STOCK MARKET WATCH, Friday June 18, 2010

[ozymandius]

Source: du

STOCK MARKET WATCH, Friday June 18, 2010

AT THE CLOSING BELL ON June 17, 2010

Dow... 10,434.17 +24.71 (+0.24%)
Nasdaq... 2,307.16 UNCH (UNCH)
S&P 500... 1,116.04 +1.43 (+0.13%)
Gold future... 1,248 -0.90 (-0.07%)
10-Yr Bond... 3.19 -.00 (-0.13%)
30-Year Bond 4.11 -0.01 (-0.34%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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Handy Links - Market Data and News:Economic Calendar    Marketwatch Data    Bloomberg Economic News    Yahoo! Finance    Google Finance    Bank Tracker    
Credit Union Tracker    Daily Job Cuts

Handy Links - Economic Blogs:
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Brad DeLong      Bonddad    Atrios    goldmansachs666    The Stand-Up Economist

Handy Links - Government Issues:
LegitGov    Open Government    Earmark Database    USA spending.gov

Handy Links - Videos:
The Coming Collapse of the Middle Class    Charlie Rose talks with Roubini    Charlie Rose talks with Krugman
    William Black: This Economic Disaster    Bill Moyers with Kevin Drum and David Corn

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

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

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

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

Read more: du

[ozymandius]

1. no goobermental reports today n/t

[Po_d Mainiac]

4. Yesterday was bad enough.

But days after the last trader has STB, the flash/crash HFT boxes will take the markets to new heights.
:donut:
Good mornin, ayuh.

[DemReadingDU]

5. STB?

[Po_d Mainiac]

10. Shit the bed....or

In German: stinkztebett

[ozymandius]

13. That's gross, but however appropriate.

Reminds me of someone who frequently wet the bed. He never wet his own bed, mind you, and it was always from about three feet away.

[Demeter]

14. Boys Will Be Boys

Sometimes I'm grateful to have only daughters.

[Po_d Mainiac]

19. The stork screwed up my order...twice

When the second daughter made her grand entrance, I asked the doctor if he had the kid held backwards.

Doc replies no.

I asked if he could put it back..........True story.

Why do people feel sorry for my bride, of 34 years? :shrug:

[DemReadingDU]

16. lol

[ozymandius]

7. Good morning.

:donut: :donut: :donut:

[ozymandius]

2. Oil extends losses in Asia on US growth concerns

KUALA LUMPUR, Malaysia – Oil prices extended losses but held above $76 a barrel Friday in Asia as weak U.S. economic data sparked renewed concerns that demand for crude may slow.

Several economic reports Thursday provided fresh reminders that the U.S. economy isn't bouncing back quickly. U.S. stocks fell after a surprise increase in new claims for jobless benefits and a weaker regional manufacturing report.

An unexpected rise in U.S. crude inventories last week after signs of improvement recently also weighed on the market although it is too early to say if demand has weakened.

In other Nymex trading, heating oil shed 0.13 cent to $2.1461 a gallon, gasoline was flat at $2.1640 a gallon and natural gas shed 2.5 cents to $5.137 per 1,000 cubic feet.

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

[ozymandius]

3. Jobless aid, tax bill hits Senate roadblock again

WASHINGTON – In another stinging setback for President Barack Obama and Democrats controlling Congress, the Senate on Thursday rejected long-sought legislation to provide stimulus spending and a reprieve for doctors about to get hit with a big cut in their Medicare payments.

The failed measure, killed by a GOP filibuster, would have provided further jobless aid for the long-term unemployed, $24 billion in aid to cash-strapped state governments and the renewal of dozens of popular tax breaks for businesses and individuals.

Less than a week ago, Obama reissued a plea for more stimulus spending as insurance against another recession. But the measure instead fell victim to election-year anxiety over huge federal deficits despite being pared back by Democratic leaders.

