STOCK MARKET WATCH, Tuesday July 27

Source: du

STOCK MARKET WATCH, Tuesday July 27, 2010

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Euro, Yen, Loonie, Silver and Gold

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

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

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

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

Read more: du

Good Morning all!

:donut: :donut: :donut:

Thanks!

09:00 Case-Shiller 20-city Index May
Briefing.com 4.0%
Consensus 4.0%
Prior 3.81%

10:00 Consumer Confidence Jul
Briefing.com 51.0
Consensus 51.0
Prior 52.9

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

Catch the last sentence.


http://www.msnbc.msn.com/id/38428573/ns/business-stocks_and_economy/


U.S. consumer confidence eroded further in July
Confidence index declines again amid concerns about employment


WASHINGTON — A monthly consumer survey shows that Americans' confidence in the economy eroded further in July amid job worries. The reading raises concern about the economic recovery and the back-to-school shopping season.

The Conference Board, a private research group, says its Consumer Confidence Index slipped to 50.4 in July, down from the revised 54.3 in June. The decline follows a drop of nearly 10 points in June. Economists surveyed by Thomson Reuters expected 51.0. The two straight monthly declines follow three months of increases.

Economists watch the number closely because consumer spending accounts for about 70 percent of U.S. economic activity and is critical to a strong recovery. A reading above 90 indicates an economy on solid footing.

401c/403b Statements that got opened last week reflected the market close on the last trading day in June. The S&P 500 closed the quarter at 1027.

The final number for SPX/Q1 was 1169.

After opening the mail, a lot of people went to bed with approx. 12% less in their retirement portfolios.

There's a real mass-psychological hit there.

SINGAPORE – Oil prices hovered for a second day near $79 a barrel Tuesday in Asia as investors weighed a three-day stock market rally against signs of sluggish U.S. crude demand.

Surging U.S. stock markets have underpinned oil prices as traders often look to equities as a barometer of overall investor sentiment. The Dow Jones industrial average rose 1 percent Monday and is up about 4 percent in the last three trading sessions. Most Asian stocks gained Tuesday.

Meanwhile, U.S. crude inventories in recent weeks have either grown or fallen less than analysts expected, suggesting consumption remains tepid. The American Petroleum Institute reports supply data for last week later Tuesday with the Energy Department's Energy Information Administration reporting Wednesday.

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

:sarcasm: Could it be Americans are finally getting smart, driving less, walking and riding public transit and bikes more?

In DC, it's all true! :) Now if we could only improve Metrorail, we might really be on a roll.

BEIJING (Reuters) – China's central bank said on Tuesday that Chinese economic growth would slow but there would be no double-dip.

In a statement on its website (www.pbc.gov.cn), the People's Bank of China (PBOC) said it was "prudently optimistic" about the economic outlook and ruled out any big policy changes in coming months, adding that inflationary pressure had eased.

China's gross domestic product (GDP) growth slowed to 10.3 percent in the second quarter from 11.9 percent in the first three months of 2010.

The central bank said the slowdown was an adjustment from "previous too-fast growth" and was an intended result of macro-economic policies, including a clampdown on the property sector, restrictions on local government debt and measures to curb inflation.

http://news.yahoo.com/s/nm/20100727/bs_nm/us_china_economy

WASHINGTON (Reuters) – State tax revenue is improving, but only slightly, and may not be enough to end steep spending cuts or replace the loss of assistance from the federal stimulus plan that expires in December, according to a report on Tuesday.

Already, 33 states are forecasting budget gaps for fiscal 2012 and 23 anticipate shortfalls for fiscal 2013, highlighting the fragile state of their finances. Last year's collapse in state revenue -- one of the largest on record-- has shaken all parts of the U.S. economy.

Investors in the U.S. municipal bond market wonder about the future of debt issuance as state deficits swell.

