STOCK MARKET WATCH, Wednesday, May 11, 2011

Source: du

STOCK MARKET WATCH, Wednesday, May 11, 2011

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Euro, Yen, Loonie, Silver and Gold

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

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

Financial Sector Officials Convicted since 1/20/09 = 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

May 11 07:00 MBA Mortgage Index 05/06 +8.2% NA NA +4%
May 11 08:30 Trade Balance Mar -$45.0B -$47.7B -$45.8B
May 11 10:30 Crude Inventories 05/07 NA NA 3.421M
May 11 14:00 Treasury Budget Apr -$41.0B -$41.0B -$82.7B

Read more: http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm#ixzz1M2apv39o

Oil prices slipped to near $103 a barrel Wednesday as traders weighed mixed signals about the strength of energy demand in the U.S., the world's largest economy.

By early afternoon in Europe, benchmark crude for June delivery was down 51 cents to $103.37 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.33 to settle, or 1.3 percent, at $103.88 on Tuesday.

In London, Brent crude for June delivery was down 20 cents to $117.43 a barrel on the ICE Futures exchange.

The American Petroleum Institute said late Tuesday that crude inventories rose 2.9 million barrels last week, more than the increase of 1.6 million barrels predicted by analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos.

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

http://www.reuters.com/article/2011/05/11/bangladesh-chevron-idUSL3E7GB18L20110511

May 11 (Reuters) - Bangladesh has asked U.S-based oil company Chevron (CVX.N) to raise gas production in the country by 500 million cubic feet (mmcft) a day to offset acute shortages, a government adviser said.

"We have asked Chevron to increase production by at least 500 mmcft a day by the end of 2012 to ease ever growing energy demand and boost our economy," said Tawfiq-e-Elahi Chowdhury, an energy adviser to Prime Minister Sheikh Hasina, on Wednesday.

Shortages have forced state-run Bangladesh Oil, Gas and Mineral Corporation, or Petrobangla, to stop making new gas connections to industrial and manufacturing firms since July 2009, ultimately affecting the growth of the economy.

Natural gas connections to households have been suspended since July 2010. Gas rationing has been rampant, and compressed natural gas (CNG) filling stations are kept closed four hours a day to cope with the supply shortfall.

http://www.bloomberg.com/news/2011-05-10/oil-trades-near-highest-in-a-week-on-mississippi-floods-and-u-s-earnings.html

Oil advanced for a third day in New York on concern flooding of the Mississippi River and a drop in U.S. gasoline stockpiles will restrict fuel supplies before the start of the driving season in the world’s biggest crude- consuming nation.

Futures gained as much as 0.7 percent today as the flood moved south from Memphis, threatening refineries and shipping traffic. U.S. gasoline inventories fell last week, the American Petroleum Institute reported. Oil presents a “short-term buying opportunity” because of constraints to supply and growing demand, according to Bank of America Merrill Lynch.

“Flooding along the Mississippi River is threatening refinery operations,” Michael Wittner, head of oil-market research at Societe Generale SA in New York, said in a note. That is “bullish for gasoline, which has pulled up crude.”

...Valero Energy Corp., the largest U.S. refiner, reduced operations at its Memphis plant to between 80 percent and 85 percent of capacity because of flooding, according to people familiar with operation. The plant has a capacity of 195,000 barrels a day....

"Michael Wittner, head of oil-market research at Societe Generale SA in New York" doesn't have a clue what honesty means, what integrity means, what being a human being means.

If all the refineries are shut down, they sure don't need crude piling up...so oil should decline while refined products increase.

And sure enough, the ten cent drop in gas prices yesterday evaporated today...

http://www.reuters.com/article/2011/05/11/us-usa-economy-idUSTRE7492P720110511

(Reuters) - The U.S. trade deficit widened more than expected in March, as rising oil prices helped push imports nearly 5 percent higher while exports leapt to a new record, a U.S. government report showed on Wednesday.

The deficit rose to $48.2 billion, the widest since June 2010, from a slightly downwardly revised $45.4 billion in February. Analysts surveyed before the report had pegged the March trade gap at $47.0 billion.

U.S. exports grew 4.6 percent in March to a record $172.7 billion, in the biggest month-to-month gain since March 1994.

Imports grew 4.9 percent to $220.8 billion as the average price for imported oil hit $93.76 per barrel, the highest since September 2008. Oil prices continued to rise in April, but have receded in recent weeks back to early March levels.

http://uk.reuters.com/article/2011/05/11/kosmosenergy-ipo-debut-idUKN1119547820110511

NEW YORK, May 11 (Reuters) - Shares of Kosmos Energy Ltd (KOS.N), known for its discovery of a major oil field in West Africa, rose in their debut on the New York Stock Exchange on Wednesday after the company raised more than expected in its initial public offering.

The shares were at $19.17, 6.5 percent above the IPO price of $18, in early NYSE trading.

Backed by private equity firms Blackstone Group (BX.N) and Warburg Pincus , Kosmos raised $594 million in its Tuesday IPO, selling more shares than expected at the top of the proposed price range.

Kosmos recently was in the spotlight, circled by potential buyers eager to snatch a stake in its assets in Ghana, where Kosmos made one of the largest recent oil discoveries.

http://www.reuters.com/article/2011/05/11/us-markets-oil-idUSL3E7G601S20110511

(Reuters) - Oil fell across the board on Wednesday, led by a 6 percent fall in New York gasoline futures prices, as U.S. oil data showed an unexpected rise in stocks of the auto fuel and a sharp rise increase in crude inventories.

U.S. crude slipped more than $3 following the release of the U.S. Energy Information Administration data and it was trading $2.51 lower at $101.37 a barrel by 1509 GMT.

ICE Brent crude futures were $2.34 lower at $115.22, having topped $118 earlier.

New York RBOB gasoline fell by more than 7 percent by the same time, while New York heating and ICE gasoil were about 1 percent lower.

NEW YORK — Gasoline futures tumbled almost 8 percent Wednesday after a government report suggested that Americans are driving less because of higher pump prices.

The Energy Information Administration said that U.S. gasoline demand dropped 2.4 percent last week, the largest drop in seven consecutive weeks of demand declines. Analysts said motorists have been forced to drive less with gasoline prices close to a national average of $4 per gallon.

"That $4 number is not just having a psychological impact, but a direct impact on drivers," energy consultant Jim Ritterbusch said. "Normally, with the economy recovering, you'd expect gasoline demand to go up, but that's not happening."

Analysts said they're now predicting a flat driving season this summer. At best, motorists will use about as much gasoline this year as they did in 2010.

http://www.msnbc.msn.com/id/42992742/ns/business-oil_and_energy/

Stocks rose on better-than-estimated earnings, while the pound strengthened as the Bank of England forecast accelerating inflation. U.S. index futures advanced, while gasoline declined for the first time in three days.

The Stoxx Europe 600 Index gained 0.6 percent at 6:40 a.m. in New York, and Standard & Poor’s 500 Index futures increased 0.2 percent. The pound appreciated against all but one of its 16 major peers, and the 10-year gilt yield was eight basis points higher. The euro weakened against all but one of its biggest counterpart and Greek two-year note yields rose six basis points. Gasoline fell 1.7 percent.

A.P. Moeller-Maersk A/S , the owner of the world’s largest container line, reported profit jumped 85 percent, and Bourbon SA (GBB), which operates the second-biggest fleet of supply and crew ships for the oil industry, reported a 24 percent increase in sales. Bank of England Governor Mervyn King said that inflation remains “uncomfortably high” as officials signaled they may raise interest rates later this year. Reports also showed today inflation in Germany and China exceeded economist estimates.

“Outlook statements from companies are more positive than expected, showing companies are really confident,” said Matthias Joerss, a Frankfurt-based strategist at Macquarie Group Ltd.

http://www.bloomberg.com/news/2011-05-11/asian-stocks-gain-on-economic-outlook.html

http://hosted.ap.org/dynamic/stories/W/WORLD_MARKETS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-05-11-06-48-41

LONDON (AP) -- Corporate takeover deals and earnings reports supported world markets on Wednesday, helping investors in Europe to set aside worries about the financial future of the region's weakest countries, particularly Greece.

News that Microsoft Inc. would buy Internet telephone service Skype for $8.5 billion in cash signaled that companies were starting to spend - buoying confidence that stocks would continue to rise.

The takeover would be Microsoft's largest in its 36-year history. It follows AT&T Inc.'s announcement in March that it would buy T-Mobile USA for $39 billion and Johnson & Johnson's $21.3 billion deal announced last month to acquire Synthes, a maker of medical instruments and implants.

The Skype deal also pushed up the share price of Nokia Corp., the world's largest mobile phone maker which this year struck a partnership to make smartphones with Microsoft, on speculation Internet phone service would become a key to its future strategy. Shares in the Finnish company were up 1.9 percent on Wednesday.

http://hosted.ap.org/dynamic/stories/M/ML_BAHRAIN?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-05-11-06-59-46

MANAMA, Bahrain (AP) -- Bahrain's oil company has fired almost 300 employees in recent weeks for taking part in anti-government protests and general strikes, according to the Gulf kingdom's energy minister.

Abdulhussain bin Ali Mirza, who also serves as the chief executive of the state-owned Bahrain Petroleum Company (BAPCO), said that 293 employees have been dismissed since the king declared martial law on March 15 to quell weeks of demonstrations.

Fifty employees were also suspended pending investigations by authorities, and 11 board members of the workers union were referred to the general prosecutor, Mirza told lawmakers on Tuesday.

