***STOCK MARKET WATCH***

Source: Everywhere.

There must be a technical delay in the Northeast, so I'll take it upon myself to get the ball rolling.

I'm sure PBD will be along shortly to take over.

No link yet.

The morning coffee just doesn't taste right without SMW or WEE.

:)

(Thanks Fuddnik. Must run. Good morn.)
Finally. A salad. A meal with no meat.
(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)
= 9,502,216,756,164.15 + 4,627,672,934,213.35
UP 114,208,468.26 + DOWN 8,309,638,302.42

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 311-Million person America.
If every American, man, woman and child puts in $3.21 THAT'S 1B$, and $3,211.52 makes 1T$.
A family of three: Mom, Dad, Child: $9.63, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 311,379,392 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 $45,378.37.
A family of three owes $136,135.11. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 33 days.
The average for the last 23 reports is 5,302,006,674.19.
The average for the last 30 days would be 4,064,871,783.55.
The average for the last 33 days would be 3,695,337,985.04.
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$/day.
There were 96 reports in 139 days of FY2011 averaging 5.92B$ per report, 4.09B$/day.
Above line should be okay

PROJECTION:
There are 704 days remaining in this Obama 1st term.
By that time the debt could be between 15.1 and 17.8T$.
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)
02/16/2011 14,129,889,690,377.50 BHO (UP 3,503,012,641,464.42 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 +0,568,266,659,485.80 ------------* * * * * * * * * * * * * * BHO
Endof11 +1,492,211,012,318.83 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
01/27/2011 -004,717,116,457.79 --
01/28/2011 +002,605,585,609.92 ------------*********
01/31/2011 +072,534,426,006.14 ------------********** Mon
02/01/2011 -002,841,687,784.84 --
02/02/2011 +000,160,101,452.72 ------------********
02/03/2011 -011,756,222,449.85 -
02/04/2011 +000,096,985,369.31 ------------*******
02/07/2011 -000,024,110,721.58 ---- Mon
02/08/2011 +000,098,708,298.02 ------------*******
02/09/2011 +000,070,875,766.12 ------------*******
02/10/2011 -016,083,331,993.98 -
02/11/2011 -000,131,455,172.80 ---
02/14/2011 -001,050,366,540.96 -- Mon
02/15/2011 +048,146,191,309.44 ------------**********
02/16/2011 +000,114,208,468.26 ------------********

87,222,791,158.13 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=4736548&mesg_id=4736555

(Good day.)
Must find food.
(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)
= 9,490,705,812,100.38 + 4,632,883,495,090.15
DOWN 11,510,944,063.77 + UP 5,210,560,876.80

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 311-Million person America.
If every American, man, woman and child puts in $3.21 THAT'S 1B$, and $3,211.44 makes 1T$.
A family of three: Mom, Dad, Child: $9.63, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 311,386,592 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 $45,357.09.
A family of three owes $136,071.27. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 24 reports in the last 30 to 34 days.
The average for the last 24 reports is 4,818,573,763.31.
The average for the last 30 days would be 3,854,859,010.65.
The average for the last 34 days would be 3,401,346,185.86.
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$/day.
There were 97 reports in 140 days of FY2011 averaging 5.79B$ per report, 4.01B$/day.
Above line should be okay

PROJECTION:
There are 703 days remaining in this Obama 1st term.
By that time the debt could be between 15.1 and 17.8T$.
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)
02/17/2011 14,123,589,307,190.53 BHO (UP 3,496,712,258,277.45 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 +0,561,966,276,298.80 ------------* * * * * * * * * * * * * * BHO
Endof11 +1,465,126,363,207.59 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
01/28/2011 +002,605,585,609.92 ------------*********
01/31/2011 +072,534,426,006.14 ------------********** Mon
02/01/2011 -002,841,687,784.84 --
02/02/2011 +000,160,101,452.72 ------------********
02/03/2011 -011,756,222,449.85 -
02/04/2011 +000,096,985,369.31 ------------*******
02/07/2011 -000,024,110,721.58 ---- Mon
02/08/2011 +000,098,708,298.02 ------------*******
02/09/2011 +000,070,875,766.12 ------------*******
02/10/2011 -016,083,331,993.98 -
02/11/2011 -000,131,455,172.80 ---
02/14/2011 -001,050,366,540.96 -- Mon
02/15/2011 +048,146,191,309.44 ------------**********
02/16/2011 +000,114,208,468.26 ------------********
02/17/2011 -011,510,944,063.77 -

80,428,963,552.15 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=4737980&mesg_id=4737983

But not necessarily accounted for....
hamerfan, still digging his hearts!

have at it, folks.