Public employees see threats to their livelihoods and pensions as governments turn to layoffs. Citizens worry how the revenue crash will affect spending on schools and other services, and whether their tax bills will rise.

http://news.yahoo.com/s/nm/20100727/bs_nm/us_usa_economy_states_budgets

:donut: and lurkers. I think this budget shortfall is one of the major reasons why the teachers of America have been so demonized as of late. It is easier and less incendiary than to get rid of all those "bad" teachers. They went through and rehabbed our school. Teachers that had no part in test results (like PE) were let go as were teachers that had students pass the test. But one thing I did notice, these teachers were the higher paid (read most senior). They are not hiring locally educated folks or folks that enrolled in alternative certification programs in order to work with the school system. They voted to take away the relatively minor stipend that one got for a masters degree. They have replaced them with Teach for America newbies that are not certified, aren't seasoned, and the end will not save as much money as they thin, and increased the class size. Oh, and they add some tutors in math and science, which is a good thing until you figure out they are paying 20K for the full time work. This is for a math or science major. I would take my chances in the business world where I could make a livable wage and pay off my student loans. And we are in better financial shape than most school districts.

Now the reality. All this program that they are doing to 'improve' our school will cost more than they anticipated. I estimate just in my time alone I will be making 10K more a year just in time paid for extended days. Teachers will be getting the extra money too, We will have tutors, which we need, but I fear they will get rid of some of our Special Ed aides. It looks as if this experiment will last a year unless some of these billionaire wanna be education reformers cough up more grant money. The school board is upset that it will cost more than they were lead to believe. They are beginning to have trouble filling all these new openings, Teachers that can are leaving the district and other districts are poaching our talent. They are having trouble filling the School Nurse positions (24 still open) and just as many principal positions are open. These openings are in the less desirable schools. If these schools don't improve, these principals can be fired. That can effectively end your career. Teachers can have the same end results.

I am so glad I am close to the end of my career with the school district. It use to be fun, it is getting to be less with each passing day.

Happy hunting and watch out for the bears.

(Down a little. Good day.)
Fixed the car, met with old friends, made a new one, pretty good day.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 8,697,892,974,802.64 + 4,550,632,022,207.27
DOWN 409,271,286.12 + DOWN 219,357,574.35

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 310-Million person America.
If every American, man, woman and child puts in $3.23 THAT'S 1B$, and $3,228.59 makes 1T$.
A family of three: Mom, Dad, Child: $9.69, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 13 seconds we net gain another American, so at the end of the workday of the report, there should be 309,732,916 people in America.
http://www.census.gov/population/www/popclockus.html ON 04/09/2010 15:49 -> 309,034,742
Currently, each of these Americans owe $42,774.03.
A family of three owes $128,322.09. (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 9,394,321,516.55.
The average for the last 30 days would be 6,889,169,112.13.

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$/day.
There were 203 reports in 296 days of FY2010 averaging 6.59B$ per report, 4.52B$/day.
Above line should be okay

PROJECTION:
There are 912 days remaining in this Obama 1st term.
By that time the debt could be between 14.5 and 19.5T$.
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)
07/23/2010 13,248,524,997,009.91 BHO (UP 2,621,647,948,096.83 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 +1,338,695,993,498.20 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,650,756,883,874.47 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
07/02/2010 +000,460,030,174.48 ------------********
07/06/2010 +000,075,213,990.44 ------------******* Tue
07/07/2010 +000,013,416,608.65 ------------*******
07/08/2010 +011,830,915,605.93 ------------**********
07/09/2010 -000,134,583,926.15 ---
07/12/2010 -000,143,600,537.54 --- Mon
07/13/2010 +000,353,392,256.51 ------------********
07/14/2010 +000,197,224,468.53 ------------********
07/15/2010 +047,740,634,202.02 ------------**********
07/16/2010 +000,234,726,558.99 ------------********
07/19/2010 -000,002,380,240.85 ----- Mon
07/20/2010 +000,028,467,145.72 ------------*******
07/21/2010 +000,002,455,391.44 ------------******
07/22/2010 +010,637,573,043.16 ------------**********
07/23/2010 -000,409,271,286.12 ---

70,884,213,455.21 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=4479103&mesg_id=4479109

