Ok, not quite virginal — but I am on Virgin America, which has WiFi on their planes, so the travel day isn’t a total loss.

I am over the Rockies as I type this, and the ski trails and mountain tops are still snowy white, despite the June 1st date.

Here’s what I have been whiling the hours away with, winging westward:

• Greece urged to give up euro (UK Timesee also ECB warns of ‘hazardous contagion’ (FT)

• Sorkin: Answers on Credit Ratings Long Overdue (NYT)

Well, which is it?
. . . . . -Beijing in a sweat as China’s economy overheats  (Telegraph)
. . . . . -China economy slows on tightening and seasonal factors (Reuters)

• Spill wipes $23 billion off BP (Reuters)

• Shorting Reform  (Michael Lewis)

• In 1979, Less Complicated Oil Leak Took 10 Months To Stop (TPM)

• The Impact of the Irrelevant on Decision-Making (NYT)

• How Craig McCaw Built a 4G Network on the Cheap (BusinessWeek)

• How to Reboot Your Sleep Cycle (LifeHacker)

• Apple’s Lesson: Be Cool With Capital  (WSJ)

• WikiLeaks Founder’s Mission: Total Transparency (The New Yorker)

• 7 mega-engineering projects by Shimizu (Pink Tentacle)

Finished watching Inglorious Basterds (eh) and now I am going to attack season 1 of Mad Men (I never saw a single episode!).

Any other linkage worth mentioning?

Category: Financial Press

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.

34 Responses to “Virgin Links”

  1. beaufou says:

    “THE Greek government has been advised by British economists to leave the euro and default on its €300 billion (£255 billion) debt to save its economy.”

    Is that the same UK drowning in debt with its own currency…why don’t they show the way and default first?

  2. Jack Damn says:

    Any other linkage worth mentioning?

    This is an interesting read…non-financial and mostly web geekery, but interesting…

    ► Experiments in delinkification
    http://www.roughtype.com/archives/2010/05/experiments_in.php

    “A few years back, my friend Steve Gillmor, the long-time technology writer and blogger, went on a crusade against the hyperlink. He stopped putting links into his posts and other online writings. I could never quite understand his motivation, and the whole effort struck me as quixotic and silly. I mean, wasn’t the hyperlink the formative technology of the entire World Wide Web? Wasn’t the Web a hypermedia system, for crying out loud?

    My view has changed. I’m still not sure what Gillmor was up to, but I now have a great deal of sympathy for his crusade. In fact, I’m beginning to think I should have joined up instead of mocking it.”

    (more at the link above…)

  3. randomletters says:

    You may want to read Floyd Norris’ “Hurray for bailouts” short piece in the New York Times.

  4. swag says:

    Adriano Celentano’s “Prisencolinensinainciusol”

    http://www.youtube.com/watch?v=BZXcRqFmFa8

    Explained sort of:

    http://en.wikipedia.org/wiki/Prisencolinensinainciusol

  5. patient renter says:

    You may be shortchanging yourself watching Mad Men on a flight.

  6. Thor says:

    Efforts to End Oil Flow From BP Well Are Over, Coast Guard Says

    By Jim Polson

    June 1 (Bloomberg) — BP Plc has decided not to attach a second blowout preventer on its leaking well in the Gulf of Mexico and efforts to end the flow are over until the relief wells are finished, according to the U.S. Coast Guard’s Thad Allen, who spoke at a press conference today.
    Last Updated: June 1, 2010 13:41 EDT

  7. Mike in Nola says:

    “Well, which is it?”

    China is about where the US was a few years ago when the “subprime is contained” crowd suddenly decided maybe it’s time to slow things down a bit. Of course you can’t slow them down just a bit.

  8. swag says:

    Okay, never mind – no blowout preventer, just a riser pipe, I guess -http://www.businessweek.com/news/2010-06-01/bp-seeks-to-divert-oil-flow-until-relief-well-is-done-update1-.html

    I’ll shut up now.

  9. Thor says:

    Swag – I can’t confirm the bloomberg article anywhere . . . :-/

  10. powerpenguin says:

    On China; it’s both, the manufacturing sector is under pressure due to a shortage of workers (many stayed inland to work on government stimulus projects and didn’t return to the manufacturing areas on the coast) and increased competition from other developing countries.
    However, their housing market is already well overheated; speculative real estate purchases are causing the price of chinese real estate to go way above sustainable levels, and this is in turn leading to rapid growth in real estate development (sound familiar?).
    That’s why there seems to be a paradox in some papers reporting contraction and others reporting overheating.
    Chinese money has a huge multiplier right now, and the government may not be powerful enough to stop banks from doing as they please. Day of reckoning is definitely no longer an if but a when.
    PS I think the second link you posted is broken…
    PPS on that chart with the college degrees, if I have two college degrees, am I one person or two?

