Friday 10 Spot
Some afternoon reading for your pleasure weekend:
• Corporate bond defaults hit record (FT) The number of companies defaulting on their debts has risen to record levels this year, according to Standard & Poor’s, while investment returns for risky corporate debt have skyrocketed since January. S&P said 201 borrowers with $453.1bn in debt have defaulted this year, exceeding the 126 defaults for all of 2008, which comprised debt worth $433bn
• The Zero Hedge backlash begins: BLOGGER MAY HAVE A PAST My assumption was that everyone had a past — and a present and future too, but my bias is due to my existence in 4 dimensions.
• Rise of the Super-Rich Hits a Sobering Wall: (NYT) The rich have been getting richer for so long that the trend has come to seem almost permanent. They began to pull away from everyone else in the 1970s. By 2006, income was more concentrated at the top than it had been since the late 1920s. But economists say — and data is beginning to show — that a significant change may in fact be under way. The rich, as a group, are no longer getting richer.
• Back-to-school looks weak for apparel retailers (Reuters)
• Big banks still hold FDIC captive Sheila Bair has moved with impressive alacrity to shutter failed small and medium-sized banks. But she is still held hostage by the too-big-to-fail four. (Rolfe Winkler)
• Bankers Craving Bonuses Fudge Loan-Loss Reality (Bloomberg) Bankers apply a light touch to loan-loss reserves, allowing them to reap profits — and bonuses — even though a day of reckoning may result. This means that the collapsed banks hadn’t created adequate reserves for possible losses, leading their loans to be wildly overvalued. The Federal Deposit Insurance Corp. is left to clean up the mess.
• In New Phase of Crisis, Securities Sink Banks (WSJ) U.S. banks have been dying at the fastest rate since 1992, mainly because of bad loans they made. Now the banking crisis is entering a new stage, as lenders succumb to large amounts of toxic loans and securities they bought from other banks.
• AAR Rail Time Indicators Association of American Railroads, combines rail traffic data with more than 15 key economic indicators (such as consumer confidence, housing starts, and industrial production) in a non-technical snapshot of the U.S. economy.
• The 50 Funniest Internet Infographics Warning: Giant time suck
• Since the summer is coming to an end, The Science of BBQing
Anything else clickworthy? Use comments.
Enjoy your weekend!
August 21st, 2009 at 3:35 pm
Boy, you writers just keep on writing no matter what, some times I think you all should take a month off. How about that, a month without all the bullshit hype and tripe…
August 21st, 2009 at 3:48 pm
Aug. 21 Bloomberg interview with Meredith Whitney
http://www.youtube.com/watch?v=aqRk1iqs8-g
She is sharp and I viewed entire 5:50. Whitney Says Bank Failures Will Rise to More Than 300 but she conveys some great points that you just don’t get with mainstream MSM cheerleading and general pablum.
August 21st, 2009 at 3:53 pm
Maybe Goldman will buy The Dow Jones. Might as well just make official..could rename it “The Goldman Sach Industrial Average”.
Dow Jones has been sounding out potential buyers for the company’s stock-market indexing business, according to people familiar with the matter. The move shows that News Corp., which purchased the publisher in late 2007 for $5.7 billion, is willing to shuffle its Dow Jones assets. The sales process, which is being conducted by Goldman Sachs, could also lead to a joint venture or different combination. The process is preliminary and may not result in any sale. A new owner could choose to rename the flagship Dow Jones Industrial Average. The broad name recognition of the index, however, may be a reason to keep it intact.
http://wsj.com?mod=djemalertMARKET
August 21st, 2009 at 3:55 pm
Is ZeroHedge a credible blog?
Do you guys believe it to be unbiased and truthfull or bunch of “conspiracy theorist” ?
August 21st, 2009 at 4:05 pm
Can I back date this UBS entry? “Unveiled Bribery Show”
Indictment in Tax Probe Shows Outsiders’ Alleged Use of UBS
“…The court filing also provides new details about an alleged bribery scheme related to a Swiss plan to disclose whether a tax evader’s name was being turned over to U.S. officials….”
Zero Hedge claims the VIX is being “gamed,” that Renaissance is a ponzi scheme, and supports the vampire squid blather. He’s the Pentecostal Preacher of digital Print
August 21st, 2009 at 4:06 pm
“Bankers apply a light touch to loan-loss reserves, allowing them to reap profits — and bonuses — even though a day of reckoning may result. This means that the collapsed banks hadn’t created adequate reserves for possible losses, leading their loans to be wildly overvalued. The Federal Deposit Insurance Corp. is left to clean up the mess.”
Jail time, there just has to be jail time for these thieves. Or the people will be chasing them through the streets; if they can run down their limos and roust them out, I suppose. Sickening.
August 21st, 2009 at 4:11 pm
My assumption was that everyone had a past — and a present and future too, but my bias is due to my existence in 4 dimensions.
LOL
I have to rewatch the cartoon video to see what happens after four dimensions. Something about going back in time by folding through mobius strips and ants and . . . ah the hell with it.
August 21st, 2009 at 4:14 pm
Article on anonymous bloggers whose identities were later discovered:
http://www.cnn.com/2009/TECH/08/21/outing.anonymous.bloggers/index.html
August 21st, 2009 at 4:16 pm
The New York Post…..??????
Are you kidding me…..??? Didn’t they used to be amusing…. or something….?
Econolicious
August 21st, 2009 at 4:26 pm
Enjoy William Greider.
He says it all. Very sad what this country has become.
http://www.pbs.org/moyers/journal/03272009/watch2.html
August 21st, 2009 at 4:38 pm
“bribe” link…
http://online.wsj.com/article/SB125079851463747343.html
August 21st, 2009 at 4:39 pm
holulu,
Do you believe in unicorns? There is no such thing as an unbiased person.
Why do you create a false dichotomy – a conspiracy can be credible.
I think the relevant consideration is ZH provides knowledge and information not easily accessed elsewhere. Whether you choose to consume and use it is your own choice.
But its beauty is the information and knowledge stands on its own for what it is. Its anonymity allows it to somewhat rise above the ad hominem disgrace that is our national economic discourse. There is no mindless political namecalling (nothing more than unwarranted personal attacks), only information, judged on its own merit.
Cheers and best wishes, have a great weekend.
August 21st, 2009 at 4:49 pm
Article entitled “Ex-Wives Eagerly Await UBS Tax-Cheater List”
http://www.time.com/time/business/article/0,8599,1917829,00.html
August 21st, 2009 at 4:54 pm
holulu:
I don’t particularly care. As jr points out, there is no such thing as an unbiased person. Those who talk about unbiased judges or jurors are either fooling themselves or someone else. The question is whether you can lay your biases aside.
They write great stuff. Most of it is insightful and much original. Much simply comes from looking hard at publicly available info. And it reinforces what I’m already thinking, so it must be right. And you gotta love people who thumb their noses at CNBC.
Nice rejoinder on the anonymity issue: http://www.zerohedge.com/article/zero-hedges-anonymity-policy
August 21st, 2009 at 4:57 pm
For those without a present, there is no future, except in the past, but always remember…”the past isn’t dead and buried, it isn’t even past…”
August 21st, 2009 at 4:58 pm
BTW, for those who can short, there were stories today about how the Swiss government sold its stake and the shares have gone wild. Shares are up like 15% in 3 weeks. I guess they think it’s 2006 again.
