STOCK MARKET WATCH, Monday, May 9, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Monday May 9, 2011

AT THE CLOSING BELL ON May 6, 2011

Dow 12,638.74 +54.57 (+0.43%)
Nasdaq 2,827.56 +12.84 (+0.45%)
S&P 500 1,340.20 +5.10 (+0.38%)
10-Yr Bond... 3.18 +0.03 (+0.86%)
30-Year Bond 4.32 +0.03 (+0.68%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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Handy Links - Market Data and News:Economic Calendar    Marketwatch Data    Bloomberg Economic News    Yahoo! Finance    Google Finance    Bank Tracker    
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Handy Links - Economic Blogs:
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Handy Links - Government Issues:
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Handy Links - Videos:
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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
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.

Read more: du

[Pale Blue Dot]

1. No reports today. nt

[Pale Blue Dot]

2. Oil rises to near $100 on weaker US dollar

SINGAPORE – Oil prices rose to near $100 a barrel Monday in Asia, bouncing back from last week's plunge, as a weaker U.S. dollar made commodities less expensive for investors with other currencies.

Benchmark crude for June delivery was up $2.36 to $99.54 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $2.62 to settle at $97.18 on Friday.

In London, Brent crude for June delivery was up $2.52 to $111.65 a barrel on the ICE Futures exchange.

Oil prices fell 15 percent last week as the dollar strengthened and traders worried that slowing U.S. economic growth didn't justify a 35 percent increase from February to near $115 on May 2.

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

Gas prices have not dropped a penny at my local station.

[xchrom]

23. Oil up over $4, weaker dollar helps

http://www.moneycontrol.com/news/commodities/oilover-364-weaker-dollar-helps_541659.html

Oil rebounded by more than USD 4 on Monday, helped by a weaker dollar as the euro strengthened and bargain hunting by traders and investors after Brent crude lost almost USD 17 last week.

At 1135 GMT Brent crude for June was up by USD 3.62 to USD 112.75 a barrel after hitting an intraday high of USD 113.19 US crude rose by USD 3.28 to USD 100.46, after climbing as high as USD 100.69 a barrel.

Carsten Fritsch, an analyst at Commerzbank, said the bounce was a combination of the weaker dollar and bargain hunting: "Some market participants consider the lower price levels after the sharp drop on Thursday a good buying opportunity."

The Reuters-Jefferies CRB index, a global benchmark for commodities prices, last week staged its biggest weekly drop since late 2008, down 9%.

[xchrom]

54. Oil up over $2 at $111, helped by bargain hunters

http://www.reuters.com/article/2011/05/09/us-markets-oil-idUSL3E7G601S20110509

(Reuters) - Oil rebounded by more than $2 on Monday due to bargain hunting after Brent crude lost almost $17 last week, but earlier bigger gains were pared after S&P cut Greece's debt rating and the dollar rallied against the euro.

At 1410 GMT Brent crude for June was up by $2.79 to $111.92 a barrel after earlier climbing over $4 to $113.19. U.S. crude rose by $2.37 to $99.55, after reaching an intraday high of $100.69 a barrel, up over $3.

Oil climbed higher earlier in the day on the back of dollar weakness but this reversed after ratings agency Standard & Poor's cut Greece's credit rating. The euro fell to a session low while the dollar strengthened.

At 1338 GMT, the dollar was up 0.04 percent against a basket of currencies .DXY after having been down as much as 0.5 percent earlier in the day.

[xchrom]

78. Energy, metals stocks rise with commodity prices

http://www.latimes.com/business/la-fiw-markets-20110509,0,5664681.story

NEW YORK—
Commodity prices clawed back some of their losses from last week Monday, helping to lift the stocks of energy companies and metals miners. The broader market also rose, but the gains were checked by new worries about Greece's debt problems.

The S&P 500 rose 7 points, or 0.5 percent, to 1,347 in midday trading. The Dow Jones industrial average rose 59 points, or 0.5 percent, to 12,697. The Nasdaq composite index rose 18 points, or 0.6 percent, to 2,845.

Marathon Oil Corp. rose 4.4 percent, one of several energy producers to benefit from a 4 percent jump in crude oil. It is once again above $101 per barrel. Baker Hughes Inc., which helps companies drill for oil and gas, gained 4 percent. Energy companies within the S&P 500 rose 1.5 percent, the most among the 10 industries in the index.

Freeport McMoRan Copper & Gold Inc. rose 1.9 percent after copper rose 1.6 percent and silver rose 6.1 percent. Producers of metals and other materials rose 1.1 percent, second best among the S&P 500 industries. Metals and other commodities recovered some of their steep losses from last week, when silver tumbled 27 percent and oil sank 15 percent.

[Pale Blue Dot]

3. U.S. Stock Futures Rise; U.S. Steel, Exxon Mobil, Freeport-McMoRan Advance

U.S. stock-index futures climbed, with the Standard & Poor’s 500 Index poised to recover some of last week’s losses, amid optimism that the global economic recovery is intact.

U.S. Steel Corp. advanced 1.4 percent in German trading as Barron’s reported that the nation’s biggest producer by volume may gain as much as 65 percent over the next year. Exxon Mobil Corp. (XOM) and Freeport-McMoRan Copper & Gold Inc. (FCX) increased as commodities rebounded. Hertz Global Holdings Inc. (HTZ) may move after the company offered to buy all the outstanding shares of Dollar Thrifty Automotive Group Inc. (DTG)

Futures on the S&P 500 expiring in June gained 0.4 percent to 1,339.8 at 6:43 a.m. in New York. Dow Jones Industrial Average futures also advanced 0.4 percent to 12,614, while Nasdaq-100 Index futures rose 0.6 percent to 2,388.

“Don’t panic on risky assets,” said Alain Bokobza, the Paris-based head of asset-allocation strategy at Societe Generale SA, which manages $300 billion. Economic growth in the second quarter “will be better, but a structural slowdown is expected in the second half as the fiscal stimulus fades away.”

http://www.bloomberg.com/news/2011-05-09/u-s-stock-futures-rise-u-s-steel-exxon-mobil-freeport-mcmoran-advance.html

[Demeter]

27. By the Time a Financier Tells You To Panic

it's too late.

[xchrom]

35. US STOCKS-Wall St set to open a bit higher, Greece eyed

http://uk.reuters.com/article/2011/05/09/markets-stocks-idUKN0922177320110509

NEW YORK, May 9 (Reuters) - U.S. stocks were set to open slightly higher on Monday after posting heavy losses last week as a bounce-back in commodities was overshadowed by concerns over European debt.

Futures pared gains as Standard & Poor's cut Greece's debt rating, saying there is increased risk Athens will restructure its private debt. For details, see

The rating cut weakened the euro against the U.S. dollar, shaving gains off commodities and reducing some risk appetite that earlier had lifted futures.

"The concerns over Greece and the action in the euro are going to dominate the action today," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research.

[xchrom]

36. CORRECTED - US STOCKS-Futures rise with commodities, euro eyed

http://uk.reuters.com/article/2011/05/09/markets-stocks-idUKN0920213120110509

NEW YORK, May 9 (Reuters) - U.S. stock index futures rose on Monday as commodities and the euro bounced back from last week's hefty losses.

Brent and U.S. crude futures rose 3 percent with NYMEX crude CLc1 about $100 a barrel, helped by bargain-hunting after last week's sharp drop. Copper and gold gained more than 1 percent each.

Shares of mining company Freeport-McMoRan Copper & Gold Inc (FCX.N) gained 1.4 percent in premarket trading to $50.87.

"Today's market bounce is due mostly to a rebound in commodities," said Peter Cardillo, chief market economist at Avalon Partners in New York. "We have a weaker dollar and that is attracting some risk to the market."

[xchrom]

45. GLOBAL MARKETS-Greek debt crisis hits stocks, troubled yields up

http://www.reuters.com/article/2011/05/09/markets-global-idUSN0922276620110509

NEW YORK, May 9 (Reuters) - Concern about plans for a
fundamental review of the bailouts given to Europe's high
debtor nations hit European stocks on Monday and drove up the
bond yields of troubled euro zone economies.

The euro itself rebounded from recent sharp losses.
Commodity prices also firmed, bouncing back from their biggest
weekly drop since 2008 as the dollar eased back.

But Wall Street recovered from recent losses, opening
slightly higher. The S&P 500 .SPX was up 0.1 percent.

The European Union is looking to lower interest rates on
bailout loans to Greece and Ireland and is working on a second
rescue for Athens in a chaotic effort to prevent a disorderly
debt restructuring. For details, see

[xchrom]

48. Forex: EUR/USD breaks below 1.4300

http://www.fxstreet.com/news/forex-news/article.aspx?storyid=7ab7e161-b9b2-4cbb-9e52-3def6d4a306f

FXstreet.com (Barcelona) - Euro recovery from Friday's lows at 1.4315 has been capped at 1.4440 high, and the pair has given away gains after Standard & Poor's downgraded Greece's sovereign debt rating, breaking below 1.4300/15 support area, to reach fresh 3-week lows at 1.4270.

On the downside, below 1.4270 day low, the pair might find support at 1.4200 (April 18 low) and 1.4155 (April 17 low). On the upside, resistance levels lie at 1.4440 (day high), and above here, 1.4490/00 (April 25 low/intra-day level), and above here, 1.4635 (Apr 27 high).

[Pale Blue Dot]

4. G.D.P. Estimate for First Quarter Slides

When 2011 began, Macroeconomic Advisers, a forecasting company, expected that America’s economic output would shape up to rise at a 4.1 percent annual rate in the first quarter, the highest pace in over a year.

But economic reports coming in over the last few months have been increasingly disappointing.

Today, after an especially weak report on February’s trade deficit, the group’s economists lowered their first quarter G.D.P. estimate to a sorry 1.5 percent annualized. If borne out, that rate would be slower than each of the last two quarters, at a time when the economy desperately needs to be rocketing forward so that companies will hasten their hiring.

http://economix.blogs.nytimes.com/2011/04/12/g-d-p-forecast-for-first-quarter-slides/

[Po_d Mainiac]

7. No one saw this coming. n/t

[hamerfan]

16. Very unexpected!

[xchrom]

5. middle east: The hunger to come in Egypt

http://www.atimes.com/atimes/Middle_East/ME10Ak01.html

Egypt is running out of food, and, more gradually, running out of money with which to buy it. The most populous country in the Arab world shows all the symptoms of national bankruptcy - the kind that produced hyperinflation in several Latin American countries during the 1970s and 1980s - with a deadly difference: Egypt imports half its wheat, and the collapse of its external credit means starvation.

The civil violence we have seen over the past few days foreshadows far worse to come.

The Arab uprisings began against a background of food insecurity, as rising demand from Asia priced the Arab poor out of the grain


market (Food and failed Arab states, Asia Times Online February 2, 2011). The chaotic political response, though, threatens to disrupt food supplies in the relative near term. Street violence will become the norm rather than the exception in Egyptian politics. All the discussion about Egypt's future political model and its prospective relations with Israel will be overshadowed by the country's inability to feed itself.

Egypt's political problems - violence against Coptic Christians, the resurgence of Islamism, and saber-rattling at Israel, for example - are not symptoms of economic failure. They have a life of their own. But even Islamists have to eat, and whatever political scenarios that the radical wing of Egyptian politic might envision will be aborted by hunger.

[Demeter]

28. Very Significant

Perhaps the most significant news for the week. Thanks for finding it!

[xchrom]

52. Half of Dubai school kids receive only ‘acceptable’ education

http://www.arabianbusiness.com/half-of-dubai-school-kids-receive-only-acceptable-education-398784.html

Almost half of the 187,900 pupils studying at private schools in Dubai are receiving an education regarded only as “acceptable”, a report by the emirates education authority said Monday.

The latest findings by the Dubai Schools Inspection Bureau, which inspected 136 private schools in Dubai between October and April, ranked only six schools as “outstanding”.

A further 49 schools offered a “good” education, the report said.

Sixty-five private schools were deemed “acceptable”, while 16 were ranked as “unsatisfactory”.

[xchrom]

53. HSBC says no more staff cuts expected in 2011

http://www.arabianbusiness.com/hsbc-says-no-more-staff-cuts-expected-in-2011-398643.html

HSBC Holdings said Sunday it has no further staff cuts planned this year after laying off three percent of its workforce in the Middle East and North Africa.

Europe’s biggest bank said in April that around 360 of its 12,000-strong MENA workforce would lose their jobs in a bid to cut operational costs across the company. The layoffs would mostly take place in the bank's corporate and retail banking business, the bank said.

“This is the only round of redundancies planned at this time,” HSBC said in an emailed statement to Arabian Business.

The lender has grown its workforce to 12,000 from 7,700 employees in 2006, it said, “in a sign of the investment made by the group in the MENA region in the last five years.”

[xchrom]

56. Qatar Petroleum, JX Nippon sign 30-year offshore exploration deal

http://www.arabianbusiness.com/qatar-petroleum-jx-nippon-sign-30-year-offshore-exploration-deal-398766.html

Qatar Petroleum, the state-run energy company, and JX Nippon Oil & Gas Exploration Corp signed a 30-year agreement to explore for gas off the northeast coast of the emirate.

JX Nippon pledged an initial investment of $100m to explore so-called block A, located in an area of 6,173 square kilometers, Saad Sherida Al Kaabi, Qatar Petroleum’s director of oil and gas ventures, said at a signing ceremony in Doha on Monday.

Additional money may be invested if gas is produced from the block, he said.