Authorities have been aggressively pursuing Shiite opposition supporters who staged street marches, demanding greater freedoms, equal rights and an elected government in the strategic island kingdom, home to the U.S. Navy's 5th Fleet.



damn it -- i put this in the wrong place:banghead:

http://www.reuters.com/article/2011/05/11/markets-europe-stocks-idUSLDE74A1A620110511

FRANKFURT, May 11 (Reuters) - European stocks edged higher by midday on Wednesday helped by upbeat earnings which eclipsed ongoing worries that Greece may request another state bailout.

By 1033 GMT the FTSEurofirst 300 .FTEU3 index of top European shares was up 0.8 percent at 1,158.42 points.

"Earnings reports continue to be very strong and often better-than-expected," senior trader at ETX Capital Markus Huber said, adding that the market was very liquid, interest rates were low, and that equities remained one of the most attractive asset classes.

Of the 272 STOXX Europe 600 companies due to report in the current results season 56 percent of the 190 to have already reported have beat forecasts, Thomson Reuters StarMine data showed.

http://www.marketwatch.com/story/us-stocks-open-lower-as-commodities-slide-2011-05-11-108230?dist=markets

NEW YORK (MarketWatch) — U.S. stocks opened lower on Wednesday, retreating after a three-day rise, with commodities falling after data showed Chinese inflation remained elevated, prompting expectations of more monetary tightening that could tame demand.

“The correction in commodities over the past week is the first shaking of the tree that should not be ignored and will be the precursor to a painful 10%-plus correction in stocks over the next few months. Both rallied hand in hand since late August and thus won’t be separated in market action,” Peter Boockvar, equity strategist at Miller Tabak & Co.

The Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed DJIA -0.54% fell 79.20 points to 12,681.16, with 18 of its 30 components in the red, led by Walt Disney Co. /quotes/comstock/13*!dis/quotes/nls/dis DIS -3.87% off 3.5% a day after the theme-park operator reported a quarterly profit below expectations. Read more on Disney results.

Intel Corp. /quotes/comstock/15*!intc/quotes/nls/intc INTC +2.30% led blue-chip gains, up 2.4%, after the chip manufacturer hiked its quarterly dividend 16%.

Some day I will be number one and my life's work will be complete.

Consider the average recommended gold market exposure among a subset of the gold market timers tracked by the Hulbert Financial Digest (as measured by the Hulbert Gold Newsletter Sentiment Index, or HGNSI). Just a week ago this average stood t 73.7%, one of the highest readings for this index in several years.

Today, in contrast, it stands at just 7.0%.

This sixty-seven percentage-point reduction in a week’s time is impressive, and most definitely enough to get the attention of contrarian analysts.

The rally occasioned by this big drop appears to be already underway, with bullion rising $23 over the first two days of this week. Here are the sentiment signs to be on the lookout for in coming days for clues whether this rally has good odds of propelling gold above its previous all-time high — set less than two weeks ago.

http://www.marketwatch.com/story/gold-timers-finally-throw-in-the-towel-2011-05-11

high for investments -- but i'm the guy who'll buy dolce&gabanna jeans, prada shoes, il bisonte satchel -- so what do i know.

Be smarter than the bulls

i have no interest in all that.

http://www.moneycontrol.com/news/commodities/india-gold-seen-downjune-quarter_542438.html

India gold is likely to fall below the Rs 22,000 rupees mark by the end of June and September quarter weighed by profit-taking, but is likely to bounce back in the subsequent quarter to record highs as physical buying gains pace, a Reuters poll showed.

The most-active gold for June delivery on the Multi Commodity Exchange (MCX) was 0.36 percent higher at Rs 22,228 per 10 grams, after gaining 5% since April 1.

A Reuters poll of 12 banks and brokerages revealed gold prices could touch Rs 21,863 per 10 grams in June quarter, and extend losses to Rs 21,803 rupees in September quarter.

"We expect these two quarters to be sluggish with some profit-taking. Weak physical demand could also weigh," said Aurobinda Prasad, head of research, Karvy Comtrade.

http://www.latimes.com/business/la-fi-kern-20110511,0,6071578.story

Reporting from Mojave—
David Rubio stands high on a hill looking over the desert, where hundreds of white wind turbines spin in the dry air.

Rubio promises that he'll soon be hiring, but the jobs won't involve those high-tech windmills. The work will be in the mine shaft beneath him, where his employer, Golden Queen Mining Co., plans to extract millions of ounces of gold and silver.

"We'll be the first new mine in 20 years," he says, turning toward Soledad Mountain, where a ladder is just visible through a tunnel. "Unemployment is high in Mojave, so people are interested."

Alternative energy projects such as wind farms and solar installations get most of the attention these days, but the good earth is doing its fair share in helping Kern County pull slowly out of its economic slump.

http://hosted.ap.org/dynamic/stories/A/AS_JAPAN_EARNS_TOYOTA?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-05-11-06-44-55

TOKYO (AP) -- Toyota's quarterly profit crumpled more than 75 percent after the March earthquake and tsunami wiped out parts suppliers in northeastern Japan, severely disrupting car production.

The maker of the popular Prius hybrid gave no forecast for the current fiscal year through March 2012, citing an uncertain outlook because production continues to be hampered by shortages of parts. Toyota is expected to lose its spot as the world's top-selling automaker to General Motors Co. this year because of the disasters.

The automaker's president Akio Toyoda said he and others at Toyota are "gritting our teeth" to keep jobs in Japan. He promised to disclose earnings forecasts by mid-June.

Toyota Motor Corp. reported Wednesday that January-March profit slid to 25.4 billion yen ($314 million) from 112.2 billion yen a year earlier. For the fiscal year ended March 2011, Toyota's earnings doubled, showing that the Japanese automaker had been on the way to recovery from its recall crisis when the magnitude-9.0 earthquake struck on March 11.

http://search.japantimes.co.jp/cgi-bin/nn20110511a3.html

Embattled Tokyo Electric Co. President Masataka Shimizu officially asked the government Tuesday to help shoulder the burden of compensating people affected by the disaster at the Fukushima No. 1 nuclear plant.

The utility is facing trillions of yen in payouts to residents and local governments around the plant, which has been leaking radiation since the March 11 earthquake and tsunami.

Unlikely able to afford the compensation on its own, Tepco must also spend tens of billions of yen to decommission the reactors at the stricken plant.

At a meeting with Chief Cabinet Secretary Yukio Edano and Banri Kaieda, minister of economy, trade and industry, Shimizu promised that Tepco would raise as much money as possible but asked the government to help cover the expected outlays.





& the government should tell them to turn to GE.

http://www.reuters.com/article/2011/05/11/us-china-economy-inflation-idUSTRE74A0FU20110511

(Reuters) - China's industrial output growth eased much more than expected in April to suggest the world's second-biggest economy is cooling, reducing the need for further aggressive monetary policy tightening even as inflation remains stubbornly high.

Consumer inflation eased modestly to 5.3 percent in April from a 32-month high in March of 5.4 percent. The outcome topped expectations but still underlined the view that price pressures are peaking and may start to ease in the second half of 2011.

Industrial output rose 13.4 percent from a year earlier, but that was more than a full percentage point below both expectations and a strong pace in March.

Retail sales growth eased more than expected while annual increases in money supply and outstanding yuan loans hit their lowest pace in 29 months, signs that measures to slow the economy are starting to bite.

http://hosted.ap.org/dynamic/stories/A/AS_ASIA_FOOD_CRISIS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-05-11-05-54-49


BEIJING (AP) -- Hunger was such a constant companion in Yao Qizhong's childhood that even now, at age 40, he'll stoop down to salvage a single clove of garlic that falls from his table at the Beijing market where he hawks fresh produce.

Life is less harsh these days, but China's fast-rising food prices have hit his family hard, making it increasingly difficult to save for his three kids' education - Yao's main goal.

Across town, Zhong Sheng rinses a still-twitching Mandarin fish and picks the stems from a handful of greens as he expounds on his philosophy of grocery shopping. Health and safety are his top concerns, ever since the architect became a father five years ago. Cost is a secondary consideration.

"You can buy cheap stuff," says Zhong as he and his wife cooked together and the smells of soy and scallion filled their cozy kitchen, "but if it makes you sick, you're going to end up paying more anyway in hospital fees."

http://news.xinhuanet.com/english2010/business/2011-05/11/c_13870071.htm

TIANJIN, May 11 (Xinhua) -- U.S. aircraft maker Boeing expects to double its purchasing of raw materials and services from Chinese suppliers by 2015, said the general manager of Boeing's parts factory located in China's northern industrial city of Tianjin.

Boeing Tianjin Composites Co., Ltd. currently buys 200 million U.S. dollars worth of raw materials and services from Chinese suppliers annually.

Gary A. Baker, general manager of the parts factory, said Wednesday that the factory's production capacity will double by 2013 from its present 5,000 parts per month, following the factory's expansion that was completed on April 18.

Baker said the new facility will increase production capacity by 60 percent and will hire about 300 additional employees.

http://news.xinhuanet.com/english2010/china/2011-05/11/c_13870221.htm

BEIJING, May 11 (Xinhua) -- China and the Netherlands pledged on Wednesday to enhance bilateral agricultural and economic cooperation.

The pledge came out of a meeting between Chinese Vice Premier Hui Liangyu and the Netherlands' Deputy Prime Minister and Minister of Economic Affairs, Agriculture and Innovation Maxime Verhagen in Beijing.

Speaking highly of the relations and cooperation the two sides have developed over trade, agriculture and water conservation, Hui said China will join hands with the Netherlands to expand pragmatic cooperation in these areas.

The Netherlands has been China's second largest trade partner among EU member countries for eight years, and their cooperation in trade, agriculture and water conservancy leads those carried out between China and EU member states.

Here's how deeply ingrained the link is: In February, Mark Zandi, the respected chief economist for Moody's Analytics, concluded in a study that the Republican proposal to cut $60 billion in spending would cost the economy half a percentage point of growth this year, or 400,000 jobs. The GOP disputed the finding that growth would suffer. But no one questioned the connection between growth and jobs, which was based on a standard formula similar to that frequently applied by economists of all stripes.

