STOCK MARKET WATCH, Friday February 13

[ozymandius]

Source: du

STOCK MARKET WATCH, Friday February 13, 2009

Bush Administration Officials Under Indictment = 0
Financial Sector Officials Under Indictment = 0
Financial Sector Officials In Prison = 1

AT THE CLOSING BELL ON February 12, 2009

Dow... 7,932.76 -6.77 (-0.09%)
Nasdaq... 1,541.71 +11.21 (+0.73%)
S&P 500... 835.19 +1.45 (+0.17%)
Gold future... 949.20 +4.70 (+0.50%)
30-Year Bond 3.46% +0.01 (+0.29%)
10-Yr Bond... 2.73% -0.04 (-1.27%)

---

U.S. FUTURES & MARKETS INDICATORS
NASDAQ FUTURES..............................................S&P FUTURES

Market Conditions During Trading Hours

GOLD, EURO, YEN, Loonie and Silver

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---

Read more: du

[ozymandius]

1. Market WrapUp

You Can't Fool Gold
BY MIKE SHEDLOCK

Many have not yet noticed, but recent strength in gold comes at a time of increasing strength in the dollar as well. Correlation between gold and the dollar has been near perfect since January 26, and more correlated than normal for quite some time.

....

Many claim that gold is rising because of inflation. That argument, repeated daily, simply does not stand up under any scrutiny.

....

Europe's New Wave of Toxic Debt

Please consider Europe's New Wave of Toxic Debt. A decade of heavy borrowing has lofted euro zone debt to $11 trillion, and it's starting to come due just when companies are strapped for cash .

More toxic debt soon could come crashing through the global financial system. The surprising source: Europe Inc. Once-stodgy Old World companies, from cement makers to phone operators to chemical companies, went on an unprecedented borrowing spree over the past decade that has left them up to their necks in debt. Corporate debt in the euro zone stands at more than $11 trillion, equaling some 95% of the region's economy, vs. only 50% in the U.S.

Hundreds of billions in payments are coming due just as sales are slumping in the global economic crisis. In better times, companies might have gone to the bank to refinance. No more. Bank lending to euro zone companies plunged 40% last fall as the credit squeeze tightened.

-which brings us back to gold-

http://www.financialsense.com/Market/wrapup.htm

[Hugin]

5. I second Macgyver!

Good plan.

(Ah-ha! Good news: I'm back in the single digit recommend numbers... :bounce: Bad news: I had to sign in at a quarter-to-four to do it! :/ )

[ozymandius]

7. Wonderful news. I'm glad you didn't have to wait in a long line again

to rec this thread. You've been up since 3:45? Do you have insomnia - or just an early riser?

[Hugin]

16. The economic situation has me more sleepless than usual.

But, I'm always up at 3:00am. Just waiting here by the phone. :o

[Demeter]

27. Give me Your Number, and I'll Call You

Good grief, Prag. Get some sleep, willya?

[Warpy]

80. That sounds like the wonderful world of on call nursing!

I was glued to the phone from 4 to 6 PM, though, because I was a night owl.

It sucks not being able to schedule anything.

[DemReadingDU]

32. So many times, I've been the 5th rec, not lately

Now it's double digits for me too :P

[Dr.Phool]

34. I was just getting to bed then.

[tclambert]

40. Duct tape!

We need duct tape. "It's like the Force--it has a dark side, a light side, and it holds the universe together."

[wordpix]

42. did anyone see "House of Cards" last night on CNBC?

It really put the whole housing bubble/mortgage meltdown/CDO/Wall St. greed/lack of SEC and Fed oversight/conspiring credit rating companies into perspective in a very neat, comprehensible package. Greenspan came off as a smug asshat who sat on his hands and now says, "So what?" and the titans of Wall St. as greedy bastards who knew exactly what they were doing but kept doing it.
:banghead:

My conclusion: there need to be hearings and some of these rich fat cats should be wrung clean of their ill-gotten assets. Also, the banks, bankers and conspirators should have gone under and good riddance. We the taxpayers are bailing them out and for what? So they can continue to live their free-wheeling lives in luxury while we slave for them? :grr:

[Hugin]

45. Watch full program: THE ASCENT OF MONEY (BBC/PBS)

This is also a very good show on the state of world finance.

It's very current, too.

Unfortunately, it's difficult to watch if you don't have broadband.

http://www.pbs.org/wnet/ascentofmoney/featured/watch-full-program-the-ascent-of-money/24/

[DemReadingDU]

54. I watched that too

It was on TV/PBS a couple weeks ago.

In THE ASCENT OF MONEY, Niall Ferguson traces the evolution of money and demonstrates that financial history is the essential back-story behind all history.

[Warpy]

81. BBCA has shown it once in a blue moon

if you have satellite/cable, so visit their site to see when it's on if you don't have broadband but do have TV services. It's really worth while but you'll want to kick the crap out of every overpaid jerk on Wall Street and beyond after the first 10 minutes, a feeling that continues to build for the whole show.

I was ready to start building tumbrils by the end of it.

[Hugin]

83. I found the site linked when I was trying to buy the DVD.

Which doesn't seem to be an option. :eek:

Yeah, I was seething by the time they began talking about the origins of 'red lining'. As usual it was the Brain Dead Republicans answer to the New Deal.

:grr:

[DemReadingDU]

53. I did, House of Cards

Quite interesting how these investments were packaged and marketed to the unsuspecting victims. May the perpetrators burn in hell.

Here's a link for more info, hope it replays for others to watch

House of Cards
http://www.cnbc.com/id/28892719

added title

[willing dwarf]

55. Amen, Amen! I say Amen!

But who has the will and the inclination to bring these creeps to justice?

[Ghost Dog]

102. (Yesterday): Gold sets record highs

NEW YORK (Reuters) - Widespread fears that U.S. efforts to revive the economy and stabilize banks may prove insufficient drove investors into safe havens like gold and bonds on Thursday, and pushed world stock markets lower.

More bleak economic data from Asia and Europe that pointed to deflation in Japan and record plunges in industrial production in the euro zone added to market unease sparked by the lack of details in U.S. rescue plans announced on Tuesday.

Concerns over the health of the global economy dragged U.S. oil futures to a three-week low below $35 a barrel and cut two-year yields on euro zone government debt to their lowest since the euro began circulating in 1999.

Safe haven buying marked trading across all asset classes, lifting the dollar higher against most currencies and pushing gold prices to new highs in Britain and India. A slide in equity markets also was a catalyst in the flight to safety.

"Risk aversion has returned to the market with full force," said Ole Hansen, senior manager with Saxo Bank in Copenhagen. "That makes people seek out safe havens, which is reflected not only in the inflows into gold but also the bonds market."

Gold priced in sterling and gold futures in India hit all-time highs, adding to record highs on Wednesday for bullion in euro, Canadian dollar and Swiss franc terms.

/... http://www.reuters.com/article/newsOne/idUSTRE51B0XG20090212

Also: http://seekingalpha.com/article/120431-dollar-rises-gold-stays-up

And:

Um, (classical) mood music: http://www.youtube.com/watch?v=5y7nJL1hpUU

[ozymandius]

2. Today's Report

09:55 Mich Sentiment-Prel Feb
Briefing.com 62.0
Consensus 60.2
Prior 61.2

http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm

[UpInArms]

76. UMichigan consumer sentiment falls to 56.2 in February

02. UMichigan consumer sentiment falls to 56.2 in February
10:00 AM ET, Feb 13, 2009

03. Feb. UMichigan consumer sentiment below 61 expected
10:00 AM ET, Feb 13, 2009

guess they couldn't afford any more crack?

:shrug:

[Hugin]

78. U.S. consumers' mood falls sharply (Reuters)

NEW YORK (Reuters) - U.S. consumers' confidence fell to its lowest in three months in February as sentiment grew increasingly gloomy over an economic downturn that most expected to last five more years, a survey showed on Friday.

The Reuters/University of Michigan Surveys of Consumers said its index reading of confidence for February tumbled to 56.2 from 61.2 in January.

That was the lowest since November, when U.S. stocks hit 11-year lows during one of the worst periods of the current financial crisis. A separate reading in the report showed consumer expectations fell to their lowest since May 1980.

"Confidence fell in early February as consumers came to the consensus that the economy would remain in recession throughout 2009," the report said.

"Moreover, nearly two-thirds anticipated that the downturn would last five more years."

Rest here... http://www.reuters.com/articlePrint?articleId=USTRE51C3U720090213

[UpInArms]

92. U.S. economic growth hits a four-week low: ECRI

http://www.reuters.com/article/ousiv/idUSTRE51C47F20090213

NEW YORK (Reuters) - A measure of U.S. future economic growth slipped further along with its annualized growth rate in the latest week, indicating a hazy reading of economic recovery, a research group said on Friday.

The Economic Cycle Research Institute, a New York-based independent forecasting group, said its Weekly Leading Index fell to 106.1 for the week ending February 6, from a revised 106.6 in the previous week.

The index's annualized growth rate fell to minus 24.8 percent from a revised minus 24.5 percent, hitting its four-week low since January 9 when it read negative 25.2 percent.

"With WLI growth falling once again, a business cycle recovery remains elusive," said Lakshman Achuthan, the Managing Director at ECRI.

The index fell to a nine-week low, the lowest reading since December 5, 2008, when it was 105.7.

...more...

[ozymandius]

3. Oil rises back above $34 amid demand concerns

SINGAPORE – Oil rose back above $34 a barrel Friday in Asia after concerns about weakening U.S. consumer demand sent crude near five-year lows overnight.

Light, sweet crude for March delivery rose 41 cents to $34.39 a barrel by afternoon in Singapore on the New York Mercantile Exchange. The contract fell $1.96 overnight to settle at $33.98 a barrel.

....

Investors are worried that the worst U.S. recession in decades could be deepening, and taking demand for crude down with it. Job losses are a particular concern as unemployment drags on consumer spending.

....

In other Nymex trading, gasoline futures were steady at $1.26 a gallon. Heating oil gained 1.02 cents to $1.33 a gallon, while natural gas for March delivery rose 1.5 cents to $4.50 per 1,000 cubic feet.

http://news.yahoo.com/s/ap/oil_prices

[ozymandius]

4. U.S. crude drops 5.5 percent on supply glut

NEW YORK (Reuters) – U.S. oil prices fell 5.5 percent on Thursday to settle at the lowest point in nearly two months, dragged down by swelling crude stocks in the United States and concerns over the health of the global economy.

....

U.S. crude has been running at a big discount to Brent due to a glut at the main U.S. storage hub in Oklahoma along with supply problems in Nigeria that tend to have a bigger impact on European supplies.

The losses came after the U.S. government reported on Wednesday a seventh straight weekly increase in nationwide crude inventories as the economic crisis crushes business and consumer fuel demand.

Crude oil stockpiles at Cushing, Oklahoma -- the world's biggest storage hub and the delivery point for U.S. crude futures -- rose last week to record levels around 35 million barrels, near operational capacity.

....

U.S. oil's losses were further exacerbated by a report Wednesday from the International Energy Agency forecasting global demand would shrink this year by the largest amount since 1982.

http://news.yahoo.com/s/nm/20090212/bs_nm/us_markets_oil_15

[FarCenter]

60. Prices in the rest of the world are over $40 / barrel

Brent Blend in Europe is $43.44.

Tapis in Asia is $48.58.

Dubai in the Middle East is $42.63.

Bonny Light in Nigeria is $46.53.

It is only US prices that are way out of line. And mainly West Texas Intermediate for delivery in Cushing OK.

Prices in the US are probably being manipulated to stifle alternative energy development.

http://www.upstreamonline.com/market_data/?id=markets_oil

[Demeter]

122. Doubt It. There Just Isn't Any Demand

You get 10% (official) unemployment, nobody goes anywhere.

they wouldn't waste profit margin for something like that.

[Ghost Dog]

132. Is "West Texas Intermediate" actually sold into international markets?

"Light, sweet", (good, easy quality) we're told. But, is there any for sale, much? If not, who cares (except the market manipulators)?

[radfringe]

9. between the oil-fatcats and the wall street economic elitists

they have run out of "golden eggs" and are now eating the goose

[ozymandius]

11. There's something satisfying about watching pillagers eat their seed corn.

Even more satisfying would be watching them eat each other - from a safe distance, of course.

