares without providing investors with a prospectus is prompting an IPO boom almost 20 years after the collapse of Communism. The NCIndex of 73 companies on the small- cap bourse fell 21 percentage points more than Poland's benchmark WIG20 Index, whose 20 companies have an average market value 643 times larger than those on NewConnect.

http://www.bloomberg.com/apps/news?pid=20601109&sid=aQIbS1JuCA.I&refer=exclusive

---

Caveat emptor, as always.

[kickysnana]

10. Banks Weighing Other Uses for Bailout Money Some May Put It Toward Acquisitions

By Peter Whoriskey and Zachary A. Goldfarb
Washington Post Staff Writers
Wednesday, October 22, 2008; D01

http://www.washingtonpost.com/wp-dyn/content/article/2008/10/21/AR2008102102520.html

About 10 financial institutions belonging to the Financial Services Roundtable, which represents 100 of the nation's largest financial services firms, are also considering making acquisitions with the money, said Scott Talbott, the group's senior vice president.

There is a growing consensus among Treasury and other federal officials that allowing healthy banks to use the money to acquire banks in jeopardy of failing could stabilize the economy and bolster confidence in banks. This could also save money for the Federal Deposit Insurance Corp.

According to some analysts, an excess of mergers and acquisitions in the financial sector over the past decade created too many institutions deemed "too big too fail," meaning that the government would be obliged to rescue them if they faltered. Now, some worry the government's program will continue to drive that trend.

"I think it's a very serious problem, and I think it's part of a general failure to enforce antitrust laws in the last few years," Nobel Prize-winning economist Joseph Stiglitz said at a hearing of the House Financial Services Committee yesterday. "So one of the things I think is part of your exit strategy is that we have to think about breaking up some of the big banks," added Stiglitz, a Columbia University professor.

----------------------------------------------------------
They just can't stop can they?

[ozymandius]

12. Wait. Wait.

I thought part of the deal was to bolster healthy banks and let the horribly sick ones die. What happened to that?

[ozymandius]

17. Wells Fargo's Push East Slowed by Wachovia Defections (Update3)

Oct. 20 (Bloomberg) -- Wells Fargo & Co., the San Francisco-based bank that's trying to gain a foothold on the U.S. East Coast, is losing deposits at takeover target Wachovia Corp. as customers flee the troubled North Carolina lender.

BB&T Corp. attracted $1.2 billion in deposits from former Wachovia customers during the third quarter and expects further gains, Chief Executive Officer John Allison said on a conference call last week. Wachovia's rivals in the Southeast, Bank of America Corp., SunTrust Banks Inc., and Regions Financial Corp., have all reported increased deposits in recent months. Analysts say those deposits came at Wachovia's expense.

.....

Anger at Wachovia is evident in dozens of e-mails received since last month, said Mark Beck, a Charlotte software-company owner who started a Web site to protest Citigroup Inc.'s earlier proposal to acquire Wachovia's banking business. Wells Fargo trumped Citigroup by bidding for the whole company.

.....
To keep customers, Wachovia this year has paid some of the nation's highest rates on certificates of deposits, said Tony Plath, a finance professor at the University of North Carolina at Charlotte.

``Much of that hot money has already left Wachovia or will be leaving soon,'' Plath said. ``From what I hear other banks are running out of signature cards, they are getting so much business coming out of Wachovia.''

http://www.bloomberg.com/apps/news?pid=20601109&sid=aZ6bc_6wz50c&refer=exclusive

[florida08]

33. I fled from Wachovia

Had been with them since they tookover First Union in my area and before First Union was Florida National. Never had any problems
with them until this year. Took my money market out first..then later transferred my checking. I was glad to see Wells Fargo acquire them over Citigroup. My mortgage is with WF.

[Dr.Phool]

39. I still have my checking and mortgage there.

I moved the money market out a few months ago.

I was planning on closing out my checking when Citi was taking over, but decided to stick around with WF.

Welcome to DU, and the SMW thread.

[florida08]

49. thanks for the welcome

am new to DU as you can tell. I kept the checking open at Wachovia just moved most of it. Now that they're with WF am going to continue to use it..probably just a knee jerk reaction. I heard one day on CNBC that Wachovia had defaulted!..lol I got in the car only to come back and find out they hadn't closed the doors. News can play havoc with ya. ;-)

[ozymandius]

11. Two Weeks Before the Election Confidence is a Point from its Low

With two weeks until Election Day and news that a majority of states are in recession, Americans are bottoming out on economic confidence, spelling trouble for the incumbent party.

The ABC News Consumer Confidence Index has dropped by 7 points in the last two weeks to -50 on its scale of +100 to -100, 1 point from its record low in 22 years of weekly polling, set in May. It also was in this territory just in advance of the 1992 election, in which George W. Bush's father lost his office in a wave of economic discontent.

....

It all has political repercussions. In the latest ABC News/Washington Post tracking poll, likely voters overwhelmingly cite the economy as their top issue and by a 17-point margin trust Barack Obama over John McCain to handle it. The last Democratic presidential candidate to lead by that much in trust to deal with the economy was Bill Clinton in 1992.

http://abcnews.go.com/PollingUnit/story?id=6079305&page=1

---

The latest University of Michigan consumer sentiment index fell to a reading of 57.5.

[ozymandius]

13. Wal-Mart acts on Chinese products

Wal-Mart has told its Chinese suppliers they will have to adhere to new quality standards and have better knowledge of the practices of their sub-contractors.

The move comes after numerous US recalls of Chinese-made products, including various toys in 2007 after high concentrations of lead were found.

Wal-Mart says it is aiming for its suppliers to get 95% of their products from highly-rated firms by 2012.

....

Wal-Mart will focus on getting its suppliers to meet environmental obligations, provide safe and healthy work environments and offer adequate compensation.

http://news.bbc.co.uk/2/hi/business/7683686.stm

---

Here's an idea: why doesn't Wal-Mart buy its items from firms that are overseen by the FDA and the CPSC?

[Dr.Phool]

24. Because the FDA and CPSC effectively don't exist anymore?

Maybe next year.

[TalkingDog]

54. Self correcting problem

We aren't buying and they aren't shipping.

The products with the best oversight will start to a) become competitive price wise or b) become competitive by resorting to the tactics of their competitors. Which would, hopefully, put them out of the running for purchase.

By process of elimination and Darwinian competition, Wal-Mart will be able to buy the best products for the lowest prices. And continue to drive wages into the ground for everybody.

Unless, like some smart companies, you refuse to do business with Wally-World.

[ozymandius]

14. Argentina Default Looms as Pension Funds Seizure Roils Markets

Oct. 22 (Bloomberg) -- Argentina's planned seizure of $29 billion of private pension funds stoked concern the nation is headed for its second default in a decade.

Investors say President Cristina Fernandez de Kirchner's decision may further hurt markets already reeling from slumping commodity prices and slower growth. The retirement system, set up in 1994 to help bolster capital markets, owns about 5 percent of companies listed on the Buenos Aires stock exchange and 27 percent of shares available for public trading, data compiled by pension funds show.

.....

Argentina's borrowing needs will swell to as much as $14 billion next year from $7 billion in 2008, RBC Capital Markets, a Toronto-based unit of Canada's largest bank, said yesterday.