The 56-40 vote late Thursday fell four votes short of the 60 required to break the GOP filibuster. Not a single Republican supported the measure even though nine GOP senators had supported even more costly legislation in a procedural vote just three months ago. Ben Nelson of Nebraska was the only Democrat to vote with Republicans to filibuster the measure. Independent Joe Lieberman of Connecticut, who caucuses with Democrats, also joined in the filibuster.

http://news.yahoo.com/s/ap/20100618/ap_on_bi_ge/us_congress_spending

[ozymandius]

6. Why Section 716 is the Indispensable Reform

h/t to snot for sending this to my attention:

Dominated by the world’s largest banks, the over-the-counter (OTC) derivatives market has been expanding since the break-down of the Bretton Woods Agreement in the early 1970s privatized the international monetary system by shifting the payments process from central banks to commercial banks. The proliferation of foreign exchange forwards and swaps that followed set in motion an ever-expanding menu of exotic instruments that reached a nominal value of over $600 trillion by the middle of the current decade. Central banks and financial regulators ignored the implications of the growth of this market and ignored warnings from the Bank for International Settlements (BIS) and the International Monetary Fund (IMF) from 2002 forward that OTC derivatives were at the center of what had become a global casino in which the largest international institutions were the biggest speculators.

The large, international institutions that created the OTC market for foreign exchange forwards and swaps were commercial banks. Following established banking practice, they conducted their derivatives business like portfolio lenders rather than broker/dealers, buying and selling forwards and swaps outside of established markets. But OTC derivatives contracts can’t be classified as assets or liabilities until they are settled and can’t be held on banks’ balance sheets the way loans and deposits are held. Instead, they were booked off balance sheet as contingent liabilities. The market structure that emerged in what came to be the largest market in the global economy was one in which non-tradable contracts were bought by and sold to customers without real time information on volume or pricing or the aggregate positions of the dealers themselves. Moreover, the fact that the contracts were illiquid required constant hedging by dealers that expanded their positions and inflated the size of the market relative to all other national and international financial markets. Meanwhile, the commercial bank dealers’ derivatives business was operating with all the implicit guarantees and subsidies that governments put in place to protect this core financial sector. In 2008, those guarantees became explicit and were exercised.

Are there reasons to protect derivatives dealers?

Because the largest U.S. commercial banks were dominant players in the OTC derivatives markets, Federal Reserve lending, FDIC guarantees and taxpayer bailouts during the 2008 crisis gave explicit protection to both bank and non-bank swap dealers and major swap participants. Those protections are not grounded in the traditions and practices of U.S. financial law and regulation. They are no more appropriate than would be an extension of federal protection to financial entities (including bank affiliates) that market and trade corporate stocks and bonds. Recognizing how far the government’s response in 2008 deviated from the existing rational framework for government intervention, Section 716 of the Senate bill makes clear that such protections are not to be given statutory approval; that allowing banks to continue to deal and trade in derivatives would be to accept this egregious violation of prudential standards in legislation intended to reform and strengthen a fragile financial system.

The movement of the largest banks into the business of marketing and trading OTC derivatives occurred during a period when the process of deregulation was sweeping away traditional regulatory barriers and was not challenged. That fact should not, however, lead to the assumption that this is a “normal” banking activity. There is no economic or systemic reason why derivatives should be sold by banks. As the entry of large investment banks into the business in the 1980s suggests, it is not tied to the traditional deposit-taking and lending activities of banks or to the payments system. It is, in fact, so esoteric an activity that, currently, only five institutions account for 90 percent of the market. The remaining 8,000 or so U.S. banks do not sell derivatives or trade them for their own account.

The most important element in section 716 is the structure it provides – one that makes a clear separation between the business of banking and that of marketing and trading derivatives. This structure makes it possible to protect the core financial functions of banks without extending those protections to cover highly risky derivatives transactions.

http://baselinescenario.com/2010/06/10/why-section-716-is-the-indispensable-reform/

There is a DU thread on this here.

[ozymandius]

8. Stock futures flat ahead of futures, options expiration

NEW YORK (Reuters) – Stock index futures were little changed on Friday, following a choppy prior session, as investors positioned for the expiration of futures and options contracts.

Four different types of June equity futures and options contracts expire Friday, a convergence known as "quadruple witching." As volatility has receded lately, traders expected a quiet session.

