STOCK MARKET WATCH, Monday, August 29, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Monday August 29, 2011

AT THE CLOSING BELL ON August 26, 2011

Dow 11,284.54 +134.72 (+1.19%)
Nasdaq 2,479.85 +60.22 (+2.43%)
S&P 500 1,176.80 +17.53 (+1.49%)
10-Yr Bond... 2.23 +0.04 (+1.59%)
30-Year Bond 3.56 +0.03 (+0.74%)

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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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Brad DeLong      Bonddad    Atrios    goldmansachs666    The Stand-Up Economist

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

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

Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren
Dishonorable Mention: former House majority leader, Tom DeLay

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

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

Aug 29 08:30 Personal Income Jul 0.4% 0.4% 0.1%
Aug 29 08:30 Personal Spending Jul 0.5% 0.5% -0.2%
Aug 29 08:30 PCE Prices - Core Jul 0.2% 0.2% 0.1%
Aug 29 10:00 Pending Home Sales Jun -1.0% -1.4% 2.4%

Read more: http://www.briefing.com/investor/calendars/economic/#ixzz1WPmc0QZ0

[Pale Blue Dot]

2. Oil below $86 as US refineries survive hurricane

SINGAPORE – Oil prices rose to near $86 a barrel Monday in Asia after a hurricane left minimal damage among refineries along the U.S East Coast.

Benchmark oil for October delivery was up 46 cents to $85.83 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude rose 7 cents to settle at $85.37 on Friday.

In London, Brent crude for October delivery was down 23 cents at $111.13 on the ICE Futures exchange.

Tropical Storm Irene packed hurricane-force winds when it slammed into the East Coast near North Carolina this weekend and headed north into New York. The storm was blamed for at least 21 deaths, widespread severe flooding and more than 4 million homes and business losing power.

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

[xchrom]

43. Exclusive: Big oil companies may have to give up Iraq gas

http://www.reuters.com/article/2011/08/29/us-iraq-gas-exclusive-idUSTRE77S1TO20110829

(Reuters) - Many of the world's biggest energy companies may have to surrender most of the gas from Iraq's vast southern oilfields to a processing and export project led by Shell, a final draft contract between Baghdad and Europe's biggest company, obtained by Reuters, shows.

Oil giants including Royal Dutch Shell (RDSa.L), BP (BP.L), U.S.-based Exxon (XOM.N), China's CNPC, and Italy's Eni (ENI.MI) signed technical service contracts to develop three oilfields in southern Iraq in 2009-2010.

But the oil deals to develop the Zubair, Rumaila and West Qurna 1 fields near Basra oblige the big oil contractors to surrender the gas they do not use for reinjection or power generation to Iraq's state-run South Gas Co (SGC).

Under the $17-billion gas deal to be ratified by the Iraqi cabinet, Baghdad has pledged to do what it takes to ensure these fields supply the Shell-led Basra Gas Company (BGC) joint venture with all the raw gas and natural gas liquids (LNG) it needs, including for an LNG export plant.

[Demeter]

64. Gas is up 20 cents this week for no discernable reason (MI)

[Pale Blue Dot]

3. U.S. Index Futures Rise Before Spending Data; Travelers Gains After Irene

U.S. stock futures rose, signaling the Standard & Poor’s 500 Index may extend gains from its first weekly advance in five weeks, as investors awaited a report that may show consumer spending climbed.

Travelers Cos., the lone insurer in the Dow Jones Industrial Average, increased 0.6 percent as Hurricane Irene was downgraded to a post-tropical cyclone. Bank of America Corp. (BAC) advanced 1.8 percent. Pfizer Inc. (PFE) gained 1.2 percent in German trading after the world’s largest drugmaker won U.S. approval to sell a medication to treat lung cancer.

S&P 500 futures expiring in September rose 0.9 percent to 1,186.40 at 11:39 a.m. in London. The index climbed 4.7 percent last week, the biggest increase in almost two months, as Federal Reserve Chairman Ben S. Bernanke indicated the economy isn’t weak enough to warrant immediate stimulus via a third round of so-called quantitative easing, or QE3. Dow average futures gained 81 points, or 0.7 percent, to 11,360 today.

“There’s been a sort of positive interpretation of what’s been said or not said about the absence of new measures such as QE3,” Yves Maillot, head of investments at Robeco Gestions in Paris, which oversees $6.78 billion, said in a telephone interview. “The market wanted to react well. We’re still in this momentum of rebound.”

http://www.bloomberg.com/news/2011-08-29/u-s-stock-index-futures-rise-signaling-index-may-extend-last-week-s-gain.html

[xchrom]

4. good morning to every one.

for those affected -- i hope all have or are ridden/ridding out irene.

the best to all!

:donut:

[xchrom]

5. Three years after Lehman, a new debt crisis looms

http://www.guardian.co.uk/business/2011/aug/28/three-years-after-lehman

The F word is back. Back in the financial markets, back in the conclaves of central bank governors, back among the manufacturers and the high-street retailers. The four-letter word is fear.

Back in the spring, few imagined that we would be approaching the third anniversary of the collapse of Lehman Brothers on 15 September with such a sense of unease. The belief in early 2011 was that economic recovery was now well enough embedded for central banks to start raising interest rates and for finance ministries to crack on with the job of reducing budget deficits.

Although pockets of optimism remain, the mood today is different. Ben Bernanke, the chairman of the Federal Reserve, has said the US central bank will discuss possible ways to stimulate growth when it meets next month. The Bank of England appears to be heading in a similar direction. There is anxiety at the International Monetary Fund that blanket austerity will tip fragile western economies back into recession. Concerns are once again being expressed about the health of the banks, about America's national debt and, above all, about whether the eurozone can survive its current crisis intact.

Standard Chartered and HSBC were the two UK-based banks to emerge relatively unscathed from the first financial crisis, partly because their global reach allowed them to benefit from the rapid recovery in Asia. This, though, is how the chief economists at the two banks see things.

[DemReadingDU]

34. Mish: US In Recession Right Here, Right Now

8/29/11 US In Recession Right Here, Right Now

Mish says...
I am amused by those who think a US recession will come within a year. Even more amusing are those who think a recession will not come at all. The US is in a recession now. I am not the only one who thinks so.
.
.
....note - lots of charts, graphs, additional articles in this section
.
.
Unless there is an immediate pickup in GDP, highly doubtful given Hurricane Irene, the NBER will backdate the recession to the second quarter

Some analysts will blame Irene. If so, it will be just another "bullshill" excuse by analysts to avoid admitting they blew it. Bernanke may try the same ploy. If so, it will be an attempt to buy time, hoping for a miracle.

No miracles are on the horizon.

click to read the articles, charts and graphs
http://globaleconomicanalysis.blogspot.com/2011/08/us-in-recession-right-here-right-now.html

[xchrom]

39. +1

[Demeter]

6. I really like that cartoon

a clear case of "Physician, heal thyself!"

I survived the weekend, no impact on Michigan from Irene. Still grumpy, though I now know why. Not that anything can be done about it, either.

Ready for another Miracle Day and a whole Miracle Week, until the end of Summer?

Didn't think so...me neither.