(Up a little. Good day.)
A day at the desk.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 8,697,919,989,698.74 + 4,554,110,102,335.32
UP 27,014,896.10 + UP 3,478,080,128.05

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 310-Million person America.
If every American, man, woman and child puts in $3.23 THAT'S 1B$, and $3,228.38 makes 1T$.
A family of three: Mom, Dad, Child: $9.69, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 13 seconds we net gain another American, so at the end of the workday of the report, there should be 309,752,854 people in America.
http://www.census.gov/population/www/popclockus.html ON 04/09/2010 15:49 -> 309,034,742
Currently, each of these Americans owe $42,782.59.
A family of three owes $128,347.78. (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 10,177,347,867.75.
The average for the last 30 days would be 7,124,143,507.43.
The average for the last 31 days would be 6,894,332,426.54.
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$/day.
There were 204 reports in 299 days of FY2010 averaging 6.58B$ per report, 4.49B$/day.
Above line should be okay

PROJECTION:
There are 909 days remaining in this Obama 1st term.
By that time the debt could be between 14.5 and 19.5T$.
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)
07/26/2010 13,252,030,092,034.06 BHO (UP 2,625,153,043,120.98 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 +1,342,201,088,522.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,638,472,900,704.48 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
07/06/2010 +000,075,213,990.44 ------------******* Tue
07/07/2010 +000,013,416,608.65 ------------*******
07/08/2010 +011,830,915,605.93 ------------**********
07/09/2010 -000,134,583,926.15 ---
07/12/2010 -000,143,600,537.54 --- Mon
07/13/2010 +000,353,392,256.51 ------------********
07/14/2010 +000,197,224,468.53 ------------********
07/15/2010 +047,740,634,202.02 ------------**********
07/16/2010 +000,234,726,558.99 ------------********
07/19/2010 -000,002,380,240.85 ----- Mon
07/20/2010 +000,028,467,145.72 ------------*******
07/21/2010 +000,002,455,391.44 ------------******
07/22/2010 +010,637,573,043.16 ------------**********
07/23/2010 -000,409,271,286.12 ---
07/26/2010 +000,027,014,896.10 ------------******* Mon

70,451,198,176.83 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=4480479&mesg_id=4480498

The 330K number beat the anal-ists prediction, but were they that good?

In 08 the new sales figure for June came in at 530K. In 09 the number was 384K. So YoY numbers basically sucked.

Should there be any faith in yesterday's released figure of 330K, since May's numbers were revised down to 267K from 300K?

But what the Hell, gotta pump balloons somehow..
:donut:
Good morning

Who are the buyers? Are they owner-occupiers, or are they speculators/investors/landlords?

In my area, where properties that were being snapped up at $400K four years ago are now in short sales for $150K, those who have substantial cash reserves are starting to pick up bargains. Granted, these are existing homes, not new homes, but what do they mean by "new"? How many of those homes are excess inventory built two, three, five years ago and unsold?

Does anyone know of new homes being built on spec? New developments being built?


Tansy Gold, NTY

From what I can tell, Phase I went up about 3-4 years ago. They're moving quickly on getting some new homes built. 4 started construction after mine and 2 are already complete, one nearly complete. But, there are two already completed houses already up for sale (One deal fell thru and I think the other one the family just had to sell...not a short sale or foreclosure, though).

Short sales and foreclosures and all the REO-owned houses make up a huge shadow inventory of homes but the hassle of waiting months and months and months to get a bid accepted and finally closed is a deterrent to many.

That spike in new home prices means the trophy houses were still being built here and there for new money trying to compete with old money.

