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so sit back and enjoy the ride up up up it will go
The Dow Jones industrial average hit the intraday high of 13,000 for the first time since May 2008. The stock index is at a nearly four-year high, and a few points from closing at 13,000, which it has not done since May 2008.
With European finance ministers agreeing to a new bailout package for Greece, all eyes were watching whether the Dow would pass the psychological threshold of 13,000 after being closed Monday in honor of Presidents Day. The index briefly passed the mark shortly before 11:30 a.m. ET before returning to about 12,995.
Debt for fiscal year starting October 1 2011 till February 16 2012 : 622.69 billion or 4.51 billion/day ($14.55/day/citizen) or ($1.64 trillion deficit)
Debt for calendar year 2012 till February 16 2012 : 190 billion or 4.04 billion/day ($13.04/day/citizen) ($1.476 trillion deficit)
Current debt as of February 16 2012 : 15.413 trillion
Current debt ceiling : 14.694 trillion (first phase) 15.194 trillion (second phase) 16.694 trillion (final phase)
At the current average rate of 4.275 billion in new debt/day (or about $13.79 in new debt per day for every citizen in America...and that is just federal) it will take about 299 days before reaching the final phase of the debt ceiling hike, so around January 28, 2013.
US GDP : 15.294 trillion Q4 2011
US debt : 15.413 trillion
Total debt to GDP ratio : 100.77%
Originally posted by dawnstar
... most of those are insured by the five big banks: JPMorgan Chase, Citigroup, Bank of America, HSBC, and Goldman Sachs., who by the way it's the ISDA that gets to determine weather or not there is a default, and guess who owns the association?? why, those same five banks that will end up paying up if it's decided there is a default!!
there is no way that these banks are gonna allow themselves to be put into a position of having to pay out on those CDS, and well, if they do find themselves in that position, we can probably expect the fed gov't to come to [pay]
Originally posted by merkej23
reply to post by camaro68ss
I too am seeing the 2008 trends, High gas prices and TPTB say stocks are doing GREAT.... ugggg... I think the market's are going to fall again and the DEPRESSION can no longer be suppressed. Its going to get rough this year.
New orders for manufactured durable goods in January decreased $8.6 billion or 4.0 percent to $206.1 billion, the U.S. Census Bureau announced today. This decrease, down following three consecutive monthly increases, followed a 3.2 percent December increase. Excluding transportation, new orders decreased 3.2 percent. Excluding defense, new orders decreased 4.5 percent.
In other words: the Nationa Bank of Greece suddenly finds itself without its ECB lifeline, but with a Eurosystem Bank backstop. Which means that the Bundesbank is about to be dragged down kicking and screaming into funding Europe's insolvent experiment even more, a step we predicted would happen months ago, and a step we believe that Germany will not be too delighted to tolerate once it figures out how the ECB just stuck it with the bill...
So how long before fake German indignation turns real: €1 trillion in sunk PIIGS costs, €2.5 trillion, or 100% of German GDP? €5 trillion?
JUNCKER CALLS FOR RECONSTRUCTION COMMISSIONER FOR ATHENS: WELT
JUNCKER COMMENTS IN INTERVIEW WITH GERMANY'S DIE WELT
IRELAND TO HOLD VOTE ON EU FISCAL COMPACT, KENNY SAYS
...what is the precise significance of this announcement?
• The vote will essentially determine whether Ireland has access to future bailout funds or not. For a country to access the ESM, the eurozone's permanent bailout fund, it must have ratified and fully adhered to the treaty, according to the terms attached to the deal. The Irish government has already given indications that it will tie its approach closely in with the prospect of further bailout funding, with Deputy PM Eamon Gilmore pointing out the link between emergency funds and the fiscal pact approval. These scare tactics are likely to grow throughout the referendum campaign, with the flip-side of rejecting the treaty being seen as tantamount to a vote for eurozone exit. In other words, the Irish will vote with a gun to their head...