South America's second-largest economy hasn't had access to international capital markets since its 2001 default. Holders of about $20 billion of defaulted bonds rejected the government's 2005 payout of 30 cents on the dollar, and Fernandez has said she's considering proposals to offer a new deal.

http://www.bloomberg.com/apps/news?pid=20601068&sid=aDuA9V2SI6GY&refer=economy

[ozymandius]

16. Goldman Sachs Paydays Suffer on Lost Leverage With Fed Scrutiny

Oct. 21 (Bloomberg) -- On Sunday Sept. 21, just before 3 p.m., Lloyd Blankfein gathered the top executives of Goldman Sachs Group Inc. in his 30th-floor office and set off a chain of events that would forever change the company he leads.

It had been a week like no other on Wall Street. Lehman Brothers Holdings Inc., the fourth-largest U.S. securities firm, was bankrupt. The credit markets, which Goldman uses to fund its business, were frozen. And Treasury Secretary Henry Paulson, Blankfein's predecessor as chief executive officer of Goldman, was begging Congress for $700 billion to save the financial system. Goldman's stock had plunged as much as 26 percent in one day.

.....

Goldman's record profits last year were fueled by trading and multibillion-dollar investments that leveraged the company's total assets to shareholder equity more than 25 to 1. The firm seemed to make all the right bets: Mortgage securities traders wagered against the U.S. subprime market, bankers booked hundreds of millions from private equity stakes in energy companies and in China and prime brokerage revenue soared 25 percent as former Goldman employees directed business to their alma mater. For the seventh year in a row, the firm was No. 1 in advising on mergers and acquisitions, as dealmakers worked Goldman's network of business and government contacts.

2008 Credit Crisis

Now the credit crisis of 2008 has shattered the business, and Goldman is switching gears. Blankfein plans to gather consumer and corporate deposits as a more-stable and lower-cost source of funding. He'll dial back risk in trading and principal investing, which provided 68 percent of revenue in 2007. And partners will have to learn to live with Fed inspectors in their midst.

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

[kickysnana]

18. CDO Cuts Show $1 Trillion Corporate-Debt Bets Toxic (Update1)

http://www.bloomberg.com/apps/news?pid=20601087&sid=a5x0jMKZf4yc&refer=home

Oct. 22 (Bloomberg) -- Investors are taking losses of up to 90 percent in the $1.2 trillion market for collateralized debt obligations tied to corporate credit as the failures of Lehman Brothers Holdings Inc. and Icelandic banks send shockwaves through the global financial system.

The losses among banks, insurers and money managers may spark the next round of writedowns on CDOs after $660 billion in subprime-related losses. They may force lenders to post more reserves against losses after governments worldwide announced $3 trillion in financial-industry rescue packages since last month, according to Barclays Capital.

Forecasts for ratings downgrades are ``going to force a lot of activity'' in unwinding CDOs, said Rohan Douglas, former director of global credit derivatives research at Citigroup Inc. He now heads Quantifi Inc., a provider of valuation models for the debt. ``Buy-and-hold investors suddenly find themselves in a situation where they will have to sell these assets.''

[Festivito]

19. Debt: 10/20/2008 10,464,889,644,552.10 (UP 130,683,145,550.00) (354% of report-avg--OUCH!)

(Yesterday looked so normal. Shucks. We're back to obnoxiously high borrowing. Three and a half times a high average. OUCH!)

= Held by the Public + Intragovernmental(FICA)
= 6,189,647,424,005.11 + 4,275,242,220,547.07
UP 129,921,134,239.67 + UP 762,011,310.36

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

ANALYSIS:
There were 20 reports in the last 30 to 31 days.
The average for the last 20 reports is 36,894,001,232.89.
The average for the last 30 days would be 24,596,000,821.93.
The average for the last 31 days would be 23,802,581,440.57.
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$/day.
There were 13 reports in 20 days of FY2009 averaging 33.86B$ per report, 22.01B$/day.

PROJECTION:
GWB** must relinquish the presidency in 92 days.
By that time the debt could be between 10.6 and 12.7T$.
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)
10/20/2008 10,464,889,644,552.10 GWB (UP 4,736,693,848,370.53 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 <--Not even realized yet. Over 1T$ in one fiscal year.
Borrowed in FY2009: 440,164,747,639.70 so far this fiscal year.

Heavy borrowing seems to start 10/18/2008.
US borrowed $800,257,841,293.03 in last 32 days.
That's 800B$ in 32 days.
More than any year ever, except last year, and it's 79% of that highest year ever only in 32 days.
And it is over 100% of ANY dismal Bush, for any dismal Bush-year, ONLY IN 32 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.) YESTERDAY'S POST LINK:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3555309&mesg_id=3556434

[DemReadingDU]

21. Thanks for all the daily analysis

Where are all those billions going every day, amazing.

[Festivito]

29. I wish I knew. /nt

[Festivito]

87. Debt: 10/21/2008 10,467,391,133,731.10 (UP 2,501,489,179.00) (7% of report-avg)

(Yesterday was high. Today the public debt is hardly up at all. The Intragov debt rose negligibly.)

= Held by the Public + Intragovernmental(FICA)
= 6,189,702,466,098.06 + 4,277,688,667,633.08
UP 55,042,092.95 + UP 2,446,447,086.01

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

ANALYSIS:
There were 21 reports in the last 30 to 32 days.
The average for the last 21 reports is 35,256,262,563.66.
The average for the last 30 days would be 24,679,383,794.56.
The average for the last 32 days would be 23,136,922,307.40.
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$/day.
There were 14 reports in 21 days of FY2009 averaging 31.62B$ per report, 21.08B$/day.

PROJECTION:
GWB** must relinquish the presidency in 91 days.
By that time the debt could be between 10.6 and 12.6T$.
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)
10/21/2008 10,467,391,133,731.10 GWB (UP 4,739,195,337,549.53 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 <--Not even realized yet. Over 1T$ in one fiscal year.
Borrowed in FY2009: 442,666,236,818.70 so far this fiscal year.

Heavy borrowing seems to start 10/18/2008.
US borrowed $802,759,330,472.03 in last 33 days.
That's 803B$ in 33 days.
More than any year ever, except last year, and it's 79% of that highest year ever only in 33 days.
And it is over 100% of ANY dismal Bush, for any dismal Bush-year, ONLY IN 33 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.) YESTERDAY'S POST LINK:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3557436&mesg_id=3557498

[ozymandius]

20. Good morning all.

:donut: :donut: :donut:

It's time for another busy day at school. I hope your day goes smoothly.

:hi:

[DemReadingDU]

22. GMAC’s Hope Lies in Future as a Bank, Hedge Fund Says

10/21/08
Only a week after the government announced $250 billion in capital for banks, some investors are getting creative in their suggestions on who should qualify.

David Bullock, a hedge fund manager in New York, wrote a letter to the chief financial officer of GMAC on Tuesday, suggesting that the former General Motors financing arm turn itself into a bank holding company so that it can grab some of the cash.

In Europe, Mr. Bullock pointed out, parts of the auto industry are benefiting from bank rescue plans. So why not in the United States?

