STOCK MARKET WATCH, Thursday, May 19, 2011

Source: du

STOCK MARKET WATCH, Thursday, May 19, 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 = 12

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

Read more: du

May 19 08:30 Initial Claims 05/14 400K 420K 434K
May 19 08:30 Continuing Claims 05/07 3700K 3713K 3756K
May 19 10:00 Existing Home Sales Apr 5.40M 5.23M 5.10M
May 19 10:00 Philadelphia Fed May 15 18.0 18.5
May 19 10:00 Leading Indicators Apr 0.1% 0.0% 0.4%

Read more: http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm#ixzz1MnKxhR4P

http://hosted.ap.org/dynamic/stories/U/US_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-05-19-08-56-06

WASHINGTON (AP) -- The number of people applying for unemployment benefits fell sharply for the second straight week, suggesting the job market is slowly recovering.

Applications for benefits dropped 29,000 last week to a seasonally adjusted 409,000, the Labor Department said.

The four-week average, a less volatile measure, rose slightly to 439,000. It was the sixth straight increase.

The declines come after applications spiked last month to an eight-month high of 474,000. That was nearly 100,000 higher than February's three-year low of 375,000 - a level typically consistent with sustainable job growth. Weekly applications peaked during the recession at 659,000.

SINGAPORE – Oil prices hovered below $100 a barrel Thursday in Asia as traders eyed mixed signs about U.S. gasoline demand and a volatile dollar.

Benchmark crude for June delivery was down 55 cents to $99.56 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. In London, Brent crude for July delivery was off 9 cents at $112.21 a barrel on the ICE Futures exchange.

Oil markets have been following the value of the dollar most days recently. A weaker dollar makes oil less expensive for investors with other currencies and usually helps push crude higher, while a stronger U.S. currency tends to lead commodities lower.

The euro fell to $1.4239 on Thursday from $1.4296 late Wednesday while the dollar gained to 81.88 yen from 81.69 yen.

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

LONDON (MarketWatch) — The International Energy Agency on Thursday called on oil producers to boost supplies in the face of fears that high prices could damage the global economic recovery.

In a statement, the governing board of the Paris-based agency expressed “serious concern that there are growing signs that the rise in oil prices since September is affecting the economic recovery by widening global imbalances, reducing household and business income, and placing upward pressure on inflation and interest rates.”

With global oil demand set to see a seasonal rise between May and August, there is a “clear, urgent need for additional supplies on a more competitive basis to be made available to refiners to prevent a further tightening of the market,” the IEA said.

Nymex crude-oil futures were up 20 cents at $100.30 a barrel in electronic trade. Nymex futures traded around $114 a barrel in early May before succumbing to a selloff. Read more on oil prices.

http://www.marketwatch.com/story/oil-prices-risk-derailing-global-recovery-iea-2011-05-19?link=MW_latest_news

They must be scared to think of Memorial Day without any gasoline sales....as if 20 cents will make that much difference. Gas should fall $1.

Even as oil prices dropped dramatically a week ago.

Of course, a bigger insult wouldn't go amiss...

Still waiting for my pony from President Obama...

You have won the right to pick a theme/topic for this weekend's Weekend Economist! You also have the option of starting it (although I will be around Friday night, so there is no obligation to accept).

I was thinking about the announcement that Japan is in recession again after being attacked by a radioactive monster.

Starting with the Godzilla and going forward, or back....Thanks! That's this Weekend's theme!

(and if Hugin doesn't know it, I could slip in the Mikado, even).

U.S. stock-index futures gained, indicating the benchmark Standard & Poor’s 500 Index will advance for a second day.

Futures on the S&P 500 expiring in June rose 0.4 percent to 1,343.3 at 10:54 a.m. in London, having earlier lost as much as 0.3 percent.

http://www.bloomberg.com/news/2011-05-19/u-s-stock-index-futures-advance-benchmark-s-p-500-contract-climbs-0-4-.html

:donut: care for some coffee?

http://uk.reuters.com/article/2011/05/19/markets-britain-factors-idUKLDE74I03F20110519

LONDON, May 19 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening
up 30-34 points, or 0.6 percent on Thursday, according to financial bookmakers
extending the previous session's rally in tandem with gains overnight on Wall
Street and in Asia, with commodity stocks helped by firm crude and metal prices.

The UK blue chip index closed 62.49 points, or 1.1 percent higher on
Wednesday at 5,923.49, boosted by strong miners and energy stocks as commodity
prices recovered after falls in the previous session on global growth concerns.

Technical analysis supported expectations for further gains on Thursday.

"Based on the main range of 6,103.73 to 5,858.00, expectations are for this
index to retrace to at least 5,980.86 to 6,009.86 before meeting strong
resistance," said Enis Mehmet, analyst at Autochartist.

http://uk.reuters.com/article/2011/05/19/markets-europe-stocks-idUKLDE74I0QN20110519

LONDON, May 19 (Reuters) - European shares rose on Thursday, led by commodity stocks after the initial public offering of Glencore (GLEN.L) helped sentiment in the sector, but ongoing worries about Greek debt could make trading volatile.

By 0857 GMT, the pan-European FTSEurofirst 300 .FTEU3 index of top shares was up 0.4 percent at 1,134.90 points after gaining 0.4 percent in the previous session as investors bought into commodity and technology stocks.

Commodity trader Glencore opened at 548 pence, more than 3 percent above the debut price of 530 pence in grey market trading, helping to boost commodities.

Traders said the Glencore IPO was a success because the backdrop for commodities was still positive, despite the recent sell-off, and long-term demand remained for China.

http://www.guardian.co.uk/business/2011/may/19/april-sunshine-retail-sales

A winning combination of the royal wedding and warm weather triggered a bigger-than-expected surge in retail sales last month, official figures revealed.

Retail sales volumes rose 1.1% month-on-month in April, the Office for National Statistics (ONS) said, as the extra bank holiday saw the biggest rise in food store sales in nearly three years.

It was the best April for retail sales volumes growth since 2002, the ONS added.

The warmest April on record also led to a 3.2% rise in clothing and footwear sales, the highest rise since June 2009, while gardening and sports sales also benefited from the sunshine, the ONS said.

natural gas, electricity, liquor and chocolate...and movie rentals.

This is Michigan--home of the 2001 Greater Depression

http://www.thejournal.ie/doctor-doom-ireland-will-go-bankrupt-if-it-doesnt-burn-the-bondholders-138856-May2011/

IRELAND MUST RESTRUCTURE its debts and force creditors to take a hit if the country is to climb out of recession, a leading global economist has claimed.

Economics professor Nouriel Roubini has warned that our current levels of debt are “unsustainable” and the Government policy of guaranteeing banking losses will eventually leave Ireland bankrupt. Writing for Project Syndicate, he added that loans meant to tide countries over until they can return to the money markets, such as last year’s €85billion IMF/EU bailout, are “bound to fail” in the case of the so-called PIIGS – Portugal, Ireland, Italy, Greece, and Spain.

Roubini – dubbed ‘Doctor Doom’ after correctly predicting the economic crash in the US – said Ireland must instead restructure its debts. This could either mean “rescheduling” them – ie, delaying payback and reducing interest rates – or more drastic measures, such as forcing bondholders in our banks to accept shares in lieu of repayment.

http://businessetc.thejournal.ie/eu-officials-will-consider-soft-restructuring-of-greek-debt-138502-May2011/

EUROPEAN AUTHORITIES have publicly admitted for the first time that Greece may need to restructure its debt. The country’s difficulties are also believed to have intensified with uncertainty at the IMF arising from the arrest of its chief, Dominique Strauss-Kahn.

Reuters reports that Luxembourg’s Jean-Claude Juncker, chair of the eurozone finance ministers’ group, said he remains “strongly opposed to a large restructuring of Greek debt”, although a soft restructuring could be considered if Greek’s makes further efforts to tackle its deficit.

