STOCK MARKET WATCH, Monday March 9

[ozymandius]

Source: du

STOCK MARKET WATCH, Monday March 9,2009

Bush Administration Officials Under Indictment = 0
Financial Sector Officials Under Indictment = 0
Financial Sector Officials In Prison = 1

AT THE CLOSING BELL ON March 6 2009

Dow... 6,626.94 +32.50 (0.49%)
Nasdaq... 1,293.85 -5.74 (0.44%)
S&P 500... 683.38 +0.83 (0.12%)
Gold future... 942.70 +14.90 (1.58%)
30-Year Bond 3.50% -0.00 (0.06%)
10-Yr Bond... 2.83% +0.01 (0.32%)

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

Market Conditions During Trading Hours

GOLD, EURO, YEN, Loonie and Silver

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Read more: du

[ozymandius]

1. no goobermental reports today n/t

[ozymandius]

2. Oil rises above $46 as investors eye OPEC cuts

SINGAPORE – Oil prices rose to above $46 a barrel Monday in Asia as investors anticipated another OPEC production cut will shrink global supplies.

Benchmark crude for April delivery rose 61 cents to $46.13 a barrel by midafternoon in Singapore on the New York Mercantile Exchange. Oil prices rose $1.91 on Friday to settle at $45.52.

....

The government said last week that U.S. crude inventories fell for a second week in three, halting a trend over the previous six weeks that saw inventories jump more than 30 million barrels.

Most analysts expect OPEC to announce a cut of at least 500,000 barrels a day, though the cartel's biggest producer, Saudi Arabia, hasn't yet commented on the possibility of further output reductions.

....

In other Nymex trading, gasoline for April delivery rose 1.75 cents to $1.35 a gallon, while heating oil gained 1.36 cents to $1.24 a gallon. Natural gas for April delivery was up 1 cent at $3.96 per 1,000 cubic feet.

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

[ozymandius]

12. Lundberg Survey: Gas prices up 1.8 cents a gallon

CAMARILLO, Calif. (AP) — The average price of gasoline continues to creep upward and is about 1.8 cents a gallon higher now than it was two weeks ago, according to the national Lundberg Survey of fuel prices.

The U.S. average price for regular gasoline, according to the survey released Sunday, is $1.96 a gallon.

http://www.google.com/hostednews/ap/article/ALeqM5jg_R1ASsLRICFQIxY2yPWJaquLlwD96Q2F582

---

Gas was an average $3.20/gal this time last year.

[Tansy_Gold]

80. Gas has actually been going down in my area east of Phoenix

Usually we are higher than the rest of the country, but after flirting with $2 a few weeks ago, it's back down to $1.90 or so. Strange. . . . . .

[ozymandius]

3. World stocks sink amid anxiety over world economy

HONG KONG – Asian stock markets sank Monday, with Japan's benchmark tumbling to a 26-year closing low, amid deepening anxiety that economies in the U.S. and elsewhere will take far longer to emerge from recession. European shares opened lower.

Investors continued to shun banks on worries the financial sector still hasn't raised enough capital to make up for its massive losses on bad assets. Heavyweight lender HSBC, Europe's largest bank, plunged over 24 percent in Hong Kong trade, and Lloyds Banking Group tumbled more than 10 percent in Britain.

....

Losses extended to early trade in Europe, where Britain's FTSE 100 fell 1.4 percent, Germany's DAX shed 1.6 percent and France's CAC-40 was off 2.2 percent. Confidence in the financial sector eroded even further after Lloyds said over the weekend the government would take a controlling stake in the company.

Wall Street futures pointed to a weaker open in the U.S. Dow futures were down 146 points, or 2.2 percent, at 6,604 and S&P500 futures fell 14.1 points, or 2.1 percent, to 673.70.

Earlier in Asia, Japan's Nikkei 225 stock average fell 87.07 points, or 1.2 percent, to 7,086.03, and Hong Kong's Hang Seng tumbled 576.94, or 4.8 percent, to 11,344.58 on the coattails of HSBC, a huge component in the index.

http://news.yahoo.com/s/ap/20090309/ap_on_bi_ge/world_markets

[Ghost Dog]

19. Japan swings to record current account deficit

TOKYO, March 9 (Reuters) - Japan's current account balance swung to its largest deficit on record in January, with the income surplus tumbling about a third from a year earlier, adding to pressure on an already falling yen.

The first deficit in 13 years came as the global financial crisis dried up demand for Japanese exports, which combined with a strong yen at the time to shrink profits from overseas investments, including subsidiaries of major manufacturers.

...

"Supply-demand dynamics have changed, and the current account balance indicates further yen weakness," said Kimihiko Tomita, head of foreign exchange at State Street Bank & Trust Co.

"This is big news, because we aren't used to trading the yen in an environment of current account deficits."

...

Japan had a current account deficit of 172.8 billion yen ($1.8 billion) in January, its first time in the red since January 1996 and much bigger than a forecast of 15.3 billion yen.

The income surplus slipped 31.5 percent from a year earlier due to lower interest rates and dividend payments from overseas. A stronger yen in January also reduced the value of income from overseas investments, a Finance Ministry official said.

Only 10 months ago, Japan enjoyed a record monthly surplus of 1.96 trillion yen thanks to large dividend and interest payments.

...

Other data on Monday showed bank lending rose in February from a year earlier while commercial paper issuance fell, although by less than in January, reflecting a slight easing in gummed up financial markets that have forced companies to borrow from banks.

...

With share prices faltering and the nation's key export industries suffering from an unprecedented downturn due to the global slump, the government and Bank of Japan are under pressure to boost domestic consumption and spur corporate lending.

...

One glimmer of hope was an improvement in Japan's service sector sentiment in February, although it remained near record lows, on support from tax breaks on environment-friendly cars and recent falls in raw material prices.

/... http://www.reuters.com/article/marketsNews/idINT25093820090309?rpc=44&sp=true

[ozymandius]

4. Recession on track to be longest in postwar period

WASHINGTON – Factory jobs disappeared. Inflation soared. Unemployment climbed to alarming levels. The hungry lined up at soup kitchens.

It wasn't the Great Depression. It was the 1981-82 recession, widely considered America's worst since the depression.

That painful time during Ronald Reagan's presidency is a grim marker of how bad things can get. Yet the current recession could slice deeper into the U.S. economy.