Mr. Bullock pointed to the recent examples of Goldman Sachs and Morgan Stanley, two investment banks that used their Utah-based banks to overall the structure of their entire companies. GMAC also owns a Utah industrial loan company, called GMAC Bank.

If GMAC followed his advice, Mr. Bullock said the company could apply for billions in capital from the government and have its senior debt temporarily backed by the Federal Deposit Insurance Corporation. That of course appeals to him because he is an owner of GMAC senior unsecured bonds.

Mr. Bullock is not the only big investor interested in GMAC, of course. Cerberus Capital Management, a secretive private equity firm, is at the head of a consortium that owns half of GMAC.

click to read Bullock's letter...
http://dealbook.blogs.nytimes.com/2008/10/21/gmacs-hope-lies-in-future-as-a-bank-hedge-fund-says/

[54anickel]

26. Oh good grief, why not just make everybody a freakin' bank. Then we can owe mortgage payments to

ourselves! At least my left hand would be a bit flexible on the payments should my right hand be outta work!

[Roland99]

32. .

:rofl:

[snot]

36. seconded!

[Dr.Phool]

40. Thirded.

I knew all the other crooks would start figuring out a way to get a piece of the action.

Maybe I'll get back in business with my partner, and we can have the Pizza Italia Restaurant and Bank.

[AnneD]

57. Sorts like...

a OBGYN pairing with a mortician..... get 'em coming and going

or a Psychiatrist and proctologist....specalists at odds and ends

a Charter Boat Fishing tour and Enron.....by hook or crook

[54anickel]

82. BWAHAHAHA!!!!!!

:spray: :rofl: :evilgrin:

[Tansy_Gold]

94. And I thought my Inigo Montoya pun was bad!!!

:rofl:

[UpInArms]

47. Fed raises interest rate paid for excess bank reserves

http://www.marketwatch.com/news/story/fed-raises-interest-rate-paid/story.aspx?guid=%7BAEE948B3%2DD3EB%2D4F75%2D9C00%2D0FF81551395E%7D&dist=hplatest

WASHINGTON (MarketWatch) -- The Federal Reserve on Wednesday raised the interest rate that it pays banks that keep excess reserves at the central bank. The new rate will be the federal funds target rate less 0.35 percentage points. The old formula was the fed funds rate less 0.75 percentage points. The Fed said that the narrower spread "would help foster trading in the funds market at rates closer to the target rate." The U.S. central bank said it would make further adjustments to the rate as needed.

don't you just love this new and improved method of extracting money from the taxpayers' wallets? give the banks all your money and then pay them interest for taking all your money with borrowed money from UAE or China or somewhere else

:nuke:

[Demeter]

88. Everybody Still Wants to Be a Financier

Printing their own money...no labor, no raw materials, no warranties, it's a business for lazy people. Of course, it's a short trip from finance to fraud, but....

[DemReadingDU]

23. Columbus, Oh - National Century Trial Tuesday's update

10/21/08 National Century executive recounts FBI raid
Tuesday, October 21, 2008 10:06 PM
By Jodi Andes

Federal prosecutors are close to wrapping up their fraud case against National Century Financial Enterprises' former chief executive officer, Lance K. Poulsen.

Their announcement to the judge came today after the government's star witness testified that the FBI raided Dublin-based National Century five days after getting a letter from Bank One, a trustee for one of the health-care lender's programs.

Former Vice President Sherry Gibson did not detail what the letter contained. She spoke about the letter and raid as she was being cross-examined by Poulsen defense attorney William Terpening

The raid happened on Nov.16, 2002. Gibson said that on that day, someone at the crisis-management firm that took over National Century once it filed bankruptcy asked her to be there to protect the company's interests.

Gibson said FBI agents used her master key to gain access to some company offices, but the key didn't work on the room where Poulsen's files had been stored. The FBI kicked that door in, she said.

When agents were done more than a week later, they had taken about 70 percent of the company's paper records, a copy of the company's computer system and many of its hard drives, Gibson estimated.

National Century bought accounts receivables from health-care providers. It paid the health-care companies, using money from notes sold to investors.

The company lost about $2billion of investor funds by giving unsecured loans to companies in which National Century executives held a stake, prosecutors contend.

Investors didn't know about the bad loans because company financial reports were routinely falsified, Gibson testified.

When Terpening suggested in a question that Poulsen didn't want her to falsify company records, Gibson laughed.

"The main message I got from Mr. Poulsen was, we could not have an investor report that was not in compliance. I was to do whatever was necessary to make sure it looked like it was in compliance," she said.

Defense attorneys have not said yet whether Poulsen will take the stand.
http://www.columbusdispatch.com/live/content/local_news/stories/2008/10/21/apoulson.html?sid=101



10/21/08 Poulsen attorney tries to shift blame for National Century collapse
Tuesday, October 21, 2008 - 6:13 PM EDT
by Kevin Kemper

After telling jurors about her central role in an alleged $2.84 billion fraud and Lance Poulsen’s attempt at bribery in 2007, Sherry Gibson faced questions Tuesday from a defense attorney determined to pick her story apart.

Gibson, the former executive vice president of compliance at National Century Financial Enterprises Inc., sparred with William Terpening over her knowledge of the firm’s governing documents and Poulsen’s intentions when he contacted her through an intermediary in 2007.

Poulsen is the cofounder and former CEO of Dublin-based National Century, a health-care financing firm that collapsed into bankruptcy in 2002. He is standing trial in U.S. District Court in Columbus on charges he ran a fraud that resulted in billions of investor dollars going missing. He is accused of one count each of conspiracy, wire fraud and money laundering conspiracy, four counts of concealment of money laundering and six counts of securities fraud. He has pleaded not guilty to all the charges.

Earlier in the trial, Gibson told jurors that Poulsen had directed her to alter the company’s books and create fraudulent investor reports so National Century could hide the more than $1 billion in advances it had given to companies owned by Poulsen and others without collateral.

But on Tuesday, Terpening did his best to sow doubt in the minds of jurors. In one exchange, Terpening suggested that because Gibson hadn’t read all of National Century’s governing documents, she didn’t know for sure that the advances the company made were illegal. National Century purchased health-care providers’ accounts receivable in exchange for quick cash, then securitized the debt into AAA-rated bonds for investors.

In another exchange, Terpening attempted to pin the blame for National Century’s collapse on auditors who would not give the company a clean report. National Century needed clean audits on an annual basis from accounting firm Deloitte & Touche LLP if it wanted to issue new bonds. In 2002, however, Gibson said Deloitte would not give National Century a clean bill of health, which resulted in the firm’s unwinding.

Terpening said it was because National Century couldn’t get a clean audit that it collapsed. Gibson answered that National Century fell apart because it had been illegally funding some firms without buying eligible accounts receivable. That resulted in more than $1 billion that couldn’t be accounted for, which is why Deloitte would not give the firm a clean audit, Gibson said. When that happened, she said, National Century went under because it couldn’t raise money from new investors to pay off old investors.

Terpening also asked Gibson about bank trustees who oversaw lock boxes National Century used to collect accounts receivable. After getting Gibson to admit that the trustees were a watchdog of sorts, he asked Gibson if those trustees had a responsibility to double check reports National Century sent to them.