S&P 500 futures fell 1.1 points and were flat in terms of fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures dipped 6 points and Nasdaq 100 futures up 0.5 points.

http://news.yahoo.com/s/nm/20100618/bs_nm/us_markets_stocks

[Demeter]

17. Oh, Joy. It's Gonna Be One of THOSE Days

Maybe I'll be AWOL tonight....no, the show must go on. I've been thinking Pagliacci would be appropriate--the deception, the betrayal, the play within a play, the unhappy ending...the despair, audiences in tears, jumping out of windows on Wall St...


If you have a better idea, please stop me now.

[Po_d Mainiac]

20. ......

http://www.youtube.com/watch?v=9TYezSrzUUs

[Demeter]

26. Well, that Would Be Interesting

but I'm leery of being locked again!

[Demeter]

31. EUREKA!

This weekend is the end of the Little Orphan Annie cartoon. So THAT's our Entertainment theme!

"The sun'll come out..."

[AnneD]

33. Call me a pessimist but....

"It's a hard knock life for us-it's a hard knock life."

[Tansy_Gold]

36. How can you do

Little Orphan Annie


on Father's Day??????

[Demeter]

47. Daddy Warbucks, Of Course!

[AnneD]

50. LOL LOL LOL .....

:spray::rofl: nice save.

[Tansy_Gold]

52. I guess it would help if I knew anything

about Little Orphan Annie. . . . .





Tansy Gold, who is sometimes very pop-culturally challenged

[ozymandius]

9. European stocks rise as debt worries ease

LONDON – European stocks rose Friday as worries about the region's fiscal crisis eased after Spain, one of the most pressured by markets, successfully sold bonds, and government leaders said they would reveal results of bank stress tests.

Although Spain was charged higher costs to borrow money, demand for the debt was healthy, boosting sentiment among investors worried the country could need a financial backstop.

Britain's FTSE 100 stock index was up 0.6 percent at 5,284.71 while Germany's DAX was up 0.2 percent at 6,237.65. France's CAC-40 gained 0.4 percent to 3,696.11. Spain's index was the biggest riser, adding 1.3 percent.

Asia, however, was mixed by the closing bell.

Japan's benchmark Nikkei 225 stock index edged down less than 0.1 percent to 9,995.02 and China's Shanghai Composite Index shed 1.8 percent to 2,513.22 ahead of Agricultural Bank of China's record-breaking initial public offering. Taiwan's index dropped 0.3 percent.

Elsewhere, South Korea's Kospi rose 0.2 percent to 1,711.95 and Australia's S&P/ASX 200 gained 0.5 percent to 4,551.90. Hong Kong's Hang Seng added 0.7 percent to 20,286.71.

http://news.yahoo.com/s/ap/20100618/ap_on_bi_ge/world_markets

[ozymandius]

11. BP's $20 Billion Fund May Not Stop Spill Lawsuits, Judge Says

BP Plc’s $20 billion oil spill fund, established at the request of U.S. President Barack Obama, may not stop more than 230 lawsuits filed by people and businesses harmed by the worst environmental disaster in U.S. history, a judge said.

U.S. District Judge Carl Barbier said while BP’s new fund is a welcome step, he believes some spill damage claims won’t be resolved through either the interim-claims process BP has set up under the Oil Pollution Act of 1990 or by the panel of mediators, led by Ken Feinberg, appointed by Obama to administer the fund.

Most of the at least 232 cases filed in state and federal courts so far against London-based BP are proposed class actions representing potentially thousands of commercial fishermen, shrimpers, seafood processors, property owners and tourism- related businesses harmed by the spill, the largest in U.S. history.

Wrongful-Death Suits

The company also faces wrongful-death suits brought by the families of workers killed in the April 20 explosion of the Deepwater Horizon drilling rig. On June 2, Credit Suisse Group AG estimated that the combined cleanup, restoration and litigation costs of the spill may top $37 billion.

In a case filed yesterday in federal court in New Orleans, BP and a Nalco Holding Co. unit, the maker of a chemical dispersant used to deal with the Gulf of Mexico oil spill, were sued by Louisiana residents claiming the product is four times more toxic than the oil itself.

http://preview.bloomberg.com/news/2010-06-17/bp-s-20-billion-fund-may-not-stop-spill-lawsuits-new-orleans-judge-says.html

[Demeter]

18. I Thought Its Purpose Was to PAY the Lawsuits, Not STOP Them!

Silly me. Was it intended to bribe judges, then?