[Festivito]

7. Debt: 08/25/2011 14,653,547,886,356.11 (UP 14,440,633,255.00) (Thu, UP a lot.)

(UNDER the new 2011 debt limit of 14.694-trillion dollars by 359.548-billion dollars. Good day.)
When hurricanes happen there we get the best weather ever.
(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)
= 9,989,043,750,341.79 + 4,664,504,136,014.32
UP 15,444,082,130.78 + DOWN 1,003,448,875.78

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 313-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,197.47 makes 1T$.
A family of three: Mom, Dad, Child: $9.59, ABOUT TEN BUCKS for a 1B$ 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 312,747,392 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $46,854.26.
A family of three owes $140,562.78. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 24 reports in the last 30 to 31 days.
The average for the last 24 reports is 12,946,116,804.44.
The average for the last 30 days would be 10,356,893,443.55.
The average for the last 31 days would be 10,022,800,106.66.
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$/day.
There were 224 reports in 329 days of FY2011 averaging 4.87B$ per report, 3.32B$/day.
Above line should be okay

PROJECTION:
There are 514 days remaining in this Obama 1st term.
By that time the debt could be between 15.4 and 19.8T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
08/25/2011 14,653,547,886,356.11 BHO (UP 4,026,670,837,443.03 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 +1,091,924,855,464.40 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,211,405,994,664.15 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
08/05/2011 +020,147,316,949.47 ------------**********
08/08/2011 +000,521,563,614.23 ------------******** Mon
08/09/2011 +000,429,866,034.74 ------------********
08/10/2011 +000,350,635,620.42 ------------********
08/11/2011 +004,850,153,175.74 ------------*********
08/12/2011 +000,032,128,181.66 ------------*******
08/15/2011 +025,439,150,731.40 ------------********** Mon
08/16/2011 -000,111,149,424.58 ---
08/17/2011 -000,155,359,363.72 ---
08/18/2011 +006,258,648,233.06 ------------*********
08/19/2011 +019,892,825,521.14 ------------**********
08/22/2011 -000,213,053,000.99 --- Mon
08/23/2011 +000,814,357,949.50 ------------********
08/24/2011 +000,495,517,849.57 ------------********
08/25/2011 +015,444,082,130.78 ------------**********

94,196,684,202.42 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=4974575&mesg_id=4975155

[Festivito]

72. Debt: 08/26/2011 14,653,828,192,917.35 (UP 280,306,561.24) (Fri, UP some.)

(UNDER the new 2011 debt limit of 14.694-trillion dollars by 359.828-billion dollars. Good day.)
Is that honey, honey?
(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)
= 9,990,047,413,541.98 + 4,663,780,779,375.37
UP 1,003,663,200.19 + DOWN 723,356,638.95

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 313-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,197.40 makes 1T$.
A family of three: Mom, Dad, Child: $9.59, ABOUT TEN BUCKS for a 1B$ 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 312,754,592 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 $46,854.08.
A family of three owes $140,562.24. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 24 reports in the last 30 to 31 days.
The average for the last 24 reports is 12,958,253,181.92.
The average for the last 30 days would be 10,366,602,545.54.
The average for the last 31 days would be 10,032,196,011.81.
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$/day.
There were 225 reports in 330 days of FY2011 averaging 4.85B$ per report, 3.31B$/day.
Above line should be okay

PROJECTION:
There are 513 days remaining in this Obama 1st term.
By that time the debt could be between 15.4 and 19.8T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
08/26/2011 14,653,828,192,917.35 BHO (UP 4,026,951,144,004.27 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 +1,092,205,162,025.60 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,208,045,103,452.56 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
08/08/2011 +000,521,563,614.23 ------------******** Mon
08/09/2011 +000,429,866,034.74 ------------********
08/10/2011 +000,350,635,620.42 ------------********
08/11/2011 +004,850,153,175.74 ------------*********
08/12/2011 +000,032,128,181.66 ------------*******
08/15/2011 +025,439,150,731.40 ------------********** Mon
08/16/2011 -000,111,149,424.58 ---
08/17/2011 -000,155,359,363.72 ---
08/18/2011 +006,258,648,233.06 ------------*********
08/19/2011 +019,892,825,521.14 ------------**********
08/22/2011 -000,213,053,000.99 --- Mon
08/23/2011 +000,814,357,949.50 ------------********
08/24/2011 +000,495,517,849.57 ------------********
08/25/2011 +015,444,082,130.78 ------------**********
08/26/2011 +001,003,663,200.19 ------------*********

75,053,030,453.14 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=4977296&mesg_id=4977307

[Demeter]

8. As Wall St. Polices Itself, Prosecutors Use Softer Approach (DO NOT READ AFTER EATING)

YOU WANT TO KNOW WHY NO ONE'S GOING TO JAIL?

http://www.nytimes.com/2011/07/08/business/in-shift-federal-prosecutors-are-lenient-as-companies-break-the-law.html?pagewanted=1&_r=1&ref=business

[Demeter]

9. HERE'S ANOTHER REASON: I.R.S. Drops Audits of Political Donors

http://www.nytimes.com/2011/07/08/business/irs-drops-audits-of-donors-to-political-groups.html?ref=business

BEING A PERSON MEANS CORPORATIONS AND THEIR HUMAN PARASITES HAVE "GET OUT OF JAIL FREE" CARDS IN EVERY CORNER OFFICE.

[Demeter]

20. The Fruits of Elite Immunity By Glenn Greenwald

http://www.informationclearinghouse.info/article28970.htm

Less than three years ago, Dick Cheney was presiding over policies that left hundreds of thousands of innocent people dead from a war of aggression, constructed a worldwide torture regime, and spied on thousands of Americans without the warrants required by law, all of which resulted in his leaving office as one of the most reviled political figures in decades. But thanks to the decision to block all legal investigations into his chronic criminality, those matters have been relegated to mere pedestrian partisan disputes, and Cheney is thus now preparing to be feted -- and further enriched -- as a Wise and Serious Statesman with the release of his memoirs this week: one in which he proudly boasts (yet again) of the very crimes for which he was immunized. As he embarks on his massive publicity-generating media tour of interviews, Cheney faces no indictments or criminal juries, but rather reverent, rehabilitative tributes...That's what happens when the Government -- marching under the deceitful Orwellian banner of Look Forward, Not Backward -- demands that its citizens avert their eyes from the crimes of their leaders so that all can be forgotten: the crimes become non-crimes, legitimate acts of political choice, and the criminals become instantly rehabilitated by the message that nothing they did warrants punishment. That's the same reason people like John Yoo and Alberto Gonzales are defending their torture and illegal spying actions not in a courtroom but in a lush conference of elites in Aspen.

The U.S. Government loves to demand that other countries hold their political leaders accountable for serious crimes, dispensing lectures on the imperatives of the rule of law. Numerous states bar ordinary convicts from profiting from their crimes with books. David Hicks, an Australian citizen imprisoned without charges for six years at Cheney's Guantanamo, just had $10,000 seized by the Australian government in revenue from his book about his time in that prison camp on the ground that he is barred from profiting from his uncharged, unproven crimes.

By rather stark contrast, Dick Cheney will prance around the next several weeks in the nation's largest media venues, engaging in civil, Serious debates about whether he was right to invade other countries, torture, and illegally spy on Americans, and will profit greatly by doing so. There are many factors accounting for his good fortune, the most important of which are the protective shield of immunity bestowed upon him by the current administration and the more generalized American principle that criminal accountability is only for ordinary citizens and other nations' (unfriendly) rulers.

[Demeter]

10. Orwell Watch: Banks Put a Happy Face on Demolishing Foreclosed Homes

http://www.nakedcapitalism.com/2011/07/orwell-watch-banks-put-a-happy-face-on-demolishing-foreclosed-homes.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29

THEY MAKE MORE MONEY THAT WAY

HOEMELESS? WHAT HOMELESS?