[xchrom]

57. Middle East crude oil rises on better gasoil refining margins

http://www.arabianbusiness.com/middle-east-crude-oil-rises-on-better-gasoil-refining-margins-398763.html

Middle East crude oils for sale to Asia ended a five-day decline as refining margins for gasoil rose. Premiums for Qatar Marine crude fell.

Oman oil for immediate loading climbed $1.96, or 1.9 percent, to $106.04 a barrel, according to Bloomberg data. Dubai for loading in June gained 1.8 percent to $105.56 and Murban crude increased 1.8 percent to $110.40 a barrel.

Middle East crude has been supported by a surge in refining profits for middle distillates including gasoil and kerosene. Gasoil’s premium to Dubai crude was at $19.70 a barrel, about 77 percent higher than a year earlier, according to data from PVM Oil Associates Ltd., a London-based brokerage.

[xchrom]

64. China set to be GCC's top trade partner in 2020

http://www.arabianbusiness.com/china-set-be-gcc-s-top-trade-partner-in-2020-398790.html

China is expected to be the GCC's most important economic partner by 2020, according to a new report by the Economist Intelligence Unit (EIU).

The emergence of China and India and the growing economic importance of sub-Saharan Africa present massive opportunities for the GCC, the report said.

"To capitalise on these opportunities, GCC countries will need to strengthen their labour markets and improve their regulatory environments," the EIU added.

By 2009 the emerging-market share of GCC trade had reached 45 percent, according to the report, up from 15 percent in 1980, with an average of 11 percent per year growth, as the region looks to shift investments from developed to developing countries.

[xchrom]

66. Experts sceptical on new Iran 'cyber attack' claim

http://www.arabianbusiness.com/experts-sceptical-on-new-iran-cyber-attack-claim-398504.html

More than a week after Iran said it had been the victim of another cyber attack by its enemies, foreign computer experts say they have seen no evidence, and some doubt its existence.

On April 25, the commander of Iran's civil defence agency, Gholamreza Jalali, told the semi-official Mehr news agency that experts were probing a virus they called "Stars", but gave no details of its apparent target or intended impact.

Last year, Iran said computers at its first nuclear plant had been infected with the Stuxnet computer worm, widely believed to have been designed by a foreign intelligence agency to attack its nuclear program.

Stuxnet - believed to work by corrupting the plant's industrial processes to cause physical damage - spread around the world, allowing computer experts to analyse it and close programming holes to halt its spread.

[xchrom]

6. asia: China tries again at green planning

http://www.atimes.com/atimes/China_Business/ME10Cb01.html

China's environmental problems are apparent to any visitor, and the statistics are striking: the nation is home to 20 of the world's 30 most polluted cities, 90% of its rivers and lakes are polluted. Yet, the central government's efforts to mitigate environmental problems through policies and regulation have encountered significant implementation challenges.

In an effort to rebalance economic growth and environmental degradation, Beijing launched the Green GDP program in 2003. The initiative was intended to quantify environmental degradation and thereby create incentives for local governments to improve environmental standards.

Unfortunately, the Green GDP program was doomed from the


start and was cancelled by the central government in 2007. Despite initial central government support for the project, local recalcitrance, bureaucratic infighting, and elite party politics eroded support and led to its demise. The bureaucratic and structural issues that Green GDP faced are not exclusive to this case - in fact, their impact on a wide range of policies in China make them relevant to the study and understanding of the various factors that influence the Chinese policy implementation process

[xchrom]

9. Bamboo innovation

http://www.economist.com/node/18648264

CHINA’S continued economic progress depends on mastering the art of mould-breaking innovation. President Hu Jintao intones that the “capacity for independent innovation” is the “core of our national development strategy”. Sceptics agree with his premise, but scoff that innovation and autocracy do not mix. So long as China remains a dictatorship, it will be trapped in a world of mass production and routine assembly, they say. One scholar, Cong Cao, argues that the country faces a future of “premature senility”.

China has invested heavily in homegrown innovation. The government has not only persuaded Microsoft and Google to establish research centres in China. It has also set up science parks across the country, in the hope of creating a Chinese Silicon Valley. Beijing’s Zhongguancun Science Park alone is home to thousands of high-tech enterprises. Chinese universities are joining the charge. Peking University, for example, has established “innovation and entrepreneurship” programmes.

So far, however, China has little to show for all this investment in mould-breaking. The most successful Chinese companies, such as Lenovo and Baidu, produce low-cost versions of Western products or adapt Western innovations to the Chinese market. Chinese venture capitalists invest in established industries, such as hotels and agriculture, or in copycat technologies. Multinational managers grumble privately that China’s “research and development” projects involve far more development than research. And the government’s vast investment in innovation is more than offset by its failures. Squabbles over standards discourage companies from placing long-term bets. Lax intellectual-property rights penalise cutting-edge research. The power of the state prompts firms to spend more time grovelling to politicians than grappling with original thoughts.

[Po_d Mainiac]

18. Innovation through reverse technology..Meh..n/t

[xchrom]

26. that was my impression -- glad to see someone else thinks so too. nt

[Demeter]

29. It's Actually "Reverse Engineering"

buy a couple widgets, take them apart to see how they work, build your own, ignoring any patents or intellectual property laws.

China is famous for that, since at least the 70's.

[Po_d Mainiac]

67. Good Catch....My bad

I'll blame it on last weeks chemo drip...That ain't brain food hangin from the IV tree.
:dunce:

[Demeter]

70. Best wishes and thoughts

We finally have spring here.

The forsythia and daffs are fading, the deer are eating everything. The dandelions burst out by the millions Friday.

Sunday I hit another paper tube with a nest in it. This time, the nestling, about half fledged, flew into the car. I thought it had sense enough to escape because I didn't hear any cheeping or rustling after opening all the doors and windows, but the next morning the damn bird was cheeping again. It had crawled up in the heating duct. I got it out eventually.

Today is another fine day. Took the grandpuppy to the dog park and got some sun.
Unfortunately, have to work all afternoon. I hope to get an hour at the garden maybe...

[Po_d Mainiac]

79. Preciate that

We gut spring heyuh too...We now be filthy with black flies (aka The Maine State Bird) :grr: Daffs are full bloom, as are Stinkin Benjamins, Johnny Jumpups and bellworts. Clouds of pine pollen, and the peepers down in the bog spoke for the first time last night.

Peas are up, and the cold frames are full.

[xchrom]

11. Asian Stocks Rise After U.S. Jobs Report Fuels Recovery Hopes

http://www.businessweek.com/news/2011-05-09/asian-stocks-rise-after-u-s-jobs-report-fuels-recovery-hopes.html

May 9 (Bloomberg) -- Asian energy-related stocks climbed after U.S. jobs growth boosted confidence in the world’s largest economy and halted a rout of commodity prices, offsetting declines among Japanese power companies.

Cnooc Ltd., China’s largest offshore oil producer, climbed 1.8 percent in Hong Kong as oil rebounded from the biggest weekly decline since 2008. Santos Ltd., Australia’s third- largest oil and gas producer, advanced 1.7 percent in Sydney. Kirin Holdings Co., Japan’s No. 2 brewer by volume, led declines among companies whose earnings have suffered since the country’s March earthquake. Chubu Electric Power Co. slumped 10 percent in Tokyo after Japan’s Prime Minister Naoto Kan asked the utility to shut its Hamaoka nuclear plant.

“The stronger-than-expected payroll report tells us that the U.S. economic recovery is becoming more sustainable,” said Shane Oliver, head of investment strategy at AMP Capital Investors Ltd., which manages $98 billion in Sydney. “More jobs means more spending, means more profits, means more jobs, and so on. Japan’s economy will obviously do it tougher than expected this half year.”

The MSCI Asia Pacific Index was little changed at 137.64 as of 7:03 p.m. in Tokyo, with about the same number of stocks rising as declining.

[xchrom]

43. NE China granary battles drought amid farming season

http://news.xinhuanet.com/english2010/china/2011-05/09/c_13866273.htm

HARBIN, May 9 (Xinhua) -- Northeast China's Heilongjiang Province, a major grain producer in the country, is battling the drought that has affected a vast farming area, sources with the provincial agricultural commission said Monday.

Nearly 25 million mu, or 1.7 million hectares, of farmland in the province have been affected by the spring's lack of precipitation, the commission said in a statement.

Soil moisture is low in the western regions of the province with relative humidity dropping below 70 percent in 16 counties, according to the statement.

The drought situation in three counties is "very severe," said the statement.

[xchrom]

44. China's April inflation figure likely to drop

http://news.xinhuanet.com/english2010/indepth/2011-05/09/c_13865836.htm

BEIJING, May 9 (Xinhua) -- Analysts say China's consumer price index (CPI) in April, to be released Wednesday, may drop from or run parallel to that of March due to the government's monetary tightening efforts.

However, according to Monday's China Securities Journal, the April inflation figure will remain above 5 percent as a marked drop in the industrial value-added and fixed-asset investment is unlikely.

It noted that an obvious drop in vegetable prices and the slowing down of price rise of some other products may impact the CPI for April.

China's CPI, a main gauge of inflation, rose 5.4 percent in March from a year ago driven by food prices and imported inflation while the inflation for the first quarter stood at 5 percent, according to the National Bureau of Statistics (NBS).

[xchrom]

46. S. Korea's financial watchdog faces biggest-ever crisis

http://news.xinhuanet.com/english2010/indepth/2011-05/09/c_13865559.htm

SEOUL, May 9 (Xinhua) -- South Korea's financial watchdog is " facing the biggest-ever crisis". President Lee Myung-bak made the remarks last week during his surprising visit to the headquarters of the Financial Supervisory Service (FSS), the nation's financial regulator.

Lee's visit came as the regulator had taken a lot of flak from the public and the press for its recently revealed bad practices and wrongdoing. The FSS, which has a duty to detect irregularities as a supervisory agency, was tainted with its own corruption and illegal cases.

t was the first time Lee visited the financial regulator's headquarters, which means he is seeing a series of dishonorable events connected with the FSS from a serious standpoint. Lee said "chronic corruption" at the FSS was handed down to the current regulatory officials from its predecessors.

[xchrom]

51. 13% of homes missed loan payment

http://joongangdaily.joins.com/article/view.asp?aid=2935915

More than 10 percent of Korean households failed to repay interest on their debts last year due mainly to a decline in income, a central bank survey showed yesterday.

According to the poll taken by the Bank of Korea in November-December, 13 percent of the respondents defaulted on interest payments in the past six months.

A decline in income was the biggest reason for overdue payments at 47.3 percent, followed by unexpected spending at 24.5 percent and a squeeze in financing at 15.2 percent.

The BOK poll, which was conducted on 2,009 households nationwide between Nov. 22 and Dec. 24, was supplementary for a 2010 survey on household financial conditions, jointly made by the state-run statistics agency and the financial watchdog.

[xchrom]

58. Hong Kong HANG SENG

Hong Kong HANG SENGAs of 5/9/2011 VIEW OTHER INDEXES
LAST CHANGE % CHANGE OPEN HIGH LOW 52-WEEK HIGH 52-WEEK LOW
23336.00 176.86 0.76% 23,320.24 23,392.70 23,320.24 24,988.57 (11/08/2010) 18,971.52 (05/27/2010)

http://online.wsj.com/mdc/public/npage/2_3051.html?mod=mdc_h_dtabnk&symb=HK:1804580&page=intl

[xchrom]

8. Wall Street Journal Launches Phony WikiLeaks Clone

http://www.allgov.com/Top_Stories/ViewNews/Wall_Street_Journal_Launches_Phony_WikiLeaks_Clone_110508

Rupert Murdoch: Would you trust this man with your secrets?
SafeHouse, The Wall Street Journal’s answer to WikiLeaks, did not get off to a good start with the whistleblowing community.

SafeHouse is supposed to be a place where people can anonymously expose corporate “fraud, abuse and other wrongdoing.” However, after launching SafeHouse this week, the Rupert Murdoch-owned newspaper received a barrage of criticism for putting together a technically-weak website that can expose the identity of individuals submitting sensitive information.

One encryption analyst described SafeHouse as a “total anonymity failure,” while other experts said the website needed “basic improvements” that should have been addressed before launching.

[AnneD]

19. Those that trust their secrets to a snake like Murdoch......

deserve what they get.

See the tale of the gingerbread man, the woman and the snake, etc.

[StarburstClock]

65. WSJ is a propaganda paper that's useless to anyone investing in anything

As soon as the leading propagandist in the world bought it anyone with a functional mind stopped reading it.

[Pale Blue Dot]

10. Home Market Takes a Tumble

From Nick Timiraos and Dawn Wotapa at the WSJ: Home Market Takes a Tumble

Home values fell 3% in the first quarter from the previous quarter and 1.1% in March from the previous month, pushed down by an abundance of foreclosed homes on the market, according to data to be released Monday by real-estate website Zillow.com. Prices have now fallen for 57 consecutive months, according to Zillow.
...
now believes prices won't hit bottom before next year and expects they will fall by another 7% to 9%.
...
Prices are decelerating in large part because the many foreclosed properties that often sell at a discount force other sellers to lower their prices.

As I noted on Friday, Fannie and Freddie sold over 90,000 REOs in Q1; a new record. These foreclosure sales are pushing down house prices - and there are many more REOs coming (I'll try to summarize all the house price indexes, but most are showing prices at a post-bubble low).

http://www.calculatedriskblog.com/2011/05/wsj-home-market-takes-tumble.html

[xchrom]

14. One-third of home sellers in March lost money

http://seattletimes.nwsource.com/html/businesstechnology/2014994980_zillow09.html

Sellers lost money on one-third of homes sold in King, Snohomish and Pierce counties in March, according to online real-estate marketplace and database Zillow.