If it lasts into April — as it almost surely will — this one will go on record as the longest in the postwar era. The 1981-82 and 1973-75 recessions each lasted 16 months.

....

Consumer confidence is in free fall. Banks are in peril. The overall economy, as measured by the GDP, shrank at a 6.2 percent annual rate in final three months of last year, the worst drop since the first quarter of 1982. The unemployment rate, at 8.1 percent in February, hasn't reached the 10.8 percent reported in November 1982, but the recession is not over.

It's not only blue-collar workers who are feeling the greatest anguish. Americans who are trapped in houses worth less than their mortgages are suffering. So, too, are people whose personal wealth is tied to the stock market. Personal wealth is dwindling in the U.S., and the effects of the financial meltdown have been felt around the world.

http://news.yahoo.com/s/ap/20090309/ap_on_bi_ge/the_worst_recession

[ozymandius]

5. Recession finds even those with jobs losing pay

In cubicles, factories and stores these days, anxious workers are trying to ease each other's economic fears with something akin to, "Well, at least we still have a job."

Yet for many, that's becoming small comfort as more employers cut hours or hire only part-timers. People paid on commission, meanwhile, are suffering as sales dry up. And state workers around the country have been put on unpaid leaves.

These workers aren't counted in the unemployment rate, which hit 8.1 percent in February. They're not eligible for federal benefits that provide a safety net for the jobless. Yet their pain is real, and their reduced spending is a drag on the economy.

....

More than 4.5 million workers last year depended at least partly on variable pay, which includes tips and commissions, according to Labor Department figures. Meanwhile, the number of workers forced into part-time instead of full-time work soared 76 percent in the past year.

....

As the recession cuts demand for goods and services, companies that don't shed workers outright must squeeze savings from the work force that remains. They typically do so by cutting hours. And as a recession persists, rising competition for jobs tends to shave wages and benefits. Companies lose any incentive to boost pay.

http://news.yahoo.com/s/ap/20090308/ap_on_bi_ge/walking_wounded

[radfringe]

6. FYI: DOWNLOAD full pdf copy of "Sold Out: How Wall Street and Washington

CORRUPTION-US: How Wall Street Paid For Its Own Funeral
By Marina Litvinsky
http://www.ipsnews.net/news.asp?idnews=45969

WASHINGTON, Mar 4 (IPS) - A new report says that Wall Street has only itself to blame for the misguided deregulation that led to the current deepening financial crisis.

Issued Wednesday by Essential Information and the Consumer Education Foundation, the report documents billions of dollars spent by the financial sector on what would eventually be their own downfall.

The 231-page report, "Sold Out: How Wall Street and Washington Betrayed America," shows that the financial sector invested more than 5 billion dollars on purchasing political influence in Washington over the past decade, with as many as 3,000 lobbyists winning deregulation and other policy decisions that led directly to the current financial collapse.

"The report details, step-by-step, how Washington systematically sold out to Wall Street," said Harvey Rosenfield, president of the California-based non-profit organisation Consumer Education Foundation.

-------------

Report is available here: http://wallstreetwatch.org/soldoutreport.htm
For a full pdf copy of "Sold Out: How Wall Street and Washington
Betrayed America," (warning: large document - 3 MB)

[Demeter]

7. Morning, Ozy! Starting the Week Off With Doom and Gloom, I See

Of course, until there is some resolution in DC, that's how it's gonna be...

[ozymandius]

8. Just as the previous week ended...

My in-laws were in town last week. As usual, we talked about economic issues as they relate directly to us. My M-i-L cannot bear to open her investment statement anymore. They still have the principal intact but the 90% of the earnings have disappeared. She has been furloughed as a state employee.

Doom-n-gloom looks to be everywhere.

[hamerfan]

9. Another lovely week to begin

As my 403(b)'s slip further and further away. Morning to all and thanks! At least I can find real economic news someplace, even if I'm not sure I want to know it.....
hamerfan

[ozymandius]

11. Thanks.

I like to think of this as "news you can use". When I want some good news, I often turn to The Onion. :hi:

[Demeter]

13. WE had a lot about AIG this weekend

I think that cork is going to blow. Whatever happened to Citi, though? Did I miss something?

[radfringe]

15. we've been Defib-ing with Dollars

We've seen the TV medical shows - where a doctor or EMT is zapping someone with a defibrillator or pounding on their chest and they are pulled off by someone else who says "it's time. they're gone"

Since September 2008, we've been Defib-ing with Dollars. It's time, AIG, CITI etc are gone, TOD (time of death) needs to be called.


.............

"Defib-ing with Dollars" - copywrite 2009, me... :D

[ozymandius]

16. Which raises the question if the "third time's the charm."

I do not think AIG can be disassembled quickly enough. Especially when our government tiptoes daintily from acquiring a controlling share of the company. When the government has negotiated itself out of a position of leveraged strength, how will it look when AIG comes back a fourth time for funds?

It will blow. A fourth bailout will be decisive in AIG's destruction.

[Ghost Dog]

21. Um, "AIG warned of global turmoil before rescue: report"

Mon Mar 9, 2009 5:20am EDT (Reuters) - American International Group Inc had warned of turmoil around the globe if the government allowed the insurer to fail when it appealed to U.S. regulators for its latest rescue, Bloomberg said citing an AIG presentation dated February 26.

AIG needed immediate help from the Federal Reserve and Treasury to prevent a "catastrophic" collapse that would be worse for markets than the demise of Lehman Brothers Holdings Inc, according to the 21-page draft AIG presentation circulated among federal and state regulators, the agency reported.

"What happens to AIG has the potential to trigger a cascading set of further failures which cannot be stopped except by extraordinary means," the agency quoted the presentation.

AIG warned its failure could cripple money-market funds, force European banks to raise capital, cause competing life insurers to fail and wipe out the taxpayers' stake in the firm, the agency said.

The presentation said without more U.S. help, investment losses would mean "AIG will not be able to repay its obligations" and that cash previously provided by the U.S., which controls a 79.9 percent stake in the insurer, could be lost, it added.

AIG could not be immediately reached by Reuters for comment.

/... http://www.reuters.com/article/topNews/idUSTRE5281C720090309

[ozymandius]

22. Whatta they mean by "extraordinary means"?

Second question: how can the taxpayers have a 79.9% stake in any company that is not nationalized?

