STOCK MARKET WATCH, Friday April 23

Source: du

STOCK MARKET WATCH, Friday April 23, 2010

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Euro, Yen, Loonie, Silver and Gold

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Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren

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

Financial Sector Officials Convicted since 1/20/09 = 11

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This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

Read more: du

08:30 Durable Orders Mar
Briefing.com 0.0%
Consensus 0.1%
Prior 0.9%

08:30 Durable Orders ex auto Mar
Briefing.com 0.8%
Consensus 0.7%
Prior 1.4%

10:00 New Home Sales Mar
Briefing.com 340K
Consensus 330K
Prior 308K

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

U.S. March core capital equipment orders up 4.0% 8:30 a.m. Today

U.S. March durables ex-trans best since Dec. '07 8:30 a.m. Today

U.S. March durables weaker than 0.0% expected 8:30 a.m. Today

U.S. March durables ex-transportation up 2.8% 8:30 a.m. Today

U.S. March durable-goods orders fall 1.3% 8:30 a.m. Today

http://www.marketwatch.com/story/durables-orders-tumble-13-on-plunge-in-aircraft-2010-04-23

Demand for U.S.-made durable goods dropped for the first time in four months as orders for new aircraft plunged 67%, the Commerce Department reported Friday. Orders for durable goods fell 1.3% in March to a seasonally adjusted $176.7 billion after a 1.1% gain in February. Excluding transportation goods, however, new orders rose 2.8% to $136.5 billion in March, the fastest growth since the recession began in December 2007. Outside of civilian aircraft and defense goods, demand was brisk for most types of durable goods. Orders for core capital equipment goods - the kinds of equipment businesses invest in to maintain or expand their productive capacity - rose 4%, the largest increase since June.

The effects from the upcoming expiration of the first-time and existing homebuyers' tax credits were clearly seen in the new home sales data, which bounced off their historic February lows and increased 26.9% to 411,000. The expectations were for an increase to only 330,000 homes.

It is interesting that the jump in new home sales was much stronger than the 6.8% increase in existing homes. New home prices tend to be more expensive than similar existing homes and, under normal situations, the price difference should cause existing home sales growth to be stronger.

Since the deadline for the first-time homebuyer tax credit was extended until April 2010, we expect consumers to feel less rushed into buying a home. Given that interest rates are expected to remain near the zero bound, there is less of an incentive to buy a home before April and new home sales should moderate until the middle of next year.

From: http://www.briefing.com/Investor/Public/Calendars/EconomicReleases/newhom.htm

KUALA LUMPUR, Malaysia – Oil prices were flat Friday in Asia amid fears that Greece's debt crisis will hurt economic recovery and energy demand. ...

Greece's debt crisis has undermined confidence in Europe's shared currency, the euro, and raised the troubling possibility that other weak European economies such as Spain and Portugal may also need to be bailed out.

In other Nymex trading in May contracts, heating oil fell 0.38 cent to $2.2112 a gallon and gasoline shed 0.22 cent to $2.2995 a gallon. Natural gas dipped 0.9 cent to $4.119 per 1,000 cubic feet.

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

WASHINGTON — A Senate panel investigating the causes of the nation's financial crisis on Thursday unveiled evidence that credit-ratings agencies knowingly gave inflated ratings to complex deals backed by shaky U.S. mortgages in exchange for lucrative fees.

The Senate Permanent Subcommittee on Investigations will hold a detailed hearing on Friday, where its chairman, Sen. Carl Levin, D-Mich., will introduce e-mail records in which executives from Standard & Poor's and Moody's Investors Service acknowledge compromising the integrity of ratings to win business from big Wall Street firms.

"They did it for the big fees they got," Levin told reporters on Thursday after outlining the broad strokes of what he'd pursue Friday when he puts current and former ratings agency officials on the hot seat.

The documents to be released Friday confirm what a McClatchy investigation revealed in October _ that pressure from top ratings-agency executives to retain market share and the fees that it brought meant that ratings on complex deals were malleable. Some fees were as high as $1.4 million.

Read more: http://www.mcclatchydc.com/2010/04/22/92709/senate-panel-ratings-agencies.html#ixzz0lukvvv4o

From Naked Capitalism:



This is a fabulous piece and not too wonkish.

