Posts filed under “Video”
Bill Gross, manager of the world’s biggest bond fund at Pacific Investment Management Co., talks with Bloomberg’s Tom Keene and Pimm Fox about the impact of the U.S. government’s takeover of Fannie Mae and Freddie Mac on Pimco’s business and mortgage debt, and the outlook for Federal Reserve monetary policy.
click for video
00:01 Impact of Fannie, Freddie takeover on Pimco
02:18 Effect on housing market; foreign investors
04:24 Reasons behind takeover; Fed monetary policy
06:18 Outlook for U.S. mortgage market
Running time 07:36
Last Updated: September 7, 2008 21:21 EDT
Jim McTague, a dyed in the wool Republican, is surprisingly negative on the McCain/Palin team. Recall that McTague forecast the GOP would retain both houses in 2006, based on a calculation relying on campaign fund raising. McTague sounds more like a Democrat than a Republican.
Note the discussion on bailouts at the end:
THE 2008 REPUBLICAN PLATFORM RELEASED at the party convention in St. Paul last week is a grandiloquent document, replete with Reaganesque calls for lower taxes, smaller government, and greater self-reliance. An honest librarian would file it in the fiction section.
I’m not a naïf. I appreciate that searching for candor among politicians is about as productive as shopping for a Rolex at the corner drugstore. All politicians make promises that they never intend to keep. You generally can wrest a straighter answer from 16-year-old teenager intent on deceiving you than you can from a campaigning politician.
Even so, this GOP document is so divorced from reality that it approaches parody. The authors should have penned the document in cuneiform, because it describes an ancient GOP, not the party of today.
One of the platform’s most monumental political principles is daily being trampled upon by the Bush administration, with the acquiescence of most GOP members of Congress. This is contained in a section devoted to the housing crisis that declares, "We do not support government bailouts of private institutions. Government interference in the markets exacerbates problems in the marketplace and causes the free market to take longer to correct itself. We believe in the free market as the best tool to sustained prosperity and opportunity for all…"
Democrats are depicted as the party of big, intrusive government, willing to "ignore fiscal problems while squandering billions on ineffective programs." The GOP, however, has no moral legs to stand on when it hurls such insults.
The Bush administration has bailed out Wall Street, and stands ready to bail out mortgage giants Fannie Mae and Freddie Mac — in the process abetting a slide into more intrusive government. If we are headed down the road to socialism, then the GOP can be credited with setting the pavers. (Emphasis added)
The GOP has lost its way.
Spinning a Grand Old Fantasy
MONDAY, SEPTEMBER 8, 2008 D.C. CURRENT
Shiller’s main points:
• Home price declines are already approaching those in the Great Depression, when they plunged 30% during the 1930s. With prices already down almost 20%, it’s not a stretch to think we might exceed that drop this time around.
• There are about 10 million homeowners whose debt is higher than their home value, which has broad implications for how Americans feel about their wealth and spending habits (read: more pressure on consumer spending).
• The current hopeful consensus — that house prices will bottom soon and then begin to recover — is most likely a dream. Housing markets don’t usually have "V-shaped" recoveries. And even if house prices stabilize in nominal terms, after adjusting for inflation, most homeowners will continue to lose money.
U.S. House Price Decline Could Be Worse than Great Depression, Economist Shiller Says
Yahoo Tech Ticker, Sep 04, 2008 01:36pm EDT
Interesting discussion of credit, liquidity and commodity corrections.
Steve Liesman missed the opportunity to tell Santelli that the Fed Futures traders got rates wrong for over a year — from January 2006 until the Fed began cutting in August 2007, futures traders incorrectly were betting on cuts:
Billionaire hedge-fund manager Boone Pickens, founder and chairman of Dallas-based BP Capital LLC, talks about federal tax credits and transmission challenges for the wind-power industry, the "Pickens Plan" and the outlook for oil prices and production. Pickens, 80, unveiled a national energy plan last month that relies on domestically produced natural gas and wind power to cut U.S. dependence on foreign oil.
00:00 Tax credits for wind-energy industry
01:30 Transmission challenges for wind power
03:46 Natural-gas prices and extraction technology
04:28 Outlook for oil production and prices
06:07 Consolidation within the oil industry
Running time 06:35
Pickens Expects Oil to Return to Record by End of 2008
Bloomberg, August 27, 2008 18:42 EDT
Here’s a nice Labor Day themed story.
In 1980, the last year of Jimmy Carter’s administration, the Occupational Health and Safety Administration (OSHA) commissioned a series of three 30-minute films about worker safety. These were real pro productions, with Studs Terkel as narrator on two of the productions. In 1981, Reagan appointed 36-year old Florida construction executive Thorne G. Auchter, who proceeded to systematically dismantle the agency. Evidently, the 3 films disturbed Thorne greatly, because OSHA issued a recall, threatening to withold OSHA funds from any organization that did not return their copies of the films, which were promptly destroyed.
But, a few union officials defied the ban and "stole" copies so they weren’t able to be returned. Over the years, they would occasionally show them to their troops, using the fact they banned as a way to get them to watch the films, which have important messages about worker rights and workplace safety. But, aside from these bootleg showings, the video disappeared.
PublicResource.Org got a note recently from Mark Catlan, a health and safety expert for one of the unions for the last 28 years (he actually started working for the union the year the film came out, and remembers his education director stealing a copy out of his office so it wouldn’t get returned). A year ago, Mark decided the world needed to see these films, so he found 16-mm cannisters and made them available to us to transfer to DVCAM and then disk.
Making their public debut after 30 years are "Worker to Worker," "Can’t Take No More," and "The Story of OSHA."
Link to YouTube
The Story of OSHA
Can’t Take No More
Worker to Worker
Link to the Internet Archive:
( http://tiny.cc/hdLvC )