Ok, you guys know how this goes:

Whatever you want, no topic off limit, have at it, no rules/full monty.

What’s on you mind re: Markets, Politics, Technology?

What say ye?

Category: Markets

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.

66 Responses to “Open Thread: Where do we go from here?”

  1. mitchn says:

    Back in late 2010, after the Fed decided to throw more QE at a swooning economy, someone — Santelli? — got on his soabox and said, “Oh, yeah, there’ll be more. We’re gonna see QE3 and QE4 and QE5 and QE6, until the Fed has printed away the mess they helped to create.” More and more, from where I sit, it sure looks like that’s what Wall Street expects and is bound and determined to make happen (to the extent it can). Screw Main Street and J6P; it’s all about my ass(ets).

  2. TLH says:

    All my bond funds are up. The public is waiting for Wall Street to buy at the top so they can sell.

  3. BR,

    the ol’ “Sailor and the Sea”-gambit, is one thing..

    though, shouldn’t “We” ~wonder about…

    KBR on Shortlist to Run UK Police Services
    May 3rd, 2012

    Via: Guardian:

    A US Pentagon contractor that was involved in building Guantánamo Bay is on a shortlist of seven private consortiums bidding for a £1.5bn contract to run key policing services in the West Midlands and Surrey.

    The Texas-based, Kellogg Brown & Root, which was sold off by the controversial Halliburton corporation in 2007, is part of a consortium which has made it to the final shortlist for a contract that will see the large scale involvement of the private sector in British policing for the first time.

    When KBR was still part of Halliburton it won a large share of Pentagon contracts to build and manage US military bases in Iraq after the 2003 invasion. Its former chief executive, Dick Cheney, was US vice-president.

    The Guardian has learned that 15 groups of companies and individual firms have made it onto the most recent shortlist. More than 200 firms initially expressed an interest in a “bidders’ conference” held in March.

    The list includes several private security companies who are already involved in running private prisons, escorting and deporting prisoners or providing other criminal justice services.

    Posted in Economy, Elite, Outsourced, Police State
    (at the min.)

    seems ‘We’re’ heading for a ‘Full-Blown’ Fascism that would make, even, Mussolini Prematurely E__________, no?

  4. Greg0658 says:

    its a super full moon Cinco de Mayo this weekend … ooohhhooo
    last year about this time the Pacific was major shaking

    28 Apr 2012 .. the day of a quadruple witching
    thank god its not gonna be a sextuple event by 6 days

  5. Francois says:

    Some loose associations:

    1) Play with this http://www.hamiltonproject.org/jobs_gap/ Lotsa fun with the ““jobs gap,” which is the number of jobs that the U.S. economy needs to create in order to return to pre-recession employment levels while also absorbing the people who enter the labor force each month.”

    2) Then, go to page 3 of this document http://voteview.com/ineqpold.pdf and have a look at the stunning graph displaying the very close relationship between income inequality and political polarization in the US.

    3) Consider the increasing role of automation and robotics in manufacturing. The growth in this sector will soon exhibit a geometric rate. This mean far less jobs.

    All the above urgently begs the question: Will there be enough jobs any time soon? If not, will we have the common sense and courage to redefine our concept of work? Or will we inexorably cleave society into an ever growing pool of have nots? There are some (House GOPers for example) who are drooling at the prospect of witnessing hoards of human beings being reduced to accept anything just to exist. But this is not how you get a knowledge economy cruising smoothly for the long term. As a matter of fact, persistent high unemployment is the best way to destroy the dynamism of a society.

  6. albnyc says:

    If you don’t know where you’re going, any road will do. The Fed is pointing thataway.

  7. Jojo says:

    Hard hitting analysis of American News Outlets from Al-Qaida. [lol]
    Al-Qaida letter about Fox News: ‘Let her die in her anger’

  8. This one gets the juices going…

    Mario Savio “The Machine Speech” on The Sproul Hall Steps, December 2, 1964

    Electorates around the world are dissatisfied with the comfortable zone of political consensus embraced by their respective ‘establishments…

    Ultimately nothing is more ‘expensive’ than a fractured social contract and a population divided against itself.

    Maybe its counter-intuitive but I suggest its more political activity by more people more often that prevents that sort of breakdown.

    None of these are goals our political parties really support.