"almost no one saw it coming." :eyes:

Read down a bit and you will see the declaration: "We’ve argued that many of the arguments that support that view are myths." Yves likes to present the opposing point-of-view and follow up with a heavy punch. I've found that's a signature style with her.

I can see the difficulty in refuting the Big Lie. Good luck to Yves, then.

"The credit rating agencies allowed Wall Street to impact their analysis, their independence and their reputation for reliability," Senator Carl Levin, chairman of the Senate investigations subcommittee, told reporters on Thursday. "They did it for the big fees that they got."

Excerpts from emails uncovered by the subcommittee, made available on Thursday, shed light on how underwriters like Goldman influenced the agencies' decisions.

"I am getting serious pushback from Goldman on a deal that they want to go to market with today," said a Moody's internal email from April 2006.

Another email, from S&P and dated May 2006, referred to a flaw "in pretty much all Abacus trades," although the nature of the flaw was not disclosed.

The SEC alleges Goldman did not tell investors "vital information" about an Abacus product created with input from Paulson & Co, a major hedge fund, which then shorted the product.

The subcommittee also pointed to a $1 billion securities offering backed by subprime loans that Goldman underwrote in 2007 as another example of questionable industry practices.

The Goldman collateralized debt obligation fetched top ratings from S&P and Moody's, even though it was backed by subprime loans issued by a financial firm with a shoddy reputation, the subcommittee found.

...

The Goldman CDO was one of thousands tied to high-risk loans that the credit agencies initially rated investment grade and then, as their underlying loans began to default in large numbers, downgraded.

The agencies' favorable ratings are now widely blamed for contributing to the U.S. housing bubble. Their massive downgrades after housing prices stopped rising helped trigger the subprime mortgage debacle and subsequent financial crisis of 2007-2009.

A Moody's email from May 2006 expressed concern that deals getting rated were not getting a thorough review. "I am worried that we are not able to (give) these complicated deals the attention they really deserve...".

/... http://www.reuters.com/article/idCNN2213095120100423?rpc=44

x-post in LBN: http://www.reuters.com/article/idCNN2213095120100423?rpc=44

Extensive rot, then. I've heard suggestions that the world could use a properly-regulated European ratings agency about now.

I agree. Instead of three easily corruptible institutions that are endowed with special powers from an easily corruptible United States Congress, the world could use a counterbalance.

The more I find out about the current rating system... The more I realize there is no rating system.

As far back as 2006 employees at S&P and Moody's knew they were part of an immense charade, handing out unearned ratings on CDOs. “Let's hope,” one wrote, “we are all wealthy and retired by the time this house of cards falls.” Another acknowledged a deal “could be structured by cows and we would rate it.”

Goldman Sachs Group Inc. may be better off cutting its losses instead of fighting what it terms “unfounded” fraud claims, say professors of securities law who have examined the U.S. Securities and Exchange Commission’s lawsuit against the bank.

The most profitable firm in Wall Street history will probably lose what is typically the first hurdle in court, a motion to throw out the April 16 suit because it lacks legal merit, the professors said in interviews this week. After that, Goldman Sachs’s risks will mount and its negotiating position will weaken, they said.

“There’s a very low probability that Goldman could get the case dismissed,” said Thomas Hazen of the University of North Carolina at Chapel Hill, whose books include a two-volume treatise on broker-dealer law. “Every pretrial motion the SEC wins, Goldman gets one step closer to losing.”

Goldman Sachs is the first major Wall Street firm accused by regulators of fraud connected to the collapse of the subprime mortgage market. The SEC’s allegation that Goldman Sachs defrauded investors sparked a 13 percent, one-day decline in its shares. The New York-based firm, led by Chief Executive Officer Lloyd Blankfein, 55, said it will vigorously contest the claims. It must weigh the risks of a drawn-out legal battle against the benefits of a more immediate resolution. ....

If the SEC’s case survives a dismissal motion, the case would probably proceed to discovery, when the agency may seek additional testimony or information from the firm. That process could provide fodder for private lawsuits, additional allegations from regulators, or media attention that would further tarnish the firm’s image, according to George Cohen, a corporate law professor at the University of Virginia School of Law, and Lisa Casey, who teaches securities law at the University of Notre Dame in Indiana.

http://preview.bloomberg.com/news/2010-04-23/goldman-sachs-gambles-its-reputation-on-standoff-with-u-s-regulators.html

From The Big Picture:



:popcorn:

Well, I was wrong... It has been propped up by none other than the Financial Sector.