[Demeter]

11. European officials round on Lagarde

Bankers and regulators say IMF chief’s comments are ‘misguided’ and miss the point of European banks’ current difficulties

Read more >>
http://link.ft.com/r/QM42II/HYQHWI/GYN7Q/LQIA7J/5VAWEO/28/t?a1=2011&a2=8&a3=29

I'M SURE THE FRENCH HAVE A WORD FOR IT---UNFORTUNATELY, I DON'T KNOW ENOUGH FRENCH TO EXPRESS MYSELF

MERDE IS THE ONLY THING THAT COMES TO MIND

[Demeter]

12. Estimates for US corn harvest cut

Fears are being raised over food price inflation as analysts cut estimates of how many bushels of corn will grow due to the heat last month

Read more >>
http://link.ft.com/r/QM42II/HYQHWI/GYN7Q/LQIA7J/R3UGVK/28/t?a1=2011&a2=8&a3=29

OUR LOCAL CORN WAS CERTAINLY STUNTED BY THE DROUGHT

[burf]

56. Corn is not the only problem

The swings in the weather from flooded fields to damn neat drought are taking their toll on other crops as well. The talk around the table at the local cafe was the wheat harvest was not as good as expected and the soybeans while full of foliage have smaller beans than usual in the pods.

Our pastures have gone from lush green to dry in the past month. The legumes are doing ok but a lot of the grasses are turning brown. Hopefully we will be getting a good rain in the next few days.

Well, its time to get back to work. Started cutting firewood for the upcoming heating season.

[AnneD]

60. Afternoon all....

Just a drop in post.

Burf, we have been hit so hard here in Texas. We had 24 days straight of triple diget temps and without so much a wiff of rain. We had a sprinkle and the temp went down to 95 but it has bee triple digets since. Our Memorial Park (like Central Park) is/will lose a tremendous number of trees in the coming months from this stress. Cattle are the heaviest hit with cotton and corn close runners up. Hold on to your butts folks because it will get worse.

BTW...love my new school, and the feeling is moochul. First time in a while I have felt appreciated on the job. I get a real lunch time and shock of shocks...a 45 minute planning time. I am actually geting out on time and keeping up with paperwork. Luv it luv it.

[Demeter]

65. So glad for you, AnneD

about time somebody got what's coming to them...

[AnneD]

73. LOL LOL

Karma. My old school is having trouble getting a new nurse.

[Demeter]

74. Double Justice, then

[Demeter]

13. Merger to kickstart Greek bank consolidation

Eurobank EFG and Alpha Bank, Greece’s second and third largest lenders, will announce an all-share merger followed by a €500m capital injection from Qatar

Read more >>
http://link.ft.com/r/QM42II/HYQHWI/GYN7Q/LQIA7J/ORNTOZ/28/t?a1=2011&a2=8&a3=29

[xchrom]

14. europe: As Gaddafi topples, big British companies queue to get back into Libya

http://www.guardian.co.uk/world/2011/aug/28/as-gaddafi-topples-big-british-companies-queue-to-get-back-into-libya

Major British companies are hatching plans to relaunch their businesses in Libya – just days after news of the apparent downfall of the Gaddafi regime. Previously war-torn capitals such as Baghdad and Kabul have rapidly become targets for western capitalism, with major US and European retailers now jostling for position on shopping streets. And already FTSE 100 constituents such as engineering firm Weir Group and oil major BP are seeking to make contact with Libyan officials as companies formulate early plans to return to a country they fled in February.

John Gallacher, Weir's north Africa operations director, says: "Clearly, if the UK government says it is safe to go back, we would go back. We would like to go back."

He adds that the company has consulted with the Foreign Office – which still deems Libya too unsafe for British nationals to travel to – and attempted to speak with Libyan contacts. "We have tried – with very little success, I have to say – to talk with some people who used to work with us," Gallacher adds. "We don't know ."

Weir had invested millions in the country and earlier this month it announced it would take a one-off charge of £2m following the "cessation of all Libyan project activity". It was working on power plant refurbishment in Misrata; it is not clear whether that site has sustained any damage, the company says.

[xchrom]

15. Glencore's earnings are buoyant while it's shares flounder – there's a reason

http://www.guardian.co.uk/business/2011/aug/25/glencore-financial-results-world-economy

Here's a question: why did Glencore's share price close almost flat despite the company reporting double-digit earnings and revenue growth in the first half of the year?

The short answer is the market saw through the hype about opportunities for mergers and acquisitions to focus on underlying trading, and it didn't like what it saw.

Earnings before exceptionals in both the mining and marketing divisions fell 12% and 15% respectively in the final quarter. Commodity prices have come off the boil since January as worries grow that the world could be heading for another slump, and Glencore has been caught in that downward spiral. The shares are trading at around 25% below the May IPO price, when we warned the company was coming to the market on a very rich valuation. Shame on all the fund managers who piled into the stock, and who now find they are sitting on a paper loss.

Glencore's business model is a lot harder to understand than that of conventional miners because it owns a huge marketing operation, which buys from third parties and sells on to customers across five continents. But ignorance is no excuse and shareholders have only got themselves to blame for not holding out for a lower float price prior to the listing.

[xchrom]

19. Eurozone crisis over in 2 to 3 yrs: EFSF chief

http://timesofindia.indiatimes.com/business/international-business/Eurozone-crisis-over-in-2-to-3-yrs-EFSF-chief/articleshow/9773736.cms

BERLIN: The head of the European Financial Stability Facility (EFSF), Klaus Regling, believes the eurozone will overcome its current debt crisis by 2014.

"One can justifiably expect the crisis to be over within two to three years," he told the magazine Spiegel out Sunday.

"In all eurozone countries the fundamentals are improving," he said.

All eurozone countries have started putting their finances in order and already some of those worst affected by the crisis, such as Ireland, are back on their feet, he said.

[Demeter]

24. Really?

It shouldn't take 2-3 years for it all to come crashing down.

And I don't care what delusional "improvement in fundamentals" is going on, it took more than 2 years to make this mess.

He's probably merely boasting about Deutchland's superiority.

[xchrom]

26. i think he's dreaming.

greece is looking like a huge problem again -- lack of collateral to satisfy the finns.

[DemReadingDU]

28. Do these people think we're stupid

We read, we know what's going on. We are living it.

Yet, there are still plenty of clueless people around, probably talking to them.
:eyes:

[Tansy_Gold]

47. The answer to that question, my friend,

is in your signature line.


:hi:


TG

[Demeter]

25. There's a reason it's called disaster capitalism

[xchrom]

40. Europe snubs IMF call to force-feed bank capital

http://www.reuters.com/article/2011/08/29/us-europe-banks-idUSTRE77S29Q20110829

(Reuters) - Europe gave a cool reception to a demand from the International Monetary Fund's new head Christine Lagarde to force its banks to bulk up their capital, saying the continent had done enough already.

The European Commission said there was no need to recapitalize the banks over and above what had been agreed after a recent annual "stress test" check of their ability to withstand economic and financial market headwinds.

"I don't think so. This discussion has already taken place between the EU and the IMF, and the IMF is well aware of the results and the follow-up decided after the stress-tests," Commission spokesman Amadeu Altafaj said.

Lagarde, speaking at an annual meeting of central bankers in Jackson Hole, Wyoming, on Saturday urged politicians to "act now" or risk seeing the fragile recovery derailed.

[Demeter]

16. Timebomb in Euroland: "Tick...tick...tick..." By Mike Whitney

http://www.informationclearinghouse.info/article28968.htm

Bank funding costs are rising, liquidity is being choked off, and interbank lending has started to stall. A full-blown crisis can still be averted, but leaders will have to knuckle down and resolve the political issues fast. Otherwise the 17-member monetary union will fracture and the euro will be kaput...the pattern is the same as it was in 2007 when the troubles began at French bank PNB Paribas. Back then, the problems seemed small, too, but things got out of hand quick. Over the following year, trillions in mortgage-backed securities (MBS) were downgraded forcing bigger and bigger losses on the bondholders, many of which were the nation's largest banks. The bloodletting dragged on until September 2008, when Lehman blew up and the whole financial system went into cardiac arrest. The Fed had to rush to Wall Street's rescue with $12 trillion in loans and other guarantees in hand just to keep the patient from croaking on the Emergency Room floor. Now it looks like history is repeating itself.

