STOCK MARKET WATCH, Tuesday October 5

[ozymandius]

Source: du

STOCK MARKET WATCH, Tuesday October 5, 2010

AT THE CLOSING BELL ON October 4, 2010

Dow 10,751.27 -78.41 (-0.72%)
Nasdaq 2,344.52 -26.23 (-1.11%)
S&P 500 1,137.03 -9.21 (-0.80%)
10-Yr Bond... 2.48 -.00 (-0.08%)
30-Year Bond 3.71 +0.00 (+0.08%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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    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. Today's Report

10:00 ISM Services Sep
Briefing.com 51.0
Consensus 51.8
Prior 51.5

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

[Roland99]

29. ISM reported a rise to 53.2 from 51.5 in August for its nonmanufacturing index

[Festivito]

2. Debt: 10/01/2010 13,610,847,585,810.09 (UP 49,224,554,918.30) (Fri)

Debt: 10/01/2010 13,610,847,585,810.09 (UP 49,224,554,918.30) (Fri)
(Down some. The one-day projection into a whole year is very high. It's not good to project from such a small amount of data. Good day.)
Back to the autism classroom.
(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)
= 9,017,223,006,275.57 + 4,593,624,579,534.52
DOWN 5,585,417,177.51 + UP 54,809,972,095.81

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 310-Million person America.
If every American, man, woman and child puts in $3.22 THAT'S 1B$, and $3,221.80 makes 1T$.
A family of three: Mom, Dad, Child: $9.67, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 310,385,792 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $43,851.39.
A family of three owes $131,554.16. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 days.
The average for the last 22 reports is 8,365,646,018.09.
The average for the last 30 days would be 6,134,807,079.93.

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$/day.
There were 252 reports in 366 days of FY2011 averaging 6.75B$ per report, 4.65B$/day.
Above line should be okay

PROJECTION:
There are 842 days remaining in this Obama 1st term.
By that time the debt could be between 14.8 and 18.8T$.
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)
10/01/2010 13,610,847,585,810.09 BHO (UP 2,983,970,536,897.01 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,049,224,554,918.30 ------------* BHO
Endof11 +602,904,819,993,700.00 ------------* * There would be about 500 times the stars as in two lines above. * * Linear projection for a year based on one day, 600-trillion.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
09/13/2010 +000,091,299,524.00 ------------******* Mon
09/14/2010 +000,150,853,245.21 ------------********
09/15/2010 +064,417,149,283.94 ------------**********
09/16/2010 -036,646,694,679.28 -
09/17/2010 -000,203,034,896.34 ---
09/20/2010 +000,019,446,813.89 ------------******* Mon
09/21/2010 +000,509,875,602.04 ------------********
09/22/2010 -000,022,020,658.96 ----
09/23/2010 -008,701,405,875.05 --
09/24/2010 +000,034,117,767.19 ------------*******
09/27/2010 -000,066,407,812.28 ---- Mon
09/28/2010 +001,463,391,855.14 ------------*********
09/29/2010 +000,391,315,850.35 ------------********
09/30/2010 +058,907,978,013.89 ------------**********
10/01/2010 -005,585,417,177.51 --

74,760,446,856.23 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=4563337&mesg_id=4563349

[Festivito]

74. Debt: 10/04/2010 13,617,255,556,356.04 (UP 6,407,970,545.95) (Mon)

Debt: 10/04/2010 13,617,255,556,356.04 (UP 6,407,970,545.95) (Mon)
(Up a little. Good day.)
Early call, late return.
(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)
= 9,017,482,214,669.27 + 4,599,773,341,686.77
UP 259,208,393.70 + UP 6,148,762,152.25

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 310-Million person America.
If every American, man, woman and child puts in $3.22 THAT'S 1B$, and $3,221.57 makes 1T$.
A family of three: Mom, Dad, Child: $9.66, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 310,407,392 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $43,868.98.
A family of three owes $131,606.94. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 21 reports in the last 30 to 31 days.
The average for the last 21 reports is 8,662,494,531.82.
The average for the last 30 days would be 6,063,746,172.27.
The average for the last 31 days would be 5,868,141,457.04.
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$/day.
There were 253 reports in 369 days of FY2011 averaging 6.75B$ per report, 4.63B$/day.
Above line should be okay

PROJECTION:
There are 839 days remaining in this Obama 1st term.
By that time the debt could be between 14.8 and 18.5T$.
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)
10/04/2010 13,617,255,556,356.04 BHO (UP 2,990,378,507,442.96 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,055,632,525,464.30 ------------* BHO
Endof11 +150,726,204,998,425.00 ------------* * A projection for two days, still too large, 150-trillion * *

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
09/14/2010 +000,150,853,245.21 ------------********
09/15/2010 +064,417,149,283.94 ------------**********
09/16/2010 -036,646,694,679.28 -
09/17/2010 -000,203,034,896.34 ---
09/20/2010 +000,019,446,813.89 ------------******* Mon
09/21/2010 +000,509,875,602.04 ------------********
09/22/2010 -000,022,020,658.96 ----
09/23/2010 -008,701,405,875.05 --
09/24/2010 +000,034,117,767.19 ------------*******
09/27/2010 -000,066,407,812.28 ---- Mon
09/28/2010 +001,463,391,855.14 ------------*********
09/29/2010 +000,391,315,850.35 ------------********
09/30/2010 +058,907,978,013.89 ------------**********
10/01/2010 -005,585,417,177.51 --
10/04/2010 +000,259,208,393.70 ------------******** Mon

74,928,355,725.93 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=4564446&mesg_id=4564452

[ozymandius]

3. Oil hovers above $81 amid mixed stock markets

SINGAPORE – Oil prices hovered above $81 a barrel Tuesday in Asia as traders looked for a new catalyst to extend last week's rally amid mixed regional stock markets.

