My afternoon train reading:
• The Scam Wall Street Learned From the Mafia (Rolling Stone)
• The Fed In 3 Phrases: Decoding Bernanke & Co (NPR) see also Limits of the unconventional (Economist)
• That is adorable! Multi-trillion plan to save the eurozone being prepared (Telegraph)
• Housing, Like Generalissimo Francisco Franco, Is Still Dead (WSJ)
• Bernanke Paves the Way for QE3 on August 1st (Calculated Risk) see also QE and sudden starts (Macro Matters)
• Washington Should Lock In Low Rates (WSJ)
• Why Nations Fail two-fer
….-From Gisenyi to Goma to Genocide (Why Nations Fail)
….-The Koch Brothers, The Cato Institute, And Why Nations Fail (Baseline Scenario)
• Dear Mr. Dimon, Is Your Bank Getting Corporate Welfare? (Bloomberg)
• The cult of TED (BBC News)
• 21 Pictures That Will Restore Your Faith In Humanity (BuzzFeed)
What are you reading?
A Bump at Speed Trading Hearing
Source: WSJ
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.
• Dear Mr. Dimon, Is Your Bank Getting Corporate Welfare? (Bloomberg)
that that ‘Headline’ is posed as an Interrogatory is, literally, absurd. (no?)
http://www.thefreedictionary.com/absurd
certainly, 1., probably 2., tho.., not 3.
~~~
and for Gardeners, Outdoorsmen, and, generally, People..
http://www.discoverneem.com/
…The bark, leaves and oil of the neem tree have been used in India for several thousand years, and are still used today.
About 75% of Ayurvedic remedies contain some form of neem! Indians call the sacred neem tree “the village pharmacy”, and have limitless faith in its abilities.
People value neem as a natural insect repellent and pesticide, they use it for skin care and skin disorders, and many also take neem leaves internally.
Neem oil is used on humans, on animals, and on plants, for a huge range of different problems and diseases.
These are not just folk tales. Neem is the most heavily researched herbal remedy in India…”
v.
http://search.yippy.com/search?query=Glyphosate+Cancer+link&tb=sitesearch-all&v%3Aproject=clusty
yes, “Glyphosate” ~ “Roundup” ~ “Monsanto”
http://search.yippy.com/search?input-form=clusty-simple&v%3Asources=webplus-ns-aaf&v%3Aproject=clusty&query=Monsanto+is+in+the+Business+of+Killing+You
Article posted earlier has been revised in terms of USD $78 Billion to prop up the Spanish banks.
http://www.marketwatch.com/story/auditors-spains-banks-may-need-up-to-62-billion-2012-06-21?dist=afterbell
Are we in Kansas yet, Toto?
Have a good weekend.
Muni bond bid rigging is just part and parcel of Wall Street business as usual. Either ignore it and pay these guys huge bonuses or drop neutron bombs on Lower Manhattan. There is no in between solution. The system is rotten to the core.
Seriously, what would happen to the world if every Goldman, Morgan, and Citi employee were shipped to Gitmo for ten years of waterboarding? Nothing! The banks would continue to service accounts as before and the oligarchic business would be shared out among dozens of smaller banks.
And a pony for Christmas as long as I am wishing.
Tabbi Article:
It is indeed refreshing to know that both Wall Street executives and America’s politicians have to look up at pond scum.
“21 Pictures That Will Restore Your Faith In Humanity (BuzzFeed)” was nice. Thanks!
Here’s another in a similar vein that I saw today:
Bus Monitor Karen Klein Just Got $225,000 (and Counting). Who Else Has Benefited from Reddit’s Largesse?
Posted Thursday, June 21, 2012, at 1:38 PM ET
http://www.slate.com/blogs/future_tense/2012/06/21/karen_klein_the_greece_n_y_bus_monitor_anthony_omari_and_other_beneficiaries_of_reddit_donations_.html
More wisdom from Meredith Whitney:
http://www.bloomberg.com/video/94909105-banking-industry-must-reinvent-itself-whitney-says.html
iPad electiricity costs less that a 60w compact fluorescent lightbulb for a year?
http://hosted2.ap.org/HIHON/aee9b8599e9e4e98b1993fdb31c3baf3/Article_2012-06-21-iPad-Electricity/id-f0263879a73244a395c1f623e8d23167
http://www.theburningplatform.com/
WHO DESTROYED THE MIDDLE CLASS – PART 1
WHO DESTROYED THE MIDDLE CLASS – PART 2
and
http://theweek.com/article/index/229508/acxiom-corp-the-faceless-organization-that-knows-everything-about-you
Acxiom Corp: The ‘faceless organization that knows everything about you’
An Arkansas company you’ve probably never heard of knows more about you than some of your friends, Google, and even the FBI — and it’s selling your data
I don’t want my faith in humanity restored…..I want an influenza epidemic to strike New York City ala the early 20th century…..PS…There’s plenty of upstate New Yorkers who feel the same due to high taxes.