[Ghost Dog]

26. You tell me. Assuming that by "U.S." they're referring to the US Treasury,

then it's already to that degree nationalised? :shrug:

As for "extraordinary means", I guess that was an even more naked threat...

[DemReadingDU]

34. Sounds like blackmail

Give us more taxpayer money, or else.

[ozymandius]

36. Europe banks silent on reported AIG bailout gains (more CDS losses)

LONDON (Reuters) - European banks declined to discuss a report that they were beneficiaries of the $173 billion bail-out of insurer AIG that has sparked political furor in the United States.

Goldman Sachs, Morgan Stanley and a host of other U.S. and European banks had been paid roughly $50 billion since the Federal Reserve first extended aid to AIG, the Wall Street Journal reported on Friday.

French banks Societe Generale and Calyon on Sunday declined to comment on the story, as did Deutsche Bank, Britain's Barclays and unlisted Dutch group Rabobank.

Other banks mentioned in the Journal's article include HSBC , Wachovia, Merrill Lynch, Banco Santander and Royal Bank of Scotland.

....

The value of the assets guaranteed by AIG would plummet if the company became insolvent, with potentially a large impact for the banks that had bought the protection.

The bailout enabled AIG to pay its counterparty banks for extra collateral, the Journal said, with Goldman Sachs and Deutsche bank each receiving $6 billion in payments between mid-September and December.

http://www.reuters.com/article/topNews/idUSTRE5270YD20090308

[DemReadingDU]

28. That $500 billion loan that FDIC is getting from the Treasury?

Maybe the reason we haven't heard anything about Citi, is that the $500 billion loan is in anticipation of Citi being taken over by FDIC? So it's hush-hush, until maybe Friday? When FDIC closes banks.

[Ghost Dog]

31. Hey, Demeter, for the Weekend thread I picked

Erik Satie's Gnossiennes No. 3 as perhaps the most gloomy of the movements... Yet full of such light.

Preparing to download and convert today, here's the set I've organised:

No.1: http://www.youtube.com/watch?v=PLFVGwGQcB0
No.2: http://www.youtube.com/watch?v=DTwJojo-_F4
No.3: http://www.youtube.com/watch?v=r_w_lckqz8A
No.4: http://www.youtube.com/watch?v=tJQGM3MfqmI
No.5: http://www.youtube.com/watch?v=DIBgRO3GXCo

(And there are plenty more, eg. the earlier Gymnopédies, where these come from...

Here's a rendition of Gymnopédie No. 1: http://www.youtube.com/watch?v=4Xe2Rft62Kg

...

Been playing these over and over. Matches my mood in these times...

[Demeter]

68. thank you!

:bounce: :thumbsup: :loveya: :hug:

[Ghost Dog]

69. Um,

:blush:

Edit: Can one say, fin de siècle?

[ozymandius]

10. BUY OR SELL-Will HSBC, the 'big elephant', dance again?

HONG KONG, March 9 (Reuters) - Faced with a multi-billion dollar cash call, HSBC (HSBA.L) (0005.HK) investors are torn between the bank's relative strength and the headwinds still ravaging global financial companies.

HSBC, dubbed the "big elephant" in Hong Kong because of its mammoth market capitalisation and powerful share market performance, has shed $37 billion in market value since last Monday when it outlined plans to raise $17.7 billion in a deeply discounted rights issue.

While the rights issue will enhance the bank's capital ratio by 150 basis points and raise its tier 1 ratio to 9.8 percent, restoring its capital advantage over most rivals, the spectre of further writedowns in the bank's U.S. and European businesses has made investors wary.

....

After making a loss of $16.5 billion on its U.S. business in 2008, compared with $1.1 billion a year ago, HSBC said it would shut most of its U.S. consumer lending business.

But worries persist over its $62 billion in outstanding loans at its HSBC Finance arm in the United States at the end of the fourth quarter and rising provisions in the bank's UK business.

http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSHKG24685320090309

[ozymandius]

14. McCain & Shelby: “Let Insolvent Banks Fail”

From The Big Picture

“Close them down, get them out of business. If they’re dead, they ought to be buried.”

-Richard C. Shelby, the senior Republican on the Banking Committee, on ABC’s “This Week”

Thus, the strangely inverted world of bank bailouts continues. Republicans who started the entire lurch towards Socialism under George W. Bush at least understand what a a mistake it is to prop up the zombie banks.

The newly elected Democrats haven’t quite found their footing on this issue. The Treasury Secretary remains a creature of the banks, and has yet to figure out that there can be no sacred cows in this environment.

John McCain made his own news on Fox, suggesting that AIG, GM and Citi should be allowed to fail:

“I don’t think they’ve made the hard decision, and that is to let these banks fail. I think the best thing that could probably happen to General Motors (GM) in my view is they go into Chapter 11, they reorganize…and come out of it a stronger, better, leaner, and more competitive automotive industry.”

I agree.

The really odd thing is that the corporate bailouts we are now dealing with — AIG, Bank of America, Bear, Citigroup, Fannie/Freddie, GM, Tarp — and the massive tax bill that comes with them were were all GOP creations.

This change of heart is encouraging. Better late than never . . .

[readmoreoften]

17. Who are these people who think W. is a Socialist? Obama? W? Who ISN'T a socialist?

I know, I know... Ron Paul isn't a Socialist. Everyone else? Socialists. :crazy:
And those who aren't socialists? Freemasons.

[Ghost Dog]

23. Hell, readmoreoften, they're gonna notice you've linked that pic from their site here;

I've already had to refuse a request to accept a cookie from them.

Ah well: No publicity is bad publicity, as they say. :cynic:

[readmoreoften]

27. Oh crap! We're on the list now.

(I'm so on the list already...) :eyes:

:hi: mornin'!

[Ghost Dog]

32. .

:) :hi:

[Demeter]

18. Perhaps the GOP Hopes to Bury Their Mistakes

Perhaps they think that by disowning and disembowelling their financial Frankenstein Monster Corporations, the GOP can get out of the line of fire. And then the stooges who trashed these companies can find other places to bilk for political and piratical purposes.