Oil has plodded along in the $70s for most of the last year, but broke above $80 last week, bolstered in part by a rally in global stock markets. Oil traders often look to equities as a barometer of overall investor sentiment, and the Dow Jones industrial average rose 10.4 percent last month.

Investors will be closely watching Friday's monthly jobs survey and earnings on Thursday from Dow industrials component Alcoa Inc., a report that marks the traditional kickoff to the quarterly earnings season.

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

[ozymandius]

4. Watchdog: Treasury bailed out 66 weaker banks

WASHINGTON – Treasury Department officials sent bailout money to dozens of banks with known financial problems, and a growing number of bailed-out banks are struggling to stay afloat, a new government audit says.

Banks seeking money from the $700 billion financial bailout faced different standards depending on which agency regulated them, according to a report Monday from the Government Accountability Office. Some questionable banks got bailouts by persuading Treasury officials to overlook their problems. Others were blocked by regulators from making a case to Treasury.

Officials approved bailouts for 66 banks with known problems, the GAO found. Those banks have fared worse than the others in the program. They were twice as likely to miss dividend payments they owed to Treasury, the report says.

The report comes a day after the expiration of Treasury's powers under the 2008 bailout law. The GAO's findings highlight a key political challenge for the Obama administration. Officials must convince skeptical voters that the unpopular program was a success, and that it's over. Yet billions are still held by banks, an auto maker and an insurance company that can't afford to repay. Many banks need the money to survive.

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

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Projected losses are now approaching $66 Billion.

[ozymandius]

5. US deficit is 'real and growing' threat: Bernanke

WASHINGTON (AFP) – Federal Reserve chairman Ben Bernanke called for quick and decisive steps to rein in the exploding US budget deficit, warning failure to act could result in a serious crisis.

Warning that surging annual deficits presented a "real and growing threat" to the US economy, Bernanke told an audience in Rhode Island that a day of reckoning would come if action is not taken.

The US saw a record 1.47 trillion dollar budget shortfall in the financial year that ended in September, as tax revenues dried up and the government splurged on economic bailouts and stimulus spending.

Bernanke said a reform of the fiendishly complex US tax code could also help.

http://news.yahoo.com/s/afp/20101005/ts_alt_afp/useconomybankbudget

[Po_d Mainiac]

12. Spending, borrowing, and accounting have different definitions at the Federal level

Using crooked accounting only government can get away with, they "announced"
http://market-ticker.org/post=166529

What many pundits have yet to realize is that on average the US issues exactly 50% more debt than it needs to merely fund its deficit: whether the difference goes to fund intertemporaral differences in short-term debt maturities is irrelevant: the point is that the $10 trillion in deficits over the next 10 years, will most surely result in at least $15 trillion of new debt. We say at least, because if interest rates pick up, the US will have to issue more and more debt just to fund interest payments. Incidentally, this month 8% of all tax revenues went to fund interest expense: this is an increase from the roughly 5% spent on interest outlays in early 2010. Already the trend of interest funding is one of increase, and rates are still near record all-time lows. Just wait until the 10 Year is back at 5-6%.

http://www.zerohedge.com/article/us-debt-deficit-difference-hits-fresh-record-treasury-continues-issue-50-more-debt-needed-fu


Contrary to expectations that every dollar in deficit spending is funded with a dollar of debt, historical data indicates that actual debt-funded spending vastly exceeds monthly deficits. In fact, since the beginning of Fiscal 2007 (October 2006), the total cumulative deficit is $3 trillion. It may come as a surprise to some that over the same period, total US debt has increased not by $3 trillion (which would make intuitive sense), but nearly 50% more, by $4.4 trillion, meaning that the US Treasury has accumulated approximately $34 billion of debt in excess of any given month's average deficit.

http://www.zerohedge.com/article/us-debt-gdp-159-2020-why-us-debt-issuance-vastly-greater-deficit-spending

Adding a whole new chapter to the cookbook/crookbook

[Papa Boule]

14. Oh, gosh. Where oh where could expenses be cut....?

[Po_d Mainiac]

15. job training looks way over budgeted

I'll assume that X is interest??

[DemReadingDU]

17. and agriculture

:eyes:


Anybody think the Pentagon budget might have a bit of excess?

[tclambert]

49. Education is blue! The Democrat color.

Teabaggers may be partially color-blind. The red slices of pie don't register.

[ozymandius]

6. Housing shows stability, factory orders fall

WASHINGTON (Reuters) – Pending sales of previously owned U.S. homes hit a four-month high in August, a sign the housing market was stabilizing at very low levels following its sharp drop after a home-buyer tax credit expired.

Another report on Monday showed new orders received by U.S. factories fell 0.5 percent in August, although they were up 0.9 percent excluding volatile transportation bookings.

The data offered few fresh clues on whether the Federal Reserve would embark on a new round of monetary policy easing. Financial markets are bracing for the Fed to kick off another round of bond buying as early as next month.