The question should not be: ‘is housing still dead’?
The question should be why was housing ever considered alive. What would possess a society to believe a depreciating asset would somehow be a storehouse of value or an appreciating asset. How would a house ever be considered different than an automobile whose value decreases as maintainance costs accelerate. Seriously, what would possess a society to ever come to believe that?
one from the “__________”-files..
“…WASHINGTON — The American Bakers Association told the House Energy and Power Subcommittee on June 19 that the E.P.A.’s proposed lowering of the Clean Air Act threshold for CO2 emissions under the Tailoring Rule would have a devastating impact on the baking industry.
“If the Clean Air Act CO2e trigger thresholds are lowered from 100,000 tons per year (t.p.y.) to 250 tons, many more bakeries will be subject to expensive and unnecessary Title V requirements and prevention of significant deterioration (PSD) regulations,” Robb MacKie, A.B.A. president and chief executive officer, testified before the Subcommittee. He noted about 20% of the baking industry now has Title V permits, and that many bakers have accepted federally enforceable limits on production to minimize their emissions and to avoid the cost and regulatory burden of the Title V permit program.
“If the potential CO2e emissions threshold is lowered to 250 t.p.y., a much larger portion of the baking industry could be forced into the Title V process,” Mr. MacKie said. “This would needlessly increase compliance costs, seriously constrict baker’s ability to respond to market demand and potentially require expensive controls on CO2 emissions despite the industry already relying upon clean natural gas for its ovens.”
Mr. MacKie said the E.P.A. would likely take the position that its PSD regulations also cover so-called “biogenic” CO2 processes, including the natural fermentation of yeast from rising bread dough.
“In 2009, Administrator (Lisa) Jackson promised that E.P.A. would not regulate ‘every cow and Dunkin Donuts,’ but that is what would happen if bakers need to consider their CO2 emissions from dough,” Mr. MacKie said. “Yeast cells, which are living organisms, help dough rise and create CO2 as a byproduct, like we do when we breathe.”
The E.P.A.’s potential lowering of its regulatory thresholds combined with the costs of Title V permitting and PSD rules could be economically devastating for bakers, the A.B.A. said. The organization noted the food industry represents less than two tenths of 1% of emissions contributing to climate change, according to the E.P.A.’s own calculations, and bakers are only a fraction of the food processing sector…”
http://www.bakingbusiness.com/News/News%20Home/Regulatory/2012/6/ABA%20cautions%20EPA%20on%20regulating%20rising%20dough.aspx
the E.P.A., the same ‘people’ that want more, fermented, Ethanol–in your ‘gas’ Tank..
In reply to louiswi:
Growing population increases demand. Increasing demand increases price. If you want to have a condo close to Chicago’s Loop or Lower (or it upper?) Manhattan then every year there are more people that want that and no more space to sell so you would expect prices to go up. As population grows with each generation, the winners get to buy houses near the city’s core at an increased price and the losers have to buy a house in the boonies, i.e. McHenry County or New Jersey.
In addition as a hard asset with a long life (50 years, MUCH longer for the land), one would expect the house to be a hedge against inflation.
Scarcity, convenient access (mass transit) to good jobs, good services, esp schools and low property taxes add up to premium property values. Detroit had highest metro avg income as recently as the 60′s so good paying jobs are really the drivers. Boston, NYC and DC metros all have high property values but Philly and Baltimore don’t.
Just making sure you are all aware that the Telegraph’s “multitrillion” article is from last year. I appreciate someone looking at promises and plans of yesterday, and how well they turned out. Gives perspective on how much the eurocrats could and should be trusted this time around.
@MoreLiver +1 The dates mentioned in the article seemed out of whack until I saw the publication date.