As the collateral the banks hold (mainly foreign sovereign bonds) continues to lose value, the banks will come under greater pressure making funding more costly and harder to get. In fact, the mad-scramble for short-term funding has already begun. Banks are hoarding capital just as they did after the Crash of '08, depositing larger and larger amounts in overnight accounts with the ECB in order to avoid lending to the other banks. All of this is taking a toll on consumer and household lending which will inevitably push eurozone GDP further into the red. The negative feedback loop into the real economy will send unemployment higher while further crimping business investment...
The banks aren’t required to mark down most of their holdings of government debt to market prices. If they did, some would be forced to default or seek a bailout." ("How Long Can the ECB Prop Up Europe’s Sick Banks?", Businessweek)

Are you kidding me? The banks are sitting on a mountain of garbage paper and EU regulators haven't even forced them to write down the losses. Is it any wonder why public confidence is at all-time lows?...

U.S. money funds have been gradually reducing their exposure to EU banks due to worries about their collateral, much of which is bonds from Portugal, Italy, Ireland, and Greece (PIIGS). Eventually, these bonds will be pounded by downgrades and the banks will have to pony-up for the losses. That'll be the swan song for some of Europe's big name banks that are gravely undercapitalized. Of course, there could be a multi-trillion dollar bailout like in the US, but it's hard to imagine how that would work. After all, Germany has already rejected eurobonds; so why would they support the more offensive idea of bank bailouts? It just doesn't add up...This isn't the time for pompous pronouncements or footdragging. Policymakers need to make a choice and stick by it. Is there a future for the eurozone or not? It's that simple. Either implement the policies that will make the monetary union work or forget about it. But, for God sakes, don't just stand there while the markets rip the economy to shreds.

Do something!

[DemReadingDU]

31. Nothing will be done

Nothing can be done to prevent the KaBoom

[Demeter]

17. Russia, Venezuela Seek to Establish a Global Financial Institution (COUNTER IMF)

http://www.informationclearinghouse.info/article28965.htm

Russia and Venezuela are considering the possibility to create a new international financial institution, similar to the World Bank but on a more modest scale, according to Russia's Kommersant newspaper.

The two countries signed an agreement in 2010 to set up a bank with a capital estimated at USD 4 billion which is aimed at financing joint projects, the Russian newspaper added.

According to the newspaper, Venezuela's President Hugo Chávez said Wednesday during his meeting with Foreign Minister Sergei Lavrov, that the bank, which already has an office in Moscow, will soon open two more offices, one in Caracas and another in Beijing, AFP reported.

[xchrom]

18. south asia: Sensex continues to climb, up 578 points in afternoon trade

http://timesofindia.indiatimes.com/business/india-business/Sensex-continues-to-climb-up-578-points-in-afternoon-trade/articleshow/9782927.cms

MUMBAI: A benchmark index for Indian equities markets, the BSE Sensex, on Monday continued to soar in afternoon trade and at one time put on a 600 point gain.

The 30-scrip sensitive index (Sensex) of the BSE, which opened at 16,080.74 points was ruling 16,427.07 points, up 578.24 points or 3.65 percent from its previous close at 15,848.83 points.

It climbed about 602 points to an intra-day high of 16,451.79 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also was on an uptrend, ruling 3.79 percent up at 4,927.7 points.

[xchrom]

21. US stock market indices to debut on Indian bourses

http://timesofindia.indiatimes.com/business/india-business/US-stock-market-indices-to-debut-on-Indian-bourses/articleshow/9767832.cms

MUMBAI: The US stock market is virtually coming to the doors of Indian investors, as they will be able to trade in the two top indices of the American bourses right here in Dalal Street from tomorrow.

The Dow Jones Industrial Average (DJIA) and the S&P 500 -- the two of the most followed indices of the US stock -- would start trading from tomorrow on the National Stock Exchange (NSE), India's biggest bourse.

The move would allow investors to take positions on trends thousands of miles away in the US market on Dalal Street, the commonly used term for the Indian stock market by virtue of being its traditional address.

The S&P 500 is an index of the 500 leading companies of the US economy, while the DJIA comprises of the 30-most liquid blue-chip companies based in the United States.

[xchrom]

22. Pakistan agrees to grant MFN status to India: Report

http://timesofindia.indiatimes.com/business/international-business/Pakistan-agrees-to-grant-MFN-status-to-India-Report/articleshow/9767690.cms

ISLAMABAD: Pakistan has agreed to grant the Most Favoured Nation (MFN) status to India, something which New Delhi had been demanding for many years, a media report said on Sunday. A senior official of the ministry of trade said on the condition of anonymity that the status of MFN would be granted during the current year, Urdu daily Jang reported.

Pakistan has in return asked for immediate lifting of non-tariff restrictions on its exports to India.

Sources said that trade and commerce minister Makhdoom Amin Fahim would soon announce basic changes in Pakistan's trade policy.

One of the amendments will be a draft to review the list of trade items between the two countries.

[Demeter]

23. Economists: laissez-faire or plain lazy? Dean Baker

http://www.guardian.co.uk/commentisfree/cifamerica/2011/jul/05/economics-keynesianism-unemployment

If it's really true there's no means to fix the economy and tackle unemployment, then we have to ask why we employ economists...Two prominent economists, Ken Rogoff and Carmen Reinhart, did an extensive examination of financial crises over the last eight centuries. They found that the after-effects of these crises tend to be longlasting, with economies often taking a decade or more to get back to normal levels of output.

This is an interesting and worthwhile historical exercise. But why would anyone think that this past history any more condemns economies to suffer prolonged downturns from the recent financial crisis than that past history will condemn our children to an early death. Just as we have made enormous advances in public health and medicine, we have reason to believe that we have made enormous advances in economics as well. The most obvious advance was the writings of Keynes in the 1930s, who explained how an economy could endure a prolonged downturn like the Great Depression. He also explained how the government could provide the boost necessary to get an economy back to normal levels of employment and output. There, of course, has been much work subsequent to Keynes that built on his basic insights. In principle, this work implies that there is no reason that economies should ever again be forced to endure long periods of high unemployment, just as there is no reason for us to expect 16th-century mortality rates for our children. However, many in the media and policy circles insist in telling us that we are doomed – we just have to accept that it may be close to a decade before we get back to normal levels of unemployment. In the meantime, tens of millions of people around the world will be condemned to unemployment or underemployment, because the folks responsible for managing the economy messed up.

It is worth asking what this view tells us about the economy and economists. As far as the former is concerned, this view of the economy takes on an almost mystical aura. The sins that led to the financial crisis leave us with no recourse: "we" simply must accept that there is nothing that we can do (the people saying this are never among the unemployed)...The proponents of the predestination view often point to the large amount of debt that was accrued in the boom that led to the bust. And, of course, there is a vast amount of debt, especially among households, but this also implies that there is a vast amount of wealth corresponding to this debt. One person's debt is another person's asset. The role of economics is devise ways to ensure that those with the money either spend it, or that wealth somehow shifts from those who have it but won't spend it, to those who would spend it, but don't have it. This might be difficult, especially given the politics, but what makes it impossible? In principle, there are an infinite number of ways to increase spending (for example, government stimulus, expansionary monetary policy, a lower-valued currency). Each of these routes has drawbacks, but how can anyone rule out the possibility that any such policy will work?

This brings up the second point, about economists. We can point to the success of modern medicine in improving and extending our lives, so we know why we have doctors. But if the economists really want to tell us that there is nothing that they can do about the worst downturn since the Great Depression, then it is not obvious why we would need them. After all, economists are not cheap. They often get six-figure salaries. In addition, their pay packages can be the models of bloated benefit structures. Many of the IMF economists, for instance, who were telling the Greeks about the need to raise their retirement age to the late 60s will have the option to retire with six-figure pensions in their early 50s...If economists could show great things that they had done for the world economy, then perhaps such generous pay and benefits could be justified. But if they really want to tell us that they can't do anything, why not just save the money? After all, would we be paying doctors so generously now if their answer to historic levels of infant mortality had been just to tell us to expect only half our children to survive to adulthood?