That's a big jump from the same month last year, when 22 percent of homes in the Seattle metropolitan area sold for a loss, the Seattle-based company said.

The region still trails the nation as a whole in this measure of misery: nationwide, more than 37 percent of all homes sold in March went for less than the sellers paid for them, according to Zillow.

But Seattle is catching up: Its 10 percentage-point year-over-year increase compared with a 6.5 percentage-point bump nationwide.

[xchrom]

32. Housing crash is getting worse: report

http://www.marketwatch.com/story/housing-crash-is-getting-worse-2011-05-09

BOSTON (MarketWatch) — If you thought the housing crisis was bad, think again.

It’s worse.

New data just out from Zillow, the real-estate information company, show house prices are falling at their fastest rate since the Lehman collapse.

Average home prices are down 8% from a year ago, 3% over the quarter, and are falling at about 1% every month, according to Zillow.

[Demeter]

71. 1% Every Month

that's mind-numbing. It's pent up loss coming home to roost at last. There will probably be some overshoot, but we aren't even close yet.

[xchrom]

12. Nevada businesses start push for Amazon to collect sales tax

http://seattletimes.nwsource.com/html/businesstechnology/2015001863_amazon09.html

RENO, Nev. — A coalition of hotel-casinos and small businesses is launching a $50,000 ad campaign to build support for a change in tax laws so that Amazon.com and dozens of other e-commerce companies would have to collect state sales taxes when they sell goods to Nevadans.

Leaders of the Retail Association of Nevada and Nevada Resort Association hope to persuade lawmakers to consider the changes as amendments to pending legislation as early as this week.

Under current law, Amazon.com is not required to collect the tax in Nevada. Customers in the state must fill out tax forms concerning their purchases and send their sales tax payments to the Nevada Taxation Department.

Few do, Wachter said. Meanwhile, Amazon and others refuse to collect the sales tax in Nevada.

[xchrom]

13. europe: Euro steadies as Greek euro exit fears calm

http://seattletimes.nwsource.com/html/businesstechnology/2015002830_apeueuropefinancialcrisis.html

LONDON —

The euro steadied Monday as a string of official denials calmed investor fears of a Greek exit from the common currency.

It became increasingly apparent, however, that Greece will need to ask for more money or easier terms for paying back a euro110 billion ($160 billion) European Union and International Monetary Fund bailout package it was given last May.

"We think that Greece does need a further adjustment programme," Eurogroup Chairman Jean-Claude Juncker said after a Friday evening meeting with the Greek, French, German, Italian and French finance ministers, along with the EU's monetary affairs commissioner Olli Rehn and European Central Bank President Jean-Claude Trichet.

Officials vehemently rejected a report from German magazine Der Spiegel that the country was seeking to exit the eurozone and bring back the drachma. Greek Finance Minister George Papaconstantinou said Greece was working on what to do over the coming two years given that the markets appear closed.

[xchrom]

15. UK banks won't appeal payment protection ruling

http://seattletimes.nwsource.com/html/businesstechnology/2015002789_apeubritainbanks.html

British banks on Monday gave up the fight against compensating customers who were missold payment protection insurance on mortgages and other loans, and now face a compensation bill estimated at 4.5 billion pounds ($7.4 billion).

The British Bankers' Association said it took the decision in the "interest of providing certainty" for bank customers.

"We continue to believe that there are matters of important principle which we will be taking forward in other ways with the authorities," the association said, without specifying the issues.

The Financial Services Authority has estimated that banks will pay a total of 4.5 billion pounds to settle claims

[Po_d Mainiac]

17. Are US title insurers next? n/t

[Demeter]

72. Truly, We Live in an Age of Amazing Events

maybe even miracles.

[hamerfan]

82. These are the days of miracle and wonder

http://www.youtube.com/watch?v=9Cpc02lsRn8

[xchrom]

37. Europe shares extend falls as S&P downgrades Greece

http://uk.reuters.com/article/2011/05/09/markets-europe-stocks-falls-idUKLDE7481D220110509

May 9 (Reuters) - European shares extended falls in afternoon trade on Monday after ratings agency Standard & Poor's downgraded Greece's credit rating.

By 1233 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares fell 0.8 percent to 1,135.28 points, with Greek benchmark .ATG down 2.3 percent, underperforming peers in the Thomson Reuters Peripheral Eurozone Index .TRXFLDPIPU which shed 1.8 percent.

[xchrom]

55. Analysis: Effort aside, Europe fails to staunch debt crisis

http://www.reuters.com/article/2011/05/09/businesspro-us-eurozone-crisis-communica-idUSTRE74836T20110509

(Reuters) - No matter how hard Europe tries, it just can't get a grip on its sovereign debt crisis.

Since late 2009, when Greece's vast budget and debt problems first materialized, the European Union has strived to come up with solutions, from fiscal adjustment programs to labor market reforms and financial bailout packages.

In EU terms, seldom have so many multi-billion-euro decisions been taken in so short a time under such pressure.

Getting the 17 countries that share the euro, and the broader EU, to agree emergency loans for Greece, Ireland and Portugal, as well as to organize a 440 billion euro temporary bailout mechanism and a 500 billion permanent one, all in the space of a year, is unprecedented in both speed and scope.

[xchrom]

62. FTSE falls as banks wane on Europe woe, HSBC update

http://uk.reuters.com/article/2011/05/09/markets-britain-stocks-idUKLDE74814I20110509

LONDON, May 9 (Reuters) - Britain's FTSE 100 was lower at midday on Monday, with HSBC (HSBA.L) among the leading decliners after reporting a drop in profits ahead of a strategic update on later this week.

Europe's biggest bank and peer Barclays (BARC.L) added to the strain after giving up their fight over compensating customers wrongly sold insurance and being forced to take a combined $2 billion hit in the latest blow to the sector.

By 1051 GMT, the FTSE 100 .FTSE fell 36.64 points, or 0.6 percent, at 5,940.13.

The index lost some of Friday's 1.0 percent gains, when investors were buoyed by a U.S. jobs report, which beat on headline job creation numbers but fell short of expectations on unemployment figures. Europe's debt problems also dampened risk appetite.

[DemReadingDU]

20. Timo Soini: Why I Won't Support More Bailouts

Mr. Soini is the chairman of the True Finns Party in Finland.

5/9/11 Why I Won't Support More Bailouts by Timo Soini

When I had the honor of leading the True Finn Party to electoral victory in April, we made a solemn promise to oppose the so-called bailouts of euro-zone member states. These bailouts are patently bad for Europe, bad for Finland and bad for the countries that have been forced to accept them. Europe is suffering from the economic gangrene of insolvency—both public and private. And unless we amputate that which cannot be saved, we risk poisoning the whole body.

The official wisdom is that Greece, Ireland and Portugal have been hit by a liquidity crisis, so they needed a momentary infusion of capital, after which everything would return to normal. But this official version is a lie, one that takes the ordinary people of Europe for idiots. They deserve better from politics and their leaders.