[ozymandius]

12. UBS Customers May Have `Mere Hours' to Report to IRS

U.S. citizens and residents with UBS AG accounts are racing the clock to disclose their secret holdings to the Internal Revenue Service after the Swiss Parliament ratified an agreement to surrender the names of 4,450 bank clients, tax lawyers said.

Swiss lawmakers yesterday ended a standoff and approved the bank’s settlement with the U.S., allowing the names to be transmitted to tax authorities as early as this week. Lawyers said Americans who ignored an IRS offer last year to reduce penalties in exchange for voluntary disclosures are now flooding their offices with calls seeking advice on how to avoid possible sanctions, which could include prison sentences.

“For UBS account holders, they have mere hours to run to the IRS and hope they can disclose the account before the Swiss hand the data over,” said Asher Rubinstein, a partner at Rubinstein & Rubinstein LLP in New York who said he’s been “getting panicked calls all week.”

The Parliament’s vote ends Switzerland’s long tradition of bank secrecy and is a victory for the IRS and U.S. Department of Justice, which fought a two-year battle to gain access to the accounts. It also removes the threat of further civil litigation against Zurich-based UBS and additional fallout under criminal law.

http://preview.bloomberg.com/news/2010-06-17/americans-may-have-mere-hours-to-report-ubs-accounts-to-irs-after-accord.html

[snot]

38. I'd settle for massive fines.

[ozymandius]

15. Deep Global Recession, Only Moderate Recovery

By Barry Ritholtz

I presented this week at the Ryan’s Metal conference, discussing the state of the US economy. Also presenting was Thomas Berner, Chief US Economist of UBS, who discussed the state of the global economy.

He had this terrific chart (below). It makes it pretty clear that so far — nearly a year after the point where the recession looks to have technically ended — the recovery remains weak:

-see huge chart at The Big Picture-

http://www.ritholtz.com/blog/2010/06/deep-global-recession-only-moderate-recovery/

[Festivito]

21. Debt: 06/16/2010 13,073,000,699,429.76 (DOWN 5,419,580,580.91) (Wed)

(Up a little. Good day.)

(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 8,599,140,401,634.61 + 4,473,860,297,795.15
UP 179,185,558.18 + DOWN 5,598,766,139.09

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 309-Million person America.
If every American, man, woman and child puts in $3.23 THAT'S 1B$, and $3,231.15 makes 1T$.
A family of three: Mom, Dad, Child: $9.69, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 13 seconds we net gain another American, so at the end of the workday of the report, there should be 309,487,008 people in America.
http://www.census.gov/population/www/popclockus.html ON 04/09/2010 15:49 -> 309,034,742
Currently, each of these Americans owe $42,240.87.
A family of three owes $126,722.61. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 33 days.
The average for the last 22 reports is 6,650,496,326.96.
The average for the last 30 days would be 4,877,030,639.77.
The average for the last 33 days would be 4,433,664,217.97.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 177 reports in 259 days of FY2010 averaging 6.57B$ per report, 4.49B$/day.
Above line should be okay

PROJECTION:
There are 949 days remaining in this Obama 1st term.
By that time the debt could be between 14.4 and 18.0T$.
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)
06/16/2010 13,073,000,699,429.76 BHO (UP 2,446,123,650,516.68 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,163,171,695,918.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,639,218,799,266.68 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
05/26/2010 +001,057,190,066.84 ------------*********
05/27/2010 +015,241,764,354.27 ------------**********
05/28/2010 -000,294,414,430.12 ---
06/01/2010 +078,359,726,143.31 ------------********** Tue
06/02/2010 +000,523,171,733.61 ------------********
06/03/2010 +004,027,515,403.86 ------------*********
06/04/2010 +000,194,136,067.09 ------------********
06/07/2010 +000,055,958,918.33 ------------******* Mon
06/08/2010 -000,061,366,300.19 ----
06/09/2010 +000,374,218,915.72 ------------********
06/10/2010 -005,787,434,254.89 --
06/11/2010 -000,035,173,484.80 ----
06/14/2010 +000,237,116,126.71 ------------******** Mon
06/15/2010 +026,653,914,221.49 ------------**********
06/16/2010 +000,179,185,558.18 ------------********

120,725,509,039.41 Total of 15 above reports.