  11. powerpenguin says:

    that’s the second china link that’s broken.

  12. snapshot says:

    http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/obamacare-taking-on-water-95104599.html

    I liked this one from a few days ago

    “Obamacare Taking on Water

    I just remember Pelosi’s words, “Let’s pass this bill so we can see what’s in it.”

    Apparently, it isn’t pretty.

  13. snapshot says:

    Also from the Lewis piece: (I love the sarcasm in his writing.)

    “We do not have a problem with American people, we have a problem with American women.”

  14. Stephen says:

    Apple’s real lessons for the uninitiated: sit in boardrooms and back-date options and steal money.

    Then when and if we do really well, pretend that everything we do in the boardroom is sheer genius. (Scully, Spindler, Amelio anybody?)

  15. TakBak04 says:

    Both Michael Lewis and Matt Taibbi…might be one voice with Charles Dickens who also wrote in times of Economic Peril….some news sequels and some books.

    Check out Amazon for the books or Netflix for the latest versions of their books for some SUMMER VIEWING/READING! I highly recommend the latest “David Copperfield” and “Great Expectations” for those looking at “How things WERE!” …..and some good “throw backs” about how the more things “change” …the more they “remain the same.” If there are “BP” readers who care about Literature..here …

    ——

    And, there’s this:

    About that TPM Site with the Former BP Disaster…..Well…….

    ———-
    http://tpmmuckraker.talkingpointsmemo.com/2010/05/ixtoc_oil_spill.phpor comparison, the BP well is leaking at an estimated 12,000 to 19,000 barrels a day. If the BP well leaks for 10 months at that rate, the total oil leaked will reach 3.6 million to 5.6 million barrels.

    Pemex’s attempts to stop the leak will sound familiar to those following the BP response.

    The company sent divers down to try to shut off the well, and BP sent submersible robots, both to no avail. Pemex, like BP, also sprayed the slick with dispersants, burned off some of the oil and gas and collected contaminated water with tankers.

    Pemex pumped mud into the well in July 1979, a measure they claimed cut the leak to 20,000 barrels a day. BP tried the same last week in an operation called “top kill.” It failed.

    Like BP’s junk shot, in which the company tried to block the leaking pipe with debris, Pemex shot lead balls into their open pipe. They had more success than BP, claiming the measure cut the leak down to 10,000 barrels a day.

    Pemex also used containment domes, but instead of BP’s “top hat,” Pemex dubbed their dome “Operation Sombrero.” After a month of false starts and bad weather, Pemex successfully lowered the sombrero. They said the dome caught 6,500 barrels a day.

    Throughout the months of attempts, Pemex was also drilling two relief wells. The first was completed in the late fall, and workers began pumping salt water and other liquids into it in order to relieve pressure.

    It took until March of 1980 for the pressure had subsided enough to allow Pemex to pump cement into the well, creating a 1,650-foot-long plug. The leak finally stopped on March 23, 1980, some 10 months after it began. An estimated 3 million to 3.5 million total barrels of oil were spilled into the Gulf.

    The next step for BP is lowering another containment dome. But government officials say the leak will likely continue until at least August, when BP expects to finish two relief wells. Drilling could be complicated, however, by what’s expected to be an active hurricane season.

    The Ixtoc disaster affected 162 miles of Texas coastline and 1,421 birds were found with oiled feathers and feet, according to the NOAA. The U.S. commercial fishing industry was negligibly affected by the earlier spill, according to a report by the Bureau of Land Management. Conversely, some 25 percent of the Gulf has been closed to fishermen due to the BP spill.

    The Ixtoc spill did cause Texas tourism to take a hit, however. The BLM estimated a seven to 10 percent decrease, while local officials claimed a 60 percent hit. U.S. businesses sued Mexico for more than $300 million in damages, but Mexico claimed sovereign immunity and refused to pay.