The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in August, increased 4.3 percent from July. Markets had expected the index, which leads existing home sales by a month or two, to rise 3 percent.

http://news.yahoo.com/s/nm/20101004/bs_nm/us_usa_economy_housing

[ozymandius]

7. World markets mostly higher, rate cut lifts Japan

BANGKOK – World stock markets mostly posted modest gains Tuesday as investors weighed a surprise rate cut in Japan against a credit agency warning that Ireland's debt rating may be downgraded.

Japan's benchmark jumped 1.5 percent during an otherwise lackluster session in Asia. Markets in Europe were higher though optimism was restrained by Moody's warning it may cut Ireland's debt rating amid mounting worries over the country's economy following another bank bailout last week.

London's FTSE 100 advanced 0.6 percent to 5,589.78. Germany's DAX rose 0.3 percent to 6,151.98. The CAC-40 in Paris was up 0.7 percent to 3,675.96. Wall Street was set to gain with Dow futures higher by 0.3 percent, or 29 points, at 10,736.00.

Tokyo's Nikkei 225 stock average rose out of negative territory after the Bank of Japan cut its key interest rate to a range of zero to 0.1 percent and said it may set up a $60 billion fund to buy government bonds and other assets, hoping to boost a faltering recovery and deflate the strong yen. The index closed up 137.70 points, or 1.5 percent, at 9,518.76.

http://news.yahoo.com/s/ap/20101005/ap_on_bi_ge/world_markets

[ozymandius]

8. Icelanders Hurl Eggs at Parliament in Mass Protests

I must admire their spirit. - ozy

The protests were designed to disrupt the Prime Minister’s first speech to lawmakers since parliament convened for the autumn session this month. Her government, in office since January 2009, is still struggling to resurrect the economy after its banking meltdown a year earlier plunged the island into a crisis that sent the krona down as much as 80 percent against the euro offshore. The island has since relied on a $4.6 billion International Monetary Fund-led loan to stay afloat.

The $13 billion economy contracted an annual 8.4 percent in the second quarter, after shrinking 6.8 percent in 2009. The average Icelander experienced a 20.3 percent decline in his real, disposable income last year, while unemployment stood at 7.3 percent in August. Real house prices in the capital Reykjavik have slumped 34 percent since an October 2007 peak, the central bank said in August. The krona has been protected by capital reserves since the end of 2008 to halt a selloff.

Sigurdardottir in prepared comments told lawmakers the IMF’s third review of Iceland’s economic program, completed last week, will help lower credit default swap rates on the island’s debt and help ease access to international markets. That review unlocked a $167.5 million disbursement, which Iceland will use to bolster foreign reserves.

http://noir.bloomberg.com/apps/news?pid=20601087&sid=aoWTNK0wOGwI&pos=9

[Po_d Mainiac]

16. Again the next gen takes the biggest hit

In this case it's the unborn (eggs) that suffer the greatest loss
:hide:

[TalkingDog]

56. Ha! n/t

[ozymandius]

9. Chart Porn from the New York Times re: TARP

Kudos to Ritholtz for placing this on his site.

From the NYT:

The government is pulling a sheet over TARP, the Troubled Asset Relief Program created during the panic of 2008 to bail out the nation’s financial institutions. With the program’s expiration on Sunday, we can expect to hear lots of claims from the folks at the Treasury that it was a great success.

Such assertions would be no surprise from a political class justifiably concerned about possible taxpayer unhappiness, the continuing economic turmoil and the midterm elections. But if we have learned anything during this crisis, it is that the proclamations emanating from the Washington spin machine must be taken with an extra-hefty grain of salt.

Chart can be found here. It is a classic profit-loss comparison.

[ozymandius]

10. And that's a wrap for now, folks.

:donut: :donut: :donut: I wish you all a good morning and a great day. :hi:

[AnneD]

11. Morning Marketeers...

:donut: and lurkers. Thanks for warming up the engine for us Ozy. We got it from here.

I don't know about you folks but I find this foreclosure fraud fascinating. Hubby and I have started looking at auction sales as a possible way to get a house we can really afford, since builders have been reluctant to meet what I suspect is a bigger market demand than those McMansions they insist on building. I am no certified RE expert but I do know the importance of a clear title, esp when dealing with property taxes, liens, etc. I think since this entails the way states and the government get their tax money, we may actually and finally see some prosecution and punishment handed out. I have said all along that folks that are facing foreclosure should not duck tail and run but should fight. This makes judicial 'cram downs' (judicial adjusting of the cost and terms of the mortgage) seem not only fair but appropriate. This wrangling will screw up the RE markets for the foreseeable future. And it really does not bode well for the economy. Buying a chunk of land IS starting to look better and better every day.

Well, hate to post and run but I have to get out and turn the mill stone.

Happy hunting and watch out for the bears.

[Tansy_Gold]

19. Fighting foreclosure? With what?

The real estate mess has hit a lot of people, and a there are a lot who are being evicted on the basis of fraudulently processed documents. I suspect, however, that many of the banks/mortgage companies will eventually resurrect the missing documents and most of the foreclosures will proceed. I'm not saying this as an expert in anything but my own personal experience with fucked up real estate documents.