[Demeter]

30. Ideology and economics Edward Harrison

Barack Obama says:

Government has to start living within its means, just like families do. We have to cut the spending we can’t afford so we can put the economy on sounder footing, and give our businesses the confidence they need to grow and create jobs.

For ideological reasons, one might believe that limiting or reducing government is better. However, it does not follow that doing so is a painless exercise. If one does want to see government expenditure reduced for ideological reasons, the question is when and how to do so. Clearly, doing so in an abrupt way after a credit bubble is going to be the wrong way....Post credit bubble fiscal austerity leads to depression. We are making cuts that suck money out of the economy - and there is no confidence fairy that causes businesses or households to compensate for that adjustment as President Obama points to. Rather, the desire to save in the private sector is due to the need for deleveraging in the household sector and Corporates spending like it’s the 50s due to business uncertainty in the business sector.

Basic accounting tells us that when the private sector wants to net save, a reduction in government expenditure leads to a concomitant reduction in private sector expenditure as well and a loss of jobs – just the opposite of what the confidence fairy in voodoo economics would say. And that means, in the short run, focusing on deficit reduction increases deficits unless the cuts are very, very large.

In the quote..., President Obama has simply chosen to use voodoo economics to justify something that will weaken the economy. Not only is it foolhardy to do so because it plays into his opponents' hands, it is simply bad economics.

[Demeter]

32. The Great Recession, Part II By Joseph E. Stiglitz

http://www.slate.com/id/2298580/?from=rss

...I was among those who hoped that, somehow, the financial crisis would teach Americans (and others) a lesson about the need for greater equality, stronger regulation, and a better balance between the market and government. Alas, that has not been the case. On the contrary, a resurgence of right-wing economics, driven by ideology and special interests, once again threatens the global economy—or at least the economies of Europe and North America, where these ideas continue to flourish.

In the United States, this right-wing resurgence, whose adherents evidently seek to repeal the basic laws of math and economics...Regrettably, the financial markets and right-wing economists have gotten the problem exactly backward: They believe that austerity produces confidence, and that confidence will produce growth. But austerity undermines growth, worsening the government's fiscal position, or at least yielding less improvement than austerity's advocates promise. On both counts, confidence is undermined, and a downward spiral is set in motion...

[bread_and_roses]

35. I have taken to asking "austerity" spouters: "who do you choose to die?"

who (or is it "whom?" - I can never get it straight) do you choose to die? Which elders? Which children? No one has an answer.

That our President keeps spouting this big lie and that people smugly repeat it as if it were gospel crazes me. Households don't have mortgages? Households don't borrow for cars and education?

Of course, most households also "produce" something - in the form of labor, at least - not to mention children, our future. While our President seems to be on the side of turning the US into a totally non-productive "household" - in which the "labor" is done somewhere else and we simply somehow magically consume it ...

Meanwhile, as there is no turning away from the ridiculous excess consumption of energy, not to mention idiot things like "the family company's" hundreds of household "air fresheners" and oil fields' worth of plastic wrap and forests of paper towels, let it all crash. Evidently, that's the only way our idiot, swarming species will learn anything.

[Demeter]

58. Whom Do You Choose to Kill?

might be the best phrasing.

[InkAddict]

59. So, just to find some meaning and share before the end ....

http://webspace.ship.edu/cgboer/platoscave.html

http://www.youtube.com/watch?v=1sH0uR2u7Hs

and

http://en.wikiquote.org/wiki/Candide

http://www.youtube.com/watch?v=422-yb8TXj8

http://www.youtube.com/watch?v=08otiP_aTTk&feature=related


Finally, life, love, and loss - Famous last words....I had a farm in ______________ - or could be anywhere...

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

http://www.youtube.com/watch?v=q_fAEdw7ts0

[xchrom]

27. asia: Analysis: Record prices spawn new wave of China gold bugs

http://www.reuters.com/article/2011/08/29/us-china-gold-demand-idUSTRE77S15X20110829

(Reuters) - Record gold prices, rather than denting China's enthusiasm for bullion, have emboldened investors to plough more money into gold bars and riskier bullion-based derivatives.

August is traditionally a slow month for Chinese jewelers, but many shops in Shanghai visited by Reuters reported surprisingly solid gold sales over the last few weeks, with shoppers unfazed by gold's stellar price gains over the past few months.

"The surge in prices has sparked another gold-buying craze. The 50 gram and 100 gram gold bars were selling like hot cakes," said Ms. Liu, a store manager at Shanghai's major jeweler Lao Feng Xiang Co Ltd (600612.SS), who said gold sales this month were up at least 30 percent from a year ago.

The attitude of Chinese consumers -- expected to soon overtake Indians as the world's top buyers of gold -- will be an important influence on longer-term trends.

[xchrom]

29. Nikkei gains for third day, Fed stimulus hopes help

http://www.reuters.com/article/2011/08/29/us-markets-japan-stocks-idUSTRE77R3KZ20110829

(Reuters) - The Nikkei stock average climbed higher for a third straight day on Monday, tracking climbs in U.S. stock futures after U.S. Federal Reserve Chairman Ben Bernanke raised expectations for more stimulus for the world's largest economy.

The stock market closed off earlier highs after Finance Minister Yoshihiko Noda, a fiscal hawk, won the ruling party leadership run-off vote to become Japan's next prime minister.

Technology exporters such as Sony Corp (6758.T) were among key gainers while Aozora Bank (8304.T) jumped on a report that the Australia and New Zealand Banking Group (ANZ.AX) is looking at buying either Aozora or unlisted Tokyo Star Bank.

Market participants were awaiting Friday's U.S. jobs data to gauge the strength of the U.S. economy, after Federal Reserve Chairman Ben Bernanke did not offer any clear signals on further U.S. monetary easing but left the door open for more action.



*** 'stimulous' is the new porn.

[xchrom]

45. Countermeasures for yen revealed

http://search.japantimes.co.jp/cgi-bin/nb20110829x1.html

The government outlined a set of strategies Monday for responding to the soaring yen, including financial assistance for struggling exporters.

The measures, presented at a meeting of economic ministers and Bank of Japan officials, encourage Japanese companies to sell yen for dollars and other major currencies to accumulate enough funds to make external investments.

The measures also offer incentives to prevent them from shifting production and other facilities abroad, which would hollow out the export-dependent economy.

The yen's extended climb is hurting exporters, who have seen their competitiveness eroded by cheaper exports from rivals in South Korea and other emerging economies. This has sparked talk of a hollowing out of Japanese industry as firms move to countries with cheaper labor costs to offset damage from the strong yen.

[xchrom]

46. Manufacturers mull in-house power plants

http://search.japantimes.co.jp/cgi-bin/nb20110827a1.html

Amid the power shortage stemming from the Fukushima No. 1 nuclear plant crisis, subsequent delayed restarts of reactors undergoing checks and problems at other power stations, manufacturers hoping to achieve their production targets may have to generate their own electricity at their factories.

Although in-house power plants may be costly for manufacturers, especially small and midsize ones, suppliers of such equipment, including Mitsubishi Heavy Industries Ltd. and Sumitomo Heavy Industries Ltd., see a business opportunity.

MHI's orders for gas cogeneration systems, which can produce between 210 and 1,000 kw, jumped to 129 in April and May, up from nine in fiscal 2010, which ended March 31.

Gas cogeneration systems create power through gas fuel, and the heat from the exhaust during the power generation process can be harnessed and used in other ways.

