Afternoon Reading
By Barry Ritholtz - June 16th, 2010, 4:22PM
These are the reads that I found most informative and important today:
• BP Cancels Dividend to Set Aside $20 Billion for Spill Costs (Bloomberg); See also BP well leaking as much as 60K barrels/day: U.S. (Marketwatch)
• Hulbert: Avoiding a (Dow Theory) death sentence (Marketwatch)
• Who’s Spending Again? The Rich and the Old (Economix)
• Fannie, Freddie Delisted (Daily Finance)
• Gillian Tett: Ideas on curbing bankers’ appetite for risk (FT.com)
• Reforming Both Big Banks And Big Oil Companies (Dow Jones)
• Apple, AT&T Cite Record iPhone Sales (WSJ)• How to write a “Malcolm Gladwell Bestseller” (JGC)
• The Philadelphia Chorus Opera Company became a Flash Opera Crowd (mobera ?) at the Reading Terminal Market. (You Tube)
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June 16th, 2010 at 4:57 pm
Nokia Corp. continues to buckle under the increasing might and will of its competitors in the smartphone space.
http://www.rcrwireless.com/article/20100616/MOBILE_DEVICES/100619948/nokia-downgrades-outlook-as-developers-flee
Although they have almost no presence in the US, this is not a good sign for them.
June 16th, 2010 at 5:11 pm
Not Financially important but it’s new rules at SPAC this summer kiddies. http://blog.timesunion.com/saratogaseen/harshing-phish-fans-mellow/5340/
June 16th, 2010 at 5:13 pm
here you go- a quick article-
Narcissism Is the Fast Food of the Soul
excerpt-
[a push for] radical new policies to restrict and control advertising, an industry whose goal they say is, “the creation of a mood of restless dissatisfaction with what we have got and who we are so that we go out and buy more . . .it is their insistence that we outlaw advertising to children under 12 years old that is truly revolutionary . . .Warning of the role advertising plays in family breakdown, teenage alienation and premature sexualization . . .
America in a nutshell- “you see- you suck- but if you buy our products- you won’t suck anymore and people will like you and you’ll have friends.”
June 16th, 2010 at 5:27 pm
Is there going to be more of this? http://www.chicagotribune.com/business/sns-ap-us-tarp-case-indict,0,6491829.story
June 16th, 2010 at 5:42 pm
Tampa Bay, Fl desalination plant intakes could get clogged by BP oil spill:
http://www.zerohedge.com/article/power-blackouts-and-water-shortages-threaten-florida
The Thomas Jefferson research vessel says the BP oil leak is closer to 120,000 barrels/day and that “the oil lake underneath the surface of the water could be covering up to 40% of the entire Gulf of Mexico.” :
http://www.zerohedge.com/article/matt-simmons-revises-leak-estimate-120000-barrels-day-believes-oil-covers-40-gulf-beneath-su
And just saw this:
“in a speech on the Senate floor Wednesday, Senator Ted Kaufman pointed to evidence that the May 6 flash crash may not have been an isolated event. On June 2, stock in Diebold, a technological services company, experienced a “mini-flash crash” of its own, plunging 35% and recovering fully in only minutes. The sudden decline and rebound appeared to be the result of an “electronic overreaction” to news reports of Diebold’s long-expected settlement with the Securities and Exchange Commission (SEC) over fraudulent accounting practices.”:
http://www.zerohedge.com/article/senator-kaufman-says-evidence-shows-may-6-flash-crash-no-isolated-event
June 16th, 2010 at 5:52 pm
vine2wine-
re Nokia- they are in a bind- my impression is that they need to embrace Android much like Motorola did instead of trying to go it alone on software- that is if they want to be a player in the smart phone market.
Re BR’s link on FRE and FNM delisting- they are still to be traded OTC- so don’t fret if you are wating for them to bottom out before you buy- they could always go to 1¢ I guess
June 16th, 2010 at 5:53 pm
http://gestion.pe/noticia/495349/clinica-mas-grande-pais-se-construira-miraflores
“Country’s largest clinic will be built in Miraflores” (Lima, Peru)
Excerpt (quick translation):
“This year, Enfoca, which just launched a new fund, Discovery 1, has decided to invest some US$ 60 million in a clinic in Miraflores, which will become the biggest in the country, the general manager[...], Alberto Pascó-Font revealed.
Discovery 1 has committed capital of up to US$ 175 million and aims at very diversified investments in clinics, education, commerce (retail), micro finance and industries linked to construction (tile and bathroom fixture manufacturing), among others.