I really don't know what to say when people continue to buy from those who may be taking them for a rough ride... Masochistic tendencies? Self loathing? What? There sure are loads of "Thank you sir, may I have another?" going on... I'm tempted to say there's a certain Frat mentality showing through in these events... But, that would be painting with a broad brush.

Overall, I'd give the Market action this week about a 3 on the interest scale.

who has a professional financial planner, sibling says...the stock market always recovers and don't want to miss the gains.

:eyes:

From Zero Hedge

A week ago we disclosed the unredacted Volume 5 of the Valukas report, in which the full details of the Lehman derivative portfolio were presented, as well as the names of "white knights" who stepped in in the last moment to onboard Lehman's holdings at a firesale valuation. Furthermore, it was Valukas' conclusion that Lehman may have a claim to sue the counterparties for fraudulent transfer. It appears this is precisely what is about to happen. We just received the following tip:


ozy here: This involves Goldman Sachs, Barclays, Morgan Stanley, JPMorgan, Citadel L.P. and DRW Trading.

I'm about to run out of popcorn.

:popcorn:

Kettle-corn... Only the best. :)

GS is in too much trouble from too many sides to come out of this. I think we are watching the death of a thousand cuts of some of the dumbest guys in the business. Goldman has managed to attract too much of the wrong kind of attention to itself and to its cronies and competitors. The entire industry hasn't a leg to stand on, and if/when the clawbacks start up, they won't even have the comfort of the loot.

Just as the GOP is in its last days, so too the shadow banks and the pirates of the economies of the world.

We are going to have to find new levels of business borrowing and capital flows and credit, levels that don't permit wild speculation and fraud.

we can roll out the FRSP now? Can we, can we please?

Of course, that means absolutely nothing.

exactly as much as Demeter's.


Actually, I just want these assholes condemned to living lives like the people they've lived off of for all these years. Give 'em $25,000 a year to live on and see how well they do. No gifts, no family assistance. Just a paycheck every week and that's all they get. See how soon they put their kids to work, how soon they start cutting corners.


Tansy Gold

There is a great well of information that was posted yesterday on stories relating to G-Suchs misery.

HONG KONG (AFP) – Greece's debt crisis weighed on sentiment Friday, with Asian markets mostly lower and the euro hitting a one-year low after the European Union raised its estimate for the country's deficit. A weak lead from Wall Street was unable to provide any impetus for dealers after US unemployment data showed people were still struggling to get back on the jobs ladder.

Europe's statistics agency said Greece's 2009 public deficit stood at 13.6 percent of output instead of the previously forecast 12.9 percent, and added that this could rise due to poor data reporting from Athens. The problem was stoked further when risk evaluator Moody?s Investors Service downgraded its rating on Greece's debt. The rates demanded by Greece's lenders later jumped above 8.5 percent.

The developments hammered the euro, which fell to 1.3202 dollars at 8:02 am (2302 GMT Thursday) in Tokyo, its lowest since April 30, 2009 before trimming losses to 1.3235 in the afternoon. It had traded at 1.3289 dollars in New York late Thursday. Against the yen, the euro fell to 123.63 from 124.23 in New York. The dollar traded at 93.43 yen, slightly lower than 93.46 in New York.

The revision came as Athens tried to broker the terms of a bailout from the European Union and International Monetary Fund to avert a possible debt payment default caused by the soaring interest rates.

"Markets have become more nervous about the negotiations between Greek, IMF and EU officials and the potential for contagion if these negotiations fall through," Barclays Capital said in a note to clients. "EU and IMF officials are not likely going to agree to a bailout package without Greece agreeing to significant fiscal restructuring," the investment bank said. "This becomes more likely as financial conditions worsen in Greece."

/... http://news.yahoo.com/s/afp/20100423/bs_afp/asiafinancestocks_20100423072509;_ylt=AnDHHI8wojWN50_Uifm49EyFOrgF;_ylu=X3oDMTJwZDY2dXFmBGFzc2V0A2FmcC8yMDEwMDQyMy9hc2lhZmluYW5jZXN0b2NrcwRwb3MDMTYEc2VjA3luX3BhZ2luYXRlX3N1bW1hcnlfbGlzdARzbGsDZXVyb2F0b25leWVh

Stocks in Europe rose and the euro strengthened from a one-year low against the dollar after Greece said it will ask the European Union for a rescue package and German business confidence and earnings at companies including Volvo AB beat forecasts. Greek stocks and bonds rallied.