[Tansy_Gold]

61. And why not solar? Huh? Huh?

hello, people of Japan. Is this a marvelous case of reversing the old adage describing stupidity -- instead of "The lights are on but nobody's home," are you demonstrating "The lights are out but everyone's still sitting there in the dark."

Mitsubishi, Sumitomo, crank up your factories to churn out solar cells. Make them affordable. Set the standard. Your nation has experienced first hand the devastating effects of "cheap" nuclear power. It is said that experience is what you get when you don't get what you want. Learn from your experience. Show the rest of the world how it's done. It's a pretty sure bet no one else is gonna get off their asses and do it.


Sheesh.


TG

[Demeter]

66. Boy, have I got experience!

[Tansy_Gold]

70. Yeah, me too.

Even worse, though, is when you do get what you want and it turns into "an experience."

Been there, doing that.



TG

[Demeter]

33. Going out to battle a few dragons

If I don't get back, you'll know who won.

[xchrom]

36. bye miss demeter -- there hasn't been a dragon made to get the best of you!

:hi:

[Demeter]

50. Your confidence is overwhelming

Took care of two dragonets and ate some breakfast.

Now, on to the many-headed hydra....

[xchrom]

37. Wealth Managers Lost 14,000 Advisers in 2010: Report

http://sanfrancisco.ibtimes.com/articles/204270/20110826/wealth-managers-lost-14-000-advisers-in-2010-report.htm



The U.S. wealth management industry is shrinking, losing legions of advisers, just as demand for their services is on the rise.

The ranks of brokers and investment advisers working at brokerages, banks, insurers and independent firms fell by nearly 14,000, or 4.1 percent, last year, according to the latest Cerulli Associates report that tracks the movement of people and assets among U.S. firms.



Meanwhile the four largest brokerages -- Morgan Stanley Smith Barney, Bank of America's Merrill Lynch, Wells Fargo Advisors and UBS Wealth Management Americas -- are losing advisers and clients to independent broker-dealers and investment advisers, according to Cerulli.

That means Wall Street's big firms, which for years have been paying up to recruit star brokers from each other, are likely in for bigger bills, Cerulli analyst Bing Waldert said.

[Po_d Mainiac]

48. If these jokers are advisor's

Then the auto marts are loaded with "used car advisors"

[xchrom]

49. you & demeter!

:spray: very good.

[xchrom]

38. July consumer spending post largest increase in five months

http://www.reuters.com/article/2011/08/29/us-usa-economy-idUSTRE77S28F20110829

(Reuters) - Consumer spending rebounded strongly in July to post the largest increase in five months on strong demand for motor vehicles, a government report showed on Monday, supporting views the economy was not falling back into recession.

The Commerce Department said consumer spending increased 0.8 percent, the largest gain since a matching increase in February, after slipping 0.1 percent in June.

Economists polled by Reuters had expected spending, which accounts for about 70 percent of U.S. economic activity, to rise 0.5 percent.

When adjusted for inflation, spending rose 0.5 percent last month, the largest gain since a matching increase in December 2009, after being flat in June.

[xchrom]

41. Consumer sentiment sinks in August on government despair

http://www.reuters.com/article/2011/08/26/us-usa-economy-sentiment-idUSTRE77P3OY20110826

(Reuters) - U.S. consumer sentiment sank in August as consumers lost confidence in lawmakers' ability to stave off the threat of another recession, a survey released on Friday showed.

The Thomson Reuters/University of Michigan's consumer sentiment index edged up from its mid-August level but was still consistent with recession-era lows. The index has only been lower in three other surveys, which were taken in April and May 1980 and November 2008.

The final August reading on the overall index of consumer sentiment was at 55.7, down from 63.7 the month before. It was slightly better than August's preliminary reading of 54.9, which had been the lowest level since May 1980.

Economists polled by Reuters had forecast a reading of 56.0.

[Ghost Dog]

69. Nearly half of consumer spending today is done by the richest 10 percent

...Advertising Age, the marketing industry's top publication, has curtly declared that "mass affluence is over." Nearly half of consumer spending today is done by the richest 10 percent of households, and the richest of these richies are deemed to be the most desirable of consumers. ............

/... http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x1837936

[xchrom]

42. Zynga planning to delay IPO: report

http://www.reuters.com/article/2011/08/29/us-zynga-idUSTRE77S24W20110829

(Reuters) - Zynga, the social games maker may delay its plans for an initial public offering until November because of poor market conditions, the New York Post newspaper reported late on Sunday.

The New York Post, citing two sources with knowledge of Zynga's plans, said the company hoped its shares would be listed as soon as possible but is "no longer in a rush because of the rocky stock markets."

Another source close to the company said its public debut could be delayed until November but the company will know more after Labor Day, the newspaper said.

[DemReadingDU]

44. Obama: Irene 'recovery effort will last for weeks'

8/29/11 Obama: Irene 'recovery effort will last for weeks'

The White House has been aggressive in showing Obama's oversight of the federal response to the storm. The administration hopes to avoid comparisons to the Bush administration's flawed response to 2005's Hurricane Katrina.

“As I have told governors and mayors from across the affected area, if they need something I want to know about it. We are going to make sure that we respond as quickly and effectively as possible and we are going to keep it up as long as hurricane season continues,” Obama said Sunday.

more...
http://thehill.com/homenews/administration/178511-obama-vows-feds-will-do-everything-possible-in-storm-response


So everyone needs to hurry up and assess damage now and be fully recovered in a matter of weeks, because after hurricane season (November?), people get no more help?

[Demeter]

51. Only a gullible fool would believe there's help coming, period

I'm from the government, and I'm NOT here to help you, you peon.

[Demeter]

52. WSJ: Labor Economist to Fill Key Post / Of course it’s Alan Krueger By Ezra Klein

http://online.wsj.com/article/SB10001424053111903352704576536811283720734.html?wpisrc=nl_wonk

President Barack Obama on Monday plans to nominate Princeton University's Alan Krueger to be chairman of the White House Council of Economic Advisers, a White House official said.

If confirmed by the Senate, Mr. Krueger, a labor economist, is likely to provide a voice inside the administration for more-aggressive government action to bring down unemployment and, particularly, to address long-term joblessness...

Of course it’s Alan Krueger By Ezra Klein

http://www.washingtonpost.com/blogs/ezra-klein/post/of-course-its-alan-krueger/2011/08/25/gIQA5FwGnJ_blog.html?wprss=ezra-klein

There are two ways to look at the White House’s decision to name Alan Krueger to lead the Council of Economic Advisers. One is that Krueger is arguably the leading labor economist in the country. He’s known for bringing a near-superhuman rigor to a subject that, oddly enough to non-economists, had fallen into a bit of disrepute in the profession (for more on that, stay tuned to the blog today, as Brad Plumer will have a longer look at Krueger’s academic work). He’s served in both the Clinton and the Obama White Houses, so he knows the players and has proven his ability to move within the bureaucracy. He’s more than qualified for this position.

The other way, however, is that of course the Obama administration chose Alan Krueger. Why would anyone have ever thought they would have chosen anyone else? The White House has hewed to a very specific personnel-replacement strategy, and Krueger fits it perfectly.

When Peter Orszag left the Office of Management and Budget, he was replaced by Jack Lew, who was serving at the State Department and had led the Office of Management and Budget under Clinton. When Larry Summers left the National Economic Council, he was replaced by Gene Sperling, who was serving in the Treasury Department and who had previously led the National Economics Council. When Robert Gates left the Defense Department, he was replaced by Leon Panetta, who was leading the CIA, and who had previously served as chief of staff to Clinton. When Ron Klain left the Vice President’s office, he was replaced by Bruce Reed, who had been Clinton’s top domestic adviser. When Rahm Emanuel left the White House, he was replaced by William Daley, who had served in Clinton’s cabinet. Aside from Gates, every name on this list could have been found in a Clinton administration roll call, too.