Following the two-day meeting of eurozone finance ministers, EU Commissioner Olli Rehn said yesterday that “a voluntary expansion of loan maturities” may be considered – suggesting Greece’s private creditors may be asked to give the country more time to repay its debts.

The chief of the IMF’s mission to Greece, Pol Thomsen, said that the country’s deficit reduction targets would not be met without greater reforms, Reuters reports.

http://www.guardian.co.uk/business/2011/may/18/airbus-boeing-subsidies-wto-appeal

Airbus has claimed a partial victory in its long-running row with US rival Boeing over allegations it received illegal subsidies from European governments.

A World Trade Organisation appeal panel said launch aid worth billions of euros for Airbus's A380 superjumbo was not prohibited under global trade rules.

"The central US claim that Airbus received prohibited export subsidies has been dismissed in its entirety," said Karel De Gucht, the EU trade commissioner.

But he acknowledged that the panel had upheld an earlier decision by the WTO that Airbus had benefited from government support that caused Boeing to lose aircraft sales; Boeing claimed that the panel's findings were a victory for the US.

http://www.guardian.co.uk/money/2011/may/18/payment-protection-misselling-banks

High street banks are not able to cope with the torrent of claims for mis-selling of payment protection insurance (PPI), according to the Financial Ombudsman Service.

Complaints about PPI doubled to 104,597 in the 2010-2011 financial year, the highest number ever received in a year about a single financial product, the ombudsman said.

In the busiest year of its decade-long history, with a million inquiries resulting in 206,121 disputes, the ombudsman said 51% of the new complaints were about PPI. But the ombudsman warned consumers not to expect compensation immediately, claiming it could take banks "months, if not years" to deal with the backlog of complaints alongside new cases.

Half of the total number of disputes referred to the ombudsman involved four of Britain's largest financial services groups: Lloyds (with 44,601 new complaints in the last financial year); Barclays (17,471 new complaints); the Royal Bank of Scotland (15,113), and HSBC (12,269).

http://www.businessweek.com/news/2011-05-18/google-pledges-europe-privacy-controls-to-fight-elephant-image.html

May 19 (Bloomberg) -- Google Inc. is trying to rehabilitate its image in Europe after years of rankling regulators, artists, publishers and privacy advocates in the region.

The owner of the world’s largest search engine is pledging increased hiring, more respect for intellectual property and improved privacy safeguards to win over critics. The efforts appear to be working, with politicians including French president Nicolas Sarkozy and German chancellor Angela Merkel softening their stances toward the Mountain View, California- based company.

“When an elephant enters a crystal room, you have to be cautious, and we realize that we’re an elephant now,” Carlo d’Asaro Biondo, the French-Italian head of Google’s southern European operations, said in an interview in Paris. The company had to change, or “long-term, we would have paid for it.”

Europe is home to some of Google’s most loyal customers. Its search engine had an 88 percent market share in March, compared to 66 percent in the U.S., where Yahoo! Inc. and Microsoft Corp.’s Bing are stronger competitors, according to comScore Inc. Governments have been less welcoming, with the European Union investigating Google’s advertising practices and Germany threatening a fine over the Street View mapping program.

http://uk.reuters.com/article/2011/05/19/markets-japan-stocks-idUKL4E7GJ12420110519

TOKYO, May 19 (Reuters) - The Nikkei average slipped on
Thursday as Tokyo Electric tumbled, dragging down other
utilities after the government's chief spokesman said its
shareholders will be asked to help support the company as it
compensates victims of a prolonged nuclear crisis.

Chip equipment makers fell after Goldman Sachs cut its
rating on the shares of Intel Corp , the world's biggest
chipmaker, to "sell" from "neutral" on slowing processor
shipments and increased competition from ARM-based processors.

The utility and gas index fell 3.4 percent to become the
biggest-losing sector, dragged down by Tokyo Electric (Tepco)
which tumbled 8 percent to 358 yen.

"It looks like Tepco is dragging its peers and the whole
market down. The comments (about shareholders' cooperation) are
adding to the uncertainty about the future of electric power
policy in Japan," said Mitsuo Shimizu, deputy general manager at
Cosmo Securities.

http://www.atimes.com/atimes/China_Business/ME20Cb01.html

HONG KONG - China is suffering its worst power shortage in years, with the industrial centers of Guangdong and Zhejiang among 20 provinces and municipalities rationing electricity as economic expansion outpaces power supply. Businesses, including low-margin exporters, are having to resort where they can to expensive use of their own generators.

Rationing of electricity is not unusual in China as demand in the fast-growing economy outstrips demand, but this year shortages have began well ahead of the summer peak when blackouts usually occur.

Electricity consumption may increase 12% this year to 4.7 trillion kilowatt hours, the China Electricity Council says, after a 12.7% gain in the first quarter compared with a year earlier. Electricity


use in March alone rose 13.4% year on year, according to the National Energy Bureau.

Urban fixed-asset investment increased at around double that pace in the first quarter, surging 25%. Housing investment jumped 37.4%, official figures show.

http://www.atimes.com/atimes/Southeast_Asia/ME20Ae01.html

BANGKOK - Thailand has long aimed to establish itself as a regional trade and investment hub, leveraging into the country's central Southeast Asian geography and East meets West openness. While a political push and expanding regional trade has given new life to those ambitions, its not clear to most analysts Thailand will any time soon supplant Singapore as the region's reigning hub.

Thai caretaker Prime Minister Abhisit Vejjajiva has played up Thailand's role in rising regional "connectivity" during his recent speeches to foreign audiences. During a March 21 presentation to the Foreign Correspondents Club of Thailand, Abhisit emphasized that Thailand was engaged in a number of infrastructure investments, including high-speed trains and road upgrades, aimed at establishing Thailand as mainland Southeast Asia's hub.
In a speech to the American Chamber of Commerce that same


month, he emphasized plans to upgrade the existing rail network and negotiations with China to develop within four to five years a high-speed rail network that connects southern China to the Thai-Malaysian border. Significantly, the multi-billion dollar plans are designed to stop at the Malaysian border and not extend to Singapore.

To be sure, it's not the first time Thailand has advanced ambitious hub designs. The idea of cutting a transportation-promoting canal, similar to the Suez or Panama canals, was first broached in the 1700s for the country's narrow Kra Isthmus in the south. The scheme, which would necessarily undercut Singapore's port position as a shipping and transshipment hub, has been revisited in different forms by several Thai governments but never come to fruition because of high costs and technical difficulties.

http://hosted.ap.org/dynamic/stories/A/AS_JAPAN_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-05-19-07-53-46

TOKYO (AP) -- Japan's economy shrank in the first quarter, veering back into recession as factory production and consumer spending wilted in the aftermath of March 11 earthquake and tsunami.

Real gross domestic product - a measure of the value of all goods and services produced domestically - contracted at an annualized rate of 3.7 percent in the January-March period, the Cabinet Office said Thursday.

The result marks the second straight quarter that the world's No. 3 economy has lost steam and undershoots an annualized 2.3 percent fall forecast in a Kyodo News agency survey.

While there is no universally accepted definition of a recession, many economists define it as two consecutive quarters of GDP contraction. Others consider the depth of economic decline as well as other measures like unemployment.

It just doesn't know it, yet.

http://news.xinhuanet.com/english2010/business/2011-05/19/c_13884060.htm

SEOUL, May 19 (Xinhua) -- South Korea will cut the ceilings on currency derivatives banks can hold in a bid to curb rapidly growing short-term foreign debts, the finance ministry said Thursday.

Local branches of foreign banks will be required to hold foreign exchange derivative positions equivalent to 200 percent of equity capital, down from the current 250 percent, the Ministry of Strategy Finance said in a statement.