The Stoxx Europe 600 Index climbed 0.7 percent as of 6:15 a.m. in New York and futures on the Standard & Poor’s 500 Index climbed 0.2 percent. Russia’s Micex Index gained 1.1 percent after Goldman Sachs Group Inc. said stocks may advance 28 percent. The euro rose 0.3 percent versus the dollar after six days of declines. Greek 10-year bonds ended an eight-day losing streak, narrowing the yield premium to benchmark German bunds by 63 basis points.

Greek Prime Minister George Papandreou said today he has given the Finance Ministry a mandate to ask the EU to release an aid package designed to help the government stave off a default. About 85 percent of companies in the S&P 500 that have reported first-quarter results beat the average analyst earnings estimate, according to data compiled by Bloomberg. Germany’s Ifo Institute said today business confidence jumped to a two-year high.

“The market was testing Greece’s resolve as the May redemption approached, and that should calm them down for a few months,” said Charles Diebel, the senior fixed-income strategist at Nomura International Plc in London. “They had to do something, because it was just getting out of control.”

Volvo Surges

Greece’s ASE Index of stocks jumped 3.4 percent while the yield premium that investors demand to hold the government’s 10- year bonds instead of German bunds narrowed below 500 basis points.

Greek bonds and stocks plunged yesterday, dragging down European markets, as Moody’s Investors Service cut its rating on Greek debt one step to A3 and the European Union revised the country’s budget deficit higher. Credit-default swaps on Greek government bonds fell 54 basis points to 591 today, after rising to a record 650 basis points yesterday, according to CMA DataVision prices.

Volvo, the world’s second-largest truckmaker, surged 13 percent in Stockholm. Akzo Nobel NV, the biggest coatings company, rallied 5.7 percent in Amsterdam after saying earnings increased. Adidas AG, the world’s second-largest sporting-goods maker, gained 3.5 percent in Frankfurt after raising its profit forecast.

/... http://preview.bloomberg.com/news/2010-04-23/stocks-euro-gain-after-greece-asks-for-aid.html

(Up a little. Good day.)

(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)
= 8,370,635,856,604.98 + 4,494,878,263,881.90
UP 180,306,016.37 + DOWN 5,921,851,086.33

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 309-Million person America.
If every American, man, woman and child puts in $3.24 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.71, ABOUT TEN BUCKS for a 1B$ 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 13 seconds we net gain another American, so at the end of the workday of the report, there should be 309,114,824 people in America.
http://www.census.gov/population/www/popclockus.html ON 04/09/2010 15:49 -> 309,034,742
Currently, each of these Americans owe $41,620.5.
A family of three owes $124,861.51. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 24 reports in the last 30 to 33 days.
The average for the last 24 reports is 8,519,766,374.18.
The average for the last 30 days would be 6,815,813,099.34.
The average for the last 33 days would be 6,196,193,726.67.
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$/day.
There were 139 reports in 203 days of FY2010 averaging 6.88B$ per report, 4.71B$/day.
Above line should be okay

PROJECTION:
There are 1,005 days remaining in this Obama 1st term.
By that time the debt could be between 14.2 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)
04/21/2010 12,865,514,120,486.88 BHO (UP 2,238,637,071,573.80 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 +0,955,685,116,975.10 ------------* * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,718,350,087,171.98 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
04/01/2010 +004,832,827,050.45 ------------*********
04/02/2010 -000,783,098,135.53 ---
04/05/2010 +021,628,544,775.26 ------------********** Mon
04/06/2010 +000,246,106,716.91 ------------********
04/07/2010 +000,926,408,143.83 ------------********
04/08/2010 +030,863,719,709.59 ------------**********
04/09/2010 -000,215,194,285.06 ---
04/12/2010 -000,193,173,374.30 --- Mon
04/13/2010 -000,086,542,536.22 ----
04/14/2010 +000,857,281,039.39 ------------********
04/15/2010 +039,328,943,525.65 ------------**********
04/16/2010 -000,121,400,113.90 ---
04/19/2010 -017,215,897,730.16 - Mon
04/20/2010 +000,349,194,756.21 ------------********
04/21/2010 +000,180,306,016.37 ------------********

80,598,025,558.49 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=4352938&mesg_id=4353018

(Down a goodly amount. Good day.)

