Posts filed under “Video”
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 )
CNBC’s Steve Liesman on "Unique insights on the credit crisis and the future of the banking system from a stream in Maine…"
What this country really needs is less tranparency in earnings reports, and more wiggle room for corporate reporting:
We are governed by utter idiots . . .
Similarities and Differences: A comparison of IFRS and US GAAP
Click for PDF
"The Securities and Exchange
Commission signaled the demise of U.S. accounting standards, kicking
off a process Wednesday that could ultimately require all publicly
listed American companies to follow an international model instead.
in two steps, the shift could eventually cut costs for companies and
smooth cross-border investing. At the same time, investors worry it
will create confusion, especially during the transition. Other critics
worry that the international system offers too much wiggle room for
companies, compared with the more precise rules enshrined in U.S.
The SEC’s proposal would allow some large
multinational companies to report earnings according to international
accounting beginning in 2010. The SEC estimates at least 110 U.S.
companies would qualify based on their market capitalization, among
other factors. The agency also laid out a road map by which all U.S.
companies would switch to International Financial Reporting Standards,
or IFRS, beginning in 2014, at the expense of U.S. Generally Accepted
Accounting Principles, the guiding light of accountants for decades.
The proposals will be open for public comment for 60 days and could be finalized later this year."
Anything that artificially boosts earnings is great for America . . .
SEC Moves to Pull Plug On U.S. Accounting Standards
KARA SCANNELL and JOANNA SLATER
WSJ, August 28, 2008; Page A1
SEC May Let Companies Abandon U.S. Accounting Rules
Bloomberg, Aug. 27 2008