Regarding the health sector, [Pascó-Font] noted that the alliance with Oncosalud and the US company, American Hospital, will allow for a significant investment in various clinics in Lima as well as in the provinces, ….”
Medical tourism to Peru is in its toddler stage. It will grow by leaps and bounds. OncoSalud is an Cancer treatment/insurance operation in Peru. In the near future they will be offering ‘insurance’ policies to US baby boomers- that’s a prediction. I am not a BB but mi suegra, una peruana digna y de armas tomar, nos paga un seguro con ellos…así que me paseo la vida calatito bronceandome como anticucho en parrilla.
June 16th, 2010 at 5:56 pm
Stimulus Bond Program Has Unforeseen Costs
http://www.nytimes.com/2010/06/16/business/economy/16bonds.html?th&emc=th
“For banks, Build America Bonds are more lucrative than traditional municipal bonds. Weighted by size, municipal issuers paid $6.55 per $1,000 of Build America Bond sold in June, compared with $6.08 for traditional municipal bonds. ”
Just another program to juice Wall Street at taxpayer expense. Obama wants it permanent. The Reps don’t.
Go figure
June 16th, 2010 at 5:59 pm
http://gestion.pe/noticia/495349/clinica-mas-grande-pais-se-construira-miraflores
“Country’s largest clinic will be built in Miraflores” (Lima, Peru)
Excerpt (quick translation):
“This year, Enfoca, which just launched a new fund, Discovery 1, has decided to invest some US$ 60 million in a clinic in Miraflores, which will become the biggest in the country, the general manager[...], Alberto Pascó-Font revealed.
Discovery 1 has committed capital of up to US$ 175 million and aims at very diversified investments in clinics, education, commerce (retail), micro finance and industries linked to construction (tile and bathroom fixture manufacturing), among others.
Regarding the health sector, [Pascó-Font] noted that the alliance with Oncosalud and the US company, American Hospital, will allow for a significant investment in various clinics in Lima as well as in the provinces, ….”
June 16th, 2010 at 6:15 pm
corporations?
http://thefourteenthbanker.wordpress.com/2010/06/16/accountability-and-freedom/
June 16th, 2010 at 6:30 pm
Iceland figures out cool new ways to beat the carry trade:
http://icelandweatherreport.com/2010/06/foreign-currency-loans-deemed-illegal.html
June 16th, 2010 at 6:32 pm
… But nobody notices ’cause they’re watching the World Cup…
June 16th, 2010 at 6:33 pm
(Rick) “Sharga (RealtyTrac’s senior vice president for marketing) recently predicted that another 5 million delinquent mortgages will end in foreclosure in addition to the 3.1 million properties that have been seized by banks already.”
The quote was in some commentary by Abigail F. Doolittle of Peak Theories Research LLC who says “the housing market is about to take another tumble”. Her commentary is available here:
http://www.zerohedge.com/sites/default/files/A%20Peak%20Point%20-%20June%2016%202010.pdf
June 16th, 2010 at 6:35 pm
What’s wrong with the sun?
“SUNSPOTS come and go, but recently they have mostly gone. For centuries, astronomers have recorded when these dark blemishes on the solar surface emerge, only for them to fade away again after a few days, weeks or months. Thanks to their efforts, we know that sunspot numbers ebb and flow in cycles lasting about 11 years.
“But for the past two years, the sunspots have mostly been missing. Their absence, the most prolonged for nearly a hundred years, has taken even seasoned sun watchers by surprise. “This is solar behaviour we haven’t seen in living memory,” says David Hathaway, a physicist at NASA’s Marshall Space Flight Center in Huntsville, Alabama.
http://www.newscientist.com/article/mg20627640.800-whats-wrong-with-the-sun.html
June 16th, 2010 at 7:25 pm
@Tom K: Thanks for the article.
Just when Gore and the climate gurus have it all figured out, Mother Nature pukes on them.
Go figure.
Time for another alien re-alignment visit.
June 16th, 2010 at 7:45 pm
@alfred e:
Why is that? Do you see anything there that is supposed to be in contradiction to what “Gore and the climate gurus” have “figured out”? I don’t get your statement.