[bread_and_roses]

35. No change of heart. Pure political calculation.

From the very first "bail-out" last Fall, the Rs realized that whichever Party was seen as rescuing the uber-rich banksters was going to "own" the inevitable mess coming just a little down the road. And with their Party looking to be out of power, it was in their interests to take the populist stance and oppose the bail-out. That Lame Duck * - the "Head" of their Party - was pushing it was irrelevant, he could do nothing for them. Remember the populist rage against the first bail-out? Thousands of calls and e-mails to Congress in opposition: and who was voting for it? The Ds. Who against? The Rs. And I'm quite sure that none of us here believe their stance was driven by ethical opposition to the exploitations and excesses of the uber-rich, the Rs natural constituency. No, they are laying the ground for their next "Reagan Revolution," their next Nixonian "New Majority."

They have seized the populist moral high ground on the Banksters and that, unfortunately, has given them cred in their diatribes against the stimulus and their purely union-busting driven jihad against GM.

And the Ds are not even savvy enough to put the bail-outs in terms that might make some personal sense to ordinary people - like protecting their retirement savings or their homes' value. Instead they talk about the Banks, the financial markets, the stock market, whatever - since when have ordinary people loved the banks so much they are willing to shovel dump truck after dump truck of their hard-earned money to them?

As this all collapses, who is going to remember that it was created and fueled by R driven Free-Marketeerism and "Trickle-Down" voodoo economics? We will, yes, but "the man/woman in the street?" I don't think so. They will remember the Ds shoveling the Countries wealth into the hands of the already obscenely rich. Smart move, Ds.

edit for grammatical typo

[readmoreoften]

37. You hit it on the nose.

Hope, change, and paeans to "perseverance" are NOT what the American people want. If Obama was smart, he'd bail them out. Show some anger. Vow to make some arrests on Wall Street. Kinda hard to do when you've got Larry Summers on your team, though. The whole fox-protecting-hens thing.

[DemReadingDU]

38. Explained perfectly, n/t

[Wednesdays]

39. And now that those obscenely rich execs have thier bailout cash

the companies no longer need to exist.

The workers be damned.

[Zenlitened]

40. Excellent post.

:applause:

[Ghost Dog]

51. Very well said, yeah (let's get the roll rollin'). However,

mentioning grammar, where you say "shoveling the Countries wealth into the hands of the already obscenely rich", I guess you meant to refer to 'the country's wealth'; although, indeed, this is a matter of many, many countries' wealth; (wealth: in the medieval european sense: common, collective (physical and mental) health).

Cool.

[Festivito]

20. Debt: 03/05/2009 10,953,034,411,520.15 (UP 8,696,728,538.67) (Moderate.)

(A moderate rise.)

= Held by the Public + Intragovernmental(FICA)
= 6,661,392,934,515.56 + 4,291,641,477,004.59
UP 6,943,273,604.61 + UP 1,753,454,934.06

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

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 306-Million person America.
If every American, man, woman and child puts in $3.27 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.81, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 14 seconds we net gain a another American, so at the end of the workday of this report, there should be 305,918,486 people in America.
http://www.census.gov/population/www/popclockus.html
Currently, each of these American's owe $35,803.77.
A family of three owes $107,411.3. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 20 reports in the last 30 to 28 days.
The average for the last 20 reports is 11,751,814,411.62.
The average for the last 30 days would be 7,834,542,941.08.
The average for the last 28 days would be 8,394,153,151.16.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 31 reports in 44 days of Obama's part of FY2009 averaging 0.73B$ per report, 0.57B$/day so far.
There were 106 reports in 156 days of FY2009 averaging 8.76B$ per report, 5.95B$/day.

PROJECTION:
There are 1,417 days remaining in this Obama 1st term.
By that time the debt could be between 12.9 and 22.8T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
03/05/2009 10,953,034,411,520.15 BHO (UP 326,157,362,607.07 so far since Obama 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: 928,309,514,607.70 so far this fiscal year.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
02/12/2009 +043,810,585,841.25 ------------**********
02/13/2009 -000,268,428,512.00 ---
02/17/2009 +028,425,868,676.29 ------------********** Tue
02/18/2009 +000,178,127,394.43 ------------********
02/19/2009 +012,906,622,783.22 ------------**********
02/20/2009 +035,338,367,983.16 ------------**********
02/23/2009 -000,426,861,213.78 --- Mon
02/24/2009 +000,473,801,933.93 ------------********
02/25/2009 +000,413,635,509.27 ------------********
02/26/2009 +048,048,940,708.92 ------------**********
02/27/2009 +000,306,718,307.89 ------------********
03/02/2009 +074,163,317,993.12 ------------********** Mon
03/03/2009 +000,498,419,440.82 ------------********
03/04/2009 +000,625,214,862.41 ------------********
03/05/2009 +006,943,273,604.61 ------------*********

251,437,605,313.54 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008.
US borrowed $1,288,402,608,261.08 in last 168 days.
That's 1,288B$ in 168 days.
More than any year ever, including last year, and it's 127% of that highest year ever only in 168 days.
And it is over 100% of ANY dismal Bush, for any dismal Bush-year, ONLY IN 168 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=3770200&mesg_id=3770556

[Festivito]

89. Debt: 03/06/2009 10,951,578,308,859.02 (DOWN 1,456,102,661.13) (Small.)

(Mixed small amounts.)

= Held by the Public + Intragovernmental(FICA)
= 6,662,243,974,550.62 + 4,289,334,334,308.40
UP 851,040,035.06 + DOWN 2,307,142,696.19

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

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 306-Million person America.
If every American, man, woman and child puts in $3.27 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.81, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 14 seconds we net gain a another American, so at the end of the workday of this report, there should be 305,924,658 people in America.
http://www.census.gov/population/www/popclockus.html
Currently, each of these American's owe $35,798.29.
A family of three owes $107,394.86. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 20 reports in the last 30 to 28 days.
The average for the last 20 reports is 11,714,896,875.66.
The average for the last 30 days would be 7,809,931,250.44.
The average for the last 28 days would be 8,367,783,482.61.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 32 reports in 45 days of Obama's part of FY2009 averaging 0.63B$ per report, 0.52B$/day so far.
There were 107 reports in 157 days of FY2009 averaging 8.66B$ per report, 5.90B$/day.