August 21st, 2009 at 5:02 pm
I have been waiting for a backlash against financial bloggers. This is alarming and part of a gradual move towards the closure and censorship of the media as the I-bankers become more powerful. We are witnessing the slow dismantling of many of the things that made this country great. This is happening because too many of us cannot handle the truth and the ruling classes must start to control information more tightly to avoid protest. Our banking system is insolvent and we are still being looted on a daily basis by a criminal corporate class.
At some point the American people will have to defend the free press, and I don’t mean the NYT, I mean the blogs. Anyone else wonder how long it will be before enemies of Goldman Sachs start to disappear? The process begins with veiled threats via the media (think Dennis Kneale, aka Baghdad Bob), then physical intimidation will be next – followed by abuse of the criminal justice system and the secret services.
This is the Dirty War that follows in the wake of the Quiet Coup. Already, censorship is tightening its grip. Congress will become irrelevant if the criminals grow stronger.
August 21st, 2009 at 5:04 pm
ZH has established itself as a “playa” in the guerilla democracy movement. Some of their stuff is whacked. Some of it wrong. But there’s good stuff there too.
William Greider’s Moyers interview is terrific.
August 21st, 2009 at 5:05 pm
LB, let’s hope you’re wrong, my friend.
August 21st, 2009 at 5:07 pm
Latest AAIA sentiment
http://www.sentimentrader.com/subscriber/charts/WEEKLY/SURVEY_AAII_BULLS.htm
http://www.sentimentrader.com/subscriber/charts/WEEKLY/SURVEY_AAII_BEARS.htm
http://www.sentimentrader.com/subscriber/charts/WEEKLY/SURVEY_AAII_BULLRATIO.htm
http://www.sentimentrader.com/subscriber/charts/WEEKLY/SURVEY_AAII_ALLOCATIONS.htm
The last is interesting. Looks like the cash is off the sidelines, nearing the lowest level since the 2007 peak. It does look like a good chunk has gone into bonds as well as stocks. Smart money.
August 21st, 2009 at 5:09 pm
Anyone bloggers needing hosting outside the US, I can give you pointers. EU and Japan are easy, but there are others.
August 21st, 2009 at 5:09 pm
@lb
Don’t get too dark…just keep thinking to yourself…Stuart Broad…!
August 21st, 2009 at 5:14 pm
Cramer pounding his chest about “calling the housing bottom”. Wonder if he’ll admit he was wrong down the road? I’m guessing not.
http://www.thestreet.com/story/10587735/1/we-called-it-the-housing-bottom.html?puc=_atb_html_pla5&cm_ven=EMAIL_atb_html
August 21st, 2009 at 5:18 pm
Mannwich,
they do such a nice job documenting his call in that article, how come they don’t ever do that with the stock picks, it’s not like that’s an economics show. I’m so sick of this shit.
August 21st, 2009 at 5:19 pm
@Mike: I’d be interested.
August 21st, 2009 at 5:20 pm
Yves Smith stirring the pot re: Zero Hedge on her blog. 50 comments already……that’s a lot for that site.
http://www.nakedcapitalism.com/2009/08/who-is-tyler-durden.html
August 21st, 2009 at 5:21 pm
I wasn’t dark when I started to learn about markets, but GS has already pulled off crimes in broad daylight that few of us would have imagined possible. The CDS payout on AIG was theft – from widows and orphans and taxpayers.
None of us would be thinking about farmland if we didn’t see dark days ahead, right, CV?
August 21st, 2009 at 5:22 pm
Various and sundry links:
Despite low turnout, Afghan vote declared a success
Something tells me that if one person had shown up to vote they would have found a way to declare the vote a success
August 21st, 2009 at 5:30 pm
Another thing many here have been predicting, “more distress in high end markets”. We’re all distressed now:
http://www.calculatedriskblog.com/2009/08/dataquick-california-bay-area-home.html
August 21st, 2009 at 5:36 pm
Funny about ZH … someone tried to leave a comment on my message boards weeks ago and all it said was: “The real Tyler Durden: [insert link to the SEC case against the listed gentlemen]. I wouldn’t exactly say the NY Post has such a great source. I could have written that article weeks ago …
Should be interesting, as always.
August 21st, 2009 at 5:50 pm
The outies v. innies sparring will diminish the blogosphere. Watch now for a Wag the Dog style manufactured War on Blogs and the appointment of a Blog Czar.
August 21st, 2009 at 6:22 pm
i really see it as an economic war- the USA cannot admit the truth-
“The condition of the American economy is strikingly similar to the Soviet state economy of the last two decades of the 20th century. People are trying to sustain a system “as is” that is based on bad assumptions, unworkable constructions, conflicting objectives, and a flagging empire laced heavily with elitist fraud and corruption. ” – Jesse Americain Cafe’
the one’s at the top of the food chain will do their best to keep the “American Dream” alive in the minds of the rest of us- while they take every last ounce of wealth out of the economy-
we should see it for what it is- a broken economy- out of control bankers- a corrupt government- declining wages- and a dwindling middle class-
crony capitalism at its worst
August 21st, 2009 at 6:27 pm
So Madoff and the other crooks on wall street are no good. But because TD over at ZeroHedge writes stuff many of you like, he’s ok – even though if the story checks out, this guy was convicted of insider trading. Please explain that logic to me.
August 21st, 2009 at 6:38 pm
State and Local Government Still Adding Jobs Despite Budget Shortfalls-Trader Mark
Money quote:
“Does it ever feel like the country is a crack addicted junkie driving his car at 120 mph, swerving left and right but for now staying on the road? Maybe it’s just me.”
Great stuff, as usual.
August 21st, 2009 at 6:38 pm
thor – read this- from NC-
“And the timing of the release of this news story could suggest (in a watered down rerun of what happened to Eliot Spitzer, the public exposure of information damaging to someone who was stepping on too many influential toes) that this story is appearing now precisely because Durden is getting to close to some even more damaging stories than he has provided thus far.”
powerful banking interests may just want to take him out- who knows- character assassination – if he was knee deep in it – it would only help him because he will know when something appears to be manipulated and fabricated and he will know that it is not beyond reason that these things are being done
August 21st, 2009 at 6:43 pm
these numbers are mind boggling-
“AP sources: $2 trillion higher deficit projected”
“The new projection, to be announced on Tuesday, is for a cumulative 2010-2019 deficit of $9 trillion”
my guess is that 2 trillion will triple
http://finance.yahoo.com/news/AP-sources-2-trillion-higher-apf-2763511180.html?x=0&sec=topStories&pos=main&asset=&ccode=
August 21st, 2009 at 6:48 pm
My guess is more simple…
Instead of taking out the 666 low to the downside in October ‘09…
We take it out to the downside in July ‘10…
I can wait…It’s thunderstorming like hell right now (on the farm)…
Corn is ripe…feed is plentiful…Fantasy Football draft awaits in a week!
August 21st, 2009 at 6:48 pm
Ahab – I’m more fascinated by how different people can look at the same situation (in this case zerohedge) and come to two totally different conclusions. I’ve always thought that TD’s obsession with secrecy had more to do with something not so nice in his past that would cause him to lose credibility than any real desire to avoid “retribution”. I think BR hit’s just as hard as TD does and if anything I think this gains him more respect, not less.