The ceilings for domestic banks will be lowered to 40 percent from 50 percent, according to the ministry. The reduced caps on currency derivatives will take effect starting July 1 following one month of grace period.

The move came after short-term foreign borrowings have grown sharply from this year. According to data from the Bank of Korea ( BOK), short-term external debts surged by a net 6.72 U.S. dollars in March, the biggest monthly growth since August 2008 when it ballooned by 6.81 billion dollars.

http://news.xinhuanet.com/english2010/china/2011-05/19/c_13883842.htm

BEIJING, May 19 (Xinhua) -- China's State Council on Thursday issued a national guideline that aims to promote sustainable and healthy development of the country's rare earth industry.

China will take effective measures to strengthen the management over the sector and speed up transforming the development pattern of the industry in order to protect and properly use rare earth resources, the guideline stated.

The guideline, posted on the central government's website, www.gov.cn, lists a slew of problems that severely affect the sector's healthy development, including illegal mining, excessively expanding smelting and extracting capacities, environmental damage, and disorder in exports.

http://news.xinhuanet.com/english2010/business/2011-05/19/c_13883719.htm

HANOI, May 19 (Xinhua) -- Vietnam's Hanoi Stock Exchange (HNX) and China's Shenzhen Stock Exchange (SZSE) signed a memorandum of understanding (MOU) Wednesday to boost cooperation between the two countries' financial services and stock exchanges.

According to the Vietnam Economic Times on Thursday, both bourses agreed to collaborate and exchange information and experience to accelerate the development and efficient operation in the stock markets as well as strengthen knowledge about the development process of each side.

Tran Van Dung, vice chair of management board cum general director of HNX said that the signing will help set up cooperation framework between two bourses via developing information exchange channels, seeking business opportunities.

http://news.xinhuanet.com/english2010/china/2011-05/19/c_13883807.htm

HONG KONG, May 19 (Xinhua) -- Hong Kong shares ended 0.66 percent higher on Thursday for a second consecutive session, led by China Unicom on anticipation of stronger revenue from the launch of its new smartphone.

Hong Kong stocks gained 152.24 points, or 0.66 percent, to close at 23,163.38 on Thursday. The benchmark Hang Seng Index traded between 23,031.60 and 23,248.13. Turnover totaled 63.15 billion HK dollars (about 8.12 billion U.S. dollars).

The Hang Seng China Enterprises Index rose 64.76 points, or 0.5 percent, to close at 12,935.59.

Four sub-indices all gained ground, with the Properties sub-index rising the most by 2.03 percent, followed by the Commerce and Industry 0.88 percent, the Utilities 0.37 percent, and the Finance 0.21 percent.

http://www.thejakartaglobe.com/bisindonesia/low-wages-not-the-way-to-attract-foreign-investment-boediono/441841

Indonesian Vice President Boediono on Thursday said it was not necessary to push down wages to attract foreign investment.

“There are many things that can push investment without pressing the workers’ wage — such as improvements in infrastructure and creating a good investment climate — that can be worked on,” he said after a meeting with the national wage council and Manpower and Transmigration Minister Muhaimin Iskandar.

“The wage council must discuss the wage towards that.”

http://joongangdaily.joins.com/article/view.asp?aid=2936470

Chung Ui-hwa, head of the Grand National Party’s emergency council, said if the results of a prosecutors’ investigation into rampant corruption at Korea’s savings banks isn’t rigorous enough, he will push for parliamentary inquiries into the case.

“Corruption involving savings banks is a clear example of the haves running roughshod over the have-nots,” Chung said in a meeting with council members yesterday. “We need to exercise all available governmental authority to punish those involved. If we don’t amputate the evil practices witnessed at Busan Savings Bank and don’t completely root out the corruption that has spread far and wide, fairness in society won’t exist.”

The prosecution’s investigation into Busan Savings Bank Group has expanded to cover alleged collusion between politicians and the bank after a high ranking government official was found to have withdrawn money prior to the bank’s suspension on Feb. 17, possibly after receiving inside information.

According to prosecutors at the Central Investigation Unit of the Supreme Public Prosecutors’ Office, Chung Chang-soo, first vice minister of land, transport and maritime affairs, withdrew a total of 214 million won ($197,000) from two Busan Savings Bank’s affiliates, Jungang Busan Savings Bank and Daejeon Savings Bank, from the end of January to early February.

Reuters) - U.S. retailer Sears Holdings Corp (SHLD.O) reported a wider-than-expected quarterly loss as sales at its namesake stores plunged both at its home turf and in Canada.

The company, whose sales have fallen every year since it was formed, reported a net loss of $170 million, or $1.58 a share, compared with a year-earlier net profit of $16 million, or 14 cents a share.

Excluding items, the loss was $1.39 a share, while analysts on average expected only a loss of $1.22, according to Thomson Reuters I/B/E/S.

http://www.reuters.com/article/2011/05/19/us-sears-idUSTRE74I29U20110519

Former Sears CEO's Compensation Tripled In 2010
Back in February, the Sears Holding Company named Louis J. D'Ambrosio, formerly of IBM and of Avaya, its new CEO. As the company continues to struggle for profits and relevance, the Associated Press determined that W. Bruce Johnson, interim CEO from 2008 until this year, got a huge raise in 2010, which more than tripled his pay. For what? Not improving customers' satisfaction with Sears, if our mailbox is any indication.

The increase came not in the form of a salary increase or cash bonus, but awards of Sears Holding Company stock. In 2010, those totaled $4.3 million, up from the $663,400 he received in 2009
http://consumerist.com/2011/04/former-sears-ceo-pay-tripled-in-2010.html

their warranties on appliances were the best.

http://www.guardian.co.uk/world/2011/may/19/dominique-strauss-kahn-resigns-imf

Dominique Strauss Khan has resigned as managing director of the International Monetary Fund, saying he wanted to devote "all his energy" to battle the sexual assault charges he faces in New York.

The IMF's executive board released a letter from Strauss-Kahn dated 18 May, in which the former managing director denied the allegations against him and went on to say that it was with "infinite sadness" that he presented the board with his resignation.

"I think at this time first of my wife – whom I love more than anything – of my children, of my family, of my friends. I think also of my colleagues at the fund; together we have accomplished such great things over the last three years and more.

"To all, I want to say that I deny with the greatest possible firmness all of the allegations that have been made against me.

http://www.guardian.co.uk/business/2011/may/19/imf-pressure-appoint-non-european-head

The International Monetary Fund is facing growing pressure from emerging economic powers and campaigners to appoint a non-European as Dominique Strauss-Kahn's successor, following the resignation of the imprisoned IMF managing director.

China and Brazil have demanded that the succession process is handled in a fair and open way, and are calling for an end to the status quo under which a European has led the Fund since its creation in 1945.

The IMF has yet to reveal how Strauss-Kahn's replacement will be chosen, but Brazil's finance minister Guido Mantega has already insisted that the process must be more transparent.

"If the Fund wants to maintain its legitimacy, its managing director must be selected after broad consultation with the member countries," Mantega said in a letter to the G20, the group of the 20 largest world economies. Mantega's call, which came just hours before Strauss-Kahn's resignation was announced, could help to rally support behind a candidate from beyond the EU.



me? i'd like to see Ms. Lagarde in charge. put a woman in the top position.

http://hosted.ap.org/dynamic/stories/I/IMF_FUTURE?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-05-19-07-26-01

BRUSSELS (AP) -- The European Commission insisted Thursday that next leader of the International Monetary Fund must come from the 27-nation European Union, a stance backed by the Germany, the continent's economic heavyweight.

Frenchman Dominique Strauss-Kahn resigned as IMF chief Wednesday, saying he wants to devote "all his energy" to fighting sexual assault charges in New York.

The move heated up cross-border debate over his successor, with Europe aggressively staking its traditional claim to the job to ensure that Europe's debt crisis is given priority. Fast-growing nations such as China, Brazil and South Africa are trying to break Europe's grip on an organization empowered to direct billions of dollars to stabilize the global economy.

EU Commission spokeswoman Pia Ahrenkilde Hansen said the EU wants continuity at the helm of the IMF and said its members can "identify strong candidates in the midst of the European Union."

It could've been a slimy airport restroom rendezvous.
But then, he was the head of the IMF, not some sleazy US senator.

http://www.guardian.co.uk/business/2011/may/19/imf-voting-who-has-the-power-dominique-strauss-kahn

How the votes stack up

United States: 16.74%

Japan: 6.01%

Germany: 5.87%

United Kingdom: 4.85%

the rest at the link.

http://news.xinhuanet.com/english2010/china/2011-05/19/c_13884082.htm

BEIJING, May 19 (Xinhua) -- China's central bank governor on Thursday said the high-level leadership structure of the International Monetary Fund (IMF) should better reflect the changes in the global economic layout and emerging markets.

The G20 has decided that the leaders and high-level managers of international financial organizations should be selected through open and performance-based programs and it will help the IMF chief to lead the fund more effectively, said Zhou Xiaochuan, governor of the People's Bank of China (PBOC), or the central bank.

"Amid a very serious charge, Strauss-Kahn has resigned his position as the IMF chief, the IMF's effective operation is in trouble and I feel very sorry for that," Zhou said responding to a reporter's question on Strauss-Kahn's resignation.

(OVER the old debt limit of 14.294-trillion dollars by 52-billion dollars. Good day.)
Excel in safe mode.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 9,717,694,227,528.65 + 4,627,843,278,273.80
UP 51,422,548,961.68 + DOWN 14,270,224,809.33

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

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 312-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,204.92 makes 1T$.
A family of three: Mom, Dad, Child: $9.61, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 312,020,192 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 $45,976.31.
A family of three owes $137,928.93. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 31 days.
The average for the last 22 reports is 1,827,314,764.10.
The average for the last 30 days would be 1,340,030,827.01.
The average for the last 31 days would be 1,296,804,026.14.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 155 reports in 228 days of FY2011 averaging 5.06B$ per report, 3.44B$/day.
Above line should be okay

PROJECTION:
There are 615 days remaining in this Obama 1st term.
By that time the debt could be between 15.1 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)
05/16/2011 14,345,537,505,802.45 BHO (UP 3,718,660,456,889.37 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,783,914,474,910.70 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,254,950,804,133.36 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 ------------********
05/11/2011 +000,200,317,592.65 ------------********
05/12/2011 -015,508,101,950.43 -
05/13/2011 +000,162,115,757.85 ------------********
05/16/2011 +051,422,548,961.68 ------------********** Mon

66,779,789,421.27 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=4853644&mesg_id=4854344

(OVER the old debt limit of 14.294-trillion dollars by 52-billion dollars. Forgot to update yesterday's post. Good day.)
Forgot to update last night.
(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)
= 9,708,669,803,594.86 + 4,636,855,058,765.22
DOWN 9,024,423,933.79 + UP 9,011,780,491.42

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

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 312-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,204.85 makes 1T$.
A family of three: Mom, Dad, Child: $9.61, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 312,027,392 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $45,975.21.
A family of three owes $137,925.63. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 32 days.
The average for the last 23 reports is 1,747,316,581.21.
The average for the last 30 days would be 1,339,609,378.93.
The average for the last 32 days would be 1,255,883,792.75.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 156 reports in 229 days of FY2011 averaging 5.03B$ per report, 3.42B$/day.
Above line should be okay

PROJECTION:
There are 614 days remaining in this Obama 1st term.
By that time the debt could be between 15.1 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)
05/17/2011 14,345,524,862,360.08 BHO (UP 3,718,647,813,447.00 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,783,901,831,468.30 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,249,450,517,405.81 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 ------------********
05/11/2011 +000,200,317,592.65 ------------********
05/12/2011 -015,508,101,950.43 -
05/13/2011 +000,162,115,757.85 ------------********
05/16/2011 +051,422,548,961.68 ------------********** Mon
05/17/2011 -009,024,423,933.79 --

57,547,838,918.51 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=4855928&mesg_id=4855963

(OVER the old debt limit of 14.294-trillion dollars by 52-billion dollars. Good day.)
Warm night for 65 degrees.
(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)
= 9,718,512,519,012.13 + 4,626,999,697,976.90
UP 9,842,715,417.27 + DOWN 9,855,360,788.32

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

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 312-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,204.77 makes 1T$.
A family of three: Mom, Dad, Child: $9.61, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 312,034,592 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $45,974.11.
A family of three owes $137,922.33. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 days.
The average for the last 23 reports is 1,580,570,396.15.
The average for the last 30 days would be 1,211,770,637.05.

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$/day.
There were 157 reports in 230 days of FY2011 averaging 4.99B$ per report, 3.41B$/day.
Above line should be okay

PROJECTION:
There are 613 days remaining in this Obama 1st term.
By that time the debt could be between 15.1 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)
05/18/2011 14,345,512,216,989.03 BHO (UP 3,718,635,168,075.95 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,783,889,186,097.30 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,243,998,056,197.89 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 ------------********
05/11/2011 +000,200,317,592.65 ------------********
05/12/2011 -015,508,101,950.43 -
05/13/2011 +000,162,115,757.85 ------------********
05/16/2011 +051,422,548,961.68 ------------********** Mon
05/17/2011 -009,024,423,933.79 --
05/18/2011 +009,842,715,417.27 ------------*********

69,723,037,791.32 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=4855928&mesg_id=4855968

50 Things Every American Should Know About The Collapse Of The Economy
Michael Snyder, The Economic Collapse | May 18, 2011, 10:30 AM | 112,432 | comment 25

Right now, we are witnessing a truly historic collapse of the economy, and yet most Americans do not understand what is going on. One of the biggest reasons why the American people do not understand what is happening to the economy is because our politicians and the mainstream media are not telling the truth.

Barack Obama and Federal Reserve Chairman Ben Bernanke keep repeating the phrase "economic recovery" over and over, and this is really confusing for most Americans because things sure don't seem to be getting much better where they live.

There are millions upon millions of Americans that are sitting at home on their couches right now wondering why they lost their jobs and why nobody will hire them. Millions of others are wondering why the only jobs they can get are jobs that a high school student could do. Families all across America are wondering why it seems like their wages never go up but the price of food and the price of gas continue to skyrocket.

We are facing some very serious long-term economic problems in this country, and we need to educate the American people about why the collapse of the economy is happening.

Read more: http://www.businessinsider.com/collapse-of-the-economy-2011-5#ixzz1MnVdkhbi

Much, much more at the link. Wow!

And the info is very easy to understand. Thanks for this, PBD!

From the article...
We are facing some very serious long-term economic problems in this country, and we need to educate the American people about why the collapse of the economy is happening.

Unfortunately, most people I know don't want to be educated about economic issues. They truly don't believe the economy is collapsing.
:eyes:

.
.
2. An average of about 5 million Americans were being hired every single month during 2006, according to the U.S. Bureau of Labor Statistics. Today, an average of about 3.5 million Americans are being hired every single month
An average of about 5 million Americans were being hired every single month during 2006, according to the U.S. Bureau of Labor Statistics. Today, an average of about 3.5 million Americans are being hired every single month
.
.
16. An item that cost $20.00 in 1970 would cost you $115.93 today. An item that cost $20.00 in 1913 would cost you $454.36 today
.
.
17. Over the past 12 months the average price of gasoline in the United States has gone up by about 30%. (Still there is no inflation!)
.
.
27. The United States has lost an average of 50,000 manufacturing jobs per month since China joined the World Trade Organization in 2001, and the U.S. trade deficit with China is now 27 times larger than it was back in 1990. (The math: 10 x 12 x 50,000 = ?)


and some many more!!!

http://businessetc.thejournal.ie/moodys-downgrades-four-australian-banks-138622-May2011/

RATINGS AGENCY MOODY’S has downgraded four of Australia’s major banks, citing the Australia’s banking system’s underlying reliance on offshore debt and its sensitivity to wholesale debt market conditions as reasons behind the ratings change.

The banks were downgraded from Aa1 to Aa2, according to ABC News. The rating for the four banks’ subordinated debt was downgraded from Aa2 to Aa3.

The Sydney Morning Herald reports that, in his statement, Moody’s senior vice-president Patrick Winsbury said:

'While the major banks have reduced their sensitivity to disruptions in the wholesale funding markets, the Australian financial sector’s long-term, underlying reliance on offshore debt remains in place.'

http://timesofindia.indiatimes.com/business/india-business/Oil-commodities-set-to-plunge-between-25-and-40/articleshow/8437453.cms

Click Here
Commodity prices have a major bearing on inflation, global monetary policy and GDP growth; hence, it is essential to understand important turning points and trend reversals. Some blame the current correction in commodities on algorithmic trading and others on Chinese monetary tightening. A narrow focus on every tweak in China's monetary policy risks missing the bigger picture. Demand has indeed weakened in China to the point where its imports of key commodities are dwindling. It is further evidence of demand destruction globally resulting from an earlier surge in commodity prices, led by commodity-in-chief , oil.

As the chart shows, there is a relationship between the change in commodity prices and indicators of global economic activity, such as the OECD global leading indicator (GLI). However , the recent rise in commodity prices has been much more than it 'should' have been, based on the strength of the GLI, suggesting that easy money could have influenced prices. There was a notion that commodities were a one-way bet. This tied substances which had little to do with one another - industrial commodities like oil and copper, renewable ones such as wheat and corn, and those with largely intrinsic value such as silver and gold - to the same fate.

http://timesofindia.indiatimes.com/business/india-business/Sensex-up-112-points-in-opening-trade/articleshow/8434480.cms

MUMBAI: The Bombay Stock Exchange benchmark Sensex recovered by over 112 points in opening trade on Thursday on fresh buying in metals, banking and oil and gas stocks, driven by a firming trend on other Asian bourses.

The 30-share barometer, which has lost nearly 445 points in the previous three sessions, rose by 112.25 points to 18,198.45 in the first few minutes of trade today.

In a similar manner, the wide-based National Stock Exchange Nifty index rose by 32 points to 5,452.60.

http://timesofindia.indiatimes.com/business/india-business/Rupee-gains-10-paise-against-US-dollar-in-early-trade/articleshow/8435152.cms

MUMBAI: The Indian rupee appreciated by 10 paise to Rs 44.95 per dollar at the Interbank Foreign Exchange today, supported by a higher opening in the stock market and dollar weakness against the euro and other Asian currencies.

The rupee had strengthened by 10 paise to close at Rs 45.05/06 against the US currency in yesterday's trade following fresh dollar-selling by some banks and exporters.

http://economictimes.indiatimes.com/markets/commodities/gold-falls-to-rs-22300-on-global-cues-silver-gains-rs-300/articleshow/8439845.cms

NEW DELHI: Gold fell by Rs 50 to Rs 22,300 per 10 grams today amid a weakening global trend, while silver remained in demand and advanced by Rs 300 to Rs 54,050 per kg on sustained buying by stockists and speculators.

Traders said reduced offtake by stockists on fall in demand at existing high levels amid a weakening global trend mainly led to decline in the yellow metal's prices.

Gold in global markets, which normally sets a price trend on the domestic front, fell by USD 5.60 to USD 1,491.30 an ounce.

http://www.moneycontrol.com/news/economy/food-inflation-slips-to-747-for-week-ended-may-7_544772.html

Continuing on its downward trajectory, food inflation in the country slipped further to 7.47% for the week ended May 7 on the back of cheaper pulses, vegetables and wheat.

This is the lowest rate of price rise in food items in the last 18 months, when separate data for food inflation first started coming in. It is also the third consecutive week in which food inflation has fallen.

Food inflation, as measured by the Wholesale Price Index (WPI), was 7.70% in the previous week, while it was over 22 %in the corresponding week of 2010.The latest numbers are likely to bring cheer to the government which has termed inflation control as one of the major items on its agenda.

Food inflation remained in double-digits for most of 2010, before showing signs of moderation since March this year.

http://www.chrismartenson.com/martensonreport/positioning-for-coming-rout

...I am convinced that the next twenty years are going to be completely unlike the last twenty years. For starters, we're not going to be able to double credit this next decade, and that alone is a big shift with huge implications. But we're also going to be facing higher energy costs, which will further impair the smooth operation of the economic machine, because energy is an input cost to literally everything else.

But to have an idea of what is going to happen next (say, over the next year) so that we can make better personal and investment decisions, it's important to dig a little deeper into the data. Here we want to lift the covers on total credit market debt and housing because these are the key elements of this story.

Total credit market debt is first broken into two main buckets: financial and non-financial sector debt. Financial sector debt belongs to commercial banks, savings institutions, credit unions, life insurance companies, brokers, dealers, and government-sponsored agencies. Non-financial sector debt belongs to households, businesses, and governments.

At this level we already see where some of the trouble lurks...

http://www.chrismartenson.com/blog/why-growth-dead/57764?destination=login_redirect

The end of the second round of quantitative easing (QE II) is going to be a complete disaster for the paper markets -- specifically commodities, stocks, and then finally bonds, in that order, with losses of 20% to 50% by the end of October. The only thing that will arrest the plunge will be QE III, although we should remain alert to the likelihood that it will be named something else in an attempt to obscure what it really is. Perhaps it will be known as the "Muni Asset Trust Term Liquidity Facility" or the "American Prime Purchase Program," but whatever it is called, it will involve hundreds of billions of thin-air dollars being printed and dumped into the financial system.

A Premature Victory Lap

Bernanke recently stood at a lectern and announced to the assembled audience that the Fed's recent policies could be credited with elevated stock prices and an improved employment statistic while somehow keeping inflation low.

It was his own version of a 'mission accomplished' speech, just like the one G. W. Bush gave. Similarly, it does not mark the end of significant difficulties, but the probable beginning of a very long period of treacherous economic and financial disruption. A rising stock market, low inflation expectations, and lots and lots of cheap credit for even the riskiest companies. What's not to like?

The main problem is that this is all an illusion. If it were truly possible to print one's way to prosperity, history would have already proven that to be possible, yet such efforts have always failed. The reason is simple enough: Money is not wealth; it is a commodity that we use as a temporary store of wealth. Real wealth is the products and services that are made possible by an initial balance of high-quality resources that can be transformed by human effort and ingenuity....When we compare the $370 billion that the Fed has printed and placed into the financial system year-to-date against the levels of money flows going into and out of mutual funds, exchange-traded funds (ETFs), and money market funds, we observe that the Fed's actions swamp those flows by a factor of roughly 2:1. That is, the amount the Fed is putting in is quite significant, and its disappearance from the markets is something that needs to be carefully considered.

Really. wow!
:sarcasm:

going to get as bad as Chris Martenson says it is???

The big dogs won't go down without a fight. I am seeing bloody revolution more clearly every day as the only way through this. The big dogs aren't going to even pretend to buy our compliance any longer.

Then everything implodes.
That is why I think there is so much theater about social security, medicare, health care, unemployment, taxes, the national debt, the debt ceiling, etc. Everybody knows taxes should be raised and things should be cut. But nobody can agree on anything. Eventually there will be a tipping point trigger, and the economic situation will be dealt with then. And nobody is going to like it.

One thing I will say for this administration is that they have extended the myth of economic recovery quite well. But growth can't continue forever, and the bubble will eventually burst.

Check out the phases in this bubble graph by Jean-Paul Rodrigue. We are at the point labeled 'Return to Normal'. No one knows when 'Fear' will begin, but it is coming.

http://people.hofstra.edu/Jean-paul_Rodrigue/images/Manias%20Bubbles.pdf

I really hope not, for everyone's sake. But the realist in me can't wear the rose-colored glasses.

http://www.reuters.com/article/2011/05/19/markets-precious-idUSL4E7GJ03R20110519

SINGAPORE, May 19 (Reuters) - Gold was little changed on
Thursday and silver extended gains from the previous session,
when commodities posted their biggest rise in two months after a
recent sell-off, as a weaker dollar lent support.



FUNDAMENTALS

* Spot gold was flat at $1,496.29 an ounce by 0044
GMT. U.S. gold GCcv1 was little changed at $1,496.60.

* Spot silver rose 1.6 percent to $35.58, after a 3
percent rise in the previous session, and U.S. silver SIcv1
climbed 1.4 percent.

* The 19-commodity Reuters-Jefferies CRB index
settled up 2.3 percent on Wednesday, its biggest one-day rise in
two months, lifted by surging oil and grains prices.

http://www.alternet.org/economy/150999/dominique_strauss-kahn_sits_in_prison_while_the_imf_keeps_ravaging_entire_economies_every_day/?page=entire



At least in Greece and Spain the citizenry seems to have a clue what is really going on ... unlike here.

A lot of people are going to learn more than they ever wanted to know in the next 50 years or so....

http://www.chrismartenson.com/blog/buying-house-todays-market/57624?utm_source=newsletter_2011-05-14&utm_medium=email_newsletter&utm_content=node_teaser_57624&utm_campaign=weekly_newsletter_18

If you're in the market for a house, there are a number of important factors to consider which your agent just isn't going to tell you:

The first one is that you don't need an agent! There is very little that a buyer's agent can actually do for a buyer. Property for sale is easy to find, and the paperwork is very routine. The agent's sole concerns are first how to manipulate you into signing a contract which will limit your ability to get rid of them, and second, how to manipulate you into bidding higher than you should. The agent's financial motive is to make a sale and get a commission. No sale means no commission. They are going to push whatever pscyhological buttons might get you to buy. So agents invariably use the word "home" instead of "house", because they hope it will trigger warm happy feelings, instead of the feeling of being trapped with excessive debt. Agents are going to stress how successful you'll feel as an "owner" no matter how much you overpaid. They are going to imply that renting is a kind of failure, no matter how much money you can save renting the same thing...Rather than using a buyer's agent, it is often better to ask the seller's agent to represent you for that one property they are selling, because in that case, the agent gets double commission if you buy it. This gives the agent a motive to accept a lower bid from you rather than a higher bid from someone with his own agent. Since all bids are secret, it is trivially easy for the seller's agent to hide higher bids from the seller. If you do have a separate buyer's agent it is good to mail a confirmation of your bid to the actual seller himself (not to his agent) to avoid such bid-blocking. But check your buyer's agent contract -- you may have signed away your right to contact the seller directly.

The second factor to consider is whether the house could "support itself" with rent if necessary. If the rent could pay the mortgage, property tax, insurance, and maintenance, then you're very safe from defaulting. If you become unemployed and cannot pay the mortgage, you can simply rent out the house and at least break even. You won't be forced to sell at a loss. Unfortunately, most of the houses that can support themselves with rent are in poorer neighborhoods. High-status neighborhoods generally have house prices far in excess of the amount justified by local rents. Buyers overpay because the want the status of being an owner in these neighborhoods. Renters can live in the same size and quality house for much less, but they don't get the same status in the eyes of their neighbors. If you can afford to pay a lot extra for that "ownership" status, that's fine. Just be aware that that's what you're paying for. To calculate the gain or loss from owning relative to renting, I've created a free calculator at http://patrick.net/housing/calculator.php

The third factor to consider is making an all-cash offer when high interest rates exclude weaker buyers. The savvy buyer wants interest rates to be as HIGH as possible when buying for cash. High interest rates mean that potential buyers who don't have cash just can't pay as much. This puts the all-cash buyer is a far stronger position. In addition, asset prices generally move inversely to interest rates, so a high interest rate increases the prospect of price gains when rates fall in the future, and those weaker buyers can once again bid. Finally, the all-cash buyer simply saves money by not paying interest, and these savings can be gigantic. The typical mortgage requires a buyer to pay more interest than he pays for the house itself.

The fourth factor to consider is how long you will live in the house. The typical buyer dramatically overestimates length of ownership. The median length of house ownership the the US is only six years. Half of all owners own for less than six years. That six percent agent commission over six years means an additional one percent per year. Think of that in terms of interest rates. An extra percent on your interest rate is huge. If you're not likely to stay put for a long time, it's probably not a good idea to buy...

Let's start with the biggy. Buyers do not pay agent commissions, and the idea that they are "factored into the price" ignores one very accurate truism - a house will only sell when the price is right given market dynamics, not given RE commissions(I have sold more than one house paying only a listing fee FWIW - MLS matters - nothing else).

Then let's consider the "cheaper rental" canard. Renting the same thingis almost never cheaper, and only in massively overpriced areas where some owners are desperate enough to take a loss to get some cashflow while they stave off foreclosure. Landlords must to be financially viable cover not only their purchase sosts, but also maintenance, often higher non-homesteaded property taxes, overhead and profit/income (anybody who thinks renters don't pay for maintenance must be silly enough to think car-buyers don't pay for the tires simply because they are included in the price rather than a separate line item). It looks cheaper to rent because rentals are most often the least desirable houses, if they are houses at all - since divided units far exceed houses on the rental market. But feel free to check Realtotr/Zillow and see how many for both sale/rent show up with rent lower than mtg payment.... And that's before you even consider tax and equity advantages.

Renting is fine for people without either the cash or the credit to buy, very short term stays, or in a few ridiculously priced areas like NYC and SF. I just moved again, and will shortly be closing on a 3 br 2.5ba, 2300sq ft 2 car garage 1996-built house with all the usual niceties on a half acre lot with nice landscaping and a fence, with a mortgage payment including PITI of less than $850. If I were crazy enough to do it 100% LTV it would be about $1000/mo. That's a good 2br or middlibg 3br apt less than half the size here.

Let's start with the biggy. Buyers do not pay agent commissions, and the idea that they are "factored into the price" ignores one very accurate truism - a house will only sell when the price is right given market dynamics, not given RE commissions(I have sold more than one house paying only a listing fee FWIW - MLS matters - nothing else).

Then let's consider the "cheaper rental" canard. Renting the same thingis almost never cheaper, and only in massively overpriced areas where some owners are desperate enough to take a loss to get some cashflow while they stave off foreclosure. Landlords must to be financially viable cover not only their purchase sosts, but also maintenance, often higher non-homesteaded property taxes, overhead and profit/income (anybody who thinks renters don't pay for maintenance must be silly enough to think car-buyers don't pay for the tires simply because they are included in the price rather than a separate line item). It looks cheaper to rent because rentals are most often the least desirable houses, if they are houses at all - since divided units far exceed houses on the rental market. But feel free to check Realtotr/Zillow and see how many for both sale/rent show up with rent lower than mtg payment.... And that's before you even consider tax and equity advantages.

Renting is fine for people without either the cash or the credit to buy, very short term stays, or in a few ridiculously priced areas like NYC and SF. I just moved again, and will shortly be closing on a 3 br 2.5ba, 2300sq ft 2 car garage 1996-built house with all the usual niceties on a half acre lot with nice landscaping and a fence, with a mortgage payment including PITI of less than $850. If I were crazy enough to do it 100% LTV it would be about $1000/mo. That's a good 2br or middling 3br apt less than half the size here with none of the amenities.