(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)
= 8,354,949,497,158.86 + 4,517,651,773,705.58
DOWN 15,686,359,446.12 + UP 22,773,509,823.68

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 309-Million person America.
If every American, man, woman and child puts in $3.23 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.7, ABOUT TEN BUCKS for a 1B$ 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 13 seconds we net gain another American, so at the end of the workday of the report, there should be 309,121,470 people in America.
http://www.census.gov/population/www/popclockus.html ON 04/09/2010 15:49 -> 309,034,742
Currently, each of these Americans owe $41,642.53.
A family of three owes $124,927.6. (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 8,717,868,084.55.
The average for the last 30 days would be 6,974,294,467.64.
The average for the last 31 days would be 6,749,317,226.75.
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$/day.
There were 140 reports in 204 days of FY2010 averaging 6.88B$ per report, 4.72B$/day.
Above line should be okay

PROJECTION:
There are 1,004 days remaining in this Obama 1st term.
By that time the debt could be between 14.2 and 19.6T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
04/22/2010 12,872,601,270,864.44 BHO (UP 2,245,724,221,951.36 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 +0,962,772,267,352.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,722,607,243,057.53 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
04/02/2010 -000,783,098,135.53 ---
04/05/2010 +021,628,544,775.26 ------------********** Mon
04/06/2010 +000,246,106,716.91 ------------********
04/07/2010 +000,926,408,143.83 ------------********
04/08/2010 +030,863,719,709.59 ------------**********
04/09/2010 -000,215,194,285.06 ---
04/12/2010 -000,193,173,374.30 --- Mon
04/13/2010 -000,086,542,536.22 ----
04/14/2010 +000,857,281,039.39 ------------********
04/15/2010 +039,328,943,525.65 ------------**********
04/16/2010 -000,121,400,113.90 ---
04/19/2010 -017,215,897,730.16 - Mon
04/20/2010 +000,349,194,756.21 ------------********
04/21/2010 +000,180,306,016.37 ------------********
04/22/2010 -015,686,359,446.12 -

60,078,839,061.92 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=4354213&mesg_id=4354240

http://www.marketwatch.com/story/greece-formally-requests-financial-rescue-reports-2010-04-23?siteid=YAHOOB


The Greek government surrendered to the credit markets Friday, formally requesting the activation of a joint European Union-International Monetary Fund rescue plan after soaring borrowing costs were seen making it virtually impossible for the debt-strapped nation to meet its funding needs on the open market.

In a televised address, Greek Prime Minister George Papandreou said the "time has come" to activate the plan," news reports said.The euro had rebounded in anticipation of the request and the cost of insuring Greek government debt against default also fell. The single currency had come under renewed pressure this week as Greece's bond market was routed amid worries about the government's ability to meet its financing needs despite the existence of the 45 billion euro ($59.9 billion) standby aid plan.

The euro rebounded in anticipation of the announcement. It backed off from session highs but remained up 0.6% versus the U.S. dollar to change hands at $1.3307 and gained 0.6% versus the Japanese yen to trade at 124.33 yen.

"We want to see how much money they're going to get immediately and who is providing it," said Daragh Maher, currency strategist at Credit Agricole, ahead of the announcement.

The market would prefer to see the bulk of the funds provided by the European Union, but questions remain about the ability of German to participate right away, analysts said.

A spokesman for the European Commission said that finance ministers from the 16 euro-zone nations will decide on the release of emergency loans once the commission and the European Central Bank rule that the aid request is valid, Reuters reported. The commission is the executive arm of the European Union.

The spokesman said there are "no deadlines" for ruling on the request.

The cost of insuring Greek debt against default via credit default swaps fell after hitting a record level on Thursday. Five-year Greek CDS spreads narrowed by 63 basis points to 560 basis points, according to Markit. That means the cost of insuring $10 million of Greek debt declined to $560,000 a year, down from around $623,000 on Thursday.

However, that's still 100 basis points wider than where the spread began the week, noted Gavan Nolan, vice president of credit research at Markit.

"We can expect more volatility as the market digest this news," he said. "The implementation of the bailout is still uncertain and the medium-term solvency issues, along with the risk of debt restructurings, haven't gone away."

The cost of insuring bonds issued by other debt-heavy euro-zone governments also declined, signaling some easing of contagion worries. CDS spreads for Spain, Portugal, Ireland and Italy all declined, Markit said.
Thursday's rout

The yield on two-year Greek bonds pushed above 10% on Thursday, while 10-year yields pressed toward 8.8% and the cost of insuring Greek debt soared to record levels. The yield premium demanded by investors to hold 10-year Greek bonds over German bunds soared to nearly six percentage points.

The spread narrowed but remained elevated at around 5.3 percentage points after the announcement.

The situation was exacerbated Thursday when Eurostat, the European Union statistics agency, revised up Greece's 2009 deficit to 13.6% of gross domestic product. The Greek government had previously estimated the deficit at 12.7% of GDP.

Also, ratings agency Moody's downgraded Greece's credit rating a notch to A3 from A2, citing worries about the government's ability to meet its deficit-reduction goals. Read about the downgrade.

The soaring borrowing costs were seen making it virtually impossible for Greece to meet its funding needs on the open market. Greece must refinance around 10 billion euros worth of debt in May, including an 8.5 billion euro repayment due on May 19.

The activation of the aid plan won't end the euro-zone's sovereign debt crisis, economists said. Fears of a potential default in coming years or a restructuring of Greek debt are likely to persist.

The knee-jerk reaction will be for the euro to rebound, "but I don't think the overall picture ... has changed in a lasting way," Maher said. Divergences within the euro zone are set to reassert themselves, likely putting further downward pressure on the single currency, he said.

"How far the euro can rally on the news that a European monetary union country is suffering the indignity of having to go cap in hand for aid in order to avoid defaulting on its debt is highly questionable," said Jane Foley, research director at Forex.com. "This is not a good outcome for Greece or for the EMU."

http://news.yahoo.com/s/ap/20100422/ap_on_bi_ge/us_health_care_taxes

Nearly 4 million Americans — the vast majority of them middle class — will have to pay a penalty if they don't get insurance when President Barack Obama's health care overhaul law kicks in, according to congressional estimates released Thursday.

The penalties will average a little more than $1,000 apiece in 2016, the Congressional Budget Office said in a report.

Most of the people paying the fine will be middle class as Obama's comprehensive law is phased in over the next few years. In his 2008 campaign for the White House, Obama pledged not to raise taxes on individuals making less than $200,000 a year and couples making less than $250,000.

Republicans have criticized the requirement that Americans get coverage, even though the idea was originally proposed by the GOP in the 1990s and is part of the Massachusetts health care plan signed into law in 2006 by then Gov. Mitt Romney, a Republican. Attorneys general in more than a dozen states are working to challenge it in federal court as unconstitutional.

"The individual mandate tax will fall hardest on Americans who can least afford to pay it, many of whom were promised subsidies by the Democrats and who the president has promised would not pay higher taxes," said Rep. Dave Camp of Michigan, the top Republican on the tax-writing House Ways and Means Committee.

Sen. Chuck Grassley of Iowa, the top Republican on the Senate Finance Committee, said while Obama and congressional Democrats celebrate the benefits of the law, they have an obligation to acknowledge the flip side. "There's a price for not participating, and people will pay it," Grassley said.

Democrats argue that the requirement and the penalties are a necessary part of a massive overhaul designed to expand coverage to millions who now lack it. They point out that getting more Americans, especially young and healthy people, in the insurance pool will reduce costs for others and could lower premiums.

"The new law will make health insurance affordable for everyone and CBO's analysis confirms that the vast majority of uninsured Americans will find health care affordable and choose to participate," said White House spokesman Nick Papas.

Americans who don't get qualified health insurance will be required to pay penalties starting in 2014, unless they are exempt because of low income, religious beliefs, or because they are members of American Indian tribes. The penalties will be fully phased in by 2016.

About 21 million nonelderly residents will be uninsured in 2016, according to projections by the CBO and the Joint Committee on Taxation. Most of those people will be exempt from the penalties.

Under the new law, the penalties will be phased in starting in 2014. By 2016, those who must get insurance but don't will be fined $695 or 2.5 percent of their household income, whichever is greater.

After 2016, the penalties will be increased by annual cost-of-living adjustments. People will not be required to get coverage if the cheapest plan available costs more than 8 percent of their income.

The penalties will be collected by the Internal Revenue Service through tax returns. However, the IRS will not have the authority to bring criminal charges or file liens against those who don't pay.