But consider this: Between the fourth quarter of 2007 and the second quarter of last year, the U.S. economy lost almost 8 million jobs, an enormous figure by historic standards. Yet during that same period, economic activity declined by only 1.3 percent, according to the National Bureau of Economic Research—a far less dramatic dropoff than the huge number of jobs lost would predict using conventional models. By the same token, the latter half of last year saw solid economic growth, including record corporate profits, but weak job creation, with unemployment stuck around 9 percent. That was the "jobless recovery" we heard so much about.

In other words, the established link between economic growth and job creation hasn't held up lately, during either up or down periods. And in both cases, it's the jobs side that has lagged.

A recent study released by the Political Economy Research Institute at the University of Massachusetts Amherst suggests the experience of the last few years hasn't been a fluke. Economists Deepankar Basu of Amherst and Duncan K. Foley of The New School for Social Research write that "the close relationship between that characterized the U.S. economy over the two decades after World War II has been weakening since the mid-1980s." The result has been "jobless recoveries," and "output-less crashes"—employment lagging behind growth during both good times and bad.

http://news.yahoo.com/s/yblog_thelookout/20110510/ts_yblog_thelookout/why-economic-growth-may-no-longer-mean-job-growth;_ylt=AlWSi_KX4xCwaFdpxxtbJFW7YWsA;_ylu=X3oDMTE1b2w1N3QwBHBvcwMzBHNlYwN0b3BTdG9yaWVzBHNsawNlY29ub21pY2dyb3c-?sec=topStories&pos=main&asset=&ccode=

One thing this article fails to consider is that the way we define and measure "economic activity" may be flawed.

Both of them.

Besides, growth in FIRE is not growth....,

http://www.reuters.com/article/2011/05/11/us-banks-foreclosure-idUSTRE74A0DO20110511

(Reuters) - Major banks are willing to pay as much as $5 billion to settle claims by federal and state officials of improper mortgage foreclosure practices, the Wall Street Journal reported, citing people familiar with the situation.





:mad: jail those motherfuckers and take their money!

:grr:

Book 'em, Danno.

Steal millions you are called a great businessman.

Offer to take $500 billion actual + $5 trillion punitive + 5 years in prison for the CEO of each one AND 5 years in prison for any two other officers the CEO names, all with no possibility of parole, and a lifetime ban from ever working with more than $100 in cash again.

http://www.reuters.com/article/2011/05/11/us-aig-idUSTRE7495AL20110511

(Reuters) - American International Group will sell 100 million shares of stock and the U.S. Treasury will sell 200 million shares, as the bailed-out insurer begins its return to public control.

The US Treasury and AIG aim to sell about $8.7bn in shares in the insurance group’s public offering this month after scaling back plans for a larger share sale.

People close to the situation said AIG’s board met on Tuesday evening to discuss the offering, which has encountered headwinds as the company’s stock price has slid more than 30 per cent since January 20 to close at $29.62 on Tuesday.

Read more >>
http://link.ft.com/r/VKY5JJ/ZB1TMF/MJTKN/C5COW8/XTNFZP/50/t?a1=2011&a2=5&a3=10

AIG and the US Treasury are discussing whether to shelve or scale back plans for a large public offering this month because of the lacklustre performance of the insurer’s shares in recent weeks, people close to the situation said.
The insurer’s board is meeting on Tuesday evening to consider options. The US Treasury, which owns 92 per cent of AIG after bailing it out in 2008, has been planning to sell about $20bn of its stake but the continued slide in AIG’s shares has cast doubt over the offering.

Read more >>
http://link.ft.com/r/5F39HH/S3JFBD/EKRAI/0GPFTI/BMC0EO/GX/t?a1=2011&a2=5&a3=10

http://www.reuters.com/article/2011/05/11/aig-idUSN1010817520110511

...The share sale, including the overallotment, is now expected to be around $10 billion, at the lower end of the $10 billion to $20 billion range sources had earlier forecast.

The U.S. government provided as much as $182 billion of support to AIG during and after the financial crisis, and the plan was to sell AIG back to the public at a handsome profit for taxpayers.

Now it is unclear whether Treasury will breakeven in the first share sale....


SMELLS LIKE ANOTHER AIG BAILOUT, TO ME

http://www.reuters.com/article/2011/05/10/us-arctic-idUSTRE7490UD20110510

(Reuters) - Leaders of Arctic nations gather in Greenland this week to chart future cooperation as global warming sets off a race for oil, mineral, fishing and shipping opportunities in the world's fragile final frontier.

Secretary of State Hillary Clinton will join foreign ministers from seven other Arctic states in Greenland's tiny capital of Nuuk -- population 15,000 -- on Thursday for an Arctic Council meeting on the next steps for a region where warming temperatures are creating huge new challenges and unlocking untapped resources.

The council includes the United States, Canada, Russia, Norway, Finland, Iceland, Sweden and Denmark, which handles foreign affairs for Greenland, as well as groups representing indigenous inhabitants of the Arctic most directly affected as ice and snow retreat.

"It's an important gathering, but also a symbol of some of the big challenges that the Arctic faces," U.S. Deputy Secretary of State James Steinberg told a Washington think-tank audience on Monday, noting that U.S. Interior Secretary Ken Salazar would accompany Clinton to Nuuk.

http://www.reuters.com/article/2011/05/11/us-usa-economy-mortgages-idUSTRE73C1ZG20110511

(Reuters) - Applications for U.S. home mortgages surged last week at the fastest pace in two months as interest rates dropped for a fourth week in a row, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, jumped 8.2 percent in the week ended May 6.

"Rates dropped again last week as the Federal Reserve continued its asset purchase program," Michael Fratantoni, MBA's vice president of research, said in a statement.

http://www.reuters.com/article/2011/05/10/us-usa-defict-survey-idUSTRE7497G620110510

(Reuters) - A majority of top Wall Street bond dealers and money managers say spending cuts alone cannot solve the U.S. budget problems and tax increases must be part of the mix.

In a Reuters survey conducted on Tuesday, 17 out of 29 fund managers and economists representing major Wall Street bond dealing firms said the Republicans' favored option of spending cuts alone would not a work.

The good news for politicians is that big Treasury market players say they have a couple of months to hammer out a solution. Twelve out of 23 surveyed said the government had until the end of July before the bond market would start to worry.

The bad news is any deal requires a compromise between anti-tax Republicans and Democrats, who support social spending programs known as entitlements -- positions that each side is holding onto dearly ahead of 2012 elections.

http://www.atimes.com/atimes/South_Asia/ME11Df05.html

KARACHI - Exports from Pakistan surged almost 30% over the past 10 months, and the trade deficit shrank by a third last month amid rising global commodity prices and a weakening of the rupee. The figures were rare good news for a struggling economy that depends to a large part on foreign aid and loans.

Exports grew 27.9% to US$20.18 billion during July 2010 to April 2011, from $15.77 billion in the same period a year before, outpacing a 14.7% increase in imports to cut the trade deficit in the period by 2%. Exports in April jumped 40% to $2.38 billion from a year earlier, and the trade deficit last month shrank by 34% compared with April last year.

"Pakistan has been consistently crossing the $2 billion mark for the last five months," Associated Press of Pakistan


reported, citing Tariq Iqbal Puri, chief executive the Trade Development Authority of Pakistan (TDAP). The authority is targeting $24 billion exports for this financial year.

Prime Minister Yousaf Raza Gilani earlier declared 2011 as "Year of Export" for the country, but analysts doubt whether such gains can be maintained amid persistent double-digit inflation, low growth and heightened security concerns that are dissuading overseas investors from maintaining factories in Pakistan. The killing of Osama bin Laden by American forces in Pakistan on May 2 has not reduced these fears.

http://www.moneycontrol.com/news/business/deficit-targets-may-needlower-aim-oil-prices-key-factor_542515.html

The government's deficit targets is set to see upset with the surge in oil prices. The Economic Affairs Secretary on Wednesday admitted that the finance minister may be forced to change fiscal deficit targets, if the oil prices continue to remain elevated.

CNBC-TV18’s Aakanksha Sethi shares that the there has been a question mark on the Fiscal Deficit numbers since the budget was unveiled. “The concerns have aggravated with rising prices, although the Finance Ministry continues to maintain that they are going to try and stay committed to that fiscal deficit number,” she shares. The oil marketing companies, she report, “have under recoveries of about Rs 26,000 crore and they need to be fulfilled from the Finance Ministry for the fourth quarter of FY11.”

The estimate for meeting these under recoveries is only Rs 20,000 crore, which is peak of the rest of the year and where the oil prices going to be. “There is also the Finance Ministry projection which says that if oil prices remain at the current levels the total under recoveries for the year will be around Rs 180,000 crore, which will mean if you take the assumption that the Finance Ministry will meet one-third of it, it will be around Rs 60,000 crore,” she says

http://www.moneycontrol.com/news/fii-view/another-crash-likely-if-rbi-hikes-rate-by-75-bps-deutsche_542204.html

Since January 2011 sell-offs in emerging markets have been huge. And if experts are to be believed, this is set to continue going forward. John-Paul Smith, global emerging market equity strategist of Deutsche Bank expects a 5-10% downside for these markets in times to come.

"Monetary tightening across emerging markets will feed into lower growth," he reasons. He expects another 75 basis points rate tightening by the Reserve Bank of India and as a result he sees more corrections here going forward, he told CNBC-TV18 in an exclusive interview.

However, he was qucik to add that India is probably one of the better-placed emerging markets in terms of structural outlook assuming commodity prices come down. "Also, we might expect to see some more progress in government reforms over the medium and long-term. And that will be the driver of the Indian market."

