heh heh –  I am decidely not at one of these things this week:

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econ sem

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via Wiley Miller

Category: Economy, Humor

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

36 Responses to “The Eternal Economic Seminar”

  1. Onlooker from Troy says:

    This looks suspiciously like a disguised open thread. But I guess anything economic related will be on topic, so:

    Clunkers Theory Rooted in Depression Farm Policy: Caroline Baum

    “People around the world are still starving — your mother was right when she told you to eat your peas! — yet farmers are destroying cherries when processors could be buying them on the cheap and canning them for food pantries, homeless shelters and aid to underdeveloped countries. How is this possible? ”

    “A committee of producers and handlers determining supply and demand for the industry instructed sour-cherry farmers to let 40 percent of the harvest rot. “

  2. OfT,

    To your point, those “producers and handlers” should be Named. Those kinds of People, and their Ilk, with that type of ‘thought process’ should be Known, so that We may, if We so chose, not know Them.

    http://www.thefreedictionary.com/sociopathy
    ~~

    To the Post,

    you Know that the foundational Text, of such conclaves, was penned by JMK and/or his adherents.

    and, one does not need risk the, potential, Downside of assumption, when one posits that “unquestioning Faith in the beneficence of “Central Banks” is a central Tenet held by the Congregants.”

    http://www.thefreedictionary.com/conclave
    ht tp://ww w.thefreedictionary.com/beneficence

  3. willid3 says:

    judge hands intelligence challenged bankster their heads
    http://www.nytimes.com/2009/08/31/nyregion/31judge.html?_r=1&hp

  4. call me ahab says:

    willid-

    good little story on the judge

  5. flipspiceland says:

    “…..and, one does not need risk the, potential, Downside of assumption, when one posits that “unquestioning Faith in the beneficence of “Central Banks” is a central Tenet held by the Congregants…..”

    WTF?? Fer cryin’ out loud.

  6. willid3 says:

    instead of taxes, you get FEES, by the millions!
    http://www.nytimes.com/2009/08/30/nyregion/30fees.html?ref=todayspaper

  7. fsl,

    sorry, that was cumbersome.

    try a re-write — Take it for certain: “The central Tenet held by the Congregants is an unquestioning Faith in the beneficence of “Central Banks”.

  8. call me ahab says:

    fsl-

    to apprecate hoffer one has to study hoffer- in most cases the post is wll worth deciphering

    also-

    is there anyone out there that does not beleive that the markets are being manipulated by the fed- to reflate- to hide capital infusions through stock appreciation in such bankrupt companies such as C, AIG, FNM and FRE- to give the appearance that all is well- to provide the illusion of wealth when no real value is being created-

    my impression is that congress will be forewarned about the slopped up mess the Fed has become and will decline to audit- if only to keep some amount of faith in the system-

    to keep it form imploding in short order- if all was transparent

  9. Pat G. says:

    Ron Paul re: BB & the FED. Now here’s a politician that I actually respect, for what he’s trying to do.

    http://news.goldseek.com/RonPaul/1251751860.php

  10. investorinpa says:

    No, you’re not Barry, but I DID see a pic of you to be at a seminar in Chicago in Sept that was placed in the Wall St Journal…..man, you’re big timing us! :-) So the question becomes which financial people do ya dislike being on panels with?

  11. call me ahab says:

    from pat g’s link-

    “Last week, a federal judge ruled against Fed secrecy . . . The Fed will, of course do everything in its power to fight this ruling and it is certainly not the last word on the issue. Still, it is encouraging to see that the interests of the taxpayers were defended victoriously in court, while the Fed only sees the plight of its big banker friends.”

    man- you gotta love paul- “big banker friends” is right- that they can still pay themselves mulitmillion $ bonuses shows you their disregard for the American public- common sense would dictate to lay low- but they just don’t fucking care

  12. Marcus Aurelius says:

    ahab:

    I believe the Fed has expanded the use OMOs to include the direct purchase of stocks and securities by their Primary Dealers (albeit, and most likely through third-party shells).

    The game is beyond rigged.

  13. call me ahab says:

    “The game is beyond rigged.”

    amen brother

  14. Marcus Aurelius says:

    BR: Instead of open threads, you should start a once-a-week commenter rant page, assigned to one of us regular commenters (reverting to an open thread if the assignee declines to rant on command/invitation). That would be really interesting.

    Y’all thought you’d get through the day without some smart ass using the word ‘assignee’, didn’t you? Too bad.

  15. Onlooker from Troy says:

    From that savers post:
    “For 2007, the Consumer Expenditure Survey showed a personal savings rate of 18.4%.”

    BWAHAHAHA! People were either lying their asses off or just too stupid to realize how much they spent (probably not even balancing the checkbook). That’s hilarious, and pathetic at the same time.

  16. km4 says:

    More green shoots…Florida has become 19th state to borrow money to keep unemployment benefits flowing and may borrow over $1 billion by EOY.

  17. Cursive says:

    Those who can: do.

    Those who can’t: teach.

    Those who are interested in doing nothing remotely productive: attend seminars.

  18. Onlooker from Troy says:

    Good post on the chart comp that Barry had up yesterday:

    The Nikkei (in USD) vs the S&P 500 (not in USD)

  19. Tom K says:

    Wow. A .4 percent cut! And the apparatchiks are in an uproar.

    Obama Asks Federal Workers to Sacrifice

    “Citing the current economic recession — and the Sept. 11 terrorist attacks eight years ago — President Obama says he will use emergency powers to cut the programmed across-the-board January increase in federal employees’ pay from 2.4 percent to 2.0 percent, according to a letter he sent to House Speaker Nancy Pelosi, D-Calif., on Monday.”

    http://blogs.cqpolitics.com/notepad/2009/08/obama-asks-federal-workers-to.html

  20. Todd says:

    That is still a 2% raise, where is the cut?

  21. Steve Barry says:

    Oil to Nat Gas ratio looks like the Fed’s balance sheet.

    http://static.seekingalpha.com/uploads/2009/8/26/saupload_crude_to_gas_ratio.png

  22. Seattle Chill says:

    Tom K: given the current YoY drop in CPI, a 2% raise actually amounts to a 4.1% raise.

  23. wunsacon says:

    >> BR: Instead of open threads, you should start a once-a-week commenter rant page, assigned to one of us regular commenters

    Marcus, isn’t that like putting the patients in charge of the nuthouse?

    [voice of raul julia]: I like it.

  24. aitrader says:

    A guy arrives in Hell and is told he has three choices to spend eternity. The devil walks to the first area. It’s 150 degrees and folks are pulling sleds of rock back and forth. He is taken to the second choice where the temperature is normal but the work ten times as tough. Then to the third choice, which is a bunch of folks sitting waste high in thick sewage. He tells the devil that he’ll take the third choice and wades into the sewage.

    Suddenly a voice shouts, “Ok, break’s over. Back on your heads!”.

  25. flipspiceland says:

    Finance and economics, the very Treasury of the United States has accomplished what nothing else could: It has merged The tenets of Fundmentalis Religion with vagaries of politics. In a way, has resoundingly replaced it.

    The mysteries of the Fed and Treasury are on a par with transubstantiation, the trinity, the resurrection (substitute your own religion, your own tenets) and other myths deemed too critical for ordinary mortals to even begin to comprehend.

    Only the titular gods of Bernanke, Geithner (and their predecessors and successors) and their Lucifers in the five invesment banks, now 3, were and are privy to the abiding lies that manipulate the masses but sustains them.

  26. Bruce in Tn says:

    http://online.wsj.com/article/SB125177344884874971.html?mod=rss_US_News

    Cities Brace for a Prolonged Bout of Declining Tax Revenues

    Overall city revenues declined by 0.4%, even as expenses rose 2.5%, and city officials expect steep drops in tax collections in the next two years, making for the worst outlook in the 24 years the group has been surveying its members. Western cities were particularly downbeat.

    The gloomy mood “is indicative of the depths of the downturn, that they have the worst ahead of them, and the fact that the recession is universally hitting their revenue sources,” said Chris Hoene, research director for the league.

    Because employee wages, health care and pensions are a major component of municipal budgets, two-thirds of the cities reported hiring freezes or layoffs. Almost as many cities said they were postponing big construction projects.

    ….higher fees are coming, they are comin’ round the bend, and I ain’t seen the good times since…I don’t know when….

    ..sorry, Mr. Cash…

  27. Marcus Aurelius says:

    wunsacon:

    I always thought BR was a patient! I learn something new every day.

  28. torrie-amos says:

    Penney Slots says it all

  29. OkieLawyer says:

    The Savings Rate is Positive…If You Ignore the Bottom 99%

    If we expand our survey to the top 1% of all households, we find an average income of $1.36 million for 2007. These folks had an average federal tax burden of just under 33%, so their after tax income averaged $916 thousand. If you assume this group had a savings rate of 33%, you get total savings of $452 billion (remember, $171.5 bn of this comes from the top 0.01%, we’re assuming a savings rate of around 25% of after tax income for the “poorer” 99% of the top 1%) This is more than 100% of the personal savings of the entire population, according to the BEA data. It implies that 99% of the US population still has, on average, a negative savings rate of around 1.3%. If you subtract the next nine percent, which likely still has a positive savings rate, the data for the bottom 90% becomes even more depressing, implying a negative savings rate of close to 5%.

    And a link I found from this link:

    How Socialized Medicine Made Norway An Oil Power

    Now Norway surely would have discovered oil even if Al-Kasim had never showed up, and the Norwegians—being Norwegians—would probably have done an okay job of managing their find without his help. But this still seems to be a striking case of what an economist who believes in such things would call path dependence. If Norway didn’t have a such a generous health care system—and if Al-Kasim hadn’t married a Norwegian—the country would have been substantially less well prepared to take advantage of its oil bounty.

  30. Greg0658 says:

    OfTroy .. looking for a quote to direct comments to .. now I see you were quoting from “Farm Policy”: Caroline Baum “yet farmers are destroying cherries when processors could be buying them on the cheap and canning them for food”
    Another of hers:
    “Policies to manage agricultural production or compensate farmers have been around since the 1850s”

    before the jump .. what infuriated me .. Wall Street and (I guess Chicago too) can trade oil to $147 a barrel and thats just the business of markets and cool with our industry …

    I searched out this story from my local paper .. for more color (white):
    “Local dairy producers are getting less than half of what they were one year ago after milk prices started dropping throughout the United States last winter. Some may not survive until the market comes back … Small family farms have made way for corporate operations and now the current market conditions threaten to devastate the few farmers who remain … yet, Illinois dairy farmers may actually be in a better position than producers in other states. While Illinois farmers are losing $100 per cow per month, west coast producers are losing $150″

    http://www.newstrib.com/articles/news/nci/default.asp?Article=E8C1B62BF1D180DE8FECBAC099CE36FF2D07B996ED3D3243

    and to cmAhab “pay themselves mulitmillion $ bonuses shows you their disregard for the American public” no your not seeing TSP (the smaller picture) .. other New Yorkers say to them “get all that you can and spend it out here in our turf” and they dance and hug and eat heartily
    ________
    bottom line we are letting bigger piles of cash take over .. because that is the game we designed for all of us to play

  31. Greg0658 says:

    (repost with edits)
    and since this is an open thread .. high5 to who said “whats wrong with so*ism” compaired to fa*ism its 10x better I say

    on that Disney merger .. TBTFight comes to mind … mind control is coming our way (ever so slightly) .. just this morning my mind was being shaped by high end programming that it was a fit made in the sky .. to add boys into the corporate mix with Marvel

    and who during the Kennedy burial told (was it Charlie Gibson) to talk over the “Prayers to the Faithful” .. don’t know .. Disney heads, ABC heads, production room heads, or that speaker .. cooling it for posterity .. from his shoes “should I say something – we might be losing audience” spit
    _____

    and on dragging up and mergers .. I had my own moment .. dads business – I wasn’t the right guy for that office in a dollar cost averaging frame – mom could use the cash instead of the headache … but was it good for the trade, community, country to absently facilitate a small merger … financially yes – but thats about as far as it goes

  32. Greg0658 says:

    lets try a fresh type-in from this stage .. the absent bad word list escapes me .. what was wrong in the last try (x3)
    but without that list the framing is not on words but dialog in general

  33. Greg0658 says:

    Thank you BR ..
    on that broadcast I was speaking of .. some more color
    via Comcast (standard def service) and my QAM tunered HDtv 32″ flat screen ..
    I only got that coverage in HD from ABC-QuadCitys ..
    MSNBC in SD has a video amplifier issue (in my neighborhood or beyond) but the audio was favored
    CNN got some viewing time too (Keith v Wolfe nuf said)

    the pooled site feed was dark at that moment … surfers may have wondered – “whats this channel got going on with it” .. so another reason for spit

    (but hey no ad revenue was coming in anyway) (oh – Wolfe deserves a job in tv too)
    previous line is what its all about .. providing services that need to be done that not enough people will pay for .. and who deserves the job to do it

  34. Greg0658 says:

    ps – tv tech engineer geeks .. ABC8.1HD had occasional audio stutter issues too .. maybe someone down the block was downloading Insidious Bastards or something

  35. Greg0658 says:

    Charlie looking forward to seeing & hear you in future efforts … I feel bad if this was a straw .. sorry :-|