From a psychological standpoint TD has always come across to me more as a person who was pissed at wall street because of something that happened to him rather than any great desire to bring “truth to the masses”. Whether this article is true or not, I find it fascinating that a person convicted of insider trading (even though it was only $780 bucks) would have the balls to rage against the system. Even more fascinating, is that people will defend him because they like what he has to say. . . .
August 21st, 2009 at 6:49 pm
@LB
I hope u are wrong. Perhaps ZH has hit a nerve, who owns the Post by the way?
@AHAB
That article was very succinct in describing many of the current aberrations.
August 21st, 2009 at 7:01 pm
cvienne-
serious weather rolling in as I write
August 21st, 2009 at 7:07 pm
@ahab
I’m 50 miles due west from you (as the crow flies – do crows actually FLY that much? around here, they just sit around making noise and eating my corn)…
Right now, the rain has faded…
So expect no more than 15 minutes of it… (9 minutes on a FIBO retrace – that was for DeDeude)…:-)
August 21st, 2009 at 7:10 pm
@call me ahab August 21st, 2009 at 6:22 pm
i really see it as an economic war- the USA cannot admit the truth-
**********************
Well spinning lies and stats will not change or alter this sobering reality….
The Incredible Shrinking Boomer Economy http://peakwatch.typepad.com/peak_watch/2009/08/the-incredible-shrinking-boomer-economy.html
McKinsey found that the Boomer spending accounted for an astonishing 78% GDP growth during the “bubble years” from 1995 to 2007. Much of that spending will disappear. The “generational crash” will be a drag on the economy for years to come.
With retirement looming, the Great Recession has put Boomers into emergency thrift mode. Unsurprisingly, McKinsey Quarterly reports that most of them are unprepared for their golden years.
The low savings rate and extensive liabilities of the boomers have left about two-thirds of them unprepared for retirement.
69 percent of the boomers are not prepared to maintain their lifestyles. The inclusion of home equity, whose value is declining in many regions below the levels prevailing when we undertook our analysis, only reduces the proportion of the unprepared to 62 percent.
Tick tick tick….
69 percent of the boomers are not prepared to maintain their lifestyles. The inclusion of home equity, whose value is declining in many regions below the levels prevailing when we undertook our analysis, only reduces the proportion of the unprepared to 62 percent.
Tick tick tick….
August 21st, 2009 at 7:12 pm
@karen
Hey karen…I KNOW someone as classy as you would HATE to be dragged into the gutter of meaninless banter of types such as myself, but, if you have any friends who are looking for a good handle to join in the scrum…”Dedudette” might be a good start…:-)
August 21st, 2009 at 7:16 pm
@call me ahab Says:
August 21st, 2009 at 6:43 pm
“AP sources: $2 trillion higher deficit projected”“The new projection, to be announced on Tuesday, is for a cumulative 2010-2019 deficit of $9 trillion” my guess is that 2 trillion will triple
**********************
http://www.usdebtclock.org/ is going to explode and with it will come a lower standard of living for most Americans virtually all of which have no idea of the implications.
If you have no debt and a decent net worth you’ll be OK but how many Americans can claim this ( not counting upper 2% ) ?
August 21st, 2009 at 7:19 pm
Thor,
It’s the old ad hominem attack. If you can’t dispute what the argument, attack the speaker.
As for having a past, Henry Blodgett who have interviewed Barry and many others and writes at clusterstock.com was forced out of the securities industry by Spitzer, whom he interviewed on video a few weeks ago. Was a good interview, too.
If they can show that what ZH is saying is wrong, let them do it. Reactions to their HFT allegations have indicated that there is actually abuse going on.
August 21st, 2009 at 7:26 pm
funny stuff cvienne-
i would think you were- assuming Harper’s Ferry- NW of me- I am butted up to Algonkian Regional Park- Loudoun County-
I was close to your neck of the woods yesterday- Charles Town Pike (route 9)- Hillsboro area-
raining like a mofo at the moment
August 21st, 2009 at 7:28 pm
@ahab
Do you wanna know something cool (re: the thunderstorm)?
Besides my well…I have a 1,500 gallon storage tank rigged to collect rainwater off my roof…Which I also rigged into a pump system that irrigates my small crop yields (in case of excessive drought)…That functions off a timer…
Anyway…Most of the summer, there was enough regular rainfall to keep the crops watered on their own…But the last two weeks has been hot and almost BONE DRY (funny, because it rained hard at my place in MD, but not here)…Anyway…my water tanks were down to 400 gallons…
In 15 minutes of downpour…I re-flushed those 1,500 tanks to overflow (just off my roof)…IOW – 900 gallons…If I’d had larger storage, it might have actually been double!
Maybe I’m the only one fascinated by this stuff…
August 21st, 2009 at 7:28 pm
Mike – I just don’t buy it. If GS controls the universe, and they really wanted TD and ZH gone, do you honestly think they’d be amateurish enough to leak his identity to the NY Post? There’s something that’s always smelled a bit fishy about ZH, that it may be coming to light is natural. If the authors of ZH really have nothing to hide why not just identify themselves? Does BR feel like he is in danger because of what he writes about?
That we’re even discussing this as the beginning of the end of free press in this country is a joke.
August 21st, 2009 at 7:30 pm
Transor:
sorry, had to go out awhile. Couple of ways to go. If you just want an overseas site, you should be able to get one at Verio. I do a little hosting through them myself and they offer choices of servers in Germany and Japan. One problem with that could be that it has operations here and is susceptible to US subpoenas and such.
What you want is a place where the crooks set up their offshore operations so that can thumb their noses at US lawsuits. Closest place would generally be the Bahamas. Remember having a judgement against someone their. Never could collect it.
One place I’m aware of is http://www.securehost.com/ which is in Nassau.
I know of another in Panama, don’t remember the name. However, don’t know how independent Panama is of the US. http://www.ccihosting.com/
You could do a search on the phrase “offshore web hosting.” There are probably some in Eastern Europe and Russia, although I probably wouldn’t want to do anything financial there.
Main thing is to find a country that has no treaty obligations requiring it to respect US judgments.
August 21st, 2009 at 7:30 pm
wait…I meant 1,100…
“fuzzy math”
August 21st, 2009 at 7:33 pm
km4-
you and i are on the same page my friend-
the late great empire of the United States of America- can try to paper things over- but there is no hiding the truth-
“the truth shall set you free”- Jesus
August 21st, 2009 at 7:36 pm
@Mike @Transor
You guys are both lawyers if I’m not mistaken, right?
For that (and if so), I appreciate the info on the legal aspects of that [legalities of offshore hosting], and your diligence and intent for putting forward…
But I gotta say I’m a little with Thor here…
Things can’t be that Orwellian at the moment, can they?
August 21st, 2009 at 7:40 pm
cv-
rain is an awesome thing- and the price for all that water- nothing- gotta love that
August 21st, 2009 at 7:42 pm
Thor,
I wasn’t the one talking about the end of the freedom of the press, although I wouldn’t put it past the SOB to try it. There could be many reasons for not identifying oneself. Most obvious is that some of the writers work in finance, or hope to, and they wouldn’t win any brownie points with HR. The other is that it is easy for those with a lot of money to destroy people financially be filing suits based on libel or whatever. Even if the suits have no merit, they can cost a lot to defend. Would be only lunch money for a GS higher up, but a lot to one of us.