Even if foreclosures based on fraudulent documents are halted, what will ultimately happen? Are people who can't afford to pay their mortgages just supposed to be given the house free and clear? What about other debts associated with it? What about those who CAN afford their mortgages but the debt is more than the market value of the property? Are they just stuck, or can they walk away with no repercussions? Or do they just get the house as a present? What about those who can afford their mortgages and aren't underwater? If they're struggling, what relief do they get? What about those who scrimped and saved and sacrificed to pay off a mortgage? Where's their pat on the back for a job well done? What about those who have already lost their homes beyond recovery?

What about people like Pinal County Supervisor Bryan Martyn, who owes something close to $800,000 on a mortgage and HELOC that he couldn't afford at the time he bought the house? The house is currently listed at $375,000 with the description "BUYER WALKED!" http://www.weichert.com/32707525/

I'm not in favor of bailing out the banks, that's for damn sure, but neither am I in favor of blanket solutions that solve only part of the problem.


Tansy Gold, who is herself probably part of the problem

[bread_and_roses]

22. between your post and Anne's

it makes clear what a total and epic FUBAR this whole mess is - it's the logic of capitalism on steroids played out to the nth degree, and there is no resolving it in any sane way. Like the endless clamor for economic "growth" - which is killing the earth and us along with it. When the system is insane - not to mention corrupt, but then, that's inevitable too - there is no way of fixing it within the given parameters. At least not without corruption, manipulation, and the crushing of the many to benefit the few.

[Po_d Mainiac]

24. watch for MERS MINS to take legal precedent in lieu "blue ink" copy

:grr:

[Tansy_Gold]

25. I have no doubt that will happen

What else are the courts supposed to do? There are recorded documents, deeds of trust, etc., on file with the county recorder, or whichever official is in charge of such things, so why not MERS? Did MERS engage in anything fraudulent? Did they do anything other than essentialy insert themselves as a record-keeper and legal action arm of the mortgage industry? Did anyone complain when MERS was set up? Did anyone challenge its legality then?

There will be no quick and easy and fair fix unless and until the banks are brought to heel. How this is to be done without massive and perhaps class action lawsuits, I don't know. But bread and roses is correct: this is the almost inevitable result of capitalism on steroids. A few have benefited and will continue to benefit obscenely, while many will suffer to one degree or another. And the solution -- dealing with each case individually -- will/would be a nightmare. But then again, the opposite would also be a nightmare and probably much worse.

For whatever the fuck it's worth, since walking away from his $600,000 mortgage and $189,000 HELOC, Bryan Martyn has taken his wife on fancy getaways to Sedona, AZ, and the Pointe Tapatio Resort where he enjoys the scenery and sips scotch. Must be that's where he's living since walking away from the Gold Canyon house. What an asshole.


Tansy Gold, pissed

[DemReadingDU]

30. Missing documents eventually be 'found'? nope

Perhaps in a tiny number of cases, a few may be 'found' or 're-created'. But I believe the majority were fraudulently destroyed, gone forever. I really have no idea how this mess can ever be resolved, but I do believe it will be a prime factor when the economy implodes.

[AnneD]

34. And that is my point about fighting it in court....

Demand to see the paperwork. Whenever you go to court with creditors, they have to present paperwork to back up their claim. That is the law. If you have your paperwork and they have this bogus shit, who are they going to believe, esp when this fraud becomes more evident to the population.

AnneD-whose hubby is at the Sheriff's auction as we speak. We didn't get anything in the area we want, but we are learning tons on info.

[Tansy_Gold]

40. The point is, WHAT fraud??

Did the buyer sign a note? Is there evidence that she/he/they did? Did the mortgagor assign their rights to MERS? Is MERS committing fraud? Did the lender commit fraud by assigning the note to MERS? Does the borrower owe the money?

Yes, it appears there was fraud committed when lenders failed to check on the documents on some of the foreclosed properties. Yes, it appears that some of the big lenders are halting all foreclosures until they get the paperwork straightened out.

What I'm saying, though, is that just because there's some fraud in some of the processing doesn't mean every single foreclosure is the result of fraud. Anyone who is counting on the courts to stand up for the homeowners as a bloc against the lenders is, imho, hitching their wagon to a falling star.

The banks will not sit still and allow the courts to give away the farm in a wholesale donation. if the courts did that, if they unilaterally wiped out every single mortgage on the books, what would that do to the banking system? You're correct, it would collapse. And the reason it would collapse is because there are still mortgages out there that are not underwater, that are not in default. And you can't go in and wipe everything off the books. That means looking at each individual mortgage for its merits and flaws.

When it gets down to that level, some of those sliced and diced mortgages are going to be found to have sufficient documentation -- maybe even in the absence of a signed, notarized, recorded Promissory Note -- to be foreclosed. Some of those documents will indeed be "found," and some will simply be documented by other means. And I suspect there will be some courts that will decide the absence of an original signed Promissory Note is not sufficient cause to void a debt.

If it's done for one loan, it will be precedent for others, and if there are conflicting precedents, it's gonna go up the legal food chain until there's a consensus. That may mean SCOTUS.

