STOCK MARKET WATCH, Thursday, January 27, 2011

[Demeter]

Source: DU

STOCK MARKET WATCH, Thursday January 27, 2011

AT THE CLOSING BELL ON January 26, 2011

Dow 11,985.44 +8.25 (+0.07%)
Nasdaq 2,314.19 +10.16 (+0.44%)
S&P 500 1,296.63 +5.45 (+0.42%)
10-Yr Bond... 3.45 +0.03 +0.88%
30-Year Bond 4.61 +0.02 +0.46%

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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
GoogleFinance Bank Tracker
Credit Union Tracker
Daily Job Cuts

Handy Links - Economic
Blogs:
The Big Picture Financial Sense Calculated Risk Naked Capitalism Credit Writedowns
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
Dishonorable Mention: former House majority leader, Tom DeLay

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.

No link yet.

[Pale Blue Dot]

1. Ok, give me until 8 from now on. :-)

Snowed in AGAIN.

[Demeter]

3. I had heard that on the radio--8 AM it is!

Someday I'll get that HTML code fixed, too. Why don't you do the other stuff while I work on that?

[happyslug]

62. OK, 8:00 AM GMT

8:00 am Greenwich mean Time (GMT) equals 3:00 am Eastern Standard time (EST)
http://wwp.greenwichmeantime.com/time-zone/usa/eastern-time/convert/

[Pale Blue Dot]

2. Today's Reports

Jan 27 08:30 Initial Claims 01/22 400K 410K 404K
Jan 27 08:30 Continuing Claims 01/15 3800K 3835K 3861K
Jan 27 08:30 Durable Orders Dec 1.5% 1.5% -0.3% -1.3%
Jan 27 08:30 Durable Orders ex Transportation Dec 1.0% 0.6% 3.6% 2.4%
Jan 27 10:00 Pending Home Sales Nov -2.0% -0.5% 3.5%

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

[Pale Blue Dot]

41. BOOM! The reports are HORRIBLE.

Initial claims 454K vs. expectations of 400k.
Continuing claims 3991k vs. expectations of 3800k.
Durable goods down 1.3%.

This could be a fascinating day... :-(

[Demeter]

42. Truth Will Out

and the truth will make us free.

[Pale Blue Dot]

47. I'm amazed at the spin. Look at this MSNBC article:

WASHINGTON — The number of people applying for unemployment benefits rose sharply last week as snowstorms in some parts of the country forced companies to lay off workers.

Applications surged by a seasonally adjusted 51,000 to 454,000, the highest level since late October.

However, much of the increase was blamed on bad weather in four Southern states. That caused some companies to temporarily shut down, a government analyst says.

The prior week's figure was revised slightly down to 403,000 from the previously reported 404,000.

The four-week moving average of unemployment claims — a better measure of underlying trends, rose 15,750 to 428,750 last week, implying a gradual labor market recovery that could compel the Federal Reserve to complete its $600 billion bond buying program aimed at bolstering the economy.

http://www.msnbc.msn.com/id/41290532/ns/business-eye_on_the_economy/

Bold is mine.

WHAT??? The 4-week average increases and that means a labor market recovery??? That's beyond Orwell, I think.

[Pale Blue Dot]

44. Today's spin: it's the snow's fault.

WASHINGTON (MarketWatch) - New applications for unemployment benefits jumped last week by 51,000 to 454,000, partly because poor weather caused administrative backlogs in four Southern states, the Labor Department reported Thursday. A labor spokesman said snowstorms earlier in the month forced unemployment offices in Alabama, Georgia, North Carolina and South Carolina to open fewer hours and process fewer claims. A reduction in the backlog contributed to the sharp increase in new claims, the spokesman said. Economists polled by MarketWatch had expected initial claims in the week ended Jan. 22 to rise to a seasonally adjusted 408,000 from a revised 403,000 the week before. Continuing claims, which reflect the number of people already receiving unemployment compensation, rose 94,000 to a seasonally adjusted 3.99 million in the week ended Jan. 15. About 9.41 million Americans were getting some kind of state or federal benefit in the week ended Jan. 8, down 223,826 from the prior week.

http://www.marketwatch.com/story/weekly-jobless-claims-climb-51000-to-454000-2011-01-27

Funny that we didn't hear about this backlog last week when the numbers appeared good.

[DemReadingDU]

50. snow!

no jobs shoveling snow?

[Pale Blue Dot]

45. WEAK: December Durable Goods Dive 2.5%

Headline: Down 2.5%

Expectations: 1.4% increase

Last Month: 0.3% fall, revised

Analysis: Very weak number, far worse than all estimates (pretty much everyone expected growth of over 1%).

Transportation was incredibly weak. Without transportation excluded, durable goods orders actually increased 0.5%.

http://www.businessinsider.com/december-durable-goods-orders-2011-1?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=Feed%3A+businessinsider+%28Business+Insider%29&utm_content=Google+Feedfetcher

[Po_d Mainiac]

57. The final 3 blocks of SPX traded at the end of the day will cover all losses n/t

[Pale Blue Dot]

60. Pending home sales to the rescue!

Up 2%. I'm sure the market will surge.

[rfranklin]

4. Bankster Dimon Rewriting History at Davos: "We didn't need bailout"

Jan. 27, 2011, 5:27 a.m. EST

Dimon: Don’t lump all banks together
Not all banks would have failed without bailout, he says
By William L. Watts, MarketWatch
DAVOS, Switzerland (MarketWatch) — It’s not fair to lump all banks together when parceling out blame for the financial crisis, J.P. Morgan Chase & Co. Chief Executive James Dimon said Thursday.

In a panel discussion on the ability of the financial system to withstand future shocks at the World Economic Forum’s annual meeting, Dimon said the widespread notion that all banks would have failed had governments not provided massive bailouts and backstops was incorrect.

“Not all banks needed TARP . Not all banks would have failed,” Dimon said.