Earlier in the day, Terpening also attacked Gibson on her contention that Poulsen attempted to bribe her into changing her testimony in the summer of 2007. Typical of the back-and-forth was this:

“It was very easy for you to act naturally while you were lying?” Terpening asked.

“No it was very hard,” Gibson said.

Or this:

“This was sort of joint effort ... to trap Mr. Poulsen, is that right?” Terpening asked.

“No,” Gibson answered.

Under earlier questioning from the government, Gibson told jurors that Poulsen used a mutual friend, Karl Demmler, as an intermediary. Demmler asked Gibson to have “amnesia” about allegedly fraudulent activity that took place at National Century in exchange for $1 million.

After Demmler extended the bribery offer, Gibson decided to work with the government to secretly record the bribery conversations in an effort to convict Poulsen and Demmler.

On cross examination, Terpening focused on the fact that Gibson never spoke with Poulsen or received any money from him.

“As I’ve previously stated, I never spoke with Mr. Poulsen directly,” Gibson said.

Thanks to testimony and cooperation from Gibson, Poulsen and Demmler were convicted in March by a separate jury of attempting to bribe Gibson.

The fraud trial continues Wednesday with the government expected to call its last witness, then rest its case.
http://www.bizjournals.com/columbus/stories/2008/10/20/daily20.html



Link backwards to read Monday's articles, and older
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3555309&mesg_id=3555381

[Dr.Phool]

25. Sounds like it's going to make for an interesting defense phase.

[Demeter]

27. Morning, All!

Just 2 more weeks of madness, and then people will start to deal with reality, again. At least, those that can...

[Dr.Phool]

28. I think I'll be happy when it's finally over.

McCain did get a big endorsement from Al-Qaida.

[Roland99]

34. And from some DJs I heard on the radio when McLame called in to their show.

Dave and Jimmy?

[AnneD]

30. Morning Marketeers....

:donut: and lurkers. Imagine you hungry. You've gotten off work. You're hungry but you have an invitation to a Costco store opening. You go in and it's the best sampling party you have ever gone to. Rare delicacy like homemade cheeses, Italian meats, pastries, Italian food, mexican food, barbecue, breads, sodas, coffee,ice creams. You sample as much as you want of practically everything-til you have no more room.
And then, you see a crowd gathering. Families are gathering around this guy. Parents with faces as eager as their kids. Their kids shaking this man's hand and giving him a dollar. This man is leaning over, smiling broadly, asking their name-they shyly smile and tell him. A photographer snaps a picture-the family asking if they can all get a picture. When the gentleman looks up you realize it is not a politician or a rock star but Jim Sinegal CEO of Costco. So one whispers something to you. You get out a pen and dollar. You walk up to him and say 'You're a working man's CEO and one of the best business leaders. I learned about you from The Democratic Underground and I admire your respect for your employees. It means a lot'. He looks you straight in the eye, they are actually twinkling- he smiles and says Thanks-thant's the way it should be. I pressed the dollar bill in his hand with a note scribbled on it. I posed for a grip and grin that will be available in the photo department today.
I walked out-no longer hungry and thinking 'Wow, I just met the CEO of Costco-life is sure a kick sometimes.'Got into hubby 1991 Corsica beater and headed home.

The note on the dollar- Folks write down their guess as to how much money the new store will make in it's first week. FYI most Costco stores earn 2-4 million a WEEK (per an employee).

Happy hunting and watch out for the bears.

[Roland99]

35. I met Steve Ballmer...wasn't quite the same warming experience.

:)

[AnneD]

56. I can imagine...

how much does MS pull down a week I wonder.

[Roland99]

73. Eleventy gazillion

[Roland99]

31. 8:47am futures are bleak, what with Wachovia's $24 billion loss.

DJIA INDEX 8,809.00 -226.00
S&P 500 929.60 -29.70
NASDAQ 100 1,272.75 -19.75

[Roland99]

37. 9:30am - Ummm... YIKES?!

Dow9,033.66 -231.77
Nasdaq1,669.08 -27.60
S&P 500942.79 -12.26
10-year 3.67% -0.03
Oil $68.95 -$3.23
Gold $756.50 -$11.50

[undeterred]

38. Question -

What does it mean when a stock is doing nothing: http://finance.google.com/finance?q=NYSE:NPO

Never mind, it just took a huge dive.

[DemWynner]

41. 14 reasons Main Street loses big while Wall Street sabotages democracy

I found this a very interesting and telling article. I hope it hasn't been posted, I did not see it.

...Why? The real "game changer" already happened. Democracy has been replaced by Wall Street's new "disaster capitalism." That's the big game-changer historians will remember about 2008, masterminded by Wall Street's ultimate "Trojan Horse," Hank Paulson. Imagine: Greed, arrogance and incompetence create a massive bubble, cost trillions, and still Wall Street comes out smelling like roses, richer and more powerful!

Yes, we're idiots: While distracted by the "illusion of democracy" in the endless campaign, Congress surrendered the powers we entrusted to it with very little fight. Congress simply handed over voting power and the keys to trillions in the Treasury to Wall Street's new "Disaster Capitalists" who now control "democracy."

Why did this happen? We're in denial, clueless wimps, that's why. We let it happen. In one generation America has been transformed from a democracy into a strange new form of government, "Disaster Capitalism." Here's how it happened:

...

*This historic buildup accelerated under Reaganomics and went into hyperspeed under Bushonomics, both totally committed to a new disaster capitalism run privately by Wall Street and Corporate America. No-bid contracts in wars and hurricanes. A housing-credit bubble -- while secretly planning for a meltdown.

...
http://www.marketwatch.com/news/story/14-reasons-main-street-loses/story.aspx?guid=F63EC448-D9C1-4138-AC18-97BF0FE68EE3&dist=SecMostCommented

[Roland99]

44. Interesting how Goldman Sachs played everything *just* right, eh?

[DemWynner]

50. Shock Doctrine: The Rise of Disaster Capitalism

I saw Namomi Klein on a talk show right before the fall of the stock market and the bailout. she pretty much predicted this. I haven't read her book yet, but think it is very telling.

[Demeter]

90. Insider Trading By the Ultimate Insiders

[tama]

51. Capitalism is disaster

And as allways, it's going to get worse before it gets better. How much worse, better left unsaid.

[Roland99]

42. 10:06am - Still falling (was as much as -390). Oil under $69/bbl

Dow 8,664.65 -369.01
Nasdaq 1,652.50 -44.18
S&P 500 917.32 -37.73
10-year 3.67% -0.03
Oil $68.80 -$3.38
Gold $752.80 -$15.20

[fascisthunter]

43. -365.19

jeez

[UpInArms]

46. 10:28 EST

Dow 8,664.81 368.85 (4.08%)
Nasdaq 1,652.44 44.24 (2.61%)
S&P 500 915.61 39.44 (4.13%)
10-Yr Bond 3.671% 0.032

NYSE Volume 1,174,484,125
Nasdaq Volume 526,432,437.5

10:00 am : The major indices extend their opening declines in broad-based weakness, with the S&P 500 down almost 4%. Crude oil prices have plunged 6.0% to $67.84 per barrel ahead of the government's weekly energy report at 10:35 AM ET.

The Nasdaq and tech sector (-2.1%) are outperforming on a relative basis after several tech names reported earnings that pleased investors.