I just found out at coffee this morning that an acquaintance who bought a foreclosed property a year ago may have to vacate because there were irregularities in the foreclosure, which took place two years ago. The acquaintance -- I don't know her well enough to call her a friend -- did her own research before buying the property, then had a realtor check everything out and then handed everything to both her own attorney and the realtor's attorney to make sure everything was clean. Supposedly it was, but the foreclosee found out there were "irregularities" in the foreclosure process and is now suing. I don't know what the "irregularities" were/are, but the acquaintance has obtained legal counsel who has advised her to find a back-up place to stay where she can move to on a moment's notice. She put over $100,000 cash down on this place (which she believes she will get back in the event she has to surrender the property) and has invested another $30,000 in remodeling and improvements (which she has been told may not be recoverable if she has to surrender the property). In her words, "It was a helluva good deal, but it wasn't so good that I thought it was too good to be true. Now I'm beginning to wonder if ALL the deals are too good to be true."

This is a systemic problem, but one that has millions of individual repercussions. The only way they're going to be resolved is one at a time. The banks will want it that way, and I'm quite sure most of the homeowners will want it that way, too.



TG, who has been known to be wrong but has also been known to be right.

[AnneD]

42. What is the expression....

"Results may vary". This is one of those cases. She did due diligence as best she could. If she had title insurance-she will get most if not all of her money back. BUT....many of these title insurance companies have seen the writing on the wall and a lot are getting out of the business due to the level of fraud. I am just saying that, if I were faced with a similar situation and I even suspected a whiff of fraud in my mortgage, I would take a chance and go for it in court. And I do agree with you on the SCOTUS being the bottom line. After their ruling on eminent domain, I am not too optimistic.





AnneD, who reads every line in a contract, keeps them forever, and has a generations deep distrust of treaties and contracts, especially when government and big business are involved.

[DemReadingDU]

43. Some of the fraud might be due to LPS

10/5/10 Multi-Billion-Dollar Class Action Suits Filed Against Lender Processing Services for Illegal Fee Sharing, Document Fabrication; Prommis Solutions Also Targeted

Lender Processing Services, a crucial player in the residential mortgage servicing arena, has been hit with two suits seeking national class action status (see here and here for the court filings). If the plaintiffs prevail, the disgorgement of fees by LPS could easily run into the billions of dollars (we have received a more precise estimate from plaintiffs’ counsel). To give a sense of proportion, LPS’s 2009 revenues were $2.4 billion and its net income that year was $276 million.

These suits, one of which was filed late last week, the other Monday, appear to be the proximate cause for the sharp drop in LPS stock, which fell 5% on Friday and 8% Monday (trading was halted just prior to the close of the trading day).

Those close to the foreclosure process have lodged many complaints against LPS. But the two suits we highlight here level the most serious and wideranging allegations thus far.

By way of background, we’ve described issues with foreclosure mills and the flaws in the securitization process at some length in previous posts (see here and here for some recent posts which contain overview material). As evidence about problems with the foreclosure process have surfaced at more and more servicers, one of the common themes has been that a substantial portion of the foreclosure process was outsourced to various processing companies. Foreclosure defense attorneys have cited one firm, called Lender Processing Service (LPS) as one of the largest as well as more problematic firms in the outsourced foreclosure business. In addition, by 2008, LPS had purchased a company called DocX, the company responsible for the “document production” price sheet cited here earlier.

LPS is effectively in three lines of business (which are organized in two divisions): Technology, Data, and Analytics; Loan Services, and Default Services. The suits focus on the practices of the Default Services operation, which contributed $1.137 billion, or 48% of total revenues. The allegations set forth in the suits involve its Default Services, which organizes and manages foreclosures (including property management and REO auctions) on behalf of servicers.

Lots more...
http://www.nakedcapitalism.com/2010/10/multi-billion-dollar-class-action-suits-filed-against-lender-processing-services-for-illegal-fee-sharing-document-fabrication-prommis-solutions-also-targeted.html



I don't know enough how all the dots are connected, but these LPS dots appear to be somehow involved in the fraud.

[Roland99]

13. Futures: Making yesterday's boo-boo all better

S&P 500 1,141 +6.00 +0.53%
DOW 10,744 +37.00 +0.35%
NASDAQ 1,990 +12.75 +0.65%

Guess the markets are giving us some bubble guns to play with.

(My gf took her son to get his shots yesterday for school...pre-K. 3 of them...2 in one arm, 1 in the other. He didn't cry although he came close. Sooo...I swung by Publix on the way home and saw a little bubble gun in the toy aisle - he LOVES playing with bubble machines. He was happy. :-) )

[Po_d Mainiac]

18. Again your buying power takes a beating for the sake of the markets

dollah down = markets up (following oil)

U'd think that 20% of the index being financials, and they are all wrapped up in stinky brown piles about to get lobbed into a fast moving turbine (via mortgage melt 2.2) would play stronger.

Or the assumption is: the announcement of another bailout has already been drafted and they are just waiting for GS to give the green light?
:shrug:

[hamerfan]

23. 11:05AM

S&P 500... +18
DOW... +134
MASDAQ... +41

WTF? :wtf:

[Roland99]

20. Connecting the Dots of Chinese Gold and Currency Reserves

http://dailyreckoning.com/connecting-the-dots-of-chinese-gold-and-currency-reserves/

...
For example, as the gold-bug, Austrian school of economics, gun nut, paranoid, lunatic, greedy lowlife that I am, I am instantly alerted to buy more gold when he writes, “Gold makes up only 1.7% of China’s foreign exchange reserves. Many analysts believe China is targeting a 10% figure. If so, it would have to buy every ounce the world produces for two and a half years. Or, if it relies on only its own production – China is the world’s largest producer – it would take nearly 20 years of steady accumulation to reach the 10% level.”

‘“Wow!” I said to myself!