Below is a verbatim transcript of John-Paul Smith’s perspective on the global and Indian market. Also watch the accompanying video.

http://www.moneycontrol.com/commodity/comm_news.php?autono=152978&type=MKT

Mumbai. Wheat market ruled overall steady across the chief trade centers of India on Wednesday as well. It gained only in Rajasthan on moderate basis on declined arrivals.



“In the markets of Andhra Pradesh, wheat is trading almost flat but by the end of May when government procurement starts waning, prices likely to dip,” said Jitendra Gupta, President, Andhra Pradesh Flour Mills Association. Wheat prices will gain again in June and become steady afterwards, he apprised further.



In the Saurashtra market of Gujarat, arrival as well as demand has started diminishing. A good demand from stockists, traders and multinational companies that persisted few days back is now absent, told trade sources. Flour mills are now directly buying from the FCI as it also has to make some room for fresh purchases.



Meanwhile, market participants are waiting eagerly for the decision on wheat export since State Assembly Election is over in many of the Indian states. There has been a huge pressure on the Centre for allowing wheat export, thanks to excess wheat stocks.

http://online.wsj.com/article/SB10001424052748703864204576314850051371180.html?mod=WSJ_myyahoo_module

The U.S. regulator for commodities trading threatened Goldman Sachs Group Inc. with possible civil-fraud charges over the firm's role in clearing trades for a client.

In its quarterly report, Goldman said the Commodity Futures Trading Commission's staff has "orally advised" the bank that it "intends to recommend" that the agency file "aiding and abetting, civil fraud and supervision-related charges" against Goldman's trade-clearing unit.

The potential charges relate to trades handled by Goldman where the firm "knew or should have known" that an unnamed brokerage operation was using customer accounts in transactions with Goldman, rather than the client's own accounts.

Additional details were unknown, including exactly what might have gone wrong, what the CFTC may allege in any lawsuit, or the trading volume being investigated by the CFTC. A spokesman for the CFTC declined to comment. Goldman said in its securities filing that it is cooperating with regulators. A company spokesman declined to comment further....The disclosure raises the question of whether regulators will hold Wall Street firms accountable for spotting suspicious behavior among clients who buy, sell and do other business through securities firms. Last year, Goldman was ordered by an arbitration panel to pay $20.6 million to creditors of Bayou Group LLC for ignoring warning signs of fraud at the hedge fund. Goldman cleared trades for Bayou before it collapsed in 2005. Goldman is appealing a federal judge's November ruling that ordered the company to pay the award. ...

They used rich other people's money.

Don't they know by now that you can only get away with stiffing the middle class.

I posted an opinion column that said that Goldman cheated all its clients at every opportunity, regardless of their economic status.

specially when dealing with those hedge fund accounts

hedgies are pretty fussy about anyone even breathing on their money

I guess all those "best and brightest minds in the room" are too busy snorting coke, surfing porn or spending their bonuses to find time to pay attention to making their business actions sneaky.

It's a lot more difficult to be sneaky when there are eyeballs on you.

People now know that GS is not to be trusted. GS have destroyed their brand, their reputation. It's only a matter of time before they get shut down, because they cannot and will not reform. They haven't learned anything, aren't going to change, and their moles in the government are also attracting attacks to themselves and their Mothership GS.

http://thehill.com/blogs/on-the-money/banking-financial-institutions/160229-cftc-recommends-charges-for-goldman-sachs

Goldman Sachs said Tuesday that the Commodity Futures Trading Commission (CFTC) is recommending charges for the role of its execution and clearing unit in clearing trades for a broker-dealer.

Goldman noted in its quarterly regulatory filing that the CFTC told the firm that it intends to bring aiding and abetting, civil fraud and supervision-related charges, according to news reports...


...Last year, Goldman paid a $550 million settlement to the SEC over charges that it misled investors in trading of a complex mortgage product.

http://www.reuters.com/article/2011/05/10/goldman-probes-idUSN1029999020110510

Massachusetts securities regulators may charge Goldman Sachs Group Inc (GS.N) with improperly passing along analysts' tips to top clients.

The Massachusetts Securities Division is weighing administrative proceedings against the bank over communications among its analysts, sales staff and clients, according to Goldman's quarterly filing with U.S. regulators.

The U.S. Securities and Exchange Commission, Financial Industry Regulatory Authority and others are investigating similar matters, Goldman said. The investment bank said it is cooperating with the probes but did not provide more detail.

Goldman and its Wall Street peers are dealing with myriad regulatory probes in the wake of the financial crisis.

Goldman Sachs said its traders lost money on only one day in the last quarter, underlining how volatile markets and investors’ appetite for risk helped revive Wall Street’s biggest source of revenue

Read more >>
http://link.ft.com/r/VKY5JJ/ZBLB2F/A5Q0X/GKZ29A/ZBPPHZ/YT/t?a1=2011&a2=5&a3=11

I AM ONLY POSTING THIS TO SHAME DAVID BROOKS, WHOSE POLITICS STINK AND WHOSE GRASP ON REALITY IS RATHER SHAKY....

http://www.nytimes.com/2011/05/10/opinion/10brooks.html

Americans have always been known for their manic dynamism. Some condemned this ambition as a grubby scrambling after money. Others saw it in loftier terms. But energy has always been the country’s saving feature. So Americans should be especially alert to signs that the country is becoming less vital and industrious. One of those signs comes to us from the labor market. As my colleague David Leonhardt pointed out recently, in 1954, about 96 percent of American men between the ages of 25 and 54 worked. Today that number is around 80 percent. One-fifth of all men in their prime working ages are not getting up and going to work.

According to figures from the Organization for Economic Cooperation and Development, the United States has a smaller share of prime age men in the work force than any other G-7 nation. The number of Americans on the permanent disability rolls, meanwhile, has steadily increased. Ten years ago, 5 million Americans collected a federal disability benefit. Now 8.2 million do. That costs taxpayers $115 billion a year, or about $1,500 per household. Government actuaries predict that the trust fund that pays for these benefits will run out of money within seven years.

Part of the problem has to do with human capital. More American men lack the emotional and professional skills they would need to contribute. According to data from the Bureau of Labor Statistics, 35 percent of those without a high school diploma are out of the labor force, compared with less than 10 percent of those with a college degree...Part of the problem has to do with structural changes in the economy. Sectors like government, health care and leisure have been growing, generating jobs for college grads. Sectors like manufacturing, agriculture and energy have been getting more productive, but they have not been generating more jobs. Instead, companies are using machines or foreign workers.

The result is this: There are probably more idle men now than at any time since the Great Depression, and this time the problem is mostly structural, not cyclical. These men will find it hard to attract spouses. Many will pick up habits that have a corrosive cultural influence on those around them. The country will not benefit from their potential abilities...This is a big problem. It can’t be addressed through the sort of short-term Keynesian stimulus some on the left are still fantasizing about. It can’t be solved by simply reducing the size of government, as some on the right imagine.

BROOK'S SOLUTION---ROB PETER TO TRAIN PAUL--STEAL FROM THE ELDERLY, SICK AND DISABLED.

http://www.economist.com/blogs/freeexchange/2011/05/americas_jobless_recovery

DAVID BROOKS has written a column on the labour market troubles facing American men, and low-skilled men in particular. Apparently, he's been reading (though not citing!) his copy of The Economist. Matt Yglesias reads Mr Brooks and comments:

But Tyler Cowen fires back:

Mr Cowen goes too far here. A doubling of unemployment rates at all educational levels is consistent with a structural problem story, and it's consistent with a demand-shock story. The mere fact of asymmetric impacts of the demand shock on unemployment doesn't mean a structural increase in unemployment must result.

Here's the story as I see it. America's labour market has, over the course of several decades, developed some significant structural problems. Do read the Economist piece linked above for a detailed look at them. These structural problems have interacted perniciously with the demand impact of the recession. Let me give you an example. The outflow rate from unemployment may be lower for low-skilled workers—in good and bad times it takes them longer to find jobs. If there is then a massive cyclical increase in unemployment, the combination of a much larger stock of low-skilled unemployed with a low outflow rate will mean a very long average duration of unemployment. A long unemployment spells themselves reduce the employability of workers, by nibbling away at their skillset, labour market connections, and drive.

These kinds of issues are serious problems. America should have been worrying much more about the state of its labour market prior to the Great Recession, but it becomes more important, not less, to address those issues now....To me, the main takeaway from all of this is that whatever your view on the cyclical/structural divide, the government isn't doing what it ought to be doing to make things better. It's not investing in training programmes, and improving the incentive effects of unemployment benefit programmes, and breaking the cycle of poverty and imprisonment in high unemployment communities. And it's also rushing toward a too-fast fiscal tightening while allowing expansionary monetary policy to expire. For many American workers, it's a heads-you-lose, tails-you-also-lose outcome.

are in the paid workforce now, WAYYYYYYYYYYYY up from 1954. And even though most households have at least those two adults working, their real income has fallen by 50% since the 1970s.

And so now corporations have twice as many working for half the real income one used to make. What a dream for huge companies - a fourfold shift in their direction.

The downside - many won't work without a reward; ie, improvements in their living, so actual per person productivity falls along with consumption, once debt is maxed out.

It's a mess, and it was made by the corporate bastards.

Angela Merkel, German chancellor, has finally given her public blessing to Mario Draghi, governor of the Italian central bank, to become the next president of the European Central Bank.

“Germany could support his candidacy for the job of ECB president,” she said in an interview with the weekly newspaper Die Zeit published on Wednesday.

Read more >>
http://link.ft.com/r/UXDMSS/LQY9KP/HI3M9/PRYDNS/WLF3FB/MQ/t?a1=2011&a2=5&a3=11

HSBC is targeting savings up to $3.5bn over the next three years and the expansion of its wealth management business in Asia in an effort to become more profitable and increase shareholder value.

Two days after Europe’s largest bank by market capitalisation released disappointing first-quarter earnings, HSBC said it was conducting a “strategic review” of its US credit card business as part of a business update by Stuart Gulliver, the new chief executive.

Read more >>
http://link.ft.com/r/J0VG55/A72MK0/87I64/9Z6GN5/8A603Y/E4/t?a1=2011&a2=5&a3=11

Inflation in China moderated slightly in April but remained stubbornly high despite government efforts to restrain rapid price rises.

The benchmark consumer price index rose 5.3 per cent in April from a year earlier, less than the 5.4 per cent clip in March, but still above most forecasts. It was also well above Beijing’s full-year target of 4 per cent.

China’s statistics bureau said politically sensitive food prices rose 11.5 per cent from a year earlier in April, up from 11 per cent in the first quarter, despite Chinese media reports of steep falls in vegetable prices hurting
Chinese farmers.

Read more >>
http://link.ft.com/r/VKY5JJ/3OB89Q/9MEOW/RNEY3O/OJYDOJ/JY/t?a1=2011&a2=5&a3=10

I CAN'T TELL IF THEY ARE TALKING ANNUAL OR MONTHLY INFLATION RATES...

http://blogs.forbes.com/greatspeculations/2011/05/10/chinas-inflation-fighting-strategyoutlaw-talk-of-higher-prices/

This morning in China, we learned that the local trade surplus widened last month to $11.4 billion. That’s higher than any of the guesses that came from Wall Street. Exports for the red nation surged to a record high.

“China’s unfair currency manipulation has gone on for far too long,” commented Sen. Sherrod Brown (D-Ohio) eliciting a groan not of our own making, “and it’s clear that legislation is needed to level the playing field.” Brown is sponsoring a bill with Sen. Olympia Snowe (R-Maine) that would slap new trade sanctions on China.

For their part, the Chinese government is mucking with the trade environment by fining the Anglo-Dutch consumer products giant Unilever for an unpardonable crime: alerting the media that it is raising prices.

Unilever, maker of everything from Lux soap to Lipton tea, made the announcement in late March – much to the consternation of the National Development and Reform Commission. The NDRC says the news “disrupted market prices” and resulted in the hoarding of consumer goods in several cities – driving sales to 100 times “normal levels.”...It appears Unilever ran afoul of China’s price law – forbidding business from “fabricating and distributing information about price increases, raising prices collectively and pushing up prices excessively.”

Senate Finance Committee Chairman Max Baucus Tuesday said he doesn't want changes to Social Security as part of any current deficit reduction effort.

Negotiators from both parties plan to meet later Tuesday with Vice President Joe Biden to discuss ways to raise the debt limit while cutting spending. Most congressional leaders have said they want virtually everything up for discussion.

Baucus, D-Mont., thought otherwise.

"Social Security benefits are financed only through payroll taxes and the Trust Fund. Social Security is not responsible for the deficits we face in the general fund today. Therefore, I believe Social Security should not be part of our efforts to reduce those deficits," he said...."By law, Social Security must remain separated from the rest of the Federal budget and the program cannot borrow money from the general Federal budget."

Read more: http://blogs.mcclatchydc.com/washington/2011/05/baucus-keep-social-security-out-of-any-deficit-reduction-deal.html#ixzz1M2vDWT2v

http://www.nytimes.com/2011/05/11/business/11housing.html

MONTEREY, Calif. — By summer’s end, buyers and sellers in some of the country’s most upscale housing markets are slated to lose one their biggest benefactors: the deep pockets of the federal government. In this seaside community of pricey homes, the dread of yet another housing shock is already spreading.

“We’re looking at more price drops, more foreclosures,” said Rick Del Pozzo, a loan broker. “This snowball that’s been rolling downhill is going to pick up some speed.”

For the last three years, federal agencies have backed new mortgages as large as $729,750 in desirable neighborhoods in high-cost states like California, New York, New Jersey, Connecticut and Massachusetts. Without the government covering the risk of default, many lenders would have refused to make the loans. With the economy in free fall, Congress broadened its traditionally generous support of housing to a substantial degree.

But now Democrats and Republicans agree that the taxpayer should no longer be responsible for homes valued well above the national average, and are about to turn a top slice of the housing market into a testing ground for whether the private mortgage market can once again go it alone. The result, analysts say, will be higher-cost loans and fewer potential buyers for more expensive homes.

http://www.bloomberg.com/news/2011-05-10/finland-may-demand-investors-share-burden-as-portuguese-bailout-condition.html

Finland may insist Portugal’s rescue include terms that force investors to share losses as lawmakers in the northernmost euro member try to find a common stance on bailouts before next week’s gathering of European finance heads...


Portugal this month became the third euro member to obtain aid as Europe’s sovereign debt crisis spreads beyond Greece and Ireland. Voters in Finland last month rewarded parties critical of bailouts, with the euro-skeptic True Finns winning record backing to become parliament’s third-biggest group. Finance Minister Jyrki Katainen will present his country’s stance on crisis-handling measures at a May 16 meeting of his European counterparts.

While Katainen, whose pro-Europe National Coalition is Finland’s largest party, would be able to get majority lawmaker support for a Portuguese bailout without the True Finns, he can’t do so without the backing of the Social Democrats. The party yesterday said it wants burden sharing to be incorporated into bailouts and demands a bank tax be introduced to help fund future financial rescues...The party also wants the option of restructuring to be available if sovereign debt burdens become unsustainable, while demanding that aid donors be first to get their loans repaid...Burden sharing will be incorporated into Europe’s permanent stability mechanism, which takes effect in 2013. The European Financial Stability Facility, which Portugal must tap for funds, doesn’t include provisions for investor losses.

Portugal will pay between 5.5 percent and 6 percent interest on the European portion of a 78 billion-euro bailout, comparable to the rate currently paid by Ireland, European Union Monetary Affairs Commissioner Olli Rehn said yesterday.
The package calls for Portugal to implement the austerity measures that the Lisbon-based government proposed and parliament rejected in March. Spending reductions for 2012 and 2013, including cuts to pensions, will amount to 3.4 percent of gross domestic product, while revenue increases will represent 1.7 percent of economic output, Finance Minister Fernando Teixeira dos Santos said May 5. The plan also earmarks 12 billion euros for Portugal’s banks.

Rehn, himself a Finn, yesterday said Finland needs to approve the package to avoid the fallout of a deepening crisis in Europe...“We are not just here to bail out German and French banks but to safeguard Europe’s economic stability as a whole,” Rehn said yesterday, in comments published by Finnish newswire STT.

http://www.bloomberg.com/news/2011-05-10/eu-slows-drive-for-more-greek-aid-as-merkel-seeks-proven-steps.html

European leaders slowed debt-wracked Greece’s drive for extra aid, saying the Athens government must first make good on pledges to overhaul an economy mired in a three-year recession.

German Chancellor Angela Merkel, recalling her go-slow tactics when the debt crisis erupted, said Greece -- lamed by a general strike today -- needs to stay the budget-cutting course to win an increase in the 110 billion-euro ($158 billion) lifeline granted a year ago.

“We can offer solidarity only if Greece’s stability and eagerness to reform is proven,” Merkel told reporters in Berlin yesterday. “We can get out of this difficult situation only if we properly rebuild that foundation, not just help without Greece doing anything.”

Bonds of Greece, laboring under Europe’s highest borrowing costs, rallied yesterday on expectations that Merkel would consent to another loan program to prevent a Greek default that would roil the euro zone. The yield on the country’s two-year bond fell 43 basis points, the biggest decline in more than a week, to 25.18 percent.

http://www.bloomberg.com/news/2011-05-10/ecb-officials-reject-restructuring-as-greece-struggles-to-repay-its-debts.html

European Central Bank officials warned of catastrophic consequences if Greece is allowed to restructure its sovereign debt.

“Default or debt restructuring is a dramatic economic and social event for the country which experiences it -- I would call it political ‘suicide’ -- which leads many into poverty,” Executive Board member Lorenzo Bini Smaghi said in Florence today. Fellow board member Juergen Stark said restructuring “wouldn’t be a solution to the problems that Greece needs to overcome.”

Concern at the Frankfurt-based ECB is growing after Greek bond yields soared to all-time highs on speculation the government will be unable to meet its refinancing needs under the conditions of its current 110 billion-euro ($158 billion) bailout package. Greece’s credit rating was yesterday cut two levels by Standard & Poor’s, which said further reductions are possible as the risk of default rises.

“The ECB is fighting to keep politicians away from the restructuring debate,” said Nick Kounis, head of macro research at ABN Amro in Amsterdam. “They are worried that people are starting to consider it in important capitals.”

I GUESS IT DEPENDS WHO WILL FALL INTO POVERTY--BANKS?

http://www.investmentnews.com/article/20110509/FREE/110509912

Republicans on the Senate Banking Committee have asked watchdogs at the Securities and Exchange Commission, the Commodity Futures Trading Commission and other agencies to determine whether they are doing enough to assess how Dodd Frank regulations will affect the economy.

In a May 4 letter that was released today, the lawmakers asked the inspectors general at five financial regulators to review the economic analyses being performed on rules emanating from the massive financial reform measure.

“Our request arises from our concern that regulatory agencies are conducting rulemakings to implement Dodd-Frank without adequately considering the costs and benefits of their rules and the effects those rules could have on the economy,” wrote Sen. Richard Shelby R-Ala., Banking Committee ranking member; Sen. Michael Crapo, R-Idaho; Sen. Bob Corker, R-Tenn.; Sen. Jim DeMint, R-S.C.; Sen. David Vitter, R-La.; Sen. Mike Johanns, R-Neb.; Sen. Patrick Toomey, R-Pa.; Sen. Mark Kirk, R-Ill.; Sen. Jerry Moran, R-Kan.; and Sen. Roger Whicker, R-Miss.