Thanks for the link to opengov. It's on the OP.

:hi:

[radfringe]

15. Glad to pass along the link

other item of interest...

I do a daily "news review" - THE TATTLER
http://www.progressivesplayground.com/dc/dcboard.php?az=show_topics&forum=106

One of the sections is called "FROG MARCH" (about half-way down the page)


Covers stories regarding SED/DOJ/FBI etc investigations...

[UpInArms]

March crude up 67 cents at $34.67 a barrel on Globex

01. March crude up 67 cents at $34.67 a barrel on Globex
8:32 AM ET, Feb 13, 2009

[ozymandius]

6. Toyota cutting US execs' pay, offering buyouts

NEW YORK – Toyota Motor Corp. is reacting to the slump in U.S. auto sales by further cutting North American production, slashing executives' compensation up to 30 percent and offering buyouts to about 18,000 workers.

....

The company said Thursday it will cut production days at some U.S. factories in April — from two to eight days according to the amount of inventory at the particular plant.

Toyota is also instituting a shorter work week at some plants. Affected hourly employees would work eight hours less per two-week period, taking a pay cut with the new 72-hour workweek.

Unionized plants in the U.S. and Mexico will not be affected.

http://news.yahoo.com/s/ap/20090213/ap_on_bi_ge/toyota_cuts

[ozymandius]

8. Obama must find commerce secretary — again

WASHINGTON – Add this to Barack Obama's to-do list: Find a commerce secretary — for a third time.

Republican Sen. Judd Gregg of New Hampshire backed out on Thursday, citing "irresolvable conflicts" with the new Democratic president's policies.

....

The search for a commerce secretary has never yielded a large number of prospective candidates. There were few names batted around before Richardson was announced as Obama's top choice last year. And, when he abandoned his bid in early January, there was little speculation about a replacement until Gregg's name surfaced — a full month later.

....

The New Hampshire senator also said he would probably not run for a new term in 2010.

http://news.yahoo.com/s/ap/20090213/ap_on_go_pr_wh/obama_commerce

---

There was a good discussion about this development in yesterday's thread. Who do you feel would be well-suited to fill this cabinet post?

[radfringe]

13. at this point

I think Obama should be looking OUTSIDE of the political field. Someone with a record of success, NOT connected to wall street and NO TAX PROBLEMS

I don't have anyone specific in mind

FYI:The United States Department of Commerce is the Cabinet department of the United States government concerned with promoting economic growth. It was originally created as the United States Department of Commerce and Labor on February 14, 1903. It was subsequently renamed to the Department of Commerce on March 4, 1913, and its bureaus and agencies specializing in labor were transferred to the new Department of Labor.

The mission of the department is to "promote job creation and improved living standards for all Americans by creating an infrastructure that promotes economic growth, technological competitiveness, and sustainable development." Among its tasks are gathering economic and demographic data for business and government decision-making, issuing patents and trademarks, and helping to set industrial standards.

Operating units
Bureau of Industry and Security (BIS)
Economics and Statistics Administration (ESA)
Bureau of Economic Analysis (BEA)
Bureau of the Census
Economic Development Administration (EDA)
International Trade Administration (ITA)
Minority Business Development Agency (MBDA)
National Oceanic and Atmospheric Administration (NOAA)
National Weather Service (NWS)
Office of Oceanic and Atmospheric Research (OAR)
National Oceanic and Atmospheric Administration Commissioned Corps (NOAA Corps)
National Telecommunications and Information Administration (NTIA)
Patent and Trademark Office (PTO)
National Institute of Standards and Technology (NIST)
National Technical Information Service (NTIS)

[ozymandius]

17. Here's my short list:

(a healthy) Steve Jobs
Robert Reich
Jim Sinegal (Costco CEO)
Yvon Chouinard (founder of Patagonia)

[Hugin]

19. SMW Exclusive! : Be The Commerce Secretary.

It's time to put our money where our mouth is... So, to speak.

First: Here's a description of the duties of the job...

United States Secretary of Commerce

"The United States Secretary of Commerce is the head of the United States Department of Commerce concerned with business and industry; the Department states its mission to 'to foster, promote, and develop the foreign and domestic commerce.'"

From... http://en.wikipedia.org/wiki/Secretary_of_Commerce

And from The US CODE Title 15:

TITLE 15 > CHAPTER 9 > § 313. Duties of Secretary of Commerce

"The Secretary of Commerce shall have charge of the forecasting of weather, the issue of storm warnings, the display of weather and flood signals for the benefit of agriculture, commerce, and navigation, the gauging and reporting of rivers, the maintenance and operation of seacoast telegraph lines and the collection and transmission of marine intelligence for the benefit of commerce and navigation, the reporting of temperature and rain-fall conditions for the cotton interests, the display of frost and cold-wave signals, the distribution of meteorological information in the interests of agriculture and commerce, and the taking of such meteorological observations as may be necessary to establish and record the climatic conditions of the United States, or as are essential for the proper execution of the foregoing duties."

(Ah... Err... Could use a little updating, eh?)

From... http://www4.law.cornell.edu/uscode/15/usc_sec_15_00000313----000-.html

If you feel you aren't up to the Title... Nominate someone you think has The Right Stuff.

[Ghost Dog]

134. Thanks, Prag, that was my question: WTF is your "Commerce Secretary"

(in your 'unfettered capitalist' context) supposed to do (apart from pocket pay-checks and bribes)?

(n/t censoring myself)...

[radfringe]

21. regarding Costco

http://money.cnn.com/news/newsfeeds/articles/marketwire/0473982.htm

Costco Wholesale Corporation ("Costco") (NASDAQ: COST) ("the Company") released the following statement:

In connection with the announcement today by the United States Attorney's Office in Seattle that it has concluded its investigation of the company's stock option practices, Costco Wholesale's President and Chief Executive Officer Jim Sinegal stated: In the Fall of 2006 we voluntarily brought to the attention of regulators issues concerning our option grants and took an accounting charge to correct for errors. We have cooperated with the US Attorney's investigation and have notified them of Costco's commitment to enhancing its compliance program as posted on their web site.

[ozymandius]

22. So Costco was proactive rather than reactive.

They caught the error and headed-off a potentially bruising investigation. Am I reading this correctly? If so, they're all aces with me.

[tclambert]

44. Didn't know the weather was so much a Department of Commerce concern.

I was gonna nominate Tansy Gold, but she's from Arizona. They don't have any weather there. Now, Demeter, she's got weather experience. Ann Arbor sees more weather in a day than Arizona sees in a month.

[Hugin]

48. If you read post #19 one of the duties is ensuring the quality of Congress's wig powder.

Heh... Needs a little Updating in the US Code.

[tclambert]

105. "Wig powder." Good one.

I did like that they specifically have to look out for the "cotton interests."

[Hugin]

110. Yep, those all important 'cotton interests'...

At least they didn't mention tobacco.

Must not have been invented yet in 1790.

[Hugin]

111. Oh, and gotta keep those 'telegraph lines' up.

:lol:

[Ghost Dog]

135. Am I hallucinating here?

but, :rofl:

So much for your sacred laws. Ain't been updated in centuries? Shows how much your PTB care.

(Yeah, I know: 'Brits' (never in writing) too).

On a serious note: in an essentially transatlantic sailing-ship trading economy this makes sense.

[Hugin]

137. I admit I was somewhat underwhelmed when I read it the first time.

If you go look at the wiki page you will find a nice lithograph of the Secretary's official office... Done up in the Victorian Era's finest trappings. Very Baroque! (I doubt there's been an update there either.)

Seriously, I had to read that job description twice. It dumbfounded me.

Maybe, I'm hallucinating as well.

[DemReadingDU]

141. meteorological observations

Did they have weather satellites then?


:eyes:

[Dr.Phool]

142. And that's just in Cleveland in one day.

Like we used to say up there, "Don't like the weather? Stick around, it'll change soon".

Everybody talks about the weather, but nobody wants to do anything about it.

[Tansy_Gold]

52. Regarding Arizona and weather

Actually, Arizona has a wide variety of weather and weather zones. Everything from sub-tropical to alpine. We have blizzards and ice storms, tornadoes and droughts. Right now there's snow up on Four Peaks, which I can see if I walk to the end of the street. A couple days ago we had snow up on Superstition Mountain which is practically in my backyard. And we had hail this week, too.

Arizona is a whole lot more than just desert, and almost none of our desert is "barren."

SO THERE!


Tansy Gold, expecting more rain comin' in this week-end and thinking she's getting really tired of cleaning off muddy doggy feet.

[tclambert]

104. I was Just teasing, Tansy. We once got caught in a blizzard in Flagstaff.

We went to see that large ravine they have up there, and ten inches of snow fell on us. They closed the eastbound and westbound freeways, closed them completely! The southbound was still open and we drove as fast as we could out of there (40 miles in TWO HOURS), until we reached a low enough altitude that the snow was gone. Then we drove normal speed (100 mph (kidding)) back south to Phoenix where the in-laws live (actually, Chandler). It was hot and dry.

The climate bands in Arizona are based on altitude. Turns out Flagstaff is 7000 feet above sea level. Hot, dry desert in the south, temperate deciduous forest to the north, cooler evergreen forest further north, then cold, dry desert even further north. One night we froze our butts off near Meteor Crater (Winslow-ish) watching a meteor shower. We figured, what were the odds of that spot being hit twice? (Answer: exactly the same as anywhere else being hit once.)

Still, here in Michigan, we have a saying, "If you don't like the weather, wait five minutes. It'll change."

[AnneD]

117. Mom is from Peoria AZ....

and she has lived in Mesa and Chandler. We have family all over the state and they were the original non Mormon settlers out there (Randal, Dobson, etc). They originally came from Palo Pinto County in Texas to England. We can trace back to Arkansas and Oklahoma on Dad's side. We pick up Dad's family on the Dawes Roll in the Cherokee Territory but not much past that-just tribal history.

There is plenty of weather in Az. and you get to watch it come toward you. The best to see is lightening strikes in the desert. Rain is not so good but it is great to watch the desert bloom afterward.

[Demeter]

58. Thanks, But I Cannot Handle Paperwork

or politics. It's enough that I haven't killed a fellow board member at the condo association, yet.

[tclambert]

106. Maybe Sonny Elliot.

It's another Michigan joke. He was a comedy weatherman back in the day. If we were going to have frost in the morning and drizzle in the afternoon, he would predict "frizzle."

[Demeter]

121. I Knew Sonny Elliott, I Adored Sonny Elliott, and You, TC Are No Sonny Elliott!

that was a golden age, that was.

[Dr.Phool]

91. I nominate Bill Ayers

He was a Weatherman, and Obama pals around with him.

[tclambert]

107. It happened. I laughed out loud.

Luckily no one else was home.

[tclambert]

108. Bill Ayers is also very knowlegdable about the Earth.

'Cuz he was a terra-ist, doncha know.

[willing dwarf]

56. What about Robert Reich?

On Edit -- oops, I see he's on your short list, so we're of the same mind.

Reading your list, I also like the guy from Patagonia Trading Co. He's got a terrific win-win appraoch to the work place. That would be refreshing!

[MilesColtrane]

114. Robert Reich on the short list?

Where's the rim shot?

[ozymandius]

10. Paul Allen's Charter (Communications) to file Chapter 11

NEW YORK, Feb 12 (Reuters) - Charter Communications Inc (CHTR.O: Quote, Profile, Research) said on Thursday it will restructure its debt under bankruptcy protection, wiping out shareholders, after it reached a deal with senior creditors.

The cable operator, controlled by Microsoft co-founder Paul Allen, said in a statement it would file for Chapter 11 on or before April 1 after it reached an agreement to reduce its debt by around $8 billion. It had debt of around $21 billion as of Sept. 30.

Various debt holders and bondholders will receive a mix of new notes, equity and cash, depending on their seniority. Shareholders will not receive anything for common stock, which will be canceled.

Under the agreement around $10 billion of bank debt will remain on Charter's balance sheet untouched, while the $11 billion held by bondholders will be reduced to $3 billion, people familiar with the agreement said.

http://uk.reuters.com/article/marketsNewsUS/idUKN1246305420090213

[CabalPowered]

139. I don't think Paul is sweating it

While on a business trip last month I saw his superyacht parked in Bonaire. Comes complete with submarine, helicopter (which rolls out of a garage), jet boat, jet skis and god knows what else. I guess he'd been parked in Bonaire for a couple of months.

http://tinyurl.com/0c0p9s">The Octupus

[Hugin]

12. See us in our *NEW LOCATION* at post #19!

:eyes:

haha! Looks like we all had the same thought at the same time.

GMTA!

[ozymandius]

18. See my post #17

Many of those duties sound like anachronisms in today's commercial environment. Since they are still attached to the position then Yvon Chouinard stands out as the person who exemplifies my ideal characteristics for the job.

[Hugin]

24. Now that you mention it...

Another person who would be good is *coff*AlGore*cough*.

Although, an appointment might crimp his style.

Yes, Yvon Chouinard and his...

"Zen and the Education of a Reluctant Businessman" would be good as well.

[ozymandius]

14. German GDP plunges 2.1% in fourth quarter

LONDON (MarketWatch) -- The German economy contracted at its fastest quarterly pace since 1987 in the final three months of last year, government data showed Friday, highlighting fears of a deepening recession for the 16-nation euro zone.

....

Gross domestic product in the single-currency region's largest economy plunged 2.1% on a quarterly basis in the October-December period, the Federal Statistics Office said, sunk by falling exports and fixed-capital formation.

The drop was the sharpest since a 2.5% decline in the first quarter of 1987 and far exceeded economists' expectations for a 1.8% quarterly decline. Compared to the same quarter in 2007, the economy shrank by 1.7%.

The fourth-quarter contraction follows 0.5% declines in GDP in the second and third quarters. A recession is commonly defined as two consecutive quarters of contraction.

....

The figures point to a steeper-than-expected decline in euro-zone fourth quarter GDP, scheduled to be published by the statistical agency Eurostat at 5 a.m. Eastern, economists said. Consensus expectations are for a 1.3% fourth-quarter decline.

http://www.marketwatch.com/news/story/german-fourth-quarter-gdp-plunges-fastest/story.aspx?guid={DB01E465-6285-452F-9A9C-592EBC567924}

[Ghost Dog]

25. Yup. I'll get back with the EuroNews in several hours time

(have to make a trip to the next island and back today)...

http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=f521bb90-6780-4cd2-9a95-17a36db1a212

[ozymandius]

20. Congress Set for Vote Today on $789 Billion Stimulus Package

Feb. 13 (Bloomberg) -- The U.S. Congress is set to give final approval today on a $789 billion economic stimulus package after lawmakers worked out last-minute disagreements over executive compensation and taxes.

The House and Senate have scheduled votes on the measure, one of the most expensive bills produced by Congress. Its expected passage in the Democratic-controlled chambers will hand President Barack Obama his first major legislative victory, sending to his desk a plan for government spending and tax cuts that he and other Democrats have said is needed to help right the economy.

....

One dispute focused on how to restrict executive compensation at companies participating in the Treasury Department’s Troubled Asset Relief Program. Lawmakers agreed to drop one amendment, sponsored by Democratic Senator Ron Wyden of Oregon, which would have required firms to pay back the cash portion of bonuses topping $100,000.

....

House Majority Leader Steny Hoyer, a Maryland Democrat, said the chamber’s members will begin debating the stimulus package this morning and that a vote is likely in the afternoon.

Senate Majority Leader Harry Reid, a Nevada Democrat, said the vote in his chamber likely will occur late afternoon or early evening.

http://www.bloomberg.com/apps/news?pid=20601068&sid=a684J_rOfs0E&refer=economy

[ozymandius]

23. Stimulus Aims Two-Phase Jolt at U.S. With Tax Cuts, Spending

Feb. 13 (Bloomberg) -- The stimulus plan emerging from Congress may jolt the U.S. economy in successive waves: relief to cash-strapped consumers, businesses and states, then a job- creating lift from spending on roads, utilities and public transit.

While the package will take time to have an impact, and unemployment is likely to keep rising for months, it will start returning the U.S. toward growth by the end of the year, economists said.

....

Fair and other economists say the first evidence that the plan is working should be visible in consumer spending and retail sales, which they expect will stop declining around mid-year. The next sign may come in business investment, as companies grow more confident about a pick-up in sales. The final signal of success would be a turnaround in a labor market that has lost 3.6 million jobs since the recession started in December 2007.

....

The bill contains a $400 tax reduction for individuals and $800 for families for this year and next, according to House Speaker Nancy Pelosi’s office. Workers will see the relief in the form of a smaller amount of income taxes withheld from their paychecks.

....

Still, other provisions in the bill will have larger, more measurable effects.

One is money for states, most of which are facing budget deficits. Forty-two states and the District of Columbia have mid- year shortfalls totaling $51 billion this year and projected shortfalls of $94 billion for fiscal 2010, according to the Center on Budget and Policy Priorities in Washington.

http://www.bloomberg.com/apps/news?pid=20601068&refer=economy&sid=aygJM54SPDUE

[Hugin]

26. I'll say it now so as to immunize us when we hear it later.

Looks like they're setting up another "Jobless Recovery". Which as we saw in 2002/2003 is no recovery at all.

Really... This smacks of a "Let's be seen Doing Something and pray there is a recovery (Which there will be a slight one, because people have to eat.) mid-year that we can claim, we and the 'Free-market' system had something to do with..." It's a dive folks. They took a dive.

[Demeter]

28. Yeah, but the Water's Shallow

Lots of broken necks in the forecast.

and yes, I KNOW it comes from boxing, thank you very much.

[Dr.Phool]

41. National Weather Service just issued a flood warning for Washington.

Republican tears will make the Buffalo Creek disaster look like watering the lawn.

[Demeter]

29. Happy Friday the 13th, Everybody!

I don't know why, but this is usually a very good day for me. I think I was born retrograde, in Mercury, at least. Check out the Weekend Economists thread later tonight for leisurely catching up on the big ones that got away, in the Editorials forum!

[Hugin]

30. Hmm... That explains it.

My systematic messing up of the SMW above :blush: and my agitation.

Maybe I should go back to the sack. ;(

[Demeter]

31. It couldn't Be Lack of Sleep, Of course

Nah.

[Hugin]

33. Of course not!

Don't be silly. :silly:

It has to be related to some totally arbitrary man-made system of time keeping and numerology. A horribly flawed time keeping system, I may add.

;)

[Hugin]

35. Market Futures @ 08:00 ET.

DJIA INDEX 7,944.00 +7.00
S&P 500 837.70 +2.30
NASDAQ 100 1,250.50 +5.25

Up (very) mildly.

[snot]

36. If anyone has time, feedback appreciated

on this: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x5043170

(Tryin' to help educate people re- ongoing financial rapes.)

[Hugin]

39. Okay, I threw in my two cents. n/t

[snot]

49. thanks, hugin!

Most of my posts sink, but the quality of recs/replies consoles me somewhat for the lack of quantity.

[Hugin]

37. Stimulus: How it may affect your wallet (CNN)

"Congress has finalized the economic recovery plan. Here's a look at some of the provisions geared at financial relief for individuals."


"By Jeanne Sahadi, CNNMoney.com senior writer
Last Updated: February 13, 2009: 8:05 AM ET

Food stamps and hard choices

More VideosA whiff of deflation

More Videos
NEW YORK (CNNMoney.com) -- Key lawmakers in the Senate and House have reached a compromise on a final economic recovery package.

The new stated topline price tag: $789.5 billion. That's below both the $820 billion House-passed version and the $838 billion Senate-passed version.

The compromises that the House, Senate and White House made have changed the scope of a number of provisions, including those affecting individuals directly. In some cases, they either reduced or expanded a benefit relative to what appeared in the Senate or House versions of the bill.

Here's a look at some of the provisions that will have a direct affect on individuals in their paychecks, on their tax returns, and with regard to their unemployment benefits and health insurance if they've lost a job."


Read on... http://money.cnn.com/2009/02/13/news/economy/stimulus_individuals/

[wordpix]

46. No tax on RV purchases? Gimme a break. Does this help the average worker, promote fuel efficiency

or conservation? NO! :banghead: :puke: The average RV gets about 5-15 mpg, depending on what you have. Why should people who buy them not have to pay tax? (rhetorical question).

"Temporary deduction for car buyers: The bill would let those who buy a new car, light vehicle, recreational vehicle or motorcycle in 2009 deduct state and local sales taxes as well as any excise tax charged in the purchase. The deduction would be available to those earning less than $125,000 ($250,000 for joint filers). Estimated cost: $1.7 billion."

[Hugin]

51. I'm still sorting through it.

But, to me... It looks like a large appropriations bill with the word Stimulus attached to it.

However, it IS a victory for President Obama.

[Demeter]

59. Another Victory Like that, and We Are Undone!

Where is that quote from?


The famous Greek General Pyyrhus once won a battle where he lost half his army in the process. Upon being congratulated for his victory, he said something to the effect of “Another victory like this, and we’re done for.”

http://unitedcats.wordpress.com/2008/07/21/another-victory-like-this-and-were-done-for/

Good column, by the way!

[Hugin]

64. I'm pretty solidly under-middle-class and there's nothing there for me.

:shrug:

But, I'll keep digging...

-Insert manure pile with shovel picture-

There's gotta be a pony in here somewhere.


Well, following Erma Bombeck's advice... When you've got lots of one thing, make something else out of it.

"A Guide to Composting Horse Manure"

"by Jessica Paige, WSU Cooperative Extension, Whatcom County

The Benefits of Composting
How to Make Compost Happen
Composting Methods
Compost Troubleshooting Guide
How to Know When Compost is Ready for Use
What to Do With Your Finished Compost
References
Bin Designs

If you've been stockpiling your manure in a single pile for as long as you can remember, you may have found that if you dig into the middle of the pile, you'll find something that resembles dirt more than it does manure. If this is the case, at least some of your manure has already gone through the decomposition, or composting, process. Manure that has been left uncovered in large, spread out piles will eventually compost. However, this version of composting often creates unpleasant odors because there is not enough air reaching the inside of the pile. These piles also rarely reach high enough temperatures to kill parasites, fly larvae, weed seeds, and pathogens. The following information on composting will help you learn how to compost all of your manure, instead of what's just in the middle, speed up the process dramatically, and help heat manure up to temperatures that will kill parasites, fly larvae, weed seeds, and pathogens."

http://whatcom.wsu.edu/ag/compost/horsecompost.htm

[Demeter]

123. Not to Mention the Horse Flies!

Had a neighbor in NH put live manure on his garden one year--couldn't go outside!

[wordpix]

126. I thought the stym would be about jobs for green energy but I was wrong. Cry

[UpInArms]

38. dollar watch

http://quotes.ino.com/chart/?s=NYBOT_DX&v=i

Last trade 85.949 Change +0.034 (+0.04%)

European Fundamentals Reinforce Fears of Deepening Downturn

http://www.dailyfx.com/story/dailyfx_reports/top_fx_market_movers/European_Fundamentals_Reinforce_Fears_of_1234527238397.html



Fundamental Headlines

• Toyota Offers Buyouts, Ends Bonuses – Wall Street Journal
• Microsoft to Open Stores, Hires Retail Hand – Wall Street Journal
• Rio Tinto fights back over Chinalco deal – Financial Times
• Air France to Cut 2,000 Jobs After EU505 Million Loss – Bloomberg
• Merkel May Nationalize Hypo After Flowers Talks Fail – Bloomberg

EURUSD – The Euro-Zone is expected to face its worst economic downturn since the World War II as the advanced GDP reading for the fourth quarter showed that the economy contracted another 1.5% from the previous quarter, which lowered the annual growth to -1.2% in 2008. Meanwhile, economic activity in Germany and Italian both contracted by the most in at least 20 years as the growth reading for the fourth quarter slipped to -2.1% and -1.8%, respectively. The downturn in the global trade paired with instability in the financial market has certainly dragged on the economy throughout the second half of the year, and the outlook for the euro-region remains bleak as the IMF forecasts the Euro-Zone’s annual rate of growth to contract 2.0% this year. The weakening outlook for growth and inflation should allow the European Central Bank to lower the benchmark interest further next month as fears of a deepening recession intensify, and are likely to hold borrowing costs at the lower level for some time as policy makers attempt to stimulate growth in the ailing economy.
...more...

Euro Pulls Back Post Weaker GDP; Yen Still Offered (Morning Slices)

http://www.dailyfx.com/story/dailyfx_reports/daily_forecasts/Euro_Pulls_Back_Post_Weaker_1234526500273.html

More disappointing data overnight out of the Eurozone with GDP data for the region coming in below expectation. Talk heading into the G7 that FX will take on a more central focus. Euro needs to close above 1.2945 to keep any chances for a recovery rally intact. CTAs on the bid in GBP/JPY. Looking to buy Kiwi/Yen.
MORNING SLICES

FUNDYS More disappointing data overnight out of the Eurozone with GDP data for the region coming in below expectation at -1.5% after analysts had been looking for a -1.3% print. German and French GDP also were weaker while Swiss PPI came in softer down 0.8%. The increased risk appetite into Thursday’s close has carried over into Friday with the markets buying back into carry. Global equities are also higher on the day with some optimism being generated from the potential passage of the Obama stimulus, while others have begun to find comfort with the Geithner bank rescue plan as more details are disclosed. Some analysts however have attributed the recent price action to broad based profit taking ahead of the G7 rather than any real boost of confidence or appetite for risk. There has been continued talk heading into the G7 that FX will take on a more central focus with rumors of specific references to the Yen and Sterling. While talk of excessive Yen appreciation has become customary at this point, talk of the recent Sterling depreciation is certainly more unique. There has been increased pressure out of the Eurozone in particular for the BoE to attempt to take on a more active role in their currency. UK Chancellor Darling will apparently come under attack from various Eurozone officials at the upcoming G7 dinner this evening. Nevertheless, more often than not, any talk ahead of the G7 meetings relating to currency movements usually proves to be a let down, and we have already seen more prominent officials including Trichet and Nakagawa downplay the topic of FX on the agenda. In Asia, there has been more talk of a potential rate cut out from China, while in Australia, the Senate has final passed the A$42B stimulus package. Early Euro gains have been offset following the weaker GDP, and EUR/GBP has once again come back under pressure. On the commodity front, oil has come back a bit up just over 1.00% while gold trades lower down 0.85%. Looking ahead to the North American session, Canada motor vehicle sales (-15.0% expected) due at 13:30GMT, while Reuters/University of Michigan confidence (60.6 expected) is at 15:00GMT.

TECHS EUR/USD continues to be very well supported on dips to the 1.2700 area but will need to break and close back above 1.2945 (Wed/Thurs high/Previous weekly close) to keep any chances for a recovery rally intact. Back under 1.2700 will negate and likely open a resumption of the broader downtrend. USD/JPY price action has been constructive and the pair looks to be attempting to put in a fresh higher low by 89.70 (11Feb low) to be confirmed on a break back above 92.45. Look for a direct retest of 92.45 over the coming session with the market now trading back into the Ichimoku cloud. GBP/USD is looking to put in a bullish reversal day following 3 consecutive down-days off of Monday’s 1.4990 highs. A higher low could now be in place at 1.4135 (Thursday’s low) and this will be the key level to watch below. The 50-Day SMA is just ahead at 1.4635 and there is very little in the way of any resistance to 1.4990 once 1.4635 is broken. USD/CHF continues to chop around in sideways fashion and while the overall structure remains bullish, no real short-term directional bias can be established until a break above 1.1785 or back below 1.1500.

FLOWS German and French bank on the offer in EUR/GBP. Commercial offers taken out on the rally in USD/JPY on Japanese tech and pension fund related buying; exporter offers above 92.00. CTAs on the bid in GBP/JPY. Gold seeing some fund related end of week profit taking.

...more...

[Dr.Phool]

47. Microsoft to open stores?

Viruses R Us.

Kink's Copied.

We Broke it, You Bought It.

[UpInArms]

57. we have entered the realm of very bizarre on that one, haven't we?

here's the poop:

http://www.washingtonpost.com/wp-dyn/content/article/2009/02/12/AR2009021203758.html

Microsoft Plans to Open Stores

Microsoft announced plans to open its own stores despite the economic downturn that has left many retailers struggling. The company hired David Porter, a 25-year veteran of Wal-Mart Stores, as its corporate vice president of retail stores. Porter will be charged with improving the PC-buying experience.

The company said Porter's first task will be to set the timing, locations and design of Microsoft-branded retail stores, which will sell computers installed with Microsoft software as well as other company products.

Reward Offered in Virus Case

Microsoft offered a $250,000 reward for information that leads to the arrest and conviction of the people responsible for launching a virus that infected about 3 million computers over the past two months.

The offer is the most public acknowledgment yet of the damage inflicted by the Conficker worm, which enters computers primarily through a security hole in the Windows operating system.

Microsoft issued a software update in late October to help customers guard against the attack, but officials said Conficker can spread to systems that have already been patched by piggybacking on removable media such as USB drives.

[Demeter]

61. It's not the buying but the owning that frosts me

It's like having a not-yet-housebroken dog.

[Hugin]

63. The BSOD Boutique!

:rofl:

Wait... Wait... I'm formulating a book's worth of jokes on this topic.

It's a gold mine!

Here's the start to one: "If Microsoft ran a store the way they run their software..."

There's also a ton of H1-B related stuff.

[UpInArms]

65. I really liked the part where the Wal-Mart guy was going to run

their BSOD Crock-shops

:hi:

[Hugin]

70. I'm pretty sure the stores will be focused on selling XBox stuff.

Unless, they plan on looking like the Faux Store in the Progressive Ins. ads.

All of the other Game Media retailers will be thrilled to hear of this. :eyes: :hooboy:

[Loge23]

69. A microsoft store?

Will the door get stuck in a half-opened position?
Will we be more vulnerable to viruses when we're in the store?
Will the place just close down in the middle of shopping?

[Hugin]

71. Brilliant!

:rofl:

[UpInArms]

72. and when you leave, will the salesperson say:

"are you sure you want to do that?"

[Hugin]

73. ...

Oh, stop!

Yer, killin' me here!

:lol:

[UpInArms]

74. ...

are you certain?

really really really certain?

well, maybe we'll let you do that...

but you better be really really sure

:hi:

[Hugin]

75. Maybe they'll have to continually Reload and Reboot the Microsoft Stores.

Ah, and the Apple Envy continues.

:hi:

[TheWatcher]

136. "This Store Has Performed An Illegal Operation And Will Be Shut Down."

:)

[Hugin]

138. Haha! Best one yet!

Glad to see you're back TheWatcher!

:)

[Dr.Phool]

93. Go in and ask for an Ipod or Linux.

[radfringe]

90. Greeters at the front door are dressed as paper clips... ? n/t

[UpInArms]

96. grumpy snotty paperclips?

[Hugin]

109. People won't be laughing when a clerk takes their CC and won't give it back...

Stating... "We have to run it through the register every month."

[radfringe]

43. Financial Stability link

http://www.financialstability.gov/

Here, you can find such items as State Street CEO Ron Logue`s signed application for corporate welfare.

http://www.treas.gov/initiatives/eesa/agreements/State_Street_Agreement_Dated_26_October_2008.pdf

The site's existence is now public knowledge.

[UpInArms]

66. OMG!

that was the creepiest thing that I have ever seen!

"the company"??????

and "investor" when referring to The United States of America!!!!

(what happens when I don't want to invest in something's bad assets?)

:faint:

(edited for clarity)

[UpInArms]

50. Commentary: If deflation sticks around, history is clear: It's bad news for all but a few

http://www.marketwatch.com/news/story/The-Spiral-Deflation-brings-bad/story.aspx?guid=%7B4D772178%2DB28C%2D4542%2D84C7%2D22B07866BB78%7D

SAN FRANCISCO (MarketWatch) -- Bargain shoppers, beware. The last time a major economy experienced repeat price cuts across a broad range of consumer goods, the stock market lost 80% of its value and unemployment hit its highest level since World War II.

That was the outcome of Japan's bruising bout with deflation, which crept into the world's second-largest economy in the mid-1990s and didn't let up until 2006.
As unappetizing as it sounds, a U.S. version of Japan's so-called lost decade could be in the works.

A two-year slump in house prices has spread into a broad recession, sapping demand and driving down prices of manufactured items like cars and clothes as well as commodities like gasoline and milk. The consumer price index, the most widely watched barometer of inflation, will likely go negative this year.

<snip>

Regardless of these recent market moves, the Federal Reserve is pulling out all the stops to avoid a replay of Japan's run with deflation or a scenario closer to home -- the slump in prices that accompanied the Great Depression.

The worry about deflation comes from the top. It was Fed Chairman Ben Bernanke's November 2002 speech on preventing Japanese-style deflation that earned him the nickname "Helicopter Ben" for his reference to policy-makers' willingness to air-drop money onto the economy to keep consumer prices rising.

Today's Fed and Treasury intend to shower the financial system with at least $2.6 trillion via bond purchases and guarantees, capital injections to banks and cheap loans to financial intermediaries.

...more...

[Demeter]

62. So What Are WE Supposed to Do about It?

Like we have any power or choice--those with burdensome debt are caught in the trap. Those with dependents are caught in the trap. Those with dreams are dashed to the ground.

We voted for Obama and the Democrats. Repeatedly. Got bupkis for it.

[DemReadingDU]

68. Before deflation gets much worse, what Obama needs to do

There need to be some government programs to ensure the people have jobs, food, clothing, shelter. Basic needs.

The banks don't need any more tax money for bailouts. Instead use the money for the people to have basic needs provided, or else expect civil unrest.

[DemReadingDU]

67. From what I've been reading about deflation

Prices on things do get a lot cheaper, but so many people won't have the money to purchase them, because they have lost their job and don't have any income nor savings, and credit cards aren't accepted.

:(

[Robbien]

77. Stanford International Bank whistleblower has a new post up

It started back in October when my long-lost friend Roberto (I’ll save his last name) called wanting me to help him with his portfolio. I said: “sure I’ll look it over”. He commented that he had a good chunk of his assets in CDs at Stanford International Bank.

I knew the Stanford name. I had heard mention of people holding CDs there. The rates were good. Assumed they could do that because as an offshore bank there was no taxes, no FDIC insurance and they could plow the money into T-bills and high-grade corporate paper and live off the spread.

But it was also mentioned in a murkier sense. People in the financial world have been questioning the deposit rates for quite a while. How could they pay those rates?

So when I went over to the bank’s web site, I was stunned. First, it looked so simple, so unsophisticated. The language used wasn’t quite right. I downloaded the financial statements and to my surprise the “business model” jumped out at me: investing in Stocks, Bonds, Hedge Funds and the like. That’s OK if you’re managing a fund, but not a bank, which is leveraging its balance sheet 15 or 20 to 1. Just a 5% drop in the portfolio, completely wipes out any equity.

“Roberto”, I said, “take your money out YESTERDAY”. He did, albeit slowly, but by December he was out. In the meantime, I found myself lured to the site over and over, my browser would wander to the SIBL and Stanford Financial site and I was googling the words “Stanford International Bank Antigua” over and over.

I saw that the SEC had been investigating since July. “How could these guys not be found out by now?” ANY trained pair of eyes looks at that audited report and says “whoa”.

Then the Madoff case blew, and it became obvious. No one was looking at stuff like this. The SEC had its head up its butt. So I dug deeper and put some numbers on a spreadsheet (took me about 30 minutes). It just got worse. Where was the portfolio? What were they invested in? 20%+ returns on their hedge funds? No way. Outperforming the S&P in stocks? No way. With 30% deposit growth (i.e. money constantly coming in)? No way.

I sat down and wrote “Duck Tales” in January. I showed it to my wife, who didn’t like it much, but was more afraid of my naming names. She didn’t want to see me gunned down by the Jamaican mob or something. A banker friend read it and said, “I agree, but if I were you, I wouldn’t publish that”.

So I sent it to Robert (Toby) Bottome, long time friend and ex-partner at Veneconomy. He said “I love it and just in time for our January issue”. “Do you want to sign it or should we just put Veneconomy Editors” “I’ll sign it”, I said.

There was the question. Why me? Putting my name out there in the firing line. It’s scary. I didn’t want a repeat of my Mercantil experience (nothing really happened) and I certainly didn’t want to get sued. However, it was probably the best. I had nothing at stake. I wasn’t a disgruntled employee, I wasn’t looking for business, I wasn’t plugging my website…heck, Toby didn’t even pay me for the article (LOL). I haven’t written for years, after my InvestAnalysis newsletter with some a little Veneconomy on the side and a brief foray online. Still, people in the financial sector in Venezuela remembered me and I had a ton of credibility with those who remembered. Toby, for his part, is an INSTITUTION in Venezuela and doesn’t take crap from anyone, not even Chávez.

much more . . .
Post 2 by Alex Dalmady-Confessions of a Reluctant Whistleblower Or how the Blogosphere took on Stanford

[DemReadingDU]

79. The SEC had its head up its butt.

So true!

[Brimon]

82. Lloyds/HBOS bad news.

http://news.bbc.co.uk/1/hi/business/7888699.stm

very worrying indeed.

[DemReadingDU]

143. Thanks for sharing

Come back soon

:hi:

[Robbien]

84. So does the MSM

Portfolio has an excellent blog entry about how reluctantly the MSM is doing its job:

Stanford: The MSM's Caution

While it's somewhat heartening to see the MSM pick up the Stanford story, one can't help but be struck by the ultracautious way in which they're doing so. The WSJ, for instance, finally gets on the case today, under the bland headline "Investment Firm Is Probed", buried on page C6. The story is entirely about the regulatory investigations, rather than the widespread belief that Stanford International Bank has to be a fraudulent organization.

Bloomberg, too, is taking the SEC investigation angle: its headlines are "Billionaire Stanford's Firm Said to Face U.S. Probe" and "Allen Stanford Vows 'Fight With Every Breath' Amid U.S. Probes". And the NYT decided to run with "U.S. Agents Scrutinize Texas Firm".

The closest thing to a MSM article accusing SIB of looking fraudulent is the BusinessWeek story -- "Is Stanford Financial's Offer Too Good to Be True?" -- although even that one notably refuses to even mention Alex Dalmady and his thesis on the bank. (The reporter, Matthew Goldstein, did talk to Dalmady, as has seemingly every other major news organization: it's clear they're not ignoring him, but it's equally clear they're hesitant to trust his analysis, or at least to print articles based on it.)

A hint of what's going on behind the scenes can be seen in the Alphaville chat transcript from yesterday. PM and NH are Paul Murphy and Neil Hume, Alphaville editors:



PM: Well, been looking at this SIB -- Sir Allen Stanford story
PM: rather fruity
PM: Anyway -- think we are cleared to publish our stuff now
NH: only taken 12 hours...
NH: for our story we just need sign off from the editor now

Nothing appeared yesterday, beyond a single blog entry reporting what was going on elsewhere in the media. (It did, however, mention Dalmady's report.) Finally, today, the FT pushed forward with a serious article headlined "Cricket fanatic suddenly on a sticky wicket" which features Dalmady's allegations front and center. (To put that timing in perspective, my first blog entry on the subject --which talked about Stanford and Dalmady in some detail -- appeared Tuesday morning.)

When you're dealing with fraud allegations, especially at banks, it's important to be cautious. A single fraud allegation from a reputable source can spark a run on any bank, even if the bank in question is entirely kosher. And I'm sure that next week the story will gain legs. But the MSM would love it if they can pin everything on the SEC or some other regulator -- even the Antiguan regulator would do, at a pinch. They really hate making allegations themselves, or even giving much credence to the allegations of independent analysts like Dalmady. Or Markopolos.

http://www.portfolio.com/views/blogs/market-movers/2009/02/13/stanford-the-msms-caution

Of course the FT waited until slow news Friday to report anything. It is their standard way of hiding the news while covering their butts by saying they covered the story.

[UpInArms]

85. :(

linky no worky

:hi:

[Robbien]

87. Don't know what to say

Cause it is a good link and does work
Here it is again
http://blogs.salon.com/0001330/2009/02/12.html#a4211
and here is the link to the main blog
http://blogs.salon.com/0001330/

And since I've given the site plenty of click throughs testing the link, it is probably okay to go ahead and post the rest of the blog entry:

Off it went. It took awhile to get the magazine out. Production problems, it seems. So it is with print. In the meantime I caught wind of blog raising some red flags about SIB also. A start-up called venepiramides, run by someone who calls himself Bernardo Madoff (LOL). It was good to see I wasn’t alone and at least had an “imaginary” friend.

But there is also a sense of confidence from something that is solid, on paper and can’t change with a click. I sent an electronic copy to family and a few friends. I was expecting some kind of reaction or outroar from Venezuela. The article was reproduced in Descifrado, a local financial “insider” weekly, and the audience grew.

All along, the feedback was the same; nobody questioned my conclusions or asked but what if? The whole thing just made too much sense.

I really don’t know how things played out in Caracas, but I know the article got around. However, the local press didn’t pick up on it. I presume that more than one “investor” made their way to Stanford’s offices to ask for their money back.

The Duck enters the Blogosphere

While the “The Duck” took flight in Caracas, it really exploded once it hit the blogs. Miguel Octavio’s “Devil Excrement” took up the story on Monday the 9th as did Caracas Gringo. Miguel, of course, is a financial veteran, (ex-kooky scientist, like me) so he understood the gist and the details of the article all too well. He came up with some more evidence of trouble in a company named Elandia, where SIBL had to give up control in exchange for not having been able to fund a $28 million dollar loan commitment.

Miguel’s blog entry was quickly picked up by Inca Kola News, a really fine Latin American blog with a sarcastic twist to it. What I liked about the way Miguel and Inca’s takes was that they said: “Here’s this, look at Alex’s report and look at Stanford’s information…decide”

Both blogs get plenty of hits…here from Inca Kola:

“2) So far today this humble blog has had several visits from major newswires, three visits from the US Federal Reserve and one from the SEC, all using combos of “Alex Dalmady”, “Stanford”, “Madoff” etc as keyword entries*. Not to mention all those people from some island called Antigua and plenty from a company called “Stanford Eagle” in Houston. Hi guys, having a nice day?”

The first mainstream reporter to call was from Businessweek. He apparently was working on a Stanford article already, but more from the angle of the “bank excesses” to show how the bank was rewarding its advisors. Bloomberg was next. Also had been working on a story and had other sources.

The next day a couple of more mainstream US blogs picked up the story and things began to get interesting. Felix Salmon at portfolio.com did his homework, read the article and saw it pretty much the same way I (and everyone else) did. That put the mainstream media on alert as well as the arb traders in EMAG, who briefly crushed the stock (it incredibly bounced back).

What I enjoyed the most was a hilarious blog called “I’m Bernie Madoff”. It ran a spoof with Andy Madoff writing to his dad about the deposit they had in Antigua. They linked my article. “Andy” calls me a “another nutcase like that guy Markopolos”. The next day Sir Allen wrote back to Bernie that I was “more ornery than an porcupine in heat”. I’m still ROFL. Although humorous…the blog was dead-on with facts about SIBL.

That took us to Wednesday. The EMAG deal was supposed to close during the day, but before the open EMAG informed that HSSO was telling them that SIBL wouldn’t fund the deal. How can a bank with an $8 billion portfolio NOT find $62 million –twice! You call up your broker and tell them…send it. You don’t have sell a share (or bond). Eight billion worth of securities is a fine collateral. But we sort of expected that to happen. Previously, I even lurked at the EMAG yahoo message board and posted some links to the elandia deal to see if people would “get it” and not lose more money. It was useless; I was insulted off the place.

Clusterstock at businessinsider.com came out with a summary of Felix’s assessment and an unequivocal “Whistleblower Alleges $8 billion fraud at Sir Allen’s Offshore Bank”. Businessweek’s take was a bit lame asking if “Stanford Financial’s Offer was Too Good to be True?” without naming our report, me, Veneconomy or anything else. Our little write-up was only good enough to validate their previous report. I was disappointed (I used to read BW). They did offer me some props later, though. The calls were coming in now. Bloomberg, Reuters, Forbes. I was talking to everybody. Some of the reporters understood what I was talking about. Others might have been a bit out of place.

Bloomberg broke the story early Thursday. Well-documented, they even had another analyst back me up (or me backing the other analyst up either way, it’s good). It was obvious that the story was “in the works”. The Financial Times story on Alphaville was excellent also. The reporter had called me late Wednesday and you could tell she knew her stuff. As the “Caribbean” reporter she knew the political connections of the bank. I sent her my spreadsheet. Why not? It’s about as simple as can be. Like I tried to tell everyone, this isn’t rocket science…it’s COMMON SENSE. Apparently she was shuttled off to Antigua to follow up.

Stanford had no answer to this. Some spokesperson was saying stuff like “it’s only one analyst” or “our clients trust us”. Sure, but how about “Show me the money!” Nothing. Reporters had found me. Stanford had not. Better by me, frankly. Their best strategy is to obviously ignore the “obvious”. If they make too much noise, people will actually look…and that’s not good for Stanford.

I also received a somewhat disheartening call from David Marchant who runs offshorealert.com. He’s gone deep into Stanford for years and gave me the explanation of how Stanford lost his banking license in Montserrat. It’s obvious this guy has a lot of inside stuff. Why aren’t regulators talking to him and guys like him? But he also told me he had spent over $500,000 just to defend himself against crooked offshore bankers. Ouch. It must be hard to know all that stuff and not be able to say it.

As I write this the story gains traction. A reporter just called from the WSJ. I gave her every thing I had, including my dinky little spreadsheet. She has some Venezuelan roots and apparently knows Miguel and Toby, so there is a ton of credibility right there. Reuters called. They’re calling my home phone now…that’s a bit scary.

As this hits the mainstream media, it’s the in the hands of the lawyers. They can decide what goes and they don’t want to step on any toes. Have they been emboldened by the Madoff blowup or do they still want to go with the “official version” and let Stanford skirt the issues? We’ll see.

You have to wonder how deep the rabbit hole actually goes. I don’t know. There’s Stanford Financial Group and then there’s Stanford International Bank. I only know about the latter. How it relates to the former…not sure. Then there’s politics and philanthropy and cricket. This could go anywhere.

The guy from Reuters asked me if I was going to publish anything further. I don’t want to. I really think that inquisitive reporters and analysts from around the world can put two and two together and take it from here. I think I’ve done my part. But this little journal can help. I can get things off my chest and maybe gain some sympathy for the “little guy”.

I have an idea about how this SHOULD end. In my dreams, Stanford gives up and Jon Stewart invites me to the “Daily Show” (which my kids love) and then I can get back to my work. I have a ton of emails to answer and reports to write. In my nightmares, I get dragged into court or the FBI shows up at MY door (understand the paranoia…I’m from Venezuela).

My friend just sent me Sir Allen’s letter to the bank’s clients. They are now retorting on Bloomberg.They appear ready to fight this. Money and plenty of influence against some good ol’ common sense. Not an even fight, I’d say and I wouldn’t expect these guys to fight clean.

But Stanford still hasn’t “shown the money” and that has to be the issue. How do you hide an $8 billion portfolio? How can you have an $8 billion portfolio and not enough liquidity for pre-determined deals/needs? Why can’t anyone answer this easy question?

I wonder what the SEC and the like are doing. It’s really hard for me to grasp that they have been at Stanford since July and haven’t come across those financial reports. Maybe they were building a case and just waiting for the right time to pounce. Hope so.

Great. Got that off my chest. Rant.

[UpInArms]

89. thanks ever sp much!

the first link on this post opened right up for me - maybe the other one was overrun when I tried

:shrug:

:hi:

[Ghost Dog]

146. And his wife is even more angry with him

by now...

[antigop]

86. WSJ: Derivatives Oversight Spurs House Turf Battle

http://online.wsj.com/article/SB123449113017080599.html

The House agriculture committee voted Thursday to give an agency it oversees expanded control over financial products, an opening shot in a congressional turf battle over regulatory overhauls.

President Barack Obama wants to toughen control over Wall Street products blamed for exacerbating the financial crisis, such as the betting on debt defaults that contributed to American International Group Inc.'s downfall. But the effort faces obstacles, among them the traditional bailiwicks in Congress for overseeing regulation.

The agriculture committees in the House and Senate oversee the Commodity Futures Trading Commission, the agency that long regulated agriculture-linked products like soybean futures but has seen its ambit grow to include some financial instruments. Meanwhile, financial committees in both houses of Congress are setting their own plans for a regulatory overhaul.

The House agriculture committee approved a bill by voice vote Thursday that would give the CFTC primary oversight of derivatives that trade outside of traditional exchanges such as the New York Stock Exchange. The bill would limit the role of the Federal Reserve in the oversight.

The bill said over-the-counter derivatives must be cleared through a firm regulated by either the CFTC or, in the case of financial derivatives, the Securities and Exchange Commission. Certain transactions could be excluded, but the CFTC would still collect information on them and impose some requirements

[specimenfred1984]

113. Capitalism is only as good as its regulation

I didn't click on the WSJ link, it's a propaganda rag now.

[Festivito]

88. Debt: 02/11/2009 10,713,124,215,572.20 (DOWN 8,241,576,994.08) (Run of Tinies.)

(Four tiny days for public debt.)

= Held by the Public + Intragovernmental(FICA)
= 6,409,955,329,202.02 + 4,303,168,886,370.18
DOWN 221,760,520.78 + DOWN 8,019,816,473.30

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 306-Million person America.
If every American, man, woman and child puts in $3.27 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.81, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 14 seconds we net gain a another American, so at the end of the workday of this report, there should be 305,782,715 people in America.
http://www.census.gov/population/www/popclockus.html
Currently, each of these American's owe $35,035.09.
A family of three owes $105,105.26. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 33 days.
The average for the last 23 reports is 4,494,158,607.18.
The average for the last 30 days would be 3,445,521,598.84.
The average for the last 33 days would be 3,132,292,362.58.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 16 reports in 22 days of Obama's part of FY2009 averaging -0.47B$ per report, -0.24B$/day so far.
There were 91 reports in 134 days of FY2009 averaging 7.56B$ per report, 5.14B$/day.

PROJECTION:
There are 1,439 days remaining in this Obama 1st term.
By that time the debt could be between 12.7 and 18.1T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
02/11/2009 10,713,124,215,572.20 BHO (UP 86,247,166,659.12 so far since Obama took office.)

Fiscal Year ends: Sep 30
Borrowed in FY1993: (Maybe later.)
Borrowed in FY1994: 281,261,026,873.94
Borrowed in FY1995: 281,232,990,696.07
Borrowed in FY1996: 250,828,038,426.34
Borrowed in FY1997: 188,335,072,261.61
Borrowed in FY1998: 113,046,997,500.28
Borrowed in FY1999: 130,077,892,735.81
Borrowed in FY2000: _17,907,308,253.43 Bill alone
Borrowed in FY2001: 133,285,202,313.20 Bill and George
Borrowed in FY2002: 420,772,553,397.10 All George
Borrowed in FY2003: 554,995,097,146.46
Borrowed in FY2004: 595,821,633,586.70
Borrowed in FY2005: 553,656,965,393.18
Borrowed in FY2006: 574,264,237,491.73
Borrowed in FY2007: 500,679,473,047.25
Borrowed in FY2008: 1,017,071,524,650.01
Borrowed in FY2009: 688,399,318,659.80 so far this fiscal year.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
01/22/2009 -010,383,446,466.83 -
01/23/2009 -000,119,553,441.75 ---
01/26/2009 -001,004,948,620.76 -- Mon
01/27/2009 +000,188,054,837.85 ------------********
01/28/2009 -000,240,130,414.24 ---
01/29/2009 +014,335,901,611.96 ------------**********
01/30/2009 +007,363,512,286.86 ------------*********
02/02/2009 +046,334,807,167.90 ------------********** Mon
02/03/2009 -000,138,225,404.41 ---
02/04/2009 -000,068,491,025.50 ----
02/05/2009 +046,668,131,793.54 ------------**********
02/06/2009 +000,340,839,567.98 ------------********
02/09/2009 -000,572,980,736.98 --- Mon
02/10/2009 +000,388,825,726.33 ------------********
02/11/2009 -000,221,760,520.78 ---

102,870,536,361.17 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008.
US borrowed $1,048,492,412,313.13 in last 146 days.
That's 1,048B$ in 146 days.
More than any year ever, including last year, and it's 103% of that highest year ever only in 146 days.
And it is over 100% of ANY dismal Bush, for any dismal Bush-year, ONLY IN 146 DAYS NOT 365.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3735100&mesg_id=3735162

[Festivito]

127. Debt: 02/12/2009 10,759,196,587,563.44 (UP 46,072,371,991.24) (Fairly big.)

(Four tiny days for public debt, then, today, one fairly big day.)

= Held by the Public + Intragovernmental(FICA)
= 6,453,765,915,043.27 + 4,305,430,672,520.17
UP 43,810,585,841.25 + UP 2,261,786,149.99

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 306-Million person America.
If every American, man, woman and child puts in $3.27 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.81, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 14 seconds we net gain a another American, so at the end of the workday of this report, there should be 305,788,886 people in America.
http://www.census.gov/population/www/popclockus.html
Currently, each of these American's owe $35,185.05.
A family of three owes $105,555.14. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 31 days.
The average for the last 23 reports is 6,495,908,980.65.
The average for the last 30 days would be 4,980,196,885.17.
The average for the last 31 days would be 4,819,545,372.74.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 17 reports in 23 days of Obama's part of FY2009 averaging -0.05B$ per report, 0.06B$/day so far.
There were 92 reports in 135 days of FY2009 averaging 7.98B$ per report, 5.44B$/day.

PROJECTION:
There are 1,438 days remaining in this Obama 1st term.
By that time the debt could be between 12.7 and 18.6T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
02/12/2009 10,759,196,587,563.44 BHO (UP 132,319,538,650.36 so far since Obama took office.)

Fiscal Year ends: Sep 30
Borrowed in FY1993: (Maybe later.)
Borrowed in FY1994: 281,261,026,873.94
Borrowed in FY1995: 281,232,990,696.07
Borrowed in FY1996: 250,828,038,426.34
Borrowed in FY1997: 188,335,072,261.61
Borrowed in FY1998: 113,046,997,500.28
Borrowed in FY1999: 130,077,892,735.81
Borrowed in FY2000: _17,907,308,253.43 Bill alone
Borrowed in FY2001: 133,285,202,313.20 Bill and George
Borrowed in FY2002: 420,772,553,397.10 All George
Borrowed in FY2003: 554,995,097,146.46
Borrowed in FY2004: 595,821,633,586.70
Borrowed in FY2005: 553,656,965,393.18
Borrowed in FY2006: 574,264,237,491.73
Borrowed in FY2007: 500,679,473,047.25
Borrowed in FY2008: 1,017,071,524,650.01
Borrowed in FY2009: 734,471,690,651.00 so far this fiscal year.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
01/23/2009 -000,119,553,441.75 ---
01/26/2009 -001,004,948,620.76 -- Mon
01/27/2009 +000,188,054,837.85 ------------********
01/28/2009 -000,240,130,414.24 ---
01/29/2009 +014,335,901,611.96 ------------**********
01/30/2009 +007,363,512,286.86 ------------*********
02/02/2009 +046,334,807,167.90 ------------********** Mon
02/03/2009 -000,138,225,404.41 ---
02/04/2009 -000,068,491,025.50 ----
02/05/2009 +046,668,131,793.54 ------------**********
02/06/2009 +000,340,839,567.98 ------------********
02/09/2009 -000,572,980,736.98 --- Mon
02/10/2009 +000,388,825,726.33 ------------********
02/11/2009 -000,221,760,520.78 ---
02/12/2009 +043,810,585,841.25 ------------**********

157,064,568,669.25 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008.
US borrowed $1,094,564,784,304.37 in last 147 days.
That's 1,095B$ in 147 days.
More than any year ever, including last year, and it's 108% of that highest year ever only in 147 days.
And it is over 100% of ANY dismal Bush, for any dismal Bush-year, ONLY IN 147 DAYS NOT 365.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3737082&mesg_id=3737646

[Robbien]

94. Under Dubai's strict legal code defaulting on debt or bouncing a cheque is punishable with jail.

Dubai's six-year building boom grinds to halt as financial crisis takes hold

• Expatriates flee as work dries up and visas are rescinded
• Indian workers forced to leave with debts following them home


<snip>

Dubai, one of seven states that make up the United Arab Emirates (UAE), is in crisis.

So too are British expatriates. Many of the estimated 100,000-strong community came here expecting to make millions in property, and to soak up a lavish lifestyle living alongside footballers, actors and supermodels.

But the real estate bubble that propelled the frenetic expansion of Dubai on the back of borrowed cash and speculative investment, has burst.

Many westerners are being made redundant or absconding before the sharia legal system catches up with them.

<snip>

Nowhere sums up the fortunes of expatriates in Dubai quite like Palm Jumeirah, an artificial island fanning out into the Persian Gulf, populated by residents including the likes of David Beckham, Michael Schumacher and even, it is said, Afghanistan's president, Hamid Karzai.

At the top of the island stands the Atlantis, a garish $1.5bn hotel complex with 1,539 rooms and a whale shark swimming in a 1 million-litre fish tank.

The Atlantis's $20m inauguration celebration, where the world's A-list celebrities were treated to 1.7 tonnes of lobster and 1,000 bottles of Veuve Clicquot, was promoted as the world's biggest party.

For Palm residents, it was followed by an equally impressive hangover. The value of their villas and apartments on the Palm fell by as much as 60% in just a few months.

"Drink your last cocktail and get out of here," said Sasha Reynolds, a 33-year-old airhostess. "My boyfriend is an engineer and work has dried up. He's been offered work in Qatar but who wants to go there? People are still making money here but the parties aren't quite the same. I'm lucky ‑ I didn't buy."

The exact number of unemployed is not known. The Dubai government does not release figures, and prevents the press from running stories that damage the economy, such as mass redundancies.

<snip>

In a world of self-made millionaires and property entrepreneurs, some remain bullish. Simon Murphy, 42, runs the exclusive Crest of Dubai social club for Palm residents. "My job is to keep people smiling," he said.

The former hedge fund adviser's apartment is a "boy's paradise". Beside the snooker table and darts board are photos of him beside Richard Branson, Alan Shearer and Pele.

"I have the beach there. My local is that bar a couple of yards away. That's the pier where they're going to dock the QE2. People ask about the whole 'living the dream' scenario? Ain't this it?"

Some people had to lose out, he said. "As they say: eagles fly with eagles. The motivating factor to come here is greed. You have to be selfish, have minimal social responsibility, and want to make money quick. Brits in Dubai are gamblers. It's the nature of the beast that not everyone wins."


more. . . long article but well worth a read
http://www.guardian.co.uk/world/2009/feb/13/dubai-boom-halt

[Ghost Dog]

95. G7 powers converge on Rome as crisis rages

- at Reuters - 4 minutes ago
G7 finance ministers converged on Rome to discuss the economic crisis amid warnings from Germany and Britain on Friday that the world could revert to the dark days of the 1930s if governments resorted to protectionism.

/... http://www.reuters.com/article/marketsNews/idCALD1835920090213?rpc=44

Someone at Reuters waxing a little poetic here, I thought. (Ironic :) )

<snip>

The G7 industrial powers, all in recession or just about, are under pressure to prove they can work together to stop the rot rather than engaging in a "beggar-thy-neighbour" battle where each country fends for itself at others' expense.

"We will have to do everything to ensure history does not repeat itself," German Finance Minister Peer Steinbrueck said.

His British counterpart Alistair Darling said every country had to do what it could to limit the toll of recession but prevent things getting out of hand.

"We must avoid retreating into protectionism...to retreat into protectionism would be disastrous, just as it was in the 1930s," he told reporters on arrival in Rome.

Steinbrueck cited the "buy American" clause in an economic stimulus package the U.S. Congress was due to approve just as the ministers of the G7 -- the United States, Japan, Germany, Britain, France, Italy and Canada -- were meeting in Rome.

One government official, under condition of anonymity, said the joint statement traditionally published at the end of such meetings would renew a commitment to free trade.

Steinbrueck met new U.S. Treasury Secretary Timothy Geithner on arrival in Rome and said Geithner shared the worries about the dangers of protectionism.

...

[Ghost Dog]

98. Euro zone in record Q4 GDP fall, deep ECB cut seen

BRUSSELS, Feb 13 (Reuters) - The euro zone economy saw its deepest contraction on record in the fourth quarter of 2008, data showed on Friday, boosting pressure on the European Central Bank to cut interest rates by 50 basis points in three weeks.

Gross domestic product in the 15 countries using the euro in the last three months of 2008 shrank 1.5 percent against the previous quarter for a 1.2 percent fall year-on-year, the European Union statistics office Eurostat said on Friday.

"Now it's official: the euro zone economy is in its deepest recession since the end of the Second World War," said Christoph Weil, economist at Commerzbank.

...

Economists polled by Reuters had expected a 1.3 percent quarterly drop after 0.2 percent contractions in the second and third quarters, and a 1.1 percent year-on-year decline.

...

Economists said the numbers pointed to a euro zone GDP contraction in 2009 of 2-3 percent. The mid-point of ECB growth forecasts for this year is a contraction of 0.5 percent, with a -1.0 to 0.0 range, but it will release new forecasts on March 5.

...

Eurostat said that in the whole of 2008, the euro zone grew 0.7 percent against 2007, when it expanded 2.6 percent. The 2008 outcome is worse than the Jan. 19 estimate from the European Commission, which put last year's growth at 0.9 percent.

The shrinking euro zone output of goods and services was led by a record weak performance from the bloc's biggest economy, Germany, as well as deeper-than-expected falls in output in France and Italy.

Germany shrank 2.1 percent quarterly in the fourth quarter, France fell 1.2 percent and Italy produced 1.8 percent less in goods and services than in the previous three months. Spain shrank by 1 percent.

The quarterly economic decline in the euro zone was bigger than in the United States, where the economy contracted 1 percent quarter-on-quarter in the last three months of 2008.

/... http://www.reuters.com/article/marketsNews/idINLD37540420090213?rpc=44

[Ghost Dog]

100. Europe shares close up; banks slide on Lloyds loss

LONDON, Feb 13 (Reuters) - European stocks were higher at provisional close on Friday, although well off earlier highs as British banks slid after Lloyds Banking Group (LLOY.L) posted a big loss at its HBOS unit.

The FTSEurofirst 300 .FTEU3 index of top European companies was 0.6 percent higher at 796.12 points at provisional close, after being up as much as 811.45 points.

"The Lloyds statement has led to further devastation across the banking sector. Activity and volumes are very thin today. There is an air of quietness and it only takes one shock to send it down," said Howard Wheeldon, strategist at BGC Partners.

Lloyds slumped nearly 35 percent after it said its HBOS subsidiary lost about 8.5 billion pounds ($12.28 billion) last year, while its Lloyds TSB unit made a profit of about 1.3 billion pounds.

"The market doesn't like the fact that in a period of a month the corporate losses (at HBOS) are twice what they had announce," said Mamoun Tazi, analyst at MF Global.

Barclays (BARC.L) lost 4.8 percent.

Energy stocks were the top risers on the index. French energy group Total (TOTF.PA) gained 1.3 percent and Royal Dutch Shell (RDSa.L) rose 1.9 percent as crude CLc1 gained more than 5 percent to trade just under $36 a barrel.

Across Europe, the FTSE 100 .FTSE index was down 0.5 percent, Germany's DAX .GDAXI was up 0.1 percent and France's CAC 40 .FCHI was 1.1 percent higher.

/. http://www.reuters.com/article/marketsNews/idCALD84750920090213?rpc=44

[Ghost Dog]

99. Bad eurozone data, protectionist fears set G7 tone

Fri Feb 13, 2009 8:21am EST
LONDON, Feb 13 (Reuters) - Protectionist worries and dire figures from a shrinking euro zone economy set a gloomy tone for a G7 meeting on Friday where finance leaders will focus on tackling global recession and setting new market rules.

...

Germany and Japan said concerns about protectionism would also be raised, focusing on a "Buy American" clause in the U.S. stimulus plan.

"For the United States and Europe, who have been pushing for open markets, or any other countries to resort to protectionism under current circumstances would be, I think, absolutely wrong," Japanese Finance Minister Shoichi Nakagawa said.

...

As the crisis hits profits and jobs, governments are coming under pressure to defend domestic workers and industries.

Britain has seen wildcat strikes against the use of foreign labour. France suggested last week its car makers should move plants back home from the Czech Republic. Together with Italy, Paris has also announced aid to its auto firms on condition they keep domestic plants open.

Both countries should have their stimulus packages examined "very intensively" by the European Commission, the chairman of euro zone finance ministers, Jean-Claude Juncker of Luxembourg, told German newspaper Der Tagesspiegel in an interview.

...

The eurozone economy saw its deepest contraction on record in the fourth quarter of 2008, shrinking 1.5 percent against the previous three-month period and piling pressure on the European Central Bank for a half-point rate cut in three weeks' time.

German GDP fell 2.1 percent quarter-on-quarter, the worst decline since the country's unification in 1990.

"The economy is now in its worst postwar recession...There can be no talk of economic recovery for now," said Alexander Krueger of Bankhaus Lampe.

French gross domestic product fell 1.2 percent in the fourth quarter of 2008. Economy Minister Christine Lagarde predicted a contraction of more than 1 percent in 2009.

Italy's economy shrank by a quarterly 1.8 percent in the last three months of 2008, the steepest drop since 1980. Among newer European Union members, Hungary entered recession in the fourth quarter and Estonia saw GDP dive 9.4 percent year-on-year, its worst performance ever.

/... http://www.reuters.com/article/marketsNews/idINSP5537420090213?rpc=44&sp=true

[Ghost Dog]

101. Ok. Thanks for the EuroNewz, GD!

The inter-island ferry didn't sink this time, then.

- No problem, GD. Nah, the storm's all blown out now, in fact the sea was calm, the sun shining with all its might.

- And, I think the best of the Yanks around here over there realise by now they're not the only ones

in deep shit (and vice-versa).

Ed. Missing TC so far today, though. Found or forced to work? :hi:

( http://www.fknnewz.com/recent/ ) <- jokes

[Dr.Phool]

103. Screw them. You want to see heads on a pike?

Try building a bridge in Cleveland, using imported steel. Especially when the bridge spans a valley with 2 idled steel mills.

[Ghost Dog]

118. Right. Obviously.

Same here, except, Brits as always apart, "Old Europe" at least still seems to understand that

solidarity is strength. And, I mean, as far as I can see, at young grassroots street level.

(I repeat: UK and perhaps some Eastern European newcomers apart).

BTW, I'm not happy, if this is in fact the case, at this level, that we seem to be back to G7 here this time - rather than G7+1 or even G8 (ie. without Russia).

Fuck that also. Look more to G20, G22, G22+, G24 or whatever at least..... (G40?)..... Precisely in the context of somehow managing, in the present context, a rapid unwinding of "globalisation", a recognisation that much only more localised economies (essential production/consumption trade flows) can make ecological/economic sense.

Come on. History moves on. Both industrial and post-industrial revolutions have by now been exported far and wide. Now will have to follow: further (out of our hands) social (and intellectual) revolutions, worldwide.

And a good, although no doubt cruel, thing too.

It's called: Enlightenment.

PS.: Sorry if I sound somewhat incoherent - I may have had two too many vodkas on the boat.

http://www.youtube.com/watch?v=NE1ijoIxMo0

[Dr.Phool]

120. Why you [insert expletive]! I'm all out of vodka.

I guess it's time to jump on the scooter, and ride to the liquor store.

But first, I remember back during the mid-70's, being laid off. My railroad serviced and switched the old Republic Steel (LTV). We were all unemployed, as were the steelworkers, because Ford and GM were importing all this cheap Japanese steel. We weren't too happy about that.

[Ghost Dog]

129. Uh huh.

I lost my position/future as a supposedly elite IT worker that way also. I'm not talking about materials, I'm referring to ideas (and hard, hard brain-fucking life-dominating work). For other reasons we've now got, my friend/lover and I (notice sexual ambguity: that's new - I'm male, she's female, but there are are only historical/cultural, not genetic, I understand, reasons why not otherwise, if you need to know), too much relatively unemployed (small-scale) wealth/capital. So? What's new (post-British empire still wants to rape y'all?)? Where to put it? (I don't ask, FT-style, ¿How to spend it?). I never fancied much being a worker, on those terms, anyway.

Into guillotines, maybe.

I used to want to be a poet. Of course I wrote poetry. A sound, low, stretched with an easy stickiness/ the painted wake proceeds to streak the darkness of the upper night... I'm just reading/writing mostly prose now, nothing approaching, for example, Tansy's or Demeter's or UiA's or many others' so-spontaneous level, attempting to cultivate my disorganised perhaps crazy talent and the local island (we're all immigrants) community.

By "we" I mean us, the terrestrial biosphere: life on earth. Not, like, me myself, soon to die, a moment.

We are not alone. You are not alone. What's more, supposedly advanced industrial/post-industrial digital/post-digital (not yet) societies simply cannot live alone, these days. Not even USA. It's a complex interwoven, and increasingly fragile, web.

Sure, a few of us could survive, returning to some kind of warlord/banker/priest-dominated feudal or even pre-feudal system. Especially the super-rich who will always be able to enslave others... for a while.

And, sure, we're too many and (in some parts) too sicko, but

There used to be something new, enlightened, worthwhile?

Otherwise, back to something post-like (terribly beautiful): http://www.youtube.com/watch?v=C2AfqVNs_50&NR=1

Om.

Fuck it I'm dropping out of this internet chat stuff soon, i reckon (I'm 55 this year: no kids, a fine life-partner but it's not enough). :) :hi: :smoke: (new batch of highly-selected feminized seeds arrived from Amsterdam today (males will come from my own stock, when I choose); sun's shining, rain recently fell and I've a pile of compost ready).

Hmm. It says here now 2001 Rioja Reserva. Smooth. Deep. Red.

What was that? We don't need to legalise marijuana to change the world. We just need to eliminate the criminals. en veritas vino.

Fuck. This is why it's better to smoke rather than drink. The music still sounds great, though, and the ideas flow.

(Edit to get the link right).

[UpInArms]

97. Does anyone else remember Jack Welch's Perks?

http://74.125.95.132/search?q=cache:mTnOzkNjmQAJ:www.ibmemployee.com/PDFs/NYT_Welch.pdf+%22jack+welch%22+ceo+compensation+divorce+general+electric&hl=en&ct=clnk&cd=5&gl=us&client=opera

General Electric has reported that Mr. Welch's total compensation, including bonus and salary, was $16.7 million in 2000, his last full year at the company before his retirement last September. It has also
said that he will remain a consultant to the company on a retainer of $86,000 a year and will continue to have access to G.E. services and facilities.

But it did not disclose the value and the details of his perquisites as chief executive that will apparently continue through retirement. Along with access to corporate aircraft, mentioned previously in company footnotes, the documents filed by his wife, Jane, describe his use of a Manhattan apartment owned by
G.E., floor-level seats to the New York Knicks, courtside seats at the U.S. Open, satellite TV at his four homes and all the costs associated with the New York apartment, from wine and food to laundry, toiletries and newspapers. The privileges, down to certain dining bills at the restaurant Jean Georges in
the Manhattan apartment building where he lives, have continued even in retirement, the court papers indicate, without placing a value on them.

<snip>

But people who specialize in corporate governance and compensation said yesterday that they were taken aback by the long list of benefits, though they had known about the corporate aircraft, for example.

<snip>

The G.E. proxy statement for 2001 states that the company will provide Mr. Welch, who remains a consultant to the company, with "continued lifetime access to company facilities and services comparable to those which are currently made available to him by the company."

The company provides few details about what those services are. The document did not list any personal use by Mr. Welch of corporate aircraft last year, though it did quantify aircraft use by other executives.

There is no mention of sports tickets or restaurant meals or the G.E.-owned apartment on Central Park West, which the court documents value at about $80,000 a month.

According to the court papers, the subsidized benefits include a car and driver for the Welches, and the communications and computer equipment at the Manhattan apartment and at their homes in Connecticut, Massachusetts and Florida. G.E. pays for security personnel when the Welches travel abroad.

Mrs. Welch states that G.E. was paying for V.I.P seating at Wimbledon, a box at the Metropolitan Opera, a box at Red Sox games, a box at Yankee games, four country club fees, security services in all four homes and limousine services while traveling. Because of his relationship with G.E., Mr. Welch and his wife also got discounts on diamonds and jewelry settings.

Gary Sheffer, a General Electric spokesman, pointed last night to Mr. Welch's consulting agreement with G.E., which pays him at least $86,535 annually for his first 30 days of work, with a payment of $17,307 for every additional day.

[ozymandius]

128. What human being is worth that much?

Anyone new to this planet might think he started the damned company.

[Karenina]

130. Think he pays tax on any of that?

:rofl::freak::rofl:

[DemReadingDU]

131. guess we would find that out, if Welch is nominated for a cabinet position!

:eyes:

[tclambert]

112. Is it 3 o'clock already? The DJIA just jumped into the green.

Nope. It's only 1:52. Whuh happened?

[specimenfred1984]

115. Bonds close early, corrupt Fed pumped it early

The move looked identical to all the "fairy" moves.

[Robbien]

116. CNBC was ecstatic to get the word about foreclosures

being stopped for a while and are attributing the turnaround to it.

Streeters happy that people aren't being thrown out of their homes? Hard to believe.

[Dr.Phool]

119. Next month they'll be squawking.

Foreclosures are down!!! We've bottomed out!!!! Buy! Buy! Buy! Buy!!!!!!

Bankers don't want to foreclose, and be on the hook for property taxes for years. Not to mention that a lot of places are forcing them to maintain their properties.

A woman I know, has a condo over around Lauderdale somewhere, hasn't made a payment on it in over a year, and told Countrywide-BOA to foreclose on it 6 months ago, and they won't.

[tclambert]

124. Ding, ding, ding, ding, ding.

Fell asleep for a little while there, Ghostdog. Though I did get called in to work, by mistake as it turned out. Still earned a few dollars. Maybe I'll save them. They might be worth something one day.

So, 4 o'clock, where are we? DJIA down about 1%. S&P down about 1%. Nasdaq down about half a percent. I can remember when the Nasdaq was around 5,000. It was back when the plump guy was Prez. Maybe skinny guys aren't good for the market.

"Let me have men about me that are fat;
Sleek-headed men, and such as sleep o' nights.
Yond Cassius, uh, I mean, Obama, has a lean and hungry look;
He thinks too much: such men are dangerous."

Way too many people who think too much on SMW. Keeps 'em awake at night.

[tclambert]

125. What I'm sayin' is, he needs more pie.

[Ghost Dog]

145. Lean and hungry?

Looks pretty well-fed to my eye.

:) :hi:

[TheWatcher]

133. "Thank God It Passed!!!!!" 2.0

First of all, I wanted to Thank those for their kind words of concern when last I posted. It turned out I had a really nasty Gastrointestinal Virus, and I was out of commission for about a week. Then we lost one of our Cats to Cancer, to add much insult to injury. He was only 3 years old, and he had to leave us because of untreatable Cancer in his cheek. It was a very difficult loss. :(

After another week of watching the Market's controlled, managed bleed out all over the floor of what is left of our country, and watching as most of the Nation stares like Deers in the Headlights of an oncoming Escalade, I think I have resigned myself to the fact that perhaps there is no respite from the ultimate consequences that are likely to manifest in the current environment.

If there is one benefit the Market has provided over the past month, is now those of us who are awake can see the blatant Official Sector Manipulation and Price Management of this Rigged Casino of a Market.

For the first time, you can really see how blatant this is, and how artificial and managed the Markets really are. Nowhere was it more evident than yesterday at 3:14 PM. Reuters put out a Magical Rumor Cover Story, and just like Magic on so many other days like this, the Market had a 240 Stick Save Rally from the lows. It was still slightly down for the day, but of course the Happy Cathode Propagandists were ready with the "Stimulus' Rumored Contents Saves The World" Stories for the Hapless Sheep to drink in and get good and numb with feel-good delusion.

Now, never mind that the same Rumor that The Stimulus was going to Pass story from just TWO DAYS before sent the Market reeling 350 Points in the other direction.

And for all of those who have been actually CHEERING on the obvious artificial manipulation of the Markets, acknowledging the obvious but saying it's good because it's preventing a meltdown, here is a little Pop Quiz for you.

Where was the Market on January 2nd?

8725.10

Where is the Market now?

7850.41

Now, I'll ask those same people the obvious question. WHAT GOOD HAS THE ARTIFICIAL MANIPULATION OF THE MARKETS DONE FOR YOU? For the Economy As A whole?

The sound of Crickets and glazed over looks of confusion that would most definitely follow such an inquiry speaks more Volumes than a Complete Set of Britannica Encyclopedias.

The sad fact of the Matter is, the system has collapsed. The Banks are insolvent, the whole House Of Cards is in the process of cascading down. For those that actually are awake and not drunk from spin and propaganda, there really is nothing that prevents us all from concurrence on these notions.

There is only the ILLUSION that everything is still completely functional, an Illusion that is projected to the Public tirelessly every day through constant Spin, Propaganda, and rigorous Perception Management.

I've said it before and I will say it again. There IS NO MARKET. There IS NO REAL, TANGIBLE INVESTMENT. There is only Price Management, Price Adjustment, and Artificial Management. Our Economy functions not on Fundamentals, Technicals, or any Base or Foundation of Real Growth, but on Psychological Manipulation, Rumor, Innuendo, Spin, Propaganda, and Perception Management.

Real Economic Growth Cannot Happen Or Exist in a Completely Artificial Environment. PERIOD.

And for those who continue to giggle and snicker, put fingers in their ears, and Shout "Conspiracy Theorist Alert! Nothing Exists! Nothing Is Real!" And Razz us like 8 year-old children at Recess, I simply give up. You win. Everything is exactly as you perceive it to be. Praise Marty Moose.

For those willing to be sober, here are the simple questions:

How in the world can you have a real recovery, with real growth and a strong foundation for a solid economic movement forward when the entire economic environment is artificial and rigged?

How in the world can you have a strong recovery with an all but disappeared manufacturing base and an artificial service based environment?

How in the world can you have a real recovery and economic evolution when those who are responsible for getting us here in the first place retain Mafia like control over the system itself, with no fear of suffering accountability or consequences for their actions?

Question for the drooling masses: What in the world makes you think that those who are posing as your "Saviors" are going to do ANYTHING to help you,the economy, the country, or the greater good of ANYTHING, when they have been feeding off you like Parasites and Predators for at least the past 150 years?

A Scorpion's Nature is consistent and does not change. What makes you think YOU are going to be the frog that gets across the pond with him on your back without perishing?

None of this is Rocket Science. None of this is difficult or too complex for even a 10 year-old to get the basic gist of. Perhaps the Public is so married to it's delusions they simply cannot help themselves. Perhaps some of them, like any addiction, are addicted to being conned. They love the shiny glint and sheen of spin, false hope, and empty promises. Like Moths to the flame, they simply cannot resist.

Again, I cannot stress enough how important, relevant, and useful this thread is to this Board every day. It's basically the only place on DU I even bother to post anymore, because it is the only oasis of sanity and reason left I can find.

One more thing I would like to address is the disturbing Blind Faith that so much of the country is putting in the newly minted administration, especially on matters of the economy. Even on DU, I have watched with horror as even reasonable questioning of policy has been met with Blind, unquestioning hostility, as if even the mere inquiry of such is blasphemous heresy.

Does no one find it Ironic that just a few months ago, when Stammerin' Hank told Congress and the country, "If you do not do this, The Sky Will Fall.", there was plenty of outrage to be found when that gun was put to our heads.

But then, a few weeks before he took Office, and just a few days ago, our new President did THE EXACT SAME THING. And this time, those who were outraged were told to be silent and fall in line.

:wtf:

What is WRONG with people? The first Bailout did not work, turned out to be 8.5 Trillion into a Black hole instead of 800 Billion, EVERYONE completely lied about how the money was spent, and then calmly and smugly told everyone not even CONGRESS was allowed to know how it was spent.

And now with the "Magical Stimlus", the newly minted "Magic Beans" that will supposedly Sprout a Beanstalk to Recovery and Prosperity, we have apparently been HAD AGAIN.

I hate to break it to the rest of the country, but this new scheme WILL DO VERY LITTLE TO NOTHING TO SAVE THE ECONOMY.

And for those of you who have diligently read the actual bill itself, YOU should be in Congress, because YOU have done your Representatives JOBS that they FAILED to do. It has come out that they didn't even SKIM over the Bill, much less READ it.

Bottom Line. Nothing Has Changed. And Nothing Is Likely to.

I just don't understand how ANYONE can think that a recovery is possible within 6 months to a year, with all the news that has come out, and with things steadily getting worse. Trust me, we HAVE NOT SEEN THE WORST YET. Not by a longshot. And this is just based on what we are being TOLD. Knowing how managed everything is, I can only imagine what we AREN'T being told, and how dire things REALLY are with The Banks.

This is NOT JUST a US Problem. This is GLOBAL. Entire COUNTRIES are going Bankrupt. There is MASSIVE unrest going on all over the world, as it appears that people outside the Blissful Bubble of American Delusion have had enough (Iceland, Greece, France). There is so much that is NOT EVEN being REPORTED in this country, because they have us well managed with Junk Media that numbs us to the bigger realities around us. Take one visit to the Yahoo front page for a text book example of this.


The American Economy, for all intense and purposes is FINISHED for the time being. I do not want this to be true. I am not wishing for the worst. I am not reveling in some "Doom And Gloom Fantasy", and neither is anyone else who is speaking up through the Spin.

What I am doing is looking realistically at the circumstances and the environment which I currently find myself.

Unfortunately, it would seem most of the rest of the country would rather drink the Feel-Good Kool-Aid and stay Married to the con.

As for me, Thanks but NO THANKS. I'm not thirsty.

The hairs on your arm will stand up.
At the terror in each sip and in each sup.
Will you partake of that last offered cup?
Or disappear into the potter's ground?
When the man comes around.....

-Johnny Cash

[DemReadingDU]

140. I'm with you

Here are my simple answers to your questions...

How in the world can you have a real recovery, with real growth and a strong foundation for a solid economic movement forward when the entire economic environment is artificial and rigged?
Answer: you can't.

How in the world can you have a strong recovery with an all but disappeared manufacturing base and an artificial service based environment?
Answer: You can't.

How in the world can you have a real recovery and economic evolution when those who are responsible for getting us here in the first place retain Mafia like control over the system itself, with no fear of suffering accountability or consequences for their actions?
Answer: You can't.

Question for the drooling masses: What in the world makes you think that those who are posing as your "Saviors" are going to do ANYTHING to help you, the economy, the country, or the greater good of ANYTHING, when they have been feeding off you like Parasites and Predators for at least the past 150 years?
Answer: They aren't, they are looking after themselves.

A Scorpion's Nature is consistent and does not change. What makes you think YOU are going to be the frog that gets across the pond with him on your back without perishing?
Answer: Impossible. Lose the scorpion. Then work with other like-minded frogs to cross the pond or whatever.
*******

In other words, what is to come, is something very few of us alive today, have ever experienced. Life as we know it, for the next 20 years, is going to be changing, not necessarily bad, but different for all of us. People are going to need to be more interactive, share things, and help each other in our neighborhood, and especially our families.

I posted something yesterday what I have been reading, and preparing.
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3735100&mesg_id=3735254

P.S. Glad you are feeling better. Really sorry about your cat. It is sad to lose a family pet, and takes awhile to get thru the emotions.
Thanks for your writings, we missed you!

[Dr.Phool]

144. You've pretty much said it all.

And I can't disagree with any of it.

I was watching an interview with Joseph Stiglitz on TPM today. He said the banks are insolvent. And there is no political will to fix it. I harbor no illusions about the future. We're fucked. The only thing we can do now, is prepare as best we can. And drink.

All the pillars that support our society are collapsing. Jobs, wages, health care, education, housing.

And again, you're dead-on. It's global and unrest is rising around the world. I believe the reason they delayed digital broadcasting just because yo can't take the masses opiate away in times like these.

Glad you're feeling better.

Thank God it passed!