The problem for me is that China’s annual production of gold is, obviously, relatively fixed in the short run and, due to depletion of a finite resource, bound to hit something like Peak Chinese Gold, especially since gold and gold mining are not new to China!

So this “20 years of buying all internally produced gold” figure also supposes that China’s foreign exchange reserves will not grow at all – zero growth! – for 20 years.

Watch carefully here, as I note this inevitability of China accumulating more foreign reserves, which is, I figure, a dot to be connected! A dot!

[Roland99]

21. October Could Be a Long Tough Month for Stocks (goes with those charts from yesterday)

http://dailyreckoning.com/october-could-be-a-long-tough-month-for-stocks/

“The timing and size of the Federal Reserve’s next round of money printing,” suggests Dan, “are driving the stock market right now. My read of both factors tells me that the market is at risk of another sharp move lower.

“The S&P 500 is encountering strong ‘resistance’ at 1,150. One can easily imagine a return back to 1,050 – the starting point of the latest sprint.

“Plus, one of the key indicators of a sustainable rally is missing: Treasury yields haven’t budged much at all (see blue line above). Contrast the barely noticeable blip up in yields with the spring 2009 leap of 150 basis points in a few months.”

Then notice how the benchmark 10-Year Treasury yield sits about where it did when the S&P hit bottom in March 2009.

[Po_d Mainiac]

26. Looking at the further crushing of the U$D today I don't think

Chopper Ben is going to be able to QE.....I may be wrong (AND HOPE I AM), but it sure is looking like the 4X is letting the FED know that it's game over.

Not only may QE be off the table, but the only recourse to save the buck may be to raise the discount rate...

Doing so would perhaps save the dollar from TP status, but kill equities and bonds with a single blow.

Talk about a perfect storm...unfrickin believable!!! This is shaping up to be a classic case of why u don't keep kickin the can

[Roland99]

27. 12:00 - Looks like Japan is jumping into that fray...Markets rejoice - 11,000 in sight

Dow 10,911 +160 +1.48%
Nasdaq 2,393 +48 +2.05%
S&P 500 1,158 +20 +1.80%
GlobalDow 1,972 +33 +1.69%
Gold 1,339 +22 +1.69%
Oil 82.65 +1.18 +1.45%

[DemReadingDU]

31. Professional gamblers

What goes up, eventually comes back down.

[Po_d Mainiac]

36. This is a flee from the U$D

And if the current pace continues, the most expense gift under the X-mas tree will be a gallon of gasoline..

[Roland99]

28. Bank of Japan cuts rate

U.S. stocks climb after Bank of Japan cuts rate
http://www.marketwatch.com/story/us-stocks-jump-as-bank-of-japan-cuts-rate-2010-10-05

U.S. stocks rose sharply Tuesday after a U.S. service-sector gauge rose more than expected in September and after the Bank of Japan made a surprise move to stimulate the economy.

After a higher start, the major indexes added to gains after the Institute for Supply Management’s index of nonmanufacturing businesses climbed to 53.2 in September from 51.5 the prior month. Read moreon ISM.

The better-than-expected report supported the notion the recovery is gaining traction, while Japan’s effort to support its economic growth by cutting interest rates to near zero bolstered the view the central banks would step in, if needed to support the global recovery.

The Bank of Japan voted unanimously Tuesday to cut its policy interest-rate range to between zero and 0.1%, from 0.1%. And it said it would take special easing measures, valued at $419 billion, including buying Japanese government bonds. Read more on Bank of Japan’s move.

[TalkingDog]

32. IMF West Stuck in Near Depression

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/8039789/IMF-admits-that-the-West-is-stuck-in-near-depression.html

If you strip away the political correctness, Chapter Three of the IMF's World Economic Outlook more or less condemns Southern Europe to death by slow suffocation and leaves little doubt that fiscal tightening will trap North Europe, Britain and America in slump for a long time.

snip

"Not all countries can reduce the value of their currency and increase net exports at the same time," it said. Nobel economist Joe Stiglitz goes further, warning that damn may break altogether in parts of Europe, setting off a "death spiral".

snip

We are seeing a pattern – first in Ireland, now in Greece and Portugal – where cuts are failing to close the deficit as fast as hoped. Austerity itself is eroding tax revenues. Countries are chasing their own tail.

/end


So...you gonna believe them numbers? Or you gonna believe your lying eyes?

[TalkingDog]

33. Best September Since 1939!

http://market-ticker.org/akcs-www?post=167903

There were in fact two depressions in the 1930s. The first one is the one you read about in the history books - that began with the collapse of the stock market in 1929.

The second was a Depression that began in 1937, when despite all the claims that FDR "saved" the nation and the economy with his policies, IN FACT THERE WAS A DEPRESSION INSIDE THE DEPRESSION!

In 1939 the economy was allegedly in a "recovery" from that second downturn, just as allegedly in 2010 we are in the "recovery" from the second downturn after 2000.

And just as in 1939, we had a furious rally in September, while the signs of serious economic weakness were all around us. Claims numbers that people cheer, but in this case they show three quarters of a million people losing ALL INCOME while coming off the rolls. Trucking data that is showing a monstrous slowdown when we should be seeing serious increases in volume for holiday stocking. Massive, ridiculous levels of commodity inflation - double-digit numbers virtually everywhere just within the last month - oil, wheat, soy, corn, oats - you name it, it's there. Real purchasing power that has in fact declined over the last decade, and shows no indication of having turned. And trade distortions that our government attempts to address with weak-kneed BS (e.g. "Smoot-Hawley") instead of actual addressing of the problem - and after more than a decade of intentional "head in the sand" views that led to the distortions in the first place.