If they can’t id you, they can’t sue you. If the company owning the domain name is set up right, it would be pretty hard to id the principals. The most they could do is shut down the site, which can re-emerge elsewhere.
Brings to mind anti-tobacco litigation. The reason no suits were won for many years was because the tobacco companies were flush with cash. No big deal to spend a million bucks. They basically would try to bankrupt the plaintiff lawyers by inundating them with paper and running up huge costs, like taking week long depostions of witnesses. It wasn’t til some lawyers with a bit of money banded together and pledged to each put up significant sums of money that they were successful.
August 21st, 2009 at 7:43 pm
If people are just NOW waking up to the fact that most of the power in this country lies not in “we the people” but with those who have money, they haven’t been paying close enough attention. The only difference in that regard between now and the rest of American history is that those who wield power have begun to do so in a much greater and more public way. Add to that the fracturing of the MSM and the proliferation of alternative sources of news via the internet.
And people wonder why so many fellow citizens would prefer to watch American Idol. The truth is frightening.
August 21st, 2009 at 7:43 pm
A few more bite the dust.
Georgia, Alabama Banks Shut; Toll of Failed Lenders Reaches 80
http://www.bloomberg.com/apps/news?pid=email_en&sid=atFu7iJN1hiU
August 21st, 2009 at 7:48 pm
@Thor,
> “because TD over at ZeroHedge writes stuff many of you like, he’s ok … Please explain that logic to me.”
It’s really pretty straight forward, I don’t believe Universal Default serves my best interest in the search for information. Is it not possible to agree with one story and yet have serious doubts about another on the same site? I read everything from everybody that I have time for and in weighing off the probability of BS/propaganda I form my own opinion of what is reality and how to respond to it.
Sites like this exist for the software industry, the automotive industry, and probably most others. For me it comes down to “did each article make me think about what I think I know” and were the comments interesting without having to read through “first post!” and pointless trivial arguing about facts already throughly researched. While I respect BR for using his real identity, I will never know who PJ is and yet I have spent countless hours over the years reading her/(their?) presentation of the facts on groklaw.net. Worrying about an authors’ past sins seems to be a matter for religious folk and politicians, not for helping me to discern a clearer understanding of the truth in the topic at hand. JMHO YMMV
August 21st, 2009 at 7:51 pm
Mike – I know you weren’t talking about the end of freedom of press and I apologize for including that in my reply to you.
Not sure about GS not being able to find out who TD really is. I’m sure GS is involved in all kinds of corporate espionage, I’d be shocked if any company their size wasn’t. With their global reach, and their access to world class network security people, it would not be that difficult for them to hire a very talented hacker to find out who he is. Heck, the government does this all the time, it’s how they catch the kiddie porn guys. If GS really does have as much power within the government as people think they do, you don’t think it would be easy for them to find someone in the CIA, FBI, or Department of Justice who would do a very deep trace route from the servers that host ZH to the home computers that are typing the blog entries?
Also, wanted to ask Ahab – you seem to have a real talent for identifying the same writing styles under different handles. How many people would you say, in your expert eyes, write on ZH?
August 21st, 2009 at 8:03 pm
thor not sure that its as bad as was say in the 18 – (early) 19th centuries. back then the companies would and did kill folks. the most recent of these (that is fairly well known) was over in Colorado, where the company massacred many workers at their mine (even had help from the Colorado national guard too). but that was in the 1920s. caused a big stink when it came out.
August 21st, 2009 at 8:04 pm
@Thor — with all due respect, I am living proof that Ahab doesn’t always get them right.
August 21st, 2009 at 8:04 pm
OnDaButton – Good points! I guess for me it comes down to a couple things. First, I’m interested in what the motive behind TD and his writing are. I’ve just had the impression that TD got busted for something petty and he’s pissed that he was made to pay the price while companies like GS are allowed to do whatever they want right out in the public eye. If that is indeed what his motive is, then I can understand that – “hey, I’m gonna stick it to these fuckers so they feel just a little bit of what I did when I got busted”. The whole “bringing truth to the masses” crap doesn’t fly for me based on what I’ve read on ZH. It’s dishonest and I don’t like that – to me, and I understand these are my own moral standards, it entirely clouds anything of value the author might have to say.
Second, if the NY Post article does indeed end up being true, and if you do some research on the particular case – it would appear that this guy stole documents from a former employer and made a stock trade based on the inside information. Morally, I have a problem with a person who would engage in this type of behavior preaching about illegal behavior in other individuals or companies. . . .
August 21st, 2009 at 8:08 pm
@cvienne — We lived in Great Falls, VA nineteen or so years ago. In hindsight, we should have stayed and done your farm thing. Sigh.
August 21st, 2009 at 8:17 pm
thor-
unfortunately- i can only pull that off on this site- and even then- just educated guesses on my part- still a few more identities out there that can be assigned to a couple people that post to this site that I have been quiet about- but- hey- i try to let people have their fun-
unless it just looks like they are begging to be outed-
i post from time to time as “the bohemian”- pretty sure folks would know that though since i don’t alter how i post-
I have even posted as “call me sally”, “call me Mr. Tibbs” “call me Ishmael”, ‘the virginian” and plain old “ahab”- I was going to change my handle a few months back- due to my mis-remembering the 1st line to “Moby Dick” but was talked out of it by a few folks here-
that was funny night to remember- when I was called out on that- because as we know- the 1st line to Moby Dick is “Call me Ishmael” not- duh- “Call me Ahab”
August 21st, 2009 at 8:20 pm
bergsten-
I live in Potomac Falls Virginia (Sterling)- next zip code over from Great Falls- I know the Great Falls Park like the back of my hand-
also- any more double secret emails from CNBC sucks?
August 21st, 2009 at 8:24 pm
@bergsten
…all I can say is…The WHOLE TRIANGLE region is beautiful (MD – VA – WV)…
It comes down to the taxes (you get the same scenery either way)…That’s why I like WVA…
Although…I will say…This summer, I’m getting pretty tired of Obama’s Recovery & Re-Investment Act…
Typical US Government crap…They have to re-pave a 4 mile stretch of road on I-340 between the Potomac River & Shenendoah River bridge crosses…
Originally, the ENTIRE PROJECT was scheduled for 4 days (back in July)…
It has turned into 4 WEEKS of budget overruns and 2 hour delays either way…(there is NO OTHER crossing unless you go down to Leesburg, or up to Antietam/Shheperdstown (a detour which eats the same amount of time)…
And what? So I can pass by the work site and see 6 guys sitting on a cooler eating sandwiches and 2 holding a sign that says SLOW/STOP…(Although today was an UPGRADE…They had 7 guys eating sandwiches, 1 guy holding a STOP/SLOW sign, and on the other end they’d invested in a traffic light system monitored by a state police officer who had his job saved, or benefits extended by emergency funding)…
I’m proud to be an American…
Hey FRANKLIN411…Feel free to use my story in your lectures on how great government projects are and how Obama saved the solar system!
August 21st, 2009 at 8:58 pm
Seeing as though BR put out a BBQ link…..
Just want to say that I’m a long time griller….very passionate with BBQ, and I’ve found an unbelievable glaze/marinade recently. This company called Soy Vay has a Hoisin Garlic that is unreal on almost anything. They’ve been around awhile but this flavor was the original, and it finally came to my Houston-mart. Unreal great. For spectacular rubs, I recommend Spade L ranch, a company from the heart of California’s grilling region.
If you want to cook great meat, get off the propane grill! Get yourself a real BBQ and grill with hardwoods like Oak or Pecan. You need an extremely hot grill to cook beef properly and a gas grill simply can’t get hot enough, especially with the bone in Rib Eyes and Filets.
http://www.soyvay.com/
http://www.spadelranch.com/
August 21st, 2009 at 9:22 pm
Thanks, Mike. If I go that route I’d want to cover my local ISP tracks, as well. I’ll talk to my paranoid techie buddy about that kind of thing. With the Patriot Act there’s a lot of privacy-invading info exchange in place between U.S. telecom companies and federal law enforcement. Also, I’d want to know who owns the offshore providers.
I would guess you’ll find an awful lot of lawyers blogging/commenting anonymously. You can get dinged in so many different ways.
As Greider says in the terrific Moyers interview, there may be reason to be afraid that we’re drifting into becoming a corporate state. On the internet, there’s a permanent record of your rants, ramblings, political views, personal anecdotes, etc. Note that the scare tactic employed by CNN’s “oddly” timed piece today was the employment angle. Millions of people spend 8-12 hours a day in working environments where they have little to no “reasonable expectation of privacy,” as lawyers say. You do everything on the computer and your employer has total access. Do the math.
In terms of the legality of using an offshore site, be sure to report any ad income you get via Paypal to the IRS.
Libel, fraud, death threats against judges, calls for the violent overthrow of the U.S. govt, etc. aren’t laundered clean just because your host is overseas. 
You’re still purposefully communicating within the U.S. And any violent revolutionary shit emanating from overseas that might be construed as terroristic is pretty much guaranteed to get Homeland Security’s attention and they WILL find you if they’re at all interested. Or just monitor you. Or maybe farm the surveillance of you out to Xe (formerly Blackwater).
Seriously though, IMO all this stuff comes down to courage and integrity. People of good will do the right thing and the over-reaching assholes eventually turn over at some point.
August 21st, 2009 at 9:39 pm
http://www.huffingtonpost.com/larry-flynt/common-sense-2009_b_264706.html
“The American government — which we once called our government — has been taken over by Wall Street, the mega-corporations and the super-rich. They are the ones who decide our fate. It is this group of powerful elites, the people President Franklin D. Roosevelt called “economic royalists,” who choose our elected officials — indeed, our very form of government. Both Democrats and Republicans dance to the tune of their corporate masters. In America, corporations do not control the government. In America, corporations are the government.
This was never more obvious than with the Wall Street bailout, whereby the very corporations that caused the collapse of our economy were rewarded with taxpayer dollars. So arrogant, so smug were they that, without a moment’s hesitation, they took our money — yours and mine — to pay their executives multimillion-dollar bonuses, something they continue doing to this very day. “
August 21st, 2009 at 9:57 pm
hope-
thx for the link- the closing paragraph was also very good-
“The real war is not between the left and the right. It is between the average American and the ruling class. . . It’s time we took back our government from those who would make us their slaves.”
powerful statement
August 21st, 2009 at 10:02 pm
@hopeImwrong
Yes sobering news for about 98% of Americans but Larry Flynt has it totally right.
Like I said above http://www.usdebtclock.org/ is going to explode and with it will come a lower standard of living for most Americans virtually all of which have no idea of the implications.
If you have no debt and a decent net worth you’ll be OK but how many Americans can claim this ( not counting upper 2% ) ?
August 21st, 2009 at 10:03 pm
cvienne Says at 8:24 pm “So I can pass by the work site and see 6 guys sitting on a cooler eating sandwiches and 2 holding a sign that says SLOW/STOP…(Although today was an UPGRADE…They had 7 guys eating sandwiches, 1 guy holding a STOP/SLOW sign”
that doesn’t sound like a WVaDOT worked project – sounds like a capitalist awarded contract …
so thanks for the story to pitch why I’m an Anti-Cash-er .. I haven’t figured it all out .. you wouldn’t take it if I did .. but how about this story .. job boss to workers “guys – get this done so we can get home – drink beer and watch the game” “and do it as perfect as possible so we won’t be back 3 years from now”
August 21st, 2009 at 10:10 pm
I agree with AT on the charcoal. Forget the gas, it’s for cars. But I make my own rubs and sauces from scratch.
August 21st, 2009 at 10:14 pm
@ahab,
I must say that I am chuckling again in remembrance of the whole “Call me Mr. Tibbs” night — I howled when I first saw that handle……
August 21st, 2009 at 10:19 pm
</bTransor:
You might also want to use one of the anonymous browsing products where you establish an encrypted connection to a proxy out of the country and the connection can then be made elsewhere so no one on the first hop can tell where you are ultimately headed. The proxies change periodically, making it harder to trace. While I’m sure some can be traced if the NSA really wants you, you probably aren’t a big enough fish. And, why make it easy.
I believe Steganos makes one. Never tried it though. http://www.steganos.com/us/products/secure-surfing/internet-anonym-vpn/overview/
Their data retention policy is good, though.
Looking at the FAQ, it appears that all the servers are in Germany
I’m sure I remember reading about others. Tor was a good idea, but some security loopholes have emerged. I remember trying it once just to see what it was like. It was like…. molasses.
<bThor:
While listening to Radio ZH at http://cdo.zerohedge.com:8000/listen.pls hosted by Marla Singer, found this on the Houston Chron website. It’s the kind of thing I was talking about.
http://www.chron.com/disp/story.mpl/metropolitan/6582361.html
August 21st, 2009 at 10:20 pm
I’m a charcoal/hardwood smoke man myself, though I haven’t gotten to do much since we got the apartment.
August 21st, 2009 at 10:21 pm
km4 – what’s a decent net worth? How many millions?
August 21st, 2009 at 10:22 pm
It is not so much that socialism gets it entirely wrong, they do not. Unfortunately, they get the guts of it wrong. Social security in the great depression…in many aspects, a good idea. A fiscally conservative bubba would have made this more individually funded. You work, you pay social security taxes, you benefit from those taxes if you retire or are disabled. But the more socialistically minded didn’t like that idea, or it didn’t occur to them. So individuals are serviced for the monies of the collective hive.
Medicare. Likewise, could have been funded from individuals so that the main amount of money contributed served that individual. Like social security, monies harvested for the collective hive were doled out to the individual. Population demographic changed…funding went into the crapper….
Likewise what I see happening with this bailout money. And much of the initial thinking on national health care. Not much about national health savings accounts or some other more individually serviced idea. I agree that health care costs too much. I agree insurance companies take too big a slice of premiums paid. My one single biggest cost is malpractice insurance…but I can’t do without it, even though in over 3 decades I’ve never had to go defend myself in court…there is always the chance.
Oh, Peyton went 10/14….Colts in the Super Bowl…
B in T
August 21st, 2009 at 10:28 pm
@hopeImwrong
It depends on your lifestyle and how healthy you are
BTW the money quote on Larry Flynt: Common Sense 2009
“The real war is not between the left and the right. It is between the average American and the ruling class”
It’s no wonder the “ruling class” can just sit back and chuckle when the avg knucklehead American does their work for them.
August 21st, 2009 at 10:29 pm
“The real war is not between the left and the right. It is between the average American and the ruling class. . . It’s time we took back our government from those who would make us their slaves.”
Too bad Old Karl was misguided in so many respects because in some ways he really nailed it:
The history of all hitherto existing societies is the history of class struggles.
Freeman and slave, patrician and plebeian, lord and serf, guild-master and journeyman, in a word, oppressor and oppressed, stood in constant opposition to one another, carried on an uninterrupted, now hidden, now open fight, a fight that each time ended, either in a revolutionary re-constitution of society at large, or in the common ruin of the contending classes.
August 21st, 2009 at 10:34 pm
whammer-
mr tibbs I believe was tz’s suggestion- but really it should have been “they call me mr. tibbs”
m in nola-
if they are already being fingered as the offending party- why would they require you to turn over your computer- because you know as well as i- that there is much on a computer that is for no-one else’s eyes such as bank and financial record,, private correspondance, etc
I find these stories quite startling
August 21st, 2009 at 10:35 pm
Good post by Mish. Contains an excellent video interview of Elizabeth Warren, one of my favorite people.
http://feedproxy.google.com/~r/MishsGlobalEconomicTrendAnalysis/~3/UL0XeGnH9tI/orwellian-madness-bernanke-saved-world.html
August 21st, 2009 at 10:47 pm
good quote from m in nola’s link-
“If you think the world as we know it, are a handful of huge financial institutions, the dinosaurs that roamed the earth, then you’re right. They are not going to exist without huge infusions of government money. On the other hand if what you really believe is that our economy and our world is 115 million American households you start to see it very differently. And you say, you know if the dinosaurs are gone there are still a lot of stuff to be done.”
and then Mish’s follow-up-
“Bernanke did not “save the world”. All Bernanke did was prolong the lives of a few ailing dinosaurs at great expense to US taxpayers.”
amen to that
August 21st, 2009 at 10:48 pm
when people start talking about cash and credit cards start throwing money at no interest, it is time for the down move. I am selling calls(way out of money calls!), with free money from credit cards.
August 21st, 2009 at 10:56 pm
Judges get to see pretty much whatever they want, especially federal judges.
The issue here was probably around electronic discovery. Opposing counsel may be able to get a subpoena allowing them to take an image of the entire hard drive. What they do is they hire forensic computer specialists.
If I’m defense counsel I’m fighting tooth and nail to get limited discovery. But if you don’t cooperate at all, you’re in trouble.
Here in Mass. we just recently had a federal judge provide some ground rules for electronic discovery. It’s still unsettled in litigation, which to be honest I really like as plaintiff’s counsel because I’m evil that way. But on the defense side you really need a lawyer with a clue about electronic discovery — and a judge who also has a clue.
[trying to edit this so Wordpress doesn't eat it]
August 21st, 2009 at 11:00 pm
Opposing counsel may be able to get a subpoena to take an image of the entire hard drive. What they do is they hire forensic computer specialists. If I’m defense counsel I’m fighting tooth and nail to get limited discovery. But if you don’t cooperate at all, you’re in trouble.
August 21st, 2009 at 11:01 pm
All my comments are belong to Wordpress.
August 21st, 2009 at 11:02 pm
also-
if i were bernanke- i would pass on any re-appointment-
go fishing- relax- laugh when the next Chairman thinks he can do anything to keep people from saving what they can and spending as little as possible because they are stretched beyond the breaking point-
as i have said before- better to default- give up your house- and survive with some discretionary income that can be saved- as opposed to trying to do the right thing and honor your mortgage contract- and have the banks prevail- at your expense-
let them eat the loss
August 21st, 2009 at 11:03 pm
Electronic discovery is fun. Plaintiff may be able to get a subpoena to take an image of the entire drive. What they do is they hire forensic computer specialists. If I’m defense counsel I’m fighting for limited discovery. But if you don’t cooperate at all, you’re in trouble.
August 21st, 2009 at 11:05 pm
Electron1c discouery is fun. Plaintiff may be able to get a subp0ena to image the entire drive. What they do is they hire f0rensic compvter special1sts. If I’m defense c0unsel I’m fighting for limited disc0very. But if you don’t cooperate at all, you’re in trouble.
August 21st, 2009 at 11:05 pm
ha ha, beat you you fricken stupid filter
August 21st, 2009 at 11:13 pm
48% of mortgages to be underwater?
http://money.cnn.com/2009/08/12/real_estate/housing_mortgages_underwater.fortune/index.htm?section=money_realestate
August 21st, 2009 at 11:18 pm
tz-
doesn’t seem right- i would destroy my HD 1st- my guess is that would cost me some days in jail
August 21st, 2009 at 11:22 pm
USD & interest rate sentiment:
– I was talking with a financial risk consulant today and he said most of the companies he was working with had stopped hedging their interest rate and USD risk (i.e. not hedging against falling interest rates or rising USD). And he didn’t say it with any question in his mind. He said in the context of how smart it was. I’ve bever seen anything like that except maybe for the scamble to hedge inflation risk last year in the final months before oil peaked.
– I watched an interview with the head of the Canadian Manufacturing Council last week. For the last several years with the USD falling versus CAD, they demanded the govt “do something”. When the interviewer asked him about the stornger CAD hurting exports, he said “well, there’s nothing the govt can do. We’ll just have to live with a strengthening CAD”. He was totally resigned to the fact.
Astonsihing data points. Doesn’t necessarily mean the bottom is in, but it can’t be far away.
August 21st, 2009 at 11:26 pm
@Mr. Tibbs:
I would NEVER advise you to destroy your hard drive with a blow torch, because that would be wrong.
August 21st, 2009 at 11:37 pm
tz-
you’re a funny guy
mr objective-
good observations
August 21st, 2009 at 11:44 pm
@ahab — sorry, wandered off…
Sterling, huh? We used to shop there (Sterling Town Center) and go to (what my wife called) the “bed-sheet screen” theater. We really miss the seafood store slash trailer — the best spicy shrimp on the planet (and don’t remind me of Capt. Pells — I get teary eyed just thinking of those wonderful heaps of blue-crabs, wooden mallets, and enough Old Bay to sink a ship). When we were there you could drive from my house (very near corner of Leesburg and Georgetown Pikes) to Dulles Airport without seeing a house. Now you take the same drive without seeing a single tree. Sad.
My technical sidekick and I went to Great Falls park when we first moved there (he was from New Mexico). He takes one look at the rapids, and says “I know how this place got it’s name. Some explorers were wandering up the river, came to the rapids, and said, Oh, Great. Falls.”
@cvienne — I sure remember east coast construction traffic — there used to be real actual official signs on the beltway saying “prepare for sudden aggravation” (I have a picture to prove it). Typical make-work project — two guys are working along the road, one is digging holes, the other filling them right in. Over and over. Somebody stops and asks what they are doing? They say the guy who plants the trees called in sick.
August 21st, 2009 at 11:46 pm
@ahab — p.s. All quiet on the CNBCS front. He says he’s 97% retired, so I guess there’s still hope that 3% makes its way to TBP. Read he joined the Fantasy Football thing?
August 21st, 2009 at 11:48 pm
hopeImwrong Says:
August 21st, 2009 at 10:10 pm
“Forget the gas, it’s for cars. But I make my own rubs and sauces from scratch.”
Brother, that’s hardcore. I’ve tried doing that, but I’ve found stuff “manufactured” that’s better than I can come up with….Also, whenever its BBQ night, the pressure of getting the meat “perfect” is all that I can handle. Mrs. AT and children love the steaks medium-rare, which is actually difficult to achieve, but the best way for steaks to be prepared. Whenever I overcook, I’m in the doghouse that evening.
August 21st, 2009 at 11:58 pm
Another USD sentiment indicator:
I was looking at the Warren Buffet/USD/Govt debt article on tech ticker and it recieved an order of magnitude higher number of recomendations and comments than any other post. Comments were more or less “well, duh, everyone knows the dollar is going to 0″
August 22nd, 2009 at 12:03 am
Dow Jones Stock Market Indexes Said to Be for Sale
http://www.nytimes.com/2009/08/22/business/media/22murdoch.html?_r=2&hp
Rupert “Fox News” Murdock… The thalidomide child of “”"journalism”"”
You think he cares about you, you right wing morons? He’s SELLING the DJI.. dumping what ever he can to make a buck. The Down Jones Syndrome Industrial Average? Like anybody looks at that anymore?
Who trades off anything in the DJSIA? …except the morons who post on this blog that they want stocks to drop so they can “get back in” because they believed all the “Obama is a Socialist” nonsense. that they read in his paper and saw on “Fox News” Oh.. but Liz Claman is so cute…
Who’s going to give that tabloid peddler a dime for the Dow Jone’s Syndrome Industrial cap-weighted average…? Let the next sucker stand up who’s going to buy the DJSIA. ROFL I want to see the fuck stick who’s gonna give anything for that. Let the auction begin…
Murdock… Fox News… The guy who told you “Obama is a Socialist” 400 S&P points ago… ROLF at you suckers. I love you guys. Keep posting your desperate attempts to get the S&P to drop… Right wing Republican SUCKERS!
August 22nd, 2009 at 12:03 am
bergsten-
well- you have obviously lived here since i have lived here- the trailer on leesburg pike is long gone- they tried it as a regular seafood store- but not the same success because it didn’t last long-
that theater you are thinking of is now a club called Ned Devines- never been there- so can’t comment- but its been there a few years- so some success i guess-
all those stores @ sterling town ctr have been freshened- there is no way that you don’ remember Giant grocery store- still there-
things change- startling so when it has been awhile since you have been there
August 22nd, 2009 at 12:08 am
bergsten @ 11:46-
no shit?
damn you dudes must be tight for him to relay such personal information:-)
August 22nd, 2009 at 12:10 am
last USD sentiment indicator of the night:
Art Cashin on CNBC. There are a few around here that like what he has to say but he is much more of a contrarian indicator as I can tell. He was skeptical of the March to June rally all the way up and finally turned bullish the day that rally ended. He talked about the inverse relationship of the dollar and stocks the day before August 7th when stocks and the dollar rallied huge.
today, he talked about the portential for a dollar freefall.
August 22nd, 2009 at 12:13 am
Mr Objective
Yep, it is THE TRUTH out there, all the way to Joe Blow at the corner bar, no doubt. That kind of unanimity just screams to the contrarian in me. It’s just got to go the other way, at least for a while to shake up all that certainty. Joe Blow just doesn’t get these things right.
August 22nd, 2009 at 12:22 am
BEST link ever, I promise. http://epicureandealmaker.blogspot.com/2009/08/fooled-by-fabulousness.html
sorry if posted previously, backtrack now that i have time…
August 22nd, 2009 at 12:31 am
Karen-
been there done that- good little video though
August 22nd, 2009 at 12:35 am
oh, ahab, a more thotful commentary would have sufficed! what did you disagree with? what did you like? i’ve had his book “Architecture of Happiness” for a few years and never made the connection until doing a wikipedia after watching the video..
August 22nd, 2009 at 12:42 am
no- i like what he has to say- i am all into any thoughts that get people to reflect on who we are and how we act and behave-
just saying i saw this video a week or more ago-
bookmarked the site based on you recommendation as few weeks back- so i check it from time to time
August 22nd, 2009 at 12:52 am
and yet another bank failure- big bank this time- #81 so far
Regulators shut Guaranty Bank, 2nd largest failure
http://finance.yahoo.com/news/Regulators-shut-Guaranty-Bank-apf-468075343.html?x=0&sec=topStories&pos=main&asset=&ccode=
August 22nd, 2009 at 1:02 am
alright-
i am done in- will check in tomorrow-
many good t-storms passing through tonight- good sleeping weather
August 22nd, 2009 at 1:41 am
nite all
August 22nd, 2009 at 2:27 am
@karen. Thanks for the video link.
It’s amazing to me how often the greatest philosophical/historical works hit on timeless subject matter.
The main point of Alain de Motton’s diddy is basically “judge not, lest ye be judged.” Words to live by…
And, if I’m not mistaken, his other point was best summarized by Lao Tzu, several thousand years ago….
“Be Content with what you have; rejoice in the way things are. When you realize there is nothing lacking, the whole world belongs to you,” and;
“When you are content to be simply yourself and don’t compare or compete, everybody will respect you. ”
The Tao Te Ching and the Bible…bunch of freaking communist documents…
August 22nd, 2009 at 4:05 am
If a may say so myself, my market calls since October 2008 have been very prescient, nearly nailing the low for 2009 from October 2008, and then calling 1034 as a possibility for the S&P 500 more than three months ago….along the way I also negated the head and shoulder pattern!
http://tinyurl.com/nu3dth
August 22nd, 2009 at 4:44 am
Thor Says: “So Madoff and the other crooks on wall street are no good. But because TD over at ZeroHedge writes stuff many of you like, he’s ok – even though if the story checks out, this guy was convicted of insider trading. Please explain that logic to me.”
Before leaving Hawaiian Holdings for Miller Buckfire & Co., he saw documents with information on an impending deal involving the company. Ten months later he purchased 1000 shares of Hawaiian Holdings for $4.75 a share. When the new financing was publicly announced, the share price of Hawaiian Holdings increased 6%, to close at $5.30. On March 21, 2006, Ivandjiiski sold his 1,000 shares of Hawaiian Holdings stock for $5.53 per share, for a profit of $780.
They barred him for life? For behavior that might qualify for an ethics award on today’s Wall Street? It’s good to know they’re protecting the integrity of the markets by using lethal injection on financial “jaywalkers” while ignoring everything else.
BTW, Tyler Durden is used as a pseudonym by several different bloggers on ZH.
August 22nd, 2009 at 7:48 am
Bullish sentiment you asked? 34.1% for individual investors… a “bit” lower on this blog.
“…After one big down day on Monday and a gap lower on Wednesday, this week’s survey showed that the percentage of bullish respondents declined from 51.0% down to 34.1%…”
http://www.aaii.com/
…from…
http://bespokeinvest.typepad.com/bespoke/2009/08/aaii-bulls-drop-at-fastest-rate-since-january.html
August 22nd, 2009 at 8:08 am
@Greg658 (10:03)
“that doesn’t sound like a WVaDOT worked project – sounds like a capitalist awarded contract …”
—
Well Greg…Whatever it “sounds” like, it LOOKS as what I described…
Furthermore, as you drive up to it (and your two hour traffic delay commences)… There is this huge sign on the side of the road that READS…
“Project Funded by the AMERICAN RECOVERY AND REINVESTMENT ACT”
That one is green…On top of it is an orange one that says “putting America to work” (with one of those roadsign guys sticking a shovel into the ground…It SHOULD say “Putting America to work eating sandwiches” (and the symbol should be someone stuffing their face)…
My favorite (or least, as the case may be), is the little “O” symbol on it…The one that recovery.gov uses…Someones way of reminding us of “his worshipfulness”, (being that we’re in our cars at the moment, and can’t get to a TV to see his sermon).
So unless it’s Oprah’s private capital feeding these guys lunch, or you Greg have something in mind that “sounds” even better, I’m inclined to go with my first instincts…I’ve had 4 weeks to cultivate the sentiment on a project that was supposed to take 4 days…
Note: I-340 encounters heavy traffic during the summer. It encounters hardly any during the winter. So these clowns have decided to shut down traffic during the the peak time in terms of commerce. I can’t wait to see them fix the potholes in Times Square on New Years Eve!
August 22nd, 2009 at 8:18 am
http://www.foxnews.com/politics/2009/08/21/official-obama-increase-year-deficit-trillion/
Obama Administration to Increase 10-Year Deficit Estimate to $9 Trillion
The 2010-2019 cumulative deficit projection replaces the administration’s previous estimate of $7.108 trillion
….OK…let’s see if I can get the math right….say we enter 2010 with a deficit of 13 Trillion. Add 9 Trillion by 2020. Stir well. That get the total deficit to 22 Trillion. @5%, 22 Trillion gets you 1.1 TRILLION with a T, payment of interest yearly.
…..Looks like we need more ink……
August 22nd, 2009 at 8:19 am
The above assumes deficit means debt….
August 22nd, 2009 at 8:33 am
@Andy T
I agree with all your (& other comments), on the benefits of wood over propane…
The only problem is, for 90% of the people it is impractical to use wood (no time, no facilities, etc.)…
One “work around” I found to the problem was something I discovered on a cooking show…
As you mentioned, it’s HEAT related…It’s very hard to get a “medium-rare” steak done just right on a grill…So essentially, if you’re just using propane, you can just toss it on there to sear & seal it…Then, take it off & put it in a cast iron skillet and stick it in the oven for about 10 minutes on 450 degree heat…
Time & actual temperature can depend on thickness, so you need to experiment a little…
Anyway, that’s a “work-around” for getting a juicy “restaurant style” steak, if you only have propane at your disposal, and you like that combination of the marinade flavor, with a buttery semi rare interior…
BTW – I’m new to that idea so I’m still working on it…If there is anyone else around that has tried something similar, I’m all ears…
August 22nd, 2009 at 8:53 am
cv-
take a cast iron skillet- put it on medium high- turn on the fan for the hood over the stove- possibly open some windows-
when skillet is very hot- put in some course sea salt- throw the steak on- sear on each side-
eat
August 22nd, 2009 at 9:06 am
good morning .. first I searched out a link to a video segment on Fast Money last night .. Adami does one of those head flip double takes with Gutierrez sentiment on issues “paraphrased – pardon me but when you were on the inside everything was rosey”
“Is America going the way of Rome? Lee brought in former commerce secretary Carlos Gutierrez, who believes the country should focused on dealing with its massive debt instead of thinking of ways to spend more government dollars …”
http://www.cnbc.com/id/15840232?video=1222844283&play=1
and the worded wrap up on the street page 3 (last para into pg4):
http://www.thestreet.com/story/10587468/3/fast-money-recap-dealing-with-a-freight-train.html
August 22nd, 2009 at 9:20 am
and to follow up-
I have decided the whole health care debate is another sham- I was on the fence and willing to accept some form of single payer system-
however- enriching big pharm and strengthening insurance companies is absolutely not how to do it-
reject, reject, reject-
Obama has turned out to be a sellout and a lackey for the banking industry, big pharm and the insurance companies
August 22nd, 2009 at 9:25 am
and cvienne at 8:08am .. I jotted down some thoughts on “anti-cash-er” freehand – I’ll format them into wordproc
but generally (lol at the dig a hole fill it no tree story) .. there are these sentiment out there because of the system
1- use it or lose it
2- slow down – job security
3- don’t build it to good – job security
and a version of them from policy shaper / maker types:
fight it – make em look bad – job security
I mean with more definition .. if things work to well here .. we will not be put back into power .. so fight it stealthily .. and in context .. a corporate oriented firm affraid of losing power to an administration that puts people first .. in generalized terms GOP vs Dems .. corporate welfare vs people welfare .. Left vs Right (or is it Right vs Left) .. or the dreaded F’ism vs S’ism terms
August 22nd, 2009 at 10:30 am
Labor for Needs
needs being (manufactured things / not services):
Food .. Shelter .. Clothing .. Utilities .. Health & Beauty .. Big Boy Toys
Not-Cash for Labor = Labor Time for Needs = a dimension of S’ism
Things Rationing System = Time + Difficulty + Dangerousness
Things (able to produce with existing factory base + available raw materials) :/: (divided) by Eligible People (& animal pets)
Things Rationed via Computerized Release System in a balanced manner
WHY Bother and Change:
1- Diminish the arms race
2- Allot time to environment cleanup activities
3- Allot time to research and development without cost restrictions
4- Mutual aid across the board
5- Unsavory activities curtailed due to need-loss
MAJOR Problem:
1- same as now .. Laziness and Gluttonous Behavior
2- Humpty Dumpty and attitudes
ALTERNATE Blend:
Use computers to balance the Capitalism system better. Remind the “Haves” that they lose if the “Have Nots” can’t buy what they manufacture for the .. lets use “Man .. System”.
____
I’ve posted on this subject before .. jessica posts (and others – big thread – got me going) on “knowledge-centered economy” here in TBP Feb 1st ‘09:
http://www.ritholtz.com/blog/2009/01/the-big-fix/#comment-143093
August 22nd, 2009 at 2:58 pm
VennData, by American standards, at least, my political views put me well to the left of center. But if being an enlightened humanist these days means making jokes at the expense of the developmentally disabled, maybe I should look into switching parties.
I will forever be mystified at the way mainstream American “progressives” have come to believe that blasting up equities amounts to a boon to all citizens. The only people this helps are those who are already heavily into the market, that is, those who are relatively rich!
Back in March, all the hardworking young folks were getting a reasonably good deal whenever they contributed to their retirement accounts. But with stocks up over 50% in only a few months, people still socking money into their 401ks could be underwater for many years. Over their lifetimes, they will realize nothing like the gains their parents did.
But never mind all that, the retiring baby boomers get to cash out now and live high on the hog. Who cares if the bag-holders are their own children? And when those destitute children have no choice but to move back in with their parents, the boomers will have indentured servants to care for them in their dotage. Truly, they are the greatest generation.