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

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

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4430563&mesg_id=4430612

[Festivito]

58. Debt: 06/17/2010 13,038,877,263,966.78 (DOWN 34,123,435,462.98) (Thu)

(Down a lot. Good day.)

(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 8,559,008,375,869.96 + 4,479,868,888,096.82
DOWN 40,132,025,764.65 + UP 6,008,590,301.67

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 309-Million person America.
If every American, man, woman and child puts in $3.23 THAT'S 1B$, and $3,231.08 makes 1T$.
A family of three: Mom, Dad, Child: $9.69, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 13 seconds we net gain another American, so at the end of the workday of the report, there should be 309,493,654 people in America.
http://www.census.gov/population/www/popclockus.html ON 04/09/2010 15:49 -> 309,034,742
Currently, each of these Americans owe $42,129.71.
A family of three owes $126,389.12. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 31 days.
The average for the last 22 reports is 2,908,242,443.19.
The average for the last 30 days would be 2,132,711,125.01.
The average for the last 31 days would be 2,063,913,991.94.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 178 reports in 260 days of FY2010 averaging 6.34B$ per report, 4.34B$/day.
Above line should be okay

PROJECTION:
There are 948 days remaining in this Obama 1st term.
By that time the debt could be between 14.3 and 17.9T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
06/17/2010 13,038,877,263,966.78 BHO (UP 2,412,000,215,053.70 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,129,048,260,455.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,585,010,057,946.44 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
05/27/2010 +015,241,764,354.27 ------------**********
05/28/2010 -000,294,414,430.12 ---
06/01/2010 +078,359,726,143.31 ------------********** Tue
06/02/2010 +000,523,171,733.61 ------------********
06/03/2010 +004,027,515,403.86 ------------*********
06/04/2010 +000,194,136,067.09 ------------********
06/07/2010 +000,055,958,918.33 ------------******* Mon
06/08/2010 -000,061,366,300.19 ----
06/09/2010 +000,374,218,915.72 ------------********
06/10/2010 -005,787,434,254.89 --
06/11/2010 -000,035,173,484.80 ----
06/14/2010 +000,237,116,126.71 ------------******** Mon
06/15/2010 +026,653,914,221.49 ------------**********
06/16/2010 +000,179,185,558.18 ------------********
06/17/2010 -040,132,025,764.65 -

79,536,293,207.92 Total of 15 above reports.

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

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

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4432243&mesg_id=4432306

[ozymandius]

22. For Roland: Residential Real Estate: A Buyer’s Market

Plenty of inventory. Distressed sellers. Tight credit.

File this under DUH: If you are in the market for a house, the current real estate environment is on your side.

And buyers are taking full advantage of it...

“Exacting buyers are upending the battered real estate market, agents and other experts say, leading to last-minute demands for multiple concessions, bruised feelings on all sides and many more collapsed deals than usual.

It is a reversal of roles from the boom, when competing buyers were sometimes reduced to writing heartfelt letters saying how much they loved the house and how they promised to eternally worship the memory of the previous owners. These days, it is the buyers who are coldly seeking the absolute best deal while the sellers are left in emotional turmoil . . .

“Upending?” No, they are merely taking advantage of the circumstances. Its the reverse of whatsellers were doing during the upswing in the market.

http://www.ritholtz.com/blog/2010/06/residential-real-estate-buyers-market/

---

I'll bet Roland got a great deal on his home in Florida - considering the drubbing the market has taken there over the past three years. One downside to the number of rental properties on the market as a result of the RE boom: rents have remained high as owners who bought at peak attempt to rent the houses that will not sell at an acceptable price.

[Tansy_Gold]

24. I don't care what anyone says -- It is my firm belief that home ownership

is an essential investment.

I know there are many who say it's cheaper and better to rent and put the "savings" in other investments, but I can't imagine a wiser investment than one's home. Yes, it may be more expensive, with interest and taxes and upkeep, but all of that has to be paid to the landlord, too, and at the end of 20 or 25 or 30 years of renting you've got nothing. And with mortgage insurance, should anything happen to the breadwinner(s), the rest of the family will have some security.

Several of my neighbors have lost their homes to foreclosure in the past couple years, and probably another one or two will be lost in the next few months. I cannot begin to imagine how they feel.

I also have two acquaintances who are on the verge of going into foreclosure. They've lost substantial income and are either delinquent on their mortgages or way behind on everything else. Both of them are adamant that they will NOT change their lifestyle and are waiting for "someone" to rescue them; they will not do it themselves. Ultimately, they will lose their homes.

When my husband was diagnosed with cancer but before we knew it was terminal, the first thing we did was figure out how we would keep the house, either in the event he was disabled or in the event of his death. And through all my other financial tribulations since then, selling that house and buying another, the first objective has always always always been to hold onto the home. So far, it's worked. It hasn't always been easy, but I've managed.

I feel sorry for those who have lost their homes through no fault of their own, and especially those who were scammed by the mortgage brokers or suckered into more house than they could ever afford. I'm delighted to see the fraud charges leveled against the worst scamsters in the mortgage industry. But I cannot fault anyone for taking advantage of the current situation to get a bargain on the single most important investment in middleclassdom.

Cheers to you, Roland. Let us know when you move in so we can all party!




Tansy Gold, who had better get back to work so she can keep a roof over hers and the dogs' heads.

[Demeter]

28. Another Believer Here

They will blame it on our "nesting" instinct. After all, there are lots of fine overpasses to choose from, and all of them paid for with government tax funds!

It's amazing there's anything left of this country.

[AnneD]

35. A some one that has been forced to be a renter...

for most of her adult life....I think owning your own home is a wise investment. The trouble is I have tended to live in areas where good, safe, affordable housing has been out of my reach.

Banks in this area need to come down on some of these foreclosure home and face the new income reality in this country and builders need to start building realistically affordable homes. Until then, the market will get flatter.

[snot]

39. As someone who lost $52K on a home bot for $163K,

I'd say market timing is critical. (This was late 80's-early 90's).

[Juneboarder]

45. Eh! I've only lost

a measley $200,000... chump change!

:sarcasm:

[mbperrin]

40. I think so, too. (Oh gawd, here comes one of those long stories...)

My grandfather was a very good carpenter who came here from Germany in 1901. I started working summers for him when I turned 14, digging foundations. He always had more money in his pocket than my dad, who was a very good mechanic, and I asked him why.

He said to have money, you must have security. That means build a house or buy a damaged one cheaply and fix it using cash, never borrow. And that once you had a roof over your head and paid for, there was no better investment than providing one for others, because good times or bad, people need a place to live. Over the next 4 years, I learned framing, drywall, electric, plumbing, painting, tile, roofing, all the elements of a house, and I saved 10% of my every paycheck. After college in 1975, I bought a house at auction from Shell Oil, who was closing down employee camps locally. I paid $1500 for it, another $800 to move it, and $500 for a 1/2 acre outside of town, but within a utility district. This was a 32x52 3 bedroom house. I added a two car garage, large front porch, large patio in back, updated the electric, extended the eaves, new windows and doors, total about $3000 over the next year, working on weekends while living in the house. I continued to save 10% of my income.

Lived there until 1988, when I got married and decided to move to town to be closer to schools and such. Began renting the west house for $800 per month to some nice folks from New Mexico. Paid $22,000 cash for the house we now live in - added two car garage, 480 sq ft greenhouse, large family room, master suite, all on weekends, took 2 years. Since then, we have added windmill generators for our main power, and paid a little less than $200 last year net to TXU for electricity, big here in west Texas because of the a/c.

Repeated this pattern of buying distressed properties for cash and renting them, never owing a mortgage on any of them. We now have a couple of small apartment complexes and some houses, so that in addition to my teaching salary and my spouse's private counseling practice, we are comfortable and not as worried as some of our friends. All was paid for as we went, and so the worst thing that could happen is that no one would want to rent, either because they got so rich they all bought, or because they were so poor, they couldn't afford to. That would leave us with multiple places to live for our children and grandchildren with no further expense.