/end

Well, other people may have overlooked it, but I think it's been discussed here and quite extensively in the Dog household. Other shoe.

[AnneD]

35. So....

will we have the worst October since 39.....Oh wait, we are just in a Recession, not a Depression.

[Roland99]

38. Whew!

thank goodness.

[AnneD]

44. There you go again Roland...

looking at that glass half full:spray:

[Tansy_Gold]

45. Understand that the current recession is fundamentally different

from the 1930s Depression, because the structure of our society has been fundamentally altered over the past 80 years. Just IMHO, of course.

1. Two income households are the norm. Our family structure is such now that individual households may have two or even three wage-earners for perhaps half as many dependents as one wage-earner supported in 1930, 1950, or even 1970.

2. We have a government-sponsored financial safety net that didn't exist at all in the 1930s -- including food stamps, WIC, social security, social security disability, unemployment compensation, pensions, etc. We have a much higher home ownership proportion. We have a much better educated population.

3. We have had, for a good portion of the current downturn, the availability of credit to maintain lifestyles. Borrowing for luxuries/conveniences was unheard of in 1930 for the majority of Americans.

4. We have had a major, major, major shift from rural to urban and then to suburban population density. It is impossible now for a significant portion of our population to relocate to or benefit from a family-owned or family-operated farm. What percentage of our current population could emulate the Waltons of Walton's Mountain, trading eggs for sugar?

5. Relative to #4, we've had a major shift away from centralization of resource availability, thus requiring dependence on petroleum-based transportation to supply "basic" necessities, as well as a shift to seeing many luxuries as necessities.

Many of these aspects of the current economic status and others have contributed to a postponement of the desperation that provided some impetus to the measures that brought the 1930s Depression at least under some control -- and also provided the false sense of security that said Depression was "over" by 1937. If our current official rate of unemployment is ~10% and our current unofficial rate is ~20%, with the existing safety net we might need to reach an unofficial rate closer to ~40% before we hit the kind of desperation that engulfed the country in the 1930s.

But what do I know?


TG

[AnneD]

46. Seems like the GOP

is hell bent to unravel the safety net.

But what do I know?

AnneD, who never under estimates the stupidity of the general population or the GOP base. Sorry if I seem combative but I do like this debate. It is a chance to flesh out my ideas. I do like bouncing them off on folks that might have a clue.

[Tansy_Gold]

51. Well, of course they are!

In fact, the establishment of that safety net, much of it a reaction to the 1930s' Depression, helped to create the robust middle class of the 50s, 60s, 70s and into the 80s, when the raygun devolution began dismantling it. What's left of that middle class is also providing much of the financial cushion that's preventing the current recession from being a full-blown depression. It won't be a capital-D Depression until all the accumulated "savings" of the middle class, built up over the past 60-80 years, is wiped out.


And yes, that is the (un)stated goal of the GOP. They do not want a healthy middle class.


TG, NTY

[AnneD]

71. So Tansy...

are we still running mates. I don't mind being second fiddle but I would never be a yes man. As long as you appoint Elizabeth Warren to the treasury-we won't have much disagreement.:hug:

[Po_d Mainiac]

37. fyi

Energy Name Price Change %Change
Crude Oil Nov 10 82.91 +1.44 +1.77%
Heating Oil Nov 10 2.30 +0.02 +0.85%
Natural Gas Nov 10 3.74 +0.01 +0.30%
RBOB Gasoline Nov 10 2.12 +0.03 +1.20%

[Roland99]

39. DJIA +183. Gold at $1,341/oz.

[TheWatcher]

41. The most important Number of the day is this one. US $ 77.734

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

The only relevance the Dow seems to have is the correlation it trades with the Dollar.

When the Dollar Goes up, the Market goes down.

When the Market goes up, the Dollar tanks into oblivion.

Funny that.

The question I would have for the Economic Cheerleaders is thus:

What relevance does an 11,000 Dow have to a still deteriorating Job Market, a reality that will rear it's ugly head this Thursday with the obligatory upward revision of last weeks numbers, and Friday with a horrible Jobs report?

Also, what relevance does an 11,000 Dow have for the Real Economy and the people suffering in it, since 70-80% of all trading done on the Dow on any given day is done by High Frequency trading, Algorithm driven Computers, making it nothing more than a computerized Casino.

The response to this of course, will be the usual combination of crickets and "You Hate Obama!" screams.


Funny that, also.

This Post will self-destruct and be censored in 3.....2.....1.....

[Po_d Mainiac]

47. yup...ck u'r PM

[JNelson6563]

50. Oh stop you're crying.

I really hate to see this Heather crap spill into the Stock thread.

[bread_and_roses]

52. what the heck is "Heather crap"

that's a new one to me? And often this thread is about a broader perspective than just "stocks."

[TheWatcher]

53. Not sure what "Ignored" said, but I would assume it was derrogatory and insulting

and had little content addressing the issues brought up in my post, as is the usual with the Recovery Police.

Hopefully I'm wrong.

[Tansy_Gold]

54. BTHOOM*

I have no clue what "Heather crap" is either, and none of my ignoreds have posted today.

