STOCK MARKET WATCH, Tuesday, May 24, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Tuesday May 24, 2011

AT THE CLOSING BELL ON May 23, 2011

Dow 12,381.26 -130.78 (-1.06%)
Nasdaq 2,758.90 -44.42 (-1.61%)
S&P 500 1,317.37 -15.90 (-1.21%)
10-Yr Bond... 3.14 +0.01 (+0.29%)
30-Year Bond 4.27 +0.01 (+0.12%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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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 = 12

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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. Today's Report

May 24 10:00 New Home Sales Apr 290K 300K 300K

Read more: http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm#ixzz1NGZII7Hg

[Roland99]

46. U.S. new-home sales rise 7.3% in Apri

http://www.marketwatch.com/story/us-new-home-sales-rise-73-in-april-2011-05-24

U.S. sales of new homes posted their second solid monthly gain in April after hitting extremely low levels in February, according to data released Tuesday by the Commerce Department.

In April, sales rose 7.3% to a seasonally adjusted annual rate of 323,000 after an 8.3% increase in March, the Commerce Department reported.

The increase surprised economists, who had forecast a slight decline to 295,000, according to a MarketWatch survey.

...

The inventory of new homes under construction also fell to a record-low 78,000 in April. The number of completed-but-unsold homes fell to 67,000, the lowest level since August 1999.

[Pale Blue Dot]

2. Oil rises to near $99 as Goldman boosts forecasts

SINGAPORE – Oil prices rose to near $99 a barrel Tuesday in Asia after Goldman Sachs raised it crude forecasts on concern the shutdown of Libyan output will drain spare OPEC supplies.

Benchmark oil for July delivery was up $1.04 to $98.74 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. In London, Brent crude for July delivery was up $1.12 to $111.22 a barrel on the ICE Futures exchange.

Goldman said it expects Brent will rise to $140 by the end of next year, higher than the investment bank's previous forecast of $120. A civil conflict in Libya has shut down almost all the country's 1.6 million barrels a day of oil production, and Goldman expects that loss to global supply will eventually push prices higher.

"We expect that the ongoing loss of Libyan crude oil production and disappointing non-OPEC production will continue to tighten the oil market," Goldman said in a report. "It's only a matter of time until inventories and OPEC spare capacity will become effectively exhausted, requiring higher oil prices to restrain demand."

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

[hamerfan]

5. People/firms

still listen to Goldman? Crazy....

[xchrom]

49. Oil futures gain 2% on demand forecasts

http://www.marketwatch.com/story/oil-futures-pare-some-losses-but-dollar-caps-gain-2011-05-23

SAN FRANCISCO (MarketWatch) — Crude-oil futures gained nearly 2% on Tuesday, helped by China oil-demand data and a Goldman Sachs upgrade on expectations of “solid demand.”

Crude for July delivery /quotes/comstock/21n!f:cl\n11 CLN11 +1.91% added $1.80, or 1.9%, to $99.52 a barrel on the New York Mercantile Exchange. Prices fell 2.4% on Monday as demand was called into question following weak manufacturing data in China and elsewhere.

“Commodity rallies are very vulnerable right now, as in addition to slowing growth prospects, the easy ‘ballast’ that the weaker dollar has been providing is no longer readily available either,” energy analysts at MF Global said in a note to clients.

[Pale Blue Dot]

3. U.S. Stock-Index Futures Advance; Alcoa, GT Solar Rise in European Trading

U.S. stock-index futures advanced, indicating the Standard & Poor’s 500 Index will rebound from a one-month low, as commodities rallied.

Alcoa Inc. (AA), the largest U.S. aluminum producer, rose 0.9 percent in German trading as metal prices rallied in London. GT Solar International Inc. (SOLR), a maker of polysilicon manufacturing equipment, surged 14 percent after boosting its forecasts for profit and revenue.

June contracts on the S&P 500 gained 0.3 percent to 1,319.5 at 10:25 a.m. in London. The benchmark gauge fell the most in two months yesterday as commodities slumped amid concern that Europe’s debt crisis is worsening and the global economic recovery is losing momentum. Dow Jones Industrial Average futures added 33 points, or 0.3 percent, to 12,395 today.

“We see a technical rebound today and investors are now waiting for more impulse from the fundamental data,” said Andreas Lipkow, an equity trader at MWB Fairtrade Wertpapierhandelsbank AG in Frankfurt. “There is more room to the upside for European and U.S. stocks in the next few days.”

http://www.bloomberg.com/news/2011-05-24/u-s-stock-index-futures-advance-alcoa-gt-solar-rise-in-european-trading.html

[xchrom]

56. Bloomberg Commodities Rally as Goldman Turns Bull; Stocks Little Changed

http://www.businessweek.com/news/2011-05-24/commodities-rally-as-goldman-turns-bull-stocks-little-changed.html

May 24 (Bloomberg) -- Commodities rebounded from the biggest drop in two weeks after Goldman Sachs Group Inc. said it’s turning “more bullish” on raw materials. Treasuries fell and U.S. stocks were little changed.

Oil advanced 1.5 percent and gasoline surged 1.7 percent at 2:13 p.m. in New York. The MSCI All-Country World Index rose 0.3 percent after tumbling 1.8 percent yesterday, and the Standard & Poor’s 500 Index fluctuated near the 1,317 level. The euro rebounded from a two-month low versus the dollar, while the Dollar Index slipped 0.3 percent. Ten-year Treasury yields lost less than one basis point to 3.13 percent, near their 2011 low.

The S&P GSCI Index of commodities recouped about half of yesterday’s 1.7 percent slump as Goldman Sachs suggested buying oil, copper and zinc, reversing last month’s call to sell commodities, while Morgan Stanley raised its forecast for Brent crude by 20 percent. The S&P GSCI gauge of 24 raw materials has slumped more than 10 percent since April 8, when it reached its highest level since August 2008.

“The market was pricing in a global growth story up until February, then it shifted into a supply-shock story and then within the last week or two it shifted back into a demand driven story,” Jeffrey Currie, head of commodity research at Goldman Sachs Group Inc. in London, said in an interview today. “This shift back to a demand-driven market, albeit weaker demand, is very significant. We are substantially more confident when the market is focused on demand growth.”

[xchrom]

4. morning PBD.

:donut:

[xchrom]

6. south asia: Santos taps gas breakthrough

http://www.atimes.com/atimes/South_Asia/ME25Df02.html

DHAKA - Santos International, an Australia-based gas explorer and producer, has secured a breakthrough agreement to sell gas in Bangladesh to parties other than state-owned Bangladesh Oil, Gas and Mineral Corp, better known as Petrobangla. The move should help to liberate Bangladesh industrialists from crippling power shortages, albeit by paying higher prices for their energy supply.

The agreement signed on May 16 reflects a drastic change in the Bangladesh government's long-established policy, which until now did not let any international oil companies sell their gas or oil to third parties within the country.

Petrobangla secretary Imam Hossain and Santos Sangu Gas


Field Ltd president John Chambers signed the agreement on behalf of their respective sides. Reuters reported Petrobangla chairman Mohammad Hussain Mansur as saying, "Exploration in the sea became costly, and so we allowed to sell it in the market."

Under an earlier gas purchase and sales agreement (GPSA), Santos could sell its gas only to Petrobangla at a maximum price of US$2.9 per unit (1,000 cubic feet). Under an amended GPSA, Santos plans to sell gas at $4.50 per unit to private buyers, especially industrialists in Chittagong, who have long been affected by acute gas and power crises.

[xchrom]

7. asia: China's cutting edge

http://www.atimes.com/atimes/China/ME25Ad02.html

BEIJING - The district of Panyu in Guangdong province is pressing hard to capitalize on its renown as the gem and jewlery capital of China as booming domestic demand for jewelry drives the country's share of the global market for small diamonds ever higher.

Strategically located a stone's throw from Hong Kong, one of the world's leading diamond trading centers, Panyu now handles much of the former colony's processing requirements.

''There are two main advantages to operating a processing factory here, as opposed to anywhere else,'' said Mickey Weinstock, a Belgian national whose business is located in Panyu's Shawan Jewellery Industrial Park. ''The first is labor costs. The cost per


carat for cutting and polishing diamonds is just US$17 in China, compared to US$150 in Belgium. The second is that the local government is very supportive, and have introduced a raft of measures to encourage investment.''

[xchrom]

12. Asian Shares Mixed, Europe Debt Woes Weigh

http://www.thejakartaglobe.com/business/asian-shares-mixed-europe-debt-woes-weigh/442852

Asian stock markets were mixed Tuesday as bargain hunting after heavy losses in the previous session was tempered by concerns over China's economy and ongoing eurozone debt woes.

The euro remained under pressure after Standard & Poor's outlook downgrade of Italy's debt while Greece was under pressure over a possible restructuring and a regional vote in Spain cast doubts on the government's future.

Tokyo edged down 0.09 percent by the break, Sydney fell 0.33 percent and Hong Kong lost 0.24 percent while Shanghai gave up 0.32 percent.

Seoul gained 0.55 percent and Singapore was 0.18 percent up.

[xchrom]

21. Economy cooling, Goldman cuts Chinese growth forecasts

http://www.firstpost.com/economy/economy-cooling-goldman-cuts-chinese-growth-forecasts-14533.html

Beijing: Goldman Sachs has trimmed its economic growth forecasts for China to 9.4 percent this year, from 10 percent previously, citing a recent run of surprisingly weak data, high oil prices and supply constraints.

“The growth slowdown has been even sharper than we forecast, especially evident in April industrial production,” Goldman said in a research note to clients. “In addition, inflation is not coming down as rapidly as we hoped,” the US bank said. It predicts China’s annual inflation will peak at 5.6 percent in June, with average annual inflation hitting 4.7 percent in 2011.”

If China’s inflation does indeed hit 5.6 percent in June, it would be the highest since July 2008, when inflation ran at 6.3 percent. For 2012, Goldman reduced its economic growth forecasts for China to 9.2 percent, from the initial 9.5 percent. Goldman said it expects China to keep its monetary policy tight until the third quarter of this year, even though growth seems to be “clearly below trend”.

China shares fell to their lowest level in almost four months as investors continued to cut positions in large caps, driving the benchmark index below its 250-day moving average for the first time since February. The weak mainland market prevented a rebound on Hong Kong’s Hang Seng index which was trading little changed at 22,726.4, after its 2.1% drop the previous day. The China Enterprises index rose 0.4% with shares of insurer China Life providing the biggest boost.

[xchrom]

45. Two nuclear reactors suffer meltdown after quake: TEPCO

http://news.xinhuanet.com/english2010/world/2011-05/24/c_13891962.htm

TOKYO, May 24 (Xinhua) -- The operator of the quake and tsunami- battered Fukushima No. 1 nuclear power plant said Tuesday that fuel rods in the cores of two more reactors most likely suffered meltdown similar to the meltdown already confirmed in the plant's No. 1 reactor.

Junichi Matsumoto, a spokesman for Tokyo Electric Power Co. ( TEPCO) told reporters that the fuel rods in reactors 2 and 3 had almost completely melted, meaning that the severity of the disaster was far more severe than TEPCO originally estimated or revealed.

The embattled utility said however that the temperature of the melted fuel which has settled at the bottom of the flooded reactor pressure vessels was not at levels considered critical.

"It is unlikely that the meltdowns will worsen the crisis because the melted fuel is covered in water," said TEPCO's Takeo Iwamoto.

[Demeter]

50. Which water has since leaked out or boiled away....

they lie like a cheap rug.

[xchrom]

47. Japan's 2010 net external assets drop 6 pct

http://news.xinhuanet.com/english2010/business/2011-05/24/c_13891982.htm

OKYO, May 24 (Xinhua) -- The value of Japan's net external assets dropped 6 percent to 251.5 trillion yen (about 3.1 trillion U.S. dollars) at the end of 2010 from a year earlier as overseas assets were devalued by a strong yen, the Ministry of Finance said on Tuesday.

The strength of the yen severely hampered Japan's export-led economic drive, making Japanese products less competitive abroad and costing firms reliant on overseas markets dearly as the value of commercial yields and foreign investments were diminished when repatriated.

The finance ministry noted that it was the first decline in Japan's net overseas assets in two years in 2010.

However despite Japan's net external assets rising to a record 3.085 trillion U.S. dollars at the end of 2010, a rise of 7 percent in dollar terms from a year earlier, making Japan the world's largest net external asset holder for the 20th year, Japan may relinquish this position when comparable data becomes available from China, ministry officials said at a press briefing on Tuesday.

[xchrom]

60. China's yuan weakens 40 basis points to 6.5038 per USD Tuesday

http://news.xinhuanet.com/english2010/china/2011-05/24/c_13890979.htm

BEIJING, May 24 (Xinhua) -- The Chinese currency Renminbi, or the yuan, weakened 40 basis points to 6.5038 per U.S. dollar on Tuesday, extending the weakness to the second straight trading days, according to the China Foreign Exchange Trading system.

The central parity of the yuan set a new high of 6.4948 per U.S. dollar on May 11.

On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate each trading day.

[xchrom]

61. Strike reveals carmakers’ vulnerability

http://joongangdaily.joins.com/article/view.asp?aid=2936664

The big players in Korea’s automotive industry, the world’s fifth-largest by production, are waking up today to concerns that they are reliant on too few parts suppliers, and the “just-in-time” inventory delivery system has failed them.

The sudden anxiety attack was brought on by an illegal strike that started last Wednesday at Yoosung Enterprise and was only broken up by police yesterday afternoon. Korean automakers’ production lines ground to a halt after the strike began at Yoosung, which makes auto components including piston rings for engines.

According to industry sources, around 180 companies account for more than 50 percent of the country’s five automakers’ parts supply. The automakers are Hyundai Motor, Kia Motors, GM Korea, Renault Samsung Motors and Ssangyong Motor.

[xchrom]

62. Lenders agree to set up ‘bad bank’

http://joongangdaily.joins.com/article/view.asp?aid=2936649

Korean banks are expected to launch a special purpose company this month in an effort to buy soured property project financing (PF) loans that threaten their financial health, sources said yesterday.

Local lenders have vowed to jointly set up the bad bank to clear part of the 6.4 trillion won ($5.8 billion) distressed PF loans held by the bank sector. PF lending, which is extended mainly to builders on the basis of expected cash inflows from their construction projects, has emerged as a drag on the financial sector as a massive amount of the loans went sour following a series of local builders’ bankruptcies.

The debt clearer will likely go into operation later this month with 1.23 trillion won in total capital, the sources said.

“The bad bank may possibly be launched by the end of this month,” a bank official said. “But the launch could be delayed into next month due to time needed to fine-tune the terms of the bad bank formation.”

[xchrom]

19. Dull session keeps Nifty in no man's land

http://www.moneycontrol.com/news/local-markets/dull-session-keeps-niftyno-man39s-land_546058.html#

After a 330 points fall, the BSE benchmark index Sensex took a breather today and consolidated around the 18000 mark for most part of the day.

The dollar held firm on Tuesday and stocks in Asia steadied but the euro remained on the defensive on worries that the euro zone's debt crisis was deepening and could spread to heavyweights such as Spain.

The Sensex shut shop at 18011.97 up 18.64 points or 0.10% and the Nifty closed at 5398.70 up 12.15 points or 0.23%. About 1382 shares advanced, 1437 shares declined, and 823 shares remain unchanged.

Capital goods, consumer durables and selective buying in banks and oil&gas stocks managed Nifty to close in green territory. FMCG and realty stocks received thrashing today.

[xchrom]

26. The Economist in censorship row over Kashmir map

http://timesofindia.indiatimes.com/india/The-Economist-in-censorship-row-over-Kashmir-map/articleshow/8554924.cms

NEW DELHI: The Economist magazine has accused India of hostile censorship after officials prevented the distribution of the latest edition because of a map showing the disputed borders of Kashmir.

Customs officers ordered that 28,000 copies of the news weekly should have stickers manually placed over a diagram showing how control of Kashmir is split between India, Pakistan and China.

India and Pakistan have gone to war twice over the Kashmir issue since 1947.

New Delhi imposes tight restrictions on all printed maps, which must show all of Kashmir as being part of India.

[xchrom]

8. europe: Official: Ash will cancel up to 500 flights

http://hosted.ap.org/dynamic/stories/I/ICELAND_VOLCANO?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-05-24-06-51-25

LONDON (AP) -- Dense ash from the erupting Icelandic volcano forced the cancellation of hundreds of flights Tuesday, as airlines and passengers braced themselves for days of uncertainty and chaos.

Some passengers spent the night at Edinburgh airport after airlines canceled flights in and out of Scotland. Britain's Civil Aviation Authority said there was high-density ash in the skies above parts of Scotland by late Tuesday morning, and that it was likely to affect northern England and Northern Ireland in the afternoon.

The Grimsvotn volcano in Iceland began erupting on Saturday, sending clouds of ash high into the air that have then been carried toward the British Isles on the wind. Experts say that particles in the ash could stall jet engines and sandblast planes' windows.

Brian Flynn, head of network operations at Eurocontrol said between 200 and 250 flights had already been canceled, and warned that up 500 flights could be affected.

[xchrom]

9. Main Greek opposition rejects deal with government

http://hosted.ap.org/dynamic/stories/E/EU_GREECE_FINANCIAL_CRISIS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-05-24-06-28-34

ATHENS, Greece (AP) -- Greece's main opposition leader has bluntly rejected a call for support from the prime minister for new austerity measures designed to pull the country out of its crippling debt crisis.

The European Union has increased pressure on Greece to find cross-party support for a midterm austerity program that will go two years beyond the current government's term, arguing that political bickering could derail fiscal efforts.

Prime Minister George Papandreou is meeting opposition party leaders Tuesday to seek consensus for new measures outlined the previous day. But conservative leader Antonis Samaras says he "remained opposed" to the government's handling of the crisis, even though he agreed with certain measures.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

[xchrom]

23. ECB's Balance Sheet Contains Massive Risks

http://www.spiegel.de/international/business/0,1518,764299,00.html

On the green fields near Carriglas, halfway between Dublin and Ireland's west coast, the wind whistles eerily around rows of half-finished houses. Most of these buildings are roofless, leaving their bare walls unprotected against the elements. Even the real estate brokers' for-sale signs and the project offices are gone. Hardly anyone in Carriglas believes that the houses will ever be finished.

There are many of these ghost towns in Ireland, including 77 in small County Longford alone, which includes Carriglas. They could end up costing German taxpayers a lot of money, as part of the bill to be paid to rescue the euro.

That bill contains many unknowns, but almost none of them is as nebulous as the giant risk lurking in the balance sheet of the European Central Bank (ECB) in Frankfurt. Many bad loans have now ended up on that balance sheet, including loans that were used to build houses like those in Carriglas and elsewhere. No one knows how much they are worth today -- and apparently no one really wants to know.