So June new home sales come in at 330,000 on expectations of 310,000: a decent beat by 20k or so, and a "record" increase from the May revised 267k. However, this "beat", and massive 23.6% MoM surge only occurred due to prior downward (of course) revision which took away 57k from the past two months! The May number was revised down from 300k, or by 33k, to the lowest sales number on record of 267k. And April, not to be undone, two months after the initial release, has received its second downward adjustment, this time down by 24k from 446k to 422k. So let's get this straight: this was the worst June on record, following the worst month on record in new home sales ever, the beat was completely drowned out by 57k worth of prior revisions, the average new home price slid another 1.4% to $213,400, yet just because the new home supply is down to "just" 7.6 month from 9.6 in May it is enough to push stocks to the moon (of course this completely ignores that existing homes sales are back to 9 months, and shadow inventory is more than double that. Who cares - machine language does not add, it only multiples). Another day, another insane day in stocks, which are now programmed to ignore reality, and just focus on the propaganda headline spin.

/... http://www.zerohedge.com/article/atrocious-new-homes-sales-data-sufficient-force-another-algo-mediated-short-covering-frenzy

Oh, and:

...the Dallas Fed Manufacturing index of General Business Activity was just released, and it is a stunner: after coming in at -4 in June, and expectations were for a gradual improvement in July to -2.5, the actual released number was -21!... But the market does not care: after all it can pretend Americans are buying homes until next month's revision indicates that new homes sales in June were actually a negative

/... http://www.zerohedge.com/article/after-expectations-modest-improvement-dallas-fed-manufacturing-index-plummets-21-4-prior-exp

Has to do with kids being out of school, and use of summer vacation time to settle in.

NEW YORK – Stocks are set to continue their run higher Tuesday as economic and earnings reports worldwide are boosting optimism about the health of the global economy.

Chemical maker DuPont Co. became the latest company to easily top second-quarter profit and revenue forecasts, adding to a string of earnings reports in recent days that have shown the economy might not be slowing as much as investors had anticipated.

DuPont also raised its profit outlook for the year. Such outlooks have been a boon to the market because they indicate companies are gaining confidence in a global economic recovery.

A report on July consumer confidence due out later Tuesday could temper the upbeat mood in the market. The Conference Board report is expected to show its consumer confidence index dipped again in July, falling to 51.0 from 52.9, according to economists polled by Thomson Reuters. Last month, the index posted its largest drop since February, which helped push stocks sharply lower.

http://news.yahoo.com/s/ap/20100727/ap_on_bi_st_ma_re/us_wall_street

July 27 (Bloomberg) -- BP Plc appointed U.S.-born Robert Dudley as chief executive officer and pledged to accelerate asset sales to as much as $30 billion after the Gulf of Mexico oil spill led to a record loss.

The second-quarter net loss of $17.2 billion compared with a profit of $4.39 billion in the year-earlier period. Dudley will take over from Tony Hayward on Oct. 1, the London-based company said in a statement today.

Dudley’s challenge will be to overcome cleanup costs and liabilities after the company booked a pre-tax charge of $32.2 billion related to the leak. BP is selling assets over the next 18 months, reducing investment and cutting the dividend to pay the bills after the spill wiped 45 billion pounds ($70 billion) off the company’s market value.

P said last week that it sold $7 billion of assets in the U.S., Canada and Egypt to Apache Corp. It also plans to sell holdings in Pakistan and Vietnam. BP may revive the sale of fields in Alaska after they failed to make it into the Apache deal, two people with knowledge of the matter said last week.

http://noir.bloomberg.com/apps/news?pid=20601087&sid=aUsACVUu4Jk0&pos=1

**EMERGENCY OVERVIEW**
WARNING
Combustible.
Keep away from heat. Keep away from sources of ignition - No smoking. Keep container tightly closed. Do not get
in eyes, on skin, on clothing. Do not take internally. Avoid breathing vapor. Use with adequate ventilation. In case
of contact with eyes, rinse immediately with plenty of water and seek medical advice. After contact with skin, wash
immediately with plenty of soap and water.
Wear suitable protective clothing.
Low Fire Hazard; liquids may burn upon heating to temperatures at or above the flash point. May evolve oxides of
carbon (COx) under fire conditions. May evolve oxides of sulfur (SOx) under fire conditions.