The article is correct however in that buying realtors are mostly useless except for perhaps first time buyers in strange areas with no local help. to be honest selling realtors offer little help unless you are an idiot who cannot understand that you should paint, clean and declutter your house before you sell it. Get on the MLS and you can do it alone.

Got any hot news?

Lovely.

http://www.huffingtonpost.com/2011/05/18/obama-middle-east-speech-billions-aid_n_863927.html

THE IRONY, THE INSULT, IT BURNS!

http://www.westend-theatre.com/wp-content/uploads/2010/05/Please+sir+I+want+some+more_3104_19754244_0_0_7023268_300.jpg

"PLEASE, SIR, I WANT SOME MORE!"

http://www.chrismartenson.com/blog/case-small-scale-biofuels-or-can-you-produce-your-own-liquid-energy-slaves/57810

Let me say right up front, I do not believe biofuels will allow our existing civilization to sustain its current high net energy lifestyle by substituting biofuels for oil. My argument for the application of biofuels is at a much more personal / community level... I now have a tremendously satisfying hobby that actually produces wealth rather that consumes it. Although I have not always felt this way, I now view stored net energy as wealth the same way most people look at a bank account. What a comfort it is to be partially insulated from the whims of OPEC and my perceived inevitability of Peak Oil...


With a little help from the Internet, a local biofuels club, and a lot of late nights tinkering, I began producing biodiesel (BioD) in my garage. Small amounts at first as I learned the techniques that produced the best fuel with the least waste. As I learned, I improved my processes, and was able to produce 100% of my truck’s fuel requirements within a year. As someone who drives quite a bit for work and other reasons, this was a major triumph. At $4/gal average for petro diesel at the time, I was able to contribute over $8,000 a year in savings to my personal budget. I approached this as a business would, using its profits, and re-investing those savings back into improving and expanding systems, oil sourcing, and knowledge. Here is the culmination of nearly 5 years of dedication to my hobby:

PHOTOS AND MORE AT LINK

While this post is not meant to be a full on tutorial of biodiesel production, I have provided the framework below. What I would like to address is a bit more important, namely what it could mean to your family and community. What if we wanted to ramp up personal biofuels production and see where it takes us? Where does it start and stop making sense?

But I really don't see many people doing this. Heck, most people don't even realize they are living in a bubble.

We plow our own snow. It's costing over $800/month for keeping two trucks running and assorted other uses.

as other (3rd world) nations have found--of course, it may not be as good for the finicky US vehicles...

would be great -- by the way.

I'm currently trying to sell them on the idea of sending important notices to absentee owners by certified mail, so said owner can't claim "I never got it".

It costs too much...the regular first class constitutes legal notice...this lawyer said we didn't have to...I'm call you on a point of order for bad conduct because you are insulting residents...

Residents? These people don't live here! That's why we are desperate to get their attention so that they deal with their obligations and their tenants!

This is why I didn't sleep well after the board meeting. It was the malice of the personal attack that really floored me, though. I'm gonna get that one. I've done it before, and I'll do it again. Stupidity can be cured, evil cannot.

my disclaimer -- I HATE RENTALS IN CONDOMINIUMS.

sorry for yelling -- but condos are homes and people should not have their hard earned equity -- do we remember what that is? -- jeopardized.

my building was so small -- there were only 2 rentals -- but 1 problematic enough that i argued changing the by laws to ban them.

There doesn't seem to be any permissible middle ground--state condo rules are either all or nothing. I'll take nothing, then.

It's the cheeseparing stupidity (plus the inexplicable vendetta from a person who is 1)new 2) pretty ignorant, as it urns out 3) has deep reservoirs of malice 4) still considers herself some kind of protector of the downtrodden 5) was a victim of the president we got rid of for doing the same thing as she is.

I'll tell you, I really hate working with most women. Those who have demonstrated competence in the larger world can deal with things professionally, but the cat fights for the more traditionally sequestered or self-limiting....it is demeaning and depressing.

It is the Sarah Palins of the women's world that taint the rest of us.

so i always passed on the job of prez -- give me menial stuff.

they all new each other really well -- and i wasn't part of that circle.


um -- knew -- knew each other:eyes:

No point looking for dates around here...we are single women's refuge.

:spray:

http://www.guardian.co.uk/sustainable-business/growth-dilemma-decoupling-online-panel-discussion?INTCMP=ILCNETTXT3788

How can businesses continue to progress economically without increasing their environmental footprint? Many companies measure their success in magnitudes of GDP (gross domestic product) growth, but how can this be squared with sustainability plans when more growth inevitably leads to more production, and therefore more consumption.

Can successful businesses be run on a sustainable no-growth model? Some economists point out that resisting growth currently means risking social and economic collapse. So what are the alternatives?

One aspiration is to break the link between environmental degradation and economic growth: decoupling. When it comes to decoupling growth few companies have made explicit commitments. Unilever are in the minority with their promise to halve the environmental footprint of their products while still driving ambitious growth (link to Sustainable Living Plan). However, Tim Jackson argues such "relative decoupling" needs to amount to 21 times more efficiency rather than two times as Unilever promises.

Our recommendation: start building resilience into your life today. Ensure that you, your family, and your community are as prepared and sustainably situated as possible so that you can enjoy a high quality of life regardless of how the future plays out...My staff and I have distilled the astounding wealth of knowledge our community members have shared on this site and combined it with our extensive experience to recommend specific steps and products for you to consider in your personal preparations. We think this compilation offers tremendous value: For someone just starting out, it would literally take hundreds of hours to replicate this informed guidance yourself. We're proud to offer it to you... free of charge.

http://www.chrismartenson.com/page/what-should-i-do?utm_source=newsletter_2011-05-14&utm_medium=email_newsletter&utm_content=node_teaser_57744&utm_campaign=weekly_newsletter_18

List of WSID Articles

http://www.chrismartenson.com/page/wsid-list

Most real engineers do not consider DESTRUCTION as an act of "engineering".

We call it like it is.

if 1345 not exceeded then down to 1315

in Europe, who are all frothy today for no apparent reason. Water sloshing in the bathtub, again.

I hear tell that margin has shot right back up....

That was a short one--barely an hour.

turning around for another attempt...

but it's in the 60's, so it's more normal than it's been.

http://www.reuters.com/article/2011/05/18/brazil-economy-activity-idUSN1825942920110518

SAO PAULO, May 18 (Reuters) - Brazil's economic activity picked up in March from February despite government efforts to cool growth in the face of inflationary pressures.

Inflows to Latin America's biggest economy also surged in early May, bringing the sum for the first 13 days of the month to well over the total for the month of April.

The central bank's IBC-Br economic activity index BRIBC=ECI rose 0.51 percent in March from February, the bank said on Wednesday. The central bank revised the February gain to 0.36 percent from a previously-reported 0.32 percent.

http://seattletimes.nwsource.com/html/businesstechnology/2015084890_jobs19.html

Joshua Green, an electrical-engineering major, has that rare prize among current college seniors — a job in his chosen field lined up after graduation.

The 30-year-old Seattle Pacific University student, who entered college after working several years as a furniture salesman, plans to join the biomedical-research firm where he's interned for more than year.

While many recent college grads are struggling to find suitable jobs, the odds are improving as the economy slowly recovers, according to local college career offices and national data.

On Wednesday, the state said the unemployment rate edged down in April to 9.1 percent, from 9.2 percent in March, as the private sector added 8,300 jobs, led by construction, manufacturing and business services.

http://seattletimes.nwsource.com/html/businesstechnology/2015094830_apusmemorialdaytravel.html

DENVER —

More Americans are ready to travel for Memorial Day but high gas prices and airfares will force them to cut back on activities like dining and gambling.

That's the forecast from AAA. The auto club predicts that nearly 35 million Americans will travel 50 miles or more over the long holiday weekend.

That's slightly more people than a year ago but less than the 35.3 million who traveled over Memorial Day in 2007 before the recession.

http://latimesblogs.latimes.com/money_co/2011/05/new-mortgage-delinquencies-slow.html

The percentage of homeowners who are behind on their mortgage payments inched higher in the first quarter while the number of new foreclosures declined, a lobbying group for the home-lending industry says.

"Overall, it's a picture of the market on the mend," Michael Fratantoni, an economist at the Mortgage Bankers Assn., said in an interview.

In a report Thursday, the trade group said 8.32% of homeowners with mortgages had missed at least one payment, up from 8.25% in the final quarter of 2010 -- a change Fratantoni described as more "leveling off" than significant statistical change.

The rate, adjusted for seasonal variances, was well below that recorded a year earlier: 10.06% of borrowers were in some stage of delinquency in the first quarter of 2011.

http://latimesblogs.latimes.com/money_co/2011/05/muni-bonds-mutual-fund-flows-positive-meredith-whitney-defaults-state-local.html

The bleeding finally has stopped: Municipal bond mutual funds took in a net $38 million in new cash from investors last week, the first inflow since November, new data show.

The turnaround for the muni fund industry follows six straight weeks of rising bond values and falling interest rates, as the $2.9-trillion tax-free muni market has rebounded after a wave of selling late last year and early this year.

The return to cash inflows suggests that many investors are buying only because the market is rallying; they passed up the chance to buy at the lows (meaning the highs in rates) earlier this year because the risks seemed too great at the time.

Still, fund portfolio managers will welcome the shift: When cash was leaving it forced many managers to dump bonds at cheap prices.

http://www.reuters.com/article/2011/05/19/us-poll-qe-idUSTRE74I4S220110519

(Reuters) - Investors betting on a rise in stocks, bonds and commodities should prepare for a loud sucking sound in their portfolios next month when the Federal Reserve pulls the plug on its $600 billion stimulus program.

Stocks, bonds, gold and the euro are expected to fall in the three months after the end of the Fed's second massive bond buying operation, also known as quantitative easing, or QE2, a Reuters poll of 64 analysts and fund managers found on Thursday.

Investors and traders approach the end of QE2 with a sense of trepidation, worried that with the Fed no longer supporting the market, investments that have been profitable for the last nine months will plummet and rattle confidence in the shaky economic recovery.

The survey showed investors overwhelmingly thought government bonds would suffer from the Fed's exit, with 40 of 64 respondents saying the end of quantitative easing would drive up yields on U.S. 10-year Treasury bonds.

http://news.xinhuanet.com/english2010/business/2011-05/18/c_13880577.htm

BEIJING, May 18 (Xinhuanet) -- US investment in China dropped sharply by 28 percent, while foreign direct investment (FDI) maintained double-digit growth from January to April, the Ministry of Commerce said on Tuesday.

Economists said they believed the US investment decline is temporary, and the Chinese economy, over the long term, will provide US companies with increased investment opportunities.

US investment from January to April decreased to 1.03 billion U.S. dollars and the number of US firms setting up in China also fell by 3.85 percent to 475.

In contrast, European Union investment rose by 23.42 percent to 2.64 billion U.S. dollars. Investment from the Asia-Pacific region, including Japan, South Korea and Singapore, registered growth of 31.23 percent to 32.88 billion U.S. dollars.

http://www.marketwatch.com/story/linkedin-shares-soar-in-ipo-2011-05-19

oof

5/19/11 LinkedIn IPO: Pure Idiocy

That's something like six hundred and sixty times earnings, and if their current sales rate (~$375 million annualized) is sustainable then it's also more than twenty-seven times sales.

Yeah, Bernanke isn't intentionally blowing bubbles in the stock market, and neither is anyone else.

Ooook.

(PS: Who remember 1999? Who remembers what came after 1999?)

http://market-ticker.org/akcs-www?post=186486

that was pure freakin' madness.

Everyone have a great day!

Only get to check if from time to time. Just in for a lunch break. Busier than I ought to be. Moving some fences due to high water, repairing others. Put some eggs in the incubator about three weeks ago and yesterday the wife tells me "We got babies". Turns out so far the count is 88 chicks and they weren't supposed to start hatching until tomorrow. But, I'm just grateful for what I got. Except for the price of fertilizer for the pastures. That hurt.

That's going to be a lot of eggs!

guests of honor at chicken dinners. Some will replace the current layers who will become stewing hens.

Makes me hungry just thinking about it.

http://www.businessweek.com/news/2011-05-19/u-s-stocks-retreat-as-housing-lei-reports-temper-optimism.html

May 19 (Bloomberg) -- U.S. stocks fell for the fourth time in five days as reports on home sales, leading indicators and manufacturing trailed estimates, snuffing out an early rallied triggered by a bigger-than-forecast decrease in jobless claims.

Intel Corp., KLA-Tencor Corp. and Applied Materials Inc. slumped more than 2.5 percent as Goldman Sachs Group Inc. cut their ratings, citing increased competition from tablet computers and excess supply. PetSmart Inc., a pet-store chain, and Dollar Tree Inc., a discount retailer, added at least 3.9 percent after reporting earnings that beat estimates. LinkedIn Corp. rallied 95 percent in its trading debut in New York.

The S&P 500 slipped 0.2 percent to 1,337.58 at 10:59 a.m. in New York after yesterday posting the biggest gain in three weeks. The Dow Jones Industrial Average lost 11.32 points, or 0.1 percent, to 12,548.86, erasing an early 73-point rally.

The S&P 500 yesterday snapped a three-day drop amid higher- than-estimated earnings and as the Federal Reserve signaled continued low interest rates. The index rose 6.6 percent in 2011 through yesterday as profits at 72 percent of the 450 companies that reported results since April 11 beat the average analyst projection, according to data compiled by Bloomberg.

The Securities and Exchange Commission is investigating computer system failures at electronic marketplaces including Nasdaq to determine whether internal controls are sufficient, according to people familiar with the matter.

The investigation is being handled by the enforcement division’s market abuse unit and is part of a broader regulatory review of stock exchanges following last year’s “flash crash”, recent hacking attempts and trading glitches.

Read more >>
http://link.ft.com/r/LVA6WW/S3R5KO/Z87P0/EWADCI/A7CPX7/VU/t?a1=2011&a2=5&a3=18

Carl Levin, chairman of the Senate’s investigative subcommittee, said there was “real hope” law enforcement authorities would act on his panel’s report accusing Goldman Sachs of misleading investors and Congress.

The Senate report criticised rating agencies, regulators and other banks. But Goldman has drawn particular focus. Eric Holder, attorney-general, said this month the justice department was looking at the report “that deals with Goldman”.

Read more >>
http://link.ft.com/r/0QSDPP/TPF4QI/PNGIU/JI495E/GKMBEJ/AZ/t?a1=2011&a2=5&a3=18

AND IF NOTHING COMES OF IT? WHERE'S THE CARROT, WHERE'S THE STICK? WE'RE DEALING WITH DEMOCRATIC DONKEYS, AFTER ALL.

Banks are stumbling in efforts to clear inventories of unsold US homes through a strategy known as “short sales” – in which distressed borrowers are given approval to sell properties for less than the value of their mortgages.

Market-watchers say an unexpectedly large number of prospective home buyers are walking away from such deals rather than endure a closing process that is so complicated it can take up to two years to complete.

Read more >>
http://link.ft.com/r/9ULF66/TPF48S/HI3M9/PRI3MD/BMVU76/SN/t?a1=2011&a2=5&a3=18

AND WHO COULD BLAME THEM?

Light turnout today, new names turning up, though. Don't be shy now. At least give a hello shout out.