Since the beginning of the financial crisis, banks in countries like Ireland, Portugal, Spain and Greece have unloaded risks amounting to several hundred billions of euros with central banks. The central banks have distributed large sums to their countries' financial institutions to prevent them from collapsing. They have accepted securities as collateral, many of which are, to put it mildly, not particularly valuable.

[xchrom]

24. 'Millions of Spaniards Have Lost Faith in Politics'

http://www.spiegel.de/international/europe/0,1518,764588,00.html

They may have succeeded in sending a clear signal to the political establishment, but they're not moving. Not yet, at least.

On Tuesday, protesters were still camping out on Madrid's Puerta del Sol square, despite having apparently succeeded in making their discontent with Spain's main political parties felt. In Sunday's elections, the ruling Socialist party of Prime Minister Jose Luis Rodriguez Zapatero suffered its worst election result since the restoration of democracy in Spain, in 1978.

The Socialists received just 28 percent of the vote in municipal and regional elections. The center-right opposition People's Party won 37 percent of the vote, thereby taking control of 11 out of the 13 regions in which elections were held.

While Zapatero admitted the results were the penalty for Spain's dismal economy and high unemployment, he declined to bring forward the country's general election, which must be held before March 2012. Zapatero is not running for a third term.

[xchrom]

29. European shares seen weaker despite rebound

http://uk.reuters.com/article/2011/05/24/markets-europe-stocks-idUKLDE74N18U20110524

LONDON, May 24 (Reuters) - European shares rose on Tuesday in a technical rebound from hefty falls in the previous session, with further short-term gains seen harder to come by as the euro zone's debt troubles cast a shadow over the market.

By 1107 GMT, the pan-European FTSEurofirst 300 .FTEU3 index of top shares was up 0.3 percent at 1,119.48 points, partly recovering of a 1.7 percent drop a day earlier.

The STOXX Europe 600 STOXX50E, the euro zone's blue chip index, bounced back from the previous session when its relative strength index (RSI) fell to 34, just a touch above 30 -- seen as a technical oversold indication.

The index edged up from a close below its 200-day moving average support level in the previous session, as traders picked up recently beaten-down stocks, but remained well below that level, at 2,858.70 points-- indicating a bearish trend.

[xchrom]

31. Transneft to increase dividends to 1.2 bln rbls

http://uk.reuters.com/article/2011/05/24/transneft-dividend-idUKLDE74N07L20110524

May 24 (Reuters) - The board of Russian pipeline monopoly Transneft (TRNF_p.MM) has recommended a dividend payout of 1.2 billion roubles ($42.15 million) on 2010 results, the state-controlled company said in a statement on Tuesday.

This represents a 24 percent increase from 973 million roubles in 2009 dividend.

[xchrom]

32. Retail sales rise faster than expected in May - CBI

http://uk.reuters.com/article/2011/05/24/uk-retail-sales-idUKTRE74N2R620110524

(Reuters) - Retail sales grew at a faster-than-expected rate in May, although stores expect the pace of growth to ease slightly next month, a survey by the Confederation of British Industry showed on Tuesday.

The CBI's monthly distributive trades survey's reported sales balance fell to +18 in May from +21 in April, but was well above analysts' expectations for a reading of +10.

The expected sales balance for June rose to +14 from -1 in May, but indicated a slightly slower pace of growth than this month.

"High Street sales growth subdued and is likely to remain sluggish for some time," said CBI Director General John Cridland. Household budgets are being persistently squeezed by the gap between price inflation and weak wage growth."

[xchrom]

33. No more bailouts put UK's biggest banks in danger of ratings downgrades

http://www.guardian.co.uk/business/2011/may/24/uk-banks-face-ratings-downgrade-moodys

Ratings agency Moody's put Lloyds TSB, Royal Bank of Scotland and Santander UK on review for possible credit rating downgrades, saying that there will be no taxpayer-funded bailouts in the future.

The three are the most high-profile of fourteen banks and building societies put under review by the agency. The review relates to the financial institutions' senior debt and deposit ratings.

"The reassessment is not driven by either a deterioration in the financial strength of the banking system or that of the government. It has been initiated in response to ongoing guidance from the UK authorities (the Bank of England, the Financial Services Authority and the Treasury) that banks that fail in the future should not expect capital injections from the public purse," said Elisabeth Rudman, a Moody's senior credit officer and bank analyst.

The move by Moody's could lead to a hike in the banks' borrowing costs. The review process will take three months.

[xchrom]

38. Is defaulting really 'political suicide'?

http://www.guardian.co.uk/science/2011/may/24/greece-loan-default-banking

From George Bush to George Osborne, many stupid and disingenuous things have been said during the financial crisis. But some sort of prize really ought to go to Lorenzo Bini Smaghi.

His seat on the executive board of the European Central Bank makes Bini Smaghi one of the most important economic officials on the continent. He votes on whether interest rates in the eurozone should go up or down. He's had a hand in the bailouts to distressed nations within the single-currency club. And two weeks ago he warned the struggling Greeks: "Default or debt restructuring is a dramatic economic and social event for the country which experiences it – I would call it political 'suicide'– which leads many into poverty."

What's wrong with this argument? Well, to use a technical term, it's balls. More precisely, it's the sort of everyone-says-it-so-it-must-be-true balls that's been a hallmark of European policy-making ever since the banking crisis broke out.

When it comes to spouting conventional nonsense, Bini Smaghi has a fine pedigree. In 2007, he wrote: "The Irish example shows that it is possible to prosper in the monetary union while having a higher potential growth rate than the rest of the union." It was the spectacular wrongness of this conclusion that prompted bloggers to award the eminent central banker a new name: BS.

[xchrom]

40. Bill strengthens Central Bank powers

http://www.irishtimes.com/newspaper/breaking/2011/0524/breaking27.html

The Government has published new proposals to allow the Central Bank to deal with lenders that are "failing or likely to fail".

Under the proposed resolution, the Central Bank would have the power to transfer assets or to wind down lenders.

The Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011 also provides the framework for the introduction of a bank levy.

The Bill is essentially the same as the one published in the Seanad in February, following the dissolution of the previous Dáil ahead of the general election.

[xchrom]

43. Greece will have to reschedule its debts, says Vince Cable

http://www.guardian.co.uk/politics/2011/may/24/greece-reschedule-debts-vince-cable

The business secretary, Vince Cable, has become the first cabinet minister to admit he is sure that Greece will have to reschedule its debts, adding that he did not think continually requiring Athens to cut its public spending was the answer.

Cable said he believed rescheduling Greek debts was the best option for the eurozone, and predicted it would lead to a closer political union.

Britain has not taken a formal view on whether Greece should be allowed to reschedule its debt, with the European central bank eager to keep the proposal off the agenda – describing it as a horror scenario.

In an interview with the Guardian, Cable said: "What they are going to have to do is to have a rescheduling of their debt and it can be done in a soft way or a hard way, and that's what the current debate is about.

[xchrom]

58. EU May Delay Decision on Basel Leverage, Liquidity Rules

http://www.businessweek.com/news/2011-05-24/eu-may-delay-decision-on-basel-leverage-liquidity-rules.html

May 24 (Bloomberg) -- The European Union may delay a decision on whether to adopt two parts of global banking rules designed to limit lenders’ debt and force them to hold long-term funds.

The European Commission said it’s too soon for the EU to commit to binding measures because their likely effects haven’t been fully examined, according to draft proposals obtained by Bloomberg News. The Basel Committee on Banking Supervision included the so-called leverage ratio and net stable funding ratio in international standards agreed on last year to mitigate the effects of future banking crises.

“A leverage ratio is a new regulatory and supervisory tool for the EU,” according to the plans drawn up by the commission. “Before deciding on whether or not it should be made into a binding minimum requirement, a thorough review of the impacts of its introduction is necessary.”

EU nations have clashed over the severity of the new requirements, known as Basel III, which were endorsed by the Group of 20 last year. The accord includes limits on leverage to prevent banks building up too much debt, and minimum liquidity rules to ensure they can survive a credit crunch. Nout Wellink, chairman of the Basel committee, said today that leverage and liquidity ratios are “critical additions” to the rulebook.

[xchrom]

59. European Stocks Rise; BHP Billiton Gains as Commodities Rebound

http://www.businessweek.com/news/2011-05-24/european-stocks-rise-bhp-billiton-gains-as-commodities-rebound.html

May 24 (Bloomberg) -- European stocks advanced, with the benchmark Stoxx Europe 600 Index rebounding from a one-month low, as commodities rallied and a report showed that U.S. new- home sales increased more than forecast last month.

BHP Billiton Ltd., the world’s biggest mining company, and Rio Tinto Group, the third largest, both gained more than 1.5 percent as metal prices rose. Travis Perkins Plc climbed 2.7 percent after Jefferies Group Inc. recommended buying the company’s shares. Renewable Energy Corp. slumped 17 percent to the lowest price since its initial public offering in 2006.

The Stoxx 600 rose 0.2 percent to 275.39 at the 4:30 p.m. close in London. The index fell last week after Greek 10-year bond yields climbed to a record and Fitch Ratings cut Greece’s credit rating to B+, four notches below investment grade. The Stoxx 600 yesterday erased its gains for the year after Spain’s ruling Socialist Party suffered its worst election defeat in 30 years and Standard & Poor’s said it may downgrade Italy’s debt.

“Even if economic growth isn’t as strong, in the long term commodity stocks always tend to go higher,” said Jacques Porta, a Paris-based fund manager at Ofi Patrimoine, who helps oversee about $425 million in stocks. “I’m overweight on them. Everyone is. It’s a story of supply and demand. Emerging markets are big consumers of commodities.”

[xchrom]

10. Sony Hacked Again, Indonesian Web Site Altered

http://www.thejakartaglobe.com/home/sony-hacked-again-indonesian-web-site-altered/442930

Tokyo. Sony on Tuesday said its websites in three countries had been hacked, including in Greece where 8,500 user accounts had been compromised, adding it did not think credit card data had been stolen.

It said that on Sunday it discovered the security breach on its Greek Sony Music Entertainment Web site and immediately stopped the service, which remains shut down.

The Japanese entertainment and technology giant said it also discovered on Saturday that a page on its Indonesian Web site had been altered.

It also said its Thai unit’s Web site had been subjected to unauthorized access and was possibly used in a phishing attack.

[xchrom]

37. Hacker attack to cost Sony $172 million, almost as much as initial Japanese earthquake damage

http://latimesblogs.latimes.com/entertainmentnewsbuzz/2011/05/hacker-attack-cost-sony-172-million.html

Financially speaking, the effects of the hacker attack on Sony Corp. cost the Japanese media conglomerate nearly as much as initial damage from the country's devasting earthquake and tsunami.

The consumer electronics giant estimated Monday that it will have spent $171.7 million this year to repair the damages wreaked by hackers who infiltrated its computers and accessed the account information of hundreds of millions of consumers who used its PlayStation Network and Qriocity online services.

By comparison, the earthquake and tsunami on March 11 caused an estimated $208.5-million hit on the company's profit for the fiscal year ended March 31.

Largely because of the earthquake, Sony said it would have to take a non-cash charge of about $4.4 billion for its fiscal year for deferring tax credits in Japan. Sony amassed the Japanese tax credits over the last three years and had expected to use them over the next several years to offset profits it had projected prior to the earthquake.

[xchrom]

11. PRECIOUS-Gold firms to 2-wk high as euro debt worries linger

http://www.reuters.com/article/2011/05/24/markets-precious-idUSL3E7GO03D20110524

SINGAPORE, May 24 (Reuters) - Gold firmed to its highest
level in almost two weeks on Tuesday on worries that Europe's
debt crisis was spreading out of control, sending
euro-denominated bullion to a record above 1,081 euros an ounce.

Gold may challenge a record high hit earlier this month as
negative ratings actions on Greece and Italy as well as regional
election results in Spain raise concerns about a deepening of
the euro zone's debt problems, adding lustre to bullion's
safe-haven appeal.

Spot gold added $1.89 to $1,517.94 an ounce by 0543
GMT, having hit an intraday high at $1,518.46 an ounce, its
strongest since May 11. Bullion was still below a lifetime high
of $1,575.79 an ounce struck in early May.

"The market is so unsure as to what the outcome of all the
various meetings that are going on in Europe, whether or not
they are going to come to an agreement for restructure or some
other kind of means of dealing with it," said Darren Heathcote,
head of trading at Investec Australia.





me: this is dated the 24th -- but i'm not sure it's different from yesterday.