Some banks, he said, acted to help stabilize the financial system, through actions such as J.P. Morgan’s (NYSE:JPM) purchase of Bear Stearns.

”The constant refrain of ‘bankers, bankers,’ is unfair,” he said.

--more whining at link--
http://www.marketwatch.com/story/story/print?guid=CAA6D...

[xchrom]

7. ...

:eyes: says mr dimon after the fact.

and next time -- kiss your ASSets good bye -- you fuck.

[Tansy_Gold]

8. LOL

xchrom, I'm so used to your polite little "recommend" posts that this ^^ one took me by surprise and startled a real chuckle from me!

:hi:



TG, TT

[xchrom]

12. yeah sometimes i see something that really sets me off - and often it's demeter

who finds the thing that inspires me.

blame demeter. or rfranklin in this case. not my fault.

:toast:

[Demeter]

14. OOPS

I have that same problem in the board meetings....

[xchrom]

16. ...

:spray: i'd pay money to see that!

[DemReadingDU]

36. LOL!

[xchrom]

5. recommend

[AnneD]

51. Morning Marketeers.....

:donut: and lurkers. Xchrom, that is not what I remember...Their whining sissy little candy asses were begging/cajoling/threatening as they were trying to get the tarp money from Congress. The Fed study is out on the causes of the economic collapse. There is plenty of blame to go around, but the bulk of it belongs to the WS greedsters. And like all reports of late, they have been produced but not used or followup done.

When this economic collapse happens again, AND IT WILL HAPPEN AGAIN, I will remember this jack ass's words and let them bite him in the ass. The one thing I can think of that would really set off the American public like what is going on in Europe and elsewhere, is to do another tarp bail out for these asses. Congress just thinks they heard from the public the last time!

We the people gave them a handout and all they did was kick us in the teeth by increasing fees and denying credit to credit worthy people(far more worthy than they were). If it happens again, we will do a North Dakota on them. That would make them shit their pants more than the financial collapse would.

They better be careful what they say because they have already done plenty to alienate the American public.

Happy hunting and watch out for the bears.

on Edit: Dimon...JP Morgan...hummm, guess I need to go out and buy more silver. I have read where some dealers are running out of kilo bars of the stuff. He of all people should learn to shut his mouth.

[AnneD]

58. Just looked it up....

Silver shortages....

Silver Stock Report


You know me, I don't send out two emails in one day, so this must be important. Since my email earlier tonight, where I reported that 5-6 major silver dealers (Amark, Tulving, 2 in Vancouver, my local dealer, NWT Mint) are "out of inventory", 13 more reports came in, saying that the dealers were out of silver inventory. Some of these names are big names in the business, Scotia bank, the Perth Mint in Australia, CNI Numismatics in LA, APMEX says they have some items, but are looking to buy.

If there are any coin dealers or bullion shops that have an inventory, in stock, of more than 100, 100 oz. bars, let me know, and I'll give you FREE Advertising within 24 hours in my next newsletter.

Robert Mish reports that he has 100 x 100 oz. bars still, but he had 250 bars last week.
Mish International
Menlo Park
650-324-9110

Now think: How can the silver price drop by nearly $2/oz., when all these reports come in saying that the dealers are sold out, or nearly out, of physical silver? This is the clearest evidence of paper short selling manipulation that I've ever seen since I started watching the silver market back in 1999, and I've seen a lot of evidence!

more...

http://news.silverseek.com/GoldIsMoney/1205995646.php

others

http://www.zerohedge.com/article/bullionvaultcom-runs-out-silver-germany
http://www.bullionbullscanada.com/index.php?option=com_kunena&func=view&id=1251&catid=6&Itemid=122

Now this is a panic site but they do have complete list of folks out. Some of these are big mints esp Perth. You draw your own conclusions.

http://meltdown2011.com/2008/03/20/silvergold-shortage-19-dealers-low-or-out/

I just know I am not selling my physical stuff anytime soon and I don't do paper.

[CountAllVotes]

68. Perth mint in Australia

:hi: AnneD

The Perth mint sure mints some fine looking coins. I have one of the 2 oz. 2011 Year of the Rabbit silver coins from them. I bought this for $60.00 before the price of silver spiked up. Good stuff and certainly worth keeping.

http://i.ebayimg.com/24/!CC%28F-IQCWk~$%28KGrHqQOKjwEzm9B1-qIBNK2fOE-hQ~~_12.JPG

That is one good thing about silver, almost anyone can afford to collect silver coins. It is stress free and profitable down the road. I don't blame you for not being overly interested in owning paper. ;-)

:kick:

[AnneD]

74. I bought...

2 year of the horse for daughter and I and one 1/4 oz gold, year of the rabbit for niece (to wear as jewelry) when she comes of age and 1 oz year of the dragon just because. Perth does make pretty coins. What is the point of having something you cannot enjoy?

But my 2 favs...One french coin from the sunken ship La Salle(mounted to wear) and one widows mite that I wear as a reminder.

Luke 21
The Widow’s Offering
1 As Jesus looked up, he saw the rich putting their gifts into the temple treasury. 2 He also saw a poor widow put in two very small copper coins. 3 “Truly I tell you,” he said, “this poor widow has put in more than all the others. 4 All these people gave their gifts out of their wealth; but she out of her poverty put in all she had to live on.”

[Pale Blue Dot]

6. Oil holds above $87 a barrel in Asia

BANGKOK – Oil prices held above $87 a barrel Thursday in Asia as traders weighed President Barack Obama's plans to boost the U.S. economy against the possibility that China, the world's biggest energy consumer, will soon raise interest rates to slow growth and contain inflation.

Benchmark crude for March delivery was down 21 cents at $87.10 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose $1.14 to settle at $87.33 a barrel on Wednesday.

It was the first significant move higher for oil in a week after prices tumbled on signs the Organization of Petroleum Exporting Countries, which produce about 40 percent of the world's crude, could raise production to bring down the price of oil.

Traders are now taking their cue from world stock markets, which moved higher on Obama's call in the State of the Union address to close corporate tax loopholes and lower business tax rates — moves that could stimulate the world's biggest economy and boost demand for fuel.

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

[Demeter]

9. Goldman Sachs Got Billions From AIG For Its Own Account, Crisis Panel Finds

BUT WE ALREADY KNEW THIS---FINALLY GETTING TO THE SECOND TIER MSM

http://www.huffingtonpost.com/2011/01/26/goldman-sachs-aig-backdoor-bailout_n_814589.html

Goldman Sachs collected $2.9 billion from the American International Group as payout on a speculative trade it placed for the benefit of its own account, receiving the bulk of those funds after AIG received an enormous taxpayer rescue, according to the final report of an investigative panel appointed by Congress.

The fact that a significant slice of the proceeds secured by Goldman through the AIG bailout landed in its own account--as opposed to those of its clients or business partners-- has not been previously disclosed. These details about the workings of the controversial AIG bailout, which eventually swelled to $182 billion, are among the more eye-catching revelations in the report to be released Thursday by the bipartisan Financial Crisis Inquiry Commission....


OH, GOODY! RED MEAT FOR THE WEEKEND!MUST READ!

[Demeter]

21. Goldman president warns on bank rules

A top Goldman Sachs executive has warned that the drive to impose more regulation on banks could cause the next crisis by pushing risky activities towards hedge funds and other lightly supervised entities.

The comments by Gary Cohn, Goldman’s most senior executive after chairman and chief executive Lloyd Blankfein, come as banks around the world, emboldened by recovering profits and surging markets, intensify efforts to shape financial regulation.

Read more >>
http://link.ft.com/r/VKY5JJ/FX0O2E/204L2/PRWNAG/V1KTY3/6C/t?a1=2011&a2=1&a3=26

[Demeter]

37. Quelle Surprise! Goldman Profited From AIG Bailout Via Abacus Trades (You Read It Here First)

http://www.nakedcapitalism.com/2011/01/quelle-surprise-goldman-profited-from-aig-bailout-via-abacus-trades.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29

Shahien Narisipour at Huffington Post revealed that the FCIC report, due to be released officially tomorrow, shows that contrary to its pious assertions to the contrary, Goldman received funds for its own account from the AIG bailout, to the tune of $2.9 billion.

Why is this significant? Because Goldman maintained that the monies it received from the rescue were for customer trades, not for its own account.

And while this may seem to be news, it isn’t, except for putting a firm dollar value on what Goldman received for its own account. We posted on Goldman’s AIG exposures both as principal and agent on February 7, 2010, and specifically flagged that the Abacus trades that Goldman insured with AIG were principal positions, not client trades. We caught some flack for it by the time from various commentators who seemed more persuaded by Goldman’s PR that the extensive work done by Tom Adams, which we presented in a series of posts in early 2010...

SEE LINK FOR SUPPORTING LINKS AND MORE

[Hotler]

65. Is that a threat Mr. Cohn??? n/t

[Pale Blue Dot]

10. Cotton Futures Rise By Daily Maximum Allowed on Import Demand

Cotton futures in New York advanced the 6-cent limit imposed by ICE Futures U.S., climbing to a record, on speculation import demand from China, the world’s biggest user of the fiber, will be sustained, tightening global supply.

The March-delivery contract, the most active, climbed as much as 3.6 percent to the all-time high of $1.7283 a pound and was at $1.7282 a pound by 11:26 a.m. in London. Cotton prices have climbed 22 percent this year.

China’s imports totaled 2.84 million metric tons last year, according to customs data. That’s the most since 2006, when purchases were a record 3.47 million tons, Bloomberg data show. As of Jan. 13, exporters in the U.S., the world’s largest, have outstanding sales of 2.9 million bales to China, after shipping 1.8 million bales to the Asian nation in the year started Aug. 1, the U.S. Department of Agriculture said Jan. 21.

“It’s a tight supply situation,” said Ker Chung Yang, an analyst with Phillip Futures Pte. in Singapore. China may keep buying cotton from the U.S. after Chinese President Hu Jintao’s state visit to the U.S. last week, Ker said.

http://www.bloomberg.com/news/2011-01-27/cotton-futures-extend-gains-to-record-in-new-york-on-strengthening-demand.html

[fasttense]

49. The speculative bubble in commodities continues to grow.

So, does anyone have a guess as to when this bubble will burst?

[Demeter]

54. The Oil Bubble Lasted a Mere Month

[Pale Blue Dot]

11. China Will Face Crisis Within 5 Years, 45% of Investors in Global Poll Say

Global investors are bracing for the end of China’s relentless economic growth, with 45 percent saying they expect a financial crisis there within five years.

An additional 40 percent anticipate a Chinese crisis after 2016, according to a quarterly poll of 1,000 Bloomberg customers who are investors, traders or analysts. Only 7 percent are confident China will indefinitely escape turmoil.

“There is no doubt that China is in the midst of a speculative credit-driven bubble that cannot be sustained,” says Stanislav Panis, a currency strategist at TRIM Broker in Bratislava, Slovakia, and a participant in the Bloomberg Global Poll, which was conducted Jan. 21-24. Panis likens the expected fallout to the aftermath of the U.S. subprime-mortgage meltdown.

On Jan. 20, China’s National Bureau of Statistics reported that the economy grew 10.3 percent in 2010, the fastest pace in three years and up from 9.2 percent a year earlier. Gross domestic product rose to 39.8 trillion yuan ($6 trillion).

http://www.bloomberg.com/news/2011-01-26/china-will-face-crisis-within-5-years-45-of-investors-in-global-poll-say.html?nstrack=sid:5011338|met:102|cat:47|order:1

[Demeter]

13. Visa-ordered inquiry finds no proof WikiLeaks breaking law

http://www.canadianbusiness.com/markets/headline_news/article.jsp?content=b5765707

A firm asked by Visa to investigate WikiLeaks' finances has found no proof the group's fundraising arm is breaking the law in its home base of Iceland, according to a document obtained by The Associated Press. But Visa Europe Ltd. said Wednesday it would continue blocking donations to the secret-spilling site until it completes its own investigation.

Company spokeswoman Amanda Kamin said she couldn't say when Visa's inquiry, now stretching into its eighth week, would be finished.

Visa was one of several U.S. companies that cut its ties with WikiLeaks after it began publishing a massive trove of secret U.S. diplomatic memos late last year. U.S. officials have accused the site of putting U.S. national security at risk.

The Norway-based financial services company Teller AS, which Visa ordered to investigate WikiLeaks and its fundraising body, the Sunshine Press, found no proof that the website was engaged in wrongdoing, according to a letter written by Teller's chief executive Peter Wiren..."Our lawyers have now completed their work and have found no indications that Sunshine Press ... act in contravention of Visa's rules or Icelandic legislation," the letter said. The two-page document, whose authenticity was confirmed by Teller, was addressed to an Icelandic lawmaker and dated Dec. 30, 2010.

[Pale Blue Dot]

15. U.K. Home Values Fall on Demand Drop, Hometrack Says

U.K. house prices extended their decline in January as demand plunged the most in three years on concern about the outlook for the economy, Hometrack Ltd. said.

The average cost of a home fell 0.5 percent from December to 153,600 pounds ($244,000), a seventh straight drop, the London-based property researcher said in an e-mailed report today. Demand, measured by the number of new buyers registering with agents, dropped 9.5 percent.

Bank of England policy maker Adam Posen said last week he sees a “downside” risk to the housing market due to the lack of credit for first-time buyers and “very low” levels of home sales. The U.K. economy unexpectedly shrank 0.5 percent in the fourth quarter and central bank Governor Mervyn King said the recovery will be “choppy” as Britons brace for the deepest spending cuts since World War II.

“Concerns over the economic outlook and the biting reality of spending cuts are doing little to improve a fragile market defined by weak consumer sentiment and a lack of demand,” Richard Donnell, Hometrack’s director of research, said in the report. “It is the change in demand that we need to pay most attention to, as this will have the greatest impact on pricing levels in the first half of 2011.”

http://www.bloomberg.com/news/2011-01-27/u-k-january-home-prices-fall-on-drop-in-demand-hometrack-says.html?nstrack=sid:5011438|met:102|cat:47|order:2

[Demeter]

17. IT'S AN OPINION, FOLKS: Missing poverty's new reality: There's a lot less of it

http://www.washingtonpost.com/wp-dyn/content/article/2011/01/25/AR2011012504735.html?nav=rss_opinion/columns

...Yet on one issue our understanding remains impervious to this new reality: the state of global poverty. Our sense of this topic remains firmly rooted in the year 2005 - the last year for which the World Bank has produced data on the number of people living on less than $1.25 a day. Thus we are routinely told that "today," 1.37 billion people around the world are poor, including 456 million in India and 208 million in China, but such figures are six years out of date.
ad_icon

A lot has changed in the past six years. The economies of the developing world have expanded 50 percent in real terms, despite the Great Recession. Moreover, growth has been particularly high in countries with large numbers of poor people. India and China, of course, but also Bangladesh, Tanzania, Ethiopia, Vietnam, Uganda, Mozambique and Uzbekistan - nine countries that were collectively home to nearly two-thirds of the world's poor in 2005 - are all experiencing phenomenal economic advances.

In the new Brookings Institution report "Poverty in Numbers: The Changing State of Global Poverty from 2005 to 2015," we updated the World Bank's official $1.25-a-day figures to reveal how the global poverty landscape has changed with the emergence of developing countries. We estimate that between 2005 and 2010, nearly half a billion people escaped extreme hardship, as the total number of the world's poor fell to 878 million people. Never before in history have so many people been lifted out of poverty in such a short period. The U.N. Millennium Development Goals established the target of halving the rate of global poverty between 1990 and 2015; this was probably achieved by 2008, some seven years ahead of schedule. Moreover, using forecasts of per capita consumption growth, we predict that by 2015, fewer than 600 million people will remain poor. At that point, the 1990 poverty rate will have been halved and then halved again.

The decline in poverty is happening in all the world's regions and most of its countries, though at varying speeds. The emerging markets of Asia are recording the greatest successes; the two regional giants, China and India, are likely to account for three-quarters of the global reduction between 2005 and 2015. Over this period, Asia's share of the world's poor is anticipated to fall from two-thirds to one-third, while Africa's share is expected to rise to nearly 60 percent. Yet Africa, too, is making advances; we estimate that in 2008 its poverty rate dropped below the 50 percent mark for the first time. By 2015, African poverty is projected to fall below 40 percent, a feat China did not achieve until the mid-1990s...

BROOKINGS INSTITUTION--SPINMEISTERS EXTRAORDINAIRE

[kickysnana]

61. People are so poor they are off all govt radar. n/t

[Demeter]

18. Allen Stanford ruled unfit to stand trial for fraud

http://www.bbc.co.uk/news/world-us-canada-12294466

A US federal judge has ruled that Texan billionaire Allen Stanford is unfit to stand trial at present over accusations he led a $7bn (£4.5bn) fraud scheme. Mr Stanford is facing trial over allegations that he ran a pyramid scheme based in Antigua which defrauded investors. He has pleaded not guilty to fraud, conspiracy and obstruction.

District Judge David Hittner ruled that Mr Stanford did not have the present mental capacity to assist his lawyers. But he ordered Mr Stanford to undergo treatment at a US prison hospital for an addiction to an anti-anxiety medication, and also receive additional psychiatric testing.

"The court finds Stanford is incompetent to stand trial at this time based on his apparent impaired ability to rationally assist his attorneys in preparing his defence," Judge Hittner wrote in his ruling in Houston, Texas.

"The court's finding that Stanford is incompetent, however, does not alter the court's finding that Stanford is a flight risk and that no combination of conditions of pretrial release can reasonably assure his appearance at trial," he added.

LET ME SPELL IT OUT FOR YOU--CIA, BFEE

[Pale Blue Dot]

19. US Bankruptcy Trustee Takes Interest in “Ta Dah” Documents Mysteriously Appearing in Foreclosures

(aka Probable Fabrications)

DeutscheBank purports to be the trustee for a particular 2005 mortgage securitization which contains the mortgage at issue. This is a partial list of the documentation problems; the motion itself makes for instructive reading:
In the first filing, Deutsche provides a copy of an undated promissory note which is not made out to the trust but the originator. A few days later, Deutshce filed an objection to the debtor’s plan of reorganization, and in it said the mortgage (the lien, not the note) had been recorded as transferred from the originator to Sand Canyon (a unit of Option One) in 2005 and then transferred to Deutsche less than two weeks before the bankruptcy filing. Note that a 2010 transfer is well outside the time parameters stipulated in the pooling and servicing agreement.

The borrower’s side asks what happened to the note, since there is no evidence it was transferred.

Several months later, Deutsche shows up in court with the usual fix for this sort of problem, an allonge (an attachment to a note that is so firmly secured that it is supposed to be inseparable to allow extra room for signatures. Query if the allonge were properly attached, how would it be possible to make a copy of the original note and not see at least part of the allonge?)

The truly creative part is these documents include an assignment of mortgage dated June 11, 2010, but effective as of May 1, 2005. I never knew law offices had time machines as part of their standard equipment. The trustee separately questions the 2010 assignment, since it was signed by an employee of Sand Canyon, when Sand Canyon did not own any mortgages or mortgage servicing rights at that point in time.

Lot's more here. And the court document is here.

[Demeter]

26. Oh, really? Verry Interrresting

An eternal dilemma...money quote:

"The reason for this activity is simple. As we’ve stressed in various posts, in so-called private label securitizations (the non-Fannie/Freddie type), a great deal of evidence indicates that the originators and packagers of these deals did not bother complying with the contracts they created to govern these transactions on a widespread, perhaps pervasive basis sometime after 2003. And their shortcomings only come to light in foreclosures, and then (possibly) if the foreclosure is contested. Given how low foreclosure rates were historically, this was a risk the securitization industry seemed willing to take, and it is now reaping the fruit of this short-sighted bet."

[Demeter]

20. Australia introduces ‘flood tax’

Julia Gillard, Australia’s prime minister, has announced a one-off tax levy, a raft of spending cuts and deferred spending on infrastructure projects to meet the estimated A$5.6bn cost from the nation’s flood crisis

Read more >>
http://link.ft.com/r/H60H77/72LT3K/HI3M9/M9MJWK/D4HKK2/OS/t?a1=2011&a2=1&a3=27

[Demeter]

22. Probe reveals Ikea tax structure

Fresh details of the complex web of foundations and companies behind the global Ikea flat-pack furniture empire, including some based in tax havens, have been revealed

Read more >>
http://link.ft.com/r/6NPSBB/YHSSQQ/204L2/KEZ954/EWBDSA/82/t?a1=2011&a2=1&a3=27

[DemReadingDU]

40. Hint: copy the title into Google

to be able to read articles in Financial Times
:)

[Pale Blue Dot]

23. Egyptian Stock Market Plunges Over 11% To Fresh Multi-Year Lows; Is Suez Canal Transit Halt Imminent

Ever wanted to see what a market plunge looks like into a revolution-inspired bidless open? Look no further than Egypt: after being halted briefly earlier, the market is now in freefall, dropping 11% in the span of minutes. This brings the two day drop to over 16%, and brings the EGX30 to the lowest level since 2009. Egyptian CDS have surged over 10% to 385 mid, a jump of 40 bps on the day. Anyone who purchased protection on the riot-torn country after we first suggested it is about to roll this weekend, congratulations.



From Bloomberg:

“The international investment community has taken a decision that what’s happening in Egypt is serious and therefore are exiting their positions,” said Mohammed Ali Yasin, chief investment officer at Abu Dhabi-based financial services company CAPM Investments PJSC.

Cairo is under heavy security for a second day to prevent the repeat of the Jan. 25 protests, when thousands took to the streets of the capital and major cities to denounce President Hosni Mubarak, inspired by the revolt that toppled Tunisia’s leader. Groups organizing the protests, including the National Association for Change, are calling for another round of protests tomorrow, Abdel Rahman Youssef, a leading figure in the opposition movement, said by text message.

Egyptian bonds fell, with the yield on the $500 million 30- year government bond maturing in April 2040 rising 8 basis points to 7.10 percent, according to prices on Bloomberg. The yield has soared 70 basis point this year. The currency fell 0.4 percent to 5.8540, the lowest since February 2005.

And while the important part of the world may ignore what is happening in Egypt, after all it is not US banker money thay is being lost, they may want to consider this: according to reports, there has been live fire in Suez, where the police headquarters have been taken over. More importantly, according to the Guardian, we may see the first army insubordination in this city: "a lawyer and executive director for the Arabic Network for Human Rights Information, has tweeted that some army units in Suez are refusing to support the crackdown against the people." Which means the government may be about to lose control over Suez... And the Suez Canal.

What is special about the Suez Canal? It just happens to be one of the seven most important oil chokepoints.

http://www.zerohedge.com/article/egyptian-stock-market-plunges-over-11-fresh-multi-year-lows-suez-canal-transit-halt-imminent

[xchrom]

29. +1

[Demeter]

24. Fannie and Freddie push for dividend cut

Fannie Mae and Freddie Mac have been quietly lobbying the US Treasury to cut the dividend the housing finance groups pay on preferred stock issued as part of their government bail-out, say people familiar with the situation.

A lower dividend would allow the two to begin repaying $150bn in taxpayer aid, these people said. It would also pave the way for a restructuring of the companies by cutting the amount of outstanding preferred stock held by the Treasury.


Read more >>
http://link.ft.com/r/3JFELL/5CUPRP/6ADGM/XT9BZD/NSAR5E/7V/t?a1=2011&a2=1&a3=26

[Pale Blue Dot]

25. S&P Downgrades Japan From AA To AA-, Outlook Stable

From S&P

Standard & Poor's expects Japan's fiscal deficits to remain high in the next few years, which will further reduce the government's already weak fiscal flexibility.
We have lowered Japan's long-term sovereign credit ratings to 'AA-' from 'AA'. We affirmed the short-term ratings at 'A-1+'.
The outlook on the long-term rating is stable, reflecting our view that Japan's strong external balance sheet and monetary flexibility partially offset the pressures stemming from the fiscal side.

http://www.zerohedge.com/article/sp-downgrades-japan-aa-aa-outlook-stabel

[Demeter]

27. Who will rate the Raters? Quis custodiet ipsos custodes?

[Pale Blue Dot]

28. U.S. Stock Futures coming up roses!

DJIA INDEX 11,961.00 +25.00
S&P 500 1,295.10 +1.50
NASDAQ 100 2,323.25 +4.75

It must be because of all of the positive news in the world and at home! :grr:

[Demeter]

30. Carlyle acquires Dutch fund of funds

Carlyle’s co-founder has shrugged off fears over conflicts of interest in the US group’s acquisition of AlpInvest Partners by saying it was following Goldman Sachs’s lead


Read more >>
http://link.ft.com/r/6NPSBB/YHSSQQ/204L2/KEZ954/NSAFTP/82/t?a1=2011&a2=1&a3=27

[Pale Blue Dot]

31. DAVOS-UPDATE 1-Minor explosion in Davos hotel, nobody hurt

Jan 27 (Reuters) - Left-wing activists claimed responsibility for a minor explosion on Thursday at a hotel in Davos, close to where top executives and world leaders were meeting, but nobody was hurt.

Devin Wenig, CEO of Thomson Reuters' Markets division, was in a breakfast meeting of senior executives at the hotel when the explosion happened.

"A huge boom went off. The whole ceiling lifted. Everyone was convinced it was a bomb," he said. "It took a half hour to reassemble the meeting."

Participants were later told that a boiler had exploded, he added. The Forum's main programme was not disrupted.

http://www.reuters.com/article/idUSLDE70Q1FU20110127

[Demeter]

32. Darn

global warming blows a boiler.

the earth needs to improve its aim.

[tclambert]

77. Good gracious. Someone's lackey must have forgotten to chill the champagne.

[Pale Blue Dot]

33. Massachusetts budget cuts: Biggest in 20 years

Massachusetts is bracing for the biggest budget cuts in 20 years...even as its tax revenues are on the rise.

Gov. Deval Patrick Wednesday unveiled a fiscal 2012 spending plan that would slash $570 million, or 1.8%, from last year's budget, hitting social services, health care and aid to municipalities in particular.


Among the cuts:

Closing two prisons
Reducing state aid by $65 million
Shedding as many as 900 jobs, adding to the 5,900 eliminated since late 2008.
Eliminating employment services for those on transitional assistance
Cutting benefits for those enrolled in MassHealth, the state's Medicaid program
Slashing $23 million in spending on emergency homeless shelters

http://money.cnn.com/2011/01/26/news/economy/Massachusetts_Patrick_budget/index.htm

[Pale Blue Dot]

35. Governors put state jobs on the chopping block

NEW YORK (CNNMoney) -- There will be lots more state workers joining the unemployment line this year.

Public employees are getting hit hard in the latest round of spending cuts as state officials look to close billion-dollar deficits. Governors across the nation are promising to eliminate thousands of positions and freeze or reduce salaries.

Texas lawmakers are proposing shedding 9,300 jobs, while Georgia's governor said he'd erase 14,000 positions. New York's governor is looking to lay off more than 10,000 workers and freeze salaries. And California's and Nevada's governors are proposing pay cuts of up to 10% and 5%, respectively.

Though state workers have suffered years of furloughs and downsizings, this year could prove to be the toughest yet. Federal stimulus money that kept many on the job is drying up, and some newly elected officials are bent on shrinking the role of the state.

http://money.cnn.com/2011/01/27/news/economy/state_employee_layoffs/index.htm?iid=HLM

More evidence that only delusional people think the employment situation is going to improve soon.

[Demeter]

34. Obama's State of the Union Was Tantamount to Plagiarism By Alvin Felzenberg

http://www.usnews.com/opinion/blogs/alvin-felzenberg/2011/01/26/obamas-state-of-the-union-was-tantamount-to-plagiarism

If imitation is the sincerest form of flattery, what can be said of plagiarism? President Obama’s second State of the Union address contained enough recycled ideas and lines lifted from speeches of others to make historians wince. I suppose this is what one does when one not only has nothing new to say, but is required by custom and Constitution to come forth with a report of some kind by a certain time and day.

Had Obama or his writers been considerate enough to have informed listeners of where some of the president’s best lines and offered-up ideas originated, the speech might be remembered for its cutting and pasting of great and not-so-great moments of the past performance of others. After quoting Robert Kennedy early on, Obama tried to have his listeners believe that everything else he said that we might remember were his or his writers’ creations. Had the president submitted the text of his second State of the Union Address in the form of a college term paper, he would have been sent forthwith to the nearest academic dean. Once again, our public affairs are such that we have one standard for presidents and another for undergraduates. Now is as good a time as any to let Obama’s listeners in on what the late Paul Harvey would have termed “the rest of the story.”

TAKE POLL AT LINK: Was Obama’s State of the Union speech a success?

[Pale Blue Dot]

38. Abbott to cut 1,900 jobs in restructuring

Abbott Laboratories said Wednesday that it would cut 1,900 jobs, or 6 percent, of its U.S. workforce in the wake of a series of disappointments in its drug development pipeline, triggering a restructuring of pharmaceutical commercial and manufacturing operations.

Of the cuts, about 1,000 would be in manufacturing operations in Illinois where the largest concentration of Abbott’s estimated 90,000 employees around the world are at its sprawling headquarters in the northern Lake County suburbs of Chicago. The company said about half of the job cuts would take place now with the remainder over the next several years.

The North Chicago-based drug giant said last week, for example, that it would hold off seeking U.S. approval of an experimental psoriasis drug treatment after feedback from the Food and Drug Administration, which has concerns about the drug’s safety. Abbott has not disclosed the issues with the drugs but analysts and studies have indicated potential risks to the heart.

In addition, Abbott has not been able to bring other treatments to market. In December, it decided to stop developing the cholesterol drug Certriad, which combines drugs already on the market.

http://chicagobreakingbusiness.com/2011/01/abbott-4q-profit-dips-on-restructuring-acquisitions.html

[Pale Blue Dot]

59. Supervalu to close 29 stores, eliminate 350 jobs

BOISE, Idaho — Supervalu Inc. announced this week plans to close more than two dozen grocery stores throughout the country.

The company says it's closing 29 stores in the United States (mostly on the east coast). A spokesperson told KBOI-TV that no Albertsons stores in Idaho are affected.

On the corporate front, the company also announced plans to eliminate 350 jobs from now until the end of May.

"At this point, we do not have any specifics on what positions will be impacted or where those impacts may take place," a spokesperson said.

http://www.kboi2.com/news/local/114672164.html

[CatholicEdHead]

64. Corporate Jobs are probably in Eden Prairie, MN

where they are based. Another setback for the Twin Cities job market.

[Demeter]

39. Foreclosure flood spreads beyond hardest hit markets: RealtyTrac

http://www.housingwire.com/2011/01/26/foreclosure-flood-spreads-beyond-hardest-hit-markets-in-2010-realtytrac?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29

Metro areas with the 10 highest foreclosure rates saw filings decrease in 2010, but for nearly everywhere else activity was on the rise, according to RealtyTrac, which tracked activity in 206 cities across the country.

For the year, more than 2.8 million properties in the U.S. received at least one foreclosure filing from notice of default to repossession. While the hardest hit areas – 19 of the top 20 in California, Florida, Nevada and Arizona – saw filings drop, 149 of the metro areas studied saw activity actually increase from 2009.

RealtyTrac CEO James Saccacio said widespread unemployment has pushed foreclosures in areas previously insulated from the "initial foreclosure tsunami."

"Foreclosure floodwaters receded somewhat in 2010 in the nation’s hardest-hit housing markets," Saccacio said. "Even so, foreclosure levels remained five to 10 times higher than historic norms in most of those hard-hit markets, where deep faultlines of risk remain and could potentially trigger more waves of foreclosure activity in 2011 and beyond."

[Roland99]

55. In Nevada, 23 percent who lost homes to foreclosure could afford payments

http://www.lasvegassun.com/news/2011/jan/25/nevada-23-percent-who-lost-homes-foreclosure-could/

[Demeter]

43. Have a Good Day Everyone

or at least, no worse than usual...gotta go back to bed now.

[xchrom]

48. ...

:hi:

[Mayflower1]

46. Jobless Claims

Soared to 454,000. Yikes. That is not good.

[Festivito]

52. Debt: 01/25/2011 14,067,472,135,118.65 (UP 5,232,230,297.96) (Tue, UP a little.)

(Good day.)
Oh, where oh where did those fibers come from...
(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)
= 9,415,106,119,260.54 + 4,652,366,015,858.11
UP 59,189,192.13 + UP 5,173,041,105.83

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 311-Million person America.
If every American, man, woman and child puts in $3.21 THAT'S 1B$, and $3,213.15 makes 1T$.
A family of three: Mom, Dad, Child: $9.64, ABOUT TEN BUCKS for a 1B$ 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 311,220,992 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 $45,200.91.
A family of three owes $135,602.73. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 32 days.
The average for the last 22 reports is 9,151,220,205.18.
The average for the last 30 days would be 6,710,894,817.13.
The average for the last 32 days would be 6,291,463,891.06.
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$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 80 reports in 117 days of FY2011 averaging 6.32B$ per report, 4.32B$/day.
Above line should be okay

PROJECTION:
There are 726 days remaining in this Obama 1st term.
By that time the debt could be between 15.1 and 18.6T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
01/25/2011 14,067,472,135,118.65 BHO (UP 3,440,595,086,205.57 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 +0,505,849,104,226.90 ------------* * * * * * * * * * * * BHO
Endof11 +1,578,076,265,323.24 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
01/04/2011 -000,085,302,113.98 ----
01/05/2011 -000,029,576,179.10 ----
01/06/2011 -001,749,774,139.62 --
01/07/2011 +000,022,074,863.06 ------------*******
01/10/2011 -000,254,217,892.29 --- Mon
01/11/2011 +000,490,152,520.38 ------------********
01/12/2011 -000,273,054,954.79 ---
01/13/2011 -005,996,045,152.69 --
01/14/2011 +000,146,255,477.48 ------------********
01/18/2011 +038,613,327,669.01 ------------********** Tue
01/19/2011 +000,009,950,983.18 ------------******
01/20/2011 -000,687,286,291.06 ---
01/21/2011 -000,057,867,302.74 ----
01/24/2011 -000,181,687,031.14 --- Mon
01/25/2011 +000,059,189,192.13 ------------*******

30,026,139,647.83 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=4710918&mesg_id=4710929

[Festivito]

75. Debt: 01/26/2011 14,060,011,229,556.38 (DOWN 7,460,905,562.27) (Wed, DOWN a little.)

(I post the actual debt and actual deficit numbers, not "budget" deficit numbers. Good day.)
Sleepin.
(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)
= 9,414,993,965,006.02 + 4,645,017,264,550.36
DOWN 112,154,254.52 + DOWN 7,348,751,307.75

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 311-Million person America.
If every American, man, woman and child puts in $3.21 THAT'S 1B$, and $3,213.08 makes 1T$.
A family of three: Mom, Dad, Child: $9.64, ABOUT TEN BUCKS for a 1B$ 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 311,228,192 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 $45,175.89.
A family of three owes $135,527.68. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 33 days.
The average for the last 23 reports is 8,428,953,867.47.
The average for the last 30 days would be 6,462,197,965.06.
The average for the last 33 days would be 5,874,725,422.78.
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$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 81 reports in 118 days of FY2011 averaging 6.15B$ per report, 4.22B$/day.
Above line should be okay

PROJECTION:
There are 725 days remaining in this Obama 1st term.
By that time the debt could be between 15.1 and 18.3T$.
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)
01/26/2011 14,060,011,229,556.38 BHO (UP 3,433,134,180,643.30 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 +0,498,388,198,664.60 ------------* * * * * * * * * * * * BHO
Endof11 +1,541,624,512,818.47 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
01/05/2011 -000,029,576,179.10 ----
01/06/2011 -001,749,774,139.62 --
01/07/2011 +000,022,074,863.06 ------------*******
01/10/2011 -000,254,217,892.29 --- Mon
01/11/2011 +000,490,152,520.38 ------------********
01/12/2011 -000,273,054,954.79 ---
01/13/2011 -005,996,045,152.69 --
01/14/2011 +000,146,255,477.48 ------------********
01/18/2011 +038,613,327,669.01 ------------********** Tue
01/19/2011 +000,009,950,983.18 ------------******
01/20/2011 -000,687,286,291.06 ---
01/21/2011 -000,057,867,302.74 ----
01/24/2011 -000,181,687,031.14 --- Mon
01/25/2011 +000,059,189,192.13 ------------*******
01/26/2011 -000,112,154,254.52 ---

29,999,287,507.29 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=4712350&mesg_id=4712479

[Roland99]

53. At the open - *yawn*

pretty flat...oil down 0.27.

[Roland99]

56. Frugal Lessons from People Who Survived the Great Depression

http://www.frugalconfessions.com/a-frugal-story/frugal-lessons-from-people-who-survived-the-great-depression.php

[Pale Blue Dot]

63. Pension Costs Add to US States' Debt, Moody's Finds

Connecticut, Illinois and Hawaii are among the states with the highest combined debt and pension liabilities, according to a study to be released on Thursday by Moody’s Investors Service.

In a bid to give a broader picture of state finances, Moody’s combined their net tax supported debt and unfunded pension liabilities to assess how leveraged states are.

“These costs are serious and they are growing,” said Robert Kurtter, managing director of the state and local government finance group at Moody’s. “If they are addressed they are manageable.”

Moody’s research comes amid concern about the strain that pensions will place on US states, which have faced severe budget deficits since the economic recession.

http://www.cnbc.com/id/41289836

[rfranklin]

67. Well, they will have to raise taxes, pensions are a contract and..

as we know from bankers' bonuses that had to be paid out, contracts are sacred and inviolable.

[Fuddnik]

70. That's why they're trying to figure out a way for states to file bankruptcy.

If people let them get away with this. They'll let them get away with anything.

[AnneD]

76. That is one of the reasons...

GOP are looking at ways for states to declare bankruptcy. In addition to gutting the unions, they want to ditch the pensions. If that happens in Texas, teachers etc will swarm the capitol like a bunch of Africanized bees. We have no SS option here so this is it. If they do that, it is truly a nuclear option.

Edited to add: hey Fuddnick, we bumped heads reaching for that same shiny coin.:thumbsup:

[Fuddnik]

79. Twisted minds think alike.

[Hotler]

66. k&r n/t

[Pale Blue Dot]

69. FCIC Final Report in PDF.

http://c0182732.cdn1.cloudfiles.rackspacecloud.com/fcic_final_report_full.pdf

[Roland99]

71. 12:45 - DJIA tops 12K. Oil close to $86

Dow 12,004 +18 +0.15%
Nasdaq 2,755 +15 +0.55%
S&P 500 1,299 +2 +0.15%
GlobalDow 2,167 +1 +0.05%
Gold 1,321 -13 -.00%
Oil 86.07 -1.26 -1.44

[Demeter]

72. Perella Weinberg picked to advise on Ally IPO

Perella Weinberg, the independent investment bank, has won the plum mandate of advising the US Treasury on the initial public offering of Ally Financial, the former financing arm of General Motors

Read more >>
http://link.ft.com/r/KC2844/OJ4K2V/T10SH/EWOY23/189ZV0/N9/t?a1=2011&a2=1&a3=27

[Roland99]

73. P&G profit rises (on "lower-than-anctipated tax rate") but stock falters

http://www.marketwatch.com/story/procter-gamble-quarterly-profit-falls-28-2011-01-27

Procter & Gamble Co. topped Wall Street’s quarterly profit view and stuck by its fiscal year financial targets Thursday as it gained global market share, but a heftier commodities bill, sluggish U.S. growth and its tax rate weighed on the shares.

P&G, which sells everything from Tide detergent to Olay skin-care products, said its commodities bill will cost $1 billion for the fiscal year that ends in June, more than double what it had expected.

P&G’s sales also came in a tad light and at the low end of its own target. Its shares slipped 3% to $64.32, making it a top decliner among the 30 stocks on the Dow Jones Industrial Average.

For the quarter ended Dec. 31, P&G said it earned $1.13 a share from continuing operations that excludes certain items. Analysts polled by FactSet Research had expected $1.10 a share. They said the profit beat was helped by a lower-than-anticipated tax rate of 18%. ]/div]

[Roland99]

78. At the close - markets flat but oil closed below $86. Gold at 4-month low.

Dow 11,990 +4 +0.04%
Nasdaq 2,755 +16 +0.58%
S&P 500 1,300 +3 +0.22%
GlobalDow 2,169 +3 +0.13%
Gold 1,313 -22 -1.63%
Oil 85.47 -1.86 -2.13%

[RUMMYisFROSTED]

80. 10 measly points.

:tinfoilhat: