STOCK MARKET WATCH, Wednesday, August 31, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Wednesday, August 31, 2011

AT THE CLOSING BELL ON August 30, 2011

Dow 11,559.95 +20.70 (+0.18%)
Nasdaq 2,576.11 +14.00 (+0.54%)
S&P 500 1,212.92 +2.84 (+0.23%)
10-Yr Bond... 2.18 -0.0050 (-0.23%)
30-Year Bond 3.53 +0.01 (+0.31%)

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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    
Credit Union Tracker    Daily Job Cuts

Handy Links - Economic Blogs:
The Big Picture    Financial Sense    Calculated Risk    Naked Capitalism    Credit Writedowns
Brad DeLong      Bonddad    Atrios    goldmansachs666    The Stand-Up Economist

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

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

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

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

Financial Sector Officials Convicted since 1/20/09 = 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 31 07:00 MBA Mortgage Index 08/27 NA NA -2.4%
Aug 31 07:30 Challenger Job Cuts Aug NA NA 59.4%
Aug 31 08:15 ADP Employment Change Aug 100K 100K 114K
Aug 31 09:45 Chicago PMI Aug 51.0 53.0 58.8
Aug 31 10:00 Factory Orders Jul 2.0% 1.8% -0.8%
Aug 31 10:30 Crude Inventories 08/27 NA NA -2.213M

Read more: http://www.briefing.com/investor/calendars/economic/2011/08/29-02/#ixzz1WbPpF48U

[xchrom]

47. Private sector adds 91,000 jobs in August

http://www.reuters.com/article/2011/08/31/us-usa-economy-idUSTRE77U25D20110831

(Reuters) - The pace of U.S. private sector job growth slowed in August for the second month in a row with employers adding 91,000 positions, a report by a payrolls processor showed on Wednesday.

Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 100,000 jobs. July's private payrolls were revised down to an increase of 109,000 from the previously reported 114,000.

August's gain was the smallest number of private jobs added since May's disappointingly small reading of 35,000.

The ADP figures come ahead of the U.S. government's much more comprehensive labor market report on Friday, which includes both public and private sector employment.

[Demeter]

58. Today's fantasy report from ADP

[Pale Blue Dot]

2. Oil hovers near $89 amid surprise US supply jump

SINGAPORE – Oil prices hovered near $89 a barrel Wednesday in Asia after a report showed U.S. crude supplies unexpectedly jumped last week, a sign demand may be weakening.

Benchmark oil for October delivery was up 14 cents to $89.04 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude rose $1.63 to settle at $88.90 on Tuesday.

In London, Brent crude for October delivery was up 27 cents at $114.29 on the ICE Futures exchange.

The American Petroleum Institute said late Tuesday that crude inventories rose 5.1 million barrels last week while analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos., had predicted a drop of 1.2 million barrels.

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

[xchrom]

27. Moscow office raid deals BP new blow in Russia

http://www.reuters.com/article/2011/08/31/us-bp-russia-raid-idUSTRE77U1EP20110831

(Reuters) - Bailiffs raided BP's Moscow offices on Wednesday, a new humiliation for the British oil company a day after ExxonMobil signed an agreement that ended BP's hopes of developing Arctic offshore oil fields with Russia.

The bailiffs gave no reason for the morning raid, in which witnesses said about 15 black-clad special force officers entered the central Moscow headquarters of BP Trading and sealed it off.

But a lawyer for minority shareholders in TNK-BP, BP's joint venture in Russia, said the raid was connected with a lawsuit they have filed over BP's failed bid to team up with Russia in the Arctic.

"We were ordered to leave the office and work from home," a BP source said, adding that only senior company officials and lawyers remained in the building with the bailiffs.

[Pale Blue Dot]

3. U.S. Stock-Index Futures Climb; Exxon Advances After Rosneft Arctic Deal

U.S. stock futures rose, signaling that the Standard & Poor’s 500 Index will gain for a fourth day, before a report that may show factory orders in the world’s largest economy rebounded last month.

Exxon Mobil Corp., the biggest U.S. oil company, increased 0.6 percent in German trading after agreeing a partnership with OAO Rosneft to explore in Russia’s segment of the Arctic Sea. Lions Gate Entertainment Corp. (LGF) fell 4.7 percent in after-hours New York trading.

Futures on the S&P 500 expiring in September climbed 0.9 percent to 1,216.1 at 10:26 a.m. in London. The benchmark measure rose 0.2 percent yesterday after the Federal Open Market Committee disclosed minutes from its latest meeting, showing that several members favored a “more substantial move” beyond the pledge adopted by the panel to hold interest rates at record lows for the next two years. Dow Jones Industrial Average futures advanced 90 points, or 0.8 percent, to 11,582 today.

The S&P 500 has rallied 4.6 percent over the last three days as Federal Reserve chairman Ben S. Bernanke told the central bank’s yearly gathering in Jackson Hole, Wyoming, that the Fed was prepared to do more to foster a stronger recovery. That pared the index’s decline in August to 6.1 percent, its largest monthly slump since May 2010.

http://www.bloomberg.com/news/2011-08-31/u-s-stock-index-futures-stage-gain-exxon-advances-after-rosneft-accord.html

[Po_d Mainiac]

31. Looks like QE3 is being factored in already

The last 3 years have taught the markets that as long as the bernank has adequit inventory of ink and linen, indexes will melt up.

[Ghost Dog]

71. Helicopters have to land, refuel, sometime. n/t

(I'm on the road so even briefer comments than recently. But reading closely. Thanks, team).

[Demeter]

78. Not Virtual Helicopters!

[Demeter]

4. My Horrorscope for today (sigh)

In your time, you have accomplished some nearly impossible tasks -- so if today you can't quite swing a home run, do not beat yourself up about it. You have done all that you can for now, and it might be time to take a break from climbing this particular mountain. Enjoy the view -- and consider turning back if you think you just don't have the energy or inspiration you need. Do not think of it as quitting. Think of it as understanding your capabilities and acting accordingly.

I never run out of dragons, just energy...

[tclambert]

12. That's President Obama's horoscope every day.

It may alternate with: "Today will be a day of compromise."

[Demeter]

19. No, Obama is Leo:

Entering some sort of competition today? If you are worried about being outsmarted, you shouldn't be! You are in an extremely vibrant phase of mental ability right now ... you are sharper than a tack, quicker than a whip and much more charming than an adorable puppy. Plus, you have an unbeatable secret weapon: Your organizational skills. Do your research; dig into the background of who or what you are facing. Once you get a complete picture, you will know how to approach the situation.

WE ARE DOOMED, PEOPLE

[DemReadingDU]

38. that sounds like me today

but I'm a Capricorn

and we are doing major research into another big scandal concerning our police chief

[DemReadingDU]

39. and here is the horoscope for Capricorn

Capricorn Horoscope for August 31, 2011

Everyday items and common conversations will take on a heavier meaning today. You are entering a phase of life in which you'll possess a great deal of mental discernment; the hidden meanings behind the superficial words and actions of others are apparent to you. The challenge today will be to stay impersonal about the events of the day, because you are privy to information unknown to others. Now is not the time to blow the whistle and get people riled up.

http://wvgazette.com/Entertainment/horoscopes/201108310270

:rofl:

[Fuddnik]

62. He's not a Leo.

He's the Cowardly Lion from the Wizard of Oz.

Or Clarence the Cross-eyed Lion.

[Fuddnik]

32. Mine sez:

"If you're already out of bed, it's too late to do anything about it".

[Demeter]

34. Well, you could go back to bed...

couldn't make things any worse

[Tansy_Gold]

44. Things can ALWAYS get worse

Trust me on this.


Trust me.



TG

[Demeter]

50. But being in bed has got to be better than being out of it

when things are getting worse...

[DemReadingDU]

52. only if you wake up

edit: some people pass on to another world when sleeping
:(

[Demeter]

59. Sometimes, that's the better option. Really

[Fuddnik]

60. So, there is hope after all.

[Demeter]

5. Nevada Says BofA Broke Mortgage Settlement By GRETCHEN MORGENSON

http://www.nytimes.com/2011/08/31/business/bank-of-america-accused-of-breaching-mortgage-accord.html?_r=2&hp

The attorney general of Nevada is accusing Bank of America of repeatedly violating a broad loan modification agreement it struck with state officials in October 2008 and is seeking to rip up the deal so that the state can proceed with a suit against the bank over allegations of deceptive lending, marketing and loan servicing practices.

In a complaint filed Tuesday in United States District Court in Reno, Catherine Cortez Masto, the Nevada attorney general, asked a judge for permission to end Nevada’s participation in the settlement agreement. This would allow her to sue the bank over what the complaint says were dubious practices uncovered by her office in an investigation that began in 2009.

In her filing, Ms. Masto contends that Bank of America raised interest rates on troubled borrowers when modifying their loans even though the bank had promised in the settlement to lower them. The bank also failed to provide loan modifications to qualified homeowners as required under the deal, improperly proceeded with foreclosures even as borrowers’ modification requests were pending and failed to meet the settlement’s 60-day requirement on granting new loan terms, instead allowing months and in some cases more than a year to go by with no resolution, the filing says.

The complaint says such practices violated an agreement Bank of America reached in the fall of 2008 with several states and later, in 2009, with Nevada, to settle lawsuits that accused its Countrywide unit of predatory lending. As the credit crisis grew, the settlement was heralded as a victory by state offices eager to help keep troubled borrowers in their homes and reduce their costs. Bank of America set aside $8.4 billion in the deal and agreed to help 400,000 troubled borrowers with loan modifications and other financial relief, such as lowering interest rates on mortgages...But foreclosure problems mounted in Nevada, where Countrywide originated 262,622 loans, and complaints about the bank’s loan servicing practices began flooding into Ms. Masto’s office shortly after the settlement was struck. She found that Bank of America had “materially and almost immediately violated” the terms of the settlement, according to the complaint.

MORAL OF THE STORY, WAIT UNTIL THE INK IS DRY!

[Demeter]

6. US Bancorp lawsuit adds to BofA’s woes

Legal woes increase for biggest US bank by assets after Midwest lender claims breach of contract over $1.75bn of loans and investors move to block separate $8.5bn settlement

Read more >>
http://link.ft.com/r/4RNQTT/FKI6JL/LSLXF/9Z2UKM/IIQTRR/LE/t?a1=2011&a2=8&a3=31

[girl gone mad]

11. and Henry Blodget twists the knife..

Here's The Bomb That Might Blow A Hole In Bank Of America...

...

Last week, we described the general concerns of one analyst, who is focused on a specific portion of Bank of America's humongous balance sheet: The company's portfolio of residential mortgages and home equity loans.

Below, we put some numbers on this possible exposure. Based on the analysis below, in this one asset category alone, Bank of America could be under-reserved by tens of billions of dollars. And that doesn't include its ongoing litigation exposure.

...

The embedded losses in the national securitized loan portfolio are much higher than the losses Bank of America and other big US banks have reported thus far on their whole loan portfolios. And the analyst believes that the banks are using the leeway given them by US accounting rules to make the whole loan portfolios look better than they actually are. (Presenting a rosy view of loans allows the banks to avoid taking write-offs and, thus, avoid having to raise additional capital and further diluting their shareholders.)

Specifically, a recent analysis of the industry-wide portfolio of securitized loans by Amherst Securities breaks them down as follows:

Read more: http://www.businessinsider.com/bank-of-america-mortgage-risk-2011-8#ixzz1WbYdBZpH

[Demeter]

33. FDIC Objects to $8.5 Billion BofA Settlement (Updated)

http://www.nakedcapitalism.com/2011/08/fdic-objects-to-8-5-billion-bofa-settlement.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29

Ooh, this is getting to be fun. Now the FDIC has weighed in too...Needless to say, the FDIC objection is further validation of the questions raised by attorneys general Eric Schneiderman and Beau Biden.

PDF OF FDIC FILING AT LINK

FDIC Objects to BofA’s $8.5 Billion Mortgage-Bond Settlement

http://www.bloomberg.com/news/2011-08-29/fdic-objects-to-bank-of-america-s-proposed-8-5-billion-mortgage-bond-pact.html

...The FDIC, the receiver for failed banks, owns securities covered by the settlement and said it doesn’t have enough information to evaluate the accord, according to a filing yesterday in federal court in Manhattan...

Bank of New York Mellon Corp. (BK), the trustee for the mortgage-securitization trusts covered by the agreement, has asked a New York state judge to approve the settlement in November. An investor group is trying to move the case to federal court, which Bank of New York opposes.

Investors that would be bound by the settlement, including American International Group Inc., have criticized the deal and Bank of New York’s role representing investors in the mortgage bonds. New York Attorney General Eric Schneiderman and Delaware Attorney General Beau Biden have sought to intervene in the case and asked the court to reject it.

The FDIC’s involvement may make it more difficult for Charlotte, North Carolina-based Bank of America to get approval for the settlement, said Bert Ely, a bank-industry consultant in Alexandria, Virginia. “You would think as a regulator or as an investor or both that they would be kept apprised of what was going on,” he said. “Any time you hold up a deal it becomes more likely it doesn’t happen.”

[Demeter]

53. Bank of America Sells Stake in China Construction Bank

http://dealbook.nytimes.com/2011/08/29/bank-of-america-sells-stake-in-china-construction-bank/

Bank of America announced on Monday that it would sell about half of its China Construction Bank holdings to a group of unidentified investors, in a deal expected to raise $8.3 billion.

The deal, which came just days after Warren E. Buffett agreed to invest $5 billion in the bank, is the latest asset sale for the beleaguered financial company. Over the last month, Bank of America has sold its Canadian credit card division and has put its European card operation on the block, as it continues to clear noncore assets from its books...Under the terms of the deal, Bank of America will sell 13.1 billion common shares of the China Construction Bank Corporation to a group of unidentified investors. A consortium of sovereign wealth funds in Asia and the Middle East as well as several private equity firms were in the negotiations for the stake, two officials briefed on the talks said Friday. The deal is expected to close later in the quarter.

Even after the sale, Bank of America will still hold about 5 percent of China Construction Bank. According to its statement, Bank of America is in talks to expand a separate existing “strategic assistance agreement” between the two banks.

[Demeter]

55. BofA's woes making life difficult for Merrill advisers

http://www.investmentnews.com/article/20110828/REG/308289992/-1/INIssueAlert01

Warren E. Buffett's $5 billion vote of confidence in Bank of America Corp. last Thursday notwithstanding, Merrill Lynch advisers have been forced to reassure clients over the past few weeks that their parent company is not headed for insolvency.

Bank stocks have been battered during the recent market downturn, and none more so than Bank of America. Until Thursday, when the stock rebounded on the strength of Mr. Buffett's commitment, the bank's shares were down 28% in August and 48% year-to-date. That's a level not seen since early 2009, when the entire U.S. financial system was teetering on the edge.

“It's definitely making our job more difficult,” said a veteran Merrill broker, who asked not to be identified. “Clients are calling and asking if their money is safe at the bank. I tell them Ben Bernanke said we're too big to fail.”

The still uncertain size of the bank's mortgage-related liability — largely a result of the disastrous acquisition of Countrywide Financial Corp. — continues to weigh on investor confidence. The bank has announced major cost-cutting moves, including layoffs. The additional worries about commercial-real-estate loans, and exposure to European bank and sovereign debt, have stoked the rumor mill.

[Demeter]

57. Bank Of America Buys Time Via Buffett Effect

http://www.forbes.com/sites/francinemckenna/2011/08/25/bank-of-america-buys-time-via-buffett-effect/

Warren Buffett said he wanted to pay more taxes. Throwing $5 billion into the Bank of America sinkhole so the U.S. taxpayer doesn’t have to – yet – is one way of doing that. But this is no patriotic, or even altruistic, move. Buffett made his investment in Bank of America on behalf of his conglomerate Berkshire Hathaway on most favored nation terms. Because, as Daniel Gross wrote this morning in his “Contrary Indicators” column, Buffett is a “one man blue chip bailout machine.”

FT Alphaville: BofA’s Buffett bounce was at 13 per cent at pixel time, paring gains from a 20 per cent high earlier on Thursday…too early to tell what this really means for Bank of America. We reckon this won’t put an end to worries over BofA’s balance sheet. Warren’s warrant exercise price — a Fibonacci-esque $7.142857 — is already in the money the staggering size of the exercise deal: 700 million warrants; what must John Paulson be thinking?

Sure, BofA is getting a sweeter deal on its dividend payments — 6 per cent per annum compared to 10 per cent in the cases of General Electric and Goldman Sachs — than other all-he-can-eat-Buffett-deals, but if the intention was to put a floor under the share price, isn’t this an awfully low floor?

Yes, it is. The price is half what it was at the beginning of the year and nearly thirty percent less than at the beginning of August. What Buffett’s bolster does do is get the stock price back up. The shares were more than 20% higher in pre-market trading, which put Buffett’s warrants in the money instantly. The increase in share price diverts attention for now from the gaping gulch, the catastrophic crevice, the vast expanse of dead space that had developed between Bank of America’s book value and its market capitalization.

Who’s bullish on Bank of America? Buffett and Berkshire are bullish on Bank of America! Or is he? Is Buffett really a value investor in these situations or is he just buying low and selling high using his unique position and the bank’s desperation as a negotiating tool? Berkshire Hathaway had a position in Bank of America throughout the financial crisis. During that period, Buffett, and his sidekick Charlie Munger, did everything they could to defend financial stocks – they ended up having a stake in a few others like Goldman Sachs, Wells Fargo, U.S. Bankcorp, M&T Bank, and SunTrust Banks – including criticizing the U.S. government requirement for the banks to undergo stress tests in early 2009. Berkshire and Buffett bailed on Bank of America, however, during the last quarter of 2010 at its highest point in recent memory...

[Demeter]

69. Exclusive: Bank of America kept AIG legal threat under wraps

http://www.reuters.com/article/2011/08/30/us-bankofamerica-lawsuits-idUSTRE77T47620110830

Top Bank of America Corp lawyers knew as early as January that American International Group Inc was prepared to sue the bank for more than $10 billion, seven months before the lawsuit was filed, according to sources familiar with the matter...Bank of America shares fell more than 20 percent on August 8, the day the lawsuit was filed, adding to worries about the stability of the largest U.S. bank. It wasn't until Warren Buffett stepped up with a $5 billion investment that those fears were eased, though hardly eliminated...The bank made no mention of the lawsuit threat in a quarterly regulatory filing with the U.S. Securities and Exchange Commission just four days earlier. Nor did management discuss it on conference calls about quarterly results and other pending legal claims.

The SEC's rules for litigation disclosure are murky, and some lawyers said Bank of America may have been justified in not revealing AIG's lawsuit before it was filed. The bank's litigation disclosures are in line with those of many rivals. But other lawyers said banks have an obligation to disclose legal threats that could have major consequences..."Publicly owned companies are supposed to disclose material threatened litigation under generally accepted accounting principles," said Richard Rowe, a former director of the SEC's Division of Corporation Finance, who was commenting generally and not specifically about Bank of America.

Rowe, now a partner in the Washington, D.C., office of law firm Proskauer Rose, said bank executives must make a "judgment call" as to what is material, but "the general rule is, if it's threatened litigation and it's material, and you can put a number on it, you should disclose it."...AIG's lawsuit shows why investors are so fearful: they have no idea how much litigation lurks behind closed doors. "Management surely has a credibility problem with investors," said Jonathan Finger, whose Finger Interests Number One Ltd in Houston owns Bank of America shares. "They continue to under-address or under-disclose on the mortgage issue."...Finger in 2009 sued the bank over its disclosures related to the takeover of Merrill Lynch & Co.



SEC staff have this year advised banks including Bank of America, JPMorgan Chase & Co, Citigroup Inc, Wells Fargo & Co, Goldman Sachs Group Inc, and Morgan Stanley to disclose more information about lawsuits that have been filed, as well as legal proceedings that they know the government is considering....Banks have responded by providing additional information, including legal loss estimates in some cases. But the agency has given banks more leeway in disclosing the expected cost of early-stage litigation, or threats of litigation whose outcome is more difficult to predict, according to securities lawyers and current and former regulatory officials...There are two standards for disclosing legal liabilities. One under banks' legal proceedings relies on whether losses are "reasonably probable" and "reasonably estimable." Another, under management's discussion and analysis, is based on whether losses are "reasonably possible." Disclosure relies heavily on management's assessment of the merits of a case. Companies might need to disclose large potential lawsuits, even if they believe a loss is improbable, as well as less consequential cases if a loss appears certain, said Meredith Cross, director of the agency's Division of Corporation Finance, in an interview with Reuters about the SEC's disclosure requirements. "The goal has been to have better disclosures, which should result in fewer surprises," said Cross, who was speaking generally and not commenting on any specific institution...Legal experts say it is difficult for top bank executives to decide exactly what they have to disclose in relation to pending and potential legal matters. That is particularly true in the current environment, they said, in which confidence in large banks is so easily shaken by legal threats that may or may not have merit.

LOTS MORE AT LINK

[Demeter]

7. Whistleblower sets sights on BNY Mellon

Harry Markopolos seeks to expose allegedly deceptive foreign currency exchange practices at the New York bank and Boston-based State Street

Read more >>
http://link.ft.com/r/4RNQTT/FKI6JL/LSLXF/9Z2UKM/MSR8PU/LE/t?a1=2011&a2=8&a3=31

[Demeter]

8. Dispute over control of $65bn Libya fund

A dispute has erupted over control of Libya’s $65bn sovereign wealth fund, as the national transitional council attempts to maintain stability in the oil-rich nation

Read more >>
http://link.ft.com/r/R5WAEE/4CAFI2/1O51V/6V0N5O/QNP0IN/36/t?a1=2011&a2=8&a3=30

[Festivito]

9. Debt: 08/29/2011 14,624,792,689,793.86 (DOWN 29,035,503,123.49) (Mon, DOWN a little.)

(UNDER the new 2011 debt limit of 14.694-trillion dollars by 330.793-billion dollars. Good day.)
I have a new tooth.
(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)
= 9,989,974,192,571.08 + 4,634,818,497,222.78
DOWN 73,220,970.90 + DOWN 28,962,282,152.59

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 $3,197.17 makes 1T$.
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 312,776,192 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $46,758.01.
A family of three owes $140,274.03. (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 12,837,427,436.28.
The average for the last 30 days would be 9,414,113,453.27.
The average for the last 31 days would be 9,110,432,374.14.
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$/day.
There were 226 reports in 333 days of FY2011 averaging 4.70B$ per report, 3.19B$/day.
Above line should be okay

PROJECTION:
There are 510 days remaining in this Obama 1st term.
By that time the debt could be between 15.3 and 19.3T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
08/29/2011 14,624,792,689,793.86 BHO (UP 3,997,915,640,880.78 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 +1,063,169,658,902.10 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,165,336,112,610.41 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 ------------*********
08/29/2011 -000,073,220,970.90 ---- Mon

74,458,245,868.01 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=4978495&mesg_id=4978526

[Festivito]

77. Debt: 08/30/2011 14,622,644,937,576.90 (DOWN 2,147,752,216.96) (Tue, UP a little.)

(UNDER the new 2011 debt limit of 14.694-trillion dollars by 328.645-billion dollars. Good day.)
An actual problem on the job. Fibers, fibers everywhere.
(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)
= 9,990,126,772,846.86 + 4,632,518,164,730.04
UP 152,580,275.78 + DOWN 2,300,332,492.74

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 $3,197.10 makes 1T$.
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 312,783,392 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 $46,750.07.
A family of three owes $140,250.2. (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 12,185,897,886.14.
The average for the last 30 days would be 9,342,521,712.71.
The average for the last 32 days would be 8,758,614,105.67.
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$/day.
There were 227 reports in 334 days of FY2011 averaging 4.67B$ per report, 3.18B$/day.
Above line should be okay

PROJECTION:
There are 509 days remaining in this Obama 1st term.
By that time the debt could be between 15.3 and 19.1T$.
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)
08/30/2011 14,622,644,937,576.90 BHO (UP 3,995,767,888,663.82 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 +1,061,021,906,685.20 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,159,499,987,844.61 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 ------------*********
08/29/2011 -000,073,220,970.90 ---- Mon
08/30/2011 +000,152,580,275.78 ------------********

74,180,960,109.05 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=4979817&mesg_id=4979833

[Demeter]

10. U.S. Elites Begin To Confront The Paper Dollar

http://www.forbes.com/sites/ralphbenko/2011/08/29/u-s-elites-begin-to-confront-the-paper-dollar/

There is nowhere left to hide. America’s governing elites begin to internalize the magnitude of their failure to generate jobs. CBO now predicts worse than 8% unemployment until 2014. America begins to engage, seriously, with the implications of the faltering dollar and reconsider the appeal of the gold standard. From The New Yorker to The National Interest to The Washington Monthly to The Nixon Foundation, thoughts turn to gold.

The New Yorker’s August 29 Market Watch, by Talk of the Town deputy editor Nick Paumgarten, celebrated the 40th anniversary of the abandonment of gold and the experiment begun with the paper dollar standard. The tone? “Don’t let the door hit you, Paper Dollar, Jr., on the way out.”

Forty, as anyone who has turned it can attest, is, at best, an occasion for ambivalence and, at worst, a bracing peek over the top of the hill. For its four-decade birthday, last week, Paper Dollar, Jr., was confettied with grim statistics and hooted anew by goldbugs and critics of the Fed. The slide show of P.D., Jr.,’s life, to be sure, features some ugly bits — inflation, recession, rising unemployment, harmful speculations, ballooning debt. The regime of which the dollar is the centerpiece, in its role as the world’s reserve currency, is now teetering. It is a shadow of itself. Stooped and arthritic, it smells of mothballs and can no longer afford its beloved Swiss chocolates. It keeps forgetting our names and getting lost on the way home. Still, the average life expectancy for a fiat currency is twenty-seven years; so, by that measure, the greenback has had a good run.

The “average life expectancy for a fiat currency is twenty-seven years; so, by that measure, the greenback has had a good run.” Bye-bye, fiat dollar. Hello, gold? ...This may be less surprising than it appears. In 2000 The New Yorker’s erudite John Cassidy praised Hayek as the economist of the 20th Century, coupled with words of praise for Hayek’s mentor, the pro-gold von Mises. The New Yorker: decennial beacon of sanity?

Meanwhile, at The National Interest‘s September-October issue, Barry Eichengreen provides a lengthy, thoughtful, and perplexed, “A Critique of Pure Gold.” Eichengreen is one of the most respected students of the status of the dollar, author of the Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System, as well, of course, of Golden Fetters: The Gold Standard and the Great Depression. He observes:

GOLD IS back, what with libertarians the country over looking to force the government out of the business of monetary-policy making. How? Well, by bringing back the gold standard of course.

There’s no better place to see just how real this oddball proposal is than in Iowa, with its caucuses just a few months away. In June, prospective voters were entertained not just by the candidates but also by the spectacle of an eighteen-day, multicity bus tour cosponsored by the Iowa Tea Party and American Principles in Action, or APIA. (The bus was actually a giant RV with a banner on the side featuring images of the U.S. Constitution, the American flag and the web address www.teapartybustour.com.) APIA is the nonprofit 501(c)(4) arm of the American Principles Project, the parent group of Gold Standard 2012. ….The financial crisis's very occurrence seemingly validated the arguments of those like Rep. Ron Paul who had long insisted that the economic superstructure was, as a result of government interference and fiat money, inherently unstable. Chicken Little becomes an oracle on those rare occasions when the sky actually does fall.

More than that, the period leading up to the crisis displayed a number of specific characteristics associated with the Austrian theory of the business cycle. … But the longer the asset-price inflation in question is allowed to run, the more likely it becomes that the stock of sound investment projects is depleted and that significant amounts of finance come to be allocated in unsound ways. At some point, inevitably, those unsound investments are revealed as such. Euphoria then gives way to panic. Leveraging gives way to deleveraging. The entire financial edifice comes crashing down.

[Demeter]

13. Copper Thieves Leave I-95 In Palm Beach Co. In The Dark

http://miami.cbslocal.com/2011/08/29/copper-thieves-leave-i-95-in-palm-beach-co-in-the-dark/

...Thieves are breaking into the bases of light poles along I-95 in Miami-Dade and Palm Beach Counties, trying to get at the valuable copper inside. “They’re definitely doing it to sell the wire and make a profit and it’s unfortunate because it is causing a safety issue on the highways,” said Meredith Cruz with the Florida Department of Transportation. In the last 4 to 6 months thieves have stolen copper wire from 100 lights in Palm Beach County, leaving drivers in the dark for 33 miles. In all they took more than 175 thousand feet of copper wiring.

Miami-Dade has also been targeted. In the last year alone, 30 lights on the stretch of I-95 between NW30th and 79th streets have been vandalized for copper...

Tuesday morning in Palm Beach, a Hialeah-based company will begin installing anti-theft devices on the light poles that were targeted. Next week another company will start replacing the wiring. The Florida Highway Patrol is asking for your help, if you see a driver stopped near a light pole on I-95 give them a call right away so they can check it out.

The Institute of Scrap Recycling Industries has set up a website where law enforcement authorities in the United States and Canada can report thefts. The information is relayed to recycling plants within 100 miles of the incident.

[bread_and_roses]

26. No legitimate jobs = black market/shadow economy/scavenging

Yes, we have always had thieves among us, and always will. But scavenging metals has become a big problem all over the US, from what I've been reading the last few years. What next - children scavenging the dumps for a pot to piss in or something to eat/sell/barter/wear?

[xchrom]

14. good morning all

:donut:

[Demeter]

15. Children's School Lunch Price Rises (uk), Sparking Fears Over Health

http://www.huffingtonpost.co.uk/2011/08/29/fear-for-childrens-access-to-healthier-meals_n_940100.html

Children will have to pay up to 17 per cent more for their school dinners this year compared to last year, a survey has found.

Consumer watchdog Which? also said the quality of school meals needs to improve to encourage more children to eat them and keep costs down after finding that the price is rising in two-thirds of schools across the country in the coming term.

This is leading to concern that it could start to undo the progress made in recent years towards improving children's access to healthier meals.

The research found that parents would rather give their children packed lunches as they believe them to be cheaper, and because their children do not like the food on offer at schools.

[xchrom]

16. south asia: Economy grows 7.7% in Q1, slowest in 6 quarters

http://timesofindia.indiatimes.com/business/india-business/Economy-grows-7-7-in-Q1-slowest-in-6-quarters/articleshow/9803788.cms

NEW DELHI: The Indian economy expanded at its slowest pace in six quarters as the impact of rising interest rates, high inflation and global uncertainty took its toll and economists said they expect further moderation in the quarters ahead as economic woes continue in large areas of the developed economies.

But while growth has moderated, India is still one of the fastest growing economies in the world. This is the second successive quarter when growth has slowed below the 8% mark but still remains robust compared to other global economies.

Data released by the Central Statistics Office on Tuesday showed growth in the April-June quarter of the current financial year stood at 7.7% compared to 8.8% in the same year-ago period. In the January-March quarter, the economy expanded 7.8%.

Finance minister Pranab Mukherjee said the data was disappointing but called for more hard work for robust expansion. "There is no room for complacency. We shall have to work hard, government, industry and I am confident that our workers and farmers will contribute and ensure growth with inclusion, Mukherjee told reporters.

[xchrom]

21. Only 2.77 per cent of India's population pay income tax

http://economictimes.indiatimes.com/news/economy/finance/only-2-77-per-cent-of-indias-population-pay-income-tax/articleshow/9809144.cms

NEW DELHI: Just 2.77 per cent of India's 1.21 billion people pay personal income tax, official data showed.

"The number of effective tax payers as on March 31, 2011 was 3,35,79,831 (33.57 million)," Minister of State for Finance S.S. Palanimanickam said in a written reply to a question in the Rajya Sabha Tuesday.

This is just 2.77 per cent of over 121 crore or 1.21 billion population of the country,

The amount of direct tax collection rose to Rs.446,070 crore in 2010-11 from Rs.378,063 crore in the previous year, the minister said.

[Demeter]

17. A Tip for Joe the Machinist: Watch Your Back

TOO SAD FOR WORDS...

http://www.otherwords.org/articles/a_tip_for_joe_the_machinist_watch_your_back

[Po_d Mainiac]

30. more

The Booz analysts want America's Joe the machinists to swallow ever lower paychecks to help their U.S. corporate employers "keep up with intense competition" from elsewhere in the world. Yet they demand no similar sacrifice from U.S. corporate executives.

That makes no sense, particularly for analysts who are arguing we must "narrow the gap" between exorbitant pay and actual "market value." U.S. CEOs currently take home far more than the global "market" rate for executive talent.

snip

Corporate America, in other words, needs some serious "labor cost retooling" at the top — before gutting pay for its most experienced and skilled workers at the bottom.

[AnneD]

65. Why is it .....

that the law of supply and demand in the market place only apply to widgets and not labor. As a Nurse during one of the worst . Until worker are seen as wealth producing instead of a liability....this fallacy will continue to be hawked as smart corp. leadership. I think workers need to start having more say and control of the means of production because frankly, I don't see any leadership coming out of these modern schools of business. If I were just coming out of college, I would be trying to start my own business instead of relying on corp. America.

[xchrom]

18. Some US firms paid more to CEOs than taxes: Study

http://economictimes.indiatimes.com/news/international-business/some-us-firms-paid-more-to-ceos-than-taxes-study/articleshow/9806846.cms

WASHINGTON: Twenty-five of the 100 highest paid U.S. CEOs earned more last year than their companies paid in federal income tax, a pay study said on Wednesday.

It also found many of the companies spent more on lobbying than they did on taxes.

At a time when lawmakers are facing tough choices in a quest to slash the national debt, the report from the Institute for Policy Studies (IPS), a left-leaning Washington think tank, quickly hit a nerve.

After reading it, Democratic Representative Elijah Cummings, ranking member of the Committee on Oversight and Government Reform, called for hearings on executive compensation.

[xchrom]

20. World stocks rise, but set for sharp monthly fall

http://economictimes.indiatimes.com/markets/global-markets/world-stocks-rise-but-set-for-sharp-monthly-fall/articleshow/9808939.cms

LONDON: World stocks rose for the fourth session in a row on Wednesday on hopes the U.S. Federal Reserve will ride to the economy's rescue with another stimulus package, though global shares were still set to post their biggest monthly drop in 15 months.

Copper prices also rose while the dollar slipped against the Swiss franc and the yen.

Gold, bolstered during August by safe-haven buying, eased 0.1 percent. However, it was poised to post its biggest monthly rise since November 2009.

Yields on 10-year U.S. Treasuries and German Bunds also fell sharply this month, with the Treasury yields down more than 21 percent -- heading to their biggest monthly percentage drop since December 2008.

[xchrom]

22. asia: China yuan debt downgrade likely: Fitch Ratings

http://economictimes.indiatimes.com/markets/forex/china-yuan-debt-downgrade-likely-fitch-ratings/articleshow/9796110.cms

BEIJING: China faces a "better than even chance" of a another downgrade to its local currency debt rating due to rising defaults and high inflation following a credit binge, Fitch Ratings said Tuesday.

Fitch also warned Chinese policymakers would face a dilemma over how to respond to another global downturn, with rising consumer prices and bad debts preventing a repeat of the massive stimulus launched nearly three years ago.

In April, Fitch downgraded its outlook on China's local currency rating from "stable" to "negative" on concerns over a huge rise in potentially destabilising debt since the end of 2008.

Fitch's rating for China's yuan-denominated debt currently stands at "AA-", four notches below its top classification.

[xchrom]

64. Jobless rate up for second month in July {japan}

http://search.japantimes.co.jp/cgi-bin/nb20110831n1.html

The unemployment rate rose to 4.7 percent in July from 4.6 percent in June for the second straight month of deterioration amid the continuing aftermath of the March quake and tsunami, the government said Tuesday.

The number of jobless stood at 2.92 million, down 230,000 from a year earlier for the 14th consecutive down month, the Internal Affairs and Communications Ministry said in a preliminary report.

The jobless rate excludes data from the three prefectures hit hardest by the March disaster — Iwate, Miyagi and Fukushima — because of difficulty conducting the survey there.

The number of employed came to 59.73 million, down 200,000 from July 2010 for the first year-on-year decline in four months. It represented a decrease from 60.02 million in June.

[xchrom]

23. europe: Europe funds flee equities, embrace cash

http://economictimes.indiatimes.com/markets/global-markets/europe-funds-flee-equities-embrace-cash/articleshow/9809990.cms

LONDON: European investors slashed equities and sharply raised cash holdings in August after concerns about global economic recession triggered explosive swings in global financial markets, a Reuters poll showed on Wednesday.

The survey of 17 Europe-based asset management firms outside Britain showed historically sharp asset allocation changes as fund managers sought to protect their portfolio during the month that saw world stocks post their biggest weekly loss since November 2008.

A typical balanced portfolio held 41.2 per cent of equities in August, the lowest in at least a year and down from 47.0 per cent in July. Participants have cut equities for six months out of eight this year.

The result was exaggerated by one firm removing stocks completely from its portfolio in what it said was a short-term measure to shield its assets from equity risk.

[Demeter]

24. Effects Of Corruption On The Markets By Barry Ritholtz VIDEO

http://www.ritholtz.com/blog/2011/08/ritholtz-the-effect-of-corruption-on-the-markets/

[xchrom]

25. The Federal Reserve Debates Tools to Combat Slowdown

http://www.theatlantic.com/business/archive/2011/08/the-federal-reserve-debates-tools-to-combat-slowdown/244349/

When the Federal Reserve chose to try to stimulate the economy with its words earlier this month, the market wasn't impressed. The Fed attempted to provide investors more certainty on interest rates, saying they would remain near zero through mid-2013. But the market wanted some more tangible action, like another round of asset purchases. In the Fed's detailed August meeting minutes, we get a glimpse of how this and other tools were considered. The discussion provides a preview of how the Fed might intervene if the economy continues to struggle.

Tool #1: The Time-Based Language Tweak (what the Fed chose)

As its August 9th statement indicated, the Federal Reserve intends to leave interest rates near zero not just for a vague extended period, but through mid-2013. By providing this specificity, the Fed hopes to prevent rates from creeping up if some in the market expect them to rise sooner than the Fed might prefer.

But the Fed clarified something key about its intentions here: they aren't written in stone. The minutes say:

Most members, however, agreed that stating a conditional expectation for the level of the federal funds rate through mid-2013 provided useful guidance to the public, with some noting that such an indication did not remove the Committee's flexibility to adjust the policy rate earlier or later if economic conditions do not evolve as the Committee currently expects. (my emphasis)

In some sense, this weakens the impact of this language change. Prior to August 9th, the market knew that interest rates were going to remain very low until the economy picked up and the Fed decided that it was time to raise them. This understanding doesn't appear to have changed. But now we have a timeline for how long the Fed expects that the economy will remain too weak to accommodate an interest rate hike. The Fed does not appear committed to the mid-2013 date if conditions evolve in unexpected ways.

[xchrom]

28. Gold surge draws prospectors, thieves worldwide

http://www.reuters.com/article/2011/08/31/us-gold-people-idUSTRE77U0UT20110831

(Reuters) - It has been called the saint-seducing metal, with good reason.

As the price of gold rests near record highs, people from Spokane to Bangkok are selling jewelry or buying bullion, some are giving up steady jobs to take to panning while theft of gold chains and watches is on the rise worldwide.

"Panning for gold is becoming a real family affair, more popular now because of the gold price," says Cordell Kent, who sells do-it-yourself mining equipment in the 19th century Australian gold rush town of Ballarat.

"Some people I know are making hundreds, even thousands of dollars on the weekends."

[Demeter]

35. Sounds like more fun than throwing papers

I don't believe anyone ever found gold in Michigan, though. Lots of everything else, but no precious metals...

I stand corrected:

Michigan Gold panning and Prospecting

http://www.goldfeverprospecting.com/migopaandpr.html

Gold was first discovered in the upper peninsula in 1845, but placer gold has been found in numerous creeks and rivers in both the upper and lower peninsulas since.

Gold primarily occurs in three different geologic settings in Michigan: 1.) bedrock, 2.) sediments erroded from bedrock by glaciation, and 3.) in stream gravels. The most significant commercially viable claims have been made north of Ishpeming.

Placer Deposits

A placer deposit is a concentration of a natural material that has accumulated in unconsolidated sediments of a stream bed, beach, or residual deposit. Gold derived by weathering or other process from lode deposits is likely to accumulate in placer deposits because of its weight and resistance to corrosion. In addition, its characteristically sun-yellow color makes it easily and quickly recognizable even in very small quantities.

The gold pan or miner's pan is a shallow sheet-iron vessel with sloping sides and flat bottom used to wash gold-bearing gravel or other material containing heavy minerals. The process of washing material in a pan, referred to as "panning," is the simplest, most commonly used, and least expensive method for a prospector to separate gold from the silt, sand, and gravel of the stream deposits. It is a tedious, back-breaking job and only with practice does one become proficient in the operation. Thankfully, technology finally caught up with our gold fever and brought us metal detectors!

Placer gold has been found in the following counties: Marquette, Allegan, Antrim, Baldwin, Cadillac, Cass, Charlevoix, Emmet, Montcalm, Manistee, Muskegon, Newaygo, Oceana, Okland, Ontonagon, Wexford, and White Cloud. However, it is very likely that more gold will be discovered in others with a renewed interest in prospecting and better technologies. Well-known locations will continue to provide vast amounts of recoverable gold in streams with considerable water flow and / or exposed bedrock.

As always, ask for permission before detecting / panning on private property. However, the Manistee National Forest may allow recreational gold prospecting along many streams which show good potential. Contact district rangers for more info.

[Demeter]

37. NOW you've done it! I've got it

Clint Eastwood - Gold Fever - Paint your Wagon (1969)

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

That was a funny film, quite a remake of the Broadway show. Eastwood as the ingénue was the funniest part.

[xchrom]

45. love it! & i loved the movie didn't get to see it on broadway. nt

[Tansy_Gold]

54. My back yard

http://en.wikipedia.org/wiki/Lost_Dutchman%27s_Gold_Mine

[Ghost Dog]

72. Go for it at the weekend!

(And, don't forget silver (la plata)).

[xchrom]

29. Planned layoffs decline in August: Challenger

http://www.reuters.com/article/2011/08/31/us-usa-economy-jobs-challenger-idUSTRE77U1UY20110831

(Reuters) - The number of planned layoffs at U.S. firms declined 23 percent in August after rising for three straight months, with the government sector again leading the job cuts, a report showed on Wednesday.

Employers announced 51,114 planned job cuts, down from 66,414 in July, according to the report from consultants Challenger, Gray & Christmas, Inc. Planned cuts in July had marked a 16-month high.

"In August, the private sector once again took a backseat to the government sector, which saw job cuts surge to the second highest monthly total this year," John Challenger, chief executive officer of Challenger, Gray & Christmas, said in a statement.

But July's planned job cuts were up 47 percent from August 2010, when they were at 34,768. For 2011 so far, employers have announced 363,334 cuts, somewhat better than the 374,121 cuts announced in the first eight months of 2010.

[Demeter]

36. The next step is shut down and move to China

or just shut down entirely.

[Demeter]

40. Don’t Expect an Economic Miracle

http://news.yahoo.com/don-t-expect-economic-miracle-002100629.html

After months of bleeding economic advisers, President Obama just nominated Princeton economics professor Alan Krueger to be the chairman of the Council of Economic Advisers. Krueger is no stranger to the Obama administration, having served as assistant secretary of the Treasury until late last year, when he returned to Princeton in order to retain his tenured status. In the 1990s, Krueger also did a stint as the chief economist of President Clinton’s Labor Department, then headed by Robert Reich.

Give that the 2012 election is likely to hinge almost entirely on matters economic, the ability of the Obama administration to respond, or at the very least to be seen as responding, to chronic weak employment and static growth will be the key determinant of who wins the White House and the Congress. The policies launched by the Obama team in 2009 may have stanched the worst of the financial crisis, but they did little to convince many Americans that the White House has a coherent plan for the future. With the departure of the architects of those initial policies—Larry Summers, Christina Romer, Peter Orszag, and Austan Goolsbee especially—the appointment of Krueger has particular weight just now. The question, of course, is whether he can do anything to steer the administration on a course likely to generate jobs and electoral support. The answer, for now, looks like no...

AND SEE THIS FROM YESTERDAY:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4979390

[Demeter]

41. FEMA chief: Aid won't be hindered by money issues TAKE THAT, CANTOR!

NICE TO KNOW THERE'S A VESTIGIAL SPINE SOMEWHERE IN THIS ADMINISTRATION...

http://news.yahoo.com/fema-chief-aid-wont-hindered-money-issues-112148525.html

The head of the federal disaster assistance agency says recovery efforts in the wake of Hurricane Irene will proceed regardless of a dwindling emergency fund.

Federal Emergency Management Agency administrator Craig Fugate tells CBS's "The Early Show" a drawdown in assistance funds will have no negative impact on the agency's efforts to help stricken Eastern Seaboard states.

Fugate says "we're going to do what we're supposed to do." He says FEMA "will work with the White House on funds needed to recover from this and other disasters." The agency has less than $800 million left in its disaster coffers.

Fugate says FEMA's current focus is on Hurricane Irene recovery efforts and says it must also gird for any new disasters.

[Demeter]

42. White House could unveil mortgage plan next week

AND THEN AGAIN....

http://news.yahoo.com/white-house-could-unveil-mortgage-plan-next-week-024447502.html

The Obama administration is considering unveiling new plans next week to revive the ailing housing market and reduce foreclosures, including an effort to help troubled borrowers refinance their mortgages...The refinancing initiative would allow certain borrowers to refinance loans that are backed by government-owned Fannie Mae and Freddie Mac or the Federal Housing Administration, the sources said...A broad-based effort to automatically refinance millions of mortgages is not in the works, yet the administration is looking to take targeted changes to an existing program that would allow more borrowers to take advantage of low mortgage rates, including allowing borrowers to refinance even if they owe a significant amount above their property's current value. The idea is to help struggling borrowers refinance at current low interest rates, which would cut their monthly payments and free up cash for other spending. The hope is that this could drum up overall business activity...The average rate on a 30-year fixed loan was 4.22 percent last week, close to the lowest level in more than 50 years, according to Freddie Mac...Fannie Mae, Freddie Mac and the FHA, which together account for 90 percent of the U.S. residential mortgage market, would be given permission to begin refinancing plans for borrowers that are current on their mortgage payments and not considered seriously delinquent, according to the sources...While the administration is under pressure to firm up the details, it is not yet clear whether borrowers seeking to take out a loan that is more than 80 percent of the value of the home would qualify for refinancing. The White House has kept the specifics of the refinancing plan closely guarded as it attempts to work out the details. White House officials had long been wary of trying aggressive new programs to revive the housing market. The prevailing view at the White House over much of the last two years was that any remedies would cause at least as many problems as they solved....

...Christina Romer, a former top economic adviser to Obama, said that compared to other measures to address the economy's woes, a housing-specific program could be expensive. She noted that homeowners tend to be wealthier than the general population so such programs would not be targeted to people most in need. "A bold jobs program might be just as effective and better targeted to those who need help the most. Also, healing the economy is as likely to heal the housing market as programs aimed directly at housing," said Romer, a professor at the University of California, Berkeley....


...The loudest objections are being registered by holders of mortgage bonds, who would take a hit if loans are paid off early. Some fund managers have loaded up on agency mortgage-backed securities, those bonds backed by mortgages guaranteed by Fannie Mae, Freddie Mac and the Government National Mortgage Association, because they offer higher yields than U.S. Treasuries...Last week, the $5.4 trillion agency MBS market recorded one of its worst weeks in a year as traders dumped mortgage bonds out of concern the White House would put forward a plan that would shoulder them with losses...Some investors say the economic benefit of a government-encouraged refinancing wave would be minimal. "It's a political hail Mary. It's unclear why they want to throw a monkey wrench into a $5 trillion market," said John Kerschner, head of securitized products at Janus Capital Group in Denver. He said the net benefits for the economy are negligible, perhaps adding $20 billion to $30 billion "at best" to the U.S. economy....

[Demeter]

49. The regulator who could block mortgage refi plan

http://www.marketwatch.com/story/the-regulator-who-could-block-mortgage-refi-plan-2011-08-31?siteid=YAHOOB

A possible White House effort to kick-start the moribund housing market, and create a major backdoor stimulus to boost consumer spending, may be undercut by the regulator for government-seized housing giants Fannie Mae and Freddie Mac...

Glenn Hubbard, dean of the School of Business at Columbia University, tells MarketWatch's Greg Robb that if mortgage owners could refinance their loans it would be the equivalent of a $70 billion tax break. Millions of homeowners who owe significantly more than their homes are worth currently can’t refinance, but could be permitted to use such a program to refinance to current low mortgage interest rates, which are currently just north of 4%. Glenn Hubbard, a former top economic advisor to President George W. Bush, said he presented such a refi plan to the White House. According to Hubbard, an estimated 37 million borrowers could save $84 billion a year, a large chunk of which would be injected into the economy.

However, for the White House to propose such an approach it would need the Federal Housing Finance Agency, an independent regulator which oversees Fannie Mae and Freddie Mac, to implement it.

That may be difficult, regulatory onlookers say, because FHFA’s acting chief Edward DeMarco has sought to limit costs of the two firms to taxpayers and that such a program would likely hike taxpayer expenditures. DeMarco became acting head of the agency in 2009 and has had worked at the agency and its predecessor since 2006 during the Bush administration. Fannie and Freddie own roughly $1.4 trillion in mortgages and mortgage-backed securities, as of June, according to the agency. “DeMarco might not want to do it so, the question is, can the White House require him and FHFA to do it?” asked Michael Stegman, director of policy and housing at the The John D. and Catherine T. MacArthur Foundation. “If DeMarco sees that the program would result in losing money and reducing revenues, he may say we’re better off where we are and not go through this.”

Analysts contend that the plan would result in a significant reduction in revenue for Fannie and Freddie, though backers say the lower interest rate will also result in some savings for Fannie and Freddie, from lower default rates and fewer foreclosures. Already the two firms have cost taxpayers some $130 billion.


...The White House’s nominee to head the FHFA, North Carolina’s banking commissioner Joseph Smith, withdrew his candidacy after Senate Republicans expressed opposition....

[Demeter]

51. Memo to Ezra Klein: Doing Something Stupid Isn’t Smart

http://www.nakedcapitalism.com/2011/08/memo-to-ezra-klein-doing-something-stupid-isnt-smart.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29

The Administration appears to be gearing up to try to Do Something on the housing and general economy front. Readers have no doubt wised up to the fact that Doing Something, Obama Administration version, generally consists (at best) of largely cosmetic measures accompanied by lots of handwaving. The latest sightings include yet another effort to push the 50 state attorney general settlement over the line by the phony deadline of Labor Day and more chatter among by members of the Democratic hackocracy in favor of an expanded Fannie/Freddie refi program as a way to fix the housing market. That idea appears to be moving front burner, since Baghdad Bob Ezra Klein has decided to weigh in.

Adam Levitin did such an effective takedown that it obviated the need for yours truly to say anything. On August 25, Levitin, in “Financing Malarkey,” http://www.creditslips.org/creditslips/2011/08/refinancing-malarkey.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+creditslips%2Ffeed+%28Credit+Slips%29 said:

It looks like the Obama Administration is about to endorse some version of the Hubbard-Mayer plan of letting everyone (or at least everyone with an agency mortgage) refinance at today’s low rates, regardless of whether they are delinquent or underwater… I fail to see how such a plan will accomplish much.

The ability to refinance depends heavily on whether a homeowner is current and has equity. Consider, then, the impact on the 4 categories of homeowners under this rubric:

(1) Borrowers who are current and have equity. Refinancing is always possibly for anyone who is current and has sufficient equity in their home. That’s a lot of existing borrowers for whom a new refi program does nothing.

(2) Borrowers who are current but lack equity. There is also a large pool of borrowers who are current, but have insufficient equity or negative equity for a refinancing. A new refi program probably doesn’t do much for them either. It doesn’t take very much equity to do a FHA refinancing, but putting that aside, the Home Affordable Refinancing Program (HARP) allows for negative equity refinancings. There haven’t been a lot of them, however, and I think that bodes poorly for any new program. The closing costs for refinancings can be a major obstacle for households without a lot of extra cash sitting around and with uncertainty as to whether they’ll stay in an underwater house long enough for the lower rates to make the refinancing worthwhile.

(3) Borrowers who are delinquent, but have equity. These borrowers can already get out of the house via a sale. In any case, most of these borrowers are seriously delinquent, not just 1 or 2 months delinquent. Lower monthly mortgage payments aren’t going to do a thing to change their delinquency or the pending foreclosure.

(4) Borrowers who are delinquent and lack equity. As with delinquent borrowers who have equity, most of these borrowers are seriously delinquent, not just 1 or 2 months delinquent. Lower monthly mortgage payments aren’t going to do a thing to change their delinquency or the pending foreclosure.

So in the end, it’s really not clear who this would help.

Chris Matthews objected in comments to Levitin’s post, which led to a second response by Levitin, which was that he still thought the proposal was lame, in that it didn’t do a very good job either as economic stimulus or as a sop to the housing market (although one can imagine that this is what the Administration is left with in the stimulus category, having signed up so enthusiastically for deficit reduction at a time when that is guaranteed to increase deflationary pressures).

And there is a rather large fly in the ointment, as Klein himself has acknowledged, that any bank that does a refi would expose itself to any rep and warranty liability on the original mortgage. That would seem to make the program a non-starter...Earth to base: implementing weak and ineffective polices DOES have a cost, which is that it takes political capital and keeps a bad status quo intact. Remedies of this sort then lead to “well we need to see how this works” arguments that then delay more effective measures from being implemented Even worse, they also serve to feed the false perception that nothing will work. Notice how the stimulus program at the beginning of the Obama administration, which pretty much every reputable economist said was too small to do much, is now being used to argue that stimulus doesn’t work? Yet another at best not-very-effective housing market remedy will serve to cement beliefs that government intervention won’t work, when that is the only possible route out of a massive private market failure.

[Demeter]

43. Profits Before Environment By MARK BITTMAN

http://opinionator.blogs.nytimes.com/2011/08/30/profits-before-environment/

I wasn’t surprised when the administration of George W. Bush sacrificed the environment for corporate profits. But when the same thing happens under a Democratic administration, it’s depressing. With little or no public input, policies that benefit corporations regardless of the consequences continue to be enacted.

No wonder an April 2010 poll from the Pew Research Center found that about only 20 percent of Americans have faith in the government (it’s one thing upon which the left and right and maybe even the center agree). But maybe this is nothing new: as Glenda Farrell, as Genevieve “Gen” Larkin, put it in “Gold Diggers of 1937,” “It’s so hard to be good under the capitalistic system.”

But is anyone in power even trying? Last winter, the Department of Agriculture deregulated Monsanto’s genetically modified alfalfa, despite concerns about cross-pollination of non-genetically modified crops. It then defied a court order banning the planting of genetically modified sugar beets pending completion of an environmental impact study...

[Demeter]

46. The New Resentment of the Poor

THIS ISN'T NEW--IT'S JUST CROSSED THE RACIAL BARRIER, NOW THAT SO MANY FORMERLY COMFORTABLE WHITE FOLK HAVE FALLEN OUT OF THE MIDDLE CLASS...

http://www.nytimes.com/2011/08/31/opinion/the-new-resentment-of-the-poor.html

In a decade of frenzied tax-cutting for the rich, the Republican Party just happened to lower tax rates for the poor, as well. Now several of the party’s most prominent presidential candidates and lawmakers want to correct that oversight and raise taxes on the poor and the working class, while protecting the rich, of course.

These Republican leaders, who think nothing of widening tax loopholes for corporations and multimillion-dollar estates, are offended by the idea that people making less than $40,000 might benefit from the progressive tax code. They are infuriated by the earned income tax credit (the pride of Ronald Reagan), which has become the biggest and most effective antipoverty program by giving working families thousands of dollars a year in tax refunds. They scoff at continuing President Obama’s payroll tax cut, which is tilted toward low- and middle-income workers and expires in December.

Until fairly recently, Republicans, at least, have been fairly consistent in their position that tax cuts should benefit everyone. Though the Bush tax cuts were primarily for the rich, they did lower rates for almost all taxpayers, providing a veneer of egalitarianism. Then the recession pushed down incomes severely, many below the minimum income tax level, and the stimulus act lowered that level further with new tax cuts. The number of families not paying income tax has risen from about 30 percent before the recession to about half, and, suddenly, Republicans have a new tool to stoke class resentment.

Representative Michele Bachmann noted recently that 47 percent of Americans do not pay federal income tax; all of them, she said, should pay something because they benefit from parks, roads and national security. (Interesting that she acknowledged government has a purpose.) Gov. Rick Perry, in the announcement of his candidacy, said he was dismayed at the “injustice” that nearly half of Americans do not pay income tax. Jon Huntsman Jr., up to now the most reasonable in the Republican presidential field, said not enough Americans pay tax....