[xchrom]

30. IT Insider: The commodity trusts to beat the correction

http://uk.reuters.com/article/2011/05/24/idUKPTIP49314220110524

'Sell in May and go away' is usually applied to equities but this year it seems to be the theme for commodities. The collapse of the price of silver off about a third from its peak at the time of writing has been making headlines but there have been large falls in prices of a few other commodities including oil, and many others have been drifting downwards over the past couple of months.

The main fear is that Chinese growth is slowing but it also seems likely that a speculative bubble the result of the consensus view that emerging market growth was here to stay has been building since the end of the credit crisis, and we are seeing a necessary correction.

Bubbles are usually driven by easy money and the looming end of QE2 may also be playing its part. Gold is off its high but the gold bulls have more entrenched positions than investors in other commodities.

[Po_d Mainiac]

34. Psssst..There's a graph at the top of the page n/t

[xchrom]

35. d'oh! nt

[DemReadingDU]

13. So who has HBO, and watched 'Too Big to Fail?

Was it a good documentary?

[xchrom]

15. it was pretty good.

i find the story fascinating -- and it should blow up the notion that 'the adults' are in charge.

truly -- as hbo told the story -- these were a confused bunch.

and that ought to scare the be-jesus out of people.

[Fuddnik]

28. Over all, it was pretty good.

It made Paulson, Geithner, and the Ben Bernank almost look sympathetic, with their incompetence. They appeared to be completely blind-sided by the crisis. But, that usually happens when you're a clueless buffoon.

The Wall Street bankers come off as the real spoiled, self-important pricks in the story. Especially Blankfein and Dimon.

[xchrom]

14. australia: Australian, N.Z. Dollars Strengthen as Commodities, Stocks Gain

http://www.thejakartaglobe.com/business/australian-nz-dollars-strengthen-as-commodities-stocks-gain/442890

The Australian and New Zealand dollars strengthened against most of their major counterparts as a rally in commodities and stocks bolstered demand for higher- yielding assets.

The so-called Aussie snapped two days of losses after the head of the government’s debt management office said the local dollar was gaining stature as a global reserve currency. New Zealand’s dollar advanced after a central bank report showed company executives raised their expectations for inflation.

“There is a little bit of recovery across risky assets,” said Adarsh Sinha, head of strategy for Group of 10 foreign exchange at Bank of America Merrill Lynch in Hong Kong. “It’s not surprising because we saw a pretty big move yesterday, and the Aussie and kiwi are seeing a little bit of a relief rally.”

Australia’s currency rose to $1.0538 as of 4:15 p.m. in Sydney from $1.0505 yesterday in New York, when it tumbled 1.5 percent. The currency gained 0.1 percent to 86.21 yen. New Zealand’s dollar climbed 0.6 percent to 79.47 U.S. cents, after reaching 79.99 cents on May 20, the strongest since May 3. It gained 0.3 percent to 65.02 yen.

[xchrom]

16. Brace Yourself for a Flattening Economy This Summer

http://www.allgov.com/Controversies/ViewNews/Brace_Yourself_for_a_Flattening_Economy_This_Summer_110524

Summer may mean warmer weather ahead, but not necessarily sunny days for the economy.

Recent figures produced by the Department of Labor have shown an uptick in new jobs, which has heartened some economists and no doubt the White House. In March and in April, more than 200,000 new employment opportunities were created.

But two good months in a row are not a guarantee that there will be a third, fourth or fifth. For starters, the spring employment figures aren’t as rosy as they might appear. Every month 130,000 new workers enter the job market, so 200,000 more jobs really means only a net improvement of 70,000 positions for the mass of unemployed looking for work.

Also, if the past four years are any indication, job figures will go down in the coming summer months. The problem lies with how the labor department calculates its spring statistics, which tends to inflate the news during that period, and thus make it that much harder for summer to look just as strong.

[Demeter]

51. Flat would be an improvement

[xchrom]

17. It’s probably time to kiss the European Union goodbye

http://www.firstpost.com/world/european-union-14609.html?utm_source=MC_HOME

When the European Union was born as a geographical unit across political borders but with a single currency, it was romanticised as a realisation of John Lennon’s ‘Imagine there’s no country’ dream.

But today, that project is at serious risk of coming apart in disorderly fashion – with enormous consequences for the global economy.

“Europe is facing its version of the Final Countdown,” observes Societe Generale analyst Fidelio Tata.

Financial historian and Harvard University professor Niall Fergusson puts it even more bluntly. He told Bloomberg television:

“The tensions within Europe… are making me nervous. Europeans don’t seem to get their act together.” And the danger of that, he warns chillingly, “is that we will have a 2008-style event in Europe.”

[xchrom]

18. where's demeter? nt

[hamerfan]

20. Sleeping, maybe? n/t

[xchrom]

22. i hope it's a good thing. nt

[Demeter]

52. I wish

I've been working since 6 am, and after snagging lunch will be off to do it again, including going to the airport.

My life has left Normal far behind. I'm ready for my padded room, now.

[xchrom]

53. Well I'm glad you checked in.

Hopefully tomorrow will be better.

[Festivito]

25. Debt: 05/20/2011 14,345,498,402,738.78 (DOWN 12,444,496.48) (Fri, UP some.)

(OVER the old debt limit of 14.294-trillion dollars by 51-billion dollars. Good day.)
Windows open only at night. Helped Sierra's prom. Large branch at Brown-e's. Gord at war. 60-page correction. Family email.
(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)
= 9,717,285,305,168.49 + 4,628,213,097,570.29
UP 1,132,579,417.77 + DOWN 1,145,023,914.25

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

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 312-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,204.62 makes 1T$.
A family of three: Mom, Dad, Child: $9.61, ABOUT TEN BUCKS for a 1B$ 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 312,048,992 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 $45,971.94.
A family of three owes $137,915.83. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 days.
The average for the last 23 reports is 1,334,850,682.74.
The average for the last 30 days would be 1,023,385,523.43.