Nothing like waking up to a thorough face-washing.

The Rosco is the master of the Slurp,Slurp,Slurp,Chomp technique. My wife loves waking up to a dog chewing on her nose and ears.

Not even the logistical challenges, but the personal ones. Doing this thread day after day - immersing myself in the stock market at a point in history in which the markets and the media are so completely divorced from reality that I might as well be doing a daily thread about the lost continent of Atlantis - is having a deep impact on my stress levels. This is not even to mention doing it here on DU, where many understand the gravity of the situation but many are still ignorant of it (willfully or otherwise). Is there a reason to keep the conversation going, or are we just pissing into the wind? In addition, I'm now in a profession (teaching) that is currently under assault almost exclusively due to economics - although many like to pretend it's about "the children".

Before anyone panics, I'm not saying I'm going to stop posting this thread; I'm not even considering that. I'm just starting to notice the rising stress levels associated with knowing that this will all go to hell sooner rather than later, but not knowing when, or what this country will look like when it does.

Sorry, everyone. I'm feeling metaphorically impotent this morning.

I know I'm speaking for others too, but this is the best thread on the forum. We know what it's like out there, and when someone needs a helping hand, we will all pitch-in to help. So don't fret PBD, if something comes up, and the thread not started by 8-ish, then someone will get it started.

For those that pay attention and look for facts, the outrage rises to new levels every single day. And the outlook for the near term future looks bleaker by the day.

'm trying to spend a little more time on my blog, and I've registered a couple of domain names, that when they get posted will probably get me sent to Gitmo under the Patriot Act.

PBD. It really has reached a tipping point for most folks.

Instead of giving lip service to Egypt, Tunisia, Bahrain, and SA, Obama needs to be watching things in the US. Workers are tired of being robbed of their pensions and then told it is their fault and now they have to bend over.

The abusive arrest and mauling of Mr McConnell (I think is his name) while engaging in peaceful QUIET protest during a HC speak shows the true colours of our government. HS and TSA are set up not for terrorist, but for US. They know the poo is about to hit the fan and they are desperate to keep power. We have had the soft controls and if we protest, we will get the authoritarian police state controls when our 'worker revolt' happens.

They're doing everything possible to distract attention from the people who caused this disaster. Instead of focusing on the tripling of Blankfein's salary and his $12 million bonus. And the fact that we turned all the money in the treasury over to Wall Street banks, they scream about "overpaid" public servants. Cadillac health care benefits, and Social Security.

They want old and poor people to pay for Wall Streets robbery. I think Wisconsin may just be the lighting of the fuse.

And that was Ray McGovern who got beat up in front of Hillary. I guess being ex-CIA doesn't carry the weight it used to.

We all have our doubts and reservations and the SMW is a vehicle for exploring and addressing these feelings in a mostly intelligent environment.

My advice to a longevity in the current state of the world is to only report the news... Don't own it. I know it's difficult sometimes. (Particularly for a sensitive person) But, maintaining sanity and balance requires that you maintain a distance.

In fact, that's why February is so bad--three big ones in my life going to hell at the same time, and then, the rest of the world on the side.

vitamins, stress breaks, and a sense of personal insignificance gets me through.

What'd I do?

I need a theme for the weekend--Presidents' Day? The Economic Underpinnings of Successful Revolutions? Now that would be a dissertation, not a weekend....

it's Friday...think positive! :)



(ok, sorry for the overly upbeat mood...can't help it with this perfect weather down here, my Mom is in town for another week, work is going well, the diet is about over and I've successfully shed almost 25lbs)

Think beer! :beer: :toast: :beer:

That's Octoberfest....spring wine, maybe?

It's not really spring yet, either,,,

I've got to get to a job, will keep thinking about it.

I just got back from a motorcycle ride, and I made a pit stop to sample some hops.

nothing really to report there.

Feb. 18 (Bloomberg) -- U.S. stock futures fluctuated, with the Standard & Poor’s 500 Index headed for its third weekly advance, as China’s steps to contain inflation tempered optimism from improving earnings and economic data.

SunPower Corp. and Brocade Communications Systems Inc. both rose more than 7 percent in early New York trading after forecasting earnings that beat analysts’ estimates. Intuit Inc. climbed 2 percent after boosting its yearly outlook. Alcoa Inc. slipped 0.7 percent following a retreat in European metal producers.

March contracts on the S&P 500 Index rose less than 0.1 percent to 1,337.9 at 7:32 a.m. in New York. Dow Jones Industrial Average futures climbed 2 points, or less than 0.1 percent, to 12,291 and Nasdaq-100 Index futures were little changed at 2,394. U.S. stocks rose yesterday, sending the S&P 500 Index to a 32-month high.

The S&P 500 has climbed more than 98 percent from a 12-year low in March 2009 as government stimulus measures, improving profits and takeovers bolstered confidence in equities. Per- share earnings topped estimates at 72 percent of the 391 companies in the S&P 500 that reported results since Jan. 10, according to data compiled by Bloomberg. That compares with 56 percent in Europe.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ao11z0iq9U8o

Oil prices fell slightly to near $86 a barrel Friday in Asia as violent protests in the Middle East keep investors on edge about possible crude supply disruptions.

Benchmark crude for March delivery was down 31 cents at $86.05 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.37 to settle at $86.36 on Thursday.

Bahrain's leaders banned public gatherings and sent tanks into the streets Thursday, intensifying a crackdown that killed five anti-government protesters and wounded more than 200. Bahrain is not a major oil-producing country, but it is strategically important to the U.S. as home to the Navy's 5th Fleet.

There have also been anti-government protests in Iran, Algeria, Jordan and Libya following the ouster of regimes in Tunisia and Egypt. Iran is the world's fourth-largest oil producer. Algeria and Libya are also important crude suppliers.

"The rising fears about a huge change in the Middle East region, home to the world's largest oil and gas reserves and production, is providing support to prices," Barclays Capital said in a report...

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

It's hard to know where to start with this morning. Suffice it to say, I'm now in a really foul mood. I appreciate everyone picking up the slack. :thumbsup:

Sulk, and the world sulks with you.

http://news.yahoo.com/s/ap/20110217/ap_on_re_us/us_debit_card_fees

The Federal Reserve told Congress on Thursday that it may reconsider its proposal to limit the fee that banks charge merchants for debit card transactions to 12 cents per swipe, the latest twist in a battle over billions of dollars...The financial overhaul bill that President Barack Obama and Congress enacted last summer ordered the Fed to issue rules that would set the fees at a reasonable rate. Currently, merchants typically pay between 1 and 2 percent of the transaction's total and those charges average about 44 cents...
The Fed's proposed 12-cent cap would be a major victory for merchants, who say higher fees are hurting their businesses and their ability to create jobs. Banks say cutting the fees would cause them to lose money and force them to raise their charges for checking accounts and other services...The period for reviewing public comments ends next Tuesday. The financial overhaul law requires the Fed to issue final standards by April 21, and they would take effect in July.

At Thursday's hearing, lawmakers of both parties said the Fed has not adequately considered the banks' and card networks' costs of fraud prevention in proposing lower fees. They also said the lower fees would especially batter small community banks and credit unions, powerful constituencies in Congress, because larger banks might be able to charge lower fees. The charges are currently mostly uniform.

The Fed's proposed rule would exempt smaller banks — those with assets below $10 billion — from the lower charges. At the Senate Banking Committee, Bernanke said the exemption may not work because merchants might reject debit cards issued by the smaller banks, since the fees they charge could be higher...Several legislators suggested that the Fed should take more time in issuing its rule.

"We owe it to the American people" to delay the rules, said Rep. David Scott, D-Ga.

Raskin told Scott and other lawmakers that since the deadlines were set by law, only a new law could change them.

Under questioning from lawmakers, Raskin said the Fed was unsure how much of the savings merchants would pass on to consumers should the fees be reduced. She also expressed uncertainty over whether it would cause banks to boost charges for their services...

Capping the fee at 12 cents would cost banks $14 billion, according to testimony by David W. Kemper, representing the American Bankers Association and the smaller Consumer Bankers Association.

YOU REALLY GOTTA READ THE WHOLE THING--IT'S LUDICROUS!

When I had my pizza shop, we did a major delivery lunch business with Capitol One and Wellcare.

We'd get orders all afternoon, in groups of six or seven. There would be six single orders with 5 different credit or debit cards, and one cash. We'd get our monthly statement from the credit card processor, and it was like :wtf: .

One guy came in one day, and wanted an order of garlic knots, and wanted to use a debit card. I gave him the food, and said it was cheaper than swiping his card.

I sure your pizza was tops, but I cannot imagine trying to make a go of anything like that in today's climate which is stacked in favor of the big banks and credit card companies.

I always do cash as much as possible-esp small shops. They usually throw in a cash discount to me and still come out ahead.

I see an expansion of the black market in the very near future.

We went to get some papers notorized at our Wells Fargo branch. OK, it still says Wachovia outside, but it's Wells Fargo. While we're there, the manager tries to pitch us on everything from a refinance and the moon.

She said that they had a savings account that paid 5% interest. I said OK, let me go empty my safe deposit box and start it. She said no, you can't deposit money into it. :wtf: She said that every time you used your debit card, they would transfer $1 from your checking account to the interest bearing account. She said that she uses her debit card for everything, even if it's just a cup of coffee. I asked her if she realizes the fees that the merchant has to pay on that cup debit card transaction. She said yes.

I said "Merchants hate you".

http://online.wsj.com/article/SB10001424052748703373404576148073209074728.html

The U.S. Treasury on Wednesday issued a warning to U.S. financial institutions, advising them to closely scrutinize any transactions emanating from Egypt, U.S. officials said.

These transactions, the Treasury said, could indicate that members of former Egyptian President Hosni Mubarak's government are attempting to shelter assets offshore.

"The advisory reminds U.S. financial institutions of their obligations to monitor closely any financial activity that could potentially represent misappropriated or diverted state assets," a U.S. official. said.

The Treasury reminded American banks that they are obligated under the Patriot Act and other U.S. laws to guard against money laundering and other financial crimes.

Meanwhile, Egypt's new military rulers faced growing hurdles in their efforts to restore normalcy to the country, as labor strikes continued and school openings were delayed....

HOW LONG UNTIL THEY REALIZE, THIS GENII AIN'T EVER GOING BACK INTO THE BOTTLE.

http://www.bloomberg.com/news/2011-02-17/ally-s-gmac-wins-ruling-in-maine-case-over-false-foreclosure-documents.html

Ally Financial Inc.’s GMAC mortgage unit won’t have to face much of a lawsuit by Maine homeowners seeking damages over what they said were the company’s wrongful foreclosure practices.

U.S. District Judge D. Brock Hornby in Portland, Maine, granted GMAC’s request to dismiss two claims in the complaint, according to a decision yesterday. He will probably throw out the remaining claim, Thomas Cox, a lawyer for the homeowners, said in an interview.

“I just don’t see how anything survives,” Cox said.

The decision will hurt similar lawsuits across the country in which homeowners are attacking the foreclosure practices of lenders, Cox said. Based on the judge’s ruling, homeowners can only challenge the use of false documents in their individual foreclosure cases, preventing them from filing class-action, or group, lawsuits, he said.

“It’s going to be cited as precedent in any other case in the country where somebody is trying to bring an action against a servicer for having filed false affidavits,” said Cox, a Portland attorney...

http://oversight.house.gov/index.php?option=com_content&view=article&id=1141:chairman-issa-issues-subpoena-for-all-countrywide-vip-docs&catid=22:releasesstatements

In December of 2008, House Committee on Oversight and Government Reform Chairman Darrell Issa (R-CA), then the Committee’s Ranking Member, launched an investigation into Countrywide Financial Corporation’s infamous VIP and Friends of Angelo Program that exposed the inner workings of Countrywide’s efforts to buy friends in critical government and industry positions affecting the company’s business interests. Today, Chairman Issa issued a wide-ranging subpoena to Bank of America for all documents and records related to Countrywide’s VIP program.



“Countrywide orchestrated a deliberate and calculated effort to use relationships with people in high places in order to manipulate public policy and further their bottom line to the detriment of the American taxpayers even at the expense of its own lending standards,” said Issa. “This subpoena will allow us to obtain the information needed to answer the outstanding public interest questions regarding the full size and scope of the VIP program. The American people have a right to know the totality of who participated in the Countrywide’s VIP program and what they did in return for access to it. Our role is to get all of the facts so that the American people can judge for themselves who should be held responsible and accountable.”

http://www.bloomberg.com/news/2011-02-14/house-lawmakers-aim-to-block-for-profit-college-funds-rule.html

For-profit colleges may get another delay in an Education Department proposal to limit their revenue from a U.S. House of Representatives budget measure.

An amendment the House may consider today would block funding for the Education Department’s “gainful employment” proposal, said Representative John Kline, a Minnesota Republican and education committee chairman. For-profit colleges have lobbied against the rule that would tie their eligibility for U.S. government student aid to students’ incomes and loan repayment rates.

Congress and state prosecutors have investigated sales practices and the use of federal funds by for-profit colleges. The industry doubled its spending on lobbying and mounted a letter-writing campaign last year that led the department to delay publication of the regulation. Some House Democrats and Republicans oppose the rule because it would limit opportunities for minority and low-income students who attend for-profit colleges, said Representative Alcee Hastings, a Florida Democrat.

“Our sense is that this will be a large bipartisan vote” in favor of the amendment, said Hastings, who spoke yesterday to reporters in Washington with Kline. “Nothing gets the attention of the bureaucracy like a bipartisan effort.”

The amendment may go to the House floor for debate today as part of a budget bill, and also would have to be adopted by the Senate to take effect, Hastings said. Senate Democrats haven’t supported for-profit colleges, making the amendment’s passage there “a high hurdle,” said Jarrel Price, an analyst with Height Analytics in Washington.

Things are playing out even worse than our cynical forecast. It turns out not Treasury, but the most bank friendly regulator, the Office of the Comptroller of the Currency, led this exercise. In Senate Banking Committee hearings today, Walsh did say that the exam found a small number of improper foreclosures and specifically cited those involving military personnel. Funny how the only concrete cases he’s willing to acknowledge are ones that have been the subject of hearings by Congressional committees that have nothing to do with the mortgage industrial complex.

To give you an idea how insulting-to-the-intellgence this is, Walsh in his live testimony said that servicers has standing to foreclose. Really? That sounds like a big whopper, given the large number of decisions to the contrary. And more counter-evidence came via a Bloomberg story today, which reported that a Bank of America unit in Utah that carries out roughy 4000 foreclosures a year is, according to the state attorney general, violating state law. Although this case is still in play, it illustrate the type of obstacles servicers are encountering in various states.

It is also clear that the review missed or chose to ignore critical issues plaguing foreclosures, such as the widespread failure to convey notes to securitization trusts as stipulated in the documents governing securitizations, the pooling & servicing agreement. From Walsh’s written submission:

http://www.nakedcapitalism.com/2011/02/quelle-surprise-cursory-foreclosure-abuse-exam-producing-expected-whitewash-of-servicer-abuses.html

Core consumer price inflation in the US seems to have broken the downward trend that led the Federal Reserve to launch a new $600bn round of asset purchases last November, with a 1 per cent year-on-year rise in January.

While it is still too early to say that core inflation will sustain its upward path, it now looks like core CPI, which excludes volatile food and energy prices, may have hit a trough in October with a 0.6 per cent year-on-year increase.

Stabilising core inflation was a primary goal of the Fed’s second round of quantitative easing, dubbed QE2, and makes it unlikely the Fed will expand the programme once it has completed its asset purchases in June. But nor will the CPI number push the Fed into an early tightening of policy. Fed officials will want confirmation from more months of data and from other measures of inflation, such as the deflator for core personal consumption expenditures.

“I think that’s a good sign because inflation is low and I’d like it to be a lot closer to 2 per cent,” said Charles Evans, president of the Chicago Fed, in an interview with the Financial Times. “Moving up is a sign that things are beginning to improve.”

http://www.ft.com/cms/s/0/16869bbe-3a97-11e0-9c65-00144feabdc0.html#axzz1EJta2O1j

I was misguided in my remarks about silver the other day. This 2-day uptick is nuts. I was right in that I have long felt gold was going to top out.

In the meantime, JPM may be soliciting for a replacement to run the commodities desk:rofl:

we all appreciate it.

Which is somewhere around our national deficit these days I think.
Cheers and thanks to PBD and all the regulars at this very cool little corner of the interwebs. It really makes my day just to lurk and enjoy the show.
Do I get a pony now? :rofl:
hamerfan, amassing hearts like there's no tomorrow! :yourock:

Your pain is felt with the TPTB. It seems most in this group of people are doing their best to take all they can!

link
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x588920

so I can find it. Dana ; )