From Wiki
The relative toxicity of Corexit and other dispersants are difficult to determine due to a scarcity of scientific data.<3> The manufacturer's safety data sheet states "No toxicity studies have been conducted on this product," and later concludes "The potential human hazard is: Low."<20> According to the manufacturer's website, workers applying Corexit should wear breathing protection and work in a ventilated area.<21> Compared with 12 other dispersants listed by the EPA, Corexit 9500 and 9527 are either similarly toxic or 10 to 20 times more toxic.<7> In another preliminary EPA study of eight different dispersants, Corexit 9500 was found to be less toxic to some marine life than other dispersants and to break down within weeks, rather than settling to the bottom of the ocean or collecting in the water.<22> None of the eight products tested are "without toxicity", according to an EPA administrator, and the ecological effect of mixing the dispersants with oil is unknown, as is the toxicity of the breakdown products of the dispersant.<22>
http://en.wikipedia.org/wiki/Corexit

Shouldn't that be, oh, I dunno....fucking REQUIRED of any new chemical product?? Esp. one used openly in the environment?!?!?

We interrupt the George Bush reputation rehabilitation tour for this brief reminder:


Just in case you forgot: By nearly any conceivable measure, the George W. Bush administration (2000-08) economic performance was the worst of any President since Hoover.

http://www.ritholtz.com/blog/2010/07/the-u-s-economys-lost-decade/

---

With the midterms coming up, it's probably time for a refresher course in disaster capitalism.

The market's up! CEOs are making brazillions! Party! party! Party!



:sarcasm:



TG, NTY

Up is down, black is white, and bad is good. The shift in the poles has already occured!
This little conundrum is also a byproduct of this lost decade.
Republicans are touting Bush's horrendous reign as the "good 'ol days" now, when the country was enjoying the fleeting folly that only a speculative bubble can provide. What else could we expect from a fake fly boy? All of this debt? That's the Dems doing!
Racism is now something that only aggrieved individuals practice. If we call out a racist, then we are the racists, according to this new standard.
Leaked war docs showing us all how senseless the Afghanistan fiasco really is, is "treason". I saw one poll that indicated most Americans think the docs should not have been published. It really screws up the fantasy - all of this reality stuff!
Pundits tell us it's not so bad - the market's up, as TG succinctly observed. Hopeless, desperate, stressed-out average Americans cheer! "Please sir, can I have some more!"
This isn't going to end well, folks. We can't just pass through these horrific times unscathed. There are consequences for all of this madness.

ADULT CONTENT WARNING: DO NOT google Oliver "please can I have some more?"

:wow: :wow: :wow: :wow: :wow: :wow::wow: :wow: :wow::wow: :wow: :wow::wow: :wow: :wow:

seemingly innocuous things one should never input into a search engine.

Sometimes it's just best to develop a hair trigger denial mechanism to go with your tab closing finger.

and not like gory or disgusting.

And I should have clarified. Don't google IMAGES with that phrase.

:wow:


but :rofl: too.


TG

"You're telling me! They stink on ice!"

I feel like we've lost the last 3 or 4 decades. If Kennedy had lived, either Jack or Bobby, we would have colonies on Mars by now, nuclear fusion power plants, and no dependence on Middle Eastern oil, or Canadian oil. Gasoline might cost $20 a gallon, but you wouldn't need it because the electric cars would be everywhere already. But we'd still complain.

Economic Cycle Research Institute:
http://www.businesscycle.com/resources/

From Zero-Hedge:
http://www.zerohedge.com/article/ecri-leading-indicator-breaches-critical-10-threshold-hits-105

If in addition to 85% of the economic data releases in the past month coming below expectations was not enough, the ECRI leading indicator has just came below the critical threshold of -10%, which according to Rosenberg has virtually assured recessions based on data from the past 50 or so years, hitting an annualized rate of -10.5%. And since even the index creators (and Ivy League tenured professors) are openly refuting the adverse implications of their own index (when they, and everyone were praising it when it topped out at 27.80 a year ago), one can be sure this is a rather dramatic data point.

Looks like it's been taking a good hammering the last week or so.

because that company makes money either way but-I wouldn't take advice from Glenn Beck or any company that advertises with him. Their advice is suspect from the get go.