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$/day.
There were 159 reports in 232 days of FY2011 averaging 4.93B$ per report, 3.38B$/day.
Above line should be okay

PROJECTION:
There are 611 days remaining in this Obama 1st term.
By that time the debt could be between 15.0 and 17.5T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
05/20/2011 14,345,498,402,738.78 BHO (UP 3,718,621,353,825.70 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,783,875,371,847.00 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,233,252,201,397.22 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 -
05/06/2011 +000,087,184,054.82 ------------*******
05/09/2011 +000,429,272,774.96 ------------******** Mon
05/10/2011 +000,237,893,268.24 ------------********
05/11/2011 +000,200,317,592.65 ------------********
05/12/2011 -015,508,101,950.43 -
05/13/2011 +000,162,115,757.85 ------------********
05/16/2011 +051,422,548,961.68 ------------********** Mon
05/17/2011 -009,024,423,933.79 --
05/18/2011 +009,842,715,417.27 ------------*********
05/19/2011 -002,359,793,261.41 --
05/20/2011 +001,132,579,417.77 ------------*********

62,335,139,338.08 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=4860085&mesg_id=4860278

[Festivito]

63. Debt: 05/23/2011 14,345,461,067,006.07 (DOWN 37,335,732.71) (Mon, DOWN some.)

(OVER the old debt limit of 14.294-trillion dollars by 51-billion dollars. Good day.)
What beats beets?
(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)
= 9,716,224,504,953.51 + 4,629,236,562,052.56
DOWN 1,060,800,214.98 + UP 1,023,464,482.27

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 $3.20 THAT'S 1B$, and $3,204.40 makes 1T$.
A family of three: Mom, Dad, Child: $9.61, ABOUT TEN BUCKS for a 1B$ 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 312,070,592 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 $45,968.64.
A family of three owes $137,905.92. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 31 days.
The average for the last 22 reports is 2,373,558,938.69.
The average for the last 30 days would be 1,740,609,888.37.
The average for the last 31 days would be 1,684,461,182.30.
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$/day.
There were 160 reports in 235 days of FY2011 averaging 4.90B$ per report, 3.34B$/day.
Above line should be okay

PROJECTION:
There are 608 days remaining in this Obama 1st term.
By that time the debt could be between 15.2 and 17.5T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
05/23/2011 14,345,461,067,006.07 BHO (UP 3,718,584,018,092.99 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 +0,783,838,036,114.30 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,217,450,566,730.72 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
05/03/2011 +000,283,435,714.90 ------------********
05/04/2011 +000,080,372,925.23 ------------*******
05/05/2011 -017,721,236,989.45 -
05/06/2011 +000,087,184,054.82 ------------*******
05/09/2011 +000,429,272,774.96 ------------******** Mon
05/10/2011 +000,237,893,268.24 ------------********
05/11/2011 +000,200,317,592.65 ------------********
05/12/2011 -015,508,101,950.43 -
05/13/2011 +000,162,115,757.85 ------------********
05/16/2011 +051,422,548,961.68 ------------********** Mon
05/17/2011 -009,024,423,933.79 --
05/18/2011 +009,842,715,417.27 ------------*********
05/19/2011 -002,359,793,261.41 --
05/20/2011 +001,132,579,417.77 ------------*********
05/23/2011 -001,060,800,214.98 -- Mon

18,204,079,535.31 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=4861225&mesg_id=4861285

[Festivito]

66. Debt: 05/24/2011 14,345,448,620,741.80 (DOWN 12,446,264.27) (Tue, DOWN some.)

(OVER the old debt limit of 14.294-trillion dollars by 51-billion dollars. Good day.)
Left the windows open during rainy windy weather.
(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)
= 9,712,166,006,111.72 + 4,633,282,614,630.08
DOWN 4,058,498,841.79 + UP 4,046,052,577.52

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 $3.20 THAT'S 1B$, and $3,204.33 makes 1T$.
A family of three: Mom, Dad, Child: $9.61, ABOUT TEN BUCKS for a 1B$ 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 312,077,792 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $45,967.54.
A family of three owes $137,902.62. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 32 days.
The average for the last 23 reports is 2,269,819,582.04.
The average for the last 30 days would be 1,740,195,012.90.
The average for the last 32 days would be 1,631,432,824.59.
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$/day.
There were 161 reports in 236 days of FY2011 averaging 4.87B$ per report, 3.32B$/day.
Above line should be okay

PROJECTION:
There are 607 days remaining in this Obama 1st term.
By that time the debt could be between 15.2 and 17.5T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
05/24/2011 14,345,448,620,741.80 BHO (UP 3,718,571,571,828.72 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 +0,783,825,589,850.10 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,212,272,628,369.86 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
05/04/2011 +000,080,372,925.23 ------------*******
05/05/2011 -017,721,236,989.45 -
05/06/2011 +000,087,184,054.82 ------------*******
05/09/2011 +000,429,272,774.96 ------------******** Mon
05/10/2011 +000,237,893,268.24 ------------********
05/11/2011 +000,200,317,592.65 ------------********
05/12/2011 -015,508,101,950.43 -
05/13/2011 +000,162,115,757.85 ------------********
05/16/2011 +051,422,548,961.68 ------------********** Mon
05/17/2011 -009,024,423,933.79 --
05/18/2011 +009,842,715,417.27 ------------*********
05/19/2011 -002,359,793,261.41 --
05/20/2011 +001,132,579,417.77 ------------*********
05/23/2011 -001,060,800,214.98 -- Mon
05/24/2011 -004,058,498,841.79 --

13,862,144,978.62 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=4861225&mesg_id=4861932

[Hotler]

27. Kicking for the morning crew. n/t

[xchrom]

36. Smucker boosts prices of most US coffee products

http://seattletimes.nwsource.com/html/businesstechnology/2015131687_apuscoffeeprices.html

NEW YORK —

Coffee drinkers will soon be getting another jolt at the supermarket: The company that sells Folgers and packaged Dunkin' Donuts coffees has announced its second double-digit price increase this year.

J.M. Smucker Co. said Tuesday that it will charge retailers 11 percent more, on average, for most of its U.S. coffee products. Smucker blames a continuing rise in what it pays for unroasted beans, known as green coffee.

Coffee companies and analysts say speculators may be causing most of the increase, though demand is rising in emerging markets and harsh weather in some major coffee-growing regions shrank supply. Green coffee prices jumped 77 percent last year.

Smucker said its latest price increase includes Smucker's Millstone and Folgers Gourmet Selections packaged coffees. For the Dunkin Donuts brand, the increase affects only packaged coffee sold in grocery, club, drug and general-merchandise stores. Items sold at Dunkin at Dunkin Donuts shops are not Smucker products.

[Fuddnik]

42. We just bought a new Keurig brewer.

We've always ground our own Dunkin beans, but we decided for convenience, and the amount of waste (leftover, stale) that at $0.56 per serving, the Keurig would save us money in the long run.