:shrug:



*beats the hell out of me

[TheWatcher]

55. It means they don't know how to respond intelligently to the issues addressed

So throwing around sand like a three year-old in a sandbox with a full diaper seems to be the most logical course of action.

It's sad, really. Why are so many willing to defend such an obviously fraudulent Market and system that has absolutely nothing to do with Economic Reality for most Americans?

Are they that desperate to live unchallenged by reality in a fantasy world, false paradigm that offers nothing but artificial feelings of false comfort?

The consequences that reality bears are not going to change, no matter how much shouting down, gate-keeping, insulting, attempt at censoring, and messenger-shooting is done.

This ridiculous, counter-productive behavior solves nothing, serves no purpose, and certainly has no influence on reality and it's consequences, or the way it plays out.

At this point I absolutely have no feelings or sympathy toward people who engage others this way.

If they love their bed so much, let them lie in it, and live and die by it.

I certainly see no reason to deprive or deny such desperate persistence.

[Dr.Phool]

57. We just found out your name is Heather!

Do you wear leather? In this kind of weather?

[TheWatcher]

59. I do wear leather quite often, including today, but my name is not Heather.

Somebody must have left the Quiet Room unlocked today.

The Nurses definitely should be notified that they have an escaped patient on the loose.

:rofl:

[skoalyman]

60. I wouldn't wear any gold

:wow: :scared:

[TheWatcher]

61. Or let too many people you don't know and trust that you own Physical.

It will get to the point where you can't even get robbed at gunpoint if all you have is cash.

Monopoly Money will be worth more.

[Hugin]

62. As luck would have it...

Due to the mercury panic a few years ago, I had all of my fillings replaced with ceramic.

Ah, don't you love instant poetry? ;)

What's all this Heather stuff doing on the SMW? :shrug:

[skoalyman]

63. I must be out of the loop whats this heather business lol

:tinfoilhat:

[Hugin]

65. I have no idea.

The way I see it... If I act like I know, I can get a shot at being in on the ground floor of the Heather Phenomenon. :7

Maybe we should check the Urban Dictionary?

[Tansy_Gold]

67. I've got it! I've got it!

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x9260449

See, it's all coded references, all over DU, related to the heroines in old and not so well written historical romance novels by the late Kathleen E. Woodiwiss.

So we've got one poster in another thread referencing "Shanna" --




And now in the SMW a reference to "Heather," heroine of KEW's debut 1972 blockbuster--




Makes perfect :tinfoilhat: sense, don't it?



Tansy Gold

[TheWatcher]

68. Very Good Detective Work, Dear Tansy.

Now, how any of what that person posted relates in any way to the harsh realities of a declining Dollar and Job Market, we still have no idea.

I just hope my character is sexy, and looks good in thigh high boots. :rofl:

We now return you to "The Illusion Of Recovery", already in progress. :)

[bread_and_roses]

69. ROFL ...and the aspens sway in the breeze...

or whatever that sentence was. Secret codes and Bodice Rippers, oh my!

[Hugin]

70. It makes as much sense as anything else I've seen lately.

Like how Mortgage Lenders are being allowed to selectively steal massive amounts of valuable Real Estate to make their books balance... Sort of.

It's the total take-over by the Welfare-Barons... The last gasp of the Middle-Class.

It's really over.

Done.

[TheWatcher]

64. Some obviosuly take offense to those who don't believe that the Stock Market IS The Economy

That the continued devaluation of the Dollar is nothing to be concerned about, and that outside of the rising Golden Calf Dow, nothing exists or matters.

Delusion can cause strange responses and peculiar behavior.

It's best to smile nervously and walk on as quickly and briskly as possible. :)

As for the Heather Phenomenon, I Have no idea. That person comes up as "Ignored" for me, so I have no idea of the details of the silliness they posted.

Maybe it's some kind of new secret code or handshake the asylum inmates have adopted.

:rofl:

[Hugin]

66. It's the obvious and predictable end result of 30 years or more of the Contract on America.

Deregulation... Marginalization of Civilization... Greed is good (and un-punished)... and so on...
A total debasement of Mores and Values.

Sharing a Tub with Diogenes is looking better and better every day.

[Roland99]

48. At the close - Everybody's happy! Gold, Oil, Stocks. Well...not everybody. Poor Mr. Greenback

Dow 10,945 193 1.80%
Nasdaq 2,400 55 2.36%
S&P 500 1,161 24 2.09%
GlobalDow 1,975 36 1.84%
Gold 1,341 25 1.87%
Oil 82.61 1.14 1.40%
Euro /$1US 1.3829 0.0153
$1US / Yen 83.1800 -0.2200
Pound / $1US 1.5885 0.0060
Aud / $1US 0.9711 0.0037
10yr T-note 2.47 -0.01
2yr T-note 0.41 0.00

[TheWatcher]

58. Get With The Program Roland. The Stock Market IS The Economy.

Nothing else matters or exists, and if you question it, you are Financial Al Qaeda.

Stop Hating America and back Up The Truck, and engorge on Worthless Fiat Fantasy, or be cast out of society.

Honestly, such foolishness. :)

[AnneD]

72. Even if it is..

decoupled. Great thread today.

[DemReadingDU]

73. Who is Heather?

I'm still confused. There was a movie 'Heathers'

http://en.wikipedia.org/wiki/Heathers