    Sadly this quote is all too true:

    Politics is the art of preventing people from taking part in affairs which properly concern them.
    - Paul Valery

  9. Jojo says:

    Maybe blogs are next? :)
    Can an Algorithm Write a Better News Story Than a Human Reporter?
    * By Steven Levy
    * April 24, 2012

    Had Narrative Science — a company that trains computers to write news stories—created this piece, it probably would not mention that the company’s Chicago headquarters lie only a long baseball toss from the Tribune newspaper building. Nor would it dwell on the fact that this potentially job-killing technology was incubated in part at Northwestern’s Medill School of Journalism, Media, Integrated Marketing Communications. Those ironies are obvious to a human. But not to a computer.

    At least not yet.

    For now consider this: Every 30 seconds or so, the algorithmic bull pen of Narrative Science, a 30-person company occupying a large room on the fringes of the Chicago Loop, extrudes a story whose very byline is a question of philosophical inquiry. The computer-written product could be a pennant-waving second-half update of a Big Ten basketball contest, a sober preview of a corporate earnings statement, or a blithe summary of the presidential horse race drawn from Twitter posts. The articles run on the websites of respected publishers like Forbes, as well as other Internet media powers (many of which are keeping their identities private). Niche news services hire Narrative Science to write updates for their subscribers, be they sports fans, small-cap investors, or fast-food franchise owners.

    And the articles don’t read like robots wrote them:


  10. Jojo says:

    Huh? But cool…
    Paper Safe

  11. Chief Tomahawk says:

    The pending Facebook IPO will create how many instant millionaires?

    And to think Goldman Sachs took a stake just a year ago and will now get paid handsomely! Doin’ God’s work!

  12. James Cameron says:

    > Whatever you want, no topic off limit, have at it, no rules/full monty.

    Well, in that case . . . Seattle Super Villain Rex Velvet calls out Phoenix Jones


  13. panskeptic says:

    Sometimes the truth comes from the most unexpected places.


  14. RetailRob says:

    Here’s a question, BR. At what point (if ever) would you consider opening a position in a basket of homebuilders and related stocks, on the theory that new home construction is going to have to pick up at some point?

    I’m thinking if Bill McBride’s “distressing gap” graphic; I know you don’t have much patience for housing bottom calls right now, but the collapse in new home sales was really spectacular from 2006 through ’08 and it’s flatlined ever since, scraping the lows of the ’60s. And this is an absolute number, so it’s conceptually lower in light of population growth.

    It seems to me that either new home construction has to pick up, or there has to be a permanent shift in Americans’ approach to household formation – like long-term multi-generational “doubling up.” Quite a shift from the suburban / white picket fence dream.

    Anyway, is there a problem with my logic here? Even if not, even if you concede the inevitability of a resurrection in construction “someday,” is that just an interesting economic fact that’s too divorced from the market performance of any given company to be worth investing in?

  15. nofoulsontheplayground says:

    Republic Wireless started a new round of Beta testing for users. The $19/month plan for unlimited phone, texting, and data looks like it is rolling out pretty well, although it still has a few kinks here and there.

    If this company gets traction, it could create an entirely new paradigm that could challenge the large, establishment wireless carriers in the budget plan category.

    (The $19/month is for users who have access to wifi).

  16. quillnotes says:

    Hi Barry,

    You don’t need to post this comment. I was hoping if you could point us (me) in the right direction with regards to getting GAAP earnings for the S&P? I know almost everyone looks at non-GAAP, but I am a bit old school and still like GAAP but I can’t seem to find it anywhere. The “Pros” have easy access to it but the non-1% :-) are out of luck.

    Thanks in advance.

  17. ssc says:


    Effective Nov 6 this year, Spirit air will charge $100 for carry on bag (if paid at the gate, $50 at counter/kiosk), I think that’s more than some of their domestic flight tickets..

  18. @Chief Tomahawk

    Re the Facebook IPO… BEWARE!

    How A Private Data Market Could Ruin Facebook

    Hmmm… if only there were some hook… some capability… some high-level functionality that could catalyze such a network.

    The user-owned network that can be built on the speech-related micro-transaction’s potential in lobbying… and the natural concentration of the network that provides it… can form just such a private data market.

    Entities seeking a secure space in the social media area (you know… little companies like Google, Microsoft or Yahoo) could be advantaged by supporting the growth of such a network.

    They could well be willing to sacrifice this market segment and the potential profit on the transactions in these specific areas (with the user-owned network coming to dominate transactions in charity, politics and journalism) by being offered an opportunity to gain position in their existing retail pay systems… and advantageous access to such personal data as our network’s members choose to share. They may also have some interest in giving Facebook a poke in the eye.

  19. RandyClayton says:

    US economy is slowly but steadily improving.

  20. nofoulsontheplayground says:

    Has anyone used a Geiger counter on California produce? I’ve read of heightened readings last year on strawberries and green leafy vegetables, but I’m wondering if the NYT or Washington Post has followed up on the Fukushima radioactive fall out that’s still hitting the US and Canadian west coast.

    I traveled in Europe during the Chernobyl aftermath, traveled in Asia during the SARS episode, hopped on planes right after 9-11, and have been face to face with hurricanes, tornadoes, earthquakes, and typhoons during my travels around the world. However, nothing concerns me anywhere near as much as the Fukushima disaster and aftermath. That is the real deal.

  21. Dow says:

    What is the rationale/purpose behind paying high baggage fees? Is it to get rid of luggage handlers? Discourage luggage? Discourage travel? What’s the point?

  22. panskeptic says:

    As I understand it, the airplanes pay taxes on ticket sales. They do not pay taxes on additional fees. Therefore it’s in their interest to shift as much revenue into fees as possible.

  23. pandawa says:

    Man forgotten by DEA in holding cell for four days:

    “When agents discovered him on the afternoon of April 25, paramedics took him to a hospital, where his lawyers said he remained for five days while he was treated for kidney failure, severe dehydration and a perforated esophagus.”


  24. jaymaster says:

    OMG, why didn’t I short Spirit Airlines yesterday??

  25. artworks says:

    > no topic off limit…
    If President Obama cannot take credit for killing Osama because the process started before he came to power; then by the same rationale you can’t blame him for the economic mess…

  26. TG Randini says:

    I find it interesting that the Nazi Party of America is going to nominate Mitt… the guy who implemented in Massachusetts the health care program that the Dems copied.

    Are the rest of the Nazis out there aware of this?

  27. HarleyHoward says:

    You guys have had so much smoke blown up your asses for so long, you have all become airheads! Like gravity, the fundamental laws of economics will “suddenly” kick in, and your bullshit will again become what it always has been – bullshit, and worth as much!

  28. Frilton Miedman says:

    When the Fed prints money, it’s not taxpayer money, it’s another type of Money that’s completely isolated from the taxpayer.

    Right Markhoff?

  29. patfla says:

    Latest “Person of Interest” was excellent. Managed to answer some questions; left many unanswered; and raised a few new ones. Very well written.

    Jonathan Nolan is apparently Christopher Nolan’s brother.

  30. ali says:

    yeah, no wonder we are stuck in fiscal cliffs, unemployment valleys, easing plateaus


  31. G3 says:

    As you know it Barry, topping, consolidation, then down. Seems to me 1420 is the top.

    Election year will play no role this year because of the divide and gridlock. So seasonality overwhelms the market and it will go down in the summer.

    There may be a knee-jerk bounce attempt as we are close to the election,. But the looming tax increase will sack the market once more.

    We will close this year a down year, at 1200.

  32. Dow says:

    There’s a certain logic to it I guess. I’ve started taking trains for long distance travel if I have the time. It costs about the same for an overnight sleeper once you factor in the cost of luggage. It’s a much more pleasant way to travel. I gather from recent travels, that I’m not the only one who feels this way.

  33. panskeptic says:

    Hey Dow,

    Check out transatlantic repositioning cruises. and Cunard’s QMII crossings from Brooklyn to Southampton and back. With a little homework, you can see the world without a TSA patdown.

  34. GlorifiedPlumber says:

    BR, random, but what are your thoughts on if there is a STEM shortage or not?

  35. Karl Smith says:

    “No topic off limits”

    Great. Now I am going to spend the next five hours resisting posting the most lewd comments imaginable.

  36. Captain Ned says:

    Hey, how about respecting Federalism and letting each state set the rules it sees fit, forcing everyone to conform to each state’s law.

  37. jay l says:

    Why do people buy Android phones?

    Verizon Sales Reps Pushing Android Phones Over iPhone
    That said, Verizon seems to be doing its best to push Android phones over the iPhone. David Goldman, reporting for CNN Money:

    I had 10 conversations with Verizon sales representatives in New York stores, on the phone, and in online chat sessions, asking about my options for a new smartphone. Here’s what I found: Next time you walk into a Verizon store looking to buy a smartphone, expect the hard sell on a 4G Android device. […]

    “The iPhone is a great phone, but it’s on 3G,” said one representative at a Verizon Wireless store in midtown Manhattan. “I’m not going to recommend a phone that’s outdated.”

    I’ve got ten bucks that says this practice doesn’t change after Apple ships an LTE iPhone — they’ll just come up with a new reason.

    Source: http://money.cnn.com/2012/05/03/technology/verizon-iphone-sales/

    (via Mr. Reader)

  38. mathman says:

    “Predicting the weather is tricky enough. Now a new government-sponsored report warns that the USA’s ability to track tornadoes, forecast hurricanes and study climate change is about to diminish.”

  39. Greg0658 says:

    BR because I respect you immensely .. why iProduct / or in my case why not:
    I was indoctrinated on dos hense have a foundation .. it’s more open architecture (debateable pros & cons) .. I’m out
    why the drive/push to be the 1: is it a desire that monopolies need a foe (debateable pros & cons) .. a booking .. my dog is better than your dog & you should know it .. I’m out
    why* is Apple getting more devices in school kids hands .. MS may be out
    (* if perception is true)

  40. Greg0658 says:

    if I had edit function – my 1st 6 words and maybe the whole post @7:07 wouldn’t have been made
    (fyi bloggers – Jay1 initially came in as BR .. guess’g via __ and a forward’g slip-up)

  41. whskyjack says:

    Harley Howard

    re: the price of Bullshit

    You haven’t been to a garden center lately, if you had keep your bullshit last year instead of spreading it around your investment could have beat the S&P 500. Don’t knock bullshit , it is productive stuff. I bought some yesterday, I’m going long on tomatoes. Bet I enjoy that more than anything else I invested in this week.


  42. mathman says:

    This is more in line with your blog:


    Factory Orders Post Biggest Decline in Three Years
    “New orders for U.S. factory goods in March recorded their biggest decline in three years as demand for transportation equipment and a range of other goods slumped, government data showed on Wednesday.


    The Commerce Department said orders for manufactured goods dropped 1.5 percent after a revised 1.1 percent rise in February.

    Economists had forecast orders falling 1.6 percent after a previously reported 1.3 percent increase in February. ”

    not helping the jobs situation any

  43. neddyj says:

    i kind of thought the market would move up or sideways and do an about face the day when facebook IPO’d. I’m wondering though, considering the deteriorating eurozone and the waning interest in facebook (perceived at least) if the market can make it until then without a solid 4 or 5% selloff to shake things up again….the european series of bailouts looked good at first – stock and bond markets across the region were off to the races at the beginning of the year. the sovereign debt disease doesn’t look so ‘ring-fenced in’ at this point. Their whole plan was built on making the market believe it would work (they don’t have the $$ to bail them all out) – and I think the market is beginning to call their bluff.

    A euro back at $1.20 and a little dose of fear that the currency might collapse (again) would bring us down 2,000 points faster than an aubrey mcclendon margin call.

  44. JasRas says:

    Largest inflows into Bond Funds since 1qtr2009…. equity funds still bleeding.

    People largely still waiting for “the next big event”

    Huge focus on policy, politics–things that by in large have little effect on markets short term

    Economic numbers easily convince people of how horrible the recovery is…but only because they compare from whence we fell, not from the bottom. Compares similarly to other recoveries if rebased to bottom…not top.

    70% of GDP driven by consumption–which seems to be trucking a long at a sustainable pace here in the U.S.

    Bad things “over there” are not necessarily bad things here…we are an import nation. When others stumble, we benefit in a multitude of ways.

    The is no magic bullet. At the top, there was a lot of fluff in all numbers. No faking that. To get back to those numbers in a real sense, the economy will have to do it differently. And it will…

    Seasonally weak period for markets…but doesn’t mean huge draw downs. Consolidation, sector rotation, and marking time is more likely.

    “BORING” is the call for a great market. No hurricanes, no nuclear accidents/tsunamis, no drama… so the market is being driven by historic things like earnings… Even the presidential election is setting up to be “sparklers” not “firecrackers”…The Republican primaries will be seen as the most exciting thing about this year’s race…

    Boring=very good year for market. Don’t panic. Don’t futz around with positions too much. Get longer equities in weakness…

  45. Greg0658 says:

    turmoil has been shaken out – victor is found – cash spend to defend now gone – move on to a new mountain to climb
    enhansements funk – got ya over the barrelness

    that spectrum above is government and multi-corp

  46. whskyjack says:

    This piece is hilarious, imo. I think we have a farmer or two here who can appreciate it.

    It may be a great contrary indicator also. Time to sell your ag related stock


    “‘If you want to become rich,” Jim Rogers, investment whiz, best-selling author and one of Wall Street’s towering personalities, has this advice: Become a farmer.”

  47. Greg0658 says:

    neddyj FB could vaporize ? over the weekend OMG .. anybody know of a great APP for website backup* to offline
    *pics words links sublinks subsublinks :-O
    Monopolies – ‘BORING’ – every super-capitalist wet dream – were #1 AND the only 1

  48. Expat says:

    In the name of righteousness, I call for unpleasantness and discomfort to fall upon our enemies at home and abroad. Oh, and five servings of fruits and vegetables per day for everyone!

  49. Old Rob says:

    The only thing that really matters is when BR goes on vacation. We ALL have to know that in order to make our stock/short trades.

  50. denim says:

    I think you should agree with me. It’s important to me that you do. So I am going to hire a bipartisan public relations guru to “engineer your consent” using psychoanalytic techniques rather than boring old things like the truth /snark. BBC documentary. It is old, but it is being used this morning on you.

  51. WFTA says:

    Wanted to thank ConocoPhillips for the spin-off. Now I’m losing money in two stocks instead of one.

    I’m grilling burgers Sunday for a well educated 56 year-old woman. Between now and then, I expect to invent a new kind of potato salad.

    Shale oil, gas and gas liquids are changing the nature of the world’s economy.

    That’s it from Houston. Have a swell weekend.

  52. denim says:

    I tend to agree with Expat. Five servings of fruits and vegetables per day is fair to have befall one’s enemies. And to be judged in the work of their own hands, be they blessings or worse.

  53. dsawy says:

    @whskyjack – I used to be a farmer. Farmed in Nevada, arguably one of the tougher spots in the US to make a buck farming due to a nearly complete lack of subsidies and programs to offset risk in that area. Our product (dairy hay) and markets were cash only, with no futures to sell forward or be able to hedge prices.

    Every time I read advice proffered by the likes of money managers to “get into farming,” I laugh my ass off. None of these pampered pantywaists could last a week on the job.

    We used to have a saying about people like this: “He thinks it’s easy money… from the other side of the fence.”

  54. tagyoureit says:

    My 7yo son loves to play Monopoly. He was holding Boardwalk and Park Place and decided to mortagage all his other holdings to go all-in for 2 hotels. As luck would have it, he landed on New York Ave with 3 houses, and owed $800 in rent. He immediately divested the hotels down to one house on each property, paid the $800 and exclaimed, “I’m still in the game!”

  55. formerlawyer says:

    @dsawy Says:

    Old joke, farmer wins the lottery when asked by a reporter what he intended to do – farm until the money runs out.

    Cousin, another farme won 2M in the lottery, when asked by the reporter what he intended to do. “Pay creditors.”, he said. “What about the rest?”, asked the reporter. “The will just have to wait.”

    The number keeps going up in new iterations of the joke.

  56. DeDude says:

    Floating rate fiat currencies seem to be the great equalizer. When a country gets to much of an upper hand (forget whether they deserve it or not), then the ability to print more currency and/or let the exchange rate shift in favor of the weaker parties, will send things back into balance. Even when “stronger” countries such as Japan in the eighties or China in the past decade try to lock the exchange rates, they cannot stop the equalization but get it via the route of inflation in domestic asset prices. The problems of EU seem to have been that the top 1% wanted to stop equalization (which hurt them and help the 99%) by locking in exchange rates between the weak south and the strong north. However, the result were that they blew it up for everybody (rich, poor, north, south). It is sort of like the top 1% in the US getting all piggy and harvesting all the rewards of productivity increases for the past 3 decades, just to find that we are running out of growth and it’s getting smothered in debt.

  57. Jim67545 says:

    In The Graduate the advice was to get into plastics. My advice would be to watch supply and demand. The markets, on a delay basis, do equalize to this balance.

    Someone mentioned investing in housing stocks. Look at ITB. The homebuilders are not knocking the cover off of the ball but they have adjusted their supply (needed for break even) to the demand in the market (which is working off over-supply) and the supply of homebuilding capacity has shrunk. How many small home builders have deevolved into home improvement companies and subsequently winked out of existence? Many. The remaining are hanging from a financial thread and have problems bidding against the few financially half-healthy builders left standing. The complaint here is that all the skilled workers have left to return to Mexico. Fact.

    Another prime example is the nat gas “boom.” It has the same supply/demand gold-rush characteristics as the housing “boom.” (In the gold rush, those who supplied the prospectors, who didn’t care what they had to pay for a shovel, made most of the money.) Consider what is happening to world-wide demand and where that demand exists. How robustly can one expect supply to grow? Above, at or below the normal trend related to demographic increase? Do profits accompany periods when top line runs ahead of operating costs or when top line weakens and operating costs catch up? Where are we now? Isn’t it obvious?

  58. Molesworth says:

    @dsawy. I hear you. Growing sucks.
    Avo sales down, bad Cinco de Mayo demand noted by all packing houses for the past week. Because of all the deportations? We are down about at least 1 mil illegals since Obama admin.
    Comments from one packing house today:
    Avocado Market Comments
    Market has taken a significant drop very little 5 de mayo sales and a saturated market have caused prices to go down.

    ECRI growth slows to 0. Does his recession call still hold water?

    Bayrou to vote for Hollande, but not suggesting his followers follow. Suggesting they think for themselves.
    USA/UK conservatives freaking out over potential Socialist victory.
    See last weeks The Economist +
    Methinks a Hollande win will be good for the markets and I can’t say why.

    Perigean tides:

    the coolest guy in motorsports Kimi Raikkonen
    “No. I’m only here for racing,” said Raikkonen.
    “All the other bulls**t I can do without. If you took away the cars from Formula One, I would not be there.

  59. Molesworth says:

    aggressively argues that the enormous and growing income inequality in the United States is not a sign that the system is rigged. On the contrary, Conard writes, it is a sign that our economy is working. And if we had a little more of it, then everyone, particularly the 99 percent, would be better o

    Read more: http://business.time.com/2012/05/04/romney-pal-writes-an-ode-to-inequality/#ixzz1tv0YBFqN

  60. Joe Friday says:


    Methinks a Hollande win will be good for the markets and I can’t say why.

    Yes, the RightWingers are all predicting DOOM for their economies if the evil Socialist wins, nevermind that it was the RightWingers that DOOMED their economies with their failed economic policies.

    Now why does that remind me of a political party here in America ?


    Oh, and I was glad to see Raikkonen previously take the lead spot over at Ferrari from that jackass Schumacher. It had been difficult to root for the team with him driving on point.

    I saw Raikkonen at the F1 Grand Prix in Montreal in ’07, on his way to a championship season. Alas, he is now back with his very first team, Renault, now known as Lotus.

  61. Molesworth says:

    Joe Friday,
    Thanks. You said it for me.

    Love seeing the Kimster back, especially interviews. While rallying seemed like a good alt for him, we no longer get rally televised where I live, so could not see him compete or interview.
    No one interviews like Kimi. No inauthenticity there. He seemed almost pissed/perplexed he didn’t win Bahrain when the rest of the world didn’t think he’d make podium.
    Set to be a fine season with Redbull, Mercedes, Renault and at least Alonso at Ferrari contending.
    I expect Massa is toast. Tifosi won’t stand for 3rd rate finishes.

    If you’re still here, what think you of Spain next week?
    I’ll check tomorrow.

  62. Expat says:


  63. ilsm says:

    Romney and Ryan will to starve Grandma, or else the Air Force will not have any money to try and fly their super planes.

    The US Air Force/Lockheed Martin gravy train the vaunted cruising, supersonic, stealthy F-22, 182 of them remain, which cost over $44B in more valuable dollars than today’s dollar is getting up to $11B in “upgrades”.

    At $60 M an arplane I hope the “upgrades” make the life support oxygen system less poisonous to the pilots.

    What will the “upgrades” needed after only a few years of trying to make the $388B t acquire F-35 cost.

    Australia is waking up pushing off deliveries of hir F-35 to 2019. And Canada realizes that $140M an F-35 is more than $60-70M!

  64. 10x25mm says:

    An interesting blogpost about China’s copper inventories:


    Are the Chinese substituting copper and other commodities for TSYs in their foreign exchange holdings?

  65. Joe Friday says:


    what think you of Spain next week?

    Well, first race on the schedule in Europe. Both Lotus and Red Bull have made good showings so far, but of course it will be Alonso’s backyard, and the Spanish crowds seem to lift him up as long as he has no mechanical issues.

    Speaking of the schedule, I’ll likely be making my usual trek to Montreal this year, as I can’t quite imagine Formula One in Texas.