June 16th, 2010 at 7:49 pm
recover of GDP this year? maybe…just not for the people
http://econompicdata.blogspot.com/2010/06/real-gdp-per-capita-recovery-ways-to-go.html
June 16th, 2010 at 7:58 pm
Lariat1 Says: Not Financially important but it’s new rules at SPAC this summer kiddies. http://blog.timesunion.com/saratogaseen/harshing-phish-fans-mellow/5340/
Ah SPAC. Good times – 20 years ago. Not sure I’d want to visit these days (although I’m bet Saratoga is still a good time). And I’m stuck with the poor imitation that is the Tweeter/Comcast Center outside Boston. Boo.
June 16th, 2010 at 8:26 pm
This was an interesting read:
Wednesday, June 16, 2010
Gonzalo Lira: What do BP and the Banks Have In Common? The Era of Corporate Anarchy
By Gonzalo Lira, a novelist and filmmaker (and economist) currently living in Chile
On the occasion of the BP oil spill disaster, President Obama’s delivered an Oval Office speech last night—a masterpiece of milquetoast faux-outrage. The speech was all about “clean energy” and “ending our dependence on fossil fuels”. Faced with the BP oil spill—likely the most severe environmental disaster ever—this was President Obama’s response: Polite outrage, and vague plans to “get tough”, “set aside just compensation” and “do something”.
President Obama missed what the BP oil spill disaster is really about. Though unquestionably an environmental disaster, the BP oil spill is much much more.
The BP oil spill is part of the same problem as the financial crisis: The BP oil spill and the banking crisis are two examples of the era we are living in, the era of corporate anarchy. More of article at……
http://www.nakedcapitalism.com/2010/06/gonzalo-lira-what-do-bp-and-the-banks-have-in-common-the-era-of-corporate-anarchy.html
June 16th, 2010 at 8:41 pm
@TakBak04:
If the federal government could stop the oil from gushing, why don’t they? Obama wants to act like he’s mad and is gonna “kick some ass” but really, what can he do? His first mistake was hubristically pretending as if he had some power to do something. When all is said and done, the oil spill for Obama will be the same as those charred-out remains of CH-47 helicopters in the Iranian desert were for President Carter during the hostage crisis–incontrovertible evidence that the power of the federal government is limited. This is an extremely dangerous idea for a man that earns his living trying to prove that nothing is beyond the power of the federal government, so long as he’s on the job, to fix.
June 16th, 2010 at 9:06 pm
If the federal government could stop the oil from gushing, why don’t they? Obama wants to act like he’s mad and is gonna “kick some ass” but really, what can he do?
TC- exactly-
the 20 billion was extortion pure and simple- licenses at stake I imagine- BP can still be sued by individuals, industries, states-
it’s all nonsense- like it changes anything- just Obama trying to look “in charge”-
all nonsense-
everyone trying to hide their eyes from the costs to get that which they need- but I guess it makes them feel good- “fining” BP- makes them feel better- that they showed that “awful” corporation to not risk its money to try to find and provide what people will pay gladly for every second of their lives
June 16th, 2010 at 9:06 pm
h,. the perfect car for BR?
http://www.egmcartech.com/2010/06/16/rumor-1200-hp-bugatti-veyron-supersport-coming-later-this-summer/
June 16th, 2010 at 9:28 pm
@ RadioFlyer: Yeah I get up there for usually one show a summer. Walk around and watch the kids and remember when i used to get like that !! We were in overflow parking one time and we followed a car out in the opposite direction ( he knows a shortcut) and the next thing we know is that my F350 dually is driving across a putting green. We hightailed it for the golf cart paved path and straddled that til we could get off the course and out of there. The best part was the line of cars behind going every which direction. Very funny because I don’t golf.
June 16th, 2010 at 9:48 pm
“Mr. President, can BP arrest Our Journalists?”
Daly Kos, June 15, 2010
Dear Mr. President,
You had me at Yes We Can, sir, but you are about to lose me big-time with multiple reports of media censorship in America’s wetlands and along America’s Gulf Coast.
Mr. Obama, it would be disturbing enough if media censorship of a major event in this country were imposed by our own government. But for it to be imposed by a FOREIGN-owned corporation is unfathomable. I am not aware of any legal provision that gives standing to foreigners to authorize the arrest of American citizens for any reason, so the obvious question that follows is this: Under whose authority is the threat of arrest for photographing dead and dying animals being issued? Under whose authority, for but one example, was a reporter from WDSU in New Orleans turned away from seeing for himself the havoc being wreaked on his state?
I have found it more than odd, Mr. President, that for quite some time the only images shown on our news programs are simply repeats of footage taken weeks ago. I see scientists talking about the devastation to wildlife, but for some reason I am not allowed to see it for myself…”
http://uruknet.com/?p=m67066&hd=&size=1&l=e
~~
“t r u t h o u t, June 15, 2010
William Rivers Pitt
Reports have been coming out of the Gulf for days about British Petroleum blocking access to beaches and animal-cleaning stations, in some instances using private Blackwater-style mercenaries to do so. Journalists as well as citizens have been thwarted in their attempts to see for themselves the extent of the damage being done by the runaway Deepwater Horizon disaster.
Know what I’d like to see happen? I would like to see a thousand people, ten thousand, a hundred thousand, just show the hell up down there and demand access. Citizens and reporters alike, just get down there, link arms, and walk to the beaches and the marshlands with digital cameras and cell phones for instantaneous blogging of what they see, hear and smell. Pile into as many rented, borrowed and begged boats as can be mustered and plow out there to the scene of the crime. Dare the gendarmes to stop us.
One of two things would happen: either the people would break through those unconscionable corporate barriers and show the world what is really going on in the Gulf, or the forces BP has arrayed against the truth would react with violence, which would tell us everything we need to know about what is happening, and would be enough to break that God damned criminal corporation finally and forever. Either way, there would be thousands of people down there to chronicle what is happening, a ready-made army of volunteers who can also pitch in as best they can and begin the epic process of trying to undo what has been done…”
http://uruknet.com/?p=m67076&hd=&size=1&l=e
~~
by Bob Chapman
“Were it not for the Federal Reserves purchase of Treasury and Agency bonds the US would already be unable to raise funds to service debt and issue new debt, and it would already have descended into national bankruptcy. It is no wonder the Fed does not want to be audited. Through various artifices the Fed has been purchasing US treasury paper. No one knows how much, because when asked the Fed says it is a state secret. That is what all Americans love. A country run in secrecy. A privately owned corporation operating under the cover of secrecy, and protected by a Treasury Department, that is under the control of the Fed’s owners. How is that for an incestuous relationship?
Government is desperately searching for more revenue to cover its massive deficit spending and to service existing mandatory programs. Taxes are being increased; some 19 new taxes, in the recently passed medical reform legislation. Unfortunately this isn’t enough. Of course, there is never enough…”
http://globalresearch.ca/index.php?context=va&aid=19761
June 16th, 2010 at 10:18 pm
@ TC and Ahab, great points, keep fighting the good fight. (i.e. – not necessarily anti-Obama, but anti-”Obama’s performance in this cluster-F”).
I’m still surprised I haven’t seen any comments on Tim Dickenson’s piece in Rolling Stone.
Seriously, when Billy Nuengaster (sp?) can capture more oil with ShopVacs and Boston Whalers than the Obama administration can with the entire planet’s resources at hand (ok, a little hyperbole there) – we’re all in big trouble.
For the record, still plenty of details to emerge, but I for one think this (the escrow) was a pretty good move for BP, all things (we know of) considered.
June 16th, 2010 at 10:29 pm
This is on my browser.
http://www.youtube.com/watch?v=qVE60zwXx1k&feature=player_embedded
You can thank me later.
June 16th, 2010 at 10:31 pm
Ahab,
Good post. If the economists were as good as the marketers we’d be in a lot better place.
June 16th, 2010 at 10:31 pm
@Lariat1: As a golfer, I must condemn your behavior. As someone who’s had similar experiences at SPAC, and nearly drowned in the river under the footbridge – I forgive you.
For anyone that’s never been to Saratoga Springs, but enjoys Irish Pubs…three words…The Parting Glass. It is sublime. And worth a day’s drive in its own right (if it’s still there, and hasn’t changed).
June 16th, 2010 at 10:41 pm
“Mark it on your calendar. It seems we’ve finally entered the Soviet era in America.
You remember the Soviet Union, now almost 20 years in its grave. But who gives it a second thought today? Even in its glory years that “evil empire” was sometimes referred to as “the second superpower.” In 1991, after seven decades, it suddenly disintegrated and disappeared, leaving the United States – the “sole superpower,” even the “hyperpower,” on planet Earth – surprised but triumphant.
The USSR had been heading for the exits for quite a while, not that official Washington had a clue. At the moment it happened, Soviet “experts” like Secretary of Defense Robert Gates (then director of the CIA) still expected the Cold War to go on and on. In Washington, eyes were trained on the might of the Soviet military, which the Soviet leadership had never stopped feeding, even as its sclerotic bureaucracy was rotting, its economy (which had ceased to grow in the late 1970s) was tanking, budget deficits were soaring, indebtedness to other countries was growing, and social welfare payments were eating into what funds remained. Not even a vigorous, reformist leader like Mikhail Gorbachev could stanch the rot, especially when, in the late 1980s, the price of Russian oil fell drastically.
Looking back, the most distinctive feature of the last years of the Soviet Union may have been the way it continued to pour money into its military – and its military adventure in Afghanistan – when it was already going bankrupt and the society it had built was beginning to collapse around it. In the end, its aging leaders made a devastating miscalculation. They mistook military power for power on this planet. Armed to the teeth and possessing a nuclear force capable of destroying the Earth many times over, the Soviets nonetheless remained the vastly poorer, weaker, and (except when it came to the arms race) far less technologically innovative of the two superpowers…”
http://original.antiwar.com/engelhardt/2010/06/15/entering-the-soviet-era-in-america/
June 16th, 2010 at 10:52 pm
Hey Hoffer, see the story about Google’s cars hacking unsecure wireless networks while they were getting street view photos? http://www.bloomberg.com/apps/news?pid=20601109&sid=a_ErOU4vu22I&pos=11
June 16th, 2010 at 10:52 pm
MEH-
excellent post
June 16th, 2010 at 10:52 pm
Did someone say “double dip”?
The Commerce Department reported Wednesday that overall housing starts fell 10 percent from April, while building permits were down 5.9 percent. The biggest hit in starts came in the single-family sector – down 17.2 percent from April.
June 16th, 2010 at 10:57 pm
Did someone say “bubble”?
June 17 (Bloomberg) — From Shanghai to Singapore, policy makers are struggling in their efforts to curb property bubbles that threaten to derail the world’s fastest-growing region.
In China, home prices are surging at a record pace even after authorities set price ceilings, demanded higher deposits, and limited second-home purchases. In Hong Kong, where the government has pledged to release more land to cool prices, a site auctioned on June 8 fetched the most since the market peak of 1997. It’s a similar story in Singapore and Taiwan as prices defy cooling measures.
“Governments allow the property bubble to get so big and then try to use administrative measures to keep out speculators,” said Andy Xie, former Morgan Stanley chief economist for Asia-Pacific and now a private economist based in Shanghai. “It creates the risk of a very hard landing. The right thing to do is raise interest rates.”
June 16th, 2010 at 11:02 pm
Jeremy Grantham on the housing bubble in Australia, courtesy of Steve Keen’s Debtwatch:
http://www.debtdeflation.com/blogs/2010/06/17/grantham-on-the-australian-housing-market/
June 16th, 2010 at 11:08 pm
@ RadioFlyer: Thank you . I bet they never used that area for overflow parking again.
June 16th, 2010 at 11:24 pm
All i know is that my 83 yr.old Mom ( child of the Great Depression) tells me that she feels sorry for her grandchildren and great grandchildren having to try to make it in this country and that she is glad that she is on the way out . That’s how disgusted she is with the politicians, the greed and the stupidity in the world.
June 16th, 2010 at 11:46 pm
90 of the 600 banks that still have TARP money have missed their May dividend.
http://www.cnbc.com/id/37732312
Of course, the TBTF had no trouble paying it back using our own money.
June 16th, 2010 at 11:50 pm
Adult Franklin411,
yes, due to EFF, saw the story last month, but, it’s a good one that, too, many missed..
Deeplink by Jennifer Granick
Last week’s news that Google’s Street View cars collected the content of messages flowing over open wireless networks while mapping the location of those access points is a privacy wake-up call to the company and wireless users alike.
Google had previously represented that it did not collect or store what it calls “payload data” and what EFF and the law call communications “content” — the actual information that was being transmitted by users over the unprotected networks. But on Friday the company admitted that its audit of the software deployed in the Street View cars revealed that the devices actually had been inadvertently collecting content transmitted over non-password protected Wi-Fi networks. To its credit, Google publicly admitted the error.
There’s no reason to doubt Google’s claim of mistake, but at this point in their growth and sophistication, Google should not be making these kinds of privacy errors. Google programmers wrote the Street View Wi-Fi access mapping code and Google employees used that code to collect about 600 gigabytes of extra data…”
http://www.eff.org/deeplinks/2010/05/time-google-grow-make-open-wi-fi-privacy-mistake
~~
http://www.washingtonsblog.com/2010/06/bp-admits-that-if-it-tries-to-cap-leak.html
~~
Ahab, ~!
June 16th, 2010 at 11:55 pm
35 Seriously Creative Examples of Digital Artworks
http://tinyurl.com/38s2384
THE FIX IS IN: The Showbiz Manipulations of the NFL, MLB, NBA, NHL and NASCAR
http://www.thefixisin.net/index.html
June 17th, 2010 at 12:03 am
willid3 Says: “… the perfect car for BR?
http://www.egmcartech.com/2010/06/16/rumor-1200-hp-bugatti-veyron-supersport-coming-later-this-summer/”
He’d love it as much as many of us would, but given what’s going on in the Gulf, he has no choice but to stick with the 918 Spyder:
http://www.ritholtz.com/blog/2010/04/porsche-918-spyder-hybrid-concept/
Maybe one of his neighbors will let him drive their Veyron SS for giggles :)
June 17th, 2010 at 12:12 am
Somehow, in my normal Wednesday mode – not – I posted to the wrong thread.
I have no idea how that happened. Neither does my alter-ego.
But I have thoroughly enjoyed the music thread. Guess that’s what threw me off.
So here it is. A serious BP pos
Re BP spill: Late one evening I tongue in cheek proposed simply crimping the riser pipe in a number places and trying to put a “wrap” clamp in place at the well head.
While it would not have stopped the flow totally, it could have cut it back far more than is happening now.
If you watch the video, once they cut the riser at the well-head, all hell broke loose. And they can put all the caps on it they want and pretend to be stemming the flow. And pretend lightening stopped collection.
Blah, blah, blah. The spill estimates keep on going up. All they did was open the well up to dis-engorge itself. 20% increase? My ass. try 50-80%.
And BP always seems to have more help on the way, in two days. 90% capture – right. And I’m a virgin.
Well the riser was cut, and that’s a done deal.
But hey, they are recovering enough oil daily to cover cost. Perhaps that was the plan along. F*** the GOM and US.
I say one well-placed surgical procedure on people with egos far beyond their wisdom might be a worthwhile retribution.
June 17th, 2010 at 12:23 am
Anyone see Cramer’s rants the last two days? Of course I don’t watch CNBC, but ZH has posted them. It’s pretty scary, as he is actually making some sense.
http://feedproxy.google.com/~r/zerohedge/feed/~3/DiTDze-G7W0/cramer-calls-market-stupid-rapacious-arbitrary-capricious-and-downright-ridiculous-tells-vie
http://feedproxy.google.com/~r/zerohedge/feed/~3/XFcnKdh9TbQ/after-bashing-entire-market-yesterday-today-cramer-goes-nuts-against-high-frequency-trading
June 17th, 2010 at 12:32 am
alfred e Says: “But hey, they are recovering enough oil daily to cover cost.”
Oddly, although the details are hard to come by (and wildly conflicting across sources), it seems “recovering” or “capturing” or “containing” or whatever the term of art du jour is, includes burning at least 10,000bbls a day with at least 1 Evergreen Burner, if not 2 or 3. 10k bbls a day is three quarters of a million dollars.
All because they don’t have a tanker to put it in to?? Is that the reason? Seriously?
Somebody can’t figure out a way to get one tanker out there to gather $750,000 a day and prevent the air pollution from 420,000 gallons of incinerated crude oil a day. I realize $750,000 is a rounding error, but WTF?
Is this thing on??!!??
June 17th, 2010 at 1:18 am
@Mike in Nola: Cramer actually said that?
Kind of a major turning point.
Actually, perhaps a no-brainer. The retail guys with an IQ above 50 have already figured this one out.
There is nothing EMT or Behavioral economics or whatever about this market.
Let the silicon people have their fun, and stay away.
Except the silicon people are playing with our money thanks to Ben.
June 17th, 2010 at 1:27 am
BP Seriously Just Purchased 32 Oil Cleanup Machines From Kevin Costner
http://finance.yahoo.com/tech-ticker/article/504384/BP-Seriously-Just-Purchased-32-Oil-Cleanup-Machines-From-Kevin-Costner
June 17th, 2010 at 8:37 am
Commonman
Life imitates art.
The attached pic of Costner from Waterworld is perfect.
June 17th, 2010 at 9:37 am
for those interested in type of “Service” We are being afforded by our “Gov’t”, this:
http://www.c-span.org/Series/Washington-Journal.aspx
segment: 9am – David Michaels, Assistant Labor Secretary for Occupational Safety & Health
from Today, 17 June 2010, is a must see..
June 18th, 2010 at 11:48 am
[...] linked to an article about US spending the other day. Since then, I keep seeing a variety of telling [...]