The letter cites an SEC rule pertaining to the SEC registration of investors in private funds. It focuses on proposed rules and does not mention the SEC's January investment advice study.

IN OTHER WORDS, SOMEBODY'S OX IS GETTING GORED

Imagine a country that spends and prints trillions to patch up any problem.

Now imagine another country where there is no central Treasury, meaning that bail-outs are less easy, and which has a central bank that’s mopped up liquidity over the past year, rather than engage in quantitative easing.

Why does it surprise anyone that the latter, the eurozone, has a stronger currency than the former, the US?

Read more >>
http://link.ft.com/r/73UJGG/26B022/1O51V/TP9QV9/KEWKYJ/B7/t?a1=2011&a2=5&a3=11

Google has put aside $500m to settle a US investigation into its advertising practices, marking a sharp intensification of the spreading regulatory scrutiny of the company

Read more >>
http://link.ft.com/r/VKY5JJ/ZBLB2F/A5Q0X/GKZ29A/40HT6T/YT/t?a1=2011&a2=5&a3=11

http://hosted.ap.org/dynamic/stories/E/EU_SWITZERLAND_GOOGLE?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-05-11-07-51-25

GENEVA (AP) -- Photographs of streets and houses in Switzerland could disappear from Google's maps unless the country's supreme court overturns a ruling requiring an absolute guarantee of anonymity for people pictured in its popular Street View service, the company said Wednesday.

The Internet search giant said it wants the Swiss Federal Tribunal to throw out a lower court decision in April that obliged Google to ensure all faces and vehicle license plates are blurred before uploading pictures to the service that provides panoramic tours of the world's streets.

The ruling by the Federal Administrative Court in Bern, following a complaint from the country's privacy watchdog, also ordered the company to obscure other identifying features, such as skin color and clothing, from people photographed in the vicinity of "sensitive establishments," such as women's shelters, retirement homes, prisons, schools, courts and hospitals.

If Google fails at the higher court, it would be the first time that the company has permanently switched off Street View anywhere, though it has faced privacy concerns in many of the 27 countries where the service is available.

US regulators are looking at relaxing rules around companies raising capital after criticism that tough regulations are hindering the growth of start-ups

Read more >>
http://link.ft.com/r/VKY5JJ/ZBLB2F/A5Q0X/GKZ29A/QFEIJ8/YT/t?a1=2011&a2=5&a3=11

The devastating earthquake in Japan and one of Walt Disney’s biggest box-office flops combined to hit the media group’s second-quarter profits

Read more >>
http://link.ft.com/r/VKY5JJ/ZBLB2F/A5Q0X/GKZ29A/PRIIJ8/YT/t?a1=2011&a2=5&a3=11

The US and China have claimed success after two days of negotiations ended in a series of deals on US access to the Chinese market and Chinese access to sensitive US technology

Read more >>
http://link.ft.com/r/IOCBMM/TPFPTW/YGZ3O/3OLU20/KEW4AH/AZ/t?a1=2011&a2=5&a3=11

http://www.reuters.com/article/2011/05/11/markets-money-idUSLDE74A0LF20110511

LONDON, May 11 (Reuters) - Money markets refocussed on the
chances of a Bank of England interest rate hike this year after
it raised its medium-term inflation forecast on Wednesday.

Downbeat news on first quarter growth in recent weeks had
caused markets to push back their expectations for the BoE's
first rate rise since 2007 into next year, in marked contrast to
forecasts of a May rate rise that were widespread just a few
weeks ago BOEWATCH.

But some of that move was unwound after the BoE raised its
medium-term inflation forecast to just under 2 percent in its
May inflation report , potentially paving the way
for an earlier hike.

Sterling overnight interest rate swap rates showed markets
almost fully pricing a rate hike in November, and fully by
December, although many economists expect an earlier move.

http://uk.reuters.com/article/2011/05/11/markets-britain-stocks-idUKLDE74A1GV20110511

LONDON, May 11 (Reuters) - Strong miners lifted Britain's top shares on Wednesday on hopes of good demand from China, as investors digested a Bank of England inflation report which could mean a rate rise sooner than markets previously thought.

The FTSE 100 index .FTSE was up 7.04 points, or 0.1 percent, at 6,025.93 by 1138 GMT, after rising 1.3 percent on Tuesday to a one-week closing high.

Gains were seen from the miners as investors bought into a sector which has endured recent sharp falls, with some analysts saying China's bumper trade data this week was enough to indicate continued confidence in metals demand regardless of potential rate hikes.

Meanwhile, the Bank of England raised its medium-term inflation forecast to just under 2 percent in its May report, potentially paving the way for a November rate rise.

http://news.xinhuanet.com/english2010/business/2011-05/11/c_13870218.htm

MOSCOW, May 11 (Xinhua) -- The Eurasian Economic Community may grant 3 billion U.S. dollars from its anti-crisis fund to support Belarus' economy through 2012, Russian Financial Minister Alexei Kudrin said Wednesday.

Kudrin said at a news conference that Russia alone would not provide Minsk with any financial support, the RBC news agency reported.

Kudrin added that even those 3 billion dollars might be insufficient to save the Belarussian economy from collapse and Minsk ought to either apply to the International Monetary Fund for more support or start the privatization of state property.

http://news.xinhuanet.com/english2010/business/2011-05/11/c_13870206.htm

KIEV, May 11 (Xinhua) -- Prime Minister Mykola Azarov said here Wednesday Ukraine's gross domestic product (GDP) had grown 5 percent in January-April, compared to the same period in 2010.

"During the first four months of this year, the economy has grown, the state budget revenues have also increased compared to the last year," Azarov said during a Cabinet meeting.

http://www.atimes.com/atimes/Central_Asia/ME12Ag02.html

Things couldn't have been better for Russia's energy giant Gazprom even before news came in over the weekend that curtains could be coming down on one of the keenest battles of the Caspian great game, and Moscow is on a winning streak.

Gazprom increased its gas supplies to Europe in April by over 21% on the same month last year. In 2011, Gazprom's overall export revenue is estimated to be a whopping US$72.4 billion. In anticipation of increased supplies to Europe, the Russian company has begun plans to nearly double its underground storage capacities for gas by 2015 to almost 4.9 billion cubic meters (bcm) and by next year to 6.5 bcm.

Gazprom operates gas storage facilities in Austria and lease


facilities in Britain, France and Germany. This work is in anticipation of the vastly increased flow of Russian gas through the new pipeline systems known as South Stream and North Stream, which are becoming operational in the very near future.

http://www.reuters.com/article/2011/05/11/visa-idUSN1118938920110511

* Visa works with Barclays, USB, PNC, BB&T, Regions

* Expects to launch wallet in U.S. and Canada this fall

NEW YORK May 11 (Reuters) - Visa Inc (V.N), the world's largest credit and debit card processing network, is building a mobile wallet that people can use to pay for things with their phones instead of with traditional cards.

The network said on Wednesday it is working with several large U.S. and international banks to develop the wallet. Its partners include US Bancorp (USB.N), PNC Financial Services (PNC.N), Regions Financial (RF.N), BB&T Corp (BBT.N), Toronto Dominion's (TD.TO) TD Bank and the U.S. arm of Barclays PLC (BARC.L).

http://blogs.forbes.com/tomiogeron/2011/05/11/pageonce-raises-15-million-towards-mobile-wallet/

Money and bill management service Pageonce has raised $15 million in new financing led by Morgenthaler Ventures as it moves toward a digital wallet for personal finance.

Pageonce started off as a sort of all-encompassing personal assistant for finances, shopping and social networking. About 18 months ago the company decided to focus on just the personal finance piece.

The company’s mobile app (and website) aggregates your bank accounts, investments and bills, from credit cards to cell phone and cable bills. Unlike Mint.com which has successfully moved into personal finance aggregation, PageOnce focuses particularly well on bill aggregation.

Pageonce tells you at any one time how much you have to pay in bills and credit card payments and how much you have in the bank–to help you understand what you actually have. It also pulls detailed line-item information on bills.

http://www.reuters.com/article/2011/05/11/creditagricoleegypt-idUSLDE74A15520110511

*Q1 consolidated net profit 58.7 mln Egyptian pounds *Avg forecast of four analysts 96.3 mln pounds (Adds analyst forecasts)

CAIRO May 11 (Reuters) - Credit Agricole Egypt (CIEB.CA) said on Wednesday its consolidated first-quarter net profit fell 46 percent to 58.7 million Egyptian pounds ($9.9 million), well short of analyst forecasts.

The bank, owned 60 percent by France's Credit Agricole (CAGR.PA), had a net profit of 108 million pounds for the same period a year earlier, it said in a statement released by the stock exchange.

http://www.arabianbusiness.com/news-corp-ups-stake-in-alwaleed-s-rotana-for-35m-399203.html

Rupert Murdoch's News Corp will raise its stake in Saudi’s Rotana Group, the media company controlled by Prince Alwaleed bin Talal, in an investment worth $35m.

News Corp will exercise 50 percent of its option in Rotana to raise its stake to 14.53 percent, the Saudi media group said in an emailed statement Wednesday.

News Corp retains the right to exercise the remaining 50 percent of the option until November 2012, the statement said.

“News Corp has an unrivalled record in development businesses of scale around the world. This investment will help to build Rotana’s presence across the region,” said Prince Alwaleed.

http://www.arabianbusiness.com/gulf-corporates-eye-bond-issues-for-refinancing-expansion-399215.html

Gulf Arab companies have lagged state-linked firms in issuing bonds, held back by the credit crunch and regional strife, but with about $60bn in refinancing coming up by 2012, more could soon hit the road to lure global investors.

Corporates that tap debt markets can expect to meet healthy demand, due in part to the dearth of issuance compared with government-related firms and the prospect of high coupon rates, investors say.

Portfolio managers holding bonds issued by Kuwait Projects Co (KIPCO) last July have already made a cash return of about 11 percent on the investment. KIPCO is the biggest investment firm in Kuwait yet it offered its bond at an alluring 9.5 percent.

But in return corporates will have to be ready to open their books to scrutiny and cough up a hefty regional risk premium.

http://www.arabianbusiness.com/china-russia-drive-tourism-growth-in-2011-says-oman-399156.html

Oman plans to increase the number of tourists to the sultanate by seven percent this year, its head of tourism promotion said, driven by visitors from India, Russia and the Gulf states.

“In 2010 we had 1.6 million tourists, by a minimum of seven percent in 2011,” said Salim Bin Adey Al Mamari, director general of tourism promotion for Oman.

Tourism operators in Oman are tying up with Dubai-based operators to market both destinations to wealthy Russians. State-owned carrier Oman Air plans to launch a direct flight to Moscow, in the second quarter of 2011.

“The number of tourists is not that big. We are trying to tackle that market because it is a market…if you bring in 100 it’s like bringing 1,000 from another country,” said Adey Al Mamari.

http://seattletimes.nwsource.com/html/businesstechnology/2015019129_apuscropsize.html

T. LOUIS —

U.S. corn surpluses are expected to increase higher than anticipated this summer and grow even more next year, a trend that could help ease rising food and grain prices this year.

The Agriculture Department reports that corn reserves are projected to increase to 730 million bushels in late August, when the harvest begins. That's up from last month's estimate of 675 million bushels. The government estimates the large corn crop being planted now will help drive the corn surplus back up to 900 million bushels by late 2012.

http://www.presstv.ir/detail/179059.html

Iran's President Mahmoud Ahmadinejad strongly criticizes US economic policies, saying that the paper currency created by the American government is taking a heavy toll on the global economy...In an address to the fourth UN Conference on the Least Developed Countries in Istanbul, Turkey, on Monday, Ahmadinejad said that the cash injected into the global economy in the form valueless US dollars amount to over USD 32 trillion, IRNA reported.

“This is while the US budget deficit for the 2011 fiscal year is expected to reach a figure above USD 1.6 trillion,” he added.

The Iranian president also pointed that the US foreign debt now approaching over USD 14.6 trillion, while the Gross Domestic Product (GDP) in the United States stands at around USD 14 trillion. President Ahmadinejad stated that such figures clearly explain the plunder of national wealth in many countries, and the upsurge in poverty and underdevelopment across the globe.

He noted the certain countries rob less developed states to pay their international debts.

“Most of international economic organizations either defend the existing situation or serve the interests of certain states,” he said.

AND THAT, LADIES AND GENTLEMEN, IS WHY IRAN IS IN THE GUNSIGHTS

http://seattletimes.nwsource.com/html/boeingaerospace/2015017117_boeinghaley11.html

COLUMBIA, S.C. — South Carolina Gov. Nikki Haley said Tuesday that governors and businesses have to work together to counter National Labor Relations Board (NLRB) actions against Boeing that she contends could undermine state right-to-work laws and economic growth.

"We've got to make sure that we are responding to this in a strong way," the Republican said after a meeting at the U.S. Chamber of Commerce in Washington, D.C., in her most recent attack on the federal board.

"We have to do it in a loud way and the president owes it to the state of South Carolina and every state in the country on what he's going to do in reference to what the NLRB has done against Boeing," Haley said. "While Boeing may be the first company, you know, I don't think this will be the last company."

Iowa Sen. Tom Harkin, a Democrat, said Republicans are stretching the NLRB's challenge into a contest over right-to-work laws. "That's just factually incorrect — there is absolutely no way that the outcome of this case could affect in any way the laws of any state," he said in a statement.




i loathe that woman:mad:

http://www.informationclearinghouse.info/article28069.htm

WITH THE Irish Government on track to owe a quarter of a trillion euro by 2014, a prolonged and chaotic national bankruptcy is becoming inevitable. By the time the dust settles, Ireland’s last remaining asset, its reputation as a safe place from which to conduct business, will have been destroyed.

Ireland is facing economic ruin.

While most people would trace our ruin to to the bank guarantee of September 2008, the real error was in sticking with the guarantee long after it had become clear that the bank losses were insupportable. Brian Lenihan’s original decision to guarantee most of the bonds of Irish banks was a mistake, but a mistake so obvious and so ridiculous that it could easily have been reversed. The ideal time to have reversed the bank guarantee was a few months later when Patrick Honohan was appointed governor of the Central Bank and assumed de facto control of Irish economic policy.

As a respected academic expert on banking crises, Honohan commanded the international authority to have announced that the guarantee had been made in haste and with poor information, and would be replaced by a restructuring where bonds in the banks would be swapped for shares...

http://www.perthnow.com.au/business/news/ceo-pay-under-fire/story-e6frg2qu-1226053948131

A LABOR backbencher has told parliament she was shocked when she learned the top 20 corporate bosses in Australia were paid 110 times greater than average weekly earnings.

``Australians do not have a problem with other hard-working individuals earning more pay than they do,'' Canberra MP Gai Brodtmann said.

``They do have a problem with these remuneration packages, bonus schemes, these golden parachutes being bestowed regardless of the actual performance of the individual.''

Ms Brodtmann made the comments during a lower house debate on draft laws that aim to give shareholders a greater say over what company bosses are paid.

http://www.perthnow.com.au/news/breaking-news/dollar-higher-on-the-back-of-rising-gold-price/story-e6frg133-1226054171359

At 5pm (AEST), the dollar was trading at 108.53 US cents, up from 107.63 cents yesterday.

Since 7am (AEST) today, the local unit traded between 108.34 US cents and 108.76 cents.

CMC markets currency strategist Tim Waterer said the dollar was helped by the gold price rising as high as $US1,524.99 during the afternoon.

Gold closed in Sydney at $US1524 per fine ounce, up $US13.50 from $US1510.50 yesterday.

http://www.couriermail.com.au/ipad/resources-leading-the-pack/story-fn6ck2gb-1226054216724

THE Australian share market closed higher yesterday as new Chinese inflation data helped to boost the resources sector.

The benchmark S&P/ASX200 index gained 54.4 points, or 1.15 per cent, at 4780.2 points, while the broader All Ordinaries index had lifted 54.6 points, or 1.14 per cent, to 4858.2 points.

"It really is a case of materials and resources leading the pack today," CMC Markets institutional equities dealer David Barrett-Lennard said.

The resources sector had benefited from higher prices for base metals overnight, but markets in the Asia Pacific region yesterday had also been driven by Chinese inflation data.

http://www.couriermail.com.au/news/breaking-news/dollar-gains-a-us-cent-at-midday/story-e6freonx-1226053990721

At 12pm AEST, the Australian dollar was trading at 108.53 US cents, up from 107.63 US cents at the close yesterday.

Since 7am AEST today, the local unit has traded between 108.33 US cents and 108.72 cents.

Federal Treasurer Wayne Swan delivered the 2011/12 budget at 7.30am (AEST) yesterday, saying the government would deliver $22 billion in savings in the four years to 2014/15 and that it was on track to return the budget to surplus in 2012/13.

ICAP senior economist Adam Carr said the budget was slightly more stimulatory than the Reserve Bank of Australia (RBA) would have been expecting and added to the case for a cash rate rise.

http://www.couriermail.com.au/news/features/angry-voters-turn-on-swan-in-polls/story-e6freujo-1226053966864

Less than 10 per cent of people think they’ll be better off under the 2011 Budget, and around 80 per cent think the Treasurer got it wrong when trying to juggle the nation’s funds, according to polls on News Ltd websites.

More than 28,000 votes were cast in the polls.

Criticism from readers ranged across Budget provisions, including the decision to increase foreign aid to a record $4.8bn and stricter rules around unemployment benefits.

But the decision to freeze indexation of family tax benefits, the baby bonus and the paid parental leave scheme for four years for families on $150,000 or more a year divided the nation, sparking anger among those who will be hit and a suck-it-up response from those earning less.

http://news.xinhuanet.com/english2010/business/2011-05/11/c_13869416.htm

WELLINGTON, May 11 (Xinhua) -- Strong economic growth in Asia was bolstering New Zealand and Australian exporters, but New Zealand's economy still faced a volatile and uncertain environment, Reserve Bank of New Zealand governor Dr Alan Bollard said Wednesday.

"The global economic recovery is now broader, and strong growth in Asia is supporting commodity producers like New Zealand and Australia. However, global wholesale funding markets remain fragile, given stretched fiscal positions and banking sector problems in some European countries," Bollard said at the release of the bank's May 2011 Financial Stability Report.

"Efforts by households and businesses to cut or contain debt are reducing New Zealand's overall external imbalance, but are also weakening domestic demand. Government too is looking to consolidate its financial position, which should help to improve the country's overall external position."

http://english.chosun.com/site/data/html_dir/2011/05/11/2011051100417.html

Prices of second-hand cars in the U.S. are soaring amid a slowdown in production of new vehicles.

According to the Wall Street Journal on Tuesday (local time), Manheim, a wholesale auto auction company, said that adjusted wholesale prices of used vehicles rose 5 percent in April from a year ago. Its index for measuring used vehicle values rose to a record high of 126.6.

:evilgrin:

(OVER the old debt limit of 14.294-trillion dollars by 29-billion dollars. Good day.)
Early trip to the only eating place with a bathroom in Highland Park. Oh, and it does not work.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 9,680,750,181,123.70 + 4,641,936,724,436.31
UP 87,184,054.82 + UP 932,533,753.64

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

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 312-Million person America.
If every American, man, woman and child puts in $3.21 THAT'S 1B$, and $3,205.66 makes 1T$.
A family of three: Mom, Dad, Child: $9.62, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 311,948,192 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 $45,913.67.
A family of three owes $137,741.02. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 days.
The average for the last 22 reports is 2,860,223,576.38.
The average for the last 30 days would be 2,097,497,289.35.