PROJECTION:
There are 1,416 days remaining in this Obama 1st term.
By that time the debt could be between 12.9 and 22.8T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
03/06/2009 10,951,578,308,859.02 BHO (UP 324,701,259,945.94 so far since Obama 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: 926,853,411,946.60 so far this fiscal year.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
02/13/2009 -000,268,428,512.00 ---
02/17/2009 +028,425,868,676.29 ------------********** Tue
02/18/2009 +000,178,127,394.43 ------------********
02/19/2009 +012,906,622,783.22 ------------**********
02/20/2009 +035,338,367,983.16 ------------**********
02/23/2009 -000,426,861,213.78 --- Mon
02/24/2009 +000,473,801,933.93 ------------********
02/25/2009 +000,413,635,509.27 ------------********
02/26/2009 +048,048,940,708.92 ------------**********
02/27/2009 +000,306,718,307.89 ------------********
03/02/2009 +074,163,317,993.12 ------------********** Mon
03/03/2009 +000,498,419,440.82 ------------********
03/04/2009 +000,625,214,862.41 ------------********
03/05/2009 +006,943,273,604.61 ------------*********
03/06/2009 +000,851,040,035.06 ------------********

208,478,059,507.35 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008.
US borrowed $1,286,946,505,599.95 in last 169 days.
That's 1,287B$ in 169 days.
More than any year ever, including last year, and it's 127% of that highest year ever only in 169 days.
And it is over 100% of ANY dismal Bush, for any dismal Bush-year, ONLY IN 169 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=3774124&mesg_id=3774163

[ozymandius]

24. Wolfgang Munchau: Abandon All Hope.....

While Wolfgang Munchau's latest comment for the Financial Times, "An L of a recession – reform is the way out," fell short of being apocalyptic, it was the gloomiest piece I can recall coming from him. Munchau argues that the world is going into what is politely referred to as an L shaped recession, but he sees it as a full blown, Japan style recession. Why? Because governments lack the will to take the painful steps necessary to forestall even more painful outcomes.

The big items he points to are: reluctance to reform the financial sector, major economies clinging to national strategies that no longer work, and in particular, exporters unwilling to spend short term and reorient longer term to stimulate enough demand internally.

From the Financial Times:

The US is dragging its feet over the financial sector. The European Union is doing the same, as well as failing to adopt policies that could shield it from an increasingly probable speculative attack. And judging by the state of preparations, the forthcoming Group of 20 summit is going to be a disaster.

So it looks like it is going to be an L – not a V or a U. I mean an L-shaped recession, one that starts with a steep decline, followed by very low growth for many years... This looks like Japan all over. Without financial restructuring, the economy is not going to recover. And Japan was lucky. It was surrounded by a booming global economy.

.....

In an L-shaped recession, however, recession gives way to depression, despite the fact that both countries thought they had done their “homework”. If nobody can afford to run a large deficit for a long time – which is what an L recession effectively implies – the economic models of Germany and Japan will no longer work. Germany had a current-account surplus of more than 7 per cent last year. It is the world’s largest exporter. Exports constitute about 41 per cent of national gross domestic product – an extraordinary number, given the size of the country.

http://www.nakedcapitalism.com/2009/03/wolfgang-munchau-abandon-all-hope.html

[readmoreoften]

29. I predict a backslash-shaped recession.

\-shaped. With intermittent periods of

|
|
|
|
v

Follow buy an upsurge of

|
|
|
|
v

Punctuated by alternating



:nuke:

[Dr.Phool]

30. Fiscal Insanity. Keep doing the same thing over and over again.

It seems that the Free-marketers are the only people allowed access to the megaphone. Exports don't do shit for an economy when nobody is buying your shit anyway.

More from the article:

So what should these countries do? The right policy response would be to reduce the dependency on exports and undertake structural reforms that facilitate the shift towards non-tradable goods...

Unfortunately, the opposite is happening. Germany is clinging to its export model like a drug addict. An example is the debate about the future of Opel, the European car manufacturing subsidiary of General Motors. Opel is unlikely to survive without help from the government. The proponents of a state bail-out of Opel argue that the company is systemically relevant. This argument is obviously wrong. There can be systemically relevant banks, but there can be no systemically relevant carmakers. But the answer is also revealing. What it means is that Opel is systemically relevant for the country’s export-oriented model. The bail-out adherents are clinging to an industrial structure that has no hope of survival in an L-shaped world...

We are nowhere near a solution to the crisis. After committing errors of omission, global leaders are now producing errors of commission. The Americans dream about a return to a world of credit finance consumption while the Germans dream about assembly lines. In an L-shaped world, these are nightmares.

[Tansy_Gold]

42. Does that same analysis apply to India, which is screaming

opposition to any "buy American" demands in the stimulus package?

I screamed ages ago that there's nothing wrong with American protectionism because by all rights it should then force/encourage the exporting economies -- India, China,etc. -- to remodel their structure to internal consumption. Wouldn't that in effect level the playing field? As U.S. consumption retreats (lowering our standard of living, in the words of the fearful), other consumption will increase and the GLOBAL economy will balance out. It works like that, doesn't it? It theory?



Theoretically,



Tansy Gold

[Dr.Phool]

43. I would think so.

We have a duty to protect our citizens jobs and their standard of living. We owe nothing to multinational parasites and their profits.

But, then again, these people are a lot smarter than me. At least they tell me that anyway.

[Tansy_Gold]

52. Yeah. So smart they're shipping 25% more jobs to India

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3774358

thanks to Joanne98 -- well, not thanks for outsourcing but for posting this. I saw the headline and all I could think was "you fucking fucking bastards. Have you no shame?" Well, obviously not.




TG

[Ghost Dog]

58. Yes. n/t

[CatholicEdHead]

44. That sounds about right on major media sources

For some reason I listened to Australia's Radio National's Boyer Lectures this past weekend. This past year, 2008 it was Rupert Murdoch. While he had some good entrepreneurial pull up by your bootstrap talk, his assumptions were all screwed up. Of course he wrote it late last summer or early fall before everything really hit the fan. In short the unregulated free market is the solution to everything and government nothing. Normal fare from what you would expect from him. Usually they do not have someone as divisive on their annual Boyer Lectures. Radio National is their version of NPR.

http://www.abc.net.au/rn/boyerlectures/

[Ghost Dog]

56. Humm, all German nationals I speak to around here

right now (deep south of offshore Spain) say the same: GM's (embarrassing) Opel can go to hell, in spite of the pain: There are much, much higher quality engineering firms, traditions, fine workers, respected customers, that are worth far, far more, mid-to-long-term.

And they've all, of course, like all mainland europeans, seen well-through the Scam.

Quality, as opposed to mere, ephimeral, Quantity.

[readmoreoften]

25. Can anyone explain the Italian market? It seems to have a "downward-arrow shaped" trajectory

almost every day.

[Ghost Dog]

59. Uff. Berlusconi proposes, again, amongst other worse ideas,

building the world's longest suspension bridge across the Straits of Messina... Over the heads of Scylla and Charybdis (moving apart by several millimetres each year).

Thus pumping State money down to (or up to?) including Sicilian Mafia and Calabrian 'Ndrangheta grasssroots worker levels.

Which probably, in spite of geological and climatological factors, makes plenty of local sense.

[readmoreoften]

79. Thanks.

I'm surprised the Italians haven't strung him up yet.

[ozymandius]

33. Geithner: Gone by June?

http://ukhousebubble.blogspot.com/2009/03/knives-are-out-for-geithner.html

[Kolesar]

41. Geithner is there to protect Goldman Sachs--with keyboard & drum accompaniment--eom

[Dr.Phool]

45. All roads lead to Goldman.

I was going to do a purely speculative post last week, when everyone was trying to figure out where all the AIG money was going. But, I had an accident (I ran into a bottle of vodka), and the post never got made.

But, it just seemed that Goldman, Paulson, Geitner, and Summers have had their fingers in this whole fiasco for years. I was willing to bet real money that Goldman was a major counter party, and now it seems they are.

For now, I feel another accident waiting to happen. The liquor store has a "stimulus special". A new Polish vodka for $20.99 for a 1.75 bottle, and you get a $20 rebate to boot. If it's not that good, I can make use it to make Dr. Phool's Apocalyptic Lemonade.

Take one can of frozen lemonade mix. Instead of 4 1/3 cans of water, substitute 2- 2 1/3 cans vodka and 2 cans of water.

You'll never know what hit you.

[Kolesar]

46. A guest on Bill Moyers' Journal noted that four of Obama's financial advisors were from "the banks"

And he presented a thesis that we have lost control of our fate to the "banking oligarchs". Even our political leaders cannot control them.

[Dr.Phool]

47. Thanks for reminding me. I had to Tivo Moyers Friday evening.

[Kolesar]

78. Michael Winship: The Oligarchy's Bailout Ball

http://www.pbs.org/moyers/journal/blog/2009/02/michael_winship_the_oligarchys.html

...excerpt...
This week, on The Baseline Scenario, a blog he co-founded, MIT professor of global economics and management and former International Monetary Fund chief economist Simon Johnson wrote, “There comes a time in every economic crisis, or more specifically, in every struggle to recover from a crisis, when someone steps up to the podium to promise the policies that – they say – will deliver you back to growth. The person has political support, a strong track record, and every incentive to enter the history books. But one nagging question remains. Can this person, your new economic strategist, really break with the vested elites that got you into this much trouble?”

That question caught the attention of my colleague Bill Moyers, who interviewed Johnson on the current edition of BILL MOYERS JOURNAL on public television.

The problem, Johnson told him, is that via millions spent for political contributions and lobbying efforts, the revolving door that sees elites shuttle between jobs in government and business, and by creating a situation in which technical knowledge is limited to a privileged few, the banking and financial services industry has become a kind of ruling oligarchy that stifles attempts to shake up the status quo and make the real change necessary to get us out of the current crisis. “Either you break the power,” Johnson said, “or we’re stuck for a long time with this arrangement…

...

[Ghost Dog]

86. Nicely put.

Hmmm.

[AnneD]

53. Morning Marketeers....

:donut: and lurkers. I'll do you one better Dr Phool.....The George Memorial Margarita-named after the wonderful patient that gave it to me. He had some concerns about having a Margarita named after him until I said-Doc's are stupid sometimes-they discover a disease and name it after themselves so for all eternity they are known as a pestilence. George, I'm going to make you immortal-wouldn't you rather be known to mankind by a wonderful drink. And with that-the George Memorial Margarita was born (you can use tequila or vodka-I have a friend allergic to tequila).

1) one can frozen limeade (save can)
2) use can to measure out an equal amount of good quality ginger ale
3) one can of tequila (I use half can for starters)

you can pour the mix over the rocks or put it in the blender with some ice for a slush rush.

It is easy to make and delicious. Enjoy it and say a toast to George-he would have liked that.

You know the day is dicey when you start off talking about drink....

Happy hunting and watch out for the bears.

[Ghost Dog]

60. Yeah. Obviously, Goldman

... is very well-connected. n/t

(Edit to add: http://www.youtube.com/watch?v=Ia7Ht26X2HM ) (Ron Habana Club? :eyes: )

http://www.youtube.com/watch?v=AJ7PUaEcCyA (Ibrahim Ferrer: Dos Gardenias).

[antigop]

48. Just a thought...or a question...

Could one of AIG's counterparties be the Carlyle Group?

antigop
half-asleep due to another sleepless night

[antigop]

49. Feb. 20, 2009: Carlyle bids for AIG's aircraft leasing business

http://www.cnbc.com/id/29302042

Carlyle Group is in one of at least two groups emerging to bid for American International Group's aircraft leasing business, while Kohlberg Kravis Roberts and Singapore's Temasek Holdings are no longer interested, according to sources.

Private equity firms Greenbriar Equity Group and Onex Corp are leading a second group to bid for International Lease Finance Corp, people familiar with the matter said.

Sovereign wealth fund Temasek and private equity firm KKR follow TPG Capital in bowing out after initially expressing an interest.

Other parties remain interested in the business, one of the sources said, adding that many bidders were talking to each other about working together to buy the unit.

The unit, valued at up to $8 billion by analysts, needs a buyer with access to cheap capital and a large balance sheet as it borrows money to buy planes before leasing them out.

The article was form Feb. 20. Posted just as an FYI.

[Roland99]

50. Kudlow: "supply-side revolution" is the only thing that will work (as a stimulus)

wow...this guy is GONE!!

[radfringe]

54. I go into stores

shelves are stocked, aisles are empty of people

geeeee---if people don't have money, they aren't going to buy NO MATTER how much 'stuff' is on the shelves. Meanwhile, how's that trickling down working out for ya?

[uppityperson]

55. I've been noticing empty spots in shelves, even in local chain grocery stores

I wonder if there is an issue getting all the different things they used to get.

[CatholicEdHead]

67. That is all Kudlow ever talks about

He keeps to his time as a Reagan Administration economic official. He has the same solution for any and every economic event.

I used to post on Kudlow's bog as "DUer" before they decided to not allow any comments.

[BelgianMadCow]

57. Hey SMWers, have you read the forecasts of LEAP/2020?

The financial order of the world is crumbling at an increasing pace - but the band is playing on, and the truth is seeping out slowly.

I read just now what happens when The Federal Reserve (which is neither federal nor reserve) buys up all kinds of paper and gives companies cash for it, which is happening at a TREMENDOUS rate under different emergency plans hardly spoken about / understood.
When the Fed consists of paper with dwindling worth and other toxic assets (they ARE NOT disclosing what they get in collateral for the cash!), ultimately it becomes insolvent.



Guess what happens when the Fed becomes insolvent? It gets to be recapitalised by the Treasury. YOU, that is.

Browse the following abstracts & announcements if you dare (esp. GEAB 28 and the most recent one):

http://www.leap2020.eu/Excerpts-and-public-announcements_r41.html

[Ghost Dog]

63. Yeah, LEAP's public announcements are reposted each month here.

¿Are there any subscribers here who could post, for educational purposes, a little more detail?

[specimenfred1984]

61. Apparently I'm "battling uncertainty" today and "torn between hopes"

---Stocks fluctuate as investors battle uncertainty
By Sara Lepro, AP Business Writer
Stocks fluctuate as investors battle economic uncertainty; Bank of America report boosts banks

NEW YORK (AP) -- Wall Street struggled to find a direction Monday as investors were torn between hopes for the financial sector and pessimism about the broader economy's slide.---


It's hard but the presswhore asshats do indeed get dumber by the day.

[skoalyman]

62. I often hope for peoples IQ's to triple but its just hope

specially for the people on cnbc it would be a miracle I think there torn between reality and make believe:think:

[Dr.Phool]

64. More like torn between make-believe and hallucinations.

Full blown paranoid schizophrenia and waaaay too much acid.

You ever wonder what floats around in Kudlow or Cramer's head?

[skoalyman]

66. I cant even begin to fathom what go's through there heads

It sure ant thought:hi:

[Tansy_Gold]

82. The same thing that floats in my toilet before I flush?

sorry. devil made me do it.

[antigop]

65. GE Capital to sell U.S.-guaranteed bonds-sources..

http://money.cnn.com/news/newsfeeds/articles/reuters/MTFH69123_2009-03-09_15-00-42_SP481754.htm

GE Capital, the finance arm of U.S. conglomerate General Electric Co, plans to sell more bonds under a U.S. government guarantee program, a source involved in the deal said Monday.

The benchmark-sized offering is expected to price Monday, another source close to the deal said. The sources declined to be identified because they were not authorized to disclose details about the sale.

Benchmark-sized offerings are typically at least $500 million.

...
The bonds will be sold under the government's Temporary Liquidity Guarantee Program, or TLGP, which confers backing by the U.S. Federal Deposit Insurance Corporation on new bond issuance.

[readmoreoften]

81. That sounds like a GREAT idea.

:crazy:

[Demeter]

70. Here's a New Twist: SEC charges money manager invented big accounts

http://news.yahoo.com/s/nm/20090309/bs_nm/us_sec_lockecapital_2

U.S. regulators charged a money manager with fabricating several large client accounts in order to lure legitimate investors, the Securities and Exchange Commission said on Monday.

The SEC alleged that Leila Jenkins and her firm, Locke Capital Management, invented large advisory client accounts purportedly based in Switzerland and repeatedly claimed the accounts contained more than $1 billion in assets that she managed.

Jenkins lied about the accounts' existence to investors and SEC staff and provided the SEC with "bogus" documents in 2008 such as fake account statements that she created, the SEC said.

From at least 2003 though 2009, Jenkins and her firm, with offices in New York and Rhode Island, communicated falsehoods about the accounts in brochures, meetings and SEC filings, the SEC alleged.

Locke's assets under management of its real clients never amounted to more than a very small portion of the billion-plus- dollars Jenkins claimed to manage, the SEC said.

A lawyer representing Jenkins and Locke said we have not been served yet with the complaint.

"The SEC's main issue, as we understand it, is whether Locke overstated its track record and funds under management. Locke intends to contest the allegations brought by the SEC," said Edmund Searby, a lawyer with McDonald Hopkins.

"Based on what we know, there is not any issue with client funds or securities being missing or misappropriated."

Searby added that Locke has significantly outperformed in the recent difficult times in the market.

The SEC is seeking monetary penalties.(!!!)

[Ghost Dog]

71. Human psychology. n/t

[radfringe]

72. some perspective

[TheWatcher]

75. And yet he appoints one of the very Dipshits who had a role in getting us into this mess as

Treasury Secretary.

Food for thought.

[Ghost Dog]

73. European shares slip as banks weigh; oils gain

LONDON, March 9 (Reuters) - European equities ended lower for a third straight session on Monday as weaker financials and telecommunications stocks outpaced positive energy shares that tracked a jump in crude oil prices.

The FTSEurofirst 300 .FTEU3 index of top European shares provisionally closed 0.6 percent lower at 657.86 points after setting a fresh lifetime low.

The index has declined 21 percent so far this year after plunging 45 percent in 2008.

The broader STOXX 600 .STOXX hit levels not seen since September 1996. It ended 0.8 percent lower with financials taking most points off the index, followed by fixed line telecommunications shares.

Among banks, HSBC (HSBA.L) dropped 3.1 percent, Barclays (BARC.L) was down 4.6 percent, Royal Bank of Scotland (RBS.L) slipped 4 percent, Societe Generale (SOGN.PA) fell 3.8 percent and UBS (UBSN.VX) was down 5.3 percent,

"As long as you are in a deflationary spiral, nothing will work. The governments are in a reactive, certainly not in a proactive mode any more. They will have to come up with something quite spectacular and convincing," said Luc Van Hecka, chief economist at KBC Securities.

Telecom shares were also under pressure. BT Group (BT.L) fell 3 percent, Telecom Italia (TLIT.MI) lost 4.6 percent and France Telecom (FTE.PA) was down 2.8 percent.

Across Europe, the FTSE 100 .FTSE index was up 0.4 percent and Germany's DAX .GDAXI rose 0.7 percent, but France's CAC 40 .FCHI slipped 0.6 percent.

/. http://www.reuters.com/article/marketsNews/idCAL964351220090309?rpc=44

[Ghost Dog]

74. Buffett buffetted:

http://www.reuters.com/article/newsOne/idUSTRE5282J820090309

..."It was like some kids saying the emperor has no clothes, and then after he says that, he says now that the emperor doesn't have any underwear either," Buffett said. "We want to err on the side next time of not allowing big institutions to get as unchecked on leverage as we have allowed them to do."...

[Tansy_Gold]

84. "next time"??????? NEXT TIME????????

.











(speechless)

[Robbien]

76. Iceland siezes island's last big bank

STOCKHOLM: Straumur-Burdaras Investment Bank on Monday became the final major Icelandic bank to fall after its liquidity dried up, requiring the government to step in and seize the lender.

The Icelandic Financial Supervisory Authority suspended the board and named a committee that will take over management of Straumur, the Reykjavik-based bank said in a statement. The chief executive, William Fall, who joined the bank in 2007, quit.

The takeover completes the nationalization of the four largest banks in Iceland, after the island's financial system buckled under the weight of foreign debt. Iceland's gross domestic product will shrink 9.6 percent this year, the severest decline since at least World War II, and the country is now relying on an International Monetary Fund-led loan to rebuild its economy.

http://www.iht.com/articles/2009/03/09/business/icebank.php


Three months before the collapse of Iceland, this bank "loaned" $4.4B to its owners. The above article says this bank didn't have $42 million yesterday to be able to keep its stock from being delisted.

[TheWatcher]

77. You know, I take it all back. There is NO RIGGING OR MANIPULATION going on in this Market.

What a fool I have been.

Buying into all those silly conspiracies.

I mean, all one has to do do is take a look at THIS Chart, and all of those crazy, paranoid theories go out the Window. How can you NOT believe in the "Free Market" after seeing this:

http://finance.yahoo.com/echarts?s=C#chart1:symbol=c;range=1d;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

(Do I really need to add the :sarcasm: tag?)

[Hannah Bell]

83. wow. just wow. n/t

[Ghost Dog]

85. Yup. Logarithmic, no less.

Uhh ohhh.

[readmoreoften]

88. Wow. I'm a layperson and that's thoroughly clear.

Wow.

[ozymandius]

87. Let's put this one to bed.

Dow 6,547.05 Down 79.89 (1.21%)
Nasdaq 1,268.64 Down 25.21 (1.95%)
S&P 500 676.53 Down 6.85 (1.00%)
10-Yr Bond 2.886% Up 0.058
NYSE Volume 7,408,105,000
Nasdaq Volume 2,075,871,250

4:20 pm : Despite a rebound by financial stocks and a batch of merger news, the stock market was unable to put together a sustainable advance. Stocks finished with a broad-based loss, a bit above session lows.

Uncertainty in foreign indices fueled early losses in the headline indices. Financials were the focal point of the weakness, falling to a loss of 2.2%. The drop was short-lived, though. Financials rallied to a gain of 5.3%, but finished with a gain of 2.5%.

Though financials helped the broader market move into positive territory, the stock market was unable to break above the prior session's high and began trending lower to finish in the red.

Billionaire and famed value investor Warren Buffett seemed unsure about the short-term direction of the economy and the stock market during a CNBC interview, but remains confident in the long-term potential of the U.S.

Buffett suggested that Wells Fargo (WFC 9.97, +1.36), which is one of his holdings, will emerge from current doldrums with greater earnings power than ever. Shares of WFC provided leadership to the financial sector.

There have been no new tangible developments regarding solutions for the troubles of banks and financial companies, but traders remain mindful that congress is expected to hold meetings this week regarding mark-to-market accounting rules. Treasury will unveil further details regarding its plan to handle banks' toxic assets in coming weeks, according to Reuters.

Less than two months after Pfizer (PFE 12.63, -0.10) announced it will acquire Wyeth (WYE 40.76, -0.07) for nearly $68 billion in cash and stock, Merck (MRK 20.99, -1.75) and Schering-Plough (SGP 20.10, +2.47) announced they will merge their companies. The consolidation among major pharmaceutical companies comes as they look to fatten product pipelines and fend off generic competition.

Merck is proposing to pay Schering-Plough shareholders 0.5767 shares of MRK and $10.50 in cash for each share of SGP. Based on MRK's closing price last week, the deal is valued at $41.1 billion, or $23.61 per share of SGP.

Merck's offer hasn't altered its expectations for 2009. The company reaffirmed its earnings forecast, which ranges from $3.15 to $3.30 per share. Wall Street expects the company to earn $3.26 per share.

Aetna (AET 20.42, +0.20) announced it intends to reaffirm its 2009 guidance, which calls for earnings from $3.85 to $3.95 per share. The consensus estimate is pegged at $3.85 per share.

Meanwhile, reports indicate merger talks between Genentech (DNA 92.63, +1.77) and Roche are progressing toward a deal. As of this writing, Roche is expected to pay $95 for each share of Genentech.

Merger news didn't stop there, though. CNBC reported that Dow Chemical (DOW 6.32, -0.79) has agreed to pay $78 in cash for each share of Rohm & Haas (ROH 74.91, +11.11). However, subsequent reports indicated the two companies have not yet reached a deal, and trial proceedings are set for Tuesday morning. (Note: shares of both companies remain halted; the price quotes reflect the change in price prior to being halted)

Despite what would ordinarily be considered positive catalysts, neither the health care sector (-0.9%), the materials sector (-1.1%), nor the broader market celebrated the announcements.

Beyond financials, energy was the only other sector to close the session with a gain. Energy stocks advanced just 0.5%, largely due to a 3.5% gain in crude oil prices. Crude gained 3.5% to close at $47.10 per barrel amid speculation OPEC will further slash output when it meets March 15.DJ30 -79.89 NASDAQ -25.21 NQ100 -2.0% R2K -2.2% SP400 -0.9% SP500 -6.85 NASDAQ Adv/Vol/Dec 752/2.06 bln/1941 NYSE Adv/Vol/Dec 888/1.56 bln/2207