Better coffee too. You can do single, fresh cups in less than 30 seconds. And no mess.

[xchrom]

44. ...

:thumbsup: very cool.


more i think it's just a sign of things are going to be more expensive for all of us.

[xchrom]

39. China 'backs Lagarde' for IMF role

http://www.irishtimes.com/newspaper/breaking/2011/0524/breaking7.html

French budget minister and government spokesman Francois Baroin said China supports finance minister Christine Lagarde as candidate to be the new head of the International Monetary Fund.

"It's a European consensus," he told France's Europe 1 radio. "The euro needs our attention, we need to have the

Europeans (on board), the Chinese support the candidacy of Christine Lagarde," he said.

However, he noted it was too early to say whether the French finance minister would be a candidate.

European governments have said they wish to retain their traditional control over the leadership of the multilateral lender at a time when it is heavily involved in major bailouts in Greece, Ireland and Portugal.

[xchrom]

41. Explosion at Apple Supplier Caused by Dust, China Says

http://www.nytimes.com/2011/05/25/technology/25foxconn.html?_r=1&ref=global

SHANGHAI — An explosion that killed 3 workers and injured 15 others last week at a Chinese factory that supplies products to Apple was caused by combustible dust, according to a preliminary investigation by the local authorities.

The explosion, which occurred Friday in the southwestern city of Chengdu, has led to the partial shutdown of a facility operated by Foxconn, one of the world’s biggest contract electronics makers and a major supplier to companies like Hewlett-Packard, Dell, Sony and Apple.

The shutdown has created worries about supply disruptions for some Apple products, including the iPad, which experts say was being produced at the Chengdu facility. The aftermath of the explosion is also the latest problem facing Foxconn, which was hit last year by a rash of worker suicides at several of its Chinese facilities.

Apple and Foxconn, a division of Hon Hai Group, based in Taiwan, issued statements after the explosion last Friday saying that they regretted the tragic accident and that the cause of the blast was under investigation.

[hamerfan]

64. Huh?

So they're building iPads in a grain elevator these days?
I would think electronic products are manufactured in a fairly clean environment. Not a true "clean room", but someplace fairly dust-less.
Wait. This is China after all. The land of "We don't need no stinkin' regulations".

[xchrom]

48. Problem banks grow in the first quarter, FDIC says

http://www.marketwatch.com/story/problem-banks-grow-in-the-first-quarter-fdic-says-2011-05-24

WASHINGTON (MarketWatch) — The number of problem banks in the U.S. grew to 888 in the first quarter, up from 884 in the previous quarter, the Federal Deposit Insurance Corp. said Tuesday, but the agency also reported another quarter of healthy profits overall for the banking industry.

Banks on the FDIC’s “problem list” — those which have low capital levels — have grown in number as a result of the financial crisis that shook the economy to the brink in 2008. The tally stood at 860 in the third quarter of 2010 and at 829 in the second quarter.

The institutions on the FDIC’s troubled list are not disclosed by name.

Nevertheless, banks insured by the FDIC reported a profit of $29 billion in the quarter ended March 31, a 67% increase from the first quarter of 2010. It marks the best quarterly result since the second quarter of 2007 and is the seventh consecutive quarter that industry earnings have registered year-over-year gains, the agency said.

[xchrom]

54. middle east: Oman set to spend up to $15bn on projects to 2020

http://www.arabianbusiness.com/oman-set-spend-up--15bn-on-projects-2020-401899.html

Oman plans to invest up to $15 billion in new petrochemical and infrastructure projects in the southeast of the Gulf country over the next 10 years and create thousands of new jobs, its finance minister said on Tuesday.

The small non-OPEC oil exporter has been hit by protests demanding jobs, higher salaries and an end to graft over the past three months as unrest spread through the Arab world.

"We are planning to spend between $10 to $15 billion in Duqm in new projects, including the refinery and a petrochemical plant," finance minister Darwish al-Balushi told an investment and economic forum in the sultanate's capital.

"These projects would open up ... between 15 to 20,000 jobs for the nationals in the next 10 years," he said.

[xchrom]

55. Gulf investors look west for bigger returns

http://www.arabianbusiness.com/gulf-investors-look-west-for-bigger-returns-401762.html

Middle East investors are looking west for investment opportunities as financial crises in developed markets such as Europe create more value plays, a study released by US-based fund manager Invesco showed.

Growth in emerging markets have been strong in the last year but investors are increasingly looking toward markets where investment have been under pressure.

"A lot of investors are looking back to the developed market where they are seeing good value. If you look at the prices in Western Europe, for instance, they're cheap," Nick Tolchard, head of Invesco Middle East told reporters at a conference to launch the study on Monday.

Gulf-based sovereign wealth funds, however, have not abandoned regional and local investments despite the widespread political unrest, according to Tolchard.

[xchrom]

57. AIG Share Sale Aids Ohio Firefighters Burned by Stock Losses

http://www.businessweek.com/news/2011-05-24/aig-share-sale-aids-ohio-firefighters-burned-by-stock-losses.html

May 24 (Bloomberg) -- American International Group Inc. investors including Ohio firefighters are being compensated for stock declines dating to Eliot Spitzer’s 2004 probe as the insurer raises funds to move beyond a U.S. rescue.

AIG will use $550 million from a share sale scheduled for today to pay for a settlement reached last year in a securities- fraud case brought by investors led by Ohio pension funds. The bailed-out insurer and U.S. Treasury Department are selling 300 million shares to replace government funds with private capital. The sale would raise about $9 billion at yesterday’s closing share price, with two-thirds going to Treasury.

Chief Executive Officer Robert Benmosche, 66, has been working to resolve legal disputes tied to probes by Spitzer, who won a $1.64 billion settlement with AIG in 2006 when he was New York attorney general. Benmosche needs to attract private investors as Treasury seeks to lower its stake in the New York- based insurer from 92 percent.

“The new shareholders, after day one of this share sale, they absolutely want a clean slate,” said Roddy Boyd, author of “Fatal Risk: A Cautionary Tale of AIG’s Corporate Suicide.” AIG’s management has “enough competitive pressures out there, having sold their crown jewels, that they don’t need things weighing on the share price.”

[Pale Blue Dot]

65. Blood bath in the making for tomorrow?

Dow futures are down almost 80 points and falling. Asia is getting uglier by the moment. Good night! We'll see what tomorrow brings...