To understand the real nature and purpose of the bailouts, we first have to understand who really benefits from them. Let's follow the money.

At the risk of being accused of populism, we'll begin with the obvious: It is not the little guy that benefits. He is being milked and lied to in order to keep the insolvent system running. He is paid less and taxed more to provide the money needed to keep this Ponzi scheme going. Meanwhile, a kind of deadly symbiosis has developed between politicians and banks: Our political leaders borrow ever more money to pay off the banks, which return the favor by lending ever-more money back to our governments, keeping the scheme afloat.

more...
http://online.wsj.com/article/SB10001424052748703864204576310851503980120.html

edit to add title and date of article

[xchrom]

25. +1

[Demeter]

30. wow

I don't think there have been any assassinations of politicians in Finland, but Sweden had one fairly recently....a populist who was making waves....

[plumbob]

60. Well said.

Wish we could get a bit of this going in the USA.

[ozone_man]

77. +1

For speaking truth to power.

[xchrom]

21. india: Food rights bill holds key to India farm exports plan

http://www.moneycontrol.com/news/current-affairs/food-rights-bill-holds-key-to-india-farm-exports-plan_541562.html

India's grain bins are overflowing and the forecast for a normal monsoon promises another bumper crop, but political disagreement over a bill to secure food rights for the poor means the country is expected to steer clear of large-scale exports.

Shipments from the world's second-biggest producer of wheat, sugar and rice could come as a relief for governments across Asia who are trying to combat food-led inflation, but India needs to know how much to put aside for the food security bill before taking any decision on overseas sales.

"Ensuring supplies to the government's welfare schemes are more important than allowing exports for private trade," a senior food ministry official told Reuters on condition of anonymity because of the political sensitivity of the issue.

"Exports will be allowed after assessing local demand. The food security bill will spell out the demand for food grains."

[xchrom]

22. Vodafone faces more tax troubles, approaches AAR

http://www.moneycontrol.com/news/business/vodafone-faces-more-tax-troubles-approaches-aar-_541664.html

Telecom major Vodafone seems to be jinxed when it comes to tax matters in India. It is learnt that Vodafone's buyout stake in Vodafone Essar may be delayed till the Authority for Advance Rulings (AAR) gives its view on Vodafone's USD 5 billion tax liability on the deal.

Last time when Vodafone was in a situation like this with Hutch, the tax department had told them they should have sought their advice. This time they were very careful and they went to the authority of advance ruling.

They filed the application in time to know what the tax liability would be, so what TDS they have to cut. However unfortunately, since October this case has been delayed and there have been about two to three adjournments.

Today, also the I-T department sought an adjournment from the AAR and the case has been adjourned till later in May.

[xchrom]

24. India gold rises but traders pause after festival sales

http://www.moneycontrol.com/news/commodities/india-gold-risestraders-pause-after-festival-sales_541625.html

India gold futures rose on Monday afternoon following firm overseas markets, where a weaker dollar supported the yellow metal, and physical buying retreated as traders paused for a breath after heavy sales on Friday's Akshaya Tritiya.

"There are not many deals at current levels, I booked in only 65 kgs from morning at current levels," said a dealer with a state-run bullion importing bank in Mumbai.

The most-traded gold for June delivery on the Multi Commodity Exchange (MCX) was trading 0.49% higher at Rs 21,988 per 10 grams, still down from the contract high of Rs 22,856 struck on April 30.

[xchrom]

59. Who to punish India’s chief economic adviser wants to legalise some kinds of bribe-giving

http://www.economist.com/node/18652037

CORRUPTION conjures up images of shadowy deals among lobbyists, corporations and crooked government officials. But it is often more mundane, as officials demand bribes even to deliver routine public services. Figures from Gallup, a pollster, reveal just how widespread such corruption is (see chart).

Economists argue that such small-scale graft does great damage. Official extortion erodes trust. As authorities in countries like Greece are discovering, fighting tax evasion is hard if people have little trust in the honesty of tax officials themselves.

An Indian website, ipaidabribe.com, set up last summer by anti-corruption activists, reveals just how grasping officials can be. It has documented over 8,500 instances of bribery adding up to nearly 375m rupees ($8.4m) in backhanders. These include 100 rupees to get a policeman to register a complaint about a stolen mobile phone and 500 rupees for a clerk to hand over a marriage certificate. The amounts are much larger to facilitate income-tax refunds, where the standard “charge” is 10%; sums between 5,000 and 50,000 rupees change hands.

But such initiatives can do little beyond allowing people to vent their anger about corruption. Kaushik Basu, the chief economic adviser to India’s finance ministry, suggests that this may be partly because the law treats both bribe-giving and bribe-taking as crimes. This makes it hard to blow the whistle on corrupt officials, because the bribe-giver has also broken the law. If he complains, he risks prosecution or, more likely, being asked for another bribe by the police. In a provocative paper based on game theory, Mr Basu argues for the legalisation of some kinds of bribe-giving. His proposal has instigated a furious debate in India, with television channels even assembling panels to discuss it.

[xchrom]

63. MARKET RAP India leads slide

http://www.atimes.com/atimes/Asian_Economy/ME10Dk01.html

MONTREAL - The MSCI Asia Pacific Index fell 1.4% last week to 137.54 although short-term technical indicators remained relatively favorable, while they reversed to the downside for the ex-Japan Index in midweek with momentum disappearing altogether, although neither overbought nor oversold. The euro-denominated FTSE Asia Pacific Index showed mainly the same technical profile.

The worst performer was the Indian market, where the Sensex lost 3.2% to close at 18,519, this coming on top of a 1.9% loss the previous week. Short-term technical indicators turned negative at the start of the week after coming off an overbought situation then worsened. There is a mild sign of short-term overselling but


this same indicator is rather negative in the medium term. Volatility is low but steadily low, while momentum is steadily negative. The current move would appear to mark the resolution to the downside of the short-term symmetrical triangle to which I have pointed previously.

Next worst was Hong Kong, where the Hang Seng Index lost 2.5% to 23,123. This level puts the index 2% underneath the long-term third-fan breakout line that it transgressed to the upside earlier in April before failing now to follow through. Major short-term leading technical indicators are negative, some strongly so, despite one indication of being heavily oversold. Volatility is moderate but falling, while momentum is steadily moderately negative.

[Demeter]

31. Busy day for me

Inbox is bursting, but I gotta run. Try to post after lunch...

[xchrom]

33. i was wondering where you were

:hi:

[xchrom]

34. Onboard pilot optional with Northrop's Firebird spy plane

http://www.latimes.com/business/la-fi-northrop-drone-20110509,0,1365932.story

Aerospace giant Northrop Grumman Corp. has quietly developed a new spy plane that can listen in on phone conversations, use high-powered radar and shoot live video footage as it flies at 30,000 feet above the Earth.

And the spy plane, expected to be unveiled Monday, would operate with or without a pilot sitting in the cockpit.

Until now, U.S. military aircraft have been designed to either have a pilot on board or be an unmanned drone. But Northrop's new plane, dubbed the Firebird, can switch from being a traditional aircraft to a drone with just a few modifications.

The Century City company is developing the propeller-powered Firebird at its own expense. It is betting that the hybrid plane will appeal to the Pentagon as defense budget cuts loom and the federal government deals with rising deficits.

[xchrom]

38. Gold gains; silver up after five-session loss

http://www.marketwatch.com/story/gold-gains-silver-up-after-five-session-loss-2011-05-09

SAN FRANCISCO (MarketWatch) -- Gold futures climbed Monday morning as an overall recovery in the commodity sector helped lift prices back above $1,500 an ounce. Silver futures led the strength among the metals after a five-session losing streak.

[xchrom]

40. Silver leads precious metals’ rebound in Asia

http://www.marketwatch.com/story/silver-leads-precious-metals-rebound-in-asia-2011-05-09

HONG KONG (MarketWatch) — Silver led precious metals to a modest recovery, and gold flirted with the $1,500-a-troy ounce level in Asian trading hours Monday, as investors tested the waters for price stability in a still-cautious market after commodities’ plunge last week.

Silver futures for July delivery /quotes/comstock/21e!f1:si\n11 SIN11 +4.37% rose 82 cents to $36.11 an ounce in electronic trading Monday after the metal skidded $2.63, or 1%, on Friday to complete its worst week in more than three decades. The metal was still down more than 25% so far in May.

June gold futures /quotes/comstock/21e!f:gc\m11 GCM11 +0.76% , meanwhile, rose $12.40 to $1,504 a troy ounce in electronic trading, extending its $10.20, or 0.7%, increase on Friday. Front-month platinum futures climbed $12.70 to $1,799.10 an ounce. Platinum and gold are both down more than 3% in the month to date.
Click to Play

[DemReadingDU]

39. Wolfgang Münchau : The political causes of a not-so-secret meeting

5/8/11 The political causes of a not-so-secret meeting by Wolfgang Münchau
a few snippets...

They cannot even organise a private meeting. How, then, can they solve a debt crisis? The bungling of a not-so-secret gathering of finance ministers in Luxembourg on Friday night provides an object lesson in how the politics of eurozone crisis resolution is going wrong.

We learnt this from a leak to Spiegel Online, http://www.spiegel.de/international/europe/0,1518,761201,00.html ,
The German news site’s story said Greece was considering leaving the eurozone, and that finance ministers were holding a secret meeting to discuss the issue. The story also offered the intriguing detail that Wolfgang Schäuble, the German finance minister, had a report in his briefcase warning him of the prohibitive costs of a Greek exit.

The core issue in the eurozone crisis is not the overall size of the peripheral countries’ sovereign debt. This is tiny relative to the monetary union’s gross domestic product. The area’s total debt-to-GDP ratio is lower than that of the UK, US or Japan. From a macroeconomic point of view, this is a storm in a teacup.

You cannot run a monetary union with the likes of Mr Sócrates, or with finance ministers who spread rumours about a break-up. Europe’s political elites are afraid to tell a truth that economic historians have known forever: that a monetary union without a political union is simply not viable. This is not a debt crisis. This is a political crisis. The eurozone will soon face the choice between an unimaginable step forward to political union or an equally unimaginable step back. We know Mr Schäuble has contemplated, and rejected, the latter. We also know that he prefers the former. It is time to say so.

http://www.ft.com/cms/s/0/3eb6bbc8-796c-11e0-86bd-00144feabdc0.html?ftcamp=rss#axzz1LrTCgPws

[xchrom]

41. +1 -- very interersting. nt

[Demeter]

73. Well, I don't see political unity on the horizon

As if Europe will bind themselves together to counteract the invasion of refuges from Africa and the Middle East...or any other external threat. With Germany leading the integration, and the Iron Curtain gone, there's no great enemy.

The motivation isn't there. If it won't work economically for all parties, why assume it would work politically?

The only reason the United States of America united, and stayed that way, and fought a civil war for national unity, was to prevent piecemeal division of the continent amongst the powers of Europe.

Today, the US is inclined to stick together because enough people have migrated within the borders to constitute US citizens, as opposed to purely citizens of one state for generations. What would the people up North do without California and Florida suppplying winter fruits and vegs? What would the South do without the educational centers of the North? And so on.

But I could see the TeaBaggers generating enough tension to finally tear the nation into smaller pieces--and thereby ending the American Empire by default. As if the corporations would stand for it. When the Corpse can figure out a way to profit by it, maybe.

Still, tradition is a stabilizing thing. Europe doesn't have that tradition---it has it's individual nations well invested in their unique cultures. And the world is a better place for it, IMO. Diversity is a survival trait.

[xchrom]

42. U.S. doesn't see China's growth as threat: Clinton

http://news.xinhuanet.com/english2010/china/2011-05/09/c_13866499.htm

WASHINGTON, May 9 (Xinhua) -- U.S. Secretary of State Hillary Clinton said on Monday that the United States does not see China's growth as a threat and wants to seek greater trust to work together with China on global issues.

Addressing the opening session of the third round of China-U.S. Strategic and Economic Dialogue in Washington, Clinton said both sides have much to gain from cooperation than conflict.

The two-day high level dialogue gathered Chinese Vice Premier Wang Qishan and State Councilor Dai Bingguo, and Secretary of State Hillary Clinton and Treasure Secretary Timothy Geithner from the U.S. side.

Both sides are expected to exchange opinions on overall, strategic and long-standing issues in the development of China-U.S. relations, as well as international and regional issues of common concern, in order to enhance understanding, strengthen mutual trust and step up cooperation.

[xchrom]

49. Chinese Fire Drill!

http://www.fxstreet.com/fundamental/market-view/forex-in-four/2011/05/09/

I jokingly refer to the economic meeting taking place this week between the US and China as this really is more of an exercise in futility than any meaningful policy agreement. It basically boils down to the US stance that China needs to allow its currency to float freely in the marketplace, and China rebuffing this view.

Many economists believe that the Chinese Yuan is undervalued by some 30-40%, though I’m willing to bet that it is much more undervalued than those estimates. Because of the peg of the Yuan to the Dollar, China is essentially a “black hole” that sucks up the excess liquidity in the market and allows them to amass tremendous currency reserves. This creates global economic imbalances and makes it more difficult to achieve stability.

However China will claim that the US is the currency manipulator and not them; and by and large they are correct in that assessment. But this is in response to Chinese monetary policy and not the other way around.

Do not expect any meaningful progress on this front, and it will take more than the US alone to convince China otherwise. So expect the same dance to continue, with China growing at exponential rates and the US to continue to buy cheap Chinese goods while increasing the size of its deficit.

[Demeter]

74. It's Been Opined that China Would Have Revalued Long Ago

If the US hadn't been such an arrogant nag for decades...

[xchrom]

47. NZ monopoly watchdog prepares cartel case against int'l airlines

http://news.xinhuanet.com/english2010/business/2011-05/09/c_13865170.htm

WELLINGTON, May 9 (Xinhua) -- Anti-monopoly regulators in New Zealand face a court room showdown with a host of international airlines this week over charges that the carriers operated a cartel in the air cargo market.

The hearing against the airlines at the High Court in Auckland on Wednesday will be the culmination of a prosecution that began more than two years ago.

New Zealand's Commerce Commission accuses Air New Zealand, Cathay Pacific Airways, Emirates, Japan Airlines International, Korean Air Lines, Malaysian Airlines System Berhad, Singapore Airlines Cargo and Singapore Airlines, and Thai Airways International of colluding in the setting of air cargo prices.

[xchrom]

50. Good payrolls report and the commodity flash crash send US Dollar higher

http://www.fxstreet.com/fundamental/market-view/strategic-currency-briefing/2011/05/09/

The calendar this week is just awful. It contains far too much. We get the Chinese inflation report and the US-China Strategic Dialogue. The European FinMins meet over the upcoming weekend. In US data, today we get single family home sales. Tuesday it’s wholesale trade and a 3-year note auction. Wednesday it’s the trade deficit, the usual Energy Dept inventory reports and another Treasury auction (10-year notes). Thursday Bernanke speaks on the Frank-Dodd bill, plus we get retail sales, PPI and a 30-year bond auction (plus the Fed’s balance sheet). Friday it’s the April preliminary University of Michigan sentiment index. The following week (Monday) we get the minutes of the Fed’s last policy meeting (4/26-27).

How should we think about last week’s developments? We fear that the dollar’s rise was a fluke occasioned by the coincidence of two rare events—a good payrolls report and the commodity flash crash. If commodities are going to stabilize now, that removes one trigger.

On the US economic front, dollar enthusiasm is not warranted, either. It was only a few weeks ago that The Economist cover blasted “What’s Wrong with America’s Economy?” and proceeded to list all the ways. Talk of the “failing” economy and society and political process is everywhere. We continue to think that at the bottom of it all is the faltering housing market…. The WSJ reports today that Zillow.com finds house prices fell 3% q/q in Q1 (1.1% in March alone) for the 57th straight month. The $8000 tax credit last year provided only fleeting relief. Supply, some of it in the form of foreclosures, is simply overwhelming the market, says Zillow chief economist Humphries, who “now believes prices won't hit bottom before next year and expects they will fall by another 7% to 9%. Other economists revised their forecasts. In April, the chief economist at mortgage company Fannie Mae, Doug Duncan, said home prices in the second quarter would be 5.3% lower than the previous-year period, down from his earlier estimate of a 2.6% decline.” Another economist forecasts prices have another 10% to fall. Zillow also estimates “that more than 28% of borrowers owe more than their homes are worth nationally. Those numbers are much higher in hard-hit markets such as Phoenix, where more than two-thirds of borrowers owe more than their homes are worth.”

[xchrom]

61. US STOCKS-Wall Street up as commodity shares gain

http://uk.reuters.com/article/2011/05/09/markets-stocks-idUKN0921092420110509

NEW YORK, May 9 (Reuters) - U.S. stocks moved higher on Monday as a bounce back in commodities lifted energy and materials shares, offsetting concerns about European debt.

Stocks seesawed for much of the morning between modest gains and losses after Standard & Poor's downgraded Greece's rating into junk territory on doubts Athens can manage its debt without imposing losses on private bondholders. For details, see

The energy and materials sectors were the best performers on the S&P 500 as the Reuters/Jefferies commodities index .CRB jumped 1.7 percent.

The iShares Silver Trust exchange-traded fund (SLV.P) rose 6 percent. Oil futures jumped more than 4 percent and the S&P energy index .GSPE advanced 1.6 percent.

[Roland99]

68. 12:40 - Last week's dips? Merely a flesh wound.

Dow 12,710 +71 +0.56%
Nasdaq 2,847 +19 +0.69%
S&P 500 1,348 +8 +0.57%
GlobalDow 2,198 -11 -0.49%
Gold 1,509 +17 +1.15%
Oil 101.00 +3.82 +3.93%

[xchrom]

69. i can't make heads or tails of it -- can you? nt

[Demeter]

75. The Fix Is In

Still. For a little while.

[xchrom]

76. what else is a person to conclude?

the stresses on the global 'recovery' have been pretty significant.

i mean this must be the most bestest 'recovery' evah!

[Roland99]

80. Ayup...the dollar gained a bit against the Euro and oil shoots up 5.5%?

All the while oil supplies are high, too?


:eyes:

[Hotler]

81. kicking n/t

[Festivito]

83. Debt: 05/05/2011 14,321,667,187,751.55 (DOWN 12,146,302,884.49) (Thu, DOWN a lot.)

(OVER the old debt limit of 14.294-trillion dollars by 28-billion dollars. Good day.)
Long day of catching up. Somehow I dropped the last five cents.
(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)
= 9,680,662,997,068.88 + 4,641,004,190,682.67
DOWN 17,721,236,989.45 + UP 5,574,934,104.96

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 312-Million person America.
If every American, man, woman and child puts in $3.21 THAT'S 1B$, and $3,205.73 makes 1T$.
A family of three: Mom, Dad, Child: $9.62, ABOUT TEN BUCKS for a 1B$ 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 311,940,992 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 $45,911.46.
A family of three owes $137,734.39. (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 2,705,578,402.44.
The average for the last 30 days would be 1,984,090,828.45.

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$/day.
There were 148 reports in 217 days of FY2011 averaging 5.14B$ per report, 3.50B$/day.
Above line should be okay

PROJECTION:
There are 626 days remaining in this Obama 1st term.
By that time the debt could be between 15.2 and 17.6T$.
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)
05/05/2011 14,321,667,187,751.55 BHO (UP 3,694,790,138,838.47 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 +0,760,044,156,859.80 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,278,415,286,884.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
04/15/2011 +021,566,615,397.70 ------------**********
04/18/2011 +000,320,133,441.47 ------------******** Mon
04/19/2011 +000,498,845,624.51 ------------********
04/20/2011 +000,031,154,878.79 ------------*******
04/21/2011 -029,604,944,039.31 -
04/22/2011 +000,169,463,975.78 ------------********
04/25/2011 +000,297,069,525.13 ------------******** Mon
04/26/2011 +000,207,526,568.97 ------------********
04/27/2011 -002,332,483,455.54 --
04/28/2011 -007,710,203,842.40 --
04/29/2011 +013,870,888,452.00 ------------**********
05/02/2011 +043,070,259,587.79 ------------********** Mon
05/03/2011 +000,283,435,714.90 ------------********
05/04/2011 +000,080,372,925.23 ------------*******
05/05/2011 -017,721,236,989.45 -

23,026,897,765.57 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=4841587&mesg_id=4842314