That sounds okay to me. Real property, paid for, a genuine asset. That's just my belief.

(Jeez, I told you that was a long story...) :)

[Tansy_Gold]

43. True wisdom -- and a SHORt story compared to some of mine!

:hi:

And I'll spare you all another, 'cause I'm behind schedule yet again with the software conversion that screwed up again. (Can you believe this has been going on since the first of February?????)

[AnneD]

51. That is what we are looking for mbperrin.....

When you see how much the total payment is on a house and how much was interest-it is very sobering.

[ozymandius]

23. I need to leave for the rest of the day.

Many tasks need to get done.

On a personal note: my eldest cat is about to pass to the great beyond. She has a tumor on her hip and a severe infection that will not go away. She has practically stopped eating and looks very similar to the way I found her eighteen years ago - very thin and fragile. Over the past week, her quality if life has deteriorated. I must make the tough decision. We have an appointment with the vet.

See you this evening.

[Tansy_Gold]

25. hugs, ozy.

we're all here for you.

[Demeter]

27. You Are Good People

My heart's with your family. Hostages to fortune, indeed.

[TalkingDog]

29. So Sorry. Been there, painfully done that. It sucks being the adult. nt

[Demeter]

30. I don't recall being the kid as much fun, either, to tell the truth.

Maybe in my next life....I'll be the beloved pet!

[Dr.Phool]

32. Just remember the 18 good years you had together.

:cry:

[DemReadingDU]

34. 18 years is a long time

It's always sad when we lose a pet member of our family. Hugs.

[AnneD]

37. I am so sorry....

I know how hard is is to put down a beloved family friend.:hug:

[burf]

41. Sorry to hear of your lose.

May you find comfort in remembering the years you had together.

burf

[mbperrin]

42. Love, loyalty, and long life. Those are the best.

My best thoughts only to you and your family member.

[Po_d Mainiac]

44. That really sucks....

[Hugin]

46. Sad news, Ozy.

:(

[Ghost Dog]

48. My thoughts are with you.

I know what that feels like.

[ozone_man]

49. That is a good long life for a cat.

My sympathies.

Last week, while on vacation, I found a lost and starving 4-5 month old cat, and took him back with me. And so it begins again.

[Tansy_Gold]

53. I'm not even a cat person

But that's a good story.


:yourock:

[ozone_man]

54. He was so weak.

And had so many ticks, all skin and bones. :cry: He evidently belonged to someone, but must have wandered off while they were on vacation.

He's doing great now, so happy to have a nice home, and no shortage of food. He's adorable! He wants to go outside now, so maybe in a week or two...

[TalkingDog]

55. Our newest foster was courtesy of the kids next door....

3/4 of a pound, skin and bones...he was so anemic his ears were grey. His eyes were crusted shut and he had, made it, somehow to the middle of the country road in front of our property....


Based on a first assessment, I told the girl that, honestly, he was most likely going to have to be put down....but that I could give him one night of food and warmth and safety.

Next morning after coconut milk meals, he seemed a bit more feisty.

The vet thought so too and less than 10 days later....

http://www.vimeo.com/12446062

One eye is still cloudy, but with the progress so far, it might clear completely.....

[ozone_man]

60. That's quite a rescue story.

:thumbsup:

Maybe it's an infection in that eye that will clear up. Hope so.

Here is mine, someone gave him a summer haircut, a bit ragged. He's got these long, jack rabbit legs. Maybe he'll grow into them one day.

http://tiny.cc/a44a4

[ozymandius]

56. Thank you all so very much.

Before she was anesthetized, the vet attempted to take some fluid from the area around the tumor. Nothing. The fluid could not flow into the syringe - the infection and cancer were that bad. She was gone in seven minutes after the initial injection. It showed signs of having metastasized. She was so weak. There simply was nothing to fix.

Eighteen beautiful years.

[Hawkowl]

57. Very sorry.

My very deep condolences. Mr. Jackie Robinson Kitty and Woody (my two rescue kitty's) send their support.

[UpInArms]

59. hugs to you, my friend

I am sorry about your kitty

such a hard thing :(