I am looking at maybe taking advantage of the "fire sale" but haven't made up my mind. I sold some when it hit $1200 because I needed a bit of money. Wouldn't mind getting some of it back. I am very long on gold. Besides, I sleep better when I have a little gold. I don't buy it for investment but to hold. I like that it is liquid in an pinch.

Same as the HSN Silver Dollars that get peddled at 4X Red Book.

Try to buy a roll of US pre-65 circulated/junk 90% silver coins on eBay, at melt/spot. Or a $50 American Bison.

There are a lot of people buying the hard as a hedge for barter, esp. after they hear/read of the paper market manipulations being played by JPM and DB.
ymmv

U.S. home prices increase 1.3% in May from April: S&P
Rise for 20 metro areas works out to 4.6% from May 2009, data show
http://www.marketwatch.com/story/us-home-prices-rise-13-in-may-from-april-2010-07-27

It's occured to me that we could perhaps do with another SMW thread. There are already two: the week-daily SMW thread itself, and the SMW Weekend Economists'. My proposal is to add a third: the SMW Review.

Let me explain. The Review would be a weekend thread that would invite free-form, freely-expressed comment both on the week's economic events and on the coverage of same (and much more) provided by the other two SMW threads. Comment on events, because the weekend is the only time many still have to relax and review same, never mind find time to comment, and because the Weekend Economists' thread itself is so full of data and comment (thanks, Demeter) that it's a complete meal to digest by itself without even yet thinking about composing one's own intelligent comment. And comment on the coverage of same provided by the other SMW threads, because I've observed that in very general terms there's a small group that posts regularly, there's another that posts more occasionally, another that posts rarely, and another that reads without posting, to whatever degree. The Review would aspire to be the place where many who hesitate to comment for whatever reason and in whatever freely-expressed format in the other two threads find time and space.

There have been some perhaps unseemly exchanges on occasion in the daily SMW thread, Ozymandias has I think pointed out. The Review would be the place for that. It should I think be created in the General Discussion forum of a Friday evening, there to sink or swim, be locked or be damned, as such threads will <g>. I propose that whoever starts the Weekend Economists' thread also starts the Review, posting links to each other at the start. The daily SMW could also post links back to the previous weekend's Review, which could continue to be a place of reference and further comment throughout the week. Each weekend Review could also, now I think about it, include a complete set of links back to that week's set of daily SMWs.

... At least, that's a sketch of the idea. Let's hear what you think. Call this thread a prototype of such a Review, if you like.

Saludos.

I am busy working on two things at once. So I will reserve extended comment when I get one of those things cleared off my plate. Mind you, this each thread takes a huge amount of work to get off the ground. The daily SMW is fortunate to have some momentum of its own since becoming a regular feature about nine years ago. So the bulk of the work is a few minutes every day dedicated to updating numbers and posting information to the regular links. A regular new thread needs heavy attention and dedication.

Also - before I leave to get work done - may I suggest posting it in the Economy forum? There are many related threads there authored by people who are strangers to this daily dish. Seems like a built-in audience to me.

later...

in the garden for a while now... (it's my birthday, but celebrated just like any other normal day, just my compañera and I).

The kind of starter-post for the Review I had in mind wouldn't need more work than just posting the initial set of links, I'd thought - could be otherwise empty or just with a brief summary remark.

Wouldn't matter if it receives no comments at all some weeks, but it would be there and available.

Damn keyboard.

:party:

not qualified to comment on who posts up what info, so I'll just leave it a Cheers!

Una copita de fino a su día especial.

It would not duplicate either of the other two threads and would allow for more open discussion, a greater variety of views. Will it be allowed to reside in GD, or get tossed into the economy forum?

Freely expressed opinion hasn't been going over so good out there lately. It would invite a lot of charges of blasphemy.

But, that's just my opinion. Wouldn't be the first time I've been wrong.

Boxcars it is..... It still cost me...but at least it ain't craps.

:hug: