Vollständige Version anzeigen : Now this has to be scary.....not always
Er hat die Schweinegrippe – und das Spital Baden schickt ihn nach Hause (http://www.tagesanzeiger.ch/wissen/dossier/schweinegrippe/Er-hat-die-Schweinegrippe--und-das-Spital-Baden-schickt-ihn-nach-Hause/story/16628269)
Schon wieder eine Panne: Die erste Person mit Schweinegrippe in der Schweiz wurde irrtümlicherweise aus dem Spital entlassen. Die Laborbefunde wurden falsch interpretiert. Mehr... (http://www.tagesanzeiger.ch/wissen/dossier/schweinegrippe/Er-hat-die-Schweinegrippe--und-das-Spital-Baden-schickt-ihn-nach-Hause/story/16628269)
........Der Patient war am Mittwoch offenbar auf Grund eines Missverständnisses nach Hause geschickt worden. Das positive Testergebnis kam am Abend vom Nationalen Referenzzentrum für Influenza in Genf. Am Nachmittag hatte das Kantonsspital noch einen negativen Grippebefund erhalten. Infolge eines Missverständnisses bei der Interpretation des Kommentars :rolleyes zum ersten Laborergebnis sei der Patient entlassen worden, heisst es in der Mitteilung. Inzwischen befindet sich der junge Mann wieder auf einer isolierten Station.........
1 Kommentar (http://www.tagesanzeiger.ch/wissen/dossier/schweinegrippe/Er-hat-die-Schweinegrippe--und-das-Spital-Baden-schickt-ihn-nach-Hause/story/16628269#kommentar)
:kopf das muss nun wirklich nicht sein :mad
Die Infos zum Verkehrschaos am HB Zürich (http://www.tagesanzeiger.ch/zuerich/stadt/Die-Infos-zum-Verkehrschaos-am-HB-Zuerich/story/10569210)
Nach der Panne bei der Tunnelbohrung vor dem Zürcher Hauptbahnhof ist der Tramverkehr massiv behindert. Viele Pendler gehen zu Fuss. Am Vormittag informieren die VBZ und SBB über die neusten Entwicklungen. Mehr... (http://www.tagesanzeiger.ch/zuerich/stadt/Die-Infos-zum-Verkehrschaos-am-HB-Zuerich/story/10569210)
1 Kommentar (http://www.tagesanzeiger.ch/zuerich/stadt/Die-Infos-zum-Verkehrschaos-am-HB-Zuerich/story/10569210#kommentar)
Bahnhofplatz wegen Einsturzgefahr gesperrt (http://www.tagesanzeiger.ch/zuerich/stadt/Die-Infos-zum-Verkehrschaos-am-HB-Zuerich/story/10569210)
Leserbilder vom einsturzgefährdeten Bahnhofplatz (http://www.tagesanzeiger.ch/zuerich/stadt/Die-Infos-zum-Verkehrschaos-am-HB-Zuerich/story/10569210)
Der Zürcher Bahnhofplatz droht einzustürzen (http://www.tagesanzeiger.ch/zuerich/kanton/Der-Zuercher-Bahnhofplatz-droht-einzustuerzen/story/25777356)
Wed 29 Apr 2009
The Ken Lewis Ouster: Halfway There (http://lolfed.com/2009/04/29/the-ken-lewis-ouster-halfway-there/)
Posted by alyx under all ur bankz (http://lolfed.com/category/all-ur-bankz/) , breaking news (http://lolfed.com/category/breaking-news/)
 Comments (http://lolfed.com/2009/04/29/the-ken-lewis-ouster-halfway-there/#comments)
It’s not really a full-on BOOT, because he retains the CEO position, but AP is reporting that Ken Lewis is no longer Bank of America’s Chairman of the Board:
CHARLOTTE, N.C. (AP) — Ken Lewis has been ousted as chairman of Bank of America Corp. after shareholders angry about the company’s acquisition of Merrill Lynch & Co. voted to separate that job from that of the bank’s chief executive.
Lewis will remain the CEO of the bank, but board member Walter E. Massey will become BofA’s chairman. :kopf
Shareholders narrowly voted to split the job following months of rancor over the Merrill acquisition. After the deal was sealed Jan. 1, Merrill reported $15 billion in fourth-quarter losses.
The vote came after an angry four-hour annual meeting Wednesday.
In a way, this works out well for us here at LOLFed, because he’s been effectively censured but we’ll still have him to kick around for a bit. I think we were actually expecting this vote to go the other way around, to be honest.
Huff TV (http://www.huffingtonpost.com/huff-tv)
Posted April 30, 2009 | 01:15 AM (EST)
Arianna Discusses Obama's First 100 Days On Larry King Live (VIDEO) (http://www.huffingtonpost.com/huff-tv/arianna-discusses-obamas_b_193353.html)
Arianna appeared on a special edition of "Larry King Live," along with radio host Lars Larson, libertarian author Larry Elder, and Sacramento Mayor Kevin Johnson, to discuss the first 100 days of the Obama Presidency.
...scheint wieder mal so ne linke Nummer des smarten Herrn Dimon (gewesen) zu sein :bad
UPDATE 1-WaMu sues JPMorgan for return of $4 bln deposits
Tue Apr 28, 2009 10:54am EDT
By Emily Chasan (http://blogs.reuters.com/search/journalist.php?edition=us&n=Emily.Chasan)
NEW YORK, April 28 (Reuters) - Washington Mutual Inc (WAMUQ.PK (http://www.reuters.com/finance/stocks/overview?symbol=WAMUQ.PK)) has filed a lawsuit against JPMorgan Chase & Co (JPM.N (http://www.reuters.com/finance/stocks/overview?symbol=JPM.N)) seeking the return of more than $4 billion in cash deposits which it lost access to when its bank was sold last year.
Washington Mutual Bank was closed by the U.S. government in September, in the largest bank failure in U.S. history. Its banking assets were sold the same day to JPMorgan for $1.9 billion, and the parent holding company filed for bankruptcy protection a day later.
In a lawsuit filed late Monday in U.S. bankruptcy court in Delaware, WaMu said that JPMorgan has "wrongfully withheld" more than $4 billion in cash that the parent company had on deposit at Washington Mutual Bank at the time of the acquisition.
WaMu said in the lawsuit that JPMorgan improperly claims it acquired the deposits as part of the takeover transaction, when they should have been treated like any other deposit at the bank.
"The cornerstone of the agreement by which JPMC acquired the assets was that all Bank depositors would have immediate and ready access to their cash on deposit," WaMu said in the lawsuit.
WaMu said it needs access to that cash to come up with its Chapter 11 plan, and that by withholding the deposits, JPMorgan could be earning as much as $200 million per year in interest on those deposits.
A JPMorgan Chase spokeswoman in Chicago declined to comment on the lawsuit, saying "we do not comment on ongoing litigation."
The lawsuit was filed as an adversary proceeding to WaMu's main bankruptcy case. The bankruptcy case is In re: Washington Mutual, Inc. U.S. Bankruptcy Court, District of Delaware, No. 08-12229. (Reporting by Emily Chasan, additional reporting by Elinor Comlay, editing by Matthew Lewis)
Thu 30 Apr 2009
Chrysler To Do Something Today (http://lolfed.com/2009/04/30/chrysler-to-do-something-today/)
Posted by Jason under Uncategorized (http://lolfed.com/category/uncategorized/)
 Comments (http://lolfed.com/2009/04/30/chrysler-to-do-something-today/#comments)
Here at LOLFed, somewhat like an actual news source, we may from time to time prepare images well in advance of some expected news. You would not believe the cache of CEO-gets-fired pictures we have at the ready. We have CEO-gets-fired pictures ready for people who are still working on their MBAs. I had the above prepped for some time, and I kept changing it around every hour yesterday depending on the latest news of Chrysler’s future and this morning I figured, screw it, I’ll post both images AT THE SAME TIME. I bet WSJ never did that.
So! The plan was to have Chrysler’s many, many creditors to forgive 67 cents on the dollar of all the company’s debt in exchange for equity so it could avoid filing Chapter 11. Well! Someone forgot to tell the 40 hedge funds (http://www.reuters.com/article/privateEquity/idUSWAT01137720090430) that hold 30% of the company’s debt, who are all up in arms about losing 67 cents on the dollar - or are just acting all butthurt (http://online.wsj.com/article/SB124105345300771339.html?mod=googlenews_wsj) about Chrysler getting a bailout when other companies did not:
“It’s very hard for me to deal with this,” says the younger Mr. Gwin, a 41-year-old father of three. “As horrible as the situation looks for Chrysler’s employees, I keep thinking about how horrible my own family felt when Delta was going to file for bankruptcy and my father’s pension was going to take a hit. No task force or the federal government came to his aid then.“
Now, look. I’m not going to judge someone for being for or against government bailouts because they’re a waste of taxpayer dollars or are a necessary crutch for an industry that affects millions. That’s everyone’s own private business. But I am pretty sure the correct reason for helping to hold up a bargain that would save the pensions and healthcare plans of tens of thousands of people is not, “THEY SHALL SUFFER AS WE SUFFERED,” otherwise known as the Code of Hammurabi.
So there’s that. But Chrysler has until 11:59 PM tonight to put something together, so if they can get Jack Bauer to kidnap the principals of the holdouts and, I don’t know, shock their nipples or whatever he does, then the Treasury-backed plan can go through. Michigan’s governor has even gotten in on the act, cold calling out the hedge funds and saying it is all their fault if Chrysler fails (not entirely true, but we love a scapegoat):
“On behalf of Michigan, on behalf of the thousands of people who will be affected if this company is forced into bankruptcy, I am publicly asking these hedge funds to not be greedy but to do what the banks have done and what everyone else around the table has done — take the concessions,” [Governor Granholm] said.
And just to give you an idea of how fluid this whole thing is, since I started writing this twenty minutes ago (what, my attention span sucks), White House aides are saying on the down-low that Chrysler is filing Chapter 11 (http://www.bloomberg.com/apps/news?pid=20601087&sid=aYU5pU9H9nwc&refer=home) this morning. I’m not changing the image up there, though.
Iraq: Britain Ends Combat Operations (http://www.huffingtonpost.com/2009/04/30/iraq-britain-ends-combat-_n_193499.html)
DAVID STRINGER (http://www.huffingtonpost.com/2009/04/30/iraq-britain-ends-combat-_n_193499.html#) | April 30, 2009 07:38 AM EST | http://www.huffingtonpost.com/images/v/ap_wire.png
Iraq's Prime Minister Nouri al-Maliki, center, inspects a Guard of Honor as he arrives for a meeting with the British Prime Minister Gordon Brown on security and his country's economy in London, Thursday, April 30, 2009. British and Iraqi leaders are meeting in London for talks before the final withdrawal of British troops from Iraq after a six-year military campaign.(AP Photo/Alastair Grant)
LONDON — British troops ended six years of combat operations in Iraq on Thursday, beginning to withdraw from the southern city of Basra after a bloody and costly mission that was deeply unpopular at home.
praised his military's accomplishments and sacrifices, speaking after meeting with Iraqi Prime Minister Nouri al-Maliki at Brown's Downing Street office in London.
"Today marks the closing chapter of the combat mission in Iraq," Brown said, adding that Britain's remaining 3,700 troops had begun to leave their base on the outskirts of Basra.
Since the 2003 U.S.-led invasion, 179 British service personnel have been killed in Iraq. In Basra, the held a ceremony to honor those who died _ reading aloud the names of all of those killed.....
full story: http://www.huffingtonpost.com/2009/04/30/iraq-britain-ends-combat-_n_193499.html
....diese Toten wegen machtgeiler Politiker :(
jetzt könnten die Amis ja auch verschwinden :rolleyes nur was bleibt zurück :confused :rolleyes
gesehen bei DU - ozymandius http://www.democraticunderground.com/discuss/images/donor.gif :thanx
Thomas Frank's Lament
Submitted by commongood on Wed, 04/29/2009 - 18:04.
It was surely a surprise when the WSJ hired Thomas Frank to write an opinion column. Anyone who has read either of his bestsellers, What's The Matter With Kansas? or The Wrecking Crew understands that his view of American politics just doesn't fit in with the other editorial page writers there. I, for one, am very happy he is writing there and his column today (http://online.wsj.com/article/SB124096712823366501.html) should be required reading for every citizen who cares about the future of this country.Why Congress Won't Investigate Wall Street
Republicans and Democrats would find themselves in the hot seat.
The famous Pecora Commission of 1933 and 1934 was one of the most successful congressional investigations of all time, an instance when oversight worked exactly as it should. The subject was the massively corrupt investment practices of the 1920s. In the course of its investigation, the Senate Banking Committee, which brought on as its counsel a former New York assistant district attorney named Ferdinand Pecora, heard testimony from the lords of finance that cemented public suspicion of Wall Street. Along the way, the investigations formed the rationale for the Glass-Steagall Act, the Securities Exchange Act, and other financial regulations of the Roosevelt era.
A new round of regulation is clearly in order these days, and a Pecora-style investigation seems like a good way to jolt the Obama administration into action. After all, the financial revelations of today bear a striking resemblance to those of 1933. In his own account of his investigation, Pecora described bond issues that were almost certainly worthless, but which 1920s bankers sold to uncomprehending investors anyway. He told of the bonuses which the bankers thereby won for themselves. He also told of the lucrative gifts banks gave to lawmakers from both political parties. And then he told of the banking industry's indignation at being made to account for itself. It regarded the outraged public, in Pecora's shorthand, as a "howling mob."
The idea of a new Pecora investigation is catching on, particularly, but not exclusively, on the left.
It's probably not going to happen, though, in the comprehensive way that it should. The reason is that understanding our problems, this time around, would require our political leaders to examine themselves.
The crisis today is not solely one of bank misbehavior. This is also about the failure of the regulators -- the Wall Street policemen who dozed peacefully as the crime of the century went off beneath the window.
We have all heard the official explanation for this failure, that "the structure of our regulatory system is unnecessarily complex and fragmented," in the soothing words of Treasury Secretary Tim Geithner. But no proper Pecora would be satisfied with such piffle. The system was not only complex, it was compromised and corrupted and thoroughly rotten even in the spots where its mandate was simple.
After all, we have for decades been on a national crusade to slash red tape and stifle regulators. Over the years, federal agencies have been defunded, their workers have grown dispirited, their managers, drawn in many cases from antiregulatory organizations, have seemed to care far more about industry than the public.
Consider in this connection the 2003 photograph, rapidly becoming an icon of the Bush years, in which James Gilleran, then the director of the Office of Thrift Supervision (it regulates savings and loan associations) can be seen in the company of several jolly bank industry lobbyists, holding a chainsaw to a pile of rule books. The picture not only tells us more about our current fix than would a thousand pages about overlapping jurisdictions; it also reminds us why we may never solve the problem of regulatory failure. To do so, we would have to examine the apparent subversion of the regulatory system by the last administration. And that topic is supposedly off limits, since going there would open the door to endless partisan feuding.
But it's not only Republicans who would feel the sting of embarrassment. Launching Pecora II would automatically raise this question: Whatever happened to the reforms put in place after the first go-round?
Now a different picture comes to mind. It's Bill Clinton in November of 1999, surrounded by legislators of both parties, giving a shout-out to his brilliant Treasury Secretary Larry Summers, and signing the measure that overturned Glass-Steagall's separation of investment from commercial banking. Mr. Clinton is confident about what he is doing. He knows the lessons of history, he talks glibly about "the new information-age global economy" that was the idol of deep thinkers everywhere in those days. "[T]he Glass-Steagall law is no longer appropriate to the economy in which we live," he says. "It worked pretty well for the industrial economy, which was highly organized, much more centralized, and much more nationalized than the one in which we operate today. But the world is very different."
It turns out the world hadn't changed much after all. But the Democratic Party sure had. And while today's chastened Democrats might be ready to reregulate the banks, they are no more willing to scrutinize the bad ideas of the Clinton years than Republicans are the bad ideas of the Bush years.
"We may now need to be reminded what Wall Street was like before Uncle Sam stationed a policeman at its corner," Pecora wrote in 1939, "lest, in time to come, some attempt be made to abolish that post."
Well, the time did come. The attempt was made. And we could use that reminder today.
The odds are against us but if Congress won't do the right thing here, it is incumbent on all of us in the blogoshpere to keep raising awareness of every policy inconsistency and hypocrisy we see. Sooner or later, public opinion will catch up to the truth.
:supi ....hmmmmm - obwohl ich natürlich auch dachte Clinton sei gut für die Wirtschaft & Co. :gruebel
....das kann ich mir natürlich nicht entgehen lassen :o;):D
Die Schweiz als »Feind im Innern« Europas – Wie und warum das internationale Finanzkapital einen »Schurkenstaat« erfindet
Peer Steinbrück hat sich in das ewige Buch der Zitate eingeschrieben: »Gegen die Schweiz müssen wir nicht nur das Zuckerbrot einsetzen, sondern auch die Peitsche«, verkündete er vor einigen Wochen und lobte die Absicht der OECD, Steueroasen aufzulisten und mit Sanktionen zu belegen. »Dass eine solche schwarze Liste erarbeitet werden könnte, (…) ist, umgangssprachlich formuliert, die siebte Kavallerie im Fort Yuma, die man auch ausreiten lassen kann. Aber die muss nicht unbedingt ausreiten. Die Indianer müssen nur wissen, dass es sie gibt.« (1)
Man stelle sich einen Augenblick vor, der deutsche Finanzminister hätte in ähnlicher Diktion über Israel oder die Türkei gesprochen. Von Taz bis Welt wäre ihm der Indianervergleich vermutlich als Aufruf zum Genozid ausgelegt worden. Henryk M. Broder und Kai Diekmann hätten sein Vokabular im Wörterbuch der Unmenschen nachgeschlagen. Irgendwo hätten vielleicht Fanatiker demonstriert und Steinbrück-Puppen verbrannt. Die Kanzlerin hätte sich beim israelischen Botschafter förmlich entschuldigt. Friede Springer, Liz Mohn, Charlotte Knobloch und andere fromme Frauen aus dem Girlscamp der Kanzlerin hätten den Kopf des SPD-Mannes gefordert. Klappe zu, Affe tot. Franz Müntefering zieht einen Nachfolger aus der Kiste.
Gegenüber der Schweiz freilich darf ein deutscher Gröfaz – Größter Finanzminister aller Zeiten – aus der Hüfte feuern, notfalls auch mit Dum-Dum-Geschossen aus der Kolonialgeschichte des Weißen Mannes, ohne dass hierzulande einer aufschreit. Damit soll nicht dem Empörungsautomatismus der politisch Korrekten das Wort geredet werden. Auffällig war nur, dass die Bannerträger des »Nie wieder« sich in diesem Fall so vollständig zurückhielten.
Dass Steinbrück als John-Wayne-Verschnitt durchkam, ermunterte die Büchsenspanner in deutschen Redaktionsstuben zur Nachahmung. Geschossen wurde von rechts und von links – gegen die Eidgenossen kennt die deutsche Meinungsindustrie (nicht die Bevölkerung!) derzeit keine Parteien mehr.
In der Frankfurter Allgemeinen Zeitung, dem publizistischen Flaggschiff der Merkel-Union, wurde diagnostiziert, dass die Lage für die Schweiz »nun so aussieht, wie es ihr die (nationalkonservative Schweizer Volkspartei) SVP immer vorgegaukelt hat: Sie ist allein in der Welt, ohne Freunde, dem Zangenangriff der Vereinigten Staaten und Europas ausgeliefert, auf eine ›graue Liste‹ der Völkergemeinschaft gesetzt. Die Schonzeit zweier Weltkriege ist vorbei.« Und weiter: »Im zusammenwachsenden Europa wurde die Schweiz zum ›Feind im Innern‹.« (2) Dies meint Autor Jürg Altwegg, wohlgemerkt nicht als Kritik an EU und den USA, sondern an den Schweizern, die ihre Isolation selbst verschuldet hätten. Damit der Leser in die richtige Richtung marschiert, wird der »innere Feind« gleich in der Überschrift markiert: »Die Indianer jodeln in der Alpenfestung«. Steinbrücks Motiv der rückständigen Wilden wird hier nicht auf die Rocky Mountains, sondern auf die »Alpenfestung« bezogen, aus der heraus die Schweizer einer Nazi-Invasion widerstehen wollten. Was der politisch korrekte Zeitgeist in anderen Fällen als heroisches Partisanentum feiert, wird im Falle der Schweizer der Lächerlichkeit preisgegeben: Im »Reduit« der Berge hätten sie sich vorbereitet, um »in Bunkern und auf Geröllhalden einen kleinen Flecken autonome Schweiz zu verteidigen«. An diesem feinen Spott des FAZ-Antifaschismus hätte sicher auch Joseph Goebbels seine Freude gehabt.
Das billige Älpler-Klischee taucht auch in einem linksliberalen Blatt auf. »Wenn Hürlimann jodelt«, heißt der Artikel in der Online-Ausgabe der Wochenzeitung Freitag. Er beschäftigt sich vordergründig mit dem Schweizer Schriftsteller Thomas Hürlimann, der penetrant als »Berg-Dichter«, »Berg-Lyriker« oder »Alpen-Poet« bezeichnet wird. Der hatte es gewagt, den deutschen Angriffen auf die Schweiz entgegenzutreten, und bekommt dafür von »Freitag«-Autor Rudolf Walther ordentlich eingeschenkt: »Außer einer Vorliebe für alpinen Kitsch verrät Hürlimanns national imprägniertes Jodeln eines: der Autor scheint an national bedingter Dauererektion – medizinisch: Priapismus, volkstümlich: genitalem Alpinismus – zu leiden.« (3) Ob der Kritiker mit solchen Auslassungen zum Problemfeld Gliedversteifung mehr über sich als über seinen publizistischen Nebenbuhler offenbart, mag ein Psychoanalytiker untersuchen. Wichtiger ist, dass er sein Ressentiment nicht nur gegen einen Kollegen, sondern gegen ein ganzes Land formuliert: »Aber wo Geld, Bankgeheimnis und Schweizertum regieren, taugen Grundrechte allenfalls als Festdekoration.« Soll wohl heißen: Erst wenn die »internationale Staatengemeinschaft« in Gestalt von Steinbrück den Nachbarn »Geld, Bankgeheimnis und Schweizertum« weggenommen hat, werden die Grundrechte gesichert sein.
In der Illustrierten Stern, im rot-grünen Bermudadreieck zwischen FAZ und Freitag angesiedelt, läuft Star-Kolumnist Hans-Ulrich Jörges zu großer Form auf. Die Schweiz firmiert für ihn nur als »notorisch von Minderwertigkeitskomplexen bedrückte(n) Schoki-Republik« beziehungsweise als »ein Land, das noch die Löcher im Käse zu Geld macht und nur dem Greenback unbeschränktes Asyl gewährt«. Er bringt das Kunststück fertig, Steinbrück nicht nur zu verteidigen, sondern an Gehässigkeit gar zu übertrumpfen. »Moralisch ist der Vergleich der Eidgenossen mit den Rothäuten nicht minder angreifbar: Die Indianer tun einem leid, die Schweizer ganz und gar nicht. Die hungernden Wilden kämpften mit allem Recht der Welt um ihre Existenz. Die satten Gnome vom Zürisee verteidigen ihr parasitäres Bankgeheimnis, das angemaßte Existenzrecht eines ganzes Landes als Schwarzgeld-Safe der Diktatoren und Zumwinkels dieser Welt – ständige Einladung zum Rechtsbruch daheim.« (4) Dagegen hilft nur Härte: »Es muss ein John Wayne aufs Pferd steigen, um den wilden Schweizer Westen auf Trab zu bringen. Breitbeinig und sporenklirrend. Einer, der die Saloontüren ins Schwingen bringt. Einer, der jedem Bankenkongress die Leviten liest und die Herren lustvoll stöhnen lässt. Man wird ja gern ein wenig gepeitscht. Hand zum Colt, John Wayne Stone! Trompeter, Attacke!«
Natürlich hat das meiste, was über die sogenannte Steueroase Schweiz derzeit in Deutschland und anderswo geschrieben wird, mit den Fakten nichts zu tun – etwa die auch von Steinbrück kolportierte Zahl von 200 Milliarden Euro Schwarzgeld, die Deutsche angeblich ins Nachbarland gebracht haben. (5)
Aber selbst, wenn die Schweiz die böse Steueroase wäre, als die sie hingestellt wird: Auch dann wäre das Halali der westlichen Großmächte auf die kleine Alpenrepublik nicht gerechtfertigt. Denn für die aktuelle Weltwirtschaftskrise, deren Beginn im Herbst 2008 Auslöser der wütenden Attacken auf die Eidgenossenschaft war, ist Steuerflucht weder Grund, Hintergrund noch Auslöser. Dass, zuletzt auf dem G20-Gipfel im April 2009 in London, von Steinbrück und Co. der gegenteilige Eindruck erweckt wurde, hat selbst die FAZ verblüfft: »Ob sich später mancher wundert, wie es den Gipfelstrategen gelungen ist, den Kampf gegen Steuerhinterziehung ins Zentrum eines Treffens zu rücken, das die Lösung einer Weltfinanzkrise zum Ziel hat? Das eine hat mit dem anderen jedenfalls weniger zu tun, als die Staats- und Regierungschefs glauben machen wollen, die sich den Steuerfragen teils mit größerer Inbrunst widmeten als sperrigen Systemreformen.« (6)
Verursacht wurde die Große Krise nicht durch Steuerflucht, sondern durch spekulative Angriffe auf die globale Ökonomie, die fast ausschließlich über die Börsenplätze New York und London bzw. über die mit diesen verbundenen Spekulationsgiftküchen in den zumeist britischen Pirateninseln (Cayman-Inseln, Isle of Man, Kanalinseln) vorgetragen wurden. Schweizer Banker zum Beispiel aus der UBS ebenso wie Manager aus der Deutschen Bank waren in diese Angriffe involviert – aber sie agierten nicht über Zürich oder Frankfurt am Main, sondern, wie ihre Spießgesellen, über die USA und Großbritannien. Anders gesagt: Sie agierten nicht als Mitglieder oder gar Repräsentanten des Schweizer oder deutschen Kapitals, sondern als Teilhaber einer internationalen Finanzoligarchie. Die »finanziellen Massenvernichtungswaffen« (so der US-Multimilliardär Warren Buffet), die bei diesen spekulativen Angriffen zum Einsatz kamen, wurden nicht mit realem Kapital munitioniert (z.B. Gewinnen aus der Realwirtschaft, die in Steueroasen versteckt waren), sondern vor allem mit fiktivem Kapital, das ohne realwirtschaftliche Deckung in betrügerischer Absicht von privaten Großbanken geschaffen wurde (z.B. in Form von Derivaten).
Diese komplexen Zusammenhänge stehen im Mittelpunkt meines neuen Buches* und können hier nur angedeutet werden. Eigentlich muss man sich nur eine Zahl merken: Die faulen Papiere aus Offshore-Finanzgiftküchen wie den Cayman-Inseln, die sich deutsche Kreditinstitute von Nadelstreiflern in London und New York haben aufschwatzen lassen, summieren sich auf sage und schreibe 296 Milliarden Euro, errechnete die FAZ Ende Januar 2009. (7) Diese Forderungen sind von deutscher Seite nicht einklagbar, da die Offshore-Anlageoasen von deutschen oder internationalem Recht nicht erreicht werden können. Solche Bomben aus fiktivem Kapital sind in Island bereits explodiert und haben den Ruin des Landes bewirkt – jeder Dritte Isländer denkt jetzt ernsthaft ans Auswandern. Manches stolze Bankschiff wird auch hierzulande auf Grund gehen, mit allen Folgen für Sparguthaben und Arbeitsplätze, wenn diese Sprengsätze nicht entschärft werden.
Doch Steinbrück entschärft nichts. Schlimmer noch: Er spricht nicht einmal über diese 296 Milliarden Euro uneinbringbaren Forderungen, die Deutschland gegenüber Großbritannien und seinen Pirateninseln hat. Er spricht nur über die – angeblichen – zwei Milliarden Euro, die der deutsche Fiskus von der Schweiz haben will.
Das nennt man Ablenkungsmanöver. Das nennt man Jagd auf Sündenböcke, um von den wirklichen Schuldigen abzulenken. Aus der Geschichte weiß man, wo das enden kann.
Zum Original-Beitrag (http://showthread.php3?p=1235710#post1235710)
....ist das dieser ---> http://de.wikipedia.org/wiki/J%C3%BCrgen_Els%C3%A4sser Jürgen Elsässer :confused:confused:confused
.....das erstaunt mich wirklich - finde/fände es aber :supi :cool
Zum Original-Beitrag (showthread.php3?p=1235726#post1235726)
...gestriges Kalenderblatt :( kaum zu glauben, dass das schon so lange her ist :rolleyes
...passt ja dazu :gomad
ABC News: The $1,000-A-Day Architects Of The CIA's Waterboarding Program (http://abcnews.go.com/Blotter/story?id=7471217&page=1)
.....According to current and former government officials, the CIA's secret waterboarding program (http://blogs.abcnews.com/theblotter/2007/09/cia-bans-water-.html) was designed and assured to be safe by two well-paid psychologists now working out of an unmarked office building in Spokane, Washington.
Bruce Jessen and Jim Mitchell, former military officers, together founded Mitchell Jessen and Associates.
Both men declined to speak to ABC News citing non-disclosure agreements with the CIA (http://blogs.abcnews.com/theblotter/2007/06/cia_blasts_euro.html). But sources say Jessen and Mitchell together designed and implemented the CIA's interrogation program (http://blogs.abcnews.com/theblotter/cia_secret_prisons/index.html).
Click here (http://abcnews.go.com/video/playerIndex?id=7473528) to see Jessen refusing to talk to ABC News.
"It's clear that these psychologists had an important role in developing what became the CIA's torture program," said Jameel Jaffer, an attorney with the American Civil Liberties Union.
Click here (http://abcnews.go.com/video/playerIndex?id=7473637) to see Mitchell refusing to talk to ABC News.....
....diese miesen traurigen Säcke :bad
Swine Flu May Have Evolved At US Hog Farms (http://www.huffingtonpost.com/2009/05/01/swine-flu-may-have-evolve_n_194404.html) :rolleyes
05/ 1/09 12:50 PM
With swine flu panic sweeping the globe, scientists appear to finally be getting closer to determining its origin -- and it's not quite as clear-cut as originally thought. The Wall Street Journal reports that the current problem may have actually begun in the United States (http://online.wsj.com/article/SB124113876438075685.html).A picture is now emerging of how U.S. and Mexican officials, with a key assist from a Canadian government lab, first realized they faced a new type of disease and began racing to isolate its earliest origins. Until recently, Mexico was widely assumed to be ground zero. Now, however, some California doctors are questioning that.
The four earliest confirmed cases are divided evenly between California and Mexico. In fact, it appears two children in California got sick in late March, several days before the first two known Mexico cases in early April.
And even if the first case was in Mexico, the United States won't get off scot-free, according to Grist's Tom Philpott. The virus may have evolved under US farming conditions (http://www.grist.org/article/2009-04-30-cdc-swine-strain/) before it made the jump to humans near the US/Mexico border:In an interview with Science Magazine, the CDC's chief virologist, Ruben Donis' essentially confirmed the reading of the current swine flu strain made by New Scientist: that it evolved from a strain that cropped up in U.S. hog farms in 1998.
I'm in rural Missouri. You can smell the toxicity of the CAFO hog farms for two miles.
Their waste is pooled in lagoons (much too pretty a word) and ferments. It's the same with
chickens. Is it any mystery why we'd have bird and swine mutant flus with such concentrated
contaminants. We are hellbent on destroying ourselves in the name of profits.
clumberfeet http://images.huffingtonpost.com/profiles/31871.png?20090501115606 (http://www.huffingtonpost.com/users/profile/clumberfeet)
Hog factory farms outsourced to Mexico to avoid USDA and health department regulations.
What could go wrong?
CEO Pay Plunged In 2008 (http://www.huffingtonpost.com/2009/05/01/ceo-pay-plunged-in-2008_n_194374.html)
May 1, 2009 06:29 AM EST | http://www.huffingtonpost.com/images/v/ap_wire.png
http://www.huffingtonpost.com/huff-wires/20090501/us-ceo-pay/images/8038d463-785c-4eb4-851c-44dff556e356.jpg The 10 highest-paid CEOs for 2008 at Standard & Poor's 500 companies based on calculations by The Associated Press are shown in this photo combo. From top left: Chesapeake Energy CEO Aubrey McClendon, Motorola Inc. CEO Sanjay Jha, Walt Disney Co. President and CEO Robert Iger, Goldman Sachs Group CEO Lloyd Blankfein, American Express Co. CEO Ken Chenault, Citigroup Inc. CEO Vikram Pandit, Apache Corp. President, Chief Operating Officer and Chief Executive Officer G. Steven Farris, Phillip Morris International Chairman and Chief Executive Officer Louis C. Camilleri, Juniper Networks Inc. CEO Kevin Johnson, and JPMorgan Chase & Co. CEO James Dimon. (AP Photo)
NEW YORK — CEOs are taking a hit from the recession _ less total compensation, smaller bonuses, nearly worthless stock options _ but their companies are already making adjustments that could mean fatter paychecks in the future.
An shows the median pay package for CEOs of companies in the Standard & Poor's 500 index fell 7 percent (.....oooops :rolleyes die müssen wohl mit dem Bettelstab unterwegs :bad:dumm wenn die Aktien dieser Firmen doch auch nur 7% gefallen wären :o Dreckspack :bad) to $7.6 million in 2008.
And the potential hit to their pocketbooks could be even larger if stock prices don't rebound. One clue: 90 percent of the $1.2 billion in CEO stock options granted last year are "under water," meaning the is too low to yield a profit, the AP analysis shows.
Boards already are trying to cushion the blow. The AP found that some have changed the rules to make it easier for executives to qualify for bonuses. Others are doling out more stock options, which give executives the right to buy shares in the future at prices locked in today.
Other findings in the AP's analysis:
_ Four of every five CEOs took home a cash bonus, despite the fact that the stock prices of the companies in the survey fell by an average 36 percent and profits fell 31 percent.
_ The median payout in cash for salary and bonuses fell 20 percent from a year earlier to $2.4 million. But that's still 48 times what the average U.S. worker makes, based on the most recent government figures.
_ Of the 10 CEOs who took the biggest pay cuts last year, four were heads of financial services companies. Overall, the heads of companies that develop and process raw materials _ including supplies for construction, steel and glass, and paper products _ took the biggest hit. That group's median compensation shriveled 26 percent to about $6.3 million.
...bissle Ablenkung ;)
Rock, Pop - Freitag, den 01.05.2009
Elvis: Aloha from Hawaii http://www.elvisforever.de/aloha_form_hawaii.jpg
Convention Center, Honolulu, Hawaii, 1973
Regie: Marty Pasetta
Elvis Presley wird in Tupelo, Mississippi, geboren. Zum elften Geburtstag, er lebt nun in Memphis, bekommt er eine Gitarre. 1953 nimmt Elvis bei Sun Records zwei Lieder für den Geburtstag seiner Mutter auf. Dem Studioinhaber gefällt Elvis' Stimme, und Elvis Musikerkarriere beginnt. Seine Markenzeichen sind Tolle und Hüftschwung. - 3sat zeigt den "King" in seinem legendären Livekonzert aus Honolulu.
:eek.....war ja den ganzen Tag :eek Rock, Pop :supi
22:25 http://tag-live-public.s3.amazonaws.com/14912/tina-turner-one-last-time-live-in-concert.gif :supi
Tina Turner: One Last Time in Concert (http://www.3sat.de/programm_titel.php3?url=http://pressetreff2.3sat.de/pd/Sendung.asp?ID=%27C3DBE3C2D4C21261%27)
Wembley Stadion, London, Großbritannien, 2000
... Spital Baden schickt ihn nach Hause (http://www.tagesanzeiger.ch/wissen/dossier/schweinegrippe/Er-hat-die-Schweinegrippe--und-das-Spital-Baden-schickt-ihn-nach-Hause/story/16628269)
Zum Original-Beitrag (http://www.stock-channel.net/stock-board/showthread.php3?p=1235507#post1235507)
Bereits im letzten Winter haben peadiatricians die unverhältnismässig
hohe Atemwegs-Erkrankung bei Kindern zur Kenntnis nehmen müssen.
Schon diese Situation führte bei den Kantonspitalen zu Betreuungs-
engpässen und Unterversorgung der Fälle. Mir ist schleierhaft, wie
trotz Stufe 5 eine weiter auf ignorante Beschwichtigung ausgelegte
Informations-Politik "verordnet" wird. Apotheken verkaufen nutzlose,
nicht den Normen entsprechende Schutzmasken und geben Relenza
und Tamiflu rezeptfrei and die Bevölkerung, die aus Mangel an Auf-
klärung zur Selbsttherapie greifen wird, um beste Voraussetzungen
zu bilden, Resistenzen gegen ein im Herbst mutierendes "HxNy" zu
schaffen. The brave new world, Stichworte: Gilead Sciences, Roche,
CDC, H1N1 ...
01 May 2009
The Cause of the Financial Crisis (http://jessescrossroadscafe.blogspot.com/2009/05/cause-of-financial-crisis.html)
http://1.bp.blogspot.com/_H2DePAZe2gA/SfuYiDC390I/AAAAAAAAJAs/vvBNGfQRmcU/s320/greenclue.JPG (http://1.bp.blogspot.com/_H2DePAZe2gA/SfuYiDC390I/AAAAAAAAJAs/vvBNGfQRmcU/s1600-h/greenclue.JPG) Jamie Galbraith leaves out a couple of key component of the ramp up to this crisis.
The corruption of the political process, increasingly dependent on large campaign contributions, by the large corporate interests set the stage for the erosion of public regulation of markets and the rule of the law.
And of course, Alan Greenspan, without whom this disaster would almost certainly have not been possible.
Dr. Greenspan, at the Federal Reserve, with a bully pulpit and a printing press.
Texas Observer (http://www.texasobserver.org/article.php?aid=3031)
Causes of the Crisis
James K. Galbraith
May 01, 2009
...This is a panel on the crisis. Mr. Moderator, you ask what is the root cause? My reply is in three parts.
First, an idea.
The idea that capitalism, for all its considerable virtues, is inherently self-stabilizing, that government and private business are adversaries rather than partners...; the idea that regulation, in financial matters especially, can be dispensed with. We tried it, and we see the result.
Second, a person.
http://2.bp.blogspot.com/_H2DePAZe2gA/SfuVRKnAlHI/AAAAAAAAJAU/-YY_2mpipCs/s320/gramm.JPG (http://2.bp.blogspot.com/_H2DePAZe2gA/SfuVRKnAlHI/AAAAAAAAJAU/-YY_2mpipCs/s1600-h/gramm.JPG)It would not be right to blame any single person for these events, but if I had to choose one to name it would be... former Senator Phil Gramm. I’d cite specifically the repeal of the Glass-Steagall Act—the Gramm-Leach-Bliley Act—in 1999, after which it took less than a decade to reproduce all the pathologies that Glass-Steagall had been enacted to deal with in 1933.
I’d also cite the Commodity Futures Modernization Act, slipped into an 11,000-page appropriations bill in December 2000 as Congress was adjourning following Bush v. Gore. This measure deregulated energy futures trading, enabling Enron and legitimating credit-default swaps, and creating a massive vector for the transmission of financial risk throughout the global system. ...
Third, a policy.
This was the abandonment of state responsibility for financial regulation... This abandonment was not subtle: The first head of the Office of Thrift Supervision in the George W. Bush administration came to a press conference on one occasion with a stack of copies of the Federal Register and a chainsaw. A chainsaw. The message was clear. And it led to the explosion of liars’ loans, neutron loans (which destroy people but leave buildings intact), and toxic waste. That these were terms of art in finance tells you what you need to know. ...
The consequence ... is a collapse of trust, a collapse of asset values, and a collapse of the financial system. That is what has happened, and what we have to deal with now.
Can “stimulus” get us out?
As a matter of economics, public spending substitutes for private spending. ... But it is not self-sustaining in the absence of a viable private credit system. The idea that we will be on the road to full recovery and returning to high employment in a year or so therefore seems to me to be an illusion.
And for this reason, the emphasis on short-term, “shovel-ready” projects in the expansion package, while understandable, was a mistake. As in the New Deal, we need both the Works Progress Administration ... to provide employment, and the Public Works Administration ... to rebuild the country. ...
The risk we run, in public policy, is not inflation. It is lack of persistence, a premature reversal of direction, and of course the fear of large numbers. If deficits in the trillions and public debt in the tens of trillions scare you, this is not a line of work you should be in.
The ultimate goals of policy are not measured by deficits or debt. They are measured by the performance of the economy itself. Here Leader Armey and I agree. He spoke with approval, in his remarks, of the goals of 3 percent unemployment and 4 percent inflation embodied in the Humphrey-Hawkins Full Employment and Balanced Growth Act of 1978. Which, as a 24-year-old member of the staff of the House Banking Committee in 1976, I drafted.
Posted by Jesse at 8:23 PM (http://jessescrossroadscafe.blogspot.com/2009/05/cause-of-financial-crisis.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=8590034287052045995) :verbeug
Wikipedia ---> http://en.wikipedia.org/wiki/Phil_Gramm
......2007 mortgage and 2008 financial & economic crises
Some economists state that the 1999 legislation spearheaded by Gramm and signed into law by President Clinton — the Gramm-Leach-Bliley Act (http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act) — was partly to blame for the 2007 subprime mortgage crisis (http://en.wikipedia.org/wiki/Subprime_mortgage_crisis) and 2008 global economic crisis. (http://en.wikipedia.org/wiki/Phil_Gramm#cite_note-7) (http://en.wikipedia.org/wiki/Phil_Gramm#cite_note-8) The Act is most widely known for repealing portions of the Glass-Steagall Act (http://en.wikipedia.org/wiki/Glass-Steagall_Act), which had regulated the financial services industry. One provision of the act allowed Credit Default Swaps (http://en.wikipedia.org/wiki/Credit_Default_Swap)..........
Larry Beinhart (http://www.huffingtonpost.com/larry-beinhart)
Posted May 2, 2009 | 12:56 PM (EST)
An Ode to Spring (of Banks We Sing) (http://www.huffingtonpost.com/larry-beinhart/an-ode-to-spring-of-banks_b_195111.html)
Lo, yon derivative swaps have taken wing.
'Tis an ode to spring. 'Tis of banks we sing.
Oh so recently, richly, wildly over-inflated,
their lending rooms are now tightly constipated.
But, "O Goldman," and also "O Sachs,"
know that the government has your backs,
we'll restore your riches with an extra tax
as you lobby to be sure regulations stay lax.
Free trade runs free like a berserk lawn mower
clipping workpeople's wages lower and lower.
No cause to complain, to whine or to bitch.
Be happy that somewhere a corporation grows rich.
Jobs are outsourced, shipped across the wide sea,
we can live on our credit in the land of the free,
borrow against businesses, our homes and our land,
keep our heads burrowed down deep in the sand.
How did this happen, how did it come to be?
And what the bloody hell is AIG?
If you had lost every cent in a mad enterprise
gone bankrupt believing in your own lies,
we'd leave you to starve in stark misery,
capitalist theory says that's the way it should be.
But 'tis not you, 'tis of the banks that we sing.
So save them, save them, that's our ode to spring.
It should be a comedy, it should be funny.
So it would be, if they lost their own money.
Who is responsible, where is the onus
when the bigger the loss is, the bigger the bonus?
Who is to blame, and what is the cause?
Can you steal that much without breaking laws?
Is there a dungeon, dull, dreary, and dank
for the bankers who laugh all the way to the bank?
But ho! And yet!
Should not an ode to spring be about hope?
Renaissance and renewal should be the trope.
The long winter is o'er, so dreary and sick,
we're out of the Bush and away from the Dick.
We're out of the time when lunatics reigned,
a league of looters who loved torture and pain.
They were the war against civilization.
So let the sun shine on the Obama nation.
Stupid has triumphed so often and long,
it's hard to believe good sense can grow strong.
Now is the moment, yes, now is the time,
but do it in prose, best not do it in rhyme.
Now that it's bright, so sunny and warm,
it's time for new growth, time to reform.
Where should we look? Where must we focus
so each new idea springs up like a crocus?
Health care should be first on the list.
If you look at the numbers you'll really get pissed.
France and Italy, their health care's the best.
We spend double, yet we get far, far less.
Where's all the money? The lucre, the dough,
the gold, the whole roll, where does it go?
Our health care is not at all about health,
it's an IV tube that feeds into corporate wealth.
Is being number one good cause for celebration?
We're the number one incarceration nation!
One in every hundred is now behind bars,
away from the sun, the moon, and the stars.
School budgets get cut, education goes down
so we can build a new jail in everyone's town.
But we're broke and prisons are very expensive.
There's got to be something more cost effective.
It's got to get worse before it gets better,
Yes, America is the world's leading debtor.
It sounds a platitude from dear old Polonious,
but debts upon debts become very onerous.
It reeks of rhetoric, it sounds like malarkey
but we're being looted by our own oligarchy.
The lesson is tragic, yet once again funny:
rich people can't be trusted to handle their money.
Glaciers are melting, leaving nothing that's polar.
When will we wake up and start being solar,
geothermal, and wind, and a bit of conservation
for a healthier planet and the wealth of the nation?
Big money subverts and corrupts all it touches.
When will we learn to see what too much is?
One key to it all: Give the rich higher taxes.
It may sound perverse, but that's what the facts is.
But ho! And yet!
'Tis an ode to spring.
It is of ourselves that we should sing.
Larry Beinhart is the author of Wag the Dog, The Librarian, and Fog Facts: Searching for Truth in the Land of Spin. All available at nationbooks.org
Advertise on NYTimes.com (http://www.nytimes.whsites.net/mediakit/)
Enough With the 100 Days Already
By FRANK RICH (http://topics.nytimes.com/top/opinion/editorialsandoped/oped/columnists/frankrich/index.html?inline=nyt-per)
Published: May 2, 2009
BELIEVE it or not, there are Americans who have a “very negative” opinion of Barack Obama (13 percent, in the Wall Street Journal/NBC News poll (http://online.wsj.com/public/resources/documents/WSJ_NewsPoll_042809.pdf)). Some are even angry at him (10 percent, New York Times/CBS News (http://documents.nytimes.com/new-york-times-cbs-news-poll-obama-s-100th-day-in-office/page/1#p=1)). As the First 100 Days hoopla started to jump the shark last week, I tried, as an experiment in empathy, to see the world through their eyes.
http://graphics8.nytimes.com/images/2006/04/02/opinion/ts-rich-190.jpg Fred R. Conrad/The New York Times
It was difficult at first, but an interview (http://transcripts.cnn.com/TRANSCRIPTS/0904/26/sotu.04.html) with the official White House photographer, Pete Souza, on CNN, pushed me over the edge. Souza was showing all those beguiling behind-the-scenes pictures that, though government issued, were more or less passed off as journalism by virtually every news outlet in the land.
Inevitably we got to The Dog. “I want to show this picture because I find this to be a fascinating picture,” said the CNN anchor John King, who found almost every picture fascinating. “The president running down the hall with his new jogging partner there, Bo.” What, he asked Souza, is it like “to add this to the diversity of your work at the White House?”
I’ll leave the photographer’s answer to your imagination. But for a second, anyway, I could imagine what it’s like to be among the Limbaugh-Cheney deadenders who loathe Obama. Those who feel the whole world is against them. Those who think the press corps is in the tank. Those so sickened by the fawning that they’d throw a brick through the television screen if the Bush-Cheney economy had left them with enough money to buy a new set.
But only for a second. I confess to being among the 81 percent (per Wall Street Journal/NBC (http://online.wsj.com/article/SB124095605121565495.html)) who like the guy. And I share the belief of nearly two-thirds of the American people (per every poll (http://tpmdc.talkingpointsmemo.com/2009/04/obamas-first-100-days-and-the-polls.php)) that he has made an impressive start. The new president is largely doing what he promised, and he is doing it with the focus, brainpower and preternaturally calm temperament that kept his campaign on track even as the political press dismissed him as a hope-mongering naif next to the supposedly far more organized and more moneyed Hillary.
That the same crowd is over the top now in its praise says more about the news business than Obama. The journalism industry is fighting for its life. Obama is the one reliable product that moves the market for newspapers, magazines and television. No wonder so many special sections, special issues and special cable marathons have alighted on the 100 Days.
All those great report cards! Trying to stand out in this over-caffeinated throng of hagiographers, a Time pundit sprinkled his evaluations with A-pluses (http://www.time.com/time/specials/packages/article/0,28804,1894223_1894232_1894226,00.html). One of them was for Michelle Obama (http://www.time.com/time/specials/packages/article/0,28804,1894223_1894232_1894228,00.html), whose approval rating (http://www.pollingreport.com/o.htm) is even higher than her husband’s. Hard to believe that just a year ago some of the same commentators were questioning her pride in America (http://www.foxnews.com/politics/elections/2008/02/19/michelle-obama-takes-heat-for-saying-shes-proud-of-my-country-for-the-first-time/), and that Christopher Hitchens, writing in Slate (http://www.slate.com/id/2190589/), was seriously arguing that her 1985 Princeton thesis (http://www.cbsnews.com/stories/2008/02/26/politics/uwire/main3881166.shtml) linked her by association to the views of Stokely Carmichael and Louis Farrakhan.
Of course the high marks, mine included, are all ludicrously provisional. It’s too early to judge the results of any Obama policy. What we do know is that his leadership is restoring the country’s faith in itself and the future; the spike in the number of Americans who say we’re on the “right track (http://www.pollster.com/polls/us/issue-rdwt.php)” is eye-popping. And, for all the politicians and pundits who complain that Obama is attempting too much at once, many of us like the breadth of his ambition. Doing too much at the same time, even at the risk of failure, is a core American trait that built the nation. It’s as American as Benjamin Franklin, “Moby-Dick,” the New Deal and a double cheeseburger with all the toppings.
We’ll see how Obama’s vast plans play out. We’ll see what unexpected nightmares, bigger than the swine flu, materialize on his watch. The 100 Days celebrations could not fade soon enough, because neither he nor the country should be lulled into resting easy. There are at least two toxic fiefdoms to keep the president and us awake at night: Pakistan and Wall Street. Both could wreak further untold catastrophe. Obama has control over neither, and in the case of the financial sector, he is fielding a team dominated by Robert Rubin protégés whose wisdom remains, to put it generously, unproven.
But if those are the obvious hotspots for this presidency, there is also the domestic political culture to worry about. The Republican Party has collapsed, and that is not a good thing for the country or for Obama. We need more than one functioning party, not just to ensure checks and balances and pitch in ideas at a time of crisis, but to temper this president’s sporadic bursts of overconfidence and triumphalist stagecraft. No one is perfect. We must remember that there is also an Obama who gave us “You’re likable enough, Hillary (http://abcnews.go.com/Politics/Vote2008/story?id=4092530&page=1),” a faux presidential seal (http://thecaucus.blogs.nytimes.com/2008/06/20/the-great-seal-of-obamaland/) and a convention speech delivered before what Sarah Palin rightly mocked (http://elections.nytimes.com/2008/president/conventions/videos/transcripts/20080903_PALIN_SPEECH.html) as “Styrofoam Greek columns” hauled out of a “studio lot.”
That Obama needs a serious counterweight in the political arena. But the former party of Lincoln and liberty has now melted down to a fundamentalist core of aging, rural Dixiecrats and intrusive scolds — as small as 20 percent of the populace (http://www.fivethirtyeight.com/2009/04/party-of-nobody.html) in the latest polls. Its position on the American spectrum of ideas is somewhere between a doomsday cult and Scientology.
Arlen Specter’s defection (http://thecaucus.blogs.nytimes.com/2009/04/28/specter-will-run-as-a-democrat-in-2010/) is the least of the Republicans’ problems, a lagging indicator. Though many characterize his departure as a “wake-up call” for the party, it’s only the most recent of countless wake-up calls the party has slept through since 2006. That was the year that Specter’s Pennsylvania Republican colleague in the Senate, Rick Santorum, lost his seat by a margin of more than 17 percentage points (http://www.electionreturns.state.pa.us/ElectionsInformation.aspx?FunctionID=12&ElectionID=24). Despite that rout and many more like it of similar right-wing candidates throughout America, the party’s ideological litmus test is more rigid than ever. The G.O.P. chairman, Michael Steele (http://politicalticker.blogs.cnn.com/2009/04/28/steele-specter-fipped-the-bird-at-gop/), and enforcers of Republican political correctness like William Kristol (http://voices.washingtonpost.com/postpartisan/2009/04/good_news_for_republicans.html) and the blogger Michele Malkin (http://michellemalkin.com/2009/04/28/arlen-specter-makes-it-official/) jeered Specter and cheered his departure. A laughing Limbaugh seconded e-mail from listeners commanding Specter to (http://www.huffingtonpost.com/2009/04/28/limbaugh-to-specter-take_n_192382.html) “take McCain with you — and his daughter.”
You can’t blame the president if he is laughing, too. As The Economist recently certified (http://www.economist.com/displaystory.cfm?story_id=13496418), the G.O.P. is now officially in the throes of “Obama Derangement Syndrome.” The same conservative gang that remained mum when George W. Bush praised (http://www.cnn.com/2005/WORLD/europe/02/24/summit.russia.dougherty/) Putin’s “soul” and held hands (http://www.cbsnews.com/stories/2005/04/27/eveningnews/main691413.shtml) with the Saudi ruler Abdullah are now condemning Obama for shaking hands (http://voices.washingtonpost.com/44/2009/04/20/obama_chavez_and_a_new_approac.html) with Hugo Chávez, “bowing (http://voices.washingtonpost.com/sleuth/2009/04/obama_and_adbullah_to_bow_or_n.html)” to Abdullah, relaxing Cuban policy (http://www.nytimes.com/2009/04/15/world/americas/15cuba.html) and talking to hostile governments. Polls (http://documents.nytimes.com/new-york-times-cbs-news-poll-obama-s-100th-day-in-office/page/1#p=1) show (http://www.washingtonpost.com/wp-srv/politics/polls/postpoll_042609.html) overwhelming majorities favoring Obama’s positions. But his critics have locked themselves in the padded cell of an alternative reality. Not long before The Wall Street Journal informed its readers that 81 percent of Americans liked Obama (http://online.wsj.com/article/SB124095605121565495.html), Karl Rove wrote (http://online.wsj.com/article/SB123923500880003227.html) in its pages that “no president in the past 40 years has done more to polarize America so much, so quickly.”
From derangement it’s a small step to madness. Last week, the president of a prime G.O.P. auxiliary, the Concerned Women for America, speculated (http://washingtonindependent.com/40593/concerned-women-asking-about-swine-flu-panic) that the president’s declaration of “a state of emergency about the flu was a political thing” to push through Kathleen Sebelius’s nomination as secretary of health and human services. At those tax-protesting “tea parties” on April 15, signs and speakers portrayed Obama as a “fascist,” a “socialist,” a terrorist and Hitler. Republican governors have proposed rejecting stimulus money for their states (only to fold after constituents rebelled) or, in the notorious instance of Rick Perry of Texas, toyed with secession (http://thinkprogress.org/2009/04/15/perry-texas-secession/) from the union.
But this is funny only up to a point. It was in 1937 — the year after the Democratic landslide left the Republican national ticket with a total of eight electoral votes (http://fisher.lib.virginia.edu/collections/stats/elections/maps/1936ec.gif) — that a hugely empowered F.D.R. made two of the biggest mistakes of his presidency. He tried to pack the Supreme Court (http://select.nytimes.com/gst/abstract.html?res=FB0715F838541B728DDDA80A94DA405B878FF1D3&) with partisan allies and, overconfidently judging the economy recovered (http://www.tnr.com/politics/story.html?id=e4fd2eed-90f5-46cb-a47c-e4349f9f234c), retreated from the New Deal by instituting spending cuts that prompted a fresh economic tailspin.
In the current climate Obama mustn’t drink his own Kool-Aid. As the 100 Days rollout reminded us, he remains a master at promoting and controlling his and his family’s image for maximum effect, down to each picture of Bo. The Obama White House has been more adept and broad-based than any of its predecessors at working the media, whether “Access Hollywood” or ESPN, Leno or YouTube, Us Weekly or what remains of newspapers. As Angela Burt-Murray, the editor of Essence, a magazine aimed at black women, recently told The Los Angeles Times (http://www.latimes.com/news/nationworld/washingtondc/la-na-obama-presidency20-2009apr20,0,2875556.story) after negotiating access to the Obamas for a photo spread, “There’s definitely a science to the way they’re approaching this.”
That’s why it was alarming to learn that a White House official had authorized (http://thecaucus.blogs.nytimes.com/2009/04/28/obama-orders-review-of-ny-jet-flyover/) that idiotic public-relations photo shoot (http://cityroom.blogs.nytimes.com/2009/04/27/air-force-one-backup-rattles-new-york-nerve/) for Air Force One at the Statue of Liberty. We’ve just lived through a hubristic presidency that delighted in staging propagandistic stunts to remake reality — Friday was the sixth anniversary of “Mission Accomplished” — and we don’t need another. The real Obama, unlike his predecessor, is more than strong enough as he is, without the steroids of excessive stage management. It will be incumbent on him now to remain grounded when there is so little opposition, in the political arena or most anyplace else, to challenge his high-flying course.
Next Article in Opinion (2 of 29) » (http://www.nytimes.com/2009/05/03/opinion/03kristof.html) A version of this article appeared in print on May 3, 2009, on page WK10 of the New York edition.
Sun 3 May 2009
Woodstock A Bad Trip This Year (http://lolfed.com/2009/05/03/woodstock-a-bad-trip-this-year/)
Posted by alyx under all ur bankz (http://lolfed.com/category/all-ur-bankz/)
No Comments (http://lolfed.com/2009/05/03/woodstock-a-bad-trip-this-year/#respond)
Not that anyone should have gone into the event expecting sunshine and lollipops, but Warren Buffett’s annual meeting, affectionately known to many as the “Woodstock of Capitalism,” is unfortunately more similar in tone this year (http://www.washingtonpost.com/wp-dyn/content/article/2009/05/03/AR2009050300387.html) to that horrible Woodstock 1999 redux that MTV put together and is best known for fire and looting:
OMAHA, Nebraska (Reuters) - Warren Buffett told a record crowd at a somber annual meeting of his Berkshire Hathaway Inc that first-quarter operating profit fell and the company’s book value declined 6 percent, as the recession hurt many of the company’s businesses and investments. Operating profit fell about 12 percent from a year earlier to $1.7 billion, as most of Berkshire’s businesses were “basically down,” Buffett told an estimated 35,000 people at the meeting in downtown Omaha.
And on the future (http://www.nydailynews.com/money/2009/05/02/2009-05-02_warren_buffet_says_government_is_taking_the_right_steps_to_curb_the_recession_bu.html):
“There’s no signs of any real bounce at all in anything to do with housing, retailing, all that sort of thing,” said Buffett, 78…”You never know for sure, even if there’s a leveling off, which way the next move will be.”
Warren! Your worst year since 1965? An uncertain future? You know you’re gonna make your girlfriend Becky Quick sad. Couldn’t you have found at least one bright spot on your books?
Meanwhile, right-hand man Charlie Munger calls banks “evil” (http://www.cnbc.com/id/30520826) (not really going to argue with him) and demands a complete ban on credit default swaps:
If you were looking for fun this weekend, you would have been much better off eschewing the Woodstock of Capitalism and hitting the Kentucky Derby infield, where there were apparently plenty of blow-up dolls (http://www.courier-journal.com/apps/pbcs.dll/gallery?Site=B2&Date=20090502&Category=DERBYFUN&ArtNo=905020848&Ref=PH&Params=Itemnr=5) and weed (http://www.courier-journal.com/apps/pbcs.dll/gallery?Site=B2&Date=20090502&Category=DERBYFUN&ArtNo=905020848&Ref=PH&Params=Itemnr=7) to be had by all.
GOP BEGINS LAYING OUT CAMPAIGN AGAINST OBAMA'S COURT PICK (http://www.huffingtonpost.com/2009/05/03/gop-begins-laying-out-cam_n_195317.html)
NYT: As A Professor, Obama Held Pragmatic Views On The Court (http://www.nytimes.com/2009/05/03/us/politics/03obama.html?hp)
Quick Read (http://www.huffingtonpost.com/2009/05/03/gop-begins-laying-out-cam_n_195317.html) |
Comments (793) (http://www.huffingtonpost.com/2009/05/03/gop-begins-laying-out-cam_n_195317.html)
| Mitt Romney (http://www.huffingtonpost.com/news/mitt-romney)
einer der Kommentare:
KayDGee See Profile (http://www.huffingtonpost.com/users/profile/KayDGee) I'm a Fan of KayDGee (http://www.huffingtonpost.com/users/becomeFan.php?of=KayDGee) I'm a fan of this user permalink (http://www.huffingtonpost.com/2009/05/03/gop-begins-laying-out-cam_n_195317.html?show_comment_id=23829832#comment_23829832) I love the photos posted over the story on the home page. Good grief... They look like Satan, Beelzebub and Mephistophles in need of a, um, cleansing. They're using the same ole tired tactics they employed against Clinton. The American people put in a POTUS whose IQ and abilities outstrip the last three Republican presidents combined and they cannot stand it. The dominant dog application isn't flying any more, fellas. Even the dopiest hound will wait to see what he's up against before he shows his teeth.
Sun 3 May 2009
Bored Trader Is Bored (http://lolfed.com/2009/05/03/bored-trader-is-bored/)
Posted by alyx under markets (http://lolfed.com/category/markets/)
You know how GM pays some of its workers to come into a meeting room every day, play cards and shoot the breeze? These days, WSJ would have you believe that NYSE member firms are kinda doing the same thing with their guys on the floor (http://online.wsj.com/article/SB124139512869981763.html):
Much of the floor trading now takes place around the market’s open at 9:30 a.m. and the closing bell at 4 p.m. That leaves plenty of time during the day for traders to take long lunches, grab a beer (or two) at nearby bars or head to the gym for an afternoon workout.
Two traders say they play a daily game of gin rummy. They say they angle in toward trading posts when playing, in case a TV cameraman should walk by and film their game. Then, there’s the movie room. Windowless, it contains a television set, a DVD player and about a dozen black leather chairs. Traders take turns choosing titles, but action and horror films top the play list.
The lounging about upsets some floor veterans. “I didn’t come here to watch movies,” bristles David Henderson, a trader with Dru Stocks who joined the floor in 1988.
We all knew this was coming, and that computers would take over all but the most complex trades (hell - ask around, and you will have some people tell you that program trading makes up almost all of the trades in the market right now, making you wonder if people are involved at all in these trades anywhere). I have a “nostalgia” ticker tape on my desk (it dispenses regular tape). Can I get a “nostalgia” vulgar floor guy (http://lolfed.com/2008/10/16/who-put-this/)now too? Not that I *want* to see an end to floor trading, but if they’re all going to be forced into early retirement, I want something by which to remember them.
:gruebel ....ob die Programmierer den Computern auch beibringen gierig zu sein, bescheissen usw. :confused :rolleyes
....eine tickende Zeitbombe :confused:rolleyes
Pakistan Repeatedly Deflected US Requests To Find Out Where Its Nukes Are Located (http://www.nytimes.com/2009/05/04/world/asia/04nuke.html?hp)
US Still Doesn't Know How $100 Million In Nuke Security Was Spent (http://www.nytimes.com/2009/05/04/world/asia/04nuke.html?hp)
Quick Read (http://www.huffingtonpost.com/2009/05/03/fears-rise-about-security_n_195419.html) |
ozymandius http://www.democraticunderground.com/discuss/images/donor.gif (1000+ posts) http://www.democraticunderground.com/discuss/images/mesg.gif (http://www.democraticunderground.com/discuss/duboard.php?az=send_mesg&u_id=114346) http://www.democraticunderground.com/discuss/images/profile_small.gif (http://www.democraticunderground.com/discuss/duboard.php?az=user_profiles&u_id=114346) http://www.democraticunderground.com/discuss/images/mesg_add_buddy.gif (http://www.democraticunderground.com/discuss/duboard.php?az=add_buddy&u_id=114346) http://www.democraticunderground.com/discuss/images/mesg_add_ignore.gif (http://www.democraticunderground.com/discuss/duboard.php?az=ignore_member&iid=114346&level=three) Mon May-04-09 06:30 AM
Response to Reply #4 (http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3860332&mesg_id=3860339) 9. New Stress Trial Balloon Floated http://upload.democraticunderground.com/discuss/images/avatars/earth.gif I am coming to realize there might be method in the seeming madness of changing dates and shifting sneak previews via favored members of the press as to what the stress tests might entail.
Tire out the critics, numb the casual followers, and leave the boosters in firm control of share of mind.
Let's face it, the fact that the authorities are allowing banks to negotiate the findings is a very very bad sign. It says either they don't trust the results themselves, or they lack the guts to act like they are in charge. But regulators are always in charge (well until fifteen plus years of criticism in the media and Congressional budget cuts left them undernourished and fearful). And now they also have the power of the purse on their side too. BreakingViews had a few choice words:
...the behind-the-scenes tug of war between banks and the government over the results of their recent stress tests strains the already tenuous credibility of the exercise. It also shows that banks have become too powerful....
So it’s curious that regulators have put so much stock in the tests they announced in February...
But like the banks’ earlier and insufficiently stressful stress tests, the government’s worst-case outlooks aren’t all that far-fetched. They also use banks’ own estimates, meaning unscrupulous managers could tweak them to get a better grade. And bankers say they’ll produce very little information that regulators don’t already have.
Because of this, bank risk managers (not the most credible group these days) tend to view these tests as a public relations stunt that regulators will use to force their institutions to toe Uncle Sam’s line. That, in itself, is worrying. Regulators shouldn’t have to invent justifications for regulating properly. The right response by a bank when its overseer says jump is, “How high?”
There is another way the stress tests fall short. As was revealed earlier, the tests are focusing on bank loan exposures. Ahem. The real risk to the system is not in not-too-difficult to value (and sell) loans, but in the complex dreck and derivatives exposures at the big capital markets players, namely Citi and Bank of America. Even if a bank as big as Wells Fargo, a very big bank but in traditional retail and wholesale businesses, were to prove terminally impaired, it might be costly to resolve, but procedurally it would not be pathbreaking.
The other reason to focus on the securities and derivatives exposures rather than loans is many of them are much more sensitive to a deterioration in economic conditions than loans. While loan losses tend to rise in a linear fashion, the values of complex instruments can drop precipitously when cash flows on the underlying asset pool drop below certain trigger levels.
Fiat – der Retter?
Von Tobias Piller (http://www.faz.net/s/RubD87FF48828064DAA974C2FF3CC5F6867/Doc%7EEEDE1A91F1A8D4C3C962AE15D41A01827%7EATpl%7EEcommon%7EScontent.html)
http://www.faz.net/m/%7BDDBCBCA1-DACE-4D51-8E06-E75AF28D4B92%7DFile1_4.jpg (http://www.faz.net/s/Rub1C361F33FC404444A08B1CFAE205D3E4/Doc%7EECD5DC5273E2F4A35A930DC8E96BFB512%7EATpl%7EEcommon%7ESMed.html) Fiat-Chef Marchionne posiert vor dem Modell 500
04. Mai 2009 Vielfach als Retter von Chrysler gelobt vom amerikanischen Präsidenten, als geldgieriger Heiratsschwindler gefürchtet von den Mitarbeitern des deutschen Autobauers Opel: Der italienische Fiat-Konzern erlebt damit in diesen Tagen einen Triumph in Amerika und immer neue Hürden in Europa. Doch für die Italiener ist es im Moment schon eine tiefe Genugtuung, dass ihre Autosparte, noch vor wenigen Jahren selbst in Untergangsstimmung, nun zu einem wichtigen Akteur in der Neuordnung der Autobranche werden könnte. Denn Fiat-Chef Sergio Marchionne will einen globalen Autokonzern schaffen, mit den Automarken Fiat, Alfa Romeo, Lancia und Opel in Europa, Chrysler in Nordamerika sowie dem Autogeschäft von General Motors in Südamerika und Asien.
Für Amerikas Präsidenten Barack Obama gab es logische Gründe, zuerst Fiat öffentlich als Vorbild zu loben, dann dem konkursgefährdeten Autobauer Chrysler ein Bündnis mit Fiat als Bedingung für neue Staatsgelder vorzuschreiben. Denn Chrysler baut bisher nur große Autos und Geländewagen, während Obama sich für die Vereinigten Staaten kleinere und umweltfreundlichere Autos wünscht. Solche Modelle neu zu entwickeln würde Jahre dauern und Milliardenbeträge verschlingen. Fiat kann dagegen die gewünschte Technik zur Verfügung stellen, ebenso die technischen Plattformen. Schließlich hat Sergio Marchionne Durchsetzungsfähigkeit als Sanierer bewiesen und seine Mitarbeiter zur Entwicklung neuer Automodelle in Rekordzeit angetrieben.
Überheblichkeit, die im täglichen Wettbewerb nicht hilfreich ist
http://www.faz.net/m/%7B1B8B1063-F92D-46F8-994E-2A05B025DF24%7DFile1_4.jpg (http://www.faz.net/s/Rub1C361F33FC404444A08B1CFAE205D3E4/Doc%7EECD5DC5273E2F4A35A930DC8E96BFB512%7EATpl%7EEcommon%7ESMed.html#1B8B1063F92D46F8994E2A05B025DF24) Es ist die Vergangenheit, die das Verhältnis der
Deutschen zu Fiat prägt: Hier ein Fiat 500 aus dem Jahr 1957
Den Lohn für die Hilfestellung für Chrysler hat Marchionne als „Lotterieschein“ bezeichnet. Im Moment erweist der sich aber als werthaltig: Weil Fiat Chrysler eine Überlebenschance gibt, erhält der italienische Konzern zunächst 20 Prozent, dann bis zu 35 Prozent der Chrysler-Anteile, ohne dafür etwas bezahlen zu müssen. Im Gegenzug werden Marchionne und seine Mitarbeiter in die Pflicht genommen, die Wende für Chrysler zu bewerkstelligen. Marchionne weiß, dass Präsident Obama für den Erfolg von Fiat und Chrysler sein persönliches Prestige aufs Spiel gesetzt hat.....
ganzer Artikel: http://www.faz.net/s/Rub1C361F33FC404444A08B1CFAE205D3E4/Doc~ECD5DC5273E2F4A35A930DC8E96BFB512~ATpl~Ecommon~Scontent.html?rss_googlefeed (http://www.faz.net/s/Rub1C361F33FC404444A08B1CFAE205D3E4/Doc%7EECD5DC5273E2F4A35A930DC8E96BFB512%7EATpl%7EEcommon%7EScontent.html?rss_googlefeed)
28. April 2009
Bisher galt im internationalen Städtevergleich Zürich als jene, in der die Lebensqualität am höchsten sei. Doch nach dem neuesten Ranking, das jährlich die Unternehmensberatung Mercer aufstellt, steht nun Wien an erster Stelle. Hier sind das Riesenrad im Prater, der Stephansdom, die Innenstadt und Schloss Schönbrunn im Uhrzeigersinn zu sehen.
In Deutschland kamen Düsseldorf, München und Frankfurt auf die Plätze sechs, sieben und acht. Dort biete sich den entsandten Mitarbeitern ausländischer Unternehmen die beste Lebensqualität.
ozymandius http://www.democraticunderground.com/discuss/images/donor.gif (1000+ posts) http://www.democraticunderground.com/discuss/images/mesg.gif (http://www.democraticunderground.com/discuss/duboard.php?az=send_mesg&u_id=114346) http://www.democraticunderground.com/discuss/images/profile_small.gif (http://www.democraticunderground.com/discuss/duboard.php?az=user_profiles&u_id=114346) http://www.democraticunderground.com/discuss/images/mesg_add_buddy.gif (http://www.democraticunderground.com/discuss/duboard.php?az=add_buddy&u_id=114346) http://www.democraticunderground.com/discuss/images/mesg_add_ignore.gif (http://www.democraticunderground.com/discuss/duboard.php?az=ignore_member&iid=114346&level=three) Mon May-04-09 06:37 AM
Response to Original message (http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3860332&mesg_id=3860332) 10. It's really difficult to see how this shit is allowed to take place in broad daylight. http://upload.democraticunderground.com/discuss/images/avatars/earth.gif Edited on Mon May-04-09 06:39 AM by ozymandius
A Conflict of Interest is Not a Conflict of Interest If It Involves Goldman (http://www.nakedcapitalism.com/2009/05/conflict-of-interest-is-not-conflict-of.html):bad
The "all animals are created equal, but some are more equal than others" logic appears to operate in full force as far as Goldman is concerned. Violations of normal rules of conduct are not merely tolerated, but are asserted to be acceptable.
Now admittedly, the latest news tidbit, of former Goldman co-chairman Steven Friedman staying on as chairman of the New York Fed after Goldman became a bank holding company, isn't as troubling as when current Goldman chief Lloyd Blankfein was the only Wall Street denizen to meet with Hank Paulson when the Treasury was deciding what to do about AIG. Readers may recall that Goldman had the biggest exposure to AIG and thus had the most to benefit from a course of action that would be generous to counterparties (who had chosen of their own cognizance to enter into contracts with the big insurer).
It's bad enough that Friedman owned Goldman shares while involved in policy discussions that would affect the bank. The fact that he went and bought more shares is breathtaking. Of course, this shows a huge deficiency in Fed procedures. Directors should be barred from trading stocks in any institution regulated by the Fed. While it is technically not inside information (you need to be an insider of the company in question, that is, have a fiduciary duty to its shareholders), it certainly raises the specter of trading on privileged information.
And the Fed's defense statement? Here 'tis: New York Fed officials say that to have forced Mr. Friedman off the board while it sought a Geithner successor would have deprived it of two leaders at a crucial time.
Crucial for what? Maximizing profits on derivatives contracts at taxpayer expense for 100 cents on the dollar, perhaps?
wordpix (1000+ posts) http://www.democraticunderground.com/discuss/images/mesg_journal.gif (http://journals.democraticunderground.com/wordpix) http://www.democraticunderground.com/discuss/images/mesg.gif (http://www.democraticunderground.com/discuss/duboard.php?az=send_mesg&u_id=178739) http://www.democraticunderground.com/discuss/images/profile_small.gif (http://www.democraticunderground.com/discuss/duboard.php?az=user_profiles&u_id=178739) http://www.democraticunderground.com/discuss/images/mesg_add_buddy.gif (http://www.democraticunderground.com/discuss/duboard.php?az=add_buddy&u_id=178739) http://www.democraticunderground.com/discuss/images/mesg_add_ignore.gif (http://www.democraticunderground.com/discuss/duboard.php?az=ignore_member&iid=178739&level=three) Mon May-04-09 07:54 AM
Response to Reply #10 (http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3860332&mesg_id=3860357) 21. check this out re who's on NY Fed: Two Captains of USS Meltdown http://upload.democraticunderground.com/discuss/images/avatars/earth.gif Edited on Mon May-04-09 08:30 AM by wordpix
snip: Missing out on the Stuyvesant Town deal stung Lehman, said one of the firm’s bankers who declined to be identified because he wasn’t authorized to speak publicly about his time at Lehman. It wasn’t just the lost fees. Mr. Walsh considered Tishman Speyer a core client. What’s more, Tishman Speyer’s chairman, Jerry Speyer, had a close relationship with Mr. Fuld. They were both board members of the Federal Reserve Bank of New York; Mr. Speyer and Mr. Fuld’s wife, Kathleen, were trustees of the Museum of Modern Art. snip
The article is about the wild high flying loans from investment banks to big developers. I smell gov. rats on the take here, too, b/c the development deals would only go down with their approvals. The NY Fed appears to be in on the get-rich-quick schemes, too.
....tja - alles am hellen Tage und keinen kümmert's :dumm irgendwann muss es doch diesen Deppen dämmern - aber vielleicht ist dann schon der nächste USPräsident ein ex-Goldmann :kschaf dass es den Leuten nicht den Magen umdreht :bad
Kanzlerin als Model für Unterwäsche
Riesenplakat hängt jetzt am Kudamm
Berlin - Angela Merkel in Unterwäsche! So hat man die Bundeskanzlerin noch nie gesehen. Eine weltbekannte Textil-Firma wirbt jetzt mit der halbnackten Angie. Wie kann das sein?
Es gab mal einen US-Notenbank-Chef, der hatte eine Theorie: Am Absatz von Unterhosen kann man den Verlauf der Konjunktur ablesen. Das mag Unsinn sein, aber es brachte den Edel-Schlüpfer-Hersteller Bruno Banani in der Finanzkrise auf eine Reklame-Idee: Angel Merkel (CDU) und die Top-Riege des Bundespolitik werben jetzt im Rahmen der Aktion "Abwrackprämie – Wir geben alles, um die Nachfrage anzukurbeln" für Unterwäsche. Angie wird sogar halbnackt am Kudamm auf einem Mega-Bildschirm (100 Quadratmeter) gezeigt!
Gefragt hat die Kanzlerin bestimmt keiner, ob sie der frechen Foto-Montage zustimmt. Aber das kennt sie ja schon: Der Auto-Verleih Sixt hatte Merkel 2001 für eine Werbung mit Sturm-Frisur ins Cabrio verfrachtet. Das nahm Angie mit Humor: "Ein interessanter Vorschlag für mein Haar-Styling!"
Im Februar diesen Jahres sorgte der Berliner Verlag "Onkel & Onkel" für Aufsehen, als er eine Anzieh-Angela aus Pappe anbot. Ihr konnte man sogar ein Sturm-Gewehr umhängen!
Die neue Kampagne wird heute in Berlin vorgestellt.
Berliner Kurier, 30.04.2009
Max Keiser :supi on Chrysler bankruptcy
May 1st, 2009 by stacyherbert (http://maxkeiser.com/)
Max this early morning, 1st May 2009, on France 24.
:gruebel hedgefunds, workers, bankers, chapter 11 - chapter 7 :schwitz
Soldiers In Afghanistan Given Bibles, Told To "Hunt People For Jesus" (VIDEO) (http://www.huffingtonpost.com/2009/05/04/soldiers-in-afghanistan-g_n_195674.html)
05/ 4/09 02:24 PM
A U.S. church raised money to send Bibles, printed in the Pashtu and Dari languages, to American soldiers stationed in Afghanistan, a report on Al Jazeera documented Sunday night.
It is against military rules to proselytize -- a regulation one of the soldiers filmed by the network readily acknowledged. "You cannot proselytize, but you can give gifts," says the soldier. It is a crime in Afghanistan to attempt to convert anyone from Islam to any other religion. "I also want to praise God because my church collected some money to get Bibles for Afghanistan. They came and sent the money out." The footage is said to be roughly a year old.
The Al Jazeera report also shows a military preacher urging army parishioners to "hunt people for Jesus."
"The Special Forces guys, they hunt men. Basically, we do the same things as Christians. We hunt people for Jesus. We do, we hunt them down. Get the hound of heaven after them, so we get them into the Kingdom. That's what we do, that's our business," he says.
A White House spokesman referred questions to the Department of Defense, which did not immediately return a call. A military spokesman did tell Reuters, however, that none of the Bibles were, as far as she knew, ever actually distributed.
"That specific case involved a soldier who brought in a donation of translated Bibles that were sent to his personal address by his home church. He showed them to the group and the chaplain explained that he cannot distribute them," said Major Jennifer Willis. (http://www.reuters.com/article/topNews/idUSTRE5431RL20090504?feedType=RSS&feedName=topNews)
"The translated Bibles were never distributed as far as we know, because the soldier understood that if he distributed them he would be in violation of general order 1, and he would be subject to punishment."
President Bush created an international uproar when he referred to the "war on terror" as a "crusade."
UPDATE: A defense official tells the Huffington Post that the preacher did not mean that soldiers should hunt for Afghani souls, but was speaking in general terms. He also said that the Pashtun and Dari Bibles were confiscated so that they could not be distributed to the population.
:gomad:dumm ....die Amis lassen aber auch gar nichts aus :kopf
Scroll Down to read
the best in American
Schadenfreude is a German word meaning “pleasure taken from
someone else's misfortune.” The America equivalent is the
sarcastic, “Aw, it couldn’t have happened to a nicer guy.” )
....auch wenn es in diesem Fall nicht korrekt geschrieben ist - für Schadenfreude wird das deutsche Wort gebraucht :rolleyes das lässt tief blicken ;)
Genesis of the debt disaster
By Gillian Tett
Published: May 1 2009 19:16 | Last updated: May 1 2009 19:16
http://media.ft.com/cms/e2390290-32f8-11de-9316-00144feabdc0.jpg In the 1990s, a young team at Wall Street investment bank JP Morgan pioneered a new way of making money – credit derivatives. Within a decade, the market for these exotic securities had exploded to more than $12,000bn – and some people later blamed them for fuelling the global financial fiasco. In the first of two extracts from her book, Fool’s Gold, the FT’s Gillian Tett reveals how the innovation genie was first let out of the bottle – and eventually devoured the system, to the horror of its creators.
The first sign that there might be a structural problem with the innovative bundles of credit derivatives that bankers at JP Morgan had dreamed up emerged in the second half of 1998. In the preceding months, Blythe Masters and Bill Demchak – key members of JP Morgan’s credit derivatives team – had been pestering financial regulators. They believed that by using the new credit derivative products they had helped create, JP Morgan could better manage the risks in its portfolio of loans to companies, and thereby reduce the amount of capital it needed to put aside to cover possible defaults. The question was by how much. (Though these bundles of credit derivatives later went under other names, such as collateralised debt obligations [CDOs], at that time these pioneering structures were known as “Bistro” deals, short for Broad Index Secured Trust Offering). Masters and Demchak had done the first couple of Bistro deals on behalf of their own bank without knowing the answer to their question for sure. But when they were doing these deals for other banks, the question of reserve capital became more important – the others were mainly interested in cutting their reserve requirements.....
full story: http://www.ft.com/cms/s/2/51f425ac-351e-11de-940a-00144feabdc0.html
Jay Severin's Insanely Racist Rant (http://www.huffingtonpost.com/cenk-uygur/jay-severins-insanely-rac_b_195280.html)
I am not quick to call something racist. In fact, I wrote an editorial (http://www.theyoungturks.com/story/2009/2/19/3547/81245/Diary/Here-is-How-We-Can-Start-Talking-About-Race) pleading with everyone not to call the NY Post chimp cartoon racist. I went on MSNBC (http://www.youtube.com/watch?v=sJHjSEdKlYI) and defended that position. I'm afraid calling someone racist often times shuts off dialogue and should be reserved for only the clearest and worst cases. I also defended Don Imus (http://abcnews.go.com/Politics/BothSidesAllSides/story?id=3030080&page=1) and insisted he should not be fired for his comments.
So, I have some credibility here when I say conservative talk show host Jay Severin should absolutely be fired for his racist comments against Mexicans on the radio. I hesitate in writing about this because Severin is a pathetic nobody who might be looking for national attention by making these kinds of incredibly ignorant comments. But, on the other hand, there have to be consequences for this kind of deeply hateful speech. And if people don't argue forcefully enough against it, there won't be enough pressure on the station to get rid of this hateful racist.....
Mh3dR5QxB5U&eurl sollte man sich anhören - sehr aufschlussreich :o
full story: http://www.huffingtonpost.com/cenk-uygur/jay-severins-insanely-rac_b_195280.html
...man glaubt es nicht :gomad:dumm :gomad
Stress Test Results: 10 Of 19 Banks Will Need Capital (http://online.wsj.com/article/SB124148189109785317.html)
Quick Read (http://www.huffingtonpost.com/2009/05/04/10-of-19-banks-in-stress-_n_196452.html) |
Tue 5 May 2009
Financial Crisis Playing Cards (And A Caption Contest) (http://lolfed.com/2009/05/05/financial-crisis-playing-cards-and-a-caption-contest/)
Posted by alyx under win (http://lolfed.com/category/win/)
 Comments (http://lolfed.com/2009/05/05/financial-crisis-playing-cards-and-a-caption-contest/#comments)
So I’ve been playing with these Financial Crisis Most Wanted Playing Cards (http://www.financialcrisiscards.com/) the last few days. They’re like the “most wanted” cards that were going around during the Iraq war, except with a cross-section of US-based politicians and banksters. (If you’re wondering who’s on the jokers, which was the first thing I wanted to know, they actually feature a timeline starting with Graham-Leach-Bliley to the present and a collection of financial-crisis acronyms… it works, ‘cuz putting any two people on them would have probably been a hard decision to make. Feel free to make a nomination in the comments, ‘tho.)
And I’ll admit it: immediately after taking these out of the box and checking out who all was included, I built a house of cards out of them. Then I tried to balance Angelo Mozilo on the top and the whole thing fell down. I lol’d.
I haven’t done a contest in forevs so I grabbed a deck for you guys as well, which Jason and I will award to the person who makes us spit the most coffee on our respective computer monitors today. If you’d like to take a shot, just give us your best caption for this photo (Rightwingsnarkle submitted this classic shot of Vikram Bandit to us a while back, and I hadn’t taken the opportunity to deploy it, but I think it’s ripe for captioning):
...erschreckend :rolleyes dabei reicht diese Studie nur bis 2006 :rolleyes
wie sieht es wohl bei uns aus :confused
Use Of Drugs To Treat Mental Illness Rockets In The U.S.
May 5, 2009
http://www.dbtechno.com/images/drugs_mental_illness.jpgBoston (dbTechno) - The use of prescription drugs to treat mental illnesses has spiked among Americans.
A study was led by Sherry Glied of Columbia University in New York as they worked to study Americans and their use of these prescription drugs.
Data was taken from several large public surveys in the U.S., making for a very large data pool.
The time frame they focused on was from 1996 through 2006 as they monitored usage and trends among Americans.
What they found was that in total, the number of Americans using these drugs to treat mental illness since 1996 has spiked.
Breaking it down, in 2006 there were 73% more American adults, and 50% more kids taking these drugs to treat mental illnesses.
This was compared directly to the use of the drugs by adults and kids in the year 1996.
These drugs being used included such things as Alzheimer’s medications, antipsychotics, antidepressants, etc.
Not only has drug usage gone up, but so have cases of mental illness.
From 1996 to 2006, children diagnosed with a mental illness doubled.
The study has been published in the journal Health Affairs
CNBC's Erin Burnett Defends Using Tax Havens
.....CH wurde nicht erwähnt :eek;):hihi
Pakistanis told to flee Swat valley
http://english.aljazeera.net/mritems/Images//2009/5/3/200953102141659734_5.jpg Hundreds of people have fled to refugee camps to escape the fighting [AFP]
A senior Pakistani government official has urged residents of the Swat valley to flee the troubled region in the northwest where a peace deal with Taliban appears to be crumbling amid intense fighting.
Khushal Khan also said that the authorities in the North West Frontier Province (NWFP) had issued an appeal for help to house tens of thousands of refugees fleeing the fighting between government troops and Taliban fighters in Buner.
Khan said on Tuesday that people should flee for their own safety because Taliban fighters were roaming the area and planting mines and that security forces might be forced to retaliate.
His call came as the Taliban warned the peace deal agreed by the government and Taliban fighters was close to collapse.
Muslim Khan, the Pakistani Taliban's spokesman in neighbouring Swat, accused the government and the army of being stooges of the US.....
full story: http://english.aljazeera.net/news/asia/2009/05/2009558549617908.html
traurig :( ....ich sah vor einiger Zeit einen Bericht über Swat Valley - ein schönes Tal, viele historische und kulturelle Funde und Orte, sehr offene und freundliche Menschen, ich glaube die Frauen waren damals ohne Kopfbedeckung, bin mir aber nicht sicher ---> http://www.swatvalley.com/
Michael Savage Banned From Entering UK: Country Publishes List Of People Not Allowed (http://www.huffingtonpost.com/2009/05/05/michael-savage-banned-fro_n_196631.html)
May 5, 2009 07:06 AM EST |
LONDON — Britain for the first time has published a list of people barred from entering the country for what the government says is fostering extremism or hatred.
The list includes popular American talk-radio host Michael Savage, who has called the Muslim the Quran, a "book of hate." Savage also has enraged parents of children with autism by saying in most cases it's "a brat who hasn't been told to cut the act out."
The list Tuesday also includes Americans Stephen Donald Black, a white supremacist, and anti-gay preacher Fred Phelps.
Hamas parliament member Yunis Al-Astal and Egyptian cleric Safwat el-Higazi also are on the banned list.
Delara Darabi: 'Oh mother, I can see the noose'
The secret hanging of Delara Darabi has sparked outrage around the world
By Claire Soares
Monday, 4 May 2009
Rights groups inside and outside Iran reacted with horror over the weekend as news of the secret hanging seeped out.
It was 7am when Delara Darabi phoned home. "Oh mother, I see the hangman's noose in front of me," she garbled. "They are going to execute me. Please save me." Moments later a prison official snatched the handset away. "We will easily execute your daughter and there's nothing you can do about it," he barked at the parents. Then, with a chilling click, the line went dead.
The desperate couple rushed to the Central Prison in Rasht, Iran, wailing at the guards to let them see their 22-year-old. As they prostrated themselves, an ambulance emerged, most probably with Delara's corpse inside.
"They took Delara to the gallows with nobody around her," Mohammad Mostafaei, one of her lawyers, said in a letter distributed to human rights groups. "They put the rope on her delicate neck. I do not know who the cruel person was to pull the chair from under her feet."
Ms Darabi – dubbed The Prisoner of Colours for the love of painting she developed whilst on death row – was convicted for murdering her father's wealthy cousin in September 2003, when she was just 17. Although she initially confessed to the crime, she later said she had been persuaded to take the blame by her older boyfriend Amir Hossein. It was in fact Mr Hossein who had killed the rich relation, she said, to get the money.
The 19-year-old allegedly told Ms Darabi that she could save him from the gallows by confessing and that would be no risk to her own life because she was still a minor. The young woman complied. Her boyfriend was sentenced to 10 years in prison for complicity to murder; she was sentenced to death.....
full sad story: http://www.independent.co.uk/news/world/middle-east/delara-darabi-oh-mother-i-can-see-the-noose-1678543.html
:( da scheint ein Leben - besonders ein Frauenleben - keinen Wert zu haben :gomad
Insiders Continue to Sell Aggressively Into This Rally:rolleyes (http://jessescrossroadscafe.blogspot.com/2009/05/insiders-continue-to-sell-aggressively.html)
According to reports corporate insiders continue to sell agrressively into this rally, with sells outweighing buys at levels not seen since the market top in 2007.
Posted by Jesse at 12:09 PM (http://jessescrossroadscafe.blogspot.com/2009/05/insiders-continue-to-sell-aggressively.html) http://www.blogger.com/img/icon18_email.gif :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=8967012482443250686)
Fox News Caught Repeatedly Cropping, Manipulating Video (http://www.huffingtonpost.com/2009/05/05/fox-news-assailed-for-vid_n_196719.html)
05/ 5/09 11:02 AM
(http://www.huffingtonpost.com/2009/05/05/fox-news-assailed-for-vid_n_196719.html#comments) ...einer davon: What's sad is that 21% of the population actually believe this crap.
Hey, kids! Do you ever get tired of Fox News' crops? I don't mean the food they might be literally growing, in Glenn Beck's Doom Room, in preparation for Imminent Socialist Panic. I'm talking about the way they manipulate video to make it look like people are just straight up saying the opposite thing they actually said. Well, it's been bothering the media critics at Media Matters For America for some time, and they have, for a long time, been cataloging "examples of Fox News hosts and correspondents cropping comments by progressives and Democratic political figures in a manner that misrepresents them." A new mash-up video offers some side-by-side examples of what they're talking about:
Some constructive criticism? I think the third example -- Obama's "empathy" criteria for Supreme Court justice -- isn't the best example of a Fox cropping. While it's certainly true that Major Garrett's statement, "That aggravates those who feel that justices should follow the Constitution and legislative intent," seems to neatly ignore the fact that Obama's next statement was "I will seek someone who is dedicated to the rule of law, who honors our Constitutional traditions, who respects the integrity of the judicial process, and the appropriate limits of the judicial role," the fact is, just about every news organization honed in on the "empathy" part of the statement. It became the sound bite from that press exchange.
In a more lengthy report, however, Media Matters has other candidates (http://mediamatters.org/reports/200905050003) that are fitting examples of these games with videotape, well worth reviewing. Key examples include Sean Hannity's intentional omission of Obama's admonishment of Europeans' "casual...insidious" anti-Americanism (http://mediamatters.org/research/200904040003) to make it look like Obama was apologizing for the United States, and Wendell Goler's splice-happy report that made it look like Obama was in favor of "European-style health care," (http://mediamatters.org/research/200904250003) when he was actually specifically opposing it. Also close to my heart is Fox's misleading insertion of an out-of-context Joe Biden clip (http://www.huffingtonpost.com/2009/03/16/fox-news-misleads-viewers_n_175462.html) into a report, for which the network eventually had to apologize (http://www.huffingtonpost.com/2009/03/17/fox-news-apologizes-for-m_n_175906.html). At the time, I opined:
It's very sad, and weird, because Fox News would have made their point just fine if they hadn't included the misleading part of this clip. All they've really done is demonstrate that they do not have enough faith in their own editorial premises to avoid bolstering them with falsehoods. But more to the point, whoever is responsible for putting this video together needs to accept a new prevailing reality, that stupid little lies like this will be debunked and exposed very quickly, so they may as well just cut out this nonsense entirely.
Schweiz-Ouagadougou: Steuerstreit eskaliert
In der EU ist ein offener Konflikt über sogenannte Steuerparadiese entbrannt. Deutschland verteidigt eine Liste, die auch EU-Länder wie Luxemburg und Österreich an den Pranger stellt. mehr » (http://www.cash.ch/news/topnews/schweizouagadougou_steuerstreit_eskaliert-789950-771)
....dieser Ausdruck ist wohl eher auf HRE zurückzuführen als auf Quagadougou :o
....übrigens schon eigenartig - unter Quagadogou ist sozusagen nichts zu finden, nicht eimal bei Wikipedia :rolleyes
das war noch das Ergiebigste:
Ouagadougou – so lautet klangvoll der Name der Hauptstadt von Burkina Faso. Im 11. Jahrhundert wurde die Stadt unter dem Namen Kombemtinga – stadt der Krieger - gegründet. Drei Jahrhunderte später wurde sie zur Hauptstadt des Mossi-Reiches und fortan Wogdgo genannt, was soviel wie „Kommt mich zu ehren“ bedeutet. Im Laufe der Jahrhunderte wurde „Wogdgo“ dann zu Ouagadougou.
Ob nun alle, die heute kommen, die Stadt ehren, mag dahingestellt sein. Fakt ist: die Menschen kommen. Ouagadougou ist eine wachsende Stadt. Mit rund 1,2 Millionen Einwohnern ist sie die größte Stadt des Landes. Sie besitzt allerdings nur wenige große moderne Gebäude. Dafür hat der Kaiser, genannt „Mogho Naaba“, der zum Volk der Mossi gehört, in der Stadt seinen Palast.
Ouagadougou – das sind niedrige Lehmziegelhäuser und staubige Straßen. Sehenswürdigkeiten gibt es nicht sehr viele: ein Muss jedoch ist der große Markt, der Grand marché. Er ist einer der größten Märkte Westafrikas. Hier kann man von Obst, Gewürzen, Kosmetika, Schmuck, Handwerkskunst bis zu maßgefertigten Kleidungsstücken nahezu alles bekommen.
Wichtigstes Fortbewegungsmittel im chaotischen Verkehr Ouagas ist das Mofa, Moped oder genauer die Mobylette. Und es werden immer mehr. Auch die Baumaßnahmen boomen, die Hauptstadt soll eben moderner werden.
Von Mobilität und Moderne zeugen auch die riesigen Werbetafeln für Handys und Mobilfunkanbieter. Das Mobiltelefon erfreut sich einer wachsenden Popularität. Wer immer es sich leisten kann, besitzt heute ein Handy. Auch das Internet holt auf, und in Ouagadougou wächst die Zahl der Internetcafés stetig.
....und nun wieder zu dem wenig erfreulichen Herrn :bad ob er die Stadt einladen will um sie zu ehren :rolleyes
06.05.2009, 08:21 Uhr
Rolle der Bankenaufsicht
HRE-Ausschuss: „Tarnen, tricksen, täuschen“
Der Untersuchungsausschuss zur Hypo Real Estate (http://Hypo%20Real%20Estate)mit viel Wahlkampfgetöse: Opposition und Koalition ringen um Zeitpläne, Beweisanträge und die Zeugenliste.
BERLIN. Obwohl die Zeit drängt, wollen Union und SPD nach Informationen des Handelsblatts zunächst vier Wirtschafts- und Juraprofessoren zur Beinahepleite des Immobilienfinanzierers befragen. FDP, Grüne und Linkspartei, die den Ausschuss durchgesetzt haben, sprechen von "Vernebelungstaktik". Sie wollen die Rolle der Bankenaufsicht, der Regierung und von Bundesfinanzminister Peer Steinbrück (SPD) klären.
ihre Immobilienkredite ausgliederte. Das neue Unternehmen kaufte vor Ein Jahr später brach die Bank wegen akuter Geldprobleme der Tochter in Dublin beinahe zusammen. Seitdem erhält der Staat die HRE (http://HRE) mit Garantien von 87 Mrd. Euro am Leben......
:eek :eek :eek
Liesman is the most pathetic tool on CNBC. "Save the world and not disclose" ? I bet this jerk licks the boots of Bernanke, Geithner et al. They should put his ugly bald mug on a poster with theirs and say "We saved the world!"
Tue 5 May 2009
GM Fires The Reverse Split Master Stroke (http://lolfed.com/2009/05/05/gm-fires-the-reverse-split-master-stroke/)
Posted by alyx under markets (http://lolfed.com/category/markets/)
Kudos to GM on their plan to stealthily preserve a stock price above the amount of change in my couch cushions by planning not a 2:1, not a 10:1, not even a 20:1, but instead a 100:1 split (http://finance.yahoo.com/news/GM-plans-1for100-reverse-apf-15143150.html):
General Motors Corp. notified shareholders Tuesday it is planning a reverse stock split that would give them one share of new stock for every 100 shares they currently own. The automaker said in a filing with the Securities and Exchange Commission that the deal would be part of an agreement with the Treasury Department in which the government would assume at least half of GM’s debt in exchange for company shares. GM will send the information to shareholders currently holding a total of 610.5 million outstanding shares.
Why 100 to 1? Because when they’re done swapping bonds for stocks with the UAW and other bondholders (to, I believe, fund VEBA - the health care trust of sorts created to handle the automakers’ copious retirement benefits) and the US assumes half GM’s debt in exchange for stock, that’s how much they’re planning to dilute current shareholders:
When all the deals are done GM expects to have about 62 billion shares, 100 times more than currently are outstanding.
“If the restructuring as currently contemplated occurs, there will be very substantial dilution to existing holders of GM common stock,” GM’s filing said. Hence, the reverse stock split proposal.
There was never a way to save GM without substantial dilution of the common. I haven’t decided yet whether I’m shocked the “100″ is such a large number, or whether I expected a larger one. It is a nice round figure, though.
....sind die denn überhaupt zu "retten" :confused:rolleyes
Fear For Pakistan's Future To Dominate White House Talks (http://www.mcclatchydc.com/homepage/story/67572.html)
Administration Keeps Afghan Leader At Arm's Length... Biden Walked Out Of Meeting With Karzai Last Year: "This Dinner Is Over" (http://www.washingtonpost.com/wp-dyn/content/article/2009/05/05/AR2009050504048.html?hpid=topnews)
Quick Read (http://www.huffingtonpost.com/2009/05/05/pakistan-may-overshadow-a_n_197465.html) |
Comments (128) (http://www.huffingtonpost.com/2009/05/05/pakistan-may-overshadow-a_n_197465.html)
| Afghanistan (http://www.huffingtonpost.com/news/afghanistan)
...einer der Kommentare:
Seriously, I don't understand the article ranking system on HuffPo. This article seems only important because it mentions Obama. The thing is that the NY Times has an article discussing Pakistan and the Taliban almost everyday. Pakistan isn't fighting the Taliban, it has ceeded territory and some judicial control to them. The biggest problem isn't the Taliban gaining control of Pakistan and then using it as a base for an attack on the US, but rather India invading to prevent Taliban takeover.
Oh and get rid of the FAKE photo of the guy wearing a pro Taliban sticker in ENGLISH. Yeah, like a deeply conservative Muslim is going to show his support in the language of the "infedels".
This site is such a tabloid that it's really funny.
....auch wenn es eigentlich nichts zu lachen gibt ;)
Luxemburger schäumen wegen Steinbrücks Afrika-Vergleich (http://www.spiegel.de/politik/ausland/0,1518,623174,00.html)
Luxemburg knöpft sich Peer Steinbrück vor: Der deutsche Finanzminister sei auf "Biertischniveau" angekommen, kritisiert Außenminister Jean Asselborn im Gespräch mit SPIEGEL ONLINE. Steinbrück hatte Nachbarländer wegen ihrer Steuerpolitik mit dem afrikanischen Staat Burkina Faso verglichen. Von Ralf Beste mehr... (http://www.spiegel.de/politik/ausland/0,1518,623174,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=7060) ]
....Die Aussagen des deutschen Genossen zeugten "von einer kaum zu übertreffenden Arroganz".....
:Prost ....ob er die HRE-Probleme auch nach Biertischregeln lösen kann :confused
Arroganz geht meistens Hand in Hand mit einer gewissen Dummheit :D kluge/gebildete Menschen sind nicht arrogant :cool
Über 40.000 Menschen auf der Flucht vor Kämpfen in Pakistan (http://de.news.yahoo.com/2/20090506/tts-ueber-40-000-menschen-auf-der-flucht-c1b2fc3.html)
IKRK: Dutzende Tote bei US-Angriff in Afghanistan
vor 7 Std. 39 Min.
http://l.yimg.com/i/i/fr/pn/afp4.gif (http://www.afp.com/deutsch/home/) Ähnliche Fotos/Videos
Mehr als 100 Tote bei Gefechten in Nordpakistan (http://de.news.yahoo.com/26/20090506/tpl-mehr-als-100-tote-bei-gefechten-in-n-4860fce.html)
Rund 100 Tote bei US-Luftangriffen in Afghanistan (http://de.news.yahoo.com/2/20090506/tpl-rund-100-tote-bei-us-luftangriffen-i-ee974b3.html)
Laut Bericht mehr als 100 tote Zivilpersonen bei US-Luftangriff (http://de.news.yahoo.com/1/20090506/tpl-laut-bericht-mehr-als-100-tote-zivil-cfb2994.html)
Weitere Nachrichten zum Thema Afghanistan (http://de.news.yahoo.com/nachrichten/afghanistan.html)
Reden Sie mit: Afghanistan (http://de.messages.news.yahoo.com/Nachrichten/Ausland/forumview?bn=DEN-PL-Afghanistan&e=Aq_Czyc5_vSIXcV_qC4pldWqNOH.l_whwNKcimo.CTsTLNqB1moxgFYw9tHe1JjpA8mvJ7FKlrUxW0uXne6BtewnZfvv1DCp)
Bei einem US-Luftangriff in Afghanistan sind mehrere Dutzend Menschen getötet worden, darunter Frauen und Kinder. Der Angriff habe sich im Westen des Landes ereignet, sagte eine Sprecherin des Internationalen Komitees vom Roten Kreuz (IKRK). :(:mad
....auch wenn man's weiss - oder glaubt zu wissen - wieder mal festhalten :rolleyes
http://www.huffingtonpost.com/contributors/bill-buzenberg/headshot.jpg (http://www.huffingtonpost.com/bill-buzenberg) Bill Buzenberg (http://www.huffingtonpost.com/bill-buzenberg)
Executive director of the Center for Public Integrity
Posted May 6, 2009 | 12:16 AM (EST)
The Mega-Banks Behind the Meltdown (http://www.huffingtonpost.com/bill-buzenberg/the-mega-banks-behind-the_b_197454.html)
There is something of a myth surrounding the current economic crisis, how it unfolded, and the precise role of the world's largest financial institutions in the global meltdown. That myth suggests these banks and investment houses were somehow surprised "victims" of unscrupulous subprime mortgage lenders, and that they could not have anticipated the damaging toxic assets that have so infected their balance sheets.
What's missing from this story is the fact that this was a self-inflicted wound for which the rest of us are picking up a massive tab. The largest American and European banks and investment houses were not the unwitting "victims" of an unforeseen financial collapse, as they have so often been portrayed. The mega-banks not only invested in subprime lending institutions - they were the enablers, bankrollers, and instigators driving high-interest lending, and they did so because it was so lucrative and unregulated.
Worse, in many instances these are the same financial institutions the government is now bailing out with tax revenues. How these bottomed-out banks helped cause the financial meltdown can be clearly seen in Who's Behind the Financial Meltdown: The Subprime 25 and Their Wall Street Backers (http://www.publicintegrity.org/investigations/economic_meltdown), a new study by the Center for Public Integrity. The Center ran a computer-assisted analysis of every high-interest loan reported by the industry to the U.S. government from 2005 through 2007, a period that marks the peak and collapse of the subprime market. From this pool of 7.2 million loans, our investigators identified the top subprime lenders. The "Subprime 25" were responsible for nearly a trillion dollars of subprime lending, or 72% of all reported high interest loans.
The "Subprime 25 (http://www.publicintegrity.org/investigations/economic_meltdown/the_subprime_25)", who are mostly no longer in business, were largely non-bank retail lenders who needed outside financing to make their subprime loans. So where did that financing come from? The Center's study found that at least 21 of these Subprime 25 lenders were either owned outright by the biggest banks or former investment houses, or had their subprime lending hugely financed by those banks, either directly or through lines of credit. In other words, the largest American and European banks made the bubble in subprime lending possible by financing it on the front end, so they could reap the huge rewards from securitizing and selling mortgage-backed securities on the back end. The demand was insatiable, and the backing excessive. Between 2000 and 2007, underwriters of subprime mortgage-backed securities - primarily Wall Street and European investment banks - poured $2.1 trillion into the business, according to data from trade publication Inside Mortgage Finance.
Did these major financial institutions not understand what kind of lending was taking place? The poor quality of these loans was no secret. Many of these subprime lenders, the Center found, were forced to pay billions of dollars to settle government charges of abusive or predatory lending practices. This was a period of some of the worst mortgage lending in American history, in which regulators were nowhere to be seen, and normal income documentation and loan standards were thrown out the window. In many cases, though, the big banks really didn't care if the loans were bad. That's because they'd bought "insurance" against them - those infamous "credit default swaps." The swaps sounded good, except they were unregulated, and those selling them - like American International Group Inc. - didn't have to maintain reserves to guard against unforeseen losses.
It was all a house of cards, and some tried to sound the alarm. A look at the historical record shows that Washington was warned repeatedly (http://www.publicintegrity.org/investigations/economic_meltdown/articles/entry/1309) over the last decade - by consumer advocates and a handful of regulators and lawmakers - that these high-cost loans represented a systemic risk to the economy. It is hard to believe the major banks were unaware of what was going on, or what the consequences might ultimately be.
A typical warning came from William Brennan, an attorney with the Atlanta Legal Aid Society. Brennan had watched as subprime lenders earned enormous profits making mortgages to people who clearly couldn't afford them. The loans were bad for borrowers - Brennan knew that. He also knew the loans were bad for the Wall Street investors who invested in these loans, and then bought the shaky mortgages by the millions. "I think this house of cards may tumble some day, and it will mean great losses for the investors who own stock in those companies," Brennan told a Senate Committee. That was in 1998. Many other unheeded warnings followed.
Despite such warnings, Congress, the White House, and the Federal Reserve all dithered while the subprime disaster spread. Long forgotten congressional hearings and oversight reports, as well as interviews with former officials, reveal a troubling history of missed opportunities, thwarted regulations, and abject lack of oversight. Instead, the financial industry supported more deregulation, along with an extraordinary disregard for the damage being done. This was accompanied by millions of dollars in political contributions to leading lawmakers of both parties from the same financial industry that is in such trouble today.
The truth is these mega-banks invested trillions, made billions, and took risks with their eyes wide open. Now, because they are deemed "too big to fail," they need trillions in government bailouts and guarantees to solve problems they helped create. But let's look at it another way: perhaps these mega-banks are simply "too politically connected to fail" and in reality "too big to survive." Their unbridled political contributions and massive lobbying created the lack of regulation and oversight that led to this crisis. Where is the accountability - of management and boards, of auditors and regulators - for what has happened? It is time to set aside the myth of the mega-bank as victim.
Bill Buzenberg (http://www.publicintegrity.org/about/our_people/executive_director) is executive director of the Center for Public Integrity (http://www.publicintegrity.org/) in Washington, D.C.
...im Gehrock :eek:rolleyes :supi
06 May 2009
Red Pill or Blue Pill? (http://jessescrossroadscafe.blogspot.com/2009/05/red-pill-or-blue-pill.html)
You take the blue pill, the story ends, you wake up in your bed and believe whatever you want to believe.
You take the red pill, you stay in Wonderland, and I show you how deep the rabbit hole goes."
"Morpheus in The Matrix
http://4.bp.blogspot.com/_H2DePAZe2gA/SgGmwHvM-BI/AAAAAAAAJCM/4Yd6fEI9GNY/s200/bluepill.jpg (http://4.bp.blogspot.com/_H2DePAZe2gA/SgGmwHvM-BI/AAAAAAAAJCM/4Yd6fEI9GNY/s1600-h/bluepill.jpg)Blue Pill
Dick Bove was on Bloomberg Television this morning justifying a bullish outlook for the big banks, and the Bank of America in particular.
As you know, the story is that Bank of America has to raise many billions of dollars in additional capital according to the stress tests.
Dick Bove reasons that Bank of America will raise this additional capital, handwaving the costs and any contingencies a bit.
This additional capital will be leveraged, so Dick believes, in profitable transactions in trading, lending, and the extension of credit.
These transactions will generate a spectacular boom in bank profits. Mo' capital, mo' profits. Just do the math and including plenty of leverage.
And as we all know, more credit means economic growth and national prosperity.
http://3.bp.blogspot.com/_H2DePAZe2gA/SgGm69kEoXI/AAAAAAAAJCU/7wtlB63fWVQ/s200/redpill.JPG (http://3.bp.blogspot.com/_H2DePAZe2gA/SgGm69kEoXI/AAAAAAAAJCU/7wtlB63fWVQ/s1600-h/redpill.JPG)Red Pill
The problem that the financial system has is an outsized financial sector with too much capacity for credit and financial assets. This excess capacity led to speculation and extension of credit in deals where the risk was not adequately balanced.
Hot money chases unreasonable risks. Too much capacity lowers the bars for deals which cannot possibly be profitable in any realistic model. Bubbles tend to distort the models for growth assumptions.
The only way to achieve a sustained recovery is to reform the financial system, break up the big banks, and return to a more balanced economy.
The elite and their acolytes seem to believe that by sustaining the illusion of the Financial Matrix that we create a confidence that will support a national economic system that is based on a credit bubble and a mass illusion of wealth based on paper.
The money center banks are the instruments of national policy, and the power to control not only the domestic economy but the nations of the world.
All we have to do is believe, and act as though it were true. After all, its so confusing, who can understand it? Better to just believe.
Can we delude ourselves to prosperity? Can a powerful nation and otherwise intelligent people be that venal, faithless and craven?
Yes we can. We have been doing it for years. And it can only continue if we gain more control over the real world and the people in it, and bend them to our increasingly irrational will.
The triumph of the will.
Posted by Jesse at 10:09 AM (http://jessescrossroadscafe.blogspot.com/2009/05/red-pill-or-blue-pill.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=1125362548698110476) :verbeug
Finanzkrise: Es geht um "das Überleben der Menschheit"
Mittwoch, 6. Mai 2009
Historiker Eric Hobsbawm: "Heute geht es um das Überleben der Menschheit". - "Der Kapitalismus wird verschwinden, früher oder später."
Bei der Bewältigung der Finanzkrise geht es um "das Überleben der Menschheit", sagt der Historiker Eric Hobsbawm in einem Interview in der neuen, am Donnerstag erscheinenden Ausgabe des Hamburger Magazins stern.
Der 92-Jährige, der als einer der bedeutendsten lebenden Geschichtswissenschaftler der Welt gilt, fürchtet, dass die Situation noch dramatischer ist als während der Großen Depression in den 30ern.
Aus der damaligen Krise, die erst durch den Zweiten Weltkrieg beendet wurde, habe man nichts gelernt. Eine "rationale Analyse des Kapitalismus" sei auch in den letzten 40 Jahren "systematisch verweigert worden", so Hobsbawm im stern.
Noch immer hänge die Menschheit einer "primitiven Ideologie" an, die nur auf "Habgier aufgebaut" sei und keine Basis für eine stabile Gesellschaftsordnung biete. Hobsbawm: "Der Kapitalismus wird verschwinden, früher oder später."
Sogar einen dritten Weltkrieg will Hobsbawm nicht ausschließen und nennt als möglichen Anlass die wachsende wirtschaftliche Konkurrenzsituation zwischen den USA und China: "Entweder hören wir mit der Ideologie des grenzenlosen Wachstums auf, oder es passiert eine schreckliche Katastrophe".
Zum Original-Beitrag (http://showthread.php3?p=1236566#post1236566)
:schwitz ...und die nächste Generation kann nicht einmal das Erbe verweigern :rolleyes:mad
Posted by Karl Denninger (http://market-ticker.org/authors/2-Karl-Denninger) in Federal Reserve (http://market-ticker.org/categories/7-Federal-Reserve) at 12:47 (http://market-ticker.org/archives/1015-Bernanke-Blew-The-Bubble.html)
Wednesday, May 6. 2009
Bernanke Blew The Bubble (http://market-ticker.org/archives/1015-Bernanke-Blew-The-Bubble.html)
... and he knew full well he was doing it (http://blogs.wsj.com/economics/2009/05/06/fomc-2003-transcripts-bernanke-willing-to-lower-rate-to-zero/).
From the June 2003 FOMC meeting, when the Fed lowered the target fed funds rate to 1%:
“I wonder if you might give some thought to whether or not it would make sense tactically to say publicly that we are willing to lower the federal funds rate to zero if necessary…I think it would have a beneficial effect on expectations in that there would no longer be a feeling in the market that we had reached the end of our rope.”
“It’s extremely important that we do what we can to maintain the supportive configuration in financial markets. That means continuing our easy monetary policy and, even more important, using our statement to signal our willingness to keep policy easy so long as there is a risk of further disinflation and continuing economic weakness.”
There you go folks.
Before you go blame all the monetary mistakes made back in 2000-03 on Greedscam, make sure you include Bernanke in the mix, as he was on the committee and he was talking in the meetings.
He understands the math too - that exponential growth of both debt and GDP cannot continue forever when debt expands faster than GDP. The trend from the 1980s in regards to debt was more than clear by 2003, yet Bernanke was arguing, in effect, for yet more debt expansion in that paragraph.
The bottom line: Bernanke is just as much to blame for this mess as is Greedscam; they were both complicit and they were both actively involved.
Indeed, I think its perfectly fair to ask if Bernanke intentionally put forward and advocated policies that would give him the opportunity to test his "Depression Thesis"!
Wouldn't that be the bugger-all for Americans - and indeed, the world?
Welcome to reality folks.
PS: Isn't it time for us to change the law so that actual minutes must be released of FOMC meetings not several years later, but at the time of the meeting? If that had happened then perhaps Congress and The People would have been motivated in 2004, 2005, 2006, 2007 and 2008 to take notice of exactly who was doing what back in 2003, and as a consequence we might have avoided the worst of what is yet to come by putting some handcuffs on The Fed and its so-called "independent policy."
Secrecy never breeds anything good.
Disclosure: Long pitchforks, torches and boiled rope.
...aus Trader's Daily :)
Definition des Tages
"Inflation = Periodisch wiederkehrender Beweis für die Tatsache, dass bedrucktes Papier bedrucktes Papier ist."
- Helmar Nahr (*1931), Wirtschaftswissenschaftler
Das sind die besten Schweizer Aktien seit dem 9. März
Von Florian Schaffner
Knapp zwei Monate sind seit dem Tiefpunkt an den Börsen vom 9. März vergangen. Die Bilanz am Schweizer Aktienmarkt zeigt: Die vormals Letzten sind nun die Ersten. Swiss Re (http://www.cash.ch/boerse/kursinfo/fullquote/1233237/380/1) (+124,9 Prozent), Julius Bär (http://www.cash.ch/boerse/kursinfo/fullquote/2975865/380/1) (+82,8 Prozent) und Credit Suisse (http://www.cash.ch/boerse/kursinfo/fullquote/1213853/380/1) (+81,7 Prozent) führen die Liste der Performer an (siehe Tabelle am Ende des Artikels). Der SMI (http://www.cash.ch/boerse/kursinfo/fullquote/998089/4/1) hat seit dem Tiefpunkt im März 25,2 Prozent zugelegt.
Generell fällt auf: Wer am tiefsten gefallen ist, erholte sich am stärksten. Acht Unternehmen in der aktuellen Top10 gehörten in den zwölf Monaten vor dem 9. März zu den zehn schlechtesten Titel. Genau umgekehrt zeichnet sich das Bild bei den Verlierern: Sieben der zehn schlechtesten Aktien der Rally gehörten zu den Gewinnern vor dem Tiefpunkt.
Die Outperformance der Finanztitel seit dem 9. März zeigt sich auch im breit angelegten Swiss Performance Index (SPI). Dort befinden sich mit EFG (http://www.cash.ch/boerse/kursinfo/fullquote/2226822/4/1)International, VP Bank (http://www.cash.ch/boerse/kursinfo/fullquote/1073721/4/1) und Helvetia (http://www.cash.ch/boerse/kursinfo/fullquote/1227168/4/1) ebenfalls Banken und Versicherer unter der Top-10-Performern.......
Top 10 SMI (http://www.cash.ch/boerse/kursinfo/fullquote/998089/4/1) seit 9. März 2009
Unternehmen - Performance seit 9. März
Swiss Re (http://www.cash.ch/boerse/kursinfo/fullquote/1233237/380/1) - 124,9 %
Julius Bär (http://www.cash.ch/boerse/kursinfo/fullquote/2975865/380/1) - 82,8%
Credit Suisse (http://www.cash.ch/boerse/kursinfo/fullquote/1213853/380/1) - 81,7 %
UBS (http://www.cash.ch/boerse/kursinfo/fullquote/2489948/380/1) - 79,0 %
Holcim (http://www.cash.ch/boerse/kursinfo/fullquote/1221405/380/1) - 75,3 %
Swiss Life (http://www.cash.ch/boerse/kursinfo/fullquote/1485278/380/1) - 68,8 %
Zurich Financial (http://www.cash.ch/boerse/kursinfo/fullquote/Zurich-Finl-Svc/1107539/380/1) - 62,3 %
Baloise (http://www.cash.ch/boerse/kursinfo/fullquote/1241051/4/1) - 56,5 %
Richemont (http://www.cash.ch/boerse/kursinfo/fullquote/4503965/380/1) - 51,1 %
Adecco (http://www.cash.ch/boerse/kursinfo/fullquote/1213860/380/1) - 45,7 %
:gruebel in meinem PF sieht's nicht so :supi aus :rolleyes:schwitz
Swiss Re N - 34.82 +19.08% - 13:21:17
06 May 2009
Administrative Message (http://jessescrossroadscafe.blogspot.com/2009/05/administrative-message.html)
No Sidebar Chart Updates Tonight
"This government will stop at nothing even including manipulation. What the Fed does not want is a swooning stock market, surging gold, or sinking bonds. I think all three are now being manipulated. Pressure from various sources continues on gold, and we know the Fed is buying bonds. When an item is manipulated, the aftermath always ends unpleasantly. I expect "unpleasantness" ahead. In my opinion, big money and veteran investors have joined China in worrying about the dollar. It's a major reason why they trust this market." Richard Russell, Dow Theory Letter, 6 May 2009"…the US government intervenes in the gold market to make the dollar look worthy of being the world’s reserve currency when of course it is not equal to the demands of that esteemed role. The US government does this by trying to keep the gold price low, but this aim is an impossible task… So recognizing the futility of capping the gold price, they instead compromise by letting the gold price rise somewhat, say, 15% per annum. In fact, against the dollar, gold is actually up 16.3% p.a. on average for the last eight years. In battlefield terms, the US government is conducting a managed retreat for fiat currency in an attempt to control gold’s advance." James Turk
Rich and Jim are right.
Posted by Jesse at 4:02 PM (http://jessescrossroadscafe.blogspot.com/2009/05/administrative-message.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=1381060844661842518) :verbeug
Thu 7 May 2009
Stress Test Day! (http://lolfed.com/2009/05/07/stress-test-day/)
Posted by alyx under Timmay (http://lolfed.com/category/timmay/) , all ur bankz (http://lolfed.com/category/all-ur-bankz/)
I mean, not like they haven’t mostly been ‘leaked’ already to the occasional bit of mocking but predominantly to large yawns. NYT was kind enough to give Timmay today’s op-ed, so he could do a little stress-test and administration rah-rah (http://www.nytimes.com/2009/05/07/opinion/07geithner.html?_r=1&src=twt&twt=nytimesbusiness):The test results will indicate that some banks need to raise additional capital to provide a stronger foundation of resources over and above their current capital ratios. These banks have a range of options to raise capital over six months, including new common equity offerings and the conversion of other forms of capital into common equity. As part of this process, banks will continue to restructure, selling non-core businesses to raise capital. Indeed, we have already seen banks, spurred on by the stress test, take significant steps in the first quarter to raise capital, sell assets and strengthen their capital positions. Over time, our financial system should emerge stronger and less prone to excess.
Banks will also have the opportunity to request additional capital from the government through Treasury’s Capital Assistance Program. Treasury is providing this backstop so that markets can have confidence that we will maintain sufficient capital in the financial system. For institutions in which the federal government becomes a common shareholder, we will seek to maximize value for taxpayers and enable these companies to attract private capital, thereby reducing government ownership as quickly as possible.
Words words words. I’m sorry, but these stress tests are aboard the failboat for a multitude of reasons (not that we haven’t had fun taking shots at C and BAC for failing them, but we will not be lulled or LOL’d into thinking they are anything other than garbage). To sum up my complaints:
- In the op-ed, unless I haven’t had enough coffee this morning, Geithner doesn’t do a thing to explain why the regulators were willing to NEGOTIATE with the banks about the test results. A balance sheet is not like an essay question on a college final exam which is open to interpretation.
- The leaks were suspicious, and almost seemed designed to test our reactions. Krugman picked up on this one (http://krugman.blogs.nytimes.com/2009/05/04/leaking-under-stress/). *
- The “adverse” situation may not be nearly adverse enough. It doesn’t forecast 10% unemployment until 2010 (http://v2.ftalphaville.ft.com/blog/2009/05/07/55595/its-scap-day/). Some of our more adverse friends expect that in 2009.
- If you fail, there’s a shiny new government program, TCAP, created to bolster ur dollaz. Is this just another ploy to give more government bailout money to the banks, under the guise of manufactured urgency?
Yep, it’s stress test day! Results are splashed across the front page of the WSJ, if anyone still cares about them. For what it’s worth, the “nice list” contains J.P. Morgan Chase & Co., Goldman Sachs Group Inc., MetLife Inc., American Express Co., Bank of New York Mellon Corp. and Capital One Financial Corp, and looking at a couple of these names I wonder more - did they even consider consumer credit card defaults as a possibility in “adverse” conditions? 10+% unemployment not gonna bring the pain at Cap One?
May 4, 2009, 9:21 am Leaking under stress
John Hempton (http://brontecapital.blogspot.com/2009/05/stress-test-results-who-is-leaking.html) has a good question, which other people have asked me: who is leaking about the stress tests?
Traditionally, leaks to the press come from officials trying to curry favor with journalists, who will treat them favorably in the future. (See Woodward, Bob.) But that’s kind of hard to see as a motive in the case of the relevant economic officials here — possible, or maybe it’s people on the political side of the White House, but it doesn’t feel right.
Alternatively, there’s Yves Smith’s version (http://www.nakedcapitalism.com/2009/05/new-stress-trial-balloon-floated.html): these are all trial balloons to see how outsiders will react to different stress reports.
But that just adds to the bad feeling about all this. Even Brad DeLong (http://delong.typepad.com/sdj/2009/05/ummm-this-should-not-be-happening.html), who has been relatively sympathetic to the administration here, is disturbed by the idea that regulators are negotiating with the banks about the test results. Now it seems as if the report’s contents may also be dictated by what, based on the response to leaks, the informed public is willing to swallow. (”Would you believe it if we say Citi is fine? OK, what if we say they need $5 billion? Not enough? How about 10?”)
I hope I’m not being too cynical here. But it would be nice if the administration would, just once, do something to dispel that cynicism.
Timothy Geithner's Bailout Dollar Recycling May Be Illegal (http://www.huffingtonpost.com/2009/05/07/timothy-geithners-bailout_n_198078.html)
05/ 7/09 08:48 AM
In his testimony before the Congressional Oversight Panel on April 21, Treasury Secretary Tim Geithner said (http://cop.senate.gov/hearings/library/hearing-042109-geithner.cfm) that the government's bank bailout program has $134 billion left. Geithner said the figure was boosted by $25 billion that he expects to be paid back by bailed-out firms over the next year.
Rep. Brad Sherman says that's a no-no.
"If you look at the law, it's pretty clear any money returned from these banks goes into the general fund of the United States and not a revolving bank bailout fund," said the California Democrat in an interview with the Huffington Post.
Sherman points to language in the Emergency Economic Stability Act -- the bailout bill that created the Troubled Asset Relief Program -- that specifically states that revenues and proceeds from sales of troubled assets "shall be paid into the general fund of the Treasury for reduction of the public debt."
In other words, the taxpayer is supposed to get his money back......
full story: http://www.huffingtonpost.com/2009/05/07/timothy-geithners-bailout_n_198078.html
:gruebel ..... :Prost :mad
07 May 2009
The Problem With Our Regulatory Process (http://jessescrossroadscafe.blogspot.com/2009/05/problem-with-our-regulatory-process.html)
There have been and still are three obvious problems with our regulatory structure.
1. Influence Peddling
2. Conflicts of Interest
Reorganizing to more fully centralize the regulatory process is exactly the wrong thing to do.
It was often individuals and the individual States, standing against the pressure of federal regulators, which exposed unethical and illegal practices.
And as for the idea that the Fed can take on more of these functions, just remember what will happen the next time a Greenspan gets in that position.
The Fed is a private organization owned by the banks, too often opaque, and with a highly questionable independence and objectivity.
Reorganization to centralize bad decision making and conflicts of interests is right out of the 1990's corporate playbook.
If Obama has a pair of his own he will appoint someone like Eliot Spitzer, Ron Paul, or Dennis Kucinich as the new Chairman of the SEC or the CFTC.
Posted by Jesse at 9:57 AM (http://jessescrossroadscafe.blogspot.com/2009/05/problem-with-our-regulatory-process.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=7126141622084628772) :verbeug
.....eben ---> "If " :rolleyes
....noch ein bisschen schicki-micki ;):D
At Monday night's "The Model As Muse: Embodying Fashion" Costume Institute Gala at New York's Metropolitan Museum, everyone took fashion risks. Some worked, some didn't.
07 May 2009
Friedman Resigns as NY Fed Chairman, Had Been Buying Goldman Stock in 2008-9 (http://jessescrossroadscafe.blogspot.com/2009/05/steve-friedman-resigns-as-chairman-of.html)
http://3.bp.blogspot.com/_H2DePAZe2gA/SgOO8D8FW5I/AAAAAAAAJDE/ZwK2mNELMAY/s320/1182.jpg (http://3.bp.blogspot.com/_H2DePAZe2gA/SgOO8D8FW5I/AAAAAAAAJDE/ZwK2mNELMAY/s1600-h/1182.jpg) It just keeps getting more blatant and more brazen.
"And, with respect to Steve’s purchases of Goldman shares in December of 2008 and January of 2009, which have been the object of some attention lately, it is my view that these purchases did not violate any Federal Reserve statute, rule or policy."Let's see, it is perfectly all right for a Fed Chairman to buy shares in one of the banks he is 'regulating' especially when he is helping to make critical policy decisions directly involving them.
Who writes the Fed's conflicts of interest policy, Alberto Gonzalez?
Yes the Fed would certainly make a very good systemic regulator...
Federal Reserve Bank of New York
Stephen Friedman Resigns as Chairman of the New York Fed’s Board of Directors
May 7, 2009
NEW YORK—The Federal Reserve Bank of New York announced today that Stephen Friedman, chairman of the board of directors of the New York Fed, has informed William C. Dudley, president and chief executive officer of the New York Fed, and the Board of Governors of his decision to resign effective immediately. Consistent with the Federal Reserve Act, Denis M. Hughes, deputy chair of the board, will exercise the powers and duties of the chair.
“My colleagues and I appreciate Steve’s vital service to the Bank during this time of great economic stress,” said Mr. Hughes. “We value his contributions and I know the Bank’s leadership acknowledges his unique perspectives on the economy and his financial market expertise. We all join in thanking him for his service and leadership.” Mr. Hughes added, “This is a remarkable organization at the center of helping the nation through the most difficult economic period since the 1930s. I have watched as the people of the Fed managed the unprecedented financial storms with creativity, energy and integrity.”
Thomas C. Baxter, Jr., executive vice president and general counsel, said, “There is no doubt that 2008 was one of the most challenging years in the New York Fed’s history. We were fortunate to have Steve as our chairman during that time, especially in view of Mr. Geithner’s decision to accept President Obama’s nomination to become Secretary of the Treasury. When the President announced his decision to nominate now-Secretary Geithner on November 24, 2008, Steve immediately stepped into action and formed a search committee of the New York Fed’s board of directors.
During the committee’s often intense deliberations over the next two months, I was privileged to observe closely Steve’s dedication, professionalism and work ethic. He was extraordinary. And, with respect to Steve’s purchases of Goldman shares in December of 2008 and January of 2009, which have been the object of some attention lately, it is my view that these purchases did not violate any Federal Reserve statute, rule or policy. I enjoyed working with Steve, and will miss his contributions in the boardroom.”
“I would like to thank Steve Friedman and his fellow directors on the New York Fed’s board for their service,” said Donald L. Kohn, vice chairman of the Board of Governors of the Federal Reserve System. “I particularly appreciate the very rigorous process Steve established to select the new president of the New York Fed.”
New York, NY 10022
May 7, 2009
Mr. Wiliam C. Dudley
Federal Reserve Bank of New York
33 Libert Street
New York, NY 10045
By copy of this letter to Chairman Bernanke, I hereby resign as a Class C Director and
Chairman of the Board of the Federal Reserve Bank of New York, effective immediately.
Last Fall, after Goldman Sachs Group, Inc. became a bank holding company, I agreed to
remain on the Board, pursuant to the waiver authority of the Board of Governors of the Federal
Reserve System, to provide continuity durng a time of financial market instability. Today,
although I have been in compliance with the rules, my public service motivated continuation on
the Reserve Bank Board is being mischaracterized as improper. The Federal Reserve System has
importnt work to do and does not need this distraction.
Please convey my appreciation and respect to my fellow Directors and the Reserve Bank
staff for their cooperation and their service. It has been a pleasure to work with you, your
predecessor, and our distinguished Board, as well as the dedicated, hard-working men and
women of the New York Fed. The New York Fed plays an extraordinary and vital role in
restoring stability to the financial system durng this very critical period, and it has been an honor
to be part of the institution's effort. I also am grateful to Chairman Bernanke and the other
Members and staff of the Board of Governors for their advice and support in connection with the
search for a new Chief Executive Officer for the New York Fed.
cc: The Honorable Ben S. Bernane
Federal Reserve Board of Govemors
Federal Reserve System
Washington, DC 20551
Posted by Jesse at 5:38 PM (http://jessescrossroadscafe.blogspot.com/2009/05/steve-friedman-resigns-as-chairman-of.html) http://www.blogger.com/img/icon18_email.gif :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=7964670216965276717)
....in der GS-Küche wird eben immer mit speziellen Zutaten gekocht :mad vielleicht bekommen doch noch einige das grosse :bad
...einige Kommentare zur obigen Geschichte aus der http://graphics8.nytimes.com/images/misc/nytlogo153x23.gif
May 7th, 2009
6:15 pm (http://dealbook.blogs.nytimes.com/2009/05/07/friedman-resigns-as-chairman-of-new-york-fed/?hp#comment-270065)
And can we go back in time and have Paulson resign as Sec. Treasury for the same conflict reasons, and undo all the harm he did while he was executing his conflict-riddled plans? How about we start with Lehman. One can only dream.
— Posted by Froat
May 7th, 2009
6:20 pm (http://dealbook.blogs.nytimes.com/2009/05/07/friedman-resigns-as-chairman-of-new-york-fed/?hp#comment-270075)
Well I am very happy for Mr. Friedman. I guess he won’t need a retension bonus since he made off (Madoff??) with $ 1.7 million. It will give all of us who lost our retirement savings who will be living in homeless shelters a nice warm felling that he has been taken care of.
We should all be pleased that the Fed is doing such a good job of avoiding conflict of interest.
— Posted by John
May 7th, 2009
6:21 pm (http://dealbook.blogs.nytimes.com/2009/05/07/friedman-resigns-as-chairman-of-new-york-fed/?hp#comment-270077)
Oh, definitely nothing improper here. Just a supposed PUBLIC representative of the board buying stock in a bank right before he votes to give billions of taxpayer dollars to the exact same bank.
These bankers have no shame.
— Posted by Jacob
May 7th, 2009
6:24 pm (http://dealbook.blogs.nytimes.com/2009/05/07/friedman-resigns-as-chairman-of-new-york-fed/?hp#comment-270081)
Can we go back in time and Have Alan Greenspan not be appointed by Clinton?
— Posted by PH
Why boys have parents… (http://goldtent.net/wp_gold/2009/05/07/why-boys-have-parents/)
-> Posted by GoldBalloon @ 22:54 pm on May 7, 2009
This is for those parents of boys, grandparents of boys, sisters of boys, boys that have grown older and anyone who has ever been within 20 ft. of a boy.
http://goldtent.net/wp_gold/wp-content/uploads/2009/05/boys-1.jpg (http://goldtent.net/wp_gold/wp-content/uploads/2009/05/boys-1.jpg)http://goldtent.net/wp_gold/wp-content/uploads/2009/05/boys-2.jpg (http://goldtent.net/wp_gold/wp-content/uploads/2009/05/boys-2.jpg)
http://goldtent.net/wp_gold/wp-content/uploads/2009/05/boys-3.jpg (http://goldtent.net/wp_gold/wp-content/uploads/2009/05/boys-3.jpg)http://goldtent.net/wp_gold/wp-content/uploads/2009/05/boys-4.jpg (http://goldtent.net/wp_gold/wp-content/uploads/2009/05/boys-4.jpg)
http://goldtent.net/wp_gold/wp-content/uploads/2009/05/boys-5.jpg (http://goldtent.net/wp_gold/wp-content/uploads/2009/05/boys-5.jpg)http://goldtent.net/wp_gold/wp-content/uploads/2009/05/boys-7.jpg (http://goldtent.net/wp_gold/wp-content/uploads/2009/05/boys-7.jpg)
http://goldtent.net/wp_gold/wp-content/uploads/2009/05/boys-8.jpg (http://goldtent.net/wp_gold/wp-content/uploads/2009/05/boys-8.jpg)http://goldtent.net/wp_gold/wp-content/uploads/2009/05/boys9.jpg (http://goldtent.net/wp_gold/wp-content/uploads/2009/05/boys9.jpg)
And you also find out interesting things when you have sons, like:
1.) A king size waterbed holds enough water to fill a 2000 sq. ft. house 4 inches deep.
2.) If you spray hair spray on dust bunnies and run over them with roller blades, they can ignite.
3.) A 3-year old boy’s voice is louder than 200 adults in a crowded restaurant.
4.) If you hook a dog leash over a ceiling fan, the motor is not strong enough to rotate a 42 pound boy wearing Batman underwear and a Superman cape. It is strong enough, however, if tied to a paint can, to spread paint on all four walls of a 20×20 ft. room.
5.) You should not throw baseballs up when the ceiling fan is on. When using a ceiling fan as a bat, you have to throw the ball up a few times before you get a hit. A ceiling fan can hit a baseball a long way.
6.) The glass in windows (even double-pane) doesn’t stop a baseball hit by a ceiling fan.
7.) When you hear the toilet flush and the words ‘uh oh’, it’s already too late.
8.) Brake fluid mixed with Clorox makes smoke, and lots of it.
9.) A six-year old boy can start a fire with a flint rock even though a 36- year old man says they can only do it in the movies.
10.) Certain Legos will pass through the digestive tract of a 4-year old Boy.
11.) Play dough and microwave should not be used in the same sentence.
12.) Super glue is forever.
13.) No matter how much Jell-O you put in a swimming pool you still can’t walk on water.
14.) Pool filters do not like Jell-O.
15.) VCR’s do not eject ‘PB & J’ sandwiches even though TV commercials show they do.
16.) Garbage bags do not make good parachutes.
17.) Marbles in gas tanks make lots of noise when driving.
18.) You probably DO NOT want to know what that odor is.
19.) Always look in the oven before you turn it on; plastic toys do not like ovens.
20.) The fire department in Austin, TX has a 5-minute response time.
21.) The spin cycle on the washing machine does not make earthworms dizzy.
22.) It will, however, make cats dizzy.
23.) Cats throw up twice their body weight when dizzy.
24.) 80% of Women will pass this on to almost all of their friends, with or without kids.
25.) 80% of Men who read this will try mixing the Clorox and brake fluid.
(Boys & men must be the real reason we’re all freakin’ doomed.)
Browns peinliche Spesenliste – Briten reiben sich die Augen (http://www.tagesanzeiger.ch/ausland/europa/Browns-peinliche-Spesenliste--Briten-reiben-sich-die-Augen/story/13956103)
http://files.newsnetz.ch/story/1/3/9/13956103/8/teaserbreit.jpg (http://www.tagesanzeiger.ch/ausland/europa/Browns-peinliche-Spesenliste--Briten-reiben-sich-die-Augen/story/13956103) Grossbritanniens Premier Gordon Brown ist an sich schon nicht sehr beliebt, doch die nächsten Tage drohen für ihn zum wahren Spiessrutenlauf zu werden. Mehr... (http://www.tagesanzeiger.ch/ausland/europa/Browns-peinliche-Spesenliste--Briten-reiben-sich-die-Augen/story/13956103)
Von Matthias Chapman.
Gordon Brown entschuldigt sich – zerknirscht (http://www.tagesanzeiger.ch/panorama/vermischtes/Gordon-Brown-entschuldigt-sich--zerknirscht/story/29610555)
«Das wars. Er ist erledigt» (http://www.tagesanzeiger.ch/ausland/europa/Das-wars-Er-ist-erledigt/story/20809386)
Spesen, Spesen und nochmals Spesen: Die britische Zeitung «Telegraph» hat heute eine Bombe platzen lassen. Von einer CD mit 700'000 Seiten privaten Ausgaben von britischen Regierungsmitgliedern auf Kosten der Steuerzahler zitiert das Blatt genüsslich erste Details.
Browns Bruder im Geschäft
Da erscheint eine Rechnung über 6500 Pfund, die er für die Reinigung seiner früheren Wohnung in Westminster geltend macht – gezahlt an seinen Bruder Andrew. Aussenminister David Miliband mutet der öffentlichen Hand hunderte Pfund für die Pflege seines Gartens zu.
Weitere Mitglieder der Regierung schafften sich auf Kosten der Steuerzahler Möbel an oder wechselten mehrmals die Wohnung und liessen sich das bezahlen........
...im Austeilen war/ist er doch ziemlich harsch....doch nicht etwas Doppelmoral :Prost :bad
STEUERSTREIT Die Schweiz und Luxemburg sind nach wie vor im Visier.
Steinbrück meisselt am Feindbild weiter
Von Sascha Buchbinder, Berlin Die Schweiz lade Deutsche zur Steuerhinterziehung ein, behauptet Finanzminister Peer Steinbrück. Nun entschuldigt sich sogar der Koalitionspartner für Steinbrücks Benehmen.
http://epaper3.tagesanzeiger.ch/ee/taz/ges/2009/05/08/005/article2_1.jpg BILD AMIN AKHTAR/LAIF Auf Fotos kann er auch sympathisch :rolleyes wirken:
Deutschlands Finanzminister Peer Steinbrück vor seinem Berliner Büro.
Der deutsche Finanzminister Peer Steinbrück sieht keinen Grund, sich zu mässigen. Im Gegenteil. Am Donnerstag konkretisierte er seine Vorwürfe gegen die Schweiz: «Wir dürfen nicht verharmlosend darüber hinweggehen, dass es Jurisdiktionen, Steueroasen und Nationalstaaten gibt, die nicht nur billigend in Kauf nehmen, sondern vorsätzlich dazu einladen, dass deutsche Steuerzahler ihr Geld dorthin transferieren, in der klaren Absicht, hier Steuerhinterziehung und Steuerbetrug zu betreiben», wetterte Steinbrück im Bundestag, als dort in erster Lesung sein Gesetz zur Bekämpfung von Steueroasen beraten wurde. Als FDP-Chef Guido Westerwelle um Beispiele bat, erklärte Steinbrück: «Ich behaupte, dass das im Fall der Schweiz ganz klar der Fall ist.» Burkina Faso protestiert
Nach den Peitschen- und KavallerieBemerkungen des Finanzministers war es verdächtig ruhig geworden um den obersten deutschen Polterer. Aus seinem Umfeld war zu hören, der Minister wolle kein Öl ins Feuer giessen, er vermeide nun jedes böse Wort. Der gute Vorsatz hielt mehrere Tage lang. Am Dienstag dann nannte Steinbrück aber die Schweiz, Liechtenstein, Österreich, Luxemburg und Ouagadougou in einem Atemzug und sorgte neuerlich für Empörung. Der Botschafter von Burkina Faso, Xavier Niodogo, protestierte: «Wir nehmen Herrn Steinbrück die Nennung Burkina Fasos in dieser Reihung mit vermeintlichen Steuerparadiesen übel.» Sein Land erfülle sämtliche internationalen Rechtshilfe-Standards, erklärte der Botschafter.
Im Bundestag erhielt der Finanzminister am Donnerstag Nachhilfe in Sachen Geschichte und Geografie: Ougadougou sei kein Staat, sondern eine Stadt, und Burkina Faso tauche auf keiner Steueroasenliste der OECD auf. Wahrscheinlich habe Steinbrück sich um ein paar Tausend Kilometer vertan und Liberia gemeint, klärte der FDP-Finanzexperte Hermann Otto Solms den Minister auf. Und die 7. Kavallerie in Fort Yuma, mit der Steinbrück den Eidgenossen drohte, sei von den Indianern am Little Big Horn vernichtend geschlagen worden.
Inzwischen ist bei Steinbrücks Regierungspartner verstärkt Fremdschämen zu beobachten. Die bayerische Europaministerin Emilia Müller (CSU) schrieb dem luxemburgischen Premierminister JeanClaude Juncker einen Brief, in dem sie sich «ausdrücklich für das wiederholte inakzeptable Auftreten des deutschen Finanzministers Peer Steinbrück» entschuldigte. In einem zweiten Brief, an den deutschen Aussenminister Frank-Walter Steinmeier, forderte sie ihn zum Eingreifen auf, weil der Bundesfinanzminister leichtfertig Porzellan zerschlage und dem Ansehen der Bundesrepublik Deutschland schade. Rat zu «sprachlicher Abrüstung»
Der CSU-Abgeordnete Eduard Oswald empfahl Steinbrück, «sprachlich abzurüsten» im Umgang mit den Nachbarländern. Der CDU-Europapolitiker Elmar Brok warnte: «Herr Steinbrück verstösst gegen die Interessen Deutschlands.» Und der Präsident des Europaparlaments, HansGert Pöttering (CDU), erklärte: «Es geht jetzt darum, dass wir in jeder Hinsicht massvoll in der Sprache sind.»
Steinbrück aber zeigt sich unbeirrt. Wieso sollte er auch einlenken? Erstmals in seiner politischen Karriere brandet dem rechten Aussenposten der Partei die Liebe des linken Parteiflügels entgegen. Ausserdem produzieren seine Ausfälle Schlagzeilen für seine Partei, die lang darunter gelitten hatte, dass sie nur mit internem Streit und Intrigen öffentliches Aufsehen erzielte. Steinbrücks Kampf gegen Steuerflucht dagegen ist ein Thema, hinter dem sich die ganze SPD scharen kann und das 80 Prozent der Deutschen grundsätzlich richtig finden.
Steinbrück unter Beschuss
Hat mit seiner neuerlichen Kritik an Steueroasen heftige Kritik ausgelöst: Finanzminister Peer Steinbrück (SPD).....
.........FDP-Finanzexperte Hermann Otto Solms sagte der „Bild“: „Seit fünf Jahren gibt es die Möglichkeit, die Schweiz in Steuerverfahren um Amtshilfe zu bitten, und bislang gibt es offenbar bloß ein einziges Gesuch dieser Art aus Deutschland...... :confused:rolleyes
...also seit 5 Jahren - warum denn jetzt auf einmal diese Hetzerei :confused wenn im eigenen Stall zu viel Mist lagert zeigt man ihn lieber auf den bei den anderen :rolleyes war schon immer so :o
08 May 2009
Financially Farcical Friday (http://jessescrossroadscafe.blogspot.com/2009/05/financially-farcical-friday.html)
Institutional Risk Analytics is one of the best weekly reads around.
Institutional Risk Analytics (http://us1.institutionalriskanalytics.com/pub/IRAstory.asp?tag=358)
"Washington has indeed fixed the solvency problems of the large zombie banks -- not with additional capital or stress tests, as many of us seem to think. Rather, the banks have been stabilized by turning them into GSEs via FDIC guarantees on their debt. Those banks which can end their dependence on federal guarantees will be the visible winners in the post stress test market, and valuations and spreads will reflect this divergence between zombies and viable private banks.
Seen from this perspective, Chrysler, General Motors and the large banks are GSEs rather than private companies, parestatales as they know them in Mexico. To talk about a rally in the equity of large US financials seems truly ridiculous, at least to us, especially true when you look at how the public sector subsidies being applied to the banks have distorted their financial statements.""We hear from the Big Media, BTW, that Tim Geithner's growing corps of handlers directs media inquiries to Roubini for "an objective view" of the Secretary's handling of the financial crisis. One Democrat asks: Could it be Larry Summers to the Fed, Roubini to the White House?
And speaking of the fall of the elites, FRBNY Chairman Steve Friedman finally resigned yesterday, ending a scandalous period when the greater community of present and past employees of Goldman Sachs, JPMorgan Chase and other dealers was arguably in control of the most important arm of the US central bank. (Ending? With Dudley still in place? - Jesse)
The fact that the Board of Governors appointed former GS ibanker Freidman as a "C" class director, who are meant to represent the public interest and not be past officers of regulated banks, was scandal enough. But then, when GS formally became a bank holding company last year, the Board failed to remove Friedman when his conflict became acute. The Board also failed too to appoint another "C" class director, making it almost seem that the Board wanted to assist in the GS operation to influence the operations of a Federal Reserve Bank."The Banks must be restrained, and the financial system reformed, before there can be a sustainable economic recovery.
Posted by Jesse at 9:55 AM (http://jessescrossroadscafe.blogspot.com/2009/05/financially-farcical-friday.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=8036302512085287519) :verbeug
Will Resigned NYFed Chair Stephen Friedman Get Booted From Goldman Board? (http://dealbreaker.com/2009/05/will-resigned-nyfed-chair-step.php)
Posted by Bess Levin (http://dealbreaker.com/profile/BLevin), May 08, 2009, 10:13am
http://dealbreaker.com/images/thumbs/Picture%201322.png If shareholder Evelyn Davis has anything to say about it, yes! Goldman's annual investor meeting is under way and Davis, who Dealbreaker has previously documented attends these things with the sole purpose (http://dealbreaker.com/2009/04/ken-lewis-scores.php) of looking to score (http://dealbreaker.com/2009/04/live-blogging-citis-annual-inv.php) somea that hot chairman ass,* took the mic to offer the following in Friedman's general direction. (If you're not familiar with E-Dav, we suggest you take two to listen to this clip (http://dealbreaker.com/2009/03/dont-be-scared-children.php) in order to better understand how soil-himself-terrifying the delivery was for Even Stephen.)
Mr. Friedman, pack-up your bags and go! You should leave right now, never to be seen again. You are a disgrace to Goldman Sachs. Why don't you take your bag and get the hell out of here. *
According to Rebecca Jarvis, Lloyd Blankfein characterized E-Dav's words as "way off base" and, in his opinion, Friedman did "nothing wrong."
Earlier: New York Fed Chair Stephen Friedman Resigns Effective Immediately (http://dealbreaker.com/2009/05/new-york-fed-chair-stephen-fri.php)
* ....was hat sie nur :confused:rolleyes er passt doch wunderbar in den GS Stall :o
...hier ist die Dame - laut und deutlich :o man mag für oder gegen sie sein, jedenfalls macht sie einigen Feuer unter dem Arsch :cool
Bank PARTY is on at CNBC (http://goldtent.net/wp_gold/2009/05/08/bank-party-is-on-at-cnbc/)
-> Posted by floridagold @ 7:30 am on May 8, 2009
everyone drinking the kool-aid, Pigs flying everywhere http://pages.prodigy.net/bestsmileys1/emoticons3/pigSflymed.gif, lipstick on the Queen Pig http://goldtent.net/wp_gold/wp-content/uploads/2009/05/lipstick-pig.thumbnail.jpg http://pages.prodigy.net/bestsmileys1/emoticons3/pigSflymed.gifhttp://pages.prodigy.net/bestsmileys1/emoticons3/pigSflymed.gifhttp://pages.prodigy.net/bestsmileys1/emoticons3/pigSflymed.gifhttp://pages.prodigy.net/bestsmileys1/emoticons3/pigSflymed.gif
Fri 8 May 2009
This Was 100% Unexpected (http://lolfed.com/2009/05/08/this-was-100-unexpected/)
Posted by Jason under fail (http://lolfed.com/category/fail/)
Say, remember that time we gave GM all that money so it wouldn’t collapse, to save The American Worker? Haha, funny story about that (http://www.washingtonpost.com/wp-dyn/content/article/2009/05/07/AR2009050704336.html?hpid%3Dtopnews&sub=AR).
According to an outline the company has been sharing privately with Washington legislators, the number of cars that GM sells in the United States and builds in Mexico, China and South Korea will roughly double.
Right now, GM is planning to build almost one-fourth of its cars overseas once this current unpleasantness has passed, which should elicit LOLs from almost everyone. GM really is in a tight spot, here. On one hand, it’s being told it has to reduce its operating costs, and the easiest way to do that is by slashing its labor costs. But when it does that, it is a horrible company for shipping jobs overseas. But the cost savings, even after the last round of UAW concessions, is pretty astounding:
Labor costs in those countries are far lower. While paying a U.S. autoworker with benefits costs about $54 an hour, a South Korean worker earns about $22 an hour, a Mexican worker earns less than $10 an hour and some Chinese workers can earn as little as $3 an hour, industry sources said.
That works out to a difference in over $2,000 per worker, per week, between manufacturing here and in China. And what’s even better, the working conditions overseas don’t have to be saddled with those pesky OSHA regulations. Just imagine how much more cheaply a plant can be operated when workplace safety is barely a concern! So from that standpoint it makes sense. Still, it does feel a little like letting your friend borrow your car, and he uses it to take your girlfriend out on a date. ;)
:gruebel ob das er Sinn der Sache ist :confused:rolleyes
...every 5 seconds someone lost a job in the States :rolleyes
(CNBC - Nick ???)
Fullgoldcrown @ 13:38 pm. A Few Scattered Thoughts (http://goldtent.net/wp_gold/2009/05/08/fullgoldcrown-1338-pm-a-few-scattered-thoughts/)
-> Posted by Farmboy @ 14:26 pm on May 8, 2009
Ran across a few things that interested me the other day. Thought I would pass along to the Tent.
One is an oil painting of the Signing of the Federal Reserve Act. Woodrow Wilson surrounded by the scoundrels that created the ‘Beast’ in 1913.
Seems according to modern day version it is both a govt and private corporation. ??
“The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act (signed by Woodrow Wilson), it is a quasi-public and quasi-private (government entity with private components) banking system”
Also of interest might be: February 3, 1913 – The 16th Amendment to the United States Constitution is ratified, authorizing the Federal government to impose and collect income taxes.
Seems 1913 was not the best of years for the United States. Perhaps the one bit of good news was a coin in use at the time:
1913 S $5 Indian Head Gold Half Eagle
Would be nice to have a pocket full of these. Have no idea what they might be worth, but I bet they have faired better in value than a paper dollar from 1913.
Butters…thanks for the weekly update. Good to see our Precious up on the week. Wonder how much higher it would be if Bernake Toad and friends was not trying to surpress the only true measure of value and wealth? Maybe they are just trying to help the Russians and Chinese out by keeping the prices low. Seems more than a few countries are increasing, and publicly saying so, thier own storage of the Precious. Wonder how come we never hear of the USA adding to thier gold reserves? (grin) Bunch of paper loving, paper printing, idiots.
Best to all, & a Great Weekend, Farmboy
-> Posted by butters @ 10:03 am on May 8, 2009
Fri 8 May 2009
GTFO - Disgraced Fed Chair Edition (http://lolfed.com/2009/05/08/gtfo-disgraced-fed-chair-edition/)
Posted by alyx under goldman sachs (http://lolfed.com/category/goldman-sachs/)
Goldman Sachs conspiracy theory has surrounded the Fed (and Washington, D.C.) for a good while. Now, Stephen Friedman, a 28-year Goldman vet who was most recently employed as the chairman of the New York Fed, has had to walk away from his position due to - you guessed it - his investments in and ties to Goldman Sachs (http://online.wsj.com/article/SB124174050575198775.html?mod=googlenews_wsj):
Columbia Journalism Review dissected the case. Here’s the background (http://www.cjr.org/the_audit/wsj_exposes_the_new_york_fed_c_1.php):
The chairman, Stephen Friedman, was himself a former head of Goldman Sachs, and owned tens of thousands of shares in his former employer. When Goldman became a bank-holding company in September, in a bid to stay afloat, it put Friedman in violation of rules that prohibit Fed board members from holding shares in banks (Goldman had been structured as an investment bank, which didn’t take deposits and were much less-regulated than regular banks).
That’s not really fail. He owned the shares fair and square from his prior employment, and in what crystal ball could he have foreseen that Goldman Sachs would at any point find it advantageous to become a bank? He applied for a waiver, probably making pretty much that exact same case, and got it. Okay, cool. Sure. I won’t go into why the rule just applies to bank shares anyway, because that’s a whole different rant.
Then it starts to get fail. Timmay goes to join the cool kids in Washington, and Friedman has to find a replacement. Where does he select the replacement from? Goldman, of course. That’s kind of fishy, but hey, we all know there are LOTS of Goldman guys running around.
It gets really fail when you find out he was so confident the appeal would go through that he started buying up GS stock hand over fist in December:
More damningly, while his appeal was out, Friedman bought tens of thousands more Goldman shares—and didn’t tell the Fed about it. Might he have had inside information there? It would seem unlikely that he didn’t—or else he wasn’t doing his job.
So initally when the story broke, he said he’s resign early. And then, when the story didn’t immediately go away, per the letter above to NYFed President Bill Dudley, he quit. And, as CJR found, he was probably ready to retire anyway:
Mr. Friedman’s December and January stock purchases now are showing accrued gains of $2.7 million.
Stephen Friedman’s face isn’t that funny, but no way were we going to let him get away with this and NOT get captioned.
....ist und bleibt ein Dreckspack :bad
Is Anyone Minding the Store at the Federal Reserve? [Video]
Rep. Alan Grayson asks the Federal Reserve Inspector General about the trillions of dollars lent or spent by the Federal Reserve and where it went, and the trillions of off balance sheet obligations. Inspector General Elizabeth Coleman responds that the IG does not know and is not tracking where this money is.
Is Anyone Minding the Store at the Federal Reserve? [Video]
Rep. Alan Grayson asks the Federal Reserve Inspector General about the trillions of dollars lent or spent by the Federal Reserve and where it went, and the trillions of off balance sheet obligations. Inspector General Elizabeth Coleman responds that the IG does not know and is not tracking where this money is.
Zum Original-Beitrag (http://www.stock-channel.net/stock-board/showthread.php3?p=1237082#post1237082)
...wenn sie einen Kopf hätte ---> :kopf aber da scheint eine Blase zu sein :gomad
...der angesprochene Bloomberg Artikel
U.S. Taxpayers Risk $9.7 Trillion on Bailout Programs (Update1)
By Mark Pittman and Bob Ivry
Feb. 9 (Bloomberg) -- The stimulus package the U.S. Congress is completing would raise the government’s commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 percent of the nation’s home mortgages.
The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation have lent or spent almost $3 trillion over the past two years and pledged up to $5.7 trillion more. The Senate is to vote this week on an economic-stimulus measure of at least $780 billion. It would need to be reconciled with an $819 billion plan the House approved last month.
Only the stimulus bill to be approved this week, the $700 billion Troubled Asset Relief Program passed four months ago and $168 billion in tax cuts and rebates enacted in 2008 have been voted on by lawmakers. The remaining $8 trillion is in lending programs and guarantees, almost all under the Fed and FDIC. Recipients’ names have not been disclosed.
“We’ve seen money go out the back door of this government unlike any time in the history of our country,” Senator Byron Dorgan, a North Dakota Democrat, said on the Senate floor Feb. 3. “Nobody knows what went out of the Federal Reserve Board, to whom and for what purpose. How much from the FDIC? How much from TARP? When? Why?......
....schon wieder :kopf ist zwar lang, zeigt aber wie sehr alles im Häuser-CDS-Schlamassel steckt
Banks Blocking Way Out Of Foreclosure Crisis (http://www.huffingtonpost.com/2009/05/08/short-sales-banks-blockin_n_199099.html)
Brett Ellis, a real estate agent in Fort Myers, Fla. (http://www.topagent.com/), was thrilled when he got an offer for a property in Bell Tower Park in May 2008.
"It was a gorgeous property on the corner lot," Ellis told the Huffington Post. The owner, who had lost his job, wanted to sell the apartment for a loss rather than go into foreclosure, a strategy known as a short sale.
The offer was for $350,000, and Ellis, who is a certified distressed property expert trained in executing such sales, knew it was as good an offer as he was going to get in this market. He immediately sent the paperwork into the bank.
He waited for four months. The bank finally told him it wouldn't take anything less than $400,000 -- a price Ellis was sure he could never get. In September, the buyer's agent called to say, "You know what, we gotta move on, we gotta buy something else........
Quick Read (http://www.huffingtonpost.com/2009/05/08/short-sales-banks-blockin_n_199099.html) |
Short sales have long been known to be a nightmare to secure. When I was house-shopping last year my agent steered me clear of them, because they can stretch out for months and then fizzle.
I have a relative who's under water and trying to do the right thing by selling on a short sale. They had a buyer and an offer. After weeks and weeks of waiting, the bank pulled the plug on the deal.
When folks with mortgages who are under water and who can't get their banks to adjust the principal to reflect the current assessed market value of the property realize they can simply mailbox the keys and not owe the banks another penny, what's going to happen to those banks???
Posted 12:43 AM on 05/09/2009
What's going to happen to those banks? They will sell the assets -- to investors or to us, that's what.
We're the ones getting the short end, not the banks.
Posted 01:02 AM on 05/09/2009
Getting the short end. Story of my life.
Posted 01:11 AM on 05/09/2009
Der Schweizer Staatsschwur: Kriminelle Diskretion
Die Finanzkrise hat es möglich gemacht, sagt der Schweizer Narr, das Lügengebäude und die Mauer aus Diskretion und Verschwiegenheit bricht vor dem Ansturm der Steuerfahnder aus der USA und der EU zusammen. Noch halten FDP und SVP dem seit Jahrzehnten im Schweizer Finanzsee schwimmenden und staatlich geschützten Steuerhinterzieher-Hai die Stellung.
Doch die Schweizer, welche nicht einmal wissen dürfen wieviel Lohn der Arbeitskollege erhält, denen Scham eingetrichtert wurde auf Gehaltsungleichheit zu achten, er wird noch genauso hinter das Licht geführt wie das Ausland. Der Schweizer Narr klappert mit seinen Glocken und erklärt es soweit er das selbst mitbekommt:
Das Aufbrechen des Bankgeheimnisses wurde schon längst für den Fall der Fälle vorgeplant! Zwischen Dubai und Singapoore existieren Abkommen, demzufolge die Schweiz im Fall X zur Relaisstation zu anderen Steuerparadiesen wird. Längst sind Filialen dort eröffnet, wo das Geld noch sicher hinterzogen werden kann. Die grössten Steuerflüchtlinge wurden schon längst dorthin umgeleitet, während die US Steuerfahnder einigen kleineren Wildfischen hinterher jagen darf.
Wie sagte doch einst Deep Throat? Folge dem Pfad des Geldes…
Mit dem Fall Hollenweger, Rohschacher, Ramos. Geld mit Steuerflüchtlingen zu machen war eine der Spezialitäten von Holenweger, die M.M. Warburg Bank hatte danach diese Geschäfte übernommen. Die umfassende Betreuung vermögender Privatkunden bildet den Schwerpunkt der Tätigkeit in der Schweiz.
Glauben Sie daran dass es ein Zufall war, dass ausgerechnet eine “altehrwürdige seriöse” Deutsche Privatbank die Schmutzgeschäfte Hollenwegers übernahm? Der Schweizer Narr kichert gruslig.
Doch Hollenweger war nur eine der Sicherheitslücken, die von der geheimen Finanzmafia geschlossen werden musste. Warburg USA, welche aber angeblich auf keine Weise mit Warburg Deutschland zu tun hat, ist übrigens eine Tochter der UBS.
Immer wieder wurden Machenschaften der UBS, auch in den USA bekannt, so etwa der Fall von Senator Phil Gramm. Doch die kriminelle Energie wurde stets von höchsten Stellen wieder vernebelt. Zuletzt gelang der UBS noch den Coup, seinen UBS Direktor USA in das Barack Obama Team einzuschleusen.
Was daraus werden wird, kann man erahnen. Wussten Sie dass Robert Wolf (CEO UBS USA), im Economic Recovery Advisory Board unter Barack Obama sitzt? Fundraising machte es möglich.
Sie wissen nicht was die vom Recovery Advisory Board so tun? Dann schauen Sie mal etwas genauer hin, es geht um den Wiederaufbau der Finanzstrukturen.
Auch im International Bankers Forum (Deutschland Banken Lobby), tauschen sich die Kerlchen der Hochfinanz gegenseitig aus, auch dort sitzt Robert Wolf Uwe Adamla und Werner Martini von der UBS an ihrer Stelle. Auch in der Schweizer BVG Kommission sitzen Vertreter der UBS, denn die Volumen der Pensionskassen sind zu interessant um sie nicht an entscheidender Stelle zu beeinflussen.
Denken Sie immer noch sie würden als Schweizer Standard-Äffchen die Wahrheit über den Finanzfilz erfahren? Sollten Sie dies denken, so würde sich der Schweizer Narr wohl am Boden kugeln müssen. Nicht einmal der Narr kennt alle geheimen Speckverstecke des Königs und seiner Lakaien.
Manchmal kommt er aber sogar Linken auf die Schliche, wenn sie geheime Operationen planen.
Fragen Sie doch einmal diese Dame unten (Die Schweizer Bundesrätig Calmy Rey) was sie so am WEF getrieben hat und warum sie so brav hinter dem Bankgeheimnis stand. Selbst Linke können sich als UBS -Yeti entpuppen.
Zum Original-Beitrag (http://showthread.php3?p=1237086#post1237086)
:schwitz kann man ja mit GS in einen Sack stecken :rolleyes
cherry hat die schönen Bildchen vorenthalten ;)
http://blog.4st.ch/wp-content/uploads/2009/02/schweizer_schwur.jpg http://blog.4st.ch/wp-content/uploads/2009/02/calmyyeti.jpg :rolleyes
:supi Artikel - lohnt sich zu lesen :cool
Meine liebste Bombe
Der Mann, der mit dafür sorgte, die Welt in die Finanzkrise zu stürzen, packt aus.
08.05.2009 von Das Magazin (http://dasmagazin.ch/index.php/author/das-magazin/)
Wenn ich Leuten erzähle, was ich früher beruflich machte, fragen sie oft, ob ich mich schuldig fühle. Ja, tue ich, ein wenig, und es nagt an mir. Auch wenn ich es verdränge, taucht es unvermeidlich irgendwann wieder auf, wie ein Schiffswrack bei Ebbe. Es ist jetzt acht Jahre her, dass ich das letzte Mal ein Programm geschrieben habe, aber eben jenes wurde zum Standard der Finanzindustrie und fand seinen Weg in jede Investment-Bank der Welt.
Ich habe die Software geschrieben, die es erlaubt, Hypotheken in handelbare Schuldscheine umzuwandeln.
Dank den Nachrichten wissen Sie wahrscheinlich schon mehr über dieses Thema, als Sie jemals wissen wollten. Das Zusammenpacken unterschiedlichster Hypotheken in einheitliche Wertpapiere, die präzis bewertet und gehandelt werden können, wurde von vielen Kommentatoren als einer der Hauptgründe ausgemacht, weswegen wir jetzt so in der Patsche sitzen. Ich widerspreche dem nicht grundsätzlich. Aber aus meiner Sicht — und ich bin natürlich unwiderruflich befangen — ist die Substitution von Krediten durch handelbare Wertpapiere nicht per se etwas Schlechtes. Korrekt und konservativ ausgeführt, verbessert es die Effizienz einer Bank, Geld zu verleihen und Risiken auf die Bedürfnisse von Investoren masszuschneidern. Das sah mal nach einer richtig guten Idee aus, und das könnte sie auch wieder sein, vorausgesetzt, die Banken fangen nicht wieder an, Hypotheken an Leute zu vergeben, die sie sich nicht leisten können. So viel ist nämlich klar: Die Software war schlauer als die Leute, die sie benutzten, und das hat der ganzen Welt ziemliche Probleme eingebrockt.
Das Erste dieser verbrieften Wertpapiere (Collateralized Mortgage Obligation, kurz CMO) wurde 1983 von First Boston und Salomon Brothers kreiert, aber es dauerte Jahre, bis die Computertechnologie so weit war, dass sich das Vorgehen verbreiten konnte. Riesige Datenbanken wurden benötigt, um jede Hypothek zu verfolgen. Man brauchte Modelle, um das komplexe System von Schuldpapieren zu entwerfen, basierend auf den Zahlungen der Hauseigentümer. Modelle, um Anzahlungsraten vorauszusagen, und Modelle, um Zahlungsverzüge vorauszusagen. Man brauchte das Internet, um diese Anleihen wieder und wieder um die Welt zu schicken und ihren Inhalt so zurechtzukneten, dass sie exakt den momentanen Wünschen eines Investors entsprachen. Dazu noch die Selbstgefälligkeit, die Gier und die ignorante Dummheit der Banken in Amerika nach 2001, und man hat alles beisammen für ein Desaster....
ganzer Artikel: http://dasmagazin.ch/index.php/meine-liebste-bombe/
James Dines (http://goldtent.net/wp_gold/2009/05/09/james-dines/)
-> Posted by Buygold1 @ 9:05 am on May 9, 2009
is on the third hour of Puplava’s show.
:supi ....lohnt sich wirklich anzuhören - es geht um Öl, Uran, Gold, Silber, Politik usw.
ich habe zwar viel Geld verloren, da ich seine Empfehlungen gekauft aber nicht verkauft habe, aber das ist ja jedem sein eigenes Problem :o
....ich hinke ein bisschen hinterher :rolleyes
Big Banks Won Concessions on Tests (http://online.wsj.com/article/SB124182311010302297.html)
The Fed significantly scaled back the size of the capital hole facing big banks, after intense bargaining over the stress tests' stringency......
.......Regulators said other banks also were told they needed more capital than initially projected.
The Fed's findings were less severe than some experts had been bracing for. A weeklong rally in bank stocks continued Friday, with the KBW Bank Stocks index surging 10%. Investors were especially relieved by the relatively small capital holes at regional banks. Shares of Fifth Third soared 59%, while Regions Financial (http://online.wsj.com/public/quotes/main.html?type=djn&symbol=rf) Corp.'s $2.5 billion deficit led to a 25% leap in its stock.
With the stress tests, government officials were walking a fine line. If the regulators were too tough on banks, they risked angering their constituents and spooking markets. But if they were too soft, the tests could have lost credibility, defeating their basic confidence-building purpose.
Bank by Bank Details (http://online.wsj.com/public/resources/documents/info-STRESSTESTDOCS0905.html) | Compare 19 banks (http://online.wsj.com/article/SB124172137962697121-1.html#articleTabs_interactive%26articleTabs%3Dinteractive)
WSJ.com/Finance: More stress test news (http://online.wsj.com/public/page/finance.html)
Neues vom Murks-Test.
VORWURF GEGEN US-REGIERUNG
Banken handelten Ergebnisse des Stresstests aus
Die US-Regierung gerät wegen ihres Banken-Stresstests massiv in die Kritik. Laut "Wall Street Journal" und "Financial Times" sollte den Instituten ursprünglich ein höherer Kapitalbedarf attestiert werden. Doch die Geldhäuser handelten das Ergebnis offenbar deutlich herunter.
Ein Stresstest wie ein Schmuddelfilm
von Tobias Bayer (Frankfurt)
Nackte Tatsachen ohne Handlung: Die Resultate der Bankprüfung liegen vor. Damit geht ein regelrechtes Schmierentheater zu Ende, das die Amerikaner der Öffentlichkeit wirklich hätten ersparen können. Denn die eigentlichen Aufgaben kamen zu kurz.
Zum Original-Beitrag (http://showthread.php3?p=1237121#post1237121)
....ob's spannend ist :rolleyes:confused:gruebel
Dow Jones Reprints: This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, use the Order Reprints tool at the bottom of any article or visit www.djreprints.com (http://www.djreprints.com/)
MAY 9, 2009
Inside the Fall of Bear Stearns
In 72 nail-biting hours, an investment bank turned from healthy to nearly insolvent
By KATE KELLY (http://online.wsj.com/search/search_center.html?KEYWORDS=KATE+KELLY&ARTICLESEARCHQUERY_PARSER=bylineAND)Bear Stearns Cos., the 85-year-old Wall Street firm known for its tough trading culture, was rescued from impending bankruptcy by a deal with J.P. Morgan Chase & Co. on March 16, 2008 -- making Bear the first major casualty of the financial crisis. The firm spiraled from being healthy to practically insolvent in about 72 hours.
The meltdown began in earnest the evening of Thursday, March 13, 2008, when Bear executives made a shocking discovery: They were nearly out of cash. Faced with a slew of withdrawals from worried clients and a sudden pullback from lenders, the firm had less than $3 billion on hand -- not enough to open for business on Friday.
Bear chief executive Alan Schwartz immediately called J.P. Morgan, which as Bear's clearing agent managed its cash, to ask CEO Jamie Dimon for an overnight loan. Mr. Schwartz knew that if a deep-pocketed creditor like J.P. Morgan didn't come through, Bear's only option was bankruptcy, and he later phoned New York Federal Reserve Bank president Tim Geithner to say so.
Mr. Dimon, a veteran dealmaker, was willing to try to help. But, concerned about making a major financial commitment after just a few hours of research, he prevailed on the Federal Reserve Board for the funding instead.
During the wee hours of March 14, Fed officials relied on legislative powers that hadn't been used since the 1930s to find a temporary solution: a loan to Bear of undetermined size, to be provided through J.P. Morgan. What follows is an account of some of the events that surrounded their move......
http://s.wsj.net/public/resources/images/PT-AL577_kellyb_CV_20090508173342.jpgAdapted from "Street Fighters: The Last 72 Hours of Bear Stearns, the Toughest Firm on Wall Street" by Kate Kelly, to be published by Portfolio, a member of Penguin Group (USA) Inc., on Tuesday. Copyright 2009 by Kate Kelly.
full story: http://online.wsj.com/article/SB124182740622102431.html
Report: Artillery Barrage In Sri Lanka Kills Nearly 400 Civilians (http://www.huffingtonpost.com/2009/05/10/sri-lanka-artillery-barra_n_201330.html):(
Quick Read (http://www.huffingtonpost.com/2009/05/10/sri-lanka-artillery-barra_n_201330.html) |
| Sri Lanka (http://www.huffingtonpost.com/news/sri-lanka)
...ist zwar etwas ausgeleiert - aber da es ja genug Saubermänner gibt :rolleyes ist eben immer gut auch die andere Seite zu berücksichtigen :cool
Steuerstreit: Juncker attackiert Berlin
Luxemburg hat sich mit deutlicher Kritik an deutschen Politikern und der britischen Regierung gegen Vorwürfe gewehrt, ein Paradies für Steuerbetrüger zu sein.
Im Nachrichtenmagazin "Der Spiegel" verbat sich Premierminister Jean- Claude Juncker "scheinbar humorvolle" Angriffe wie die von Finanzminister Peer Steinbrück (SPD).
Mit Blick auf Äusserungen von SPD-Chef Franz Müntefering zu Steueroasen, wonach man früher Soldaten dorthin geschickt hätte, sagte Juncker: "Wir waren schon mal besetzt, wir haben unter deutscher Besatzung gelitten." Deutschland sei bis Juli 2005 selbst das grösste Steuerparadies Europas gewesen sei. Bis dahin habe kein nichtansässiger Ausländer Steuern auf Zinseinkünfte zahlen müssen.
Heute locke die britische Regierung grösste Vermögen zielstrebig nach London, wo sie nur minimal besteuert würden. Aber über dieses "Steuerparadies für Multi-Milliardäre" rede niemand, sagte Juncker. Nach dem Steuerstreit rechnet sich der dienstälteste Regierungschef der EU, der am 7. Juni Parlamentswahlen zu bestehen hat, nur noch wenig Chancen für höhere EU-Ämter aus. Dafür gebe es nun "bei einigen meiner EU-Kollegen keine überschäumende Begeisterung" mehr.
Burkina Faso fordert Entschuldigung
Steinbrück hatte vor Tagen die Steueroasen Luxemburg, Österreich und Schweiz in eine Reihe gestellt mit Ouagadougou, der Hauptstadt des afrikanischen Staates Burkina Faso. Dies hatte vor allem in Luxemburg, aber auch in Deutschland Verärgerung ausgelöst. Die Bundesregierung ist bemüht, die Wogen zu glätten. Burkina Faso forderte eine öffentliche Entschuldigung Steinbrücks.
Der Botschafter von Burkina Faso, Xavier Niodogo, sagte der "Frankfurter Rundschau" (Samstag), Steinbrück habe zwar ausrichten lassen, es tue ihm leid, falsch verstanden worden zu sein. Doch die Öffentlichkeit müsse wissen: "Wir sind kein Steuerparadies." Deshalb solle Steinbrück seine Entschuldigung öffentlich wiederholen.
(AWP) - http://www.cash.ch/news/alle/steuerstreit_juncker_attackiert_berlin-792962-448
Die Manager sind die Sündenböcke der Finanzkrise
Kommenare ---> (98) (http://www.welt.de/wirtschaft/article3713668/Die-Manager-sind-die-Suendenboecke-der-Finanzkrise.html#article_comment)
Von Dorothea Siems 10. Mai 2009, 17:54 Uhr
Noch sind die Geschichtsbücher über die Finanzkrise nicht geschrieben. Und die Beteiligten liefern sich eine heftige Schlacht um die Schuldfrage. Politiker jeglicher Couleur sind sich einig, vor allem Wirtschaftslenker an den Pranger zu stellen. Doch das greift zu kurz. Der Krise ging politisches Versagen voraus.
http://www.welt.de/multimedia/archive/00808/eier_DW_Wirtschaft__808372g.jpg Foto: AFP
"Die da oben" und ihre "Gier" sind das Ziel von Wutattacken: Hier versucht sich ein Aktionär in Paris vor Eierwürfen zu schützen. Derweil redet mancher solche Angriffe auch in Deutschland herbei
Wenn es darum geht, Manager an den Pranger zu stellen, gibt es in Deutschland derzeit eine ganz große Koalition. Ob Bundeskanzlerin Angela Merkel, SPD-Chef Franz Müntefering oder der Parteivorsitzende der Linken, Oskar Lafontaine – in ihrer Kritik an Bankern und Wirtschaftsbossen sind sich die politischen Konkurrenten erstaunlich ähnlich........
.....Bundesfinanzminister Peer Steinbrück beispielsweise wurde schon vor zwei Jahren von der hiesigen Bankenaufsicht darauf hingewiesen, dass der Immobilienfinanzierer Hypo Real Estate aufgrund einer Gesetzeslücke nicht unter ihre Aufsicht falle. Erst vor wenigen Monaten wurde das korrigiert, nachdem die Skandalbank mit mehr als 80 Milliarden Euro Staatshilfe gerettet wurde. Hätte der SPD-Minister frühzeitig reagiert, wäre der Schaden für die Steuerzahler möglicherweise viel geringer gewesen. Von der Verantwortung der Politiker für die Krise ist im hiesigen Wahlkampf jedoch nichts zu hören.
ganzer Artikel: http://www.welt.de/wirtschaft/article3713668/Die-Manager-sind-die-Suendenboecke-der-Finanzkrise.html
....die Kommentare sind ja meistens interessant:
18:36 Uhr Bankenklau sagt:
Ein guter Artikel zu dem Ursprungsgründen der Krise. Nicht erwähnt wurde, dass bereits zu Bill Clintons Zeiten ein Gesetz erlassen wurde, wonach für Investmentbanking kein Eigenkapital vorgeschrieben ist. Faule Hypotheken verbriefen und mit einem Trick durch pooling und tranchieren zu AAA geratete Wertpapiere als Commercial Papers - heute toxische Papiere genannt - den gewinnsüchtigen Banken weltweit verscherbelt.
Wenn Steinbrück auf die Schieflage der HRE vor Jahren hingewiesen wurde, und er untätig blieb, müßten die Ursachen aufgeklärt werden und Herr Steinbrück vor einen Untersuchungsausschuß zitiert werde. Das wird nicht geschehen.
Ich darf anmerken, dass hier Gelder der HRE über miese Zertifikate nach Israel verschoben worden sind. Das war politisch gewollt und gedeckt. (:confused weiss man da was Genaueres :confused)
Full Video: Obama's White House Correspondents Dinner Speech (http://www.huffingtonpost.com/2009/05/09/full-video-obamas-white-h_n_201264.html)
AP / Huffington Post | 05/10/09 01:09 AM
President Barack Obama mocked his own administration and gave playful digs at his critics and Republicans at a black-tie dinner Saturday night attended by a mix of politicians, celebrities and journalists.
Full Video: Obama's White House Correspondents Dinner Speech (http://www.huffingtonpost.com/2009/05/09/full-video-obamas-white-h_n_201264.html)
More coverage of the White House Correspondents Association dinner: watch Wanda Sykes' speech (http://www.huffingtonpost.com/2009/05/09/wanda-sykes-video-of-whit_n_201280.html) and see a slideshow of celebs and politicos (http://www.huffingtonpost.com/2009/05/10/white-house-correspondent_n_201284.html).
President Barack Obama mocked his own administration and gave playful digs at his critics and Republicans at a black-tie dinner Saturday night attended by a mix of politicians, celebrities and journalists.
The Republican Party was a favorite target for Obama, speaking at the annual White House Correspondents' Association dinner.
Former Vice President Dick Cheney couldn't make the dinner, Obama joked, because he was writing his memoir, "How to shoot friends and interrogate people." It was a reference to Cheney's support of harsh interrogation and his accidental shooting of a hunting companion
The president directly addressed Republican National Committee Chairman Michael Steele, who was in the audience.
"Michael for the last time, the Republican Party does not qualify for a bailout. Rush Limbaugh does not count as a troubled asset, I'm sorry," said Obama, referring to recent economic steps of the White House and the radio personality's public criticism of the GOP party leader.....
Französische Textilfirma bietet Mitarbeitern Billigjobs in Indien
Der französische Textilhersteller Carreman hat mit einem Angebot an gekündigte Mitarbeiter für Empörung gesorgt. Die Firma aus dem südwestfranzösischen Castres schlug den neun Beschäftigten vor, für 69 Euro brutto im Monat in einem Carreman-Werk in Indien zu arbeiten. :eek
Die Belegschaft habe dies «mit einer Mischung aus Wut und Unglauben» aufgenommen, sagte Gewerkschaftsvertreter Edmond Andreau der Nachrichtenagentur AFP am Wochenende.
Firmenchef François Morel sagte der Regionalzeitung «La Dépêche du Midi», er habe sich bloss an das Gesetz gehalten. Es sei in Frankreich vorgeschrieben, den Mitarbeitern schriftlich eine Neueingliederung anzubieten, «wenn man noch andere Standorte hat, auch wenn sie in Papua oder Bangladesch sind». Ihm sei klar, dass dies dumm sei, aber so sei nun einmal das Gesetz.
Gewerkschaftsvertreter Andreau sprach von «mangelnder Achtung» gegenüber den Beschäftigten. Im April hatte der Automobilzulieferer La Barre Thomas von sich reden gemacht, als er mehreren Technikern neue Verträge in Polen anbot, für rund 700 Euro brutto monatlich. Vergangenes Jahr hatte die französische Arbeitsagentur eine Informatikerstelle im südindischen Pondicherry ausgeschrieben, für 160 bis 320 Euro im Monat.
:gruebel ehrlich ich weiss nicht was man dazu sagen soll - mit wie wenig müssen sich die Menschen in anderen Ländern zufrieden geben :rolleyes
Lawyers: Roxana Saberi Freed From Iranian Prison (http://www.huffingtonpost.com/2009/05/11/roxana-saberi-to-be-freed_n_201437.html)
Quick Read (http://www.huffingtonpost.com/2009/05/11/roxana-saberi-to-be-freed_n_201437.html) |
| Iran (http://www.huffingtonpost.com/news/iran)
Iraq Friendly Fire Incident Leaves 5 US Troops Dead: Report (http://www.huffingtonpost.com/2009/05/11/iraq-friendly-fire-incide_n_201512.html)
05/11/09 10:31 AM
***UPDATE*** CNN reports (http://www.cnn.com/2009/WORLD/meast/05/11/iraq.violence/index.html) that 3 other U.S. soldiers were wounded during the friendly fire incident that has left 5 U.S. troops dead. An American soldier killed 4 of his fellow troops before killing himself.
According to the Washington Post (http://www.washingtonpost.com/wp-dyn/content/article/2009/05/11/AR2009051100265.html), it is the single greatest loss of life in a single incident involving U.S. soldiers since a truck bomb last month took the lives of 5 American soldiers.
***UPDATE*** CNN has just sent out a breaking news alert reporting that senior defense officials have told the network that a US soldier killed 4 of his fellow troops before killing himself. Check back for more information.
McClatchy is reporting (http://www.mcclatchydc.com/251/story/67913.html) that a shooting at a U.S. base in Baghdad has left 5 soldiers dead. The shooting occurred at Camp Liberty, a base near the Baghdad airport.
MSNBC also has initial reports that it was a friendly fire incident.
McClatchy is reporting that a shooting at a U.S. base in Baghdad has left 5 soldiers dead. The shooting occurred at Camp Liberty, a base near the Baghdad airport. MSNBC also has initial reports th...
Filed by Nick Graham
...die sind am durchdrehen :rolleyes kein Wunder :mad
Mass AG to announce settlement with Goldman
By John Spence
Last update: 11:00 a.m. EDT May 11, 2009
http://i.mktw.net/mw3/community/images/btns/icons/site/comments.pngComments: 3 (http://www.marketwatch.com/news/story/mass-ag-announce-settlement-goldman/story.aspx?guid=%7B59E35CD1%2D5A36%2D4BF8%2D871D%2DDDA95A429044%7D&dist=TQP_Mod_mktwN#comments)
BOSTON (MarketWatch) -- The office of Massachusetts Attorney General Martha Coakley said it plans to hold a press conference on Monday to announce a multi-million-dollar settlement with Goldman Sachs Group Inc.
"The settlement, which includes both a monetary payment and extensive relief to homeowners, is the result of the Attorney General's ongoing investigation of the role of investment banks in the origination and securitization of subprime mortgage loans," according to a statement. Goldman Sachs shares were off by 1% in recent trading. http://i.mktw.net/mw3/News/greendot.gif
http://communitycontent.marketwatch.com/imagestore/name/st/ov/stoverny.58x54.png http://i.mktw.net/mw3/community/images/bkg/4star-58x7.png (http://community.marketwatch.com/stoverny)
http://communitycontent.marketwatch.com/imagestore/name/ma/ri/marioc30.58x54.png http://i.mktw.net/mw3/community/images/bkg/4star-58x7.png (http://community.marketwatch.com/marioc30)
How about an indictment. One of many to come for this firm. Someone has to have the guts to seek an indictment, which they richly deserve.
http://communitycontent.marketwatch.com/imagestore/name/ge/tb/getbackjojo.58x54.png http://i.mktw.net/mw3/community/images/bkg/4star-58x7.png (http://community.marketwatch.com/getbackjojo)
I suppose this will allow GS to keep lot of the 'murky details' hidden from us.
....eine ziemlich verworrene/undurchsichige Geschichte :rolleyes
Code Name: Special Agent Ponzi (http://lolfed.com/2009/05/11/code-name-special-agent-ponzi/)
May 11th, 2009 by Jason · fail (http://lolfed.com/category/fail/)
An apology to Allen Stanford. We thought you were just a common Ponzi scammer (http://lolfed.com/2009/02/17/sure-now-you-regulate/) with your Madoff-inspired offshore-CD-that-paid-way-too-much-interest. We mocked you, might have questioned your heritage, definitely snickered about your moustache (Tom Selleck you are not, sir!). But we didn’t know! We had no idea that you were a REAL AMERICAN HERO (http://www.businessinsider.com/allen-stanford-drug-informant-2009-5).
Originally, I did mention something about the possibility of Stanford helping Mexico’s Gulf drug cartel launder its money (http://lolfed.com/2009/02/19/backdoor-men-associates-pc/) based on the PURELY circumstantial evidence of some checks, connected to the cartel, having been found on Stanford’s private plane. Stanford later denied such things, he was just holding those checks for a friend, or something. Whatever. As it happens, he actually has been helping the cartels launder their money. So why isn’t he in federal prison being someone’s girlfriend right now? Because he is a secret Narc. Yes, really. This is not some Tubbs & Crockett costume party, he has totally been informing for the DEA on his, er, business partners in Colombia, Mexico, Venezuela, and Ecuador.
So now we understand why he’s not in jail for fraud, why he’s not in jail for the money-laundering, and why he feels perfectly free to get on TV every chance he gets and yap. Of course, now that this has gotten out, jail might well be the least of his worries when compared to a Scarface-style raid on his home.
Allen Stanford Bought Protection From SEC With Drug Information
Joe Weisenthal (http://www.businessinsider.com/joe-weisenthal)|May. 11, 2009, 6:08 AM http://static.10gen.com/businessinsider.com/%7E%7E/f?id=499aeb7c796c7a7a00bf02d8&maxX=400&maxY=300
From the very beginning of the Allen Stanford scandal, there's been speculation of his playing some role in the drug trade, and talk that he may have been some kind of US government asset. That's been confirmed by the BBC (http://news.bbc.co.uk/2/hi/uk_news/8029494.stm):
Secret documents seen by Panorama (BBC) show both governments knew in 1990 that the Texan was a former bankrupt and his first bank was suspected of involvement with Latin American money-launderers.
He was initially investigated by the SEC for running a possible Ponzi fraud in the summer of 2006, but by the winter of that year the inquiry was stopped.
Panorama understands that the decision was taken because of a request by another government agency.
Panorama is aware of strong evidence that Sir Allen was a confidential agent of the DEA as far back as 1999 - the year he made out the $3.1m cheque to the DEA.
Sources close to the DEA believe he worked with the agency, turning over details of money-laundering from Latin American clients from Colombia, Mexico and Venezuela and Ecuador, effectively guaranteeing himself a decade's worth of "protection" from the authorities, especially the SEC.
This could easily explain why Stanford hasn't been arrested yet. You have to figure, if he's been involved with the DEA for 10 years, helping them investigate drug dealing in Colombia, Mexico and Venezuela and Ecuador, he knows some pretty sordid and embarrassing stuff relating to America's disastrously fought war on drugs. How do you arrest a guy and engage in a legitimate trial without him spilling everything he knows?
In fact it could even explain Stanford's bizarre defense strategy of talking to the media, which is something lawyers rarely have their clients do. The message is to the government: You're dealing with a volatile guy here who will say or do anything. Don't push us around or we'll really start to talk.
Pentagon Replacing Top General In Afghanistan (http://www.huffingtonpost.com/2009/05/11/david-mckiernan-steps-dow_n_201621.html)
Quick Read (http://www.huffingtonpost.com/2009/05/11/david-mckiernan-steps-dow_n_201621.html) |
| Afghanistan (http://www.huffingtonpost.com/news/afghanistan)
The gas must flow (http://michaelfury.wordpress.com/2009/05/11/the-gas-must-flow/)
May 11, 2009 – 1:40 pm
Posted in Acts of State (http://en.wordpress.com/tag/acts-of-state/)
To prepare for proposed construction in 2010, the Afghan government has reportedly given assurances it will clear the route of land mines, and make the path free of Taliban influence.
In a report to be released today, energy economist John Foster says the pipeline is part of a wider struggle by the United States to counter the influence of Russia and Iran over energy trade in the region.
The so-called Turkmenistan-Afghanistan-Pakistan-India pipeline has strong support from Washington because the U.S. government is eager to block a competing pipeline that would bring gas to Pakistan and India from Iran.
The TAPI pipeline would also diminish Russia’s dominance of Central Asian energy exports......
....es scheint immer ums Gleiche zu gehen :rolleyes:mad
11 May 2009
Adminstrative Message (http://jessescrossroadscafe.blogspot.com/2009/05/adminstrative-message.html)
No Updates Tonight.
It's far too nice outside to watch this phony, manipulated action.
Go out for a walk, play a game with your kids, plant something.
Life is too short.
Posted by Jesse at 3:22 PM (http://jessescrossroadscafe.blogspot.com/2009/05/adminstrative-message.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=3348316205317195142) :supi:D http://4.bp.blogspot.com/_H2DePAZe2gA/SY4EWSQOstI/AAAAAAAAIEY/BOovCTLtd-U/S1600-R/cafeamerican.JPG
...also es kann einem nur noch schlecht werden :bad
A SUCKER'S RALLY? (http://online.wsj.com/article/SB124208415028908497.html)
Arianna: The New Financial Euphoria (http://www.huffingtonpost.com/arianna-huffington/wall-street-dc-and-the-ne_b_201899.html)
Quick Read (http://www.huffingtonpost.com/2009/05/12/was-it-a-suckers-rally_n_201937.html) |
Comments (54) (http://www.huffingtonpost.com/2009/05/12/was-it-a-suckers-rally_n_201937.html)
...nochmal SUCKER :rolleyes
http://media.timesfreepress.com/images/articleicons/comments.gif 30 Comments (http://www.timesfreepress.com/news/2009/may/10/truth-lending/?opinioncartoons#comments)
Julius-Bär-Finanzanalystin beging Selbstmord (http://www.finews.ch/news/banken/917-julius-baer-finanzanalystin-beging-selbstmord) Donnerstag, 30. April 2009 um 18:19
Vor drei Tagen hatte Madeleine Hofmann die Kündigung erhalten. Vor zwei Tagen nahm sie sich das Leben. Gestern wurde das Personal informiert.
Madeleine Hofmann zählte in der Schweiz zu den führenden Analysten für Finanztitel und wurde von den Medien entsprechend oft befragt. So auch am 15. April 2009 vom amerikanischen Wirtschaftsfernsehsender CNBC (http://www.cnbc.com/id/15840232?video=1093814312&play=1)zum Quartalsergebnis der UBS.
Im Zuge der Restrukturierungen bei der Julius-Bär-Gruppe wurde Madeleine Hofmann Anfang dieser Woche die Kündigung eröffnet, wie «20 Minuten Online (http://www.20min.ch/finance/news/story/Entlassene-Finanzexpertin-nimmt-sich-das-Leben-21503993)» heute meldete und von einem Sprecher der Bank bestätigt wurde. In der Folge beging die Mitarbeiterin vor zwei Tagen Selbstmord. Wegen der zeitlichen Nähe zur Entlassung hat die Bank eine Untersuchung eingeleitet. Auch anderen Mitarbeitern von Julius Bär wurde dieser Tage eine Kündigung ausgesprochen.
Bereits im vergangenen Dezember nahm sich der CEO von Julius Bär, Alex Widmer, das Leben, nachdem die anhaltenden Verwerfungen in der Finanzwelt den erfahrenen Banker in eine tiefe persönliche Krise gestürzt hatten. Vor kurzem wurde sein langjähriger Mitarbeiter und Stabschef, Boris Collardi, zu seinem Nachfolger an der Spitze der Bank ernannt. Ihm oblag es in der Folge, den zielstrebigen Expansionskurs, den Widmer eingeschlagen hatte, abzubremsen, Kosten einzusparen und das Unternehmen in ruhigere Gewässer zu steuern.
Wie die Bank unlängst mitteilte, sollten die Kosten bis Ende 2009 um bis zu 15 Prozent gesenkt werden. Um das zu erreichen, waren offensichtlich Personalentlassungen unumgänglich.
:rolleyes ....auf dem Video machte sie keinen lebensfrohen Eindruck - das habe ich erst heute angeschaut - jeder muss selber enscheiden :(
Staatshilfe für US-Banken wie eine heisse Kartoffel
Aktualisiert am 11.05.2009
Goldman Sachs war die erste US-Bank, die den Staat wieder aus seinem Geschäft haben wollte :escht Jetzt folgen immer mehr Institute dem Beispiel.
Artikel zum Thema
Stresstest: Wird uns die (düstere) Wahrheit verschwiegen? (http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Stresstest-Wird-uns-die-duestere-Wahrheit-verschwiegen/story/11765139)
Der Stresstest für UBS und Credit Suisse (http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/Der-Stresstest-fuer-UBS-und-Credit-Suisse/story/20785192)
So werden die Banken gestresst (http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/So-werden-die-Banken-gestresst/story/31904351)
Das Institut U.S. Bancorp kündigte am Montag die Ausgabe von Stammaktien im Wert von 2,5 Milliarden Dollar an. Capital One Financial Corp will auf demselben Weg rund 1,75 Milliarden Dollar einsammeln, BB&T Corp 1,5 Milliarden Dollar.....
ganzer Artikel: http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Staatshilfe-fuer-USBanken-wie-eine-heisse-Kartoffel/story/25343730
...ist ja klar - bei den Schmuddelgeschäften hat man den Staat nicht gerne dabei - und natürlich GS wieder mal vorneweg :o
Dr.Phool http://www.democraticunderground.com/discuss/images/donor.gif (1000+ posts) http://www.democraticunderground.com/discuss/images/mesg_journal.gif (http://journals.democraticunderground.com/Dr.Phool) http://www.democraticunderground.com/discuss/images/mesg.gif (http://www.democraticunderground.com/discuss/duboard.php?az=send_mesg&u_id=131120) http://www.democraticunderground.com/discuss/images/profile_small.gif (http://www.democraticunderground.com/discuss/duboard.php?az=user_profiles&u_id=131120) http://www.democraticunderground.com/discuss/images/mesg_add_buddy.gif (http://www.democraticunderground.com/discuss/duboard.php?az=add_buddy&u_id=131120) http://www.democraticunderground.com/discuss/images/mesg_add_ignore.gif (http://www.democraticunderground.com/discuss/duboard.php?az=ignore_member&iid=131120&level=three) Tue May-12-09 08:11 AM
Response to Original message (http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3872456#3872456) 33. Denninger: The Economic Tsunami Is Curling Over. http://upload.democraticunderground.com/discuss/images/avatars/dog.gif If these numbers are right, we're really screwed. California sales tax receipts off by 50%!? Income tax collections off 43%!? Holy shit!!!!
The Economic Tsunami Is Curling Over
I have only one question for those who speak of "green shoots":
What are you smoking?
Let's start with a really ugly report from The Nelson A. Rockefeller Institute of Government:
The trend in state and local tax collections has been clearly downward from 2005 growth that was unusually high, and 2006 growth rates that were more in line with historical averages. Figure 1 shows the four-quarter moving average of year-over-year growth in state tax collections and local tax collections, after adjusting for inflation. Year-over-year change in state taxes, adjusted for inflation, has averaged negative 1.1 percent over the last four quarters, down from the 1.4 percent average growth of a year ago and 3.4 percent of two years ago.
There are a number of graphs in that paper, one of which shows that right around January (the latest for which they have complete data) there is an uptick in Goods consumption. This is part of where the Kudlow "green shoot" brigade is getting their information from.
However, if you look at the graph, you will see that every year there is a similar tick upward in consumption, although the exact date of it does vary by a month or two.
It's called Christmas!
State Sales Tax Revenues tell the story. California is absolutely cratering, for example:
Sales taxes were $452 million lower (-50.9%) than last April, and personal income taxes were down $5.7 billion (-43.6%).
Fifty percent?! FIFTY?
California is responsible for thirteen percent of the total US GDP and if it were an independent nation it would be the tenth largest economy in the world.
The idea that we can have some sort of economic recovery while the sales tax receipts - which are a direct measurement of consumer activity - are down by half is pure insanity. Where is the economic activity that is going to create this "recovery"?
And let me remind everyone - sales tax receipts are not a lagging indicator, they tell you what is going on right now.
Now let's look at job losses in this recession compared to others. As written up in the NY Times:
A bottom? Where?
To be fair employment is a lagging indicator; there is no pickup in hiring for some time after the economy truly bottoms, usually about 6-9 months. The reason is that people are both slow to fire (they're nice) and slow to hire (they're not convinced the recovery will "take") and as such there is a lag in both the firings when things slow down and the hirings when things begin to recover.
Nonetheless, there is nothing to suggest that we're anywhere near the bottom of this cycle. Indeed, we've been setting records for the severity and duration of losses in the postwar era, surpassing the 81-83 duration and vastly surpassing all of the previous recessions in terms of depth.
Nor are the "programs" trotted out by Obama (and his predecessor, to be fair) doing anything. We recently learned that "Hope for Homeowners" made a grand total of..... wait for it..... 51 loans.
FIFTY ONE? No, that is not a misprint:
Senior federal housing officials say that of 51 loans made under the program, 50 were made by Melville, N.Y.-based Lend America, and those 50 loans are being held up pending ongoing federal investigations. The officials, who insisted on anonymity because they are not authorized to speak on the matter, declined to offer specifics except to say anything from inadequate documentation to unethical practices could be the focus of the queries.
Remember, "Hope for Homeowners" was supposed to help four hundred thousand people stay in their homes.
The net closed loan count is fifty one over a period of six months.
Oh, and the reason for that article? The company responsible for 50 of the 51 loans is under investigation by The Department of Justice!
I would like to be optimistic on the economy and thus, the capital markets.
I refuse, however, to countenance and cheerlead for fraudulent "reporting" and false claims in the media in an attempt to prop up asset prices so that banks can issue stock into an overheated bubble market created through lies.
In my opinion, that is exactly what is going on here, and is an extension of the game-playing that occurred with the so-called "stress tests", as reported in the WSJ over the weekend:
The Federal Reserve significantly scaled back the size of the capital hole facing some of the nation's biggest banks shortly before concluding its stress tests, following two weeks of intense bargaining.
In addition, according to bank and government officials, the Fed used a different measurement of bank-capital levels than analysts and investors had been expecting, resulting in much smaller capital deficits.
The Fed's findings were less severe than some experts had been bracing for. A weeklong rally in bank stocks continued Friday, with the KBW Bank Stocks index surging 10%. Investors were especially relieved by the relatively small capital holes at regional banks. Shares of Fifth Third soared 59%, while Regions Financial Corp.'s $2.5 billion deficit led to a 25% leap in its stock.
The original numbers weren't what the banks wanted to hear, so they complained and got them changed. Investors were duped by this lack of disclosure of the exact nature and difference in the figures, and besides, the banks came up with the asset valuations anyway - there was apparently no independent verification.
Some of the changes were truly massive - Citibank, for example, managed to wheedle down $35 billion to $5.5, and Bank of America managed to wheedle down their $50 billion number to $33.9. Fifth Third's original number was $2.6 billion; the reported number $1.1.
Is it thus a "green shoot" that the results were "better" than investors expected? No. The results were in fact at least as bad as expected, and maybe worse. But when the banks didn't like the results they whined and managed to get the teacher to change the grade - ex-post-facto.
Finally, we have Bernanke. I have opined several times over the last couple of weeks that his "Quantitative Easing" is an abject failure. I said when it was announced that it would not work, and it hasn't worked.
Blackrock is prodding Ben to increase the buyback:
May 11 (Bloomberg) -- The world’s biggest investors are increasing bets that Federal Reserve Chairman Ben S. Bernanke will boost purchases of Treasuries as the steepest losses on government debt since 1994 send mortgage rates above 5 percent.
What I find disturbing is that through this entire crisis, as I have outlined repeatedly, neither The Fed or Treasury seems to understand the first damn thing about trading.
Simply put when you prop up prices beyond where they should be everyone who owns that thing will sell into you. The paradox is that this selling then causes prices to fall, not rise - that is, your intended move not only doesn't happen the reverse of the intended move does!
This happened with Fannie and Freddie (Paulson's infamous "Bazooka") and now it is happening in the credit market with Treasury Debt.
If Bernanke does not back off he will find himself in a tightening monetary flat spin. As he comes to own more and more of the public float of the long end the impact of each sale into his program by private holders is magnified in the market.
That is, if there is $1 trillion of something outstanding and you buy $100 billion of it (10% of the float) the impact is X. If there is now $900 billion outstanding (after the first operation) and you buy another $100 billion you have in fact sucked up about 11%. When you get to owning $500 billion another $100 billion sucks up 20% of the float. Each tender operation of the same size thus creates an ever-increasing impact on the underlying price, and since nobody in their right mind will continue to hold something they believe is overvalued, the spiral will tighten precipitously, forcing even more purchases until The Fed owns it all.
At or before that point the long end becomes unavailable to Treasury as a funding source. Forcing all the issue to the short end now starts to ramp short yields (supply and demand, remember - add massive supply and what happens to price?) and Bernanke will then be urged to buy down the time line.
This path leads to a singularity - and both monetary and political failure. The bad news is that the event horizon is far before Bernanke actually winds up owning the entire float, but nobody knows exactly where it is.
Yet once crossed, there is no escape from the outcome.
We best not go there, because if we go down that road too far Americans will be needing all those firearms that they've been buying since Obama was elected - not for a revolution, as some suppose, but rather for self-defense as our political, social and economic structures collapse.
Afghan Girls Apparent Poisoning Hospitalizes 84 (http://www.huffingtonpost.com/2009/05/12/afghan-girls-apparent-poi_n_201975.html)
AMIR SHAH and HEIDI VOGT (http://www.huffingtonpost.com/2009/05/12/afghan-girls-apparent-poi_n_201975.html#) | May 12, 2009 08:05 AM EST | http://www.huffingtonpost.com/images/v/ap_wire.png
MUHMUD RAQI, Afghanistan — At least 84 Afghan schoolgirls were admitted to a hospital Tuesday for headaches and vomiting in the third apparent poison attack on a girls school in as many weeks, officials and doctors said.
The students were lining up outside their school in northeastern Afghanistan on Tuesday morning when a strange odor filled the school yard, and one girl collapsed, said the school's principal, who was herself in a hospital bed (http://www.huffingtonpost.com/2009/05/12/afghan-girls-apparent-poi_n_201975.html#) gasping for breath as she described the event.
"We took her inside and splashed water on her face," said Mossena, who like many Afghans goes by one name. Then other girls started passing out in the yard and they sent all the students home.
It was unclear if the incident was a deliberate attack on the school, though the Taliban and other conservative extremist groups in Afghanistan, who oppose girls education, have been known to target schoolgirls.
Mossena said she did not know what happened next because she collapsed and woke up in the main hospital in Muhmud Raqi, the capital of Kapisa province, which lies just northeast of Kabul.
At least 98 patients were admitted from Aftab Bachi school, including the principal, 11 teachers and two cleaners, said Khalid Enayat, the hospital's deputy director. He said about another 30 students were being monitored to see if they developed symptoms, although they were not admitted to the hospital. An official earlier said 89 schoolgirls had been hospitalized.
Tuesday's apparent attack is the third alleged poisoning at a girls' school in less than three weeks. It comes one day after 61 schoolgirls and one teacher from a school in neighboring Parwan province were admitted to a hospital after complaining of sudden illness. They were irritable, confused and weeping, and several of the girls passed out.
The patients in Kapisa complained of similar symptoms to those in the Parwan incidents _ headaches, vomiting and shivering, said Aziz Agha, a doctor treating the girls.......
:( :cry :gomad ....solche Männer werden von Frauen geboren :dumm
12 May 2009
Don't Ask Why, Just Buy (http://jessescrossroadscafe.blogspot.com/2009/05/dont-ask-why-just-buy.html)
The message on Bloomberg Television this morning is loud and clear: "Don't ask why, just buy."
The chief message carrier was a Mr. Brian Belski of Oppenheimer, who suggested that trying to analyze the markets for yourself is a waste of time. Just listen to the experts.
We have a new bull market. Who cares whether it is cyclical or secular. Let's just be happy that the worst is now behind us, and frankly, just buy.
Brian is representing the notion that any sort of gain over 20% is a new bull market.
Well Brian, here's your new bull market. Maybe it will become one. But from this perspective it is just a typical bounce within a powerful bear market. It must prove itself.
So far this looks like hot money from the public (taxes) trying to push up the shell of the Ponzi credit bubble while the insiders continue to hit the exits.
And we do not care what anyone says, the fundamentals are rotten. They are just not falling apart as quickly now after a precipitous revelation of the truth behind the facade of statistical manipulation. There are no green shoots, and there is no recovery.
There has been little or no reform. Just a fresh smear of lipstick on the same old pig, applied by the swineherds of Wall Street and Washington.
And in the meantime, let's buy some gold, silver, food, critical supplies, and party on...
Posted by Jesse at 10:14 AM (http://jessescrossroadscafe.blogspot.com/2009/05/dont-ask-why-just-buy.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=6953644197871411565) :verbeug
Will He… Or Won’t He? (http://lolfed.com/2009/05/12/will-he-or-wont-he/)
May 12th, 2009 by alyx · all ur bankz (http://lolfed.com/category/all-ur-bankz/)
So, this morning, we’re reading… BAC may take Merrill public (http://www.thedeal.com/dealscape/2009/05/bankofamerica_merrill_ipo_bac.php)??
In a CNBC interview Friday, Bill Smith, president, CEO and senior portfolio manager at SAM Advisors, suggested that BofA may IPO Merrill Lynch down the road. That prediction seemed a bit odd considering that BofA is spending billions of dollars integrating the firm (and seeing lots of talent flee) while stanching the bleeding from Merrill’s load of toxic assets. Wasn’t that what part of BofA’s second bailout infusion was for? Granted, Smith’s argument that financial supermarkets are a thing of the past may be understandable, if still arguable (J.P. Morgan Chase & Co. [NYSE:JPM], UBS, Credit Suisse Group, Barclays plc [NYSE:BCS] and Deutsche Bank AG [NYSE:DB] remain supermarkets of sorts), and Bank of America’s commercial bank culture may clash with Merrill’s investment banking culture. As Smith explained to CNBC: “Once Bank of America gets through this credit crisis, in two or three years, there’s a very good likelihood that you’re going to see an IPO of Merrill Lynch again and there’s a possibility that Merrill Lynch can be a publicly traded company again.”
Getzler Henrich’s Dino Mauricio, who leads the firm’s M&A Integration practice, doesn’t think Smith’s argument is so far-fetched. Both companies are already seeing issues integrating the cultures and — even though first-quarter earnings showed profit of $4.2 billion, up from $1.2 billion during the same period in 2008 — more integration woes could unfold.
After all the crap that has gone down regarding this deal, to just spin it off instead of integrating the businesses like you said you were gonna do and it was gonna be so brilliant and execute so many synergies and cost-savings and other boilerplate jargony things? Really?
Granted, the idea that BAC is rumored to be contemplating a “MERRILL DO NOT WANT” lends credence to the arguments made by our dear Kennay that the deal was made when Big Ben and that other dude at Treasury put guns to his head and made him do it, but still.
Maybe you guys could get counseling, try to save the relationship? Just because the best years of your life - I mean, the best employees you had - have all defected in the wake of this deal, doesn’t mean you can’t still make a go of it as a scrappy I-bank. As counterpoint, Clusterstock says you guys are stuck with each other (http://www.businessinsider.com/no-way-will-bank-of-america-do-a-merrill-lynch-ipo-2009-5):
It just doesn’t work out. If you assume that an IPO couldn’t happen for at least another two years, possibly longer, then in the meantime, you know they’re going to keep on integrating the businesses in the meantime. They have to. Given the losses (both monetary and reputational) that Bank of America has already taken from the deal, the only real hope is that the merger works out and that they create that Financial Whole Foods Market that Citigroup (C) was never able to create. And though we doubt it will ever work out, as long as they don’t admit defeat, there’s always the faint possibility that it might. Once they stop the integration, it’s a pure loss. Inertia is a powerful force.
Beyond that, this stuff about “maximizing” the value of the asset sounds like pretty standard banker talk to us. In the end, the market’s not that dumb. If there’s value there, there’s value there. A spinoff of a standalone unit will do little to actually create value.
In other words, by the time they can finally get a divorce they’ll have a house and kids and joint credit card debt and have been blithering about synergies for so long that even if one of them gets caught banging an intern or callgirl, they’ll have to stay together, because what would the neighbors think? Funny to think they would already be talking about giving Merrill THE BOOT, though. Maybe that’s what we get for ruining their honeymoon with all our shareholder lawsuits and whatnot.
:kopf :rolleyes :mad
Papst Benedikt ehrt Holocaust-Opfer
http://epaper3.tagesanzeiger.ch/ee/taz/ges/2009/05/12/001/article11_1.jpg Jerusalem. – Bei seinem Besuch in Israel hat Papst Benedikt XVI. der sechs Millionen von den Nazis ermordeten Juden gedacht und zum entschlossenen Kampf gegen den Antisemitismus aufgerufen. Die Kirche fühle sich verpflichtet, alles zu tun, dass der Hass die Herzen der Menschen nie wieder erfasse, sagte das Oberhaupt der römisch-katholischen Kirche beim Besuch der Holocaust-Gedenkstätte Yad Vashem. Die Namen der Millionen Opfer dürften nie vergessen werden.
Zu Beginn seines Besuches in Israel sprach sich der Papst für die Schaffung eines palästinensischen Staates aus und forderte beide Seiten zu Friedensverhandlungen auf.
Papst ohne Mut und Demut
Von Michael Meier Angesichts des belasteten katholisch-jüdischen Dialogs hätte Papst Benedikts Besuch in Yad Vashem zu einem Gang nach Canossa werden können. Seine knappe Rede bei der kurzen Visite jedoch war zwar frei von Fehltritten, aber auch frei von Gesten der Demut.
Erwartungsgemäss verurteilte er die furchtbare Tragödie der Schoa, die nicht verharmlost oder vergessen werden dürfe. Er sprach vom Mitgefühl der Kirche für die Opfer, nicht aber von der Mitschuld der Kirche an der Katastrophe. So blieb er eher uninspiriert hinter Johannes PaulII. zurück, der im Jahr 2000 den Hass von Christen gegenüber Juden gegeisselt hatte. Abermals wurde spürbar, wie unwohl es dem deutschen Papst beim Thema Holocaust ist.
Stärker war sein Auftritt in Tel Aviv, wo er zum Kampf gegen die Fratze des Antisemitismus aufrief. Das kann freilich nicht vergessen machen, wie leicht Joseph Ratzinger selber über Antisemitismus hinwegsehen kann – ob bei seinen früheren Mentoren oder bei den vier von ihm rehabilitierten Pius-Bischöfen. Der deutsche Zentralrat der Juden hatte vergeblich gehofft, Benedikt werde Bischof Richard Williamson zurechtweisen, der sich bis heute nicht von seinen revisionistischen Ansichten distanziert hat.
Der Papst hat tunlichst alle politisch heiklen Themen vermieden, auch das Schweigen des Kriegspapstes Pius XII., das in Yad Vashem dokumentiert wird. Dennoch macht Benedikt selbst Experten glauben, im Heiligen Land mit Juden und Muslimen auf Augenhöhe zu reden.
Vergessen ist, dass Ratzinger im Jahr 2000 alle nicht christlichen Religionen als «schwer defizitär» taxierte. Warum denn wird in seiner Kirche für die Bekehrung der Juden gebetet und über die Judenmission debattiert?
....es gab schon glaubwürdigere Päpste :rolleyes
DEMJANJUK IM GEFÄNGNIS STADELHEIM
Erst Leberkäse, dann Haftbefehl (http://www.spiegel.de/panorama/justiz/0,1518,624440,00.html)
20-Quadratmeter-Zweier-Zelle, Dusche auf dem Gang, bayerisches Essen: Der mutmaßliche NS-Kriegsverbrecher John Demjanjuk ist nach seiner Abschiebung aus den USA ins Münchner Gefängnis Stadelheim eingeliefert worden. Die Staatsanwalt hofft nun auf einen baldigen Prozessbeginn. Von Sebastian Fischer, München mehr... (http://www.spiegel.de/panorama/justiz/0,1518,624440,00.html) [ Video (http://www.spiegel.de/video/video-1002180.html) | Forum (http://forum.spiegel.de/showthread.php?t=6961) ]
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifÜberstellung nach Stadelheim: Ärzte entscheiden über Demjanjuks Zukunft (http://www.spiegel.de/panorama/zeitgeschichte/0,1518,624308,00.html)
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifÜberstellung nach Stadelheim: Krankenwagen bringt Demjanjuk ins Untersuchungsgefängnis (http://www.spiegel.de/panorama/zeitgeschichte/0,1518,624265,00.html)
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifAbschiebung: Demjanjuks Weg nach München http://www.spiegel.de/static/sys/v8/icons/ic_spiegel_tv.gif (http://www.spiegel.de/video/video-1002180.html)
LIZ CHENEY COMPARES FATHER'S WATERBOARDING FIGHT TO AL GORE'S CLIMATE FIGHT (http://www.huffingtonpost.com/2009/05/12/liz-cheney-defends-dad-on_n_202134.html)
Quick Read (http://www.huffingtonpost.com/2009/05/12/liz-cheney-defends-dad-on_n_202134.html) |
Comments (1133) (http://www.huffingtonpost.com/2009/05/12/liz-cheney-defends-dad-on_n_202134.html)
| Dick Cheney (http://www.huffingtonpost.com/news/dick-cheney)
....scheint ja eine reizende :kotz Familie zu sein :gomad
Zum Original-Beitrag (http://showthread.php3?p=1237625#post1237625)
merci cherry :)...ist zwar nicht eben beruhigend :rolleyes aber :supi
am Schluss ---> The world needs banking but it does not need banks (Bill Gates im Jahr 2000) :supi
...auch das noch :schreck :mad na ja passt eigentlich zu Herrn Vassela - ich meine nur nicht für CH :o
Goldman-Sachs-Banker wird Finanzchef bei Novartis
Der Pharmariese Novartis hat den Investmentbanker Jonathan Symonds zum Nachfolger des Ende 2010 abtretenden Finanzchefs Raymund Breu ernannt. Bis er sein Amt antritt, wird er als Breus Stellvertreter fungieren.
Ende 2010 bekommt Novartis einen neuen CFO. Der aktuelle, Raymund Breu, wird dann in Pension gehen. Nun hat Novartis die Nachfolge auf dem wichtigen Posten geregelt - mit einem Investmentbanker. Der kommende Finanzchef Jonathan Symonds, arbeitet derzeit als Managing Director Investment Banking bei Goldman Sachs. Er wird auf Anfang September 2009 zu Novartis wechseln und bis Ende 2010 als stellvertretender Finanzchef wirken.
Symonds ist nicht wirklich branchenfremd. Denn bevor er zu Goldman Sachs wechselte, arbeitete er während acht Jahren CFO beim Pharmamulti AstraZeneca aus. Dabei war er für die Finanzen, Mergers & Acquisitions, Strategie, IT, den Einkauf, das Business Development und Lizenzen verantwortlich. (rs)
...von einem AmiBoard
Originally Posted by gearsOFgold
if the main market corrects to the downside significantly will it take commodity stocks and prices of raw commodities with it, and will that not re boost the demand for the dollar once more continuing the game
These are my two cents:
The so-called save haven assets are Yen, PMs, Bonds in general and the buck. If the "deeper-recession-" or "deflation-fears-monster" will come back it'll be again a run-into-cash.
Maybe you noticed yesterday with the decline in stoxx - that immediately da yen strengthens and da euro weakens. Overnight stoxx rallied a bit and you saw the opposite. So that relationship is still in play. Weaker stocks strengthen the dollar.
As for commodities: although yesterday was far from a selloff - also crude went lower. Similar other commodities. The more fear and selloff is back - the more also commodities will be hit. Intermarket relationships.
Also this is a global problem - if equities suffer also europe and emerging markets will be hit again and that will again support fear and the buck.
If it gets really ugly - guess which nations will survive and which might suffer first. Accordingly it is with currencies.
Actually there's just a "small" difference - GM. Hence for the moment it weighs strongest on US(D) - but wait: there will be "GMs" for Europe or UK too. Just a matter of time.
And wait a bit until the masses are in the streets in europe. We are coming closer and closer to the point of angry masses (we have demonstrations in vienna on a almost daily basis now) - and a target already established by populists is "europe created by da big capitalists" which are the reason for this crisis. Early signs of "revolution". I don't know when it will spill over - but it will and then you will see a vertical fall of european currencies and a flight into save assets like the buck or da yen or gold.
Also looking back: booming economies all the years strengthened yen-crosses and usdjpy and european currencies and weakened the buck. And the opposite if economies went south.
Why should that change???? America in the end is in the very same boat as is europe. Temporary fluctuations. Actually we have a GM fluctuation. Tomorrow we have another UK fluctuation and the day after tomorrow another eastern europe fluctuation.
From an astro point of view: coming months, starting with june, will be just a repeat of last years events. So i expect a similar outcome. Just maybe worse.
Could be wrong of course.
BTW i strongly doubt 10K. Instead more or less sideways with increasing volatility into june. Latest with july/august da fear and deflation monster will be back.
If Adrian (from Lemetropolecafe) and the Stalker is right - we see a peak in gold in june - then a (considerable ?) pullback and and later in the year again a huge rally.
Time will tell - DYOD.
And keep in mind "Stick to the charts - anything else is noise".
12 May 2009
The US Dollar Rally Will End in a Crisis of Confidence (http://jessescrossroadscafe.blogspot.com/2009/05/us-dollar-rally-will-end-in-currency.html)
http://1.bp.blogspot.com/_H2DePAZe2gA/SgnWS65yaRI/AAAAAAAAJDk/9qbtYbd-AKQ/s320/printingmoney.jpg (http://1.bp.blogspot.com/_H2DePAZe2gA/SgnWS65yaRI/AAAAAAAAJDk/9qbtYbd-AKQ/s1600-h/printingmoney.jpg) The constraint on the monetization being done by the Fed and Treasury is the value and acceptibility of the US dollar and bonds.
Export dependent countries should begin to prepare for a collapse in the US import markets. We expect this to happen earlier than 2010.
The invisible hand of the market moves slowly, but inexorably.
We expect this crisis in the US will resemble the crises in Argentina and Russia rather than Japan. The pain will be distributed heavily to those countries dependent on US dollar debt and consumer markets.
Nassim Taleb likes the protection of gold and copper. We prefer gold and silver, as it will be more difficult to increase its supply in the short term.
There will be serious discussion with regard to the annexation of Canada and Mexico into a North American government as the crisis worsens. Mexico should adopt a silver monetary standard and Canada must find its own economic independence again as it did in the Great Depression.
There is a strong likelihood that Obama will be a one term president at most unless he acts quickly to reform the growing corruption in the Democratic Party and within his own Administration.
Dollar Rally Will End, Rogers Says; May Short Stocks
By Chen Shiyin and Haslinda Amin
May 12 (Bloomberg) -- The dollar’s rally is set to end in a “currency crisis,” investor Jim Rogers said, adding that he may bet on a slide in equities after nine weeks of gains.
The advance in the U.S. currency has been driven by investors covering their short sales, Rogers, 66, said in an interview with Bloomberg Television in Singapore. He may consider adding to his holdings of the yen and prefers the euro to the dollar or the pound, the investor added.
“We’re going to have a currency crisis, probably this fall or the fall of 2010,” Rogers said. “It’s been building up for a long time. We’ve had a huge rally in the dollar, an artificial rally in the dollar, so it’s time for a currency crisis.”
The dollar has climbed against all of the so-called Group of 10 currencies except the yen over the past 12 months, according to data compiled by Bloomberg. The U.S. currency was at $1.3592 per euro today from $1.3582.
Rogers joins “Black Swan” author Nassim Nicholas Taleb in avoiding the U.S. currency. Taleb told a May 7 conference in Singapore he preferred gold and copper to the dollar and the euro as the global economy faces a “big deflation.”
Gains in U.S. stocks also signal a “correction,” Rogers said. He’s avoiding equities for the next two to three years because prospects haven’t changed, he added.
Disclosure: Jesse is long gold and silver. :supi
Posted by Jesse at 3:39 PM (http://jessescrossroadscafe.blogspot.com/2009/05/us-dollar-rally-will-end-in-currency.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=2068958843937639727) :verbeug
Deutscher Fiskus schröpft auch deutsche Gewerbler in der Schweiz
Von David Vonplon.
Nicht nur in der Schweiz tätige deutsche Ärzte erhalten hohe Steuernachforderungen vom deutschen Fiskus. Auch bei Gewerblern macht Steinbrück die hohle Hand. Doch dagegen regt sich nun Widerstand.
Artikel zum Thema
Deutschland bricht Abkommen zur Doppelbesteuerung – die Schweiz kuscht (http://www.tagesanzeiger.ch/schweiz/standard/Deutschland-bricht-Abkommen-zur-Doppelbesteuerung--die-Schweiz-kuscht/story/11280701)
Seit dreissig Jahren arbeitet der Süddeutsche Peter Ginter in der Schweiz, seit zehn Jahren führt er im Baselbiet einen Einmannbetrieb. Bislang hat der Grenzgänger seine betrieblichen Steuern stets pünktlich an den Schweizer Fiskus abgeliefert. Doch vor wenigen Monaten erlebte der Schweiss- und Prüftechniker eine böse Überraschung: Ihm stand eine Betriebsprüfung der deutschen Steuerbehörden bevor.
Wenig später ist ihm eine Rechnung in der Höhe von 30'000 Euro ins Haus geflattert. Zahlbar innert vier Wochen. Bis ins Jahr 1999 reichen die Steuernachforderungen der Behörden zurück. «Ich bin aus allen Wolken gefallen», sagt Ginter und klagt: «Ich musste deswegen wichtige Investitionen in meinem Betrieb zurückstellen.» Was ihn auf die Palme bringt: Die Steuerprüfer hätten sich nicht einmal die Mühe gemacht, eine seriöse Betriebsprüfung durchzuführen. Das hatte zur Folge, dass auch Dienstleistungen, die er an externe Firmen vergab, einfach mitbesteuert wurden.
Bis zu 3'000 Mediziner betroffen
Ginter ist nicht der einzige Grenzgänger, der ins Fadenkreuz deutscher Steuerämter gelangt ist: Schätzungsweise bis zu 3000 deutsche Mediziner, die in der Schweiz eine Praxis betreiben, haben saftige Steuernachforderungen von den deutschen Steuerämtern erhalten. Was bisher noch nicht bekannt war: Offenbar haben es die deutschen Behörden mit dieser Praxis nicht nur auf Ärzte, sondern auch auf deutsche Kleinunternehmer abgesehen, die in der Schweiz ein Unternehmen besitzen.
Der deutsche Fiskus stützt seine Forderungen auf ein Gesetz, das 2003 in Kraft trat, bislang aber nicht angewandt wurde und nach Meinung von Steuerexperten das Doppelbesteuerungsabkommen der Schweiz mit Deutschland aushebelt. Auch die Eidgenössische Steuerverwaltung ist mit dem Vorgehen Deutschlands nicht einverstanden und spricht von einer «Abkommensverletzung», welche die Balance zuungunsten der Schweiz verschiebe, wie Beat Furrer, Informationschef der Eidgenössischen Steuerverwaltung, unlängst auf Anfrage von Tagesanzeiger.ch/Newsnetz erklärte. Die Steuerverwaltung hat deshalb vor kurzem angekündigt, gegen diese Steuerpraxis des deutschen Finanzministers Peer Steinbrück in Berlin zu intervenieren.
Klage gegen Steuernachforderungen Deutschlands
Solange mag aber Ginter nicht warten: Er hat am Finanzgericht Freiburg Klage gegen die Steuernachforderungen eingereicht und will die Verpflichtung Deutschlands einfordern, die sich aus dem Doppelbesteuerungsabkommen ableitet – nämlich, dass Betriebe nur in dem Staat zu besteuern sind, in dem diese angesiedelt sind. Damit will der Süddeutsche einen Präzedenzfall schaffen: Erhält er vor Gericht recht, dürften er eine Klagewelle von in der Schweiz tätigen deutschen Ärzten und Gewerbetreibenden lostreten.
Ginter sieht sich im Recht: Steuerexperten in Deutschland und in der Schweiz halten das Vorgehen des deutschen Finanzministers, sich über bilaterale Verpflichtungen hinwegzusetzen, für befremdlich. Und auch der Europäische Gerichtshof hält die Anwendung solcher nationaler Rechtsvorschriften nur dann für zulässig, wenn sie zur Verhinderung der Steuerhinterziehung dienen und sich auf rein künstliche Konstrukte beziehen.
Weder bei den Arztpraxen noch bei den Gewerbebetrieben Deutscher in der Schweiz jedoch handelt es sich um virtuelle Gesellschaften zur «Steueroptimierung». Ginter: «Ich bin nicht in die Schweiz gekommen, um Steuern zu sparen, sondern weil mein Geschäft hier gut läuft». Für ihn ist klar: Da nützt der hoch verschuldete deutsche Staat eine Gesetzeslücke aus, um auf unlautere Art und Weise Geld einzukassieren – und dies auf dem Rücken der arbeitenden Bevölkerung.
Erstellt: 12.05.2009, 13:30 Uhr - http://www.tagesanzeiger.ch/schweiz/standard/Deutscher-Fiskus-schroepft-auch-deutsche-Gewerbler-in-der-Schweiz/story/21004322
....vielleicht doch mal im eigenen Stall etwas für Steuer-/Daseinsqualität sorgen :confused:rolleyes dann gäbe es weniger solche Grenzgänger :o
13 May 2009
On This Morning's Economic News... (http://jessescrossroadscafe.blogspot.com/2009/05/on-this-mornings-economic-news.html)
http://1.bp.blogspot.com/_H2DePAZe2gA/SgrNGI0IjlI/AAAAAAAAJDs/H7CkeTNyQZk/s320/rb_08-04-05_19-big.jpg (http://1.bp.blogspot.com/_H2DePAZe2gA/SgrNGI0IjlI/AAAAAAAAJDs/H7CkeTNyQZk/s1600-h/rb_08-04-05_19-big.jpg) It looks like those 'green shoots' which Bernanke saw were, in fact, merely fungus growing on the rot of the economy which the Federal Reserve has engineered through long term manipulation, mismanagement, and malinvestment.
People without jobs, and in particular jobs that pay well, are not able to buy consumables and take on additional credit, much less service the debt which they have on things which they have already consumed. Mirabile dictu!
Well, at least prices are increasing as the dollar continues to collapse. We remember the stagflation of the 1970's very well.
The U.S. Import Price Index rose 1.6 percent in April. A 15.4 percent increase in
import petroleum prices more than offset a 0.4 percent decline in the price index for
nonpetroleum imports. Export prices also rose in April, increasing 0.5 percent.
Posted by Jesse at 9:31 AM (http://jessescrossroadscafe.blogspot.com/2009/05/on-this-mornings-economic-news.html) http://www.blogger.com/img/icon18_email.gif :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=406672516107712011)
And Their Little Dogs, Too! (http://lolfed.com/2009/05/13/and-their-little-dogs-too/)
May 13th, 2009 by Jason · all ur bankz (http://lolfed.com/category/all-ur-bankz/)
Did you think populist outrage over bank employee compensation reached its zenith with the AIG scandal-that-wasn’t? Assume the very public slap on the wrist that the company (and the entire financial industry) received was the end of that? Rest on your laurels knowing your ridonkulous compensation package was likely safe from meddling hands? Oh ho! Think again (http://online.wsj.com/article/SB124215896684211987.html#mod=whats_news_free?mod=igoogle_wsj_gadgv1)!
The Obama administration has begun serious talks about how it can change compensation practices across the financial-services industry, including at companies that did not receive federal bailout money, according to people familiar with the matter.
The initiative, which is in its early stages, is part of an ambitious and likely controversial effort to broadly address the way financial companies pay employees and executives, including an attempt to more closely align pay with long-term performance.
On the surface, this actually does seem like a pretty decent idea. It’s not so much about putting hard caps on how much someone can be paid as it is on the reasons they can be paid. Gone would be the days of loan officers making their bonus by meeting a quota of mortgages written, regardless of whether or not the mortgages were sound and could possibly be repaid. While this will surely lead to still more disastrous compensation practices in the future because every single Wall Street firm is an evil soulless pit of greed and depravity that should be razed to the ground, things in the pay department will be handled sensibly for at least three or four weeks after any new regulations are approved. Members of the House are even crafting legislation that would make it illegal for a company to pay its employees in such a way that the health of the company or the entire economy is threatened. Normally I would scoff that such common sense would need to be legislated, but…well, I do watch the news.
The banks, naturally, are whining about this, because that is what they do. Banks, like most large corporations, employee entire departments of people whose entire job it is to whine about any regulation whatsoever. Here, they are whining that paying their employees like the rest of the &*#%ing world would drive those employees and their apparently massive senses of entitlement to other sectors of the industry where they can still be paid more money than any person could possibly use. But with proposed rules coming from the Fed, the SEC, Treasury, and Congress, something’s getting done one way or another.
:gruebel schaun wir mal wer "gewinnt" :rolleyes
13 May 2009
Fiscal Meltdown Will Test the Bond and the Dollar to the Breaking Point (http://jessescrossroadscafe.blogspot.com/2009/05/fiscal-meltdown-will-test-bond-and.html)
http://3.bp.blogspot.com/_H2DePAZe2gA/SgrXxWYJUCI/AAAAAAAAJD8/cD-SrxROwMY/s400/fiscalmeltdown.png (http://3.bp.blogspot.com/_H2DePAZe2gA/SgrXxWYJUCI/AAAAAAAAJD8/cD-SrxROwMY/s1600-h/fiscalmeltdown.png)Don't blame the Democrats alone for this. Instead blame a political system that is corrupted by Wall Street and lobbyist money, and a mainstream media dominated by four corporations feeding a stream of managed news and perception spin to gullible US households.
The day of reckoning is nearly at hand, in which the currency crisis in the US will shake the financial foundations of the global economy.
"Outlays are rising at 17% YOY ‐ the fastest nominal pace since late 1981. With receipts falling 14.6% YOY ‐ their fastest drop in at least 40 years ‐ the gap between their growth rates is also the widest in the record.
All these rates are accelerating and are threatening to push the percentage cover for outlays below an already pace‐setting 50% low and the deficit ‐ already $1.1 trillion ‐ to more than 10% of private GDP."Thanks to Sean Corrigan at Diapason Trading for this chart.
Posted by Jesse at 10:20 AM (http://jessescrossroadscafe.blogspot.com/2009/05/fiscal-meltdown-will-test-bond-and.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=6584247889673280457):verbeug
13 May 2009
RIP - L. William "Bill" Seidman (http://jessescrossroadscafe.blogspot.com/2009/05/rip-l-william-bill-seidman.html)
Former FDIC Chairman and CNBC Chief Commentator L. William "Bill" Seidman died Wednesday in Albuquerque, N.M., after a brief illness. He was 88.In a recent public appearance, Bill continued to tell it as he saw it, without mincing too many words. He was also a frequent commentator on Bloomberg Television. His perspective will be missed.
MAY 14, 2009
White House Czar Calls for End to 'War on Drugs'
Kerlikowske Says Analogy Is Counterproductive; Shift Aligns With Administration Preference for Treatment Over Incarceration
Comments (26) (http://online.wsj.com/article/SB124225891527617397.html#articleTabs_comments)
By GARY FIELDS (http://online.wsj.com/search/search_center.html?KEYWORDS=GARY+FIELDS&ARTICLESEARCHQUERY_PARSER=bylineAND)
WASHINGTON -- The Obama administration's new drug czar says he wants to banish the idea that the U.S. is fighting "a war on drugs," a move that would underscore a shift favoring treatment over incarceration in trying to reduce illicit drug use.
In his first interview since being confirmed to head the White House Office of National Drug Control Policy, Gil Kerlikowske said Wednesday the bellicose analogy was a barrier to dealing with the nation's drug issues.
"Regardless of how you try to explain to people it's a 'war on drugs' or a 'war on a product,' people see a war as a war on them," he said. "We're not at war with people in this country."
Brendan Smialowski for The Wall Street Journal Gil Kerlikowske, the new White House drug czar, signaled Wednesday his openness to rethinking the government's approach to fighting drug use.
Mr. Kerlikowske's comments are a signal that the Obama administration is set to follow a more moderate -- and likely more controversial -- stance on the nation's drug problems. Prior administrations talked about pushing treatment and reducing demand while continuing to focus primarily on a tough criminal-justice approach.
The Obama administration is likely to deal with drugs as a matter of public health rather than criminal justice alone, with treatment's role growing relative to incarceration, Mr. Kerlikowske said.
Already, the administration has called for an end to the disparity in how crimes involving crack cocaine and powder cocaine are dealt with. Critics of the law say it unfairly targeted African-American communities, where crack is more prevalent....
full story: http://online.wsj.com/article/SB124225891527617397.html
scheint etwas Vernunft einzukehren :cool
"Steinbrücks Bad-Bank-Modell ist abenteuerlich" (http://www.spiegel.de/politik/deutschland/0,1518,624542,00.html)
Geschenk ohne Gegenleistungen: Mit dem Bad-Bank-Modell knicke der Finanzminister vor der Finanzindustrie ein, kritisiert Henrik Enderlein. Im SPIEGEL-ONLINE-Interview spricht der renommierte Ökonom über Vorteile von Verstaatlichungen, den Zwang zur Kreditvergabe - und Steinbrücks Streit mit Wirtschaftsforschern. mehr... (http://www.spiegel.de/politik/deutschland/0,1518,624542,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=7114) ]
...tja der Kavallerist - er scheint eben mit verschiedenen Ellen zu messen :Prost :bad
Washington Times Runs Obama Girls' Photo With Story About Murdered Chicago Kids (http://www.huffingtonpost.com/2009/05/14/iwashington-timesi-run-ob_n_203413.html)
The Huffington Post | Rachel Weiner
First Posted: 05-14-09 09:05 AM | Updated: 05-14-09 11:21 AM
On Wednesday, a story in the Washington Times about murdered Chicago schoolchildren was inexplicably paired with a photo of President Obama's daughters (http://nomoremister.blogspot.com/2009/05/anyone-else-find-this-creepy-preview-of.html). The two girls are not mentioned in the story, and aside from having at one point been schoolchildren in Chicago have no conceivable connection to it.
http://images.huffingtonpost.com/gen/80132/thumbs/s-OBAMAGIRLS-large.jpg As Media Matters' Eric Boehlert points out: (http://mediamatters.org/blog/200905130025)
The Obama children, of course, are not actually mentioned in the news story. But somebody at the WashTimes thought it made perfect sense to insert the image of the underage White House occupants into a story about murdered kids in Chicago.
And no, this was not an example of an unfortunate juxtaposition, where the the Obama girls photo was actually part of another, more innocuous story and because of a layout quirk simply appeared near the murdered-kids story. Instead, the Obama girls photo was specifically selected to accompany the article.
The photo was later taken down (http://gawker.com/5253522/washington-times-runs-photo-of-obama-girls-with-story-of-murdered-schoolchildren-in-chicago).
Editor John Solomon told Greg Sargent technology, not a person, was to blame (http://theplumline.whorunsgov.com/political-media/washtimes-editor-solomon-regrets-foul-up-over-pic-of-obamas-daughters/)."The theme engine, through automation, grabbed a photo it thought was relevant, and attached it to the story," Solomon said, acknowledging that the photo had gone up without a person seeing it. "There was no editorial decision to run it. As soon as it was brought to our attention, we pulled it down."
Comments (http://www.huffingtonpost.com/2009/05/14/iwashington-timesi-run-ob_n_203413.html#comments)....einer davon:
tel8034 (http://www.huffingtonpost.com/users/profile/tel8034) I'm a Fan of tel8034 (http://www.huffingtonpost.com/users/becomeFan.php?of=tel8034) I'm a fan of this user permalink (http://www.huffingtonpost.com/2009/05/14/iwashington-timesi-run-ob_n_203413.html?show_comment_id=24320911#comment_24320911) Trying to portray Michelle Obama as an angry black woman failed miserably.
Trying to portray President Obama as being inexperienced, and as being a socialist, failed miserably.
So now out of desperation they now go after the Obama daughters and try to portray Malia and Sasha Obama as being associated with 2 murdered Chicago kids?
The Washington Times know that there is NOTHING scandalous associated with these 2 girls, whom the nation has come to know and love................. They know that the Obama daughters are unpretentious, well behaved, well rounded, well loved, happy, protected, wholesome, smart, and mannerly little girls ............. And to deliberately portray them otherwise should bring onto them the full wrath and anger of POTUS and FLOTUS as well as the entire nation........... THE WASHINGTON TIMES SHOULD NOT BE ALLOWED TO GET AWAY WITH THIS (even though they eventually pulled the photo).............. .
THE PHOTO SHOULD NOT HAVE BEEN ASSOCIATED WITH THE ARTICLE IN THE FIRST PLACE, AND SOME EDITOR MADE THE DECISION FOR IT TO BE THERE, AND FOR A CERTAIN MESSAGE TO BE DELIVERED.
This is totally despicable, low, and cheap ................... For republicans/a republican leaning newspaper, to go this far is actually quite scary ....... To go after the President's children in this manner only proves that they will not stop there ............. It will only get worse from here on.
.....wie geschmacklos (ist zwar viel zu wenig ausgedrückt :mad) wollen denn die noch werden :bad
«Werde meinem lockeren Mundwerk mal die Zügel anlegen» (http://www.tagesanzeiger.ch/schweiz/dossier/bankgeheimnis/Werde-meinem-lockeren-Mundwerk-mal-die-Zuegel-anlegen/story/27212713)
http://files.newsnetz.ch/story/2/7/2/27212713/24/teasermedium.jpg (http://www.tagesanzeiger.ch/schweiz/dossier/bankgeheimnis/Werde-meinem-lockeren-Mundwerk-mal-die-Zuegel-anlegen/story/27212713) SP-Ständerätin Anita Fetz hat mit anderen Parlamentariern Peer Steinbrück getroffen. Fazit: Der wolle sich zurücknehmen, aber in der Sache hart bleiben. Mehr... (http://www.tagesanzeiger.ch/schweiz/dossier/bankgeheimnis/Werde-meinem-lockeren-Mundwerk-mal-die-Zuegel-anlegen/story/27212713)
Interview: Claudio Habicht Aktualisiert um 16:36 Uhr 33 Kommentare (http://www.tagesanzeiger.ch/schweiz/dossier/bankgeheimnis/Werde-meinem-lockeren-Mundwerk-mal-die-Zuegel-anlegen/story/27212713#kommentar)
14. Mai 2009, 10:21, NZZ Online
Neue Anklage gegen Aung San Suu Kyi
Burmas Oppositionsführerin im Fangnetz der Junta
Die burmesische Oppositionsführerin Aung San Suu Kyi ist am Donnerstagmorgen von Polizeikräften abgeführt und ins berüchtigte Gefängnis Insein gebracht worden. Dort soll im Verlauf des Vormittags eine neue Anklage erhoben werden.
Von Manfred Rist, Singapur
Der seit Jahren unter Hausarrest in Rangun stehenden Suu Kyi drohen weitere Jahre in Unfreiheit oder gar Haftverschärfungen. Der Prozess, dem sich die 63-jährige Friedensnobelpreisträgerin gegenübersieht, steht im Zusammenhang mit dem Besuch eines amerikanischen Bürgers in ihrem Haus.
John Yettaw, der mit einem Touristenvisum vor zwei Wochen in Burma einreiste, war es gelungen, den Inya Lake, an dessen Ufer sich das Haus Suu Kyis befindet, schwimmend zu durchqueren. Der ungebetene Besucher verbrachte offenbar zwei Tage im Haus. Auf dem Rückweg wurde er von Sicherheitskräften entdeckt und gefasst....
Ende Mai läuft zudem die vor Jahresfrist um weitere 12 Monate verlängerte Haft für Aung San Suu Kyi ab. Theoretisch müsste sie dann auf freien Fuss gesetzt werden. Angesichts der neuen Entwicklung ist das noch unwahrscheinlicher geworden. Die Junta wird sich die Gelegenheit, Aung San Suu Kyi als «Gesetzesbrecherin» zu brandmarken, nicht entgehen lassen.
http://www.nzz.ch/static-images/pixel.gif http://www.nzz.ch/static-images/article_readmore.gif Aung San Suu Kyi: Ernsthaft krank (http://www.nzz.ch/nachrichten/international/burmesische_oppositionschefin_ernsthaft_krank_1.2526667.html) Link: http://www.nzz.ch/nachrichten/schweiz/burmesische_oppositionschefin_ernsthaft_krank_1.2526667.html
ganzer Artikel: http://www.nzz.ch/nachrichten/schweiz/burmesische_oppositionschefin_im_gefaengnis_1.2552761.html
....ob sich dieser Mann bewusst war/ist was er da angerichtet hat :gomad:gomad:gomad
Christian Kuenzi (14. Mai 2009, 08:35)
Rettet die Diktatur in Burma!
Kauft Produkte aus China, rettet so die Junta damit sie weiterhin von China unterstützt werden kann - Pomelo - Handys - Haushaltartikel - sogar Röstiraffeln - Spielsachen - Dekorationsartikel - Feuerwerk zu unserem Nationalfeiertag - alles zu haben in den Läden von Migros und Coop und vielen anderen mehr. So vernichten wir Arbeitplätze in der Schweiz - schädigen durch idiotische Transporte die Umwelt - erhalten so Menschenrechte verachtende Regierungen. Alle welche einen geistigen Horizont bis zur Wohnungtüre haben sind zum Kauf chinesischer Produkte und zu Reisen nach Burma aufgerufen.
Relief For The Shafted (http://lolfed.com/2009/05/14/relief-for-the-shafted/)
May 14th, 2009 by alyx · win (http://lolfed.com/category/win/)
There’s some stiff competition in the drug market right now, and Pfizer has realized that to retain customers who are currently unemployed and suffering a little bit of a deflation in their income, a stimulus package of sorts might be helpful. A hardship package, even, if you will.
So they’re going to offer free access to some of their drugs - including Lipitor and Viagra - for up to a year (http://www.wftv.com/nationalnews/19459096/detail.html), if you’re out of work:Applicants will have to sign a statement that they are suffering financial hardship and provide a “pink slip” or similar employer notice. Applications will be accepted through Dec. 31, with medication provided for up to 12 months after approval — or until the person becomes insured again.
Starting Thursday, patients can call a toll-free number, 866-706-2400, to sign up, and those whose drugs are not included in the program will be referred to other company aid programs. Starting July 1, patients can also apply through the Web site, www.PfizerHelpfulAnswers.com (http://www.PfizerHelpfulAnswers.com), which has information about the other Pfizer aid programs.
So even if your employer told you to stick it, you can still… yeah.
All joking aside, it’s a good plan. It stops your customers from getting out of the habit of taking your unnecessary drugs, means they won’t request a cheaper generic alternative for their necessary drugs, builds up a lot of goodwill… srsly, well played, Pfizer.
hmmm.....bei uns käme wohl weder Herr Vasella noch bei Roche jemand auf diese Idee :reiter
...hier noch etwas zum gleichen Thema
MAJOR STIMULUS PACKAGE ANNOUNCED (http://www.huffingtonpost.com/2009/05/14/free-lipitor-viagra-other_n_203408.html)
REE VIAGRA, LIPITOR OTHER DRUGS FOR JOBLESS (http://www.huffingtonpost.com/2009/05/14/free-lipitor-viagra-other_n_203408.html)
Quick Read (http://www.huffingtonpost.com/2009/05/14/free-lipitor-viagra-other_n_203408.html) |
Comments (125) (http://www.huffingtonpost.com/2009/05/14/free-lipitor-viagra-other_n_203408.html)
....einige der Kommentare:
Viagra? Great--just what the jobless need--MORE KIDS.
That's better than extended unemployment benefits: free Viagra!
If they were responsible they would be handing out condoms with that Viagra
full story ---> The Decline of Monetarism: Our Next Financial Crisis (http://jessescrossroadscafe.blogspot.com/2009/05/currency-wars-next-financial-crisis.html)
"Throughout the world financial interests have taken control of government and used neoliberal policies to promote their own gain-seeking – financial gains without industrialization or agricultural self-sufficiency. Betting against one’s own currency is more remunerative than making the effort to invest in capital equipment and develop markets for new output. So unemployment and domestic budget deficits are soaring. The neoliberal failure to distinguish between productive and merely extractive or speculative forms of gain seeking has created a travesty of the kind of wealth creation that Adam Smith described in The Wealth of Nations. The financialization of economies has been decoupled from tangible capital investment to expand employment and productive powers.
Central to any discussion of financialization is the fact that credit creation has been monopolized in the United States and Britain for their own national gain."This is an interesting essay from Michael Hudson, because it helps to illuminate some of the less frequently discussed implications of the rise of fiat currencies since the 1970's and the growth of financial engineering amongst an elite group of multinational corporations.
This subject has preoccupied the thoughts of this forecaster since the late 1990's and the Asian currency crisis.
How the evolution of monetarism and international trade plays out will shape the political and societal landscape of the first half of this century, and perhaps beyond.
This looks to be a classic showdown between those who issue and control the reserve currencies of the world, and those who make real products and write their nation's laws. Or as Lord Acton put it with such great insight:"The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks." The Collapse of the Neoliberal Model
Where Russia Went Wrong
By Michael Hudson
Last week Izvestiya published an interview with former Premier Yevgeny Primakov, now president of the Chamber of Commerce and Industry. (Johnson’s Russia List published a translation on May 8). The discussion centered on a universal problem – what China and other Asian countries, as well as OPEC and Europe should do with the export surpluses and proceeds mounting up in their central banks from mortgaging or selling off their real estate and industry. Or to put matters in retrospect, what should they have done to avoid the neoliberal monetarist ideology that governments should do nothing at all with these surpluses, not even use them to fuel economic growth.
If U.S. diplomats had their way, countries would simply let their foreign exchange reserves accumulate in the form of loans to the United States, in the form of Treasury bonds and other securities. Mr. Primakov has long opposed what his interviewer called “the fetishization of the Stabilization Fund – our beloved ‘piggy bank.’” Urging that it be spent on “primary needs,” to buy tangible capital goods, undertake infrastructure investment and finance imports to rebuild Russia’s dismantled manufacturing sector, he explained, “I was always opposed to having the Stabilization Fund considered something saved for an emergency. Money needs to be spent inside the country. Naturally not all of it. Some part should certainly be kept as a reserve.” But it was Vladimir Putin’s own “initiative to divide the Stabilization Fund into the Reserve Fund and the Fund for Well-Being. The latter was to be used to develop the economy and for social needs. It is too bad that they did not get to it in time.”.....
15 May 2009 Posted by Jesse at 12:24 AM (http://jessescrossroadscafe.blogspot.com/2009/05/currency-wars-next-financial-crisis.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=2730443516302625940) :verbeug
Another Reversal? Obama To Revive Military Tribunals For Gitmo Detainees (http://www.huffingtonpost.com/2009/05/14/obama-to-revive-military-_n_203783.html)
Quick Read (http://www.huffingtonpost.com/2009/05/14/obama-to-revive-military-_n_203783.html) |
Comments (1866) (http://www.huffingtonpost.com/2009/05/14/obama-to-revive-military-_n_203783.html)
wie so oft sind die Kommentare sehr interessant :cool ....bei einem gefunden:
15. Mai 2009, 06:14, NZZ Online
Regierung will eingeschlossene Zivilisten befreien
Die srilankische Armee will letztes besetztes Gebiet im Nordosen einnehmen
Die Regierung in Sri Lanka spricht von 20'000 eingeschlossenen Zivilisten. :(
(...einfach schrecklich, dass immer die Zivilisten am meisten leiden müssen :gomad)
Die Regierung in Sri Lanka hat angekündigt, dass die letzten durch den Krieg eingeschlossenen Zivilisten im Nordosten des Landes binnen 48 Stunden befreit werden sollen.
(sda/afp) Die srilankische Regierung hat angekündigt, die im tamilischen Rebellengebiet im Norden des Landes festsitzenden Zivilisten binnen 48 Stunden zu «befreien». Das letzte noch von den Rebellen der Befreiungstiger von Tamil Eelam (LTTE) gehaltene Gebiet werde bis zum Wochenende von der Regierungsarmee eingenommen werden, sagte Regierungssprecher Anusha Palpita am Freitag....
ganzer Artikel: http://www.nzz.ch/nachrichten/international/sri_lanka_zivilisten_befreien_regierung_1.2560202.html
Top Powell Aide Wilkerson: Torture Helped Build Iraq War Case (http://www.cnn.com/2009/POLITICS/05/14/iraq.torture/index.html)
First Posted: 05-15-09 08:50 AM | Updated: 05-15-09 09:03 AM
Finding a "smoking gun" linking Iraq and al Qaeda became the main purpose of the abusive interrogation program the Bush administration authorized in 2002, a former State Department official told CNN on Thursday.
Dick Cheney's office ordered use of "alternative" techniques against CIA's recommendations, aide says.
The allegation was included in an online broadside aimed at former Vice President Dick Cheney by Lawrence Wilkerson, chief of staff for then-Secretary of State Colin Powell. In it, Wilkerson wrote that the interrogation program began in April and May of 2002, and then-Vice President Cheney's office kept close tabs on the questioning.
Read the whole story: CNN (http://www.cnn.com/2009/POLITICS/05/14/iraq.torture/index.html)
The New York Times And The Forces Of Creative Destruction (http://www.huffingtonpost.com/2009/05/15/the-new-york-times-and-th_n_203807.html)
Posted: 05-15-09 09:18 AM
---> Comments (http://www.huffingtonpost.com/2009/05/15/the-new-york-times-and-th_n_203807.html#comments)
As prospective buyers circle, and as the brutal commentary of financial analysts intensifies, the end of the Sulzberger-Ochs family's 113 year control of the New York Times -- through forced sale or bankruptcy -- has become an acknowledged possibility, with some well-informed observers suggesting that insolvency may be roughly a year or two away.
If officials of the paper are forced to declare bankruptcy, it will be difficult -- perhaps impossible -- for the Sulzberger-Ochs family, which has been at the helm since 1896, to prevent the paper from falling into the hands of an individual or a corporation (for example, Rupert Murdoch and the News Corporation) whose journalistic principles are markedly different from, if not antithetical to, those that have guided the United States' dominant newspaper.
The New York Times Company, which owns the New York Times, the Boston Globe, the International Herald Tribune and 15 other daily newspapers, lost (http://finance.yahoo.com/news/NYT-Co-1Q-losses-worsen-as-ad-apf-14982705.html?.v=5) $74.5 million in the first quarter of 2009, compared to a loss of $335,000 in the first three months of 2008.
A takeover of the New York Times by an outsider would be a cataclysmic event in American journalism. Under control of the two families who have intermarried -- the Ochs and the Sulzbergers -- the Times is recognized nationally and internationally as the American paper of record, setting a standard, in the scope and the depth of its coverage, that no competitor has ever been able to match over a sustained period of time.
"The peculiar literary inheritance might make this a tricky case, as the value of the asset depends on the composition of its board," University of Chicago Law School professor Richard Epstein told the Huffington Post. In the event the company sought bankruptcy protection, the "family would surely lose control, and most of the nonvoting shareholders would be out as well.".....
full story: http://www.huffingtonpost.com/2009/05/15/the-new-york-times-and-th_n_203807.html
ist anscheinend ein ziemlich konservatives Blatt, aber was ich so höre/lese doch einigermassen guter Journalismus, bin aber zu wenig wirklich orientiert :rolleyes leider :rolleyes .....man kann man nur hoffen, dass nicht Murdoch......:rolleyes:mad
15 May 2009
The Worst Is Yet to Come (http://jessescrossroadscafe.blogspot.com/2009/05/worst-is-yet-to-come.html)
One of the favorite retail analysts in the Cafe is Howard Davidowitz, and he is probably in the top ten overall. The accomplished shoppers in our crowd (predominantly the ladies for some reason, who have a canny sense of price and demand and store quality, whereas yours truly becomes overwhelmed by a numbing dread upon entering most retail establishments of the non-Home Depot or non-electronics persuasion) all tend to shake their heads in agreement when David speaks to the ups and downs of specific store chains and trends. I can think of no higher recommendation, for these are for the most part the front line consumers and they take their duties seriously.
Last night we were responding to a youngish acquaintance just completing law school (another one, alas) who was looking for advice on long term investments, that 'the worst is yet to come.'
In 1999 I began an intense study of market bubbles and crashes as frequently mentioned before. This included buying period magazines and newspapers and reading them to see what was going through people's minds.
This period reminds one sadly of the briefly sunny period in 1930-1 when most agreed that the Depression was already over and the economy was back on track. President Hoover dismissed a delegation of businessmen who came to Washington with ideas on stabilizing the economy with "Too late gentlemen, the slump is over."
There are few things from my childhood that I remember more vividly than grandmother's comments on this period of false recovery. "If we knew what was coming, we would have killed ourselves." This from as strong a person as I have ever encountered, with a faith that would break rocks. The Great Depression left an indelible mark, or better yet scar, on her entire family, and that of my father.
And I never heard the name "Franklin Roosevelt" from her lips without it being preceded by "God bless" followed by "he saved my family." Not all of it unfortunately, and she said she cried so much and so often that she was never able to cry again. And she did not, even at the end.
http://2.bp.blogspot.com/_H2DePAZe2gA/Sg2VeqFkoQI/AAAAAAAAJF0/m94kL17UkBs/s320/John_Tenniel_-_Punch_-_Ripper_cartoon.png (http://2.bp.blogspot.com/_H2DePAZe2gA/Sg2VeqFkoQI/AAAAAAAAJF0/m94kL17UkBs/s1600-h/John_Tenniel_-_Punch_-_Ripper_cartoon.png)Of course it was the second half of the great stock decline after the 1929 Crash that did the most damage, because this is when the carnage moved from financial assets and the banks into the real economy, with unemployment rising to 25% into the trough of the Depression in 1930.
Roosevelt came into office and began spending and innovating to try to mitigate the impact on America's families. Other countries, such as Italy, German and Japan, made other choices. We need to bear in mind that America itself came perilously close to going down the road to a genuine brand fascism and not the cartoon caricature type of presidential overreach cited by the corporate elites of the day. Hitler and Mussolini were their men, and they bankrolled them heavily.
And so here we are. What comes next is anyone's guess. But by now you should be getting the general themes, including the devaluation of the dollar down to levels that are probably still not believable, an activist central government nationalizing key industries, civil unrest and agitation, and a confusing cacophony of hysterical mumbo jumbo coming from media whores.
The crisis is not over. We have just finished the easy part, the initial collapse of the bubble. The worst is yet to come.
Watch the video of this commentary from Howard Davidowitz linked below if you get an opportunity. His delivery is priceless New York style.
"The Worst Is Yet to Come": If You're Not Petrified, You're Not Paying Attention
May 15, 2009 09:31am EDT
The green shoots story took a bit of hit this week between data on April retail sales, weekly jobless claims and foreclosures. But the whole concept of the economy finding its footing was "preposterous" to begin with, says Howard Davidowitz, chairman of Davidowitz & Associates.
"We're in a complete mess and the consumer is smart enough to know it," says Davidowitz, whose firm does consulting for the retail industry. "If the consumer isn't petrified, he or she is a damn fool."
Davidowitz, who is nothing if not opinionated (and colorful), paints a very grim picture: "The worst is yet to come with consumers and banks," he says. "This country is going into a 10-year decline. Living standards will never be the same."
This outlook is based on the following main points:
With the unemployment rate rising into double digits - and that's not counting the millions of "underemployed" Americans - consumers are hitting the breaks, which is having a huge impact, given consumer spending accounts for about 70% of economic activity.
Rising unemployment and the $8 trillion negative wealth effect of housing mean more Americans will default on not just mortgages but student loans and auto loans and credit card debt.
More consumer loan defaults will hit banks, which are also threatened by what Davidowitz calls a "depression" in commercial real estate, noting the recent bankruptcy of General Growth Properties and distressed sales by Developers Diversified and other REITs.
As for all the hullabaloo about the stress tests, he says they were a sham and part of a "con game to get private money to finance these institutions because [Treasury] can't get more money from Congress. It's the ‘greater fool' theory."
"We're now in Barack Obama's world where money goes into the most inefficient parts of the economy and we're bailing everyone out," says Daviowitz, who opposes bailouts for financials and automakers alike. "The bailout money is in the sewer and gone."
The Worst Is Yet To Come (Video) - Howard Davidowitz (http://finance.yahoo.com/tech-ticker/article/248398/%22The-Worst-Is-Yet-to-Come%22-If-You%27re-Not-Petrified-You%27re-Not-Paying-Attention?tickers=%5EDJI,%5EGSPC,DDR,XLF,GM,RWR?sec=topStories&pos=9&asset=&ccode)
Posted by Jesse at 10:59 AM (http://jessescrossroadscafe.blogspot.com/2009/05/worst-is-yet-to-come.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=4504489452601117490):verbeug
:schwitz:gruebel lohnt sich das Video zu hören - auch wenn es einem anschliessend nicht besser geht :rolleyes
Oder in CH-deutsch (etwas CH-lastig).
Dr. Doom malt wieder mal schwarz
CH-lastig auch das:
Zum Original-Beitrag (showthread.php3?p=1238326#post1238326)
:supi viel bedenklich Wahres :schwitz
Trauer um Schauspielerin (http://www.cash.ch/video/start.php?firstProjectID=10283)
Monica Bleibtreu ist gestorben :(
Die Schauspielerin Monica Bleibtreu ist tot. Die gebürtige Wienerin erlag kurz nach ihrem 65. Geburtstag in der Nacht zum Donnerstag in Hamburg einem Krebsleiden. Das teilte ihre Agentur in Berlin mit.
Als eigenwillige Charakterdarstellerin gehörte sie zu den gefragtesten TV- und Kino-Schauspielerinnen des Landes. Sie war die Helene Weigel in "Abschied - Brechts letzter Sommer", spielte das mütterliche Familienoberhaupt in "Die Manns" von Heinrich Breloer, gab eine brummige Bäuerin in "Verlorenes Land" und eine 80-jährige Klavierlehrerin in "Vier Minuten". Für die Rolle in "Vier Minuten" war sie 2007 mit dem Deutschen Filmpreis als beste Hauptdarstellerin ausgezeichnet worden. Der Film lief in den vergangenen drei Jahren auf 200 Festivals und in fast 30 Ländern im Kino.....
15 May 2009
"Better Than Expected" Earnings:rolleyes (http://jessescrossroadscafe.blogspot.com/2009/05/better-than-expected-earnings.html)
How low can our expectations go?
Posted by Jesse at 11:32 PM (http://jessescrossroadscafe.blogspot.com/2009/05/better-than-expected-earnings.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=7644070371091461258) :verbeug
What Happens When A Dictator Gets Hungry? (http://lolfed.com/2009/05/15/what-happens-when-a-dictator-gets-hungry/)
May 15th, 2009 by alyx · fail (http://lolfed.com/category/fail/)
He seizes a plant, I guess. After grabbing a rice plant from Cargill last month, Chavez has latched onto a pasta plant, as well:
CARACAS, Venezuela — President Hugo Chavez’s government seized temporary control of a Venezuelan pasta-processing plant owned by U.S. food giant Cargill Inc. on Friday, arguing the company broke regulations on food items subject to price controls.
Venezuelan soldiers accompanied Deputy Food Minister Rafael Coronado and other government officials as they arrived at Cargill’s plant in the coastal state of Vargas.
Mr. Coronado said “there was a clear transgression of the law,” referring to legislation that aims to control inflation through government-imposed price controls.
Cargill will, perhaps, get it back in 90 days, if they promise to never try to make a profit ever again. I’d put the bandit mask on Chavez, too, but it’s too easy.
....The English Gentlemen haben es wohl ziemlich dick hinter den Ohren :rolleyes:o:schwitz
TALLY NO! (http://www.huffingtonpost.com/2009/05/15/britains-expense-scandal_n_203859.html)
Expense Scandal Rocks British Parliament… All 3 Main Parties Involved... Lawmakers Bill For Chandeliers, Toilet Seats, Porn, And Moat Upkeep… (http://www.huffingtonpost.com/2009/05/15/britains-expense-scandal_n_203859.html) ''Most Serious Scandal In Last 100 Years''… (http://online.wsj.com/article/SB124243166814925657.html) ''Everyone Tarred By This Information'' (http://www.huffingtonpost.com/2009/05/15/britains-expense-scandal_n_203859.html)
Quick Read (http://www.huffingtonpost.com/2009/05/15/britains-expense-scandal_n_203859.html) |
Comments (834) (http://www.huffingtonpost.com/2009/05/15/britains-expense-scandal_n_203859.html)
Taliban schneiden sich Bärte und Haare ab :bad:mad
(Reuters) Kota. – Nach der vorübergehenden Aufhebung der Ausgangssperre im heftig umkämpften Swat-Tal haben sich laut pakistanischen Militärangaben Taliban-Rebellen unter die flüchtende Zivilbevölkerung gemischt. Wie die Armee am Freitag mitteilte, schnitten sich die Aufständischen Bärte und Haare ab, um unerkannt aus der Krisenregion zu entkommen. Das Militär rief die Bewohner des Tals auf, die Extremisten zu identifizieren und sie bei einer Hotline zu melden.
Pakistans Armee sucht Entscheidung im Swat-Tal
Von Sophie Mühlmann 16. Mai 2009, 03:43 Uhr
Islamabad hebt Ausgangssperre in Taliban-Hochburg auf - Tausende Zivilisten sollen fliehen können.....
......Die Streitkräfte hatten Mingora abgeriegelt. Das administrative Zentrum des einst so beliebten Touristenparadieses Swat ist zu einer Hochburg der pakistanischen Taliban geworden. Bis auf sechs Kilometer ist die Armee inzwischen an Mingora herangekommen. Eine strenge Ausgangssperre sollte die Rebellen zur Aufgabe bewegen, doch die Zivilisten saßen mit in der Falle, während die Lebensmittel immer knapper wurden. Bisher scheut das Militär davor zurück, sich mit den Rebellen Straßenschlachten zu liefern, solange noch so viele Bewohner in der Stadt sind. Zudem wären die Verluste kaum kalkulierbar. Deshalb will die Armee die Zivilisten aus der Stadt haben.
Dies sei Pakistans schlimmste Flüchtlingskrise seit der blutigen Abspaltung des Landes von Indien und dem Ende der Kolonialherrschaft vor über 60 Jahren, meinte Premier Yousaf Raza Gilani. Antonio Guterres, Leiter des UN-Flüchtlingskommissariats, warnte davor, dass die Misere der Flüchtlinge Pakistans gesellschaftliche Konflikte noch zusätzlich anheizen könnte. Die Vereinten Nationen haben zu massiver Notfallhilfe aufgerufen. Auch Bundesaußenminister Frank-Walter Steinmeier äußert sich besorgt und warnt vor einer Tragödie. "Ich appelliere an die Regierung in Islamabad, endlich dafür zu sorgen, dass Recht und Ordnung in der Region wiederhergestellt werden", sagte der Minister.
Die humanitäre Krise entwickelt sich zu einer noch größeren Bedrohung für das südasiatische Land als die Taliban. Die Flüchtlinge strömen in die größeren Städte und bringen dort das soziale Gleichgewicht durcheinander. Es kommt bereits zu ersten Zusammenstößen verschiedener Ethnien. Der prominente TV-Moderator und politische Analyst Khurshid Ahmed Nadeem bringt es auf den Punkt: "Pakistans Dilemma ist das folgende: Wenn es hier zu einer großen politischen Krise kommt, geht sie stets mit einer gesellschaftlichen Krise einher. Dies war auch 1971 der Fall, als Pakistan geteilt wurde und Bangladesch entstand."
ganzer Artikel: http://www.welt.de/die-welt/article3749237/Pakistans-Armee-sucht-Entscheidung-im-Swat-Tal.html
Lookout - Capitalism's dead - US going Bankrupt and War coming (http://Lookout%20-%20Capitalism%27s%20dead%20-%20US%20goingBankrupt%20and%20War%20coming)
Written by Marc Faber - GloomBoomDoom.com and The Economist Intelligence Unit ViewsWire | Friday, 15 May 2009 07:47
"While not an optimist on the Chinese economy near term – Marc Faber likes Asian currencies, and banks ex-Japan."
From The Economist Intelligence Unit ViewsWire today:
"China's first-quarter economic data, which showed 6.1% year-on-year GDP growth and a significant acceleration in quarter-on-quarter expansion, triggered a flood of reports suggesting that a sharp V-shaped recovery is under way. With the release of April's more mixed data, however, the celebratory champagne that was being poured has gone a bit flat. It's now clear that the economy still faces huge challenges, and in the second half of the year the acceleration in growth is likely to be gradual rather than explosive. The Economist Intelligence Unit continues to hold to its below-consensus forecasts of 6.5% GDP growth in 2009 and 7.3% in 2010."
Marc Faber on Armageddon
A vintage performance from the author of "The Gloom, Boom & Doom Report". This morning – living up to his reputation for bearishness - Marc Faber forecast a litany of unpleasant events ahead.
His key message is: buy real assets. He thinks it will take years for the global economy to recover, but when it does the effect of governments' printing money will ultimately reignite inflation....
.....Apparently he was asked by an Executive Director at Goldman Sachs how he remained so optimistic about life...
He writes in response:
"(he)...saw me smoking and thought that I should have already gone to hell (even under the 'Black Swan Theory', Heaven isn't an option), or because I ride fast motorbikes in Thailand (where there are no traffic rules), drink, and go out in the early hours of the morning? Or was it...my philosophy on life...to enjoy life even in the darkest times and most horrible situations..."
Marc concludes optimism comes from some simple but important principles:
The ability to adapt to change: whether economic, financial, personal or social.
Accept responsibility when things go wrong that are your fault, and don't blame others......
full story: http://moneytalks.net/index.php?option=com_content&view=article&id=1359:lookout-capitalisms-dead-us-going-bankrupt-and-there-is-going-to-be-war&catid=48:daily-updates&Itemid=88
Slideshow: The World's Biggest Debtor Nations (16 slides) (http://www.cnbc.com/id/30308959/)
The World's Biggest Debtor Nations
In today's struggling global markets, many national economies have looked to their government and foreign lenders for financial support, which translates to increased spending, borrowing and in most cases, growing national debt.
Deficit spending, government debt and private sector borrowing are the norm in most western countries, but due in part to the global financial crisis, some nations and economies are in considerably worse debt positions than others.
External debt is a measure of a nation's foreign liabilities, capital plus interest that a country must eventually pay. This number not only includes government debt, but also debt owed by the private sector and individuals.
So, how does the US debt position compare to that of other countries? A useful measure of a country's debt position is by comparing gross external debt to GDP, which offers a direct relation of a country's total debt to the size of its economy. In this report, all countries are among the world's 50 largest economies, and are ranked by current external debt as a percentage of 2008 GDP.
Who are the world's biggest debtor nations? The rankings may surprise you! :eek
By Paul Toscano
(http://www.cnbc.com/id/15837548/cid/112008/sh/3)Posted 20 Apr 2009
Source: External Debt information from The World Bank (unless otherwise noted), GDP information from the CIA World Factbook.
The World's Biggest Debtor Nations
By: Paul Toscano (http://www.cnbc.com/id/15837548/cid/112008), Producer, CNBC.com | 20 Apr 2009 | 12:07 PM ET
1 of 16 http://media.cnbc.com/i/CNBC/CNBC_Images/blank.gifhttp://media.cnbc.com/i/CNBC/Components/Slideshow_V2/ss_btnOffNext.gif (http://www.cnbc.com/id/30308959/?slide=2)
Bearish on Pinstripes (http://lolfed.com/2009/05/16/bearish-on-pinstripes/)
May 16th, 2009 by alyx · retail (http://lolfed.com/category/retail/)
…and when I talk about being bearish on pinstripes, I’m not talking about the new Yankee Stadium, though that certainly has its detractors at the moment. NYT - in an article that uses several buzzwords that make me want to hurl - tells us, looking like a banker is “out” (http://www.nytimes.com/2009/05/14/fashion/14CODES.html?_r=1&ref=style):
What has landed on the slag heap of style is the old three-button power suit: slickly conservative, oversize and overpriced, worn with a boxy white shirt and a wide silk tie. It was all, as GQ’s creative director, Jim Moore, put it, “too big and too bold in all the wrong places.” Not so long ago, that ensemble blared of Wall Street success. Now, with public sentiment against financial institutions still high, racks of expensive Italian beauties languish in shops across the country.
“I have guys coming in here saying, ‘I don’t want to look like a banker anymore,’ ” said Eric Goldstein, an owner of Jean Shop, a premium denim store in the meatpacking district. He is now dispensing advice on how to look like a “creative professional.”
The new look is still professional enough for work, even a business lunch. But it is quirky and cool enough to suggest that you haven’t spent the last decade lounging in the old boys’ room inhaling cigar smoke and default swaps.
So, you got that? More “hipster,” more “prepster;” less “banker.” The power suit has returned to villain status. (Was there a section in AIG’s “Guide To Not Getting Shanked By Protesters When You Come To Work” on top boutiques in Williamsburg?) This guy from the NYT’s article, bedecked in American Apparel pants, and shoes and sunglasses I would expect to see on an elderly man playing shuffleboard, BEGS to be captioned (any suggestions?):
Actually that picture reminds me… my Chicago counsel was raving to me about his white, velcro Rockports last week. (Sorry to call you out, J!) Guess even the attorneys don’t want to look like they might have worked on one of these CDS deals.
If there’s any solace for the retail sector, though “stodgy” is dead for now, “expensive” is still in. Check out the men’s retail stats:
Mr. Amendola echoes press officers at Prada, Gucci, Barneys New York, Bergdorf Goodman and Paul Stuart who confirm that men’s business has fared better than women’s. According to NPD Group, which tracks retail sales, comparison of the six months ending Feb. 29, 2008, and Feb. 28, 2009, reveals that sales of men’s clothes costing more than $100 were up 4.3 percent. It is a surprising figure given the general retail anemia.
Sadly for the Drexler haters on Team LOLFed (including LoLo, who sent me the article), JCrew is mentioned several times in the article as a beneficiary of the hipster-prepster trend. And here we thought there was only going to be one guy running around in critter shorts this summer. Ugh. ;)
http://www.321gold.com/fed/greenspan/greenspan_aceofspades.jpg Who, Me? Yes, You!
May 16, 2009
When, during the invasion of Iraq, the United States Government issued its famous deck of playing cards with the 52 arch villains of the Iraqi police state, Saddam Hussein's face adorned the Ace of Spades. If the Obama Administration wanted to engage in a similar public relations campaign for the real estate crisis, the top card should be reserved for Alan Greenspan.
Yet in a speech last Tuesday before the National Association of Realtors, 'Sir' Alan "the-bubble-blower" claimed that his low interest rate policies in the early and middle years of this decade had no effect on mortgage rates or real estate prices. As a result, he claims no responsibility for the subprime mortgage crisis. But even current Treasury Secretary Timothy Geithner, who shared interest rate policy responsibility as governor of the New York Fed during the Greenspan regime, recently admitted that overly accommodative policy helped inflate the bubble. So what does Greenspan know that everyone else doesn't?
His primary defense is that mortgage rates were a function of long-term interest rates which were simply not responding to the movement in short term rates, which he did control. While it is true that the flow of capital from foreign creditors with excess dollars did keep long rates low despite rising short rates, this "conundrum" was not the leading factor in the housing bubble. Although rates on thirty-year fixed rate mortgages are based on long-term bonds, by 2005 such loans had become an endangered species. The housing bubble was all about adjustable-rate mortgages with 1-7 year teaser rates primarily based on the Fed funds rate.
The rock bottom teaser rates, permitted by the 1% Fed funds rate, were the primary reason that many home buyers were able to qualify for mortgages they couldn't otherwise afford, and in turn, to bid up home prices to bubble levels. By pushing down the cost of short-term money, the Fed enabled homebuyers to make big bets on rising real estate prices. Without the Fed's help, few borrowers would have "qualified" for these risky mortgages and real estate prices never would have been bid up so high.
Greenspan expresses exasperation now, as he did then, that his careful nudging of interest rates higher by quarter point increments did not translate into corresponding increases in long-term rates. Unfortunately, according to Greenspan, the markets would not cooperate with his wise guidance, and to his dismay, mortgage rates fell despite his best efforts. As they say in Texas, this dog will just not hunt. If the "measured pace" of his quarter point hikes were too slow to produce the desired effect, why didn't Greenspan jack up the pressure? With interest rates far below the official inflation rate for many years during the bubble, he certainly had plenty of room to maneuver. The claim that he was unhappy with the results of his rate hikes, despite his having done nothing to adjust that policy, is ridiculous.
In addition to his colossal errors on interest rate policy there were many other ways Greenspan blew air into the real estate bubble. One example was what the market called the "Greenspan put." By creating the perception in word and deed (since proven accurate) that the Fed would backstop any major market or economic declines, lenders became more comfortable making risky loans. In an often quoted 2004 speech, Greenspan went so far as to actively encourage the use of adjustable-rate mortgages and praised home equity extractions for their role in contributing to economic growth. In fact, rather than criticizing homeowners for treating their houses like ATM machines, he often praised the innovative ways in which such homeowners were "managing" their personal balance sheets. Greenspan was as much a proponent of leverage for homeowners on Main Street as he was for bankers on Wall Street.
The bottom line is that Greenspan fathered the housing bubble and now he refuses to acknowledge kinship of his wayward child. His denial of responsibility is an act of stunning bravado, and is a testament to his ability to turn even the simplest of situations into an impenetrable tangle of theories and statistics. The private sector jokers who now hold top dishonors in our pack of economic villains are easily trumped by the Maestro. The fact that Greenspan still has any credibility shows just how little understanding the general public, including Wall Street and the media, actually have about this crisis.
....etwas zur SonntagsEntspannung :)
Fox Guarding The Henhouse, SEC Edition
May 16th, 2009 by alyx · No Comments (http://lolfed.com/2009/05/16/fox-guarding-the-henhouse-sec-edition/#comments) · markets (http://lolfed.com/category/markets/)
You know that 450 Fifth Street probably has all kinds of juicy secrets inside about companies being (or about to be) investigated. You’d just like to think they would all stay there until such time they would be publicly divulged to everyone, but apparently not.
The SEC is now investigating… well… insider trading by employees of the SEC (http://www.ft.com/cms/s/0/7a857f50-419b-11de-bdb7-00144feabdc0.html):
The FBI is investigating possible insider trading by two enforcement lawyers at the Securities and Exchange Commission, according to a report by the regulator’s inspector general.
H. David Kotz, the SEC’s inspector general, studied two years’ worth of e-mails and brokerage records from the two lawyers, which he said revealed “suspicious activities, appearances of improprieties and evidence of possible trading on nonpublic information”.
In a report sent to Mary Schapiro, SEC chairman, in March, Mr Kotz said his findings were so serious he had referred them to the FBI and the US attorney’s office of the District of Columbia’s fraud and public corruption section, who were investigating.
Both lawyers, whose names were stripped from the report, deny wrongdoing and remain in their jobs.
“Although the SEC … is charged with prosecuting cases of violations of securities laws, including insider trading … [it] has essentially no compliance system in place to ensure that commission employees, with the tremendous amount of non-public information they have at their disposal, do not engage in insider trading themselves,” it said.
Emphasis mine. The article goes on to suggest we have no idea if this kind of conduct is commonplace or widespread. Of the individuals being investigated, one swears that stocks (like ballet and snacks) are her passion, and thus this is perhaps just a massive co-inky-dink. I think the other (it is hard to tell to whom this refers from the context of the article) actually sent out stick tips from his or her SEC email account, and is thus looking somewhat more like a contender for a Darwin award.
man wird überall bis aufs Hemd kontrollert und überwacht......aber eben - wer kontrolliert die Kontolleure :rolleyes:confused:o
Schweiz: 17. Mai 2009, 16:16
Hauchdünnes Ja nach Zitterpartie (http://www.nzz.ch/nachrichten/schweiz/biometrischer_pass_zustimmung_1.2571948.html)
Schweizer Stimmberechtigte sagen Ja zum biometrischen Pass (http://www.nzz.ch/nachrichten/schweiz/biometrischer_pass_zustimmung_1.2571948.html)
Der biometrische Pass kann in der Schweiz eingeführt werden. Nachdem die Vorlage lange Zeit auf Messers Schneide stand, gab es am Schluss doch noch eine Zustimmung. Die Entscheidung fielt mit gut 5500 Stimmen Unterschied. (http://www.nzz.ch/nachrichten/schweiz/biometrischer_pass_zustimmung_1.2571948.html) ...http://www.nzz.ch/static-images/headline_topic_more.gif (http://www.nzz.ch/nachrichten/schweiz/biometrischer_pass_zustimmung_1.2571948.html)
http://www.nzz.ch/static-images/pixel.gif http://www.nzz.ch/static-images/news_readmore.gif Kommentar: Der Makel der Datenbank (http://www.nzz.ch/nachrichten/schweiz/kommentar_biometrische_paesse_1.2571778.html)
http://www.nzz.ch/static-images/news_readmore.gif Reaktionen: Pro-Komitee ist erleichtert (http://www.nzz.ch/nachrichten/schweiz/e-pass_biometrischer_pass_reaktionen_1.2572134.html)
....das sind wieder mal die bekannten zwei Seiten der Medaille :schwitz
Datenschutz <---> Reisefreiheit :gruebel
beides scheint ja in unserer "freien" :rolleyes westlichen Welt nicht möglich zu sein :gomad
Akt. 17.05.09; 17:56
Sieg in Madrid
Roger Federer mit der Sensation gegen Nadal
Roger Federer kann seinen Widersacher Rafael Nadal doch noch bezwingen. Beim Sandturnier in Madrid setzte sich Federer gegen den spanischen Weltranglisten-Ersten Rafael Nadal nach 1:26 Stunden mit 6:4, 6:4 durch. Für Federer war es der erste Turniersieg in diesem Jahr - der 58. insgesamt.
ATP-1000er Turnier von Madrid, Final.
Roger Federer vs. Rafael Nadal 6:4, 6:4
- Ass! Roger Federer gewinnt gegen Rafael Nadal mit 6:4 und 6:4!
...ich gönne es dem baldigen Papa ;):)
...hab's erst überflogen :rolleyes:gruebel
AND HE SHALL BE JUDGED
Former defense secretary Donald Rumsfeld has always answered his detractors by claiming that history will one day judge him kindly :rolleyes But as he waits for that day, a new group of critics—his administration peers—are suddenly speaking out for the first time. What they’re saying? It isn’t pretty :rolleyes
By Robert Draper
on the morning of Thursday, April 10, 2003, Donald Rumsfeld’s Pentagon prepared a top-secret briefing for George W. Bush. This document, known as the Worldwide Intelligence Update, was a daily digest of critical military intelligence so classified that it circulated among only a handful of Pentagon leaders and the president; Rumsfeld himself often delivered it, by hand, to the White House. The briefing’s cover sheet generally featured triumphant, color images from the previous days’ war efforts: On this particular morning, it showed the statue of Saddam Hussein being pulled down in Firdos Square, a grateful Iraqi child kissing an American soldier, and jubilant crowds thronging the streets of newly liberated Baghdad. And above these images, and just below the headline secretary of defense, was a quote that may have raised some eyebrows. It came from the Bible, from the book of Psalms: “Behold, the eye of the Lord is on those who fear Him…To deliver their soul from death.”
This mixing of Crusades-like messaging with war imagery, which until now has not been revealed, had become routine. On March 31, a U.S. tank roared through the desert beneath a quote from Ephesians: “Therefore put on the full armor of God, so that when the day of evil comes, you may be able to stand your ground, and after you have done everything, to stand.” On April 7, Saddam Hussein struck a dictatorial pose, under this passage from the First Epistle of Peter: “It is God’s will that by doing good you should silence the ignorant talk of foolish men.” (To see these and more Bush-administration intelligence cover sheets, visit GQ.com’s exclusive slideshow (http://men.style.com/gq/features/topsecret)).
click here for more > (http://men.style.com/gq/features/full?id=content_9217)
hier die Kommentare:
Here are the rest of the photos form the GQ article. Thanks to DailyKos
5.0 Magnitude Earthquake Hits Los Angeles
9:22 PM PDT, May 17, 2009
LOS ANGELES -- A magnitude 5.0 earthquake hit the greater Los Angeles area at 8:39 p.m. Sunday night and was felt by many in the surrounding areas.
Zum Original-Beitrag (showthread.php3?p=1238561#post1238561)
O.C.’s deadly Newport-Inglewood might have caused 4.7 earthquake (http://sciencedude.freedomblogging.com/2009/05/17/ocs-deadly-newport-inglewood-might-have-caused-47-earthquake/30999/)
May 17th, 2009, 11:36 pm · 3 Comments (http://sciencedude.freedomblogging.com/2009/05/17/ocs-deadly-newport-inglewood-might-have-caused-47-earthquake/30999/#comments) · posted by Gary Robbins, science writer-editor (http://sciencedude.freedomblogging.com/author/grobbins/)
http://sciencedude.freedomblogging.com/files/2009/05/longbeachquake-copy.jpg (http://sciencedude.freedomblogging.com/2009/05/17/ocs-deadly-newport-inglewood-might-have-caused-47-earthquake/30999/longbeachquake-copy/) A 6.4 earthquake on the Newport-Inglewood fault in March 1933 killed more than 100 people, mostly in Long Beach, shown here. Image courtesy of Long Beach Public Library.
Story updated at 12:30 a.m. Monday
(Click here (http://www.ocregister.com/articles/twitter-earthquake-orange-2416621-county-quake) for Twitter posts. And go to Earthquake Central (http://www.ocregister.com/ocregister/sections/news/earthquakecentral/) for live updates of aftershocks.)
Seismologists are trying to determine which fault zone produced the magnitude 4.7 earthquake in the Inglewood area, near LAX, at 8:39 p.m. on Sunday. The early suspect is the Newport-Inglewood fault zone (http://www.data.scec.org/fault_index/newping.html),whose main branch extends roughly 46 miles, from Newport Beach to the Culver City area. U.S. Geological Survey seismologist Lucy Jones says Sunday’s quake was “consistent” with an event on the Newport-Inglewood.
In a statement released shortly before midnight, seismologist Ken Hudnut of the U.S. Geological Survey said: “The initial focal mechanism is consistent with slip on the Newport-
“Inglewood fault, which was the source of the damaging 1933 Long Beach
earthquake. Three of the early aftershocks, however, are west of the
Newport-Inglewood fault trend. Later aftershocks are expected to help
define the fault plane that ruptured.....
Die grossen Geldvernichter sind zurück Von Matthias Chapman. Aktualisiert um 11:33 Uhr 27 Kommentare (http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Die-grossen-Geldvernichter-sind-zurueck/story/11138461#kommentar)
Sie fuhren Lehman Brothers, Citigroup und Merrill Lynch gegen die Wand, und wurden deswegen gefeuert. Kein Grund für Richard Fuld, Charles Prince und Stanley O'Neal, nicht wieder einen Job zu finden.
Artikel zum Thema
US-Regierung drohte Chef von Bank of America (http://www.tagesanzeiger.ch/ausland/amerika/USRegierung-drohte-Chef-von-Bank-of-America/story/25801626)
Fondsmanager: Die Lust aufs Risiko kehrt zurück (http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Fondsmanager-Die-Lust-aufs-Risiko-kehrt-zurueck/story/22757552)
Ex-Lehman-Chef verkauft Villa für 100 Dollar – an seine Frau (http://www.tagesanzeiger.ch/panorama/leute/ExLehmanChef-verkauft-Villa-fuer-100-Dollar--an-seine-Frau/story/17381522)
Wenn Manager orakeln – oder das «Schlimmste» nie überstanden ist (http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Wenn-Manager-orakeln--oder-das-Schlimmste-nie-ueberstanden-ist/story/11422865)
Richard Fuld, sein Name wird noch jahrzehntelang gleichgesetzt werden mit der Finanzkrise, die 2008 ihren ersten Höhepunkt erreichte. Mit aggressiver Geschäftspolitik fuhr er die traditionelle Investmentbank Lehman Brothers in den Abgrund. Mit der Bankpleite gab er der seit Monaten kriselnden Branche den Rest und brachte sie in existentielle Not. Ohne den Bankenrettungsplan Washingtons wäre es wohl ganz schlimm gekommen.
Wer gedacht hatte, Fuld sei für immer gebrandmarkt, sieht sich getäuscht. Der Banker hat wieder einen Job und zwar ausgerechnet bei einem Hedge-Fund. Bei Matrix Advisors kann er beweisen, dass er mit Risiken umzugehen vermag.........
.......Bissiger Kommentar der «New York Times»Mit einem bissigen Kommentar begleitet jetzt die «New York Times» die Rückkehr der ehemaligen Top-Banker ins Geschäft. Sie würden sich besser noch eine längere Auszeit nehmen und dabei ihre Zeit für Besseres nutzen. Sie sollten doch in Afrika bei Hilfsorganisationen für die Malaria-Bekämpfung arbeiten oder in amerikanischen Schulen Mathematik-Grundunterricht erteilen. (Tagesanzeiger.ch/Newsnetz)
...hier dieser Artikel von http://graphics8.nytimes.com/images/misc/nyt-iht-masthead-logo.gif
Bankers Bounce Back
By EDUARDO PORTER
Published: May 16, 2009
There are probably good reasons to give Richard Fuld a job at the hedge fund Matrix Advisors. He is familiar with byzantine financial products: Lehman Brothers, the bank he used to run, gorged on them until it collapsed. He might know them enough to be more careful around them the next time.
Still, I can’t get over just how flawlessly bankers bounce. Charles Prince, fired for steering Citigroup toward financial collapse, found a new job as vice chairman of Stonebridge, a consultancy firm. Stanley O’Neal, who was given a $161 million parachute before being dumped for leading the toxic asset binge at Merrill Lynch, just joined the board of American Beacon Advisors, a financial advisory company. I wonder whether it wouldn’t be a better choice for these men to take a break.
People’s sense of justice is anchored to an expectation that providence will ultimately mete out retribution to those who wrong us. It doesn’t necessarily require an eye to be taken for an eye. But the public outrage over the multimillion-dollar bonuses paid to the financial wizards at A.I.G. suggests that people have trouble absorbing bankers’ uncanny ability to keep landing in finance’s glittering fold while regular mortals are left to suffer from the economic fallout they unleashed.
Sure, the United States prides itself on being the land of second chances. But the desire to punish wrongdoing runs deep. Evolutionary biologists suggest it was necessary for the flourishing of altruism — the willingness to share resources even at personal cost — which otherwise would have been driven out of the gene pool by egoists who would have hogged all resources and starved the selfless.
Today, public anger requires government officials to publicly excoriate bankers every time the government gives the banks more public money. If the banks need even more, President Obama will have to figure out a way to brave that fury.
Given the raw feelings, it wouldn’t hurt if one or two of the current crop of jobless bankers went off to distribute malaria nets in Africa or teach math in an inner-city high school. They could even use some of their money. Michael Milken set up a foundation and started a think tank, and today a lot of people think of him as a philanthropist rather than as the junk bond king who was jailed for securities fraud. For the next couple of years, maybe, I would also stay away from shorting G.M. or cornering oil futures.
Nasdaq 100 Futures at 2:45 PM (http://jessescrossroadscafe.blogspot.com/2009/05/nasdaq-100-futures-at-245-pm.html)
“The terrible, cold, cruel part is Wall Street. Rivers of gold flow there from all over the earth, and death comes with it. There, as nowhere else, you feel a total absence of the spirit: herds of men who cannot count past three, herds more who cannot get past six, scorn for pure science and demoniacal respect for the present. And the terrible thing is that the crowd that fills the street believes that the world will always be the same and that it is their duty to keep that huge machine running, day and night, forever." Federico Garcia Lorcahttp://4.bp.blogspot.com/_H2DePAZe2gA/ShG2P2IhqPI/AAAAAAAAJGM/pVsLWtp8Kfs/s320/sharktalk_md.jpg (http://4.bp.blogspot.com/_H2DePAZe2gA/ShG2P2IhqPI/AAAAAAAAJGM/pVsLWtp8Kfs/s1600-h/sharktalk_md.jpg) A short term counter trend rally today helped stocks to recover from the recent lows, and continue the intermediate term rally off the lows from earlier this year.
The London office of Goldman Sachs :bad apparently triggered this rally with some upgrades in the banking sector, and a vicious bear raid in the precious metals. The bond also sold off as investors are enticed to buy US equities.
The earnings results of Lowe's were trumpeted heavily by the demimonde of Wall Street, but it is most likely the natural reaction of consumers to seek to improve their infrastructure as they hunker down and cut back on discretionary purchases. It by no means contradicts the overwhelming economic evidence.
Wall Street has a few IPOs it wishes to bring out this week to test the waters for a larger IPO from AIG of one of its units. And of course the banks continue to sell secondary offerings.
If something looks like bait, and smells like bait, it probably has a hook in it somewhere.
The notion of trading in markets against market makers and insiders trading for their own trading profits heavily equipped with zero cost government funds and advantageous information would be almost laughable if it was not such a tragic abuse of productive capitalism and free markets.
http://4.bp.blogspot.com/_H2DePAZe2gA/ShHgsNrUUCI/AAAAAAAAJGU/VumuLlMPZ-Y/s320/Midas0518A.gif (http://4.bp.blogspot.com/_H2DePAZe2gA/ShHgsNrUUCI/AAAAAAAAJGU/VumuLlMPZ-Y/s1600-h/Midas0518A.gif) Keep that in mind when you trade the short term, or try to interpret the daily actions of the markets. Most short term movements have nothing to do with the fundamentals, and everything to do with the dealers and shills peeking into your hand and running bluffs against the small traders and the funds and institutions.
Most investors have no business trading options or forex or futures at any time.
Everyone's situation is different, but overal this looks like an especially treacherous bear market, made doubly difficult by the actions of the Treasury and the Fed in bankrolling malinvestment, imbalances and corrupted price discovery.
When in doubt, get out. Don't get hooked by greed. And don't step in front of a market operation to run prices up or down. Wait for the longer term trends to assert themselves, and avoid the trap of calling tops and bottoms and attempting to be 'the first' in ahead of a market move.
This rally 'could' have some legs if it becomes a determined effort to reflate the credit bubble supported by the power of the Treasury and the Fed, as we saw in 2003-6, which was a reckless and disgraceful abuse of the Fed's economic responsibilities.
We doubt they can do it again, but never underestimate the power of greed and fear over memory and prudence.
Posted by Jesse at 3:00 PM (http://jessescrossroadscafe.blogspot.com/2009/05/nasdaq-100-futures-at-245-pm.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=8449196612241785355) :verbeug
ANTRITTSBESUCH IM WEISSEN HAUS
Netanjahu widersetzt sich Obamas Friedensplänen (http://www.spiegel.de/politik/ausland/0,1518,625628,00.html)
Standpauke ohne Wirkung: Barack Obama hat Israel zum Siedlungsstopp und zur Anerkennung eines Palästinenserstaates ermahnt - doch Benjamin Netanjahu wich ihm aus. Beim Antrittsbesuch im Weißen Haus redete der israelische Premier lieber über die Bedrohung aus Teheran. Von Gregor Peter Schmitz und Christoph Schult, Washington mehr... (http://www.spiegel.de/politik/ausland/0,1518,625628,00.html) [ Video (http://www.spiegel.de/video/video-1003213.html) | Forum (http://forum.spiegel.de/showthread.php?t=7184) ]
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifBesuch im Weißen Haus: Obama fordert Siedlungsstopp von Netanjahu (http://www.spiegel.de/politik/ausland/0,1518,625619,00.html)
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifNetanjahu bei Obama: Standpauke im Weißen Haus (http://www.spiegel.de/politik/ausland/0,1518,625400,00.html)
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifNahostkonflikt: Obama hält an Zwei-Staaten-Lösung fest http://www.spiegel.de/static/sys/v8/icons/ic_spiegel_tv.gif (http://www.spiegel.de/video/video-1003213.html)
..... Er spricht erneut über einen Palästinenserstaat - und kritisiert offen die umstrittene Siedlungspolitik der Israelis in palästinensischen Gebieten. "Hier stockt der Fortschritt", mahnt der US-Präsident. "Ich habe dem Premierminister gesagt, dass er eine historische Gelegenheit hat, in diesem Punkt voranzukommen." Doch Netanjahu geht darauf kaum ein. Ein Bekenntnis zum Palästinenser-Staat bringt er nicht über die Lippen. Wenn es wirklich Frieden gebe, werde die Terminologie sich von selber regeln, weicht Netanjahu aus.......
.....und laut Nachrichten von heute morgen - es wird wieder mal mit dem Bau einer neuen grossen Siedlung begonnen :gomad so viel zum Friedenswillen der Israelis :bad
Obama-Netanyahu Meeting: Israeli Leader Doesn't Mention "Two-State Solution" (VIDEO, TRANSCRIPT) (http://www.huffingtonpost.com/2009/05/18/obama-netanyahu-meeting-i_n_204967.html)
First Posted: 05-18-09 08:30 PM | Updated: 05-18-09 10:35 PM
Today's meeting between President Obama and Israeli leader Benjamin Netanyahu is being carefully analyzed by observers in both countries, who have been busy interpreting the real meaning of every statement as well as what was left unsaid.
While Obama emphasized that it was in the interests of both Israel and the Palestinians to achieve a two-state solution, Netanyahu pointedly neglected to use that term, instead saying that he supports self-government for the Palestinians.
Netanyahu said: "I want to make it clear that we don't want to govern the Palestinians. We want to live in peace with them :rolleyes We want them to govern themselves, absent a handful of powers that could endanger the state of Israel."....
.....When Bibi (...wie kann man nur so jemanden Bibi nennen :kopf) said, of the Palestinians: "We want them to govern themselves."
He wants the US public to hear: he endorsed a two-state solution!.....
.....Opposition leaders in Israel expressed disappointment with Netanyahu's comments. Haaretz (http://www.haaretz.com/hasen/spages/1086380.html) reports:
"It is a shame that the number one Israeli expert on understanding American political culture failed in his attempt to seduce Obama with unintelligible chatter," said Kadima MK Ze'ev Boim. "...[Netanyahu] missed an opportunity to forge real trust, just as he is about to squander the historic opportunity mentioned by the president." Read the full transcript:
PRESIDENT OBAMA: Well, listen, I first of all want to thank Prime Minister Netanyahu for making this visit. I think we had a extraordinarily productive series of conversations, not only between the two of us but also at the staff and agency levels.
Obviously this reflects the extraordinary relationship, the special relationship between the United States and Israel. It is a stalwart ally of the United States. We have historical ties, emotional ties. As the only true democracy of the Middle East it is a source of admiration and inspiration for the American people......
Obama Parenting PDA (SLIDESHOW, VIDEO) (http://www.huffingtonpost.com/2008/11/10/obama-parenting-pda-slide_n_142625.html)
November 10, 2008 09:41 AM
The Obama family is a close one and has never (http://www.huffingtonpost.com/2008/10/28/obama-pda-the-one-day-edi_n_138331.html)hid their affection from one another. Not only do Michelle and Barack Obama consistently (http://www.huffingtonpost.com/2008/11/02/obama-pda-the-weekend-edi_n_140239.html)display their love for one another with looks, kisses and pats, but they are equally demonstrative with their daughter Sasha and Malia. From kisses and hugs to casually draping their arms across their kids and carrying them around, here are some of the moments - caught by the AP and Getty - of the Obamas baby love throughout the years.
....da könnten sich wohl einige Eltern eine Scheibe abschneiden :)
Goldman, Morgan Stanley Apply to Repay Bailout (http://www.cnbc.com/id/30815526)
By: Reuters | 18 May 2009 | 09:15 PM ET
Goldman Sachs, Morgan Stanley and other banks have applied to repay billions of dollars they borrowed under the U.S. government's Troubled Asset Relief Program, sources familiar with the situation said on Monday.
U.S. banks are scrambling to repay TARP money as soon as possible, in an effort to signal their strength :rolleyes to the market and to avoid the tighter (ja - das ist eben sehr unangenehm :o) regulation that comes with government funds, particularly limitations on compensation.
Banks began gearing up to repay government funds soon after the U.S. government announced the results of stress tests on May 7.
The sources asked to remain anonymous because they were not permitted to talk about the matter.
The Financial Times reported on Monday that Goldman Sachs, JPMorgan Chase, and American Express were expected to be in the first wave of major lenders allowed to return TARP funds. The government's stress tests said none of the three needed to raise capital, even among the most negative economic scenario that regulators considered......
GS in the first wave - nein wie überraschend aber auch :o:rolleyes
When All Else Fails, Open A Restaurant (http://lolfed.com/2009/05/18/when-all-else-fails-open-a-restaurant/)
May 18th, 2009 by alyx · retail (http://lolfed.com/category/retail/)
Among my few deeply-held beliefs, there lives a hatred of Facebook apps. I had nearly stopped using the site for about a month before I learned that LivingSocial and its inane cousins could be blocked from my news feed. All the rage on Facebook right now? Running your own virtual restaurant (http://blogs.villagevoice.com/forkintheroad/archives/2009/05/now_we_can_all.php). Whomever designed this one pictured above will assuredly fail, as we all know the only money to be made as a restaurateur is at the bar (http://www.chainleader.com/TalkBack/Comments?talk_back_header_id=6600818&articleid=ca6483338&article_id=6483338). (Really interesting link, there - does throwing a napkin in front of you cause a Pavolvian signal, whereby you salivate and think of hops?)
Ridiculous as this Facebook app is, it has some roots in reality as well. We at LOLFed have been on the hunt for the infamous green shoots lately - whether in the Spam market, the commodity market or even sadly in Mickey Drexler’s retail outlets - and here’s another one of sorts. As retail rents drop, New Yorkers get more options for chow (http://www.observer.com/2009/real-estate/new-restaurant-applications-soaras-storefront-rents-grow-more-palatable):
For whatever reason, there has been a 25 percent jump in applications for new restaurant permits :eek in New York City in the first three and a half months of 2009, as compared to the same period last year, according to preliminary data provided by the New York City Health Department. At the same time, rents on the storefront spaces ideal for restaurants continue to fall, according to a recent report issued by the Retail Committee of the Real Estate Board of New York.
The first paragraph of the report sums it up nicely: “Manhattan average asking rents for all available space declined 11 percent from the Fall 2008 to $115 [a square foot annually]…”
Meanwhile, online restaurant-reservation site OpenTable’s IPO is this week (http://www.washingtonpost.com/wp-dyn/content/article/2009/05/18/AR2009051802391.html), suggesting that demand for decent dining will continue to outpace supply enough that things like reservations will be necessary - and the National Restaurant Association (NRA), which is meeting in Chicago this week, thinks the worst of restaurant layoffs should be over (http://www.qsrmagazine.com/articles/news/story.phtml?id=8693). Hmm - looking at the skinny recent issue of Fortune next to me on the coffee table right now, maybe Steve F. should consider a special all-”Go, Consider, Stop” edition.
Green shoots? Well, it does sound like despite all that crap we yuppies are growing in our AeroGardens, we probably don’t know how to cook it, so we’re still dining out. Nom nom nom. :rolleyes:D
...das ist/wird auch noch eine Knacknuss :rolleyes
Now Credit Card Firms Are Going After Their Best Customers (http://www.nytimes.com/2009/05/19/business/19credit.html?_r=1&hp=&pagewanted=print)
Reviving Annual Fees, Cutting Back Rewards Programs, Dropping Grace Periods (http://www.nytimes.com/2009/05/19/business/19credit.html?_r=1&hp=&pagewanted=print)
Arianna: Obama Calls For An Extreme Makeover Of Our Culture - Are The Credit Card Companies Listening? (http://www.huffingtonpost.com/arianna-huffington/obama-calls-for-an-extrem_b_204903.html)
New York Times | ANDREW MARTIN | May 19, 2009 at 12:55 AM
Credit cards have long been a very good deal for people who pay their bills on time and in full. Even as card companies imposed punitive fees and penalties on those late with their payments, the best customers racked up cash-back rewards, frequent-flier miles and other perks in recent years.....
Comments (587) (http://www.huffingtonpost.com/2009/05/19/credit-card-companies-pla_n_205004.html)
Tuesday, May 19, 2009
Elizabeth Warren on Bill Maher (http://www.nakedcapitalism.com/2009/05/elizabeth-warren-on-bill-maher.html)
Elizabeth Warren is facing the peculiar experience of being Mr. Smith in Washington. I am a big fan of her position and message, and have come to notice that (not surprisingly) the posture of her interviewer makes a great difference in how well she comes off.
Bill Maher pitched a bunch of softballs, and Warren comes out like a champ (but before you conclude she is getting soft treatment, consider how Fox News treats its own). Contrast how she comes of less well here, on Charlie Rose (http://www.charlierose.com/view/interview/10292), even though she had the appearance of having greater control of the interview.
Enjoy (hat tip reader Hubert):
.....und noch einmal :rolleyes
Just Doin’ Their Part (http://lolfed.com/2009/05/19/just-doin-their-part/)
May 19th, 2009 by Jason · all ur bankz (http://lolfed.com/category/all-ur-bankz/)
Taxpayer win! Kind of? A little, maybe. JP Morgan, Morgan Stanley, and Goldman Sachs are all clamoring to pay back that TARP money (http://www.bloomberg.com/apps/news?pid=20601087&sid=a5XKm1xjWNfI&refer=home) they never needed in the first place, because funny thing, when you take billions of dollars from someone there tends to be strings attached. Ropes, really.
Of course, they can’t just give the money back, they have to ask permission from the Fed. I hope JP Morgan thinks really hard about early repayment penalties on its own loans from now on.
Elizabeth Warren on the Credit Card Industry
Fresh Air from WHYY (http://www.npr.org/templates/rundowns/rundown.php?prgId=13), March 27, 2007 · Harvard Law Professor Elizabeth Warren is an expert on bankruptcy and is an outspoken critic of consumer lenders.
:kopf man kann fast nicht hinhören wir die Leute über den Tisch gezogen werden :gomad auf der anderen Seite es war schon immer billiger nur das Geld auszugeben welches man wirklich hat :cool
das Gesetz :reiter :gomad
Martin resigns as Commons speaker
By Alex Barker, Political Correspondent
Published: May 19 2009 11:38 | Last updated: May 19 2009 16:02
Michael Martin on Tuesday resigned as Commons Speaker for the sake of “unity” after losing the confidence of many MPs and party leaders over his handling of the Westminster expenses furore (http://www.ft.com/indepth/mp-expenses).
Michael Martin will step down as Common Speaker on June 21 after losing the confidence of many MPs and party leaders over his handling of the Westminster expenses furore.
..... “Removing Michael Martin is not the end, it is the beginning - a new Speaker has to be reformist, they need to be progressive.”
....ob es bei uns viel besser ist :confused:nw
From Times Online
May 19, 2009
Speaker Michael Martin quits: I will step down on June 21
....mit Video und Kommentaren :o
19. Mai 2009, 14:57
Milchbauern protestieren in Frankreich
Mit landesweiten Demonstrationen haben Bauern in Frankreich gegen den Preisverfall bei Milch protestiert. Der Nationale Milchbauernverband (FNPL) hatte zu einem kollektiven Protesttag aufgerufen, der schon in der Nacht mit zahlreichen Kundgebungen eingeläutet worden war.
Tausende Bauern beteiligten sich unter anderem in der Bretagne, im Elsass und im Loire-Tal daran. Viele brachten ihre Kühe und Trecker mit, um ihrer Wut vor den Präfekturen Luft zu machen. Vereinzelt wurden Milchwagen auf den Strassen entleert.
Der Zorn der Milchbauern richtet sich gegen nicht abgesprochene Preissenkungen der industriellen Abnehmer um 30 Prozent. Die Industrie begründet ihr Vorgehen mit einem Überangebot, zahlreiche Bauern fürchten wegen des Preisverfalls um ihre Existenz.
Die Regierung ging unterdessen auf eine der Forderungen der Demonstranten ein und benannte zwei Schlichter, die sich um eine Vermittlung zwischen Bauern und Grossabnehmern kümmern sollen.
Landwirtschaftsminister Michel Barnier kündigte überdies an, sich auf dem EU-Ministerrat kommenden Montag für eine angemessene Antwort der EU auf die Krise der Milchbauern einzusetzen.
....komisch - fast alle Lebensmittel sonst werden teurer :kopf ich denke man sollte die einheimischen Bauern etwas mehr unterstützen - dort kaufe ich 1 kg Äpfel für 2 Franken, bei der (billigen :rolleyes) Migros kosten drei Äpfel auch so viel :mad
20 May 2009
Bailing On Britain (http://jessescrossroadscafe.blogspot.com/2009/05/new-research-has-found-that-whopping-11_9099.html)
A bit overstated, and talking their book perhaps, but certainly a trend worth watching.
Mass exodus from UK :eek
Friday, May 15, 2009
New research has found that a whopping 11 million Brits are thinking of taking a job overseas within the next two years - a significant dent in the population - and a fifth of those would choose a new life down under...
Britain is experiencing the greatest exodus of its own nationals in recent history while immigration is at unprecedented levels, new figures show.
In 2007, 207,000 British citizens - one every three minutes - left the country and currency specialist Foreign Currency Direct has revealed that one in four working Brits are now looking to leave the country for sunnier climes and better job opportunities.
More British live abroad than any other nationality and the levels of emigration are now the same as those seen in the late-1950s when the £10 Poms left for Australia.
An increase in tax levelled at high wage earners coupled with rising UK unemployment is thought to be partly behind the mass exodus.
The research found that men are almost twice as likely as women to opt for a job overseas and moving abroad was most popular with Brits aged between 18 and 30 and also those in the 51 to 60 age bracket, perhaps seeking a better lifestyle for their retirement.
With the number of unemployed in Birmingham higher than in any other major UK city, people living in the Midlands are subsequently the most likely to look for a job overseas - 17 per cent of them compared to just 13 per cent in Wales and the South West.
The majority of people planned to head for a country with a warmer climate, more days of sunshine and those that were English speaking. A fifth of people named Australia as their top choice; one in six selected the USA and one in ten chose New Zealand. Canada was also a popular choice.
Peter S. Ellis, Chief Executive of Foreign Currency Direct, said, "As people struggle to find jobs, it is no wonder that Brits are considering bailing out the UK.
"In the last year, Foreign Currency Direct has seen an 37 per cent increase in the number of clients transferring funds to Australia and the USA as Britons look overseas for a better quality of life."
Posted by Jesse at 9:43 AM (http://jessescrossroadscafe.blogspot.com/2009/05/new-research-has-found-that-whopping-11_9099.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=3138519538322431692) :verbeug
...ob der Kavallerist mitliest :confused täte vielleicht nicht schaden :o
Bank Of America Hits Up The ATM (http://lolfed.com/2009/05/20/bank-of-america-hits-up-the-atm/)
May 20th, 2009 by alyx · all ur bankz (http://lolfed.com/category/all-ur-bankz/)
You know that joke that was going around back in October? Go to the ATM and it asks YOU to spot it fifty bucks? Yeah, Bank of America got that one. Kennay and company dumped 1.25 billion shares off at the market (http://www.marketwatch.com/story/b-of-a-prices-offering-of-825-mln-shares-report)last night, raising about $13 billion:
The finance giant said in a statement that since May 8, it has issued 1.25 billion shares at an average price of $10.77 each as part of its now-concluded at-the-market, or ATM program, representing gross proceeds of roughly $13.47 billion.
“We’re pleased to have this portion of our capital plan completed,” Bank of America Chief Financial Officer Joe Price said in a statement.
A government stress test had concluded in early May that Bank of America needs almost $34 billion in new equity capital to help it keep lending if the recession gets worse in coming years.
Part of Bank of America’s capital-raising response was to launch the ATM program, in which the giant lender sold shares over time at prevailing market prices.
So, expect more dilution to come as they slowly raise that $34 bil. And just so you know, they’re raising that money solely because Timmay told them they need to take it and sit on it. Countrywide and Merrill are causing enough indigestion to keep Kennay away from the merger table: (http://www.bloomberg.com/apps/news?pid=20601110&sid=awdMRymFswhE)
Bank of America Corp. Chief Executive Officer Kenneth Lewis expects more mergers among U.S. banks as the economy stabilizes, and said his bank won’t be among the participants.
“Merger activity will pick up for others,” Lewis said in speech in London today. “At Bank of America, we’ve got enough on our hands right now.”
In that article, he goes on to lament that the stress tests were just too darn tough, and that it is inconcievable we will ever see a 5.7% loan-loss rate on BAC’s mortgage portfolio, and please someone correct me if you think I’m wrong, but knowing the crap that is in there from Countrywide, I fully expect this comment to come back and take a nice chomp out of his rear end.
...so ganz kapier ich's nicht :rolleyes wie die zum Geld kommen :o
Who Will TARP America?
Posted May 20, 2009
Last week the nation’s number one trucking company, YRC Worldwide Inc., announced that it will seek $1 billion in TARP assistance to bailout the company’s pension plan. Never mind the fact that the request is light years away from the original intention and approval given by congress to purchase toxic assets from banks’ balance sheets. The point is that the troubled company’s request of the government to cover its pension obligations should remind us of the bigger issue; who will bailout our country’s pension plan and can the USA TARP itself?
The question has particular saliency given the recent release of the Medicare and Social Security Trustees report. The report provided more sobering news about the long and short term insolvency of our nation’s retirement plans and revealed the problem of funding our nation’s entitlement programs is becoming much worse.
The Social Security trust fund will run out of assets four years earlier than previously forecast. It should be noted at this time that the continued belief in the existence of any government trust fund (including FDIC insurance) is tantamount to a belief in the tooth fairy, because the special-issue bonds will need to be redeemed just as would any ordinary Treasury obligation. Therefore the only date of importance is the date at which expenditures exceed revenues, which in the case of Social Security, has been moved up one year to 2016. The report also bumped up the amount needed over the next 75 years to fulfill its benefit obligations by $5.3 trillion.
Medicare, which is by far the bigger issue, is already in a cash flow negative situation. Medicare Part A turned cash-flow negative in 2008, as payments exceeded revenue by $21 billion. The trust fund is projected to run out in 2017, two years sooner than predicted just last year.
How big is the entire problem you ask? According to the Trustee’s report, if you add together the unfunded liabilities from Medicare and Social Security, it comes to more than $100 trillion over the infinite horizon - talk about the mother of all bailouts. There is no doubt in my mind that if the government conducted a stress test on its own ability to remain solvent given the amount of entitlement program spending we face; they would receive a failing grade.
A study done by the Center on Budget and Policy Priorities shows that for 2/3 of Americans over age 65, Social Security provided half or more of retirement income. As for the remaining third, it provided 90% or more! That is why any proposed reductions in benefits will face an impenetrable line of defense from AARP and other lobbying groups which represent retirees - a voting bloc with increasing numbers and influence. When you factor in the wealth decline from the Dow Jones Industrial Average that has declined 42% from its October 2007 high, home prices that are off 31% from their high water mark set in 2006, and the decline in influence of most private pension plans, you understand that the reliance on entitlement programs is increasing substantially.
So back to the original question: Who will bail out the USA? Up until now it has been foreign Central Banks. For instance, the Chinese now have $1.9 trillion in currency reserves of which $740 billion are in US Treasuries. The notion that they will continue to provide the United States with an unlimited supply of Treasury demand is specious in nature. Premier Wen Jiabao has already expressed his concern over his country’s concentrated dollar position. Additionally, the Chinese have a waning trade surplus and their own stimulus program to fund. This means that they may not have the desire or the means to fund our ballooning debt.
Increasing taxes have been proposed by some to close the gap. In reality imposing new taxes or increasing existing tax rates does not necessarily equate to increased revenue. In fact, an increased tax burden imposed on this already fragile economy may prove to have the opposite effect on government income.
A partial solution is to grow the economy as much as possible. But the truth is that the antithesis of growth is what is being deployed. Higher taxes, inflation and debt are the antidotes to growth and will only exacerbate our funding issues.
That leaves the Federal Reserve in charge of bailing out the entire country. TARPer in Chief Banana Ben Bernanke :rolleyes:hihi --who has unlimited counterfeit funds to deploy--will be looked to once again to provide relief by leaving interest well below inflation and keeping the monetary base incredibly high. The worst fear of all is that he will be the buyer of last resort and purchase an ever increasing quantity of US Treasury debt. Any relief experienced by his prodigal efforts will be fleeting. Unfortunately, we will have to learn the hard way that inflation solves nothing and seeking a panacea through the printing press leads to perdition.
:schwitz und bei uns sieht es da besser aus :confused:rolleyes:gruebel:no
Posted: May 19 2009 By: Jim Sinclair Post Edited: May 19, 2009 at 11:07 pm
The fact that the money and power are leaving for China has escaped everyone in our leadership. They are totally blind to this. They cannot conceive that we have given up the lead to anyone, because we are so perfectly good. This is called Hubris and is a tool of the Gods to destroy any who dare to become Godlike.
Help us find real money.
Zum Original-Beitrag (http://showthread.php3?p=1239320#post1239320)
Fighting The Man (http://lolfed.com/2009/05/20/fighting-the-man/)
May 20th, 2009 by Jason · all ur bankz (http://lolfed.com/category/all-ur-bankz/), fail (http://lolfed.com/category/fail/), subprime (http://lolfed.com/category/subprime/)
If we here at LOLFed were mean, or at least motivated by a sense of righting perceived wrongs, we might be Bruce Marks of the Neighborhood Assistance Corporation of America, or NACA because I’m too lazy to type all that. Whereas we’re content to taunt bank execs from behind the safety of a keyboard and with relative anonymity, Bruce actually calls them at their offices and says the things we write on their pictures in terrible, terrible English. Like, such as (http://online.wsj.com/article/SB124276441945635993.html#mod=whats_news_free?mod=igoogle_wsj_gadgv1)!
“I’m tired of borrowers being screwed!” Mr. Marks yelled into the phone. “You’re incompetent!” Before hanging up, he threatened to call bank CEO Kenneth Lewis at home to complain about the loan executive.
Yes, Bruce threatened to call Ken Lewis to complain about incompetence. Well, at least his heart’s in the right place.
[NACA] salts its Web site with photos of executives it accuses of standing in the way of helping homeowners — emblazoning “Predator” across their photos, picturing their homes and sometimes including home phone numbers.
In other words, it’s like if Chris Hansen wrote for LOLFed and joined Anonymous. He actually uses the word “terrorize” to describe what he does, because he has not watched the news in the past eight years. Yet somehow, he has managed to strike agreements with the likes of Citi, JPM, BAC and WF to let his company’s counselors act as sort of intermediaries for homeowners who are having some troubles. Also, he has a plan for what banks ought to be doing. Namely, a return to the good old days of mortgage lending, in which interest rates were sky high.
He favors a return to more traditional standards, with full documentation of income and the same fixed interest rate for everyone.
Instead of relying on credit scores, he thinks lenders should look into the reasons for any late payments in prospective borrowers’ past and prepare renters for the responsibilities of home ownership. Then, if people are given a loan they can afford, they shouldn’t be required to make a down payment, he argues.
In other words, the mortgage industry will be at its best when almost no one qualifies for a mortgage, and the ones that do can’t afford the 14% interest. The rest of us will live in vans, down by the river. Actually, the only people who will have homes are the bankers themselves, and Marks will organize protests in front of them, because the best way to win someone over is by inviting a bunch of strangers over to trample their gardenias and chant outside their bedroom windows at 4 in the morning that this subprime party’s got to go, hey hey, ho ho.
He has managed to get the loans of thousands of struggling homeowners modified, so it’s not as if he doesn’t do any good for the people. He hosted an event here in Columbia a couple of months ago that I did not attend because I live in suburbia and I did not want to drive allllllll the way to the Colonial Center, even for lulz. Good thing I didn’t, because there is a small catch for receiving help from NACA:
NACA says it arranged $367 million of mortgages last year. Those borrowers must become members of NACA, agreeing to participate in its protests or help out at its offices, and for several years must contribute to a fund for homeowners who fall behind because of sickness or job loss.
But on the other hand, there is a good chance I would have dumped a truckload of old furniture on someone’s lawn anyway so maybe there wouldn’t have been a difference. And hey, the 4.375% interest rate does sound appealing. Just wish I wasn’t current on my mortgage payments so I could join the revolution and stop The Man from trampling me to keep me down.
Marks seems much more likely to place all the blame on the lenders and none on the homeowners themselves who thought they could buy a home worth twenty times their annual income, and should have known better. Like this guy (http://www.nytimes.com/2009/05/17/magazine/17foreclosure-t.html?_r=2&em), an economics reporter for the NY Times. (It’s a sad story, so you won’t get any LOL from me on it.) But I suppose protesting on their lawns would be kind of a cruel insult, and not nearly as lol-worthy as salting ‘FAIL’ in ten-foot-high letters on the lawn of Ken Lewis.
Not that we’re suggesting any of you should do that, but we’re not not suggesting it, either.
21 May 2009
British Economy Founders, Standard and Poor's Dictates Terms (http://jessescrossroadscafe.blogspot.com/2009/05/british-economy-founders-standard-and.html)
This is certainly the big news for the day, although the markets are trying to slough it off, and spin the bright side of nearly anything.
What particularly strikes one is the almost ominous warning from US-based Standard and Poor's that the downgrade may be contingent on the outcome of the next British elections.
"Give me control over a nation's currency, and I care not who makes its laws" And these days a credit rating for a debtor is as good as currency.
While we are working the math, it should be apparent to even an economist that the debt side of the American consumer balance sheet is not sustainable, and that future income will be used to pay down that debt to manageable levels.
The implications for this are enormous. But its good to have the world's sovereign currency, to be the king of finance.
S&P issues warning on UK economy credit rating
LONDON (AFP) — Standard and Poor's warned Thursday that the British economy's top-level 'AAA' credit rating was under threat and revised down its outlook due to soaring public debt, sending financial markets reeling.
The international ratings agency said it downgraded the outlook to "negative" from "stable" because of the country's "deteriorating public finances" amid a deep recession in Britain and elsewhere.
S&P also warned in a statement that the change may lead to a downgrade of Britain's cherished 'AAA' sovereign credit rating -- a mark of its financial standing in the world and a major concern in any move to raise funds.
"This is the first major country to get a negative outlook, and that's significant," said Bilal Hafeez, global head of currencies research at Deutsche Bank in London.
In reaction to the news, London's FTSE 100 index of leading shares dived by more than 3.0 percent in late afternoon trade.
And on the foreign exchange market, the British pound fell back sharply to 1.55 to the dollar, as traders hedged themselves against the chance of a damaging ratings downgrade....
However, the agency also forecast that the government debt burden could reach nearly 100 percent of Gross Domestic Product (GDP) by 2013.
"A government debt burden of that level, if sustained, would in Standard & Poor's view be incompatible with an 'AAA' rating," warned the agency.
Official data released Thursday showed Britain's public deficit ballooned to a record 8.5 billion pounds (9.6 billion euros, 13.22 billion dollars) in April as the government bailed out banks and the recession slashed tax revenues.
At the same time, public debt as a proportion of GDP surged to 53.2 percent in April, compared with 42.9 percent at the end of the same month last year.
S&P warned that the ratings could be downgraded following Britain's next general election that must be held by mid-2010.
"The rating could be lowered if we conclude that, following the election, the next government's fiscal consolidation plans are unlikely to put the UK debt burden on a secure downward trajectory over the medium term," S&P credit analyst David Beers said.
"Conversely, the outlook could be revised back to stable if comprehensive measures are implemented to place the public finances on a sustainable footing."
A spokesman for the British Treasury said the government was planning to halve the public deficit within five years.
A downgrade of a credit rating can have significant consequences for a country, pushing up the interest rates demanded by investors to buy new debt which is increasingly being issued to help cover soaring budget deficits.
Britain's economy is shrinking at its fastest pace in almost 30 years. GDP contracted by 1.9 percent during the first three months of 2009 after a slump of 1.6 percent in the last quarter of 2008.
Posted by Jesse at 11:49 AM (http://jessescrossroadscafe.blogspot.com/2009/05/british-economy-founders-standard-and.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=5028880668413569565) :verbeug
US Doctors’ association calls for Moratorium on GMO Foods
by F. William Engdahl
May 21, 2009
The American Academy of Environmental Medicine (AAEM) has just issued a call for an immediate moratorium on Genetically Manipulated (GMO) Foods. In a just-released position paper on GMO foods, the AAEM states that ‘GM foods pose a serious health risk’ and calls for a moratorium on GMO foods. Citing several animal studies, the AAEM concludes ‘there is more than a casual association between GMO foods and adverse health effects’ and that ‘GM foods pose a serious health risk in the areas of toxicology, allergy and immune function, reproductive health, and metabolic, physiologic and genetic health.’ The report is a devastating blow to the multibillion dollar international agribusiness industry, most especially to Monsanto Corporation, the world’