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$/day.
There were 149 reports in 218 days of FY2011 averaging 5.11B$ per report, 3.49B$/day.
Above line should be okay

PROJECTION:
There are 625 days remaining in this Obama 1st term.
By that time the debt could be between 15.2 and 17.6T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
05/06/2011 14,322,686,905,560.01 BHO (UP 3,695,809,856,646.93 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,761,063,874,668.30 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,274,258,322,265.73 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
04/18/2011 +000,320,133,441.47 ------------******** Mon
04/19/2011 +000,498,845,624.51 ------------********
04/20/2011 +000,031,154,878.79 ------------*******
04/21/2011 -029,604,944,039.31 -
04/22/2011 +000,169,463,975.78 ------------********
04/25/2011 +000,297,069,525.13 ------------******** Mon
04/26/2011 +000,207,526,568.97 ------------********
04/27/2011 -002,332,483,455.54 --
04/28/2011 -007,710,203,842.40 --
04/29/2011 +013,870,888,452.00 ------------**********
05/02/2011 +043,070,259,587.79 ------------********** Mon
05/03/2011 +000,283,435,714.90 ------------********
05/04/2011 +000,080,372,925.23 ------------*******
05/05/2011 -017,721,236,989.45 -
05/06/2011 +000,087,184,054.82 ------------*******

1,547,466,422.69 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=4845684&mesg_id=4846237

(OVER the old debt limit of 14.294-trillion dollars by 32-billion dollars. Another day appeared. Good day.)
Out to FWDCA meeting and two eating houses.
(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)
= 9,681,179,453,898.66 + 4,644,605,091,889.65
UP 429,272,774.96 + UP 2,668,367,453.34

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

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 312-Million person America.
If every American, man, woman and child puts in $3.21 THAT'S 1B$, and $3,205.44 makes 1T$.
A family of three: Mom, Dad, Child: $9.62, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 311,969,792 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $45,920.42.
A family of three owes $137,761.27. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 21 reports in the last 30 to 31 days.
The average for the last 21 reports is 2,876,257,703.28.
The average for the last 30 days would be 2,013,380,392.29.
The average for the last 31 days would be 1,948,432,637.70.
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$/day.
There were 150 reports in 221 days of FY2011 averaging 5.09B$ per report, 3.46B$/day.
Above line should be okay

PROJECTION:
There are 622 days remaining in this Obama 1st term.
By that time the debt could be between 15.2 and 17.5T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
05/09/2011 14,325,784,545,788.31 BHO (UP 3,698,907,496,875.23 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,764,161,514,896.60 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,262,076,710,123.35 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
04/19/2011 +000,498,845,624.51 ------------********
04/20/2011 +000,031,154,878.79 ------------*******
04/21/2011 -029,604,944,039.31 -
04/22/2011 +000,169,463,975.78 ------------********
04/25/2011 +000,297,069,525.13 ------------******** Mon
04/26/2011 +000,207,526,568.97 ------------********
04/27/2011 -002,332,483,455.54 --
04/28/2011 -007,710,203,842.40 --
04/29/2011 +013,870,888,452.00 ------------**********
05/02/2011 +043,070,259,587.79 ------------********** Mon
05/03/2011 +000,283,435,714.90 ------------********
05/04/2011 +000,080,372,925.23 ------------*******
05/05/2011 -017,721,236,989.45 -
05/06/2011 +000,087,184,054.82 ------------*******
05/09/2011 +000,429,272,774.96 ------------******** Mon

1,656,605,756.18 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=4847089&mesg_id=4847340

(OVER the old debt limit of 14.294-trillion dollars by 38-billion dollars. Another day appeared inbetween and this posts ends both. Good day.)
Out to FWDCA meeting and two eating houses.
(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)
= 9,681,417,347,166.90 + 4,650,105,450,714.71
UP 237,893,268.24 + UP 5,500,358,825.06

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

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 312-Million person America.
If every American, man, woman and child puts in $3.21 THAT'S 1B$, and $3,205.36 makes 1T$.
A family of three: Mom, Dad, Child: $9.62, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 311,976,992 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $45,937.76.
A family of three owes $137,813.27. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 32 days.
The average for the last 22 reports is 3,006,348,357.37.
The average for the last 30 days would be 2,204,655,462.07.
The average for the last 32 days would be 2,066,864,495.69.
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$/day.
There were 151 reports in 222 days of FY2011 averaging 5.10B$ per report, 3.47B$/day.
Above line should be okay

PROJECTION:
There are 621 days remaining in this Obama 1st term.
By that time the debt could be between 15.2 and 17.5T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
05/10/2011 14,331,522,797,881.61 BHO (UP 3,704,645,748,968.53 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,769,899,766,989.90 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,265,826,193,474.39 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
04/20/2011 +000,031,154,878.79 ------------*******
04/21/2011 -029,604,944,039.31 -
04/22/2011 +000,169,463,975.78 ------------********
04/25/2011 +000,297,069,525.13 ------------******** Mon
04/26/2011 +000,207,526,568.97 ------------********
04/27/2011 -002,332,483,455.54 --
04/28/2011 -007,710,203,842.40 --
04/29/2011 +013,870,888,452.00 ------------**********
05/02/2011 +043,070,259,587.79 ------------********** Mon
05/03/2011 +000,283,435,714.90 ------------********
05/04/2011 +000,080,372,925.23 ------------*******
05/05/2011 -017,721,236,989.45 -
05/06/2011 +000,087,184,054.82 ------------*******
05/09/2011 +000,429,272,774.96 ------------******** Mon
05/10/2011 +000,237,893,268.24 ------------********

1,395,653,399.91 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=4847089&mesg_id=4847340

http://www.marketwatch.com/story/galleons-raj-rajaratnam-found-guilty-on-14-counts-2011-05-11

SAN FRANCISCO (MarketWatch) -- The jury in the insider trading case against Galleon founder Raj Rajaratnam found him guilty on all 14 counts on Wednesday. The charges included 9 counts of securities fraud and 5 counts of conspiracy to commit fraud, according to Bloomberg TV. Rajaratnam faces up to 20 years in prison on each securities fraud count, the Wall Street Journal said.

280 years, each 20 year sentence to be served consecutively, not concurrently.

I can dream, right?


Here's to many more!

We'll find out at the sentencing.

:woohoo:

http://www.marketwatch.com/story/macys-profit-forecast-power-past-estimates-2011-05-11

NEW YORK (MarketWatch) — Department-store operator Macy’s Inc. said Wednesday that its first-quarter profit surged more than fivefold, helped by expense control and a strategy to tailor store offerings to individual market demands.

The company also raised its full-year forecast and doubled its quarterly dividend to 10 cents a share.

Shares of Macy’s /quotes/comstock/13*!m/quotes/nls/m M +9.48% jumped 5% in premarket trading to $27.65, a 52-week high.

Macy’s said its quarterly profit rose to $131 million, or 30 cents a share, from $23 million, or 5 cents a share, in the year-earlier period, which also included 4 cents a share in charges.

Raj Rajaratnam, the hedge fund billionaire, was found guilty of insider trading, handing the US government a victory as it expands its prosecution of leaks on Wall Street.

After 12 days of deliberation, the jury of eight women and four men issued their verdict convicting the former head of Galleon Group on all counts. He was found guilty of making $63m by trading after learning secrets about earnings announcements and corporate takeovers before they were announced.

Read more >>
http://link.ft.com/r/9ULF66/RNJPB2/B49CK/UUS97Z/HDMWD5/28/t?a1=2011&a2=5&a3=11

IS THIS WHY THE MARKET IS DOWN TODAY?

Could this really be terrifying Wall Street?

all i can say is bring on the rest of them.

I'm tired of my sister telling me that everyone lies to protect their interests...and she assumes they are protecting her financial interests too.
:crazy:

All these banksters and fraudsters need to be held accountable and go to jail, not just a couple scapegoats like Raj and Madoff.

The Dow's down 100 additional points in an hour.

inflation didn't dip THAT much and oil not holding onto it's higher valuations.

then game the news of this guy getting sentenced -- i don't know how it all fits togetheon edit -- or oil stayed high i don't know which.

Dow 12,606 -155 -1.21%
Nasdaq 2,841 -30 -1.06%
S&P 500 1,341 -16 -1.18%
GlobalDow 2,196 -18 -0.80%
Gold 1,498 -19 -1.25%
Oil 99.58 -4.30 -4.14%

Oil now under $99.

US blue-chip companies from Philip Morris to AT&T are taking advantage of cheap debt to finance share buy-backs and mergers and acquisitions activity at an accelerated pace.

The rise in buy-backs and deals marks a turning point in the credit cycle, as companies become more willing to invest their cash and borrow more money. Since the 2008 financial crisis, many companies have been hoarding cash and building up ever greater treasure chests and rainy-day funds.

Read more >>
http://link.ft.com/r/S4XZQQ/C5ZWNF/IEP5S/UUS9QA/XTNUBK/7V/t?a1=2011&a2=5&a3=11

http://www.youtube.com/watch?feature=player_embedded&v=_JI9UYeL6GA#at=49

Max and Stacy diss the Osama PR and discuss the Silver Squeeze.

5/2/11 TickerCon was 1
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4835361&mesg_id=4835499

5/11/11
Denninger - Remaining at "1" for longer than a week or two is unreasonable in terms of preparatory stance. "2" is more appropriate and can be maintained pretty much indefinitely.
http://market-ticker.org/cgi-ticker/akcs-www?singlepost=2545387