TRYING TO UNDERSTAND REPUBLICANS IS LIKE TRYING TO SOLVE A JIGSAW PUZZLE MADE UP OF RANDOM PIECES FROM MULTIPLE SOURCES, SOME OF WHICH ARE STILL MISSING...

[Ghost Dog]

75. Here in Europe there's a movement among the wealthy seeking to pay more taxes,

or a similar ('temporary', natch) levy, before the whole house of cards falls apart.

eg: http://www.guardian.co.uk/world/2011/aug/29/tax-us-more-say-wealthy-europeans
http://www.670kboi.com/rssItem.asp?feedid=113&itemid=29717351

...

[xchrom]

48. U.S. small business borrowing growth eases: PayNet

http://www.reuters.com/article/2011/08/31/us-usa-economy-paynet-idUSTRE77U1B220110831

(Reuters) - Small U.S. businesses in July moderated what had been a blistering pace of borrowing, held back by uncertainty over U.S. economic growth and the debt crisis.

The Thomson Reuters/PayNet Small Business Lending Index, which measures the overall volume of financing to U.S. small businesses, gained 13 percent in July from a year earlier, PayNet said on Wednesday. That followed a revised 22 percent gain in June, and a 27 percent gain in May.

As measured from a month earlier, the index declined 7 percent, and is now just above the level reached in April. The setback illustrates the "saw-toothed" pattern of the current recovery, said William Phelan, PayNet's president and founder.

"It's two steps forward, one step back," Phelan said in an interview. "It's really an indication of the slow growth of activity."

[xchrom]

56. europe: Ireland's unemployment rate rises to 14.4 percent

http://hosted.ap.org/dynamic/stories/E/EU_IRELAND_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-08-31-09-04-39

DUBLIN (AP) -- Ireland's unemployment rate has risen to 14.4 percent on doubts that the bailed-out country can tame its debts and deficits.

Ireland has been trying to escape its 3-year recession through export growth led by its multinational companies. But the domestic economy remains dormant because of weak consumer demand, high household debts and a collapsed real-estate market.

The Central Statistics Agency said Wednesday that unemployment rose from July's rate of 14.3 percent, the fourth straight monthly increase.

A record-high 470,000 people in Ireland, a country of 4.5 million, are claiming welfare payments for joblessness. About 17 percent are foreigners, chiefly Eastern Europeans who immigrated during the final years of Ireland's 1994-2007 Celtic Tiger boom.

[xchrom]

63. Eurozone inflation data suggest no more rate hikes

http://hosted.ap.org/dynamic/stories/E/EU_EU_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-08-31-05-50-44

BRUSSELS (AP) -- Inflation in the 17 euro countries remained steady at 2.5 percent in August, adding to expectations the European Central Bank will hold off from raising interest rates - and may even consider cutting them - as economic growth slows.

Wednesday's figure is still above the ECB's target of just below 2 percent, but underlines that prices in the eurozone are not rising as quickly as earlier in the year. In June, inflation was 2.7 percent.

Although European Union statistics agency Eurostat did not release a breakdown of the inflation data, the number adds to expectations that the ECB may not raise its key interest rate beyond the current 1.5 percent any time soon.

ECB President Jean-Claude Trichet said Monday that the central bank was reassessing inflation risks for the euro area, after insisting in previous months that there were strong upward pressures on prices.

[Demeter]

61. The Dragons Call

much as I would like to stay here, posting Schadenfreude over BofA...

[Demeter]

66. AT&T shares fall as AT&T/T-Mobile USA deal under threat

The US Department of Justice moved to block AT&T’s $39bn takeover of T-Mobile USA, dealing a blow to efforts to unite the second and fourth-largest US telecoms operators in a transaction that would have reshaped the US industry.
In a civil antitrust lawsuit filed on Wednesday, the DoJ said that the deal would “substantially lessen competition for mobile wireless telecommunications services ... resulting in higher prices, poorer quality services, fewer choices and fewer innovative products”.

AT&T shares sank more than 5 per cent to $28.04 in New York trading after the announcement, while rival Sprint’s shares were 4.7 per cent higher at $3.71. In Frankfurt, Deutsche Telekom was down 6.9 per cent at €8.87.

Read more >>
http://link.ft.com/r/19JYUU/VLBQUL/LSLXF/HDX7RM/SP1M1W/FW/t?a1=2011&a2=8&a3=31

[Demeter]

67. Oregon Foreclosures Appear Likely to Shift to the Courts

http://www.loansafe.org/oregon-foreclosures-appear-likely-to-shift-to-the-courts

Their preferred method in legal limbo, lenders are gearing up to move Oregon foreclosure sales from the courthouse steps into the courtroom itself, with significant implications for both homeowners and the housing market.

For half a century, the vast majority of the state’s residential foreclosures have occurred without a judge’s involvement. Oregon is one of 24 states that allow nonjudicial foreclosures, provided lenders give borrowers proper notice, publicize the sale and abide by other requirements.

But late last year, federal judges began blocking them, ruling that lenders had failed to follow one of those requirements: filing the mortgage’s ownership history in county records.

No one can say how many of the estimated 26,000 foreclosures pending in Oregon will ultimately land in front of a judge. But attorneys and trustees involved in both processes say hundreds of files are being reviewed...

[Demeter]

68. The Man Who May Bring the Banksters to Justice (If They Don't Break His Knees First)

http://www.huffingtonpost.com/miles-mogulescu/eric-schneiderman-new-york_b_940004.html

New York State Attorney General Eric Schneiderman may go down in history as the most important public official in reforming the corrupt financial system that caused the great Financial Crisis of 2008 and holding the perps responsible -- if he can hold out against pressure from Wall Street, the Federal Reserve, and the Obama administration to give Wall Street a "Get Out of Jail Free" card...Eric Schneiderman has played a key role in the investigation of foreclosure fraud and robo-signing by 50 state attorneys general against JP Morgan Chase, Bank of America, Wells Fargo, Citigroup, and Ally Bank. Reportedly, most of of the attorneys general -- with the support of the Obama administration -- are advocating a $20 billion settlement with the banks (less than a year's worth of Wall Street's bonus pool) in exchange for broad immunity from future investigations and prosecutions, not only of illegal foreclosures but of a wide range of fraudulent activity in connection with mortgage securitization over the past decade.

Schneiderman -- who would arguably be the single most important attorney general in making a global "Get Out of Jail Free" card stick -- has been objecting for months to a settlement which barred future litigation. "The attorney general remains concerned about any attempt at a global settlement that would shut down ongoing investigations of wrongdoing related to the mortgage crisis," said Schneiderman's spokesman....Or as Matt Taibbi put it more tartly in a Rolling Stone blog: "The idea behind this federally-guided 'settlement' is to concentrate and centralize the legal exposure accrued by this generation of grotesque banker corruption in one place, put one single price tag on it that everyone can live with, and stuff the details into a titanium canister before shooting it into deep space."

According to last week's New York Times, Schneiderman has come under heavy pressure not just from the banks and the Federal Reserve, but from the Obama administration to drop his opposition to a wide-ranging settlement...

NICE WRITE UP

[AnneD]

73. He needs to be clean as a whistle....

and keep his pecker in his pocket.

That is a very powerful position to bring the WS crooks to justice and I sure they are plotting his political undoing. And if they can not beat him in an election...they will try to promote him to a weaker position if he becomes too effective, like say Governor of NY. This is really Corp. Americas achilles heel, the NY AG's office.

[Ghost Dog]

76. Mmm. Collaboration in covering up crime

is also criminal, by any civilised standards, no matter who does it.

Here's some Irish tin whistle (Sean Potts): http://www.youtube.com/watch?v=CUSIcSlTsQI

[AnneD]

79. Thanks GD......

I have been missing you of late. Hope you haven't been too busy. Keep us up to date on what is going on in the Iberian Peninsula.

[Ghost Dog]

81. I appreciate your commemt, AnneD, señora,

Here's a little more (repeat: let's not go there)... ( mean, War).

http://www.youtube.com/watch?v=lRlmA1d1Rwo

[RUMMYisFROSTED]

70. Able to leap mediocre performance in a single bound!

[Tansy_Gold]

74. You are soooooooooooooooooooooo funny

What would we do here without your deliciously warped sense of humor?

[AnneD]

80. well for one thing....

we would really miss that cool lego photo, just like your stamp and the FRSP. :rofl: