Friday Open Thread

by Jerome a Paris
Fri Jan 9th, 2009 at 11:27:57 AM EST

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What?  Is.Nobody.Doomed today?

Skennah Kowa
by Crazy Horse on Fri Jan 9th, 2009 at 11:35:07 AM EST
I.am.doomed

So much to do, so little time before my move...

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith

by Migeru (migeru at eurotrib dot com) on Fri Jan 9th, 2009 at 11:36:22 AM EST
[ Parent ]
You know i can commiserate, directly... it's still ongoing.

Skennah Kowa
by Crazy Horse on Fri Jan 9th, 2009 at 11:41:44 AM EST
[ Parent ]
Don't know yet. :-)

Btw. Crazy Horse, I just found a note from Paris that I was supposed to mail you some information - however, I think I never done so and i do not find your e-mail adress, did I ever get it?

I do remember that your were interested in this. If you want more information you can send me a mail to my adress below. I also think there was something else I was supposed to mail you - sorry, about forgetting it. :-D

by Fran (fran at eurotrib dot com) on Fri Jan 9th, 2009 at 11:43:30 AM EST
[ Parent ]
Sure don't remember anything about Photoreading, or even the books listed below.  But i'll shoot you an email so you have my coordinates.

Skennah Kowa
by Crazy Horse on Fri Jan 9th, 2009 at 11:48:01 AM EST
[ Parent ]
Do you remember when George Bush One seemed as bad as it could get ? If only we could have told Bill Hicks (video)

Every time I'm here something weird happens. This time Bush lost. Cool.
People ask me where I stood politically you know. It's not that I disagree with Bush's economic policy or his foreign policy. But that I believe he was a child of Satan here to destroy the planet Earth.
Yeah, I'm a little.. a little to the left there, I was. I was leaning that way.
Yeah you know who else is going, little Quayle boy. Little Damien.
Is that guy Damien? Tell me those blank empty eyes aren't gonna glow red in the very near future.
[eyes roll back in head]
Stop making jokes about meee. Nrrr. I'll spell potato any fucking way I want. Nrrrr.
Rioters in LA, let's nuke them.
Bush was a pussy Nrr
He held me back.
Frightening people man. Bush tried to buy votes towards the end of the election. Goes around, you know, selling weapons to everyone, getting that military industrial complex vote happening for him. Sold 160 fighter jets to Korea and then 240 tanks to Kuwait and then goes around making speeches why he should be Commander-in-Chief because, "We still live in a dangerous world."
Thanks to you, you fucker!
What are you doing? Last week Kuwaitis had nothing but rocks!
They're arming the fucking world man. You know we armed Iraq. I wondered about that too, you know during the Persian Gulf war those intelligence reports would come out:
"Iraq: incredible weapons - incredible weapons."
How do you know that?
"Uh, well... We looked at the receipts Haar."
"Ah but as soon as that cheque clears, we're going in."
"What time's the bank open? 8? We're going in at 9."


keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Fri Jan 9th, 2009 at 11:49:32 AM EST
with the second Bush, he suddenly seemed so relevent all over again.

Give a politician an inch, and he'll think he's a ruler
by ceebs (bunchofwankers (at) gmail (dot) com) on Fri Jan 9th, 2009 at 11:53:42 AM EST
[ Parent ]
In a quite moment in Norway over Christmas I read this article by one Jorge Heine re

The World in 2025

where the author leaned heavily on the recent National Intelligence Council Report

Global Trends 2025: A Transformed World

I was moved (wine had something to do with it) to write to the Gleaner that I thought Heine, like the NIC, is missing the biggest trend of all, to wit, the direct connections of the Internet.

I forgot all about the LTE until someone from Jamaica approached me out of the blue on Facebook.

When I googled appropriately I found....

Jamaica Gleaner News - The world in 2025 - Letters - Tuesday | December 30, 2008

The Editor, Sir:

I read with interest Jorge Heine's article of December 21 and would like to raise a couple of points in response.

Heine entirely ignores what is probably the most important trend in the past 200 years. This is the direct "peer-to-peer" connection and accelerated in recent times by the pervasive spread of the Internet and related communications.

This connection is already making conventional transaction-based business models obsolete and leading to a move to service provision instead.

The music industry - in which Jamaica is a fine participant - was where this process began.

Where music leads, so will finance follow, particularly in nations without the barriers to entry of First World nations, and huge legacy investment in obsolete infrastructure and business. In Kenya, for instance, we currently see mobile payment subscribers being added at a rate of 15,000 per week.

Jamaica is well placed - with a little lateral thinking - to leap past the moribund global financial system to new, networked and 'peer-to-peer' forms of credit and investment using legal frameworks which are neither public, state nor corporate, but a new alternative based upon partnership law.

My advice to Jamaica is: do some lateral thinking and ignore conventional solutions.

I am, etc.,



Modern conservatives engage in one of man's oldest exercises in moral philosophy: the search for a superior moral justification for selfishness.Galbraith
by ChrisCook (cojockathotmaildotcom) on Fri Jan 9th, 2009 at 12:50:08 PM EST
you and Solveig laughing from here (; as you get into the 120 page (LOL) document by the "National Intelligence" Council,  :D)  read the preamble and go into the "acknowledgements", (ROFL) where every proper name makes the taxpayer-cost machine go ´kayching´.  

I admit I had a nice Ribera del Duero wine with lunch, but I´d need to get comatose to get past page 6, even if page 2 is ´intentionally left blank´.

I can appreciate your LTE because Jorge Haine seems thoughtful, but must be bored out of his gourd, to find something mentionable in another usg oxymoron-boondoggle.  

Save Jamaica!

Our knowledge has surpassed our wisdom. --Charu Saxena.

by metavision on Fri Jan 9th, 2009 at 03:18:46 PM EST
[ Parent ]
I have achieved nothing very useful today. Snow is piled up on the car, but a thaw for the next few days might save me the chore of scraping and brushing - if I just sit tight.

Found the owner of a pair of women's boots left here over Yule. No scandal involved. Halved my email backlog. Was awarded a bottle of cognac for giving someone a slogan that went on a T-Shirt for a company. Heard one of my clients is cutting down their marketing budget. Watched Mock the Week on Youtube. Rancho Triloqvisto is quieter than a turkey farm on Boxing Day.

You can't be me, I'm taken

by Sven Triloqvist on Fri Jan 9th, 2009 at 12:53:53 PM EST
Rancho Triloqvisto is quieter than a turkey farm on Boxing Day.

I get a very strong sense of snuggling down in front of a warm fire smugness rolling off the screen as I read that.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Fri Jan 9th, 2009 at 01:05:23 PM EST
[ Parent ]
It's not a fire, it's a Panasonic heat exchanger that blows warm air around the stockinged feet. Other than that you're right.

I'm going to watch more Peep Show on DVD and slowly sink into depravity...

You can't be me, I'm taken

by Sven Triloqvist on Fri Jan 9th, 2009 at 01:15:35 PM EST
[ Parent ]
and slowly sink into depravity...

how much further is there to go? ;-)

Give a politician an inch, and he'll think he's a ruler

by ceebs (bunchofwankers (at) gmail (dot) com) on Fri Jan 9th, 2009 at 01:18:21 PM EST
[ Parent ]
Oh you don't know the half of it....:-)

You can't be me, I'm taken
by Sven Triloqvist on Fri Jan 9th, 2009 at 01:59:21 PM EST
[ Parent ]

Hat top to ZarkSeven:

This strip has been circulating around for the past couple of days.  You mainly see people attribute it to being 15 years old, but I haven't found an actual date for it.  Given that Bill Watterson published the last Calvin and Hobbes strip 13 years ago tomorrow, the 15 year attribution could be correct.  In any case, it sure echoes the financial crisis of recent days. ...


Truth unfolds in time through a communal process.
by marco (cowannar at gmail punkt com) on Fri Jan 9th, 2009 at 01:09:54 PM EST
Arg, why oh why did I give away all my Calvin and Hobbes books ?

It's little insights like that which makes it so continually popular. I bought one of hte books once and opened it on the train I was catching home. I read 3 strips, dissolved in hysterics and had to put it away cos everyone was looking at me.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Fri Jan 9th, 2009 at 01:42:05 PM EST
[ Parent ]

For your entertainment: the latest internet sensation, from Blackpool, predicted to be the biggest pop act of 2009.

Victoria Hesketh has not even released a single yet, but such is her following that she has just topped a BBC poll of more than 130 music industry movers and shakers, to find the most promising new talent of the year.

Not so very original, but "Oi'll gifit foive". What is more interesting is how her talent emerged.

You can't be me, I'm taken

by Sven Triloqvist on Fri Jan 9th, 2009 at 01:10:12 PM EST
I know it's a superficial thing to say but she reminds me of Tori Amos. It's not my thing but 'sokay. Good luck to her, there's so much buzz about her that her career is pretty much sorted. Just hope she can avoid the chemical distractions that have done for Amy W and a couple of others.

But doubeplus good for the stylophone tho', Rolf would be proud

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Fri Jan 9th, 2009 at 01:39:13 PM EST
[ Parent ]
I would imagine that hailing from Blackpool is probably a decent innoculation against pop excess.

You can't be me, I'm taken
by Sven Triloqvist on Fri Jan 9th, 2009 at 01:58:42 PM EST
[ Parent ]
Oh, really ? People in nowhere end of the line towns usually have nothing else going on but excess.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Fri Jan 9th, 2009 at 02:03:27 PM EST
[ Parent ]
I don't know if you've ever been to Blackpool? Empty and bleak in the winter, bustling and brassy in the summer. And let's not forget the Tower ;-)

It is still a Mecca (ballroom) for Northern workers, and will probably gain again this year from the cost of holidays abroad. Southend, which I also know quite well, is a similar bi-polar town that reverts to 'nowhere end of the line' in winter, but then gets infused by this enormous transient population of punters when the weather warms.

Maybe it's the seaside. Maybe it is my own nostalgia for Skeggie caravans and trying to grab crap with chrome claws.  Maybe it's the screams from the roller coaster. But I do think there is something special that comes from living in a place like Blackpool.

You can't be me, I'm taken

by Sven Triloqvist on Fri Jan 9th, 2009 at 02:40:53 PM EST
[ Parent ]
I've only ever been to Blackpool in the winter, when it has been too cold to feel like stepping outside.  Besides, I was stuck in conferences mostly so I don't think I really got to see much of Blackpool.

Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Fri Jan 9th, 2009 at 02:43:36 PM EST
[ Parent ]

"In my mind..."

You can't be me, I'm taken

by Sven Triloqvist on Fri Jan 9th, 2009 at 02:48:51 PM EST
[ Parent ]
A Room with a View meets Planet of the Apes.

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (jeromeguillet@yahoo.fr) on Fri Jan 9th, 2009 at 03:16:56 PM EST
[ Parent ]
I think there's a difference between visiting and living. During the winter the place is effectively closed and during the summer it's full of drunks and the place isn't yours anymore. It's not as if there's anything else going on.

So why not get out of it ? Most people I've met from dedicated resort towns with nowt else going on, eg blackpool or skeggie, are just dedicated pissheads. I'm not saying there are dedicated and sober people in those towns, after all I'm no beacon of sobriety so there may be some sorting going on, but..


keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Fri Jan 9th, 2009 at 02:47:48 PM EST
[ Parent ]
I guess you wouldn't associate these images with Portugal:

I remember a few good frosts in the Lisbon area when I was a kid, but nothing like we had today: cars, roof tops, grass, everything covered by 2 to 4 mm of ice. I have experienced stuff like this in the mountains, but not here by sea side.

For tonight the Meteorologic institute is warning of snow in the coast all the way down to the Algarve. I set a bike ride for tomorrow with my comrades, it should be interesting.

Vencit omnia veritas.

by Luis de Sousa (luis[dot]a[dot]de[dot]sousa[at]gmail[dot]com) on Fri Jan 9th, 2009 at 01:15:04 PM EST
Wow, this sure doesn't look like I remember Portugal. Amazing.
by Fran (fran at eurotrib dot com) on Fri Jan 9th, 2009 at 01:21:12 PM EST
[ Parent ]
I strongly recommend you give up on that bike ride. People in portugal are not used to driving on slippery roads and may not adjust to suit the grip. BEst not to be in their way when that happens.

But those scenes are brilliant, that's more scotland or scandanavia. Hope the vegetation is frost resistant.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Fri Jan 9th, 2009 at 01:25:09 PM EST
[ Parent ]
Thanks for the advice. I'll reassess the situation tomorrow morning. This winter has been harsh and I've put up 3 Kg already, so I'm a bit bike hungry now...

Vencit omnia veritas.
by Luis de Sousa (luis[dot]a[dot]de[dot]sousa[at]gmail[dot]com) on Fri Jan 9th, 2009 at 01:34:03 PM EST
[ Parent ]
There were 10cm of snow around my mother's flat in Madrid. It does snow occasionally in Madrid (600m above sea level), but the largest snowfall I remember (some February or other) wasn't that thick.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
by Migeru (migeru at eurotrib dot com) on Fri Jan 9th, 2009 at 01:34:57 PM EST
[ Parent ]
Why is that car sitting so high? It looks like it has a raised suspension...
by asdf on Fri Jan 9th, 2009 at 08:28:13 PM EST
[ Parent ]
I think the driver has used the jack to lift the wheel off the ground. You can't blame Portuguese people for not being very familiar with the use of snow chains...

Europeans think a hundred miles is a long way. Americans think a hundred years is a long time.
by Bernard on Sat Jan 10th, 2009 at 07:53:41 AM EST
[ Parent ]
BBC NEWS | Politics | McCanns' anger at Tory activist

Kate and Gerry McCann have condemned a Conservative activist who boasted about dressing up as Madeleine McCann at a party, calling his actions "offensive".

Matthew Lewis has now apologised "unreservedly" to the McCanns. He was expelled from the party after telling friends of his New Year party exploits.

Tory chairman Caroline Spelman said the Conservative Future activist's actions were "completely unacceptable".

Conservative Future being the replacement organisation for the young conservatives, who wre dispanded in the 80's after too many similar activities by its members.

Give a politician an inch, and he'll think he's a ruler

by ceebs (bunchofwankers (at) gmail (dot) com) on Fri Jan 9th, 2009 at 01:42:57 PM EST
It's not because he went dressed as Madeleine, but his description of the disguise that is very offensive:
He said his costume would include "pink pyjamas, a teddy bear and a vial of fake blood".
This bloke has a brilliant career ahead of him.  He might be the next Boris Johnson.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
by Migeru (migeru at eurotrib dot com) on Fri Jan 9th, 2009 at 01:56:30 PM EST
[ Parent ]
The worst aspect of this is that you're probably right. I don't know how people can even imagine ideas like that, let alone see them through. What was he thinking ? Or more likely we ask how much coke do you have to ingest before that seems like a good idea ?

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Fri Jan 9th, 2009 at 02:01:39 PM EST
[ Parent ]
That's not a coke idea. That's medication.

You can't be me, I'm taken
by Sven Triloqvist on Fri Jan 9th, 2009 at 02:42:50 PM EST
[ Parent ]
Here's a bit of modern history that will soon get the axe of the revisionists.
Jan. 9 (Bloomberg)-- Henry Paulson may be the most powerful manager of money in the world and he still couldn't do for taxpayers with the $700 billion bailout of American banks what Warren Buffett did for his shareholders in investing in Goldman Sachs Group Inc.

The Treasury secretary has made 174 purchases of banks' preferred shares that include certificates to buy stock at a later date. He invested $10 billion in Goldman Sachs in October, twice as much as Buffett did the month before, yet gained warrants worth one-fourth as much as the billionaire, according to data compiled by Bloomberg. The Goldman Sachs terms were repeated in most of the other bank bailouts.

Paulson's warrant deals may give U.S. taxpayers, who are funding the bailouts, less profit from any recovery in financial stocks than shareholders such as Goldman Sachs Chief Executive Officer Lloyd Blankfein and Saudi Arabian Prince Alwaleed bin Talal, owner of 4 percent of Citigroup Inc., said Simon Johnson, former chief economist for the International Monetary Fund.

The transactions are "just egregious," said Johnson, a fellow at the Peterson Institute for International Economics in Washington. "You want to do it the way Warren does it."



Grabbing what you can, as John Ruskin said, isn't any less wicked when you grab it with the power of your brains than with the power of your fists.
by geezer in Paris (risico at wanadoo(flypoop)fr) on Fri Jan 9th, 2009 at 01:57:08 PM EST
Paulson is a former CEO of Goldman Sachs.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
by Migeru (migeru at eurotrib dot com) on Fri Jan 9th, 2009 at 01:58:58 PM EST
[ Parent ]
A well-known fact. The remarkable thing is the arrogance. The clear confidence in the absence of any consequences.

Grabbing what you can, as John Ruskin said, isn't any less wicked when you grab it with the power of your brains than with the power of your fists.
by geezer in Paris (risico at wanadoo(flypoop)fr) on Sat Jan 10th, 2009 at 05:00:49 AM EST
[ Parent ]
UK Leashold, American-Style | Mr Mortgage | 7 Jan 2009

Below is an actual example of a recent WaMu loan mod with a 5-year $1 million bullet payment. This mod takes exotic lending to level I have never witnessed in my 20-years of mortgage banking. This makes a Pay Option ARM looks safe and cozy -- and puh-lease do not tell me this is great because it frees him up to spend money into the economy.

Banks offering and borrowers actively accepting this style loan mod will guaranty that the housing crisis stays will us for a long time to come. This borrower will lose his home in 5-years, I have no doubt. That is of course unless his house price goes up 100% AND great, low rate super jumbo money returns to the market so he can refi out of it - then again, many lenders won't even refi a loan that has had a previous loan mod done.

Property Value: $800k

Note amount: $1 million plus deferred interest

New Mod amount: $1.053 million

First TWO years rate/payment: 1% and $878

Third year rate/payment: 3% and $2633

Forth year rate/payment: 5% and $4389

FIFTH YEAR PAYMENT - THE BULLET: ALL OUTSTANDING BALANCE DUE AND PAYABLE
[specimen img at the source]

Now --before Barry signs the Stimulus Package-- is a good time for Mr Baker to clarify his concept of "rent-to-own" underwater remediation through owner- or bank-financing.

In Related News | Bloomberg |

Citibank agreed to support, which serviced about 7 percent of all U.S. mortgages last year, agreed to support federal legislation that will let bankruptcy courts reset mortgage rates for borrowers

Ever the loss leader.

Diversity is the key to economic and political evolution.

by MarketTrustee on Fri Jan 9th, 2009 at 02:37:51 PM EST
Wow, recapitalizating da bankers was such a good idea. 'K. Caught my breath. I forgot to mention ...

FranknDodd | 9 Jan 2009

Under Frank's proposed makeover of the TARP, the second half of the $700 billion funds will be "conditioned on the use of a minimum of $50 billion for foreclosure mitigation." His language would require secretary Henry Paulson to develop a comprehensive plan to prevent and mitigate residential mortgage foreclosures by March 15, 2009. The required elements of the plan include a guarantee program for qualifying loan modifications under a systematic plan, bringing down the costs of Hope for Homeowner loans, "either through coverage of fees, purchasing H4H mortgages to ensure affordable rates, or both." The plan would also need to establish a program for loans to pay down second lien mortgages that are impeding a loan modification, grant servicer incentives and assistance to stimulate modifications, and include the purchase of whole loans for the purpose of modifying or refinancing them. ... "In developing such program, Treasury shall provide mechanisms to ensure availability of such reduced rate loans through financial institutions that act as either originators or as portfolio lenders," the outline reads, in part. "Treasury shall make the affordable rates available under this program available in connection with Hope for Homeowner refinancing program. ...

Included in the proposed Hope for Homeowners improvements are an elimination of the 3 percent upfront premium, an increased maximum loan to value ratio from 90 percent to 93 percent for borrowers with mortgage debt-to-income ratios over 31 percent. The government's profit-sharing of appreciation over market value of the home at the time of refinance would also be eliminated. Frank's outline also would require the Treasury to develop a program outside of TARP funding -- instead using funding available through the Housing and Economic Recovery Act of 2008 [actually, this bill engrosses HOPE4Homeowners] -- to "stimulate demand for home purchases and clear inventory of properties" by promoting more affordable mortgages through purchasing mortgages and mortgage-backed securities.

And the Oct Bailout Bill ("EESA") engrosses HOPE4Homeowners. I love that story ... It just won't die!

Moody's downgrades BoA, Wells Fargo | 8 Jan 2009

It turns out that, for now at least, acquiring ailing financial institutions will carry some ratings risk -- Moody's Investors Service on Thursday said it had downgraded key credit ratings at both Bank of America Corp. (BAC: 13.19 -2.58%) and Wells Fargo & Co. (WFC: 25.49 -0.89%), after both banks completed sizable acquisitions in recent weeks. Ratings cuts affected debt ratings, as well as financial strength ratings at the lead banks. ...

Moody's cited "asset quality concerns" in lowering the bank's financial strength rating to B from a previous rating of A, and said it believes that after the acquisition, Wells Fargo's Tier I ratio and its adjusted tangible equity to risk weighted assets ratio will be noticeably lower than their levels at the end of Q3.

"The fall in Wells Fargo's tangible equity ratio results from the fact that the equity it raised was low in comparison to the amount and quality of the Wachovia assets it acquired," said Moody'ssenior vice president, Sean Jones.

duh.

Diversity is the key to economic and political evolution.

by MarketTrustee on Fri Jan 9th, 2009 at 03:03:38 PM EST
[ Parent ]
A loan that can be repaid only if markets go up significantly. This is not banks' role (no shit, sherlock)

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (jeromeguillet@yahoo.fr) on Fri Jan 9th, 2009 at 03:16:06 PM EST
[ Parent ]
Avedon Carol makes a good point about Obama's plans for the economy

And I'm not sure why I am supposed to be reassured by the idea that Obama is "listening" to Paul Krugman when this is how it's phrased:

If Paul Krugman has a good idea, in terms of how to spend money efficiently and effectively to jump-start the economy, then we're going to do it. If somebody has an idea for a tax cut that is better than a tax cut we've proposed, we will embrace it. So, you know, one of the things that I think I'm trying to communicate in this process is for everybody to get past the habit that sometimes occurs in Washington of whose idea is it, what ideological corner does it come from. Just show me. If you can show me that something is going to work, I will welcome it.

If Paul Krugman has an idea that Obama actually recognizes as a good idea, despite the fact that he seems to be following Reagan polices, then sure, fine, we'll listen to Krugman, I mean, hey, we're not gonna dis him just because he's Krugman - we'll listen to anyone who has an idea we think is good - always bearing in mind that we hired Larry Summers, and not Krugman, because we think Krugman is just another liberal we don't have to listen to. We wouldn't think of hiring and listening to the people who have been right just because they've been right when we can hire people who have been consistently wrong and listen to them because - well, because being wrong is such a good idea!



keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Fri Jan 9th, 2009 at 02:42:40 PM EST
Well, I'd say that's probably unfair, because I doubt Krugman would've wanted a job with them, and Krugman confirmed to Air America that he's already in regular contact with them.

Nate makes a fair point on the strategic perspective as far as Congress goes.

One way or another, Krugman's right.  $775bn ain't gonna cut it.  Now maybe Obama knows that, maybe he doesn't, but someone with his ear needs to sit him down and say, "Look, dumbass, if you pass a $775bn stimulus package, you're going to be a one-term president."

What form Geithner's reworking of the bailout bill takes, I don't know.  It sounds like Geithner has the right idea -- to redirect the remaining $350bn to help for homeowners, aid to states and locals, and small business help.  All good, and the saving grace so far.  Still ain't enough.

The good thing is that the congressional Dems and even the press are pushing back pretty hard, and it does seem to have isolated the Republicans and made them almost irrelevant.

Conrad and Kerry both have Obama's ear, and I hope they'll clue him in.

WHEEEEEEEEEEEEEEEEEEEEE!!

by Drew J Jones (blahblahblah@blahblahblah.com) on Fri Jan 9th, 2009 at 06:59:23 PM EST
[ Parent ]
And just where does the U.S. of A. intend to find all this money? Are you planning to Weimar the problem? Or maybe tax the rich?

Hey, Grandma Moses started late!
by LEP (rafifoon@yahoo.com) on Sat Jan 10th, 2009 at 04:26:45 AM EST
[ Parent ]
They are planning to tax the rich.  Pelosi's made quite clear that repealing the Bush tax cuts needs to be part of this.  Some of them want to repeal the cuts immediately.  Some want to just let them expire come 2010.  It's just a question of when.  Payroll taxes on people above the $250k/year mark are going to rise, too.

Right now, getting the money isn't a huge problem, because the flight to safety has been so strong that rates are at ridiculously low levels.  I suspect such large-scale borrowing will eventually result in long-term rates rising.

"Weimar" might merit some concern down the road, depending on the effects of the Fed going for a ZIRP, but quite the opposite is the concern right now.

WHEEEEEEEEEEEEEEEEEEEEE!!

by Drew J Jones (blahblahblah@blahblahblah.com) on Sat Jan 10th, 2009 at 10:39:28 AM EST
[ Parent ]
Doesn't the failure of the German bond auction the other day (by 1/3) concern you?
http://www.telegraph.co.uk/finance/financetopics/recession/4163037/Bond-scare-as-German-auction-fail s-and-British-debt-hits-danger-level.html

Hey, Grandma Moses started late!
by LEP (rafifoon@yahoo.com) on Sat Jan 10th, 2009 at 12:15:07 PM EST
[ Parent ]
Oh, absolutely, it concerns me.  But I don't think it's worthy -- for now -- of the kind of panic that seems to have greeted it in the blogosphere.

As they say, we'll drive off that bridge if we come to it, Mary-Jo.

WHEEEEEEEEEEEEEEEEEEEEE!!

by Drew J Jones (blahblahblah@blahblahblah.com) on Sat Jan 10th, 2009 at 12:27:42 PM EST
[ Parent ]
High and Low Finance - Bull Market Dividends Were a Sign of Lax Lending - NYTimes.com

"Dividends don't lie." Skip to next paragraph

Chalk up the death of another Wall Street cliché.

In the late bull market, dividend payments provided one of the seemingly strongest arguments for the bulls. Maybe earnings numbers could be manipulated, but dividend payments required cash. If the company had the cash to hand out, you could be confident the earnings were real.

It was a lie.

It is now becoming clear that the great news on the dividend front from 2004 through 2006 was not an indication of solid corporate performance; it was just another sign of lax lending standards. Lenders who willingly handed out money to homeowners with bad credit were even more generous to corporate borrowers.

Now the situation has reversed. The quarter just ended had the worst dividend news for American companies in half a century, and this quarter could be even worse. Many corporate boards review annual performance and decide what to do about the dividend during the first two months of each year, and it is not likely to be a happy time.

Until those meetings are completed, buying stocks for their high dividend yields may be risky.

by Metatone (metatone [a|t] gmail (dot) com) on Fri Jan 9th, 2009 at 05:26:40 PM EST
I've overpaid for my first taxi in southeast asia! I did negotiate it down, though. According to the guy that runs the guest house here in Melaka I didn't actually do too bad.

I'm not used to paying 2x as much for a taxi ride as I am for my accommodation, though.

you are the media you consume.

by MillMan (millguy at gmail) on Sat Jan 10th, 2009 at 04:34:11 AM EST
howdy folks, checking in from costa rica, getting bit to shit by skeeters while waiting for the dawn to rise.

but that's nothing, check out what happened just down the road...

The magnitude 6.1 tremor devastated the Poas Volcano National Park north of the capital San Jose, triggering landslides blocking roads and damaging buildings.
Red Cross officials said 10 of the victims were buried by a landslide at the popular La Paz waterfall.

http://news.bbc.co.uk/2/hi/americas/7819094.stm

http://www.sciam.com/blog/60-second-science/post.cfm?id=costa-rica-rocked-by-earthquake-2009-01-08  (older newsfeed with video)

we felt a slight rocking where we were, near arenal volcano.

will do some more photoblogging when i get back to italia, in 5 days. internet has been sketchy, and to flickr all the pics will take a better connection than i have been finding here.

super country, fine people, happy camper...

pura vida

m

"I freed thousands of slaves. I could have freed thousands more, if they had known they were slaves." -Harriet Tubman .

by melo (melometa4(at)gmail.com) on Sat Jan 10th, 2009 at 06:10:01 AM EST
[ Parent ]
You dog! ;-)

You can't be me, I'm taken
by Sven Triloqvist on Sat Jan 10th, 2009 at 06:35:47 AM EST
[ Parent ]
I wondered about you last night after the late-late news, hoping you were not too close.

It's good to hear you are enjoying it all.  Take your time coming back because Madrid/Barajas is worse than when you left.  For all of---what?--- 10 cm of snow Friday, it closed for 5 hours and the delays and cancellations are finally less than 10 a day.

We´ll have a good meet and I´ll bring the sleeping mats. (;  (joke)

Our knowledge has surpassed our wisdom. --Charu Saxena.

by metavision on Sun Jan 11th, 2009 at 05:42:14 PM EST
[ Parent ]
Friend of mine is reporting teargas on the London gaza march.

Give a politician an inch, and he'll think he's a ruler
by ceebs (bunchofwankers (at) gmail (dot) com) on Sat Jan 10th, 2009 at 10:19:24 AM EST
BBC however is reporting it as Fireworks, not enough smoke and running people for it to be teargas from the pictures.

Give a politician an inch, and he'll think he's a ruler
by ceebs (bunchofwankers (at) gmail (dot) com) on Sat Jan 10th, 2009 at 10:28:55 AM EST
[ Parent ]
This guy is a good reliable sort and is updating his blog from the protest outside the embassy:

Israeli embassy  posted by lenin

The whole street outside the embassy is packed, dangerously so. There have been clashes at the entrance, but nothing serious so far. The rally, a little further on, is already well under way, but loads of protesters haven't even got to kensington. And hundreds of riot police are running toward the embassy with some protesters following them."

http://leninology.blogspot.com/

by irishhead on Sat Jan 10th, 2009 at 11:06:19 AM EST
[ Parent ]
Indymedia UK is also reliable and are doing a live timeline: http://www.indymedia.org.uk/en/2009/01/417698.html

15.55
The Israeli embassy is now closed off to the public and is lined with riot police in full riot gear and shields. There are unconfirmed reports that some protestors have attempted to access the Israeli embassy from the rear.

15.45
On Kensington High Street the police have put barriers between protestors on the road and the pavement which has caused a crush. The crowd were shouting "shame on you!" at the police who are now wearing riot gear. A man has climbed a lamp post, and the police are pre-occupied with trying to get him down. Also a smoke bomb has been let off. There are many riot police situated down all the side streets.

15.20
Confirmed - The crowd outside the embassy pulled apart some of the barriers. They have now been put back again by police, who are now wearing their helmets.

15.10
Near Holland Street, W8, 5 riot vans spotted with another 6 rental vans around the corner. Police are putting on their riot helmets. The crowd is good natured.

by irishhead on Sat Jan 10th, 2009 at 11:09:04 AM EST
[ Parent ]


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