Krueger fits this pattern. He was the top economist on the Labor Department under Clinton and the top economist for the Treasury Department from 2009-2010. He’s a close tennis buddy of Summers and Geithner. He knows these guys, and they know him. If you had tried to predict this choice by asking yourself, “who is the former Clinton-administration economist who has an extremely good relationship with the current set of economic-team principals,” Krueger is among the first names you would have come up with. ...

[Demeter]

53. Lifeforms Can Clean Up Radiation … Naturally Washington’s Blog

http://www.nakedcapitalism.com/2011/07/guest-post-lifeforms-can-clean-up-radiation-naturally.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29


When BP spilled huge quantities of oil into the Gulf, the company and the government ignored natural ways to help clean up the mess, and instead dumped toxic dispersants into the Gulf which actually made things worse. Likewise – believe it or not – there may be natural ways to help clean up radiation from Fukushima and elsewhere, and to reduce human and animal exposure to radioactive elements.

Scientific American points out:

Like plants that grow toward the sun, dark fungi, blackened by the skin pigment melanin, gravitate toward radiation in contaminated soil. Scientists have observed the organisms—somewhere between plants and animals—blackening the land around the Chernobyl Nuclear Power Plant in Ukraine in the years since its 1986 meltdown. “Organisms that make melanin have a growth advantage in this soil,” says microbiologist Arturo Casadevall of the Albert Einstein College of Medicine in New York City. “In many commercial nuclear reactors, the radioactive water becomes contaminated with melanotic organisms. Nobody really knows what the hell they are doing there.”

***

“Melanin is very good at absorbing energy and then dissipating it as quickly as possible,” says Jennifer Riesz, a biophysicist at the University of Queensland in Brisbane, Australia. “It does this by very efficiently changing the energy into heat.”

But Casadevall and his colleague Ekaterina Dadachova, a nuclear chemist at Einstein, speculate that the melanin in this case acts like a step-down electric transformer, weakening the energy until it is useable by the fungi. “The energy becomes … low a certain point where it can already be used by a fungus as chemical energy,” Dadachova argues. “Protection doesn’t play a role here. It is real energy conversion.”

Cosmos Magazine notes:

Sitting at the centre of the exclusion zone, the damaged reactor unit is encased in a steel and cement sarcophagus. It’s a deathly tomb that plays host to about 200 tonnes of melted radioactive fuel, and is swarming with radioactive dust.

***

But it’s also the abode of some very hardy fungi which researchers believe aren’t just tolerating the severe radiation, but actually harnessing its energy to thrive.

“Our findings suggest that can capture the energy from radiation and transform it into other forms of energy that can be used for growth,” said microbiologist Arturo Casadevall from the Albert Einstein College of Medicine at Yeshiva University in New York, USA.

***

In 1999, a robot sent to map the inside of the reactor returned with samples of a particularly black fungi, indicating an abundance of the biological pigment melanin, which also colours your skin.

Though melanin is typically associated with ‘protective’ properties – absorbing and safely transforming different electromagnetic wavelengths, such as DNA-damaging ultraviolet light – the researchers had an inkling that a more extraordinary phenomenon was allowing the fungi to prosper; something still involving the combination of melanin and radiation, but beyond the bounds of radioactive protection.

After all, even without melanin, many fungi are intrinsically radiation-resistant.

***

The group analysed three different types of fungi, including Cladosporium sphaerospermum, the species abundant in and around Chernobyl. Using ionising radiation from the radioactive isotope, caesium-137, they exposed the fungi to radiation doses similar to those inside the damaged reactor, and about 500 times greater than the Earth’s normal background level.

Melanin-containing fungi exposed to the radiation – even when nutrient-starved on purpose – grew significantly larger and up to 2.5 times faster than fungi without melanin and those not exposed to radiation.

According to Yeshiva’s Ekaterina Dadachova, the nuclear chemist who led the study, “the presence of melanin in the cells gives them a distinct advantage over non-melanised cells, in terms of better growth .”

***

Because the fungi don’t actually ‘eat’ radioactive material, but simply use the energy it radiates, Dadachova said, they’re in no danger of becoming radioactive themselves.

Indeed, some bacteria appear to have this property as well. As the Washington Post notes:

At least one of the bacteria species discovered lives entirely disconnected from anything on the Earth’s surface or produced by photosynthesis. It uses the radioactive decay of nearby rocks as the energy source to break apart molecules that it then feeds on.

One of the world’s leading authorities on fungi and bioremediation – mycologist Paul Stamets – writes:

Surprisingly, we learned from the Chernobyl disaster some species of melanin-producing fungi thrive, feeding on concrete, within the highly radioactive environment of the damaged containment vessel. At Chernobyl, some fungi’s growth was stimulated by severe radiation, even when exposed to >1,000,000 rads !

Stamets notes that melanin-producing fungi can take radiation out of the environment:

Many people have written me and asked more or less the same question: “What would you do to help heal the Japanese landscape around the failing nuclear reactors?”

***

Plant native deciduous and conifer trees, along with hyper-accumulating mycorrhizal
mushrooms, particularly Gomphidius glutinosus, Craterellus tubaeformis, and
Laccaria amethystina … G. glutinosus has been reported to absorb – via the mycelium – and concentrate radioactive Cesium 137 more than 10,000-fold over ambient background levels. Many other mycorrhizal mushroom species also hyper-accumulate.

***

Continuously remove the mushrooms, which have now concentrated the radioactivity, particularly Cesium 137, to an incinerator. Burning the mushroom will result in radioactive ash. This ash can be further refined and the resulting concentrates vitrified (placed into glass) or stored using other state-of-the-art storage technologies.

While Stamets focuses on the area surrounding Fukushima, there is no reason that we can’t plant melanin species like Gomphidius glutinosus, Craterellus tubaeformis, and Laccaria amethystina which are common in areas with pine trees – for example, in many parts of California, Oregon, Washington and Hawaii – to tie up radiation in our soil. Handle them like hazardous waste when you pick and dispose of them (contact your local hazardous waste agency for details).

Indeed, Scientific American notes that regular mushrooms or even plants could be converted into melanin-containing, radiation-loving lifeforms:

Fungi induced to produce a melanin shell (the human pathogen Cryptococcocus neoformans) grew well in such levels of radiation, unlike those sans pigment.

***

Melanin could be genetically engineered into photosynthetic plants to boost their productivity or melanin-bearing fungi could be used in clothing to shield workers from radiation …

GREAT, SO WE'RE MAKING THE WORLD SAFE FOR THE COCKROACHES AND FUNGI

[Demeter]

54. Collateral Transformation Services: What Could Possibly Go Wrong?

http://economicsofcontempt.blogspot.com/2011/07/collateral-transformation-services-what.html

Risk has an interesting article ($) on the plans by some dealers to offer “collateral transformation” services to derivatives end-users. Requiring most derivatives to be cleared means that end-users will have to post daily variation margin to the clearinghouse (or “CCP”). Here’s how Risk describes the problem:

The problem centres on the type of collateral required by CCPs — or more specifically, the fact that many end-users don’t hold enough of it. Clearing houses only accept cash for variation margin, and usually insist on cash or sovereign bonds for initial margin. However, many buy-side users of derivatives tend not to invest in these assets — at least, not in the amounts that might be necessary.
...
Clearing members say they have a solution. ... learing members are responsible for collecting margin from their clients and posting it to the clearing house, charging a fee for the privilege. As an additional service, however, a number of clearing members are also planning to offer collateral transformation facilities — essentially, enabling the client to post non-eligible instruments with the dealer, which will be switched into cash via the repo market and then posted with the CCP.

So the plan is to concentrate liquidity risk at the dealer banks? Gee, what could possibly go wrong?

In all seriousness though, this is something that regulators should pay very close attention to. It’s easy enough* for dealers to tell regulators that their exposure is limited because the agreements are “unconditionally revocable” — that is, the dealer can unilaterally refuse to fund the client’s variation margin if the markets get too rough, and can demand that the client put up the cash. But it’s not nearly as easy for the dealer to tell its big hedge fund and pension fund clients to take a hike during a crisis. Think about it. If, say, Morgan Stanley refuses to fund a client’s variation margin call when the markets get volatile, the client will (a) be pissed, and (b) will start thinking, “What’s going on here? Is Morgan Stanley having trouble accessing the repo markets? If they can’t fund themselves in the repo markets, how much longer can they stay in business? Shit, I better pull my prime brokerage account at MS.” Then the run begins.

I’m not saying that no dealer would ever be able pull the trigger and refuse to fund a client’s variation margin. I’m just saying that this kind of arrangement could very easily turn into a non-contractual commitment to meet clients’ variation margin calls during a crisis. And that would undermine the dealers’ inevitable argument about how the unconditionally revocable nature of the arrangements means that the liquidity risk would be pushed back onto the clients — and away from the dealers — during a crisis.

So what should regulators do about “collateral transformation”? Well, for one thing, they should treat collateral transformation very harshly in Basel III’s Liquidity Coverage Ratio (LCR). Since these arrangements would almost certainly be structured as unconditionally revocable, they would be considered “Other Contingent Funding Liabilities” under the LCR. The run-off rate for “Other Contingent Funding Liabilities,” which determines the size of the liquidity buffer the dealers would have to hold against their collateral transformation arrangements, has been left to the discretion of national regulators. In addition to the run-off rate, national regulators also have to come up with assumptions for how much clients’ variation margins could move against dealers in the LCR’s 30-day stress scenario.

The safest route would be to set the run-off rate at 100% — that is, to assume that the dealers will fund 100% of clients’ variation margin through their collateral transformation services. A 75% run-off rate would probably be appropriately prudent as well — dealers will probably be able to say no to at least some clients, and will likely come up with other ways to mitigate some of the risk to themselves.

———————

* Actually, drafting and negotiating these types of contracts is a fiendishly difficult and contentious process, but that’s neither here nor there.

[Demeter]

55. Supreme Court shows corporate America how to screw over customers and employees w/o breaking law.

http://www.slate.com/id/2298330/

Depending on how you count "big cases," the Supreme Court has just finished off either a great (according to the U.S. Chamber of Commerce) or spectacularly great (according to a new study by the Constitutional Accountability Center) term for big business. The measure of success here isn't just the win-loss record of the Chamber of Commerce, although that's certainly part of the story. Nor is it news that—in keeping with a recent trend—the court is systematically closing the courthouse doors to everyday litigants, though that's a tale that always bears retelling. The reason the Roberts Court has proven to be Christmas in July for big business is this: Slowly but surely, the Supreme Court is giving corporate America a handbook on how to engage in misconduct. In case after case, it seems big companies are being given the playbook on how to win even bigger the next time.

Start with one of the most important cases of the term, the recently deceased class-action suit filed by a million and a half women employed by Wal-Mart. The headlines—including mine—contended that the import of the court's decision lay in the ways class-action suits would be severely limited in the future. But dig a little deeper. In his majority opinion on behalf of the five conservatives on the court, Justice Antonin Scalia found that Wal-Mart could not be held accountable for discrimination in pay and promotions because the plaintiffs lacked "convincing proof of a companywide discriminatory pay and promotion policy." Then Scalia went one further and offered Wal-Mart, the largest private employer in the country, a virtual guidebook on how to discriminate better: Do it in bulk up and down the chain of command, and make certain to do it at every possible level. As SCOTUSblog's Lyle Denniston pointed out almost immediately after the decision came down: "For large companies in general, the ruling in Wal-Mart … offered a second message: the bigger the company, the more varied and decentralized its job practices, the less likely it will have to face a class-action claim. Only workers who have a truly common legal claim may sue as a group, the Court majority made clear—and, even that claim will require rigorous proof that every single worker suffered from exactly the same sort of bias. Sample statistics and anecdotes won't do."

The greatest impact of the Wal-Mart decision isn't the blow dealt to class-action suits. It's the guidance it provides employers: Immunize yourself from claims of gender discrimination with a written policy that says "we don't discriminate" and a system of decentralized decision-making. The decision doesn't discourage future corporate discrimination. It just makes it harder to identify and prove it....The same is true for the court's remarkable 5-4 holding in AT&T Mobility v. Concepcion. In that decision, the court read a federal statute to mean that consumers may not participate in class action suits if their contract—in this case, with a cell phone company—contains an arbitration agreement (by which, I promise you, you are currently bound). In AT&T, a class of California plaintiffs tried to bundle together their claims alleging that AT&T had engaged in false advertising and fraud by charging sales tax on phones it had promoted as free. California law provided that the mandatory arbitration provision was not enforceable and that the parties should be allowed to litigate as a class. But the court—Scalia writing again—determined that the California rule was pre-empted by the Federal Arbitration Act. "It was important to protect defendants, such as corporations, from the 'in terrorem' effects of class actions, which pressure them into settlements," writes Erwin Chemerinsky, dean of the UC-Irvine School of Law. "In fact, the Court went further and said that the Federal Arbitration Act requires that claims be arbitrated on an individual basis and that class arbitration is not allowed."

Yes, the AT&T case will make class-action suits vastly less likely, as Justice Stephen Breyer pointed out in his dissent: "What rational lawyer would have signed on to represent the Concepcions in litigation for the possibility of fees stemming from a $30.22 claim? The realistic alternative to a class action is not 17 million individual suits, but zero individual suits, as only a lunatic or a fanatic sues for $30." Even more important, however, the case provides corporate America with another useful tip on how to avoid costly litigation: If you haven't already done so, rush to lock your customers and /or employees into invisible mandatory arbitration agreements that will bar them from challenging your misconduct in a class-action suit. As Nan Aron at Alliance for Justice explained when the AT&T case first came down, the real winner here was not "justice": MUCH MORE AT LINK

[Demeter]

57. The Dragons Are Winning

and it looks like a super miracle day....200+ points on what? Surviving the hurricane?

[DemReadingDU]

62. The markets are ramping higher and higher

Then soon, the markets will go lower and lower.
:eyes:

[Ghost Dog]

63. Stocks, oil, jump on Greek bank deal

(Reuters) - Global stocks rallied on Monday along with oil after a merger between two major banks in Greece gave investors a rare bit of encouraging news out of Europe.

Greece's stock market jumped 14 percent and Greek banking stocks surged 29 percent, while trading volume around the world was low, with London closed for a holiday and Wall Street recovering from Hurricane Irene.

Surprisingly strong U.S. consumer spending for July -- which indicated the economy was not falling back into recession -- further boosted sentiment...

...Monday's deal sent stocks prices of Eurobank and Alpha up 30 percent. The tie-up between Eurobank and Alpha Bank creates the largest bank on Southeast Europe and could trigger more such deals, analysts said. "It will be the starting signal for M&A in Greece. The other banks will have to react," said an analyst who asked not to be identified...

...World shares rose 2.1 percent and European stocks closed up 1.6 percent, partly on speculation about more monetary easing in the United States.

/... http://uk.reuters.com/article/2011/08/29/uk-markets-europe-stocks-idUKTRE77S0ZU20110829

:shrug: (Note low volume).

[Demeter]

67. Machines don't get bored

They just keep on churning until the power goes out....

[RUMMYisFROSTED]

68. Celebrate!

[Demeter]

71. Gaah! My Eyes!

(Sorry, left over from the weekend)

Well, I did knock over a few more little dragons after lunch...didn't get ahead of that hydra, though. Well, tomorrow is another day....