Monday, September 14, 2009
Overall, the Dow Jones Industrial Average closed up 21.39 points at 9626.80, marking its sixth gain in seven sessions. Leading the index, General Electric climbed 68 cents, or 4.6%, to $15.35, while DuPont rose 47 cents, or 1.5%, to 32.28.
The gains for materials and industrials continue a recent trend where both sectors have leapt higher on the backs of improving sentiment surrounding economies around the globe. This improvement in sentiment has been especially helpful for the commodities markets, with oil, gas and metals all rising along with the stock market. (more)
This article will explain what the debt is, why we can never pay it, and the elegant and obvious solution proposed by Nobel Prize winning economist, Milton Friedman. Please read and understand this crucial information for your responsible citizenry. You literally have nothing more valuable to do.
The US national debt is approaching $12 TRILLION dollars. Of that amount, about 2/3 is owed to whomever among the public purchased US government debt securities (bills up to one year, notes from two to ten years, and bonds of 20 and 30 years) and 1/3 is intragovernmental transfers (US government agency purchases like Social Security surplus and other retirement funds). China and Japan hold about $750 and $650 billion, respectfully. (more)
Shadow Inventory Revisited: Silent Alt-A Mortgages, Southern California REO, and the Great Public Swindle.
MATT TAIBBI: They paid $14 million in taxes last year, which is an effective tax rate of about one percent, which means that they paid in taxes about a third of what CEO Lloyd Blankfein actually made in compensation last year. And that sounds like an amazing number. And if you—their excuse for why that is is because they had changes in their so-called geographic earnings mix, which basically means that they moved all their revenues to foreign countries, where the tax rates were lower. And so, Goldman, which was, again, the beneficiary of massive subsidies during the bailouts, you know, paid really just a pittance in taxes last year. (more)
- China's announcement that it had moved 454 tonnes of gold into its reserves since 2003
- Central Bank Gold Agreement (CBGA) quota being reduced from 500t to 400t a year
- Russia's Prime Minister stating that it should hold 10% of its reserve assets in gold (more)
His appearance, in a peaked cap and uniform, seems rather odd; an officer without a crew. But there is something slightly odder about the vast distance between my jolly boat and his lofty position, which I can't immediately put my finger on. (more)