    The effects to Texas were mitigated, however, because officials had two months to prepare boom and barrier islands before the oil hit.
    http://tpmmuckraker.talkingpointsmemo.com/2010/05/ixtoc_oil_spill.php

  16. TakBak04 says:

    powerpenguin Says:
    June 1st, 2010 at 6:49 pm

    On China; it’s both, the manufacturing sector is under pressure due to a shortage of workers (many stayed inland to work on government stimulus projects and didn’t return to the manufacturing areas on the coast) and increased competition from other developing countries.
    However, their housing market is already well overheated; speculative real estate purchases are causing the price of chinese real estate to go way above sustainable levels, and this is in turn leading to rapid growth in real estate development (sound familiar?).
    That’s why there seems to be a paradox in some papers reporting contraction and others reporting overheating.
    Chinese money has a huge multiplier right now, and the government may not be powerful enough to stop banks from doing as they please. Day of reckoning is definitely no longer an if but a when.
    PS I think the second link you posted is broken…
    PPS on that chart with the college degrees, if I have two college degrees, am I one person or two?

    ——–

    SO…NEITHER CHINA nor the EUROZONE were aware of the Failure of Globilization that America just went through?

    Sell me the Brooklyn Bridge …ONCE AGAIN!

    This is a GLOBALIZED BANKING SYSTEM. To assume that Neither China nor EuroZone didn’t see the Coming Cataclysm is just a little TOO MUCH for “SOME of US” to Believe.

    It’s NOT LIKE there wasn’t AMPLE WARNING!!

    As Conan Doyle said: “Something is AFOOT!” …….Damn It! “Something has been Afoot” for a DECADE…it’s not like the “GLOBAL ECONOMY” doesn’t have access to what has been going on in America!

    HOW COULD THEY HAVE NOT KNOWN? Same GLOBAL FINACIERS RULE THE WHOLE DAMNED THING!

    Morgan Stanley, Goldman Sachs and going back to Lehman and Merrill… and the rest!

    SOMETHING HAS BEEN “A-FOOT” for a DECADE OR MORE!

    But WHO PROFITS…and WHO LOSES? :shrug: my shoulders……

    Some “Interests” want us to believe that China and EuroZone just WOKE UP! Sell me that BRIDGE IN BROOKLYN ….ONE MORE TIME! One MORE TIME!

  17. LPMARTINS says:

    Let’s assume for a second that the worst case scenario for the peripherical countries materiaises and Greece, Spain and Portugal drop out of the Euro. This implies in my view that some sort of unilateral conversion of their debt in Euros to their old(new) currencies or a default on part of the debt would have to occur or otherwise their debt service would be just unbearable. What would this mean for the Euro? EUR/USD at 1.00 or back at 1.40? For it’s just a theoretical exercise but couldn’t it be that people who are betting on the worst case scenario throught outright short positions on the Euro could get burned? In the end if these countries drop out of the Euro this would be a more solid and strong currency than it is today? Would love to have other people views on this…

  18. Arequipa01 says:

    You may find this interesting:

    http://www.marketwatch.com/story/american-investors-predictably-stupid-losers-2010-06-01

    “Yes, folks, Wall Street is certain that America’s 95 million investors are clueless sheep headed for the slaughterhouse. ”

    So Mr. Ritholtz, foxy or wolfish? That question should afford a zen moment.

  19. TakBak04 says:

    Arequipa01 Says:
    June 1st, 2010 at 9:30 pm

    You may find this interesting:

    http://www.marketwatch.com/story/american-investors-predictably-stupid-losers-2010-06-01

    “Yes, folks, Wall Street is certain that America’s 95 million investors are clueless sheep headed for the slaughterhouse. ”

    So Mr. Ritholtz, foxy or wolfish? That question should afford a zen moment.

    ————————
    Paul B. Farrell

    American investors: Predictably stupid losers
    Commentary: Obama backs status quo, helping Wall Street skim hundreds of billions

    Crash is dead ahead. Sell. Get liquid. Now

    By Paul B. Farrell, MarketWatch

    ARROYO GRANDE, Calif. (MarketWatch) — Yes, I am mad as hell again. Wall Street’s soulless, immoral, greedy bankers really believe that the vast majority of America’s 95 million investors are not only “predictably irrational” but “stupid,” as J.P. Morgan Chase’s chief investment officer put it in Forbes a while back.

    Worse, Main Street investors are losers for continuing to trust Wall Street after they lost 20% of our retirement money the last decade. Now, worst of all, Wall Street’s traders have profiled Main Street investors in their algorithms: Yes, investors are “predictably stupid losers,” what Vegas croupiers call a mark, a dumb gambler that can be easily conned out of his money.

    ——–

    TakBak’s COMMENT:

    Wall Stree isn’t for “INVESTORS” anymore. It’s for TRADERS and HEDGE FUNDS and the HUGE MANAGERS of HUGE FUNDS.

    But, that’s what it is. The few scrappy of us..follow Blogs like “BP” to see if we can get the leavings from the FEAST of the table. Like the scraps they used to throw the dogs in a bygone era from the tables of the Rich.

  20. Mike in Nola says:

    Hussman has a meandering comment this week, full of interesting observations on various topics: oil spills, mortgage defaults and Aunt Minnies. No cabbages and kings, though.

    http://www.hussmanfunds.com/wmc/wmc100601.htm

  21. Bob A says:

    “• Spill wipes $23 billion off BP (Reuters)”

    Why isn’t this headline: •

    “Spill robs $1 trillion of value from Gulf and Environs.. BP worth less than a soiled diaper in the aftermath”

  22. [...] – Further, further reading. [...]

  23. dbowe says:

    How’s mad men going? I’m on episode 3 and waiting for it to gear up…

  24. Julia Chestnut says:

    Lived through Ixtoc. Went my entire life cleaning tarballs off of my feet — and anything else that touched the sand — at the beach. When I was a little girl, the beach combing on South Padre Island had been amazing: sand dollars, sea snails, borers – a whole universe of interesting shells. After Ixtoc, nothing but man of war washed ashore. The ocean changed color, and it was effectively dead. There were odd waves of huge amounts of specific things washing ashore: seaweed species, jelly fish, slime.

    It was sometime in the 90s when I noticed that I had been to the beach and didn’t have tar on my shoes. The late 90s.

    I am very sad for the Gulf. Tourism is the least of what gets destroyed when this happens.

  25. Greg0658 says:

    Thread in a thread:
    powerpenguin Says at 6:49 pm
    “On China; it’s both, the manufacturing .. under pressure .. shortage of workers … However their housing market is .. overheated .. leading to rapid growth in real estate development .. sound familiar? .. That’s why there seems to be a paradox”

    TakBak04 adds “HOW COULD THEY HAVE NOT KNOWN? Same GLOBAL FINACIERS RULE THE WHOLE DAMNED THING! … SOMETHING HAS BEEN “A-FOOT” for a DECADE OR MORE! ”

    yes – a hyper market condition where it makes more financial sense to push money around .. aside from those conglomerates that can manufacture by cooking ingredients into useful real widgets .. for those individuals that can’t play the widget game there is the building buildings game .. and its all good to the government game because its all taxable …
    sustainable? nope – not without pain … so cue the hyper market condition

    “Round-about” by Yes
    http://www.youtube.com/watch?v=byeSPOIffVE

    ps – Morn’gJoe crowd on BP chat .. quote via Wiki from “Shooter” the movie:
    “There is no head to cut off. It’s a conglomerate. If one of them betrays the principles of the accrual of money and power, the others betray him. What it is is human weakness. You can’t kill that with a gun (or dissolution of BP)”

  26. Greg0658 says:

    pssst – “Few Good Men” movie quote – “My father always said a jury trial is not just about the law. It’s about assigning blame.”

    forgot a realm – the song and dance crowd .. word-smiths for a living – and times are good
    boorah

  27. I’ll be interested to hear your review of Mad Men when you get through it. For people our age it puts a lot into perspective. It was the world we were born into. I quite enjoyed the first season getting a deeper understanding of the fads and trends that were fading when I was growing up. I tried season 2 but never got into it. Maybe some other time

    Now lets all do the twist ;)

  28. jpmist says:

    Be forewarned on Mad Men. It’s quite the moody, inner driven drama, so maybe not the best choice to watch on a plane. I’ve loved watching it, partly because it’s so deliriously retro and because it lends some insight into where our culture was back then and how we got to where we are now.

    Best time to watch the series is maybe late at night with a cigarette and scotch in bed before unapologetically nailing your wife. . .

  29. Greg0658 says:

    forgot a big boom realm .. drugs – prostitution & porn – game-bling – sports song & dance

  30. VennData says:

    Budding monopolist Jobs doesn’t want us to blog.

    http://blogs.reuters.com/mediafile/2010/06/02/apples-jobs-speaks-out-on-missing-iphone-and-the-danger-of-blogs/

    Open? What’s open. Free, independent, not of the mainstream… Yeah, the alternative company with a larger market cap than Microsoft. Got it.