About 3 million of those required to pay fines in 2016 will have incomes below $59,000 for individuals and $120,000 for families of four, according to the CBO projections. The other 900,000 people who must pay the fine will have higher incomes.

The government will collect about $4 billion a year in fines from 2017 through 2019, according to the report.

Not Sex, not national Pride, not even grEED, but the amalgamation of all that: SPEED! We are celebrating the "revival" of GM, the sales of Volvo and Saab, the end of NUMMI, and Demeter's gift of Mobius the Great White Whale from her father.

Yes, we go up against Click and Clack, the Tappit Brothers of NPR, as we idolize, revere and otherwise kick the tires of the American automobile industry, its products and its customers. Eat your hearts out, Tom and Ray.

And while we are at it, we will check in on Goldman Sachs, Lehmans, and the collapse of the world-wide economy as we know it.

So don your shades, caps and driving gloves and take a spin: WEE! Tonight after markets close, probably around 7PM.

IL-13: Harper Demands Biggert Return Goldman Cash

With the investigation of Goldman Sachs by the Securities and Exchange Commission in the news, Democratic 13th Congressional District candidate Scott Harper is calling on incumbent Republican Judy Biggert to return the $2,000 she took from the financial firm's PAC earlier this year.

From a Harper press release:

Pointing out that this $2000 was just a fraction of the $1.6 million the Biggert has accepted from the insurance and financial services industry since being elected, Scott Harper suggested that “Biggert ought to return every dime she’s taken from Goldman Sachs and the Wall Street bankers who cost 8 million Americans their jobs. This is about transparency and accountability, not just for the big banks but for the lawmakers who took their money and voted to let them continue business as usual.”

Noting his opponent’s votes against oversight of the financial system

---

and accountability for recipients of TARP funds

---

, Harper said that “Biggert’s voting record clearly shows that she is more interested in protecting Wall Street CEOs than west suburban constituents.”

GOP U.S. Senate candidate Mark Kirk recently announced -- after being challenged by Democratic rival Alexi Giannoulias -- that he would return the $54,010 in donations he received from employees of Goldman Sach.

http://progressillinois.com/news/content/2010/04/22/harper-biggert-should-return-goldman-money


Fancy that. They are acting like money from Goldman is dirty.

I can even envision laws with teeth being passed in a fit of self-disgust against corporations "exercising their free speech"....

:donut: I have just a moment to check in while my class takes a quiz. Demeter, I love the weekend theme. I also agree with the sentiment that this looks like a thousand cuts strategy against Goldman. I may buy into popcorn futures.

http://www.informationweek.com/news/hardware/data_centers/showArticle.jhtml?articleID=224600180

I searched DU and didn't find this announcement. I googled news reports on the impact to the union, CWA, but came up dry. Dana ; )

By Nathan Becker

Johnson Controls Inc. /quotes/comstock/13*!jci/quotes/nls/jci (JCI 34.81, -0.20, -0.56%) swung to a fiscal second-quarter profit, beating analysts' estimates, as the company's sales jumped nearly one-third, helped by strength in its automotive unit.

The maker of auto parts and buildings' air systems also boosted its 2010 revenue forecast $500 million to $33.5 billion and its earnings target 20 cents a share to $1.90 to $1.95.

"Our automotive and power solutions businesses are executing very well on the higher production levels in North America and Europe," said Chairman and Chief Executive Stephen Roell. "The building efficiency business has started to see signs of recovery with global orders increasing" 5% from a year earlier.

Johnson Controls' results have topped analysts' forecasts in recent quarters as the economy improves and consumers loosen their grips on their wallets. Standard & Poor's Ratings Services raised its outlook on the company in February, saying its prospects have improved as the automotive market has stabilized.

More at: http://www.marketwatch.com/story/johnson-controls-posts-profit-and-ups-outlook-2010-04-23
__________________________________

The local (Detroit) TV news pointed to this as a sign auto parts suppliers are recovering.

Goldman director tipped off Rajaratnam before Buffett deal: WSJ
http://www.marketwatch.com/story/goldman-director-gave-rajaratnam-tip-off-wsj-2010-04-23




pffft...nothing improper.

the stock market suddenly goes up.

Seriously, I have no other idea.

I've been watching currency market timing for some time, hadn't noticed the timing in the stock market.