Apple (AAPL 99.69, +8.20) reported better-than-expected quarterly earnings per of $1.26, compared to the $1.11 consensus estimate, thanks to strong iPhone sales. The company's outlook for its current quarter, however, was cautious at between $1.06 and $1.35 per share, which is well below consensus estimate of $1.65. Apple has a history of conservative earnings outlooks.

Yahoo! (YHOO 12.50, +0.42) reported in-line earnings, but shares are up 3.6% as the results were better-than-feared and on hopes the company will improve efficiency. Yahoo plans to eliminate at least 10%, or 1,500, of its workforce, as media reports had suggested earlier this week.

VMWare (VMW 20.66, +1.93), which makes virtualization software that allows users to run multiple operating systems on one computer, beat its lowered third quarter earnings outlook and gave upside guidance. EMC (EMC 10.34, +0.65), which owns a major stake in VMWare, also topped estimates.DJ30 -350.93 NASDAQ -37.44 SP500 -37.20 NASDAQ Adv/Vol/Dec 491/310 mln/1759 NYSE Adv/Vol/Dec 327/164 mln/2445

[UpInArms]

45. dollar watch (sorry I'm late!)

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

Last trade 85.334 Change +0.900 (+1.16%)

Dollar Rally Accelerates; Pairs Reach Important Levels

http://www.dailyfx.com/story/bio2/Dollar_Rally_Accelerates__Pairs_Reach_1224682505890.html



As mentioned the past 2 days, remaining below 1.3535 keeps the extremely bearish count on track. Fibonacci extensions place the target area for a 3rd of a 3rd wave down (within the 5 wave drop from 1.60+) at 1.1437-1.1764. I also mentioned though that “I am not confident in this ‘breakdown’ count.” So far, the EURUSD is breaking down and picking a bottom is not ideal. That said, there are now 2 equal legs down from 1.6040 and RSI is at 20 and divergent. An A-B-C decline could be close to complete. An intraday impulsive rally would warrant a bullish bias. Until then, bears are in control and the target area is the mentioned 1.1437-1.1764 zone.



Continue to favor the downside as long as price is below 102.46. This keeps the longer term bearish count intact in which the USDJPY will accelerate lower and drop below 95.72. 100, which was intraday support, could now serve as resistance.

...more...

U.S. MBA Mortgage Applications Slip 16.6%, Falling to an Eight Year Low

http://www.dailyfx.com/story/market_alerts/fundamental_alert/U_S__MBA_Mortgage_Applications_Slip_1224673374404.html

MBA mortgage applications for the week ending October 17 fell to its lowest level since 2000 as the credit crunch continues to take a toll on the world's largest economy. Applications fell 16.6% to 408.1 from 489.3 in the previous week despite the decline in long-term borrowing costs, and suggests that the downturn in the housing sector will continue as fears of a global recession accelerate.

[Roland99]

52. Time to make a trip to Europe now, eh?

[Roland99]

53. 11:23am - Still languishing just up from session lows

Dow 8,718.65 -315.01
Nasdaq 1,661.30 -35.38
S&P 500 921.32 -33.73
10-year 3.65% -0.06
Oil $68.28 -$3.89
Gold $754.00 -$14.00

[TrogL]

55. Loonie Watch

Highlights

Current:

Loonie: Toronto Stock Exchange:

30-day and 90-day vs.greenback:



30-day vs. Euro, Yen, UK Pound and Swiss Franc




Currency Comparison: http://members.shaw.ca/trogl/looniewatch.html

Detailed analysis: http://quotes.ino.com/exchanges/?r=CME_CD

Up-to-the-minute graph: http://quotes.ino.com/chart/?s=CME_CD.Y%24%24&v=s&w=5&t=l&a=1

Historical values http://www.x-rates.com/d/USD/CAD/data30.html

2008-09-10 Wednesday, September 10 0.931532 USD
2008-09-11 Thursday, September 11 0.926183 USD
2008-09-12 Friday, September 12 0.942863 USD
2008-09-15 Monday, September 15 0.937207 USD
2008-09-16 Tuesday, September 16 0.931359 USD
2008-09-17 Wednesday, September 17 0.926956 USD
2008-09-18 Thursday, September 18 0.934929 USD
2008-09-19 Friday, September 19 0.955201 USD
2008-09-22 Monday, September 22 0.963113 USD
2008-09-23 Tuesday, September 23 0.965717 USD
2008-09-24 Wednesday, September 24 0.96609 USD
2008-09-25 Thursday, September 25 0.967305 USD
2008-09-26 Friday, September 26 0.965997 USD
2008-09-29 Monday, September 29 0.962186 USD
2008-09-30 Tuesday, September 30 0.943663 USD
2008-10-01 Wednesday, October 1 0.942774 USD
2008-10-02 Thursday, October 2 0.928591 USD
2008-10-03 Friday, October 3 0.924642 USD
2008-10-06 Monday, October 6 0.906865 USD
2008-10-07 Tuesday, October 7 0.904568 USD
2008-10-08 Wednesday, October 8 0.889205 USD
2008-10-09 Thursday, October 9 0.870853 USD
2008-10-10 Friday, October 10 0.840336 USD
2008-10-13 Monday, October 13 0.840336 USD
2008-10-14 Tuesday, October 14 0.862143 USD
2008-10-15 Wednesday, October 15 0.84717 USD
2008-10-16 Thursday, October 16 0.83661 USD
2008-10-17 Friday, October 17 0.846024 USD
2008-10-20 Monday, October 20 0.834934 USD
2008-10-21 Tuesday, October 21 0.819135 USD

Current values

http://quotes.ino.com/exchanges/?r=CME_CD)

Market            Open   High    Low   Last  Change    Pct Time 
CD.Y$$ Cash     0.8297 0.8297 0.8194 0.8242 -0.0141 -1.71% 15:01 
CD.Z08 Dec 2008 0.7995        0.7995 0.7995 -0.0255 -3.11% 08:22 
CD.H09 Mar 2009 0.8437 0.8437 0.8437 0.8268 -0.0141 -1.71% set 15:05 
CD.M09 Jun 2009 0.9880 0.9880 0.9880 0.8271 -0.0146 -1.77% set 15:05 
CD.U09 Sep 2009 0.9350        0.9340 0.8271 -0.0146 -1.77% set 15:05 
CD.Z09 Dec 2009 0.9845 0.9845 0.9845 0.8271 -0.0146 -1.77% set 15:05 
CD.H10 Mar 2010 0.8800 0.8800 0.8800 0.8271 -0.0146 -1.77% set 15:05   

Other combinations: (http://quotes.ino.com/exchanges/?c=currencies)

Market          Open    High    Low     Last    Change   Pct 
AUSTRALIAN $/CANADIAN $ (CME:ACD)
ACD.Z08 Dec 2008 0.8264 0.8264 0.8264 0.8264 -0.0060 -0.73%   
BRITISH POUND/US$ (SMALL) (NYBOT:MP)
MP.Z08.E Dec 2008 (E) 1.6372 1.6433 1.6120 1.6129 -0.0764 -4.60% 
EURO/BRITISH POUND (NYBOT:GB)
GB.Z08.E Dec 2008 (E) 0.7906 0.7941 0.7906 0.7941 +0.0176 +2.27%     
EURO/JAPANESE YEN (NYBOT:EJ)
EJ.Z08.E Dec 2008 (E) 127.65 127.65 126.41 126.41 -5.18 -3.97%      
EURO/US$ (SMALL) (NYBOT:EO)
EO.Z08.E Dec 2008 (E) 1.2799 1.2902 1.2783 1.2838 -0.0275 -2.11%    

Blather (from http://quotes.ino.com/exchanges/?r=CME_CD)

The December Canadian Dollar posted a new contract low overnight as it extends this fall's decline. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off September's high, weekly support crossing at 80.39 is the next downside target. It will take closes above the 20-day moving average crossing at 89.00 to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 84.51. Second resistance is the 20-day moving average crossing at 88.99. First support is the overnight low crossing at 80.46. Second support is weekly support crossing at 80.39.

Analysis

I've run out of analogies to describe the fall of the loonie. I was going to try to reword Douglas Adam's description of a Vogon warship - hanging there like a brick shouldn't but maybe this really does describe the loonie in the last little while when it's been hanging around par. Maybe it really is only worth US$0.75 without inflated oil prices to prop it up.

[TrogL]

89. Closing numbers, blather and analysis

Current values

http://quotes.ino.com/exchanges/?r=CME_CD)

Market            Open   High    Low   Last  Change    Pct Time
CD.Y$$ Cash     0.7999 0.7999 0.7987 0.7987 -0.0255 -3.09% 15:01 
CD.Z08 Dec 2008 0.7995        0.7995 0.7993 -0.0257 -3.13% set 08:22 
CD.H09 Mar 2009 0.8437 0.8437 0.8437 0.8012 -0.0256 -3.10% set 15:05 
CD.M09 Jun 2009 0.9880 0.9880 0.9880 0.8021 -0.0250 -3.02% set 15:05 
CD.U09 Sep 2009 0.9350        0.9340 0.8025 -0.0246 -2.97% set 15:05 
CD.Z09 Dec 2009 0.9845 0.9845 0.9845 0.8025 -0.0246 -2.97% set 15:05 
CD.H10 Mar 2010 0.8800 0.8800 0.8800 0.8025 -0.0246 -2.97% set 15:05 
CD Cash 270 270 270 270 -39 -14.44% set 13:46 
 

Other combinations: (http://quotes.ino.com/exchanges/?c=currencies)

Market          Open    High    Low     Last    Change   Pct 
AUSTRALIAN $/CANADIAN $ (CME:ACD)
ACD.Z08 Dec 2008 0.8376 0.8376 0.8376 0.8376 +0.0112 +1.36%   
BRITISH POUND/US$ (SMALL) (NYBOT:MP)
MP.Z08.E Dec 2008 (E) 1.6372 1.6433 1.6120 1.6276 -0.0617 -3.72%   
EURO/BRITISH POUND (NYBOT:GB)
GB.Z08.E Dec 2008 (E) 0.79060 0.79410 0.78900 0.78905 +0.01255 +1.62%     
EURO/JAPANESE YEN (NYBOT:EJ)
EJ.Z08.E Dec 2008 (E) 127.650 127.650 125.520 125.385 -6.205 -4.76%      
EURO/US$ (SMALL) (NYBOT:EO)
EO.Z08.E Dec 2008 (E) 1.2799 1.2902 1.2783 1.2818 -0.0295 -2.26%    

Blather (from http://quotes.ino.com/exchanges/?r=CME_CD)

The December Canadian Dollar closed sharply lower on Wednesday as it extends this fall's decline. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. The low-range close sets the stage for a steady to lower opening on Thursday. If December extends this fall's decline, weekly support crossing at 78.55 is the next downside target. Closes above the 20-day moving average crossing at 88.95 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 84.42. Second resistance is the 20-day moving average crossing at 88.95. First support is today's low crossing at 79.26. Second support is weekly support crossing at 78.55.

Analysis

And the Disaster Area Stuntship plunges into the sun.

[abelenkpe]

59. House Democrats Contemplate Abolishing 401(k) Tax Breaks

October 16, 2008
House Democrats Contemplate Abolishing 401(k) Tax Breaks
Powerful House Democrats are eyeing proposals to overhaul the nation’s $3 trillion 401(k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.

House Education and Labor Committee Chairman George Miller, D-California, and Rep. Jim McDermott, D-Washington, chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, are looking at redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute.

A plan by Teresa Ghilarducci, professor of economic-policy analysis at the New School for Social Research in New York, contains elements that are being considered. She testified last week before Miller’s Education and Labor Committee on her proposal.


http://www.workforce.com/section/00/article/25/83/58.php


------------------------------------------------
Didja know about this already? I've been away. What do you all think?

[Dr.Phool]

61. Sounds like bullshit to me.

Knowing the two Congressmen in question, I doubt very seriously that they would support something like that.

And the source, "Workforce Management Magazine" looks like something the US Chamber of Commerce would put out.

[abelenkpe]

64. k

thought it seemed odd. But part of me likes the idea of doing away of 401k's and finding something better. I hate the idea of gambling with my retirement.

[Dr.Phool]

68. Likewise.

There probably could be a better idea, but the way the article made it sound, it was just another back door way for Dems to raise taxes on working people.

I was lucky. Right before the dot com bust, I moved all of mine from Magellan to Pimco(bonds). Not that I'm smart, but I just got too nervous watching the market fluctuate.

[Roland99]

62. 1:38pm - Plumbing new daily lows

Dow 8,630.40 -403.26
Nasdaq 1,643.59 -53.09
S&P 500 909.24 -45.81
10-year 3.61% -0.09
Oil $67.20 -$4.98
Gold $741.50 -$26.50

[specimenfred1984]

63. Arrest a few high profile repukes or nothing changes

Big ones, like Gonzales or Rice or Powell need to be arrested and charged with war crimes. Wall St. will instantly get its credibility back as would the rest of America. It would send the message that the U.S. is accountable for its own actions, actually does have morals and ethics and can be trusted.

Otherwise, throwing 100s of billions at the criminals in D.C. and Wall St. is just viewed as more of the same. Unfortunately, as witnessed right here on DU the other day, there are way too many supposed Americans who are perfectly willing to give "redemption" to the criminals responsible instead of holding them accountable.

[UpInArms]

65. US SEC insider trading cases hit record in 2008

http://www.reuters.com/article/bondsNews/idUSN2231687820081022?sp=true

WASHINGTON, Oct 22 (Reuters) - The U.S. Securities and Exchange Commission said on Wednesday it had brought the highest number of insider trading cases in its history during the 2008 fiscal year that ended Sept. 30.

The SEC also said the 671 enforcement actions of all types was the second highest on record.

"The SEC's role in policing the markets and protecting investors has never been more critical," said SEC enforcement director Linda Thomsen in a statement. "The staff's commitment is unwavering year-in and year-out."

The SEC's enforcement division has been criticized in recent weeks by its own internal watchdog and lawmakers.

The SEC's inspector general found earlier this month that an SEC regional director failed to vigorously enforce securities laws in a 2003 investigation into Bear Stearns' pricing of collateralized debt obligations.

The inspector general found in a separate report released in October that the SEC should discipline Thomsen and two supervisors for their role in an insider trading probe.

And this week, Sen. Chuck Grassley, the ranking Republican on the Senate Finance Committee, wrote to SEC Chairman Christopher Cox, citing "anonymous but specific" information on what he called inappropriate contact between SEC's enforcement director and JPMorgan's general counsel while the investment bank was mulling a bid for Bear Stearns.

...more...

[TalkingDog]

66. Today's theme in honor of them that ain't got:

Junco Partner
by Professor Longhair


On down the road
came poor little Junco.
Boys he was loaded
as he could be.
The poor man was knocked out,
knocked out and loaded.
And he was wobblin'
all over the street.

I heard him sing
six months ain't no sentence.
He said one year
was not no time.
He said he had friends
still in Angola,
serving from fourteen
to ninety-nine

You know when he had
plenty of money,
he had friends
all over town.
Since he's been broke,
dirty and hungry,
not a single friend
can be found.

Well, the poor man pawned
his white-handled pistol
and he bought him
a diamond ring.
He tried to pawn
the woman he was lovin'.
But the poor girl
couldn't sign her name.

She said give him water
when he gets thirsty.
Tell him that water
is mighty fine when you're dry.
Give him a tincture
when he gets sickly.
Give him the graveyard
if and when he dies.

On down the road
came poor little Junco.
Boys he was loaded
as he could be.
The poor man was knocked out,
knocked out and loaded.
And he was wobblin'
all over the street.

And he was wobblin'
all over the street.

http://www.rhapsody.com/player?type=track&id=tra.11094894&remote=false&page=&pageregion=&guid=&from=&pcode=rn&hasrhapx=false&__pcode=

[AnneD]

67. 3 nations ignore West’s warnings, create ‘gas troika’

JENS SCHLUETER AFP/GETTY IMAGES
Alexei Miller, CEO of Russian energy giant Gazprom.

Share
Print Email Del.icio.usDiggTechnoratiYahoo! BuzzRussia, Iran and Qatar, holders of more than half of the world’s natural gas, agreed to form a “gas troika” for joint exploration and production, Gazprom said.

“We have agreed to create a technical committee and one of its missions will be to review projects that can be implemented in a trilateral way,” Alexei Miller, chief executive officer of the Russian gas exporter, told reporters in Tehran Tuesday after talks with Iranian Oil Minister Gholamhossein Nozari and Qatari Oil Minister Abdullah bin Hamad al-Attiyah.

U.S., Europe object
The U.S. and Europe have warned against the Iran-led initiative to create a “gas OPEC’ aimed at controlling supplies and prices. Russia’s government has dismissed those concerns, saying closer cooperation with other producers in the Gas Exporting Countries Forum is meant to ensure present and future deliveries. This year’s annual forum, which has been delayed repeatedly, is scheduled to take place in Moscow on Nov. 17.

“Big decisions were made today,” Nozari said. “There is a consensus to create this organization, and to prepare its constitution for the next meeting of ministers.”

http://www.chron.com/disp/story.mpl/business/6071547.html

shezam-sounds like somefolks are about to be clusterf*@#%!@.

[Dr.Phool]

69. Mooselini and Bush just helped them out.

Palin was pressing to renew the export license to send all the natural gas coming through the pipeline, to be shipped to Japan.

Renewal was approved this week.

Energy independence! Drill Baby Drill!

Yeah, right. :mad: :puke: :mad:

[MadinMo]

70. COUNTRY FIRST BAY-BEE!!!

[TheWatcher]

71. Yahoo Market Update at 2:30 PM Eastern Time from Bagdad Bob

2:30 pm : Stocks remain in a funk, but continue to trade off their session low. The relative strength of large-cap tech stocks continues to help the Nasdaq outperform the S&P 500 and the Dow Jones Industrial Average.

In other news, the Sun is slightly warm to the touch, and touching the Third Rail in a New York City Subway can cause a bit of a shock.

[Dr.Phool]

72. CALLING ALL FAERIES! MAN YOUR BATTLE STATIONS IN THE PPT ROOM!

Down 427 at 2:59

[TalkingDog]

74. Best I could do:

It's okay, I'll take it from here.

[florida08]

75. I don't think

the Dow should have ever been at 14K. I was a hollow rate based on bogus loans and credit default swaps. Had the market not been so manipulated the fall would not have been so steep. Still thinking it will go back to 7500 where it was after 9/11. At least I'm hoping it will stop there.

[DemWynner]

85. I agree with you

The Dollar was so low that it was artificially lifting up the market. have you been watching the rise of the dollar lately? That is the real indication that there is a recession/something-worse-I-can-not-name. It is hurting our economy. I saw in my business many from out of the country coming here to purchase our stock because it was cheaper. now they will not be doing that any more and it will hurt our business in North America.

[florida08]

86. Dem

Yes have noticed that too. For some reason the dollar seems tied to oil. When oil was up the dollar was down and now it's reversed.

[Roland99]

76. 3:25pm - DJIA -450

[Dr.Phool]

77. 444.44 at 3.28

Will we see 666?

[Dr.Phool]

79. I was only kidding guys!!!! Down 675+

[RUMMYisFROSTED]

78. -400 is the new -100.

pssst! Can you grab the wheelbarrow for me?

Thanks.

[Roland99]

80. 3:42pm - Pushing -700!

Dow 8,349.32 -684.34
Nasdaq 1,589.96 -106.72
S&P 500 877.99 -77.06
10-year 3.62% -0.09
Oil $66.84 -$5.43
Gold $735.20 -$32.80

[RUMMYisFROSTED]

83. So, that's like... -175

-pausing to convert worthless cash into semi-worthless cash :freak:

[florida08]

81. we just might

see 666..it's 654 at 3:45..an opportunity?? don't think so

[54anickel]

84. ZOWIE-WOW-WOW!!! I've been out all day and this is the first I've been able to catch up on what's

"goin' down"!!! Holy macaroni!

[UpInArms]

91. fugly closing numbers and blather

Dow 8,519.21 514.45 (5.69%)
Nasdaq 1,615.75 80.93 (4.77%)
S&P 500 896.78 58.27 (6.10%)
10-Yr Bond 3.618% 0.085

NYSE Volume 6,260,657,500
Nasdaq Volume 2,623,365,000

Global economic concerns and earnings concerns sank stocks for the second straight session.

The S&P 500 spent the entire session in negative territory, falling 6.1% to its lowest closing level in five years. Weakness was broad-based with 478 of the S&P 500 components posting a loss, although volume was on the light side when considering the scope of this session's move.

Similar to Tuesday, the majority of companies (56%) reported better-than-expected earnings for the latest quarter, but outlooks were negative. Of the companies that issued earnings guidance with their quarterly reports, 39% were negative, 29% were in-line, 24% were mixed and only 7% were positive.

A few of the more widely-held names that topped earnings estimates include Apple (AAPL 96.57, +5.08), McDonald's (MCD 54.46, -0.67), Merck (MRK 28.02, -6.51) and Phillip Morris International (PM 40.94, -1.22). Of note, Merck plans to cut 7,200 jobs, or 13% of its workforce.

Yahoo! (YHOO 12.39, +0.32) reported a profit drop that met estimates, and said it plans to lay off 10%, or 1,500, of its workforce.

AT&T (T 23.93, -1.80) and Boeing (BA 43.03, -3.37) are two of the bigger names that missed earnings estimates.

All ten of the economic sectors posted a loss, ranging from -10.4% (energy) and -3.8% (consumer staples)

A sharp drop in crude prices in conjunction with disappointing earnings from ConocoPhillips (COP 49.06, -4.90) and Baker Hughes (BHI 30.43, -8.52) caused a 10.4%decline in energy stocks.

On related note, the material sector fell 8.3% as copper prices plunged 9.7%.

The defensive-oriented consumer staples sector outperformed on a relative basis with a decline of 3.8%.

The dollar rallied for the third straight session, with today's gains fueled by weakness in overseas markets and Bank of England Governor King saying that a U.K. recession seems likely -- The DJ World Index excluding US dropped 6.8%.

The strength in the dollar and global economic fears sparked a broad-based sell-off in commodities (-4.5%). Crude oil prices plunged 7.4% to $66.84, with selling interest compounded by the fourth straight weekly increase in inventory levels.

As stocks and commodities faltered, the long end of the Treasury curve rallied as investors sought safety. The benchmark 10-year note climbed more than a point to push its yield down to 3.60%. DJ30 -514.45 NASDAQ -80.93 NQ100 -3.6% R2K -5.9% SP400 -5.4% SP500 -58.27 NASDAQ Adv/Vol/Dec 353/2.57 bln/2391 NYSE Adv/Vol/Dec 461/1.56 bln/2657

3:35 pm : The stock market hits a new intraday low with 30 minutes left in the trading session. The selling pressure is broad-based, with notable weakness in financials (-7.2%)

Tomorrow, the market will pay close attention to the weekly new unemployment claims report at 8:30 ET. Economists expect that claims rose 4,000 to 465,000. In earnings news, Amazon.com (AMZN 48.29, -1.94) reports after the close today. Altria (MO 19.48, +0.10), Bristol-Myers Squibb (BMY 17.73, -0.73), Dow Chemical (DOW 22.35, -1.56), Eli Lilly (LLY 32.28, -1.40), and UPS (UPS 46.38, -4.35) report tomorrow before the open.DJ30 -510.11 NASDAQ -89.33 SP500 -61.29 NASDAQ Adv/Vol/Dec 359/1.99 bln/2370 NYSE Adv/Vol/Dec 441/983 mln/2665

3:00 pm : The major indices fall to new lows in broad-based weakness. The S&P 500 is now down 8.1% over the last two sessions, and is down 3.7% this week. The index is 7.8% above its multi-year intraday low that was reached on October 10.

Commodities are down 4.2% as crude prices plunge 7.4% and RBOB gasoline prices fall 6.8%. Even gold, which is typically seen as a safe-haven, fell 4.3%.DJ30 -427.87 NASDAQ -67.96 SP500 -51.05 NASDAQ Adv/Vol/Dec 392/1.73 bln/2295 NYSE Adv/Vol/Dec 455/858 mln/2637

[AnneD]

92. Anyone for a dip in a pool....

Say 7000 or 7500?

[Demeter]

93. I Think W Can Get It Down to 3000 Before He Leaves

of course, it would probably double the day after Inauguration.

[Tansy_Gold]

97. Didn't someone, Krugman or someone else, suggest that it

OUGHT to be around 6500?

And then when we get back to where stocks are PRICED according to their earnings, we'll be back in the world of sane reality?

If so, how close -- or should I say how far away -- are we to that now?



Tansy Gold, who has been depressed and stressed and generously sparing all of you her whines

[Dr.Phool]

99. Roubini said somewhere around 7000 next year.

[Demeter]

101. If You Can't Whine Among Friends, Where Can You?

Have some chocolate--and champagne!

[Dr.Phool]

102. let's order some pizza and beer.

We'll whine and dine together.

[Tansy_Gold]

107. mmmmmmmmmm, pizza!

I'm a junk food junkie, and right now a big thin-crust pizza with extra cheese and lotsa pepperoni sounds DAMN good.

I may have to settle for some microwave kettlecorn. . . . . . though there's nothing wrong with that either!

[gopbuster]

104. I can give you somewhat of an idea.....

Go to this chart page and make sure your JAVA is up to date:

http://www.prophet.net/analyze/javacharts.jsp

scroll down a little - wait for JAVA chart to show up

swipe out INTC (top box) and plug in $INDU - let load

3rd drop box over to right- drop and select "ALL" - let load

4th drop box to right - drop and select "M" (monthly) -let load

take your curser and set it at the bottom of the chart- 1932 low - single click mouse until red vertical line goes away - pull curser up (draw line) to and on across 1982 low and on up to finish line out to right edge of chart.

You will see how far we have to drop into the future. It will be where stock prices come down to meet the line into the future. To me it looks like it could be 1 to 5 years as the bars in the chart represent 1 month @. It COULD be a long nasty ride with rally's in between if we continue to deteriorate.

There is your reference

scary huh?

Two great ladies!

[gopbuster]

105. Interesting the INDU cracked the ascending trendline up off of the bottom

intraday and then closed right on it on heavier volume then yesterday. Reversing right here tomorrow is still within possibility as it may have just come down to reload. We closed just below the 200 monthly EMA (8697.)

If it does reverse it may be attempting to tighten up (coiling) for a pop up through the 9150 area to the next overhead resistance area, I show at 9800. (61.8 fib and dtrend line) Then we'll be looking for a close above 9397.

Interesting,

Basic short term TA only and haven't looked at the funnymentals today :)

[mnhtnbb]

95. Ouch!

:scared:

[NeoConsSuck]

96. Down over 5%

another nail in the coffin of Bush/McCain/Palin economics.

[truthisfreedom]

98. You can keep dropping 5% per day forever... no worries, people.

The final figure asymptotically approaches zero... it can never quite get there. So we're safe, right? The only way we can see the REAL crash is if we lose 100% in a day. Any other figure always leaves... something. Which is better than nothing, right?

Who's with me! Something's better than nothing, right! w00T!




Okay, suddenly I'm not feeling so funny anymore.




*sob!*

[Dr.Phool]

103. Asian markets are in the crapper early.

Hang Seng -611...oops 620...4.35% at 10:15

Nikkei -486...oops 488.24 -6.35%

http://finance.yahoo.com/intlindices?e=asia

[gopbuster]

106. Interesting the INDU cracked the ascending trendline up off of the bottom

intraday and then closed right on it on heavier volume then yesterday. Reversing right here tomorrow is still within possibility as it may have just come down to reload. We closed just below the 200 monthly EMA (8697.)

If it does reverse it may be attempting to tighten up (coiling) for a pop up through the 9150 area to the next overhead resistance area, I show at 9800. (61.8 fib and dtrend line) Then we'll be looking for a close above 9397.

Interesting,

Basic short term TA only and haven't looked at the funnymentals today :)

[gopbuster]

108. On the other hand....

The funnymentals don't look that good

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3557436&mesg_id=3558819

It may have to go on down and reload. If it does HOPEFULLY we can find buyers intraday above the recent bottom at 7882 and resets the chart for a longer crawl, then this is nasty and it's gonna be a long haul. Increases the possibility of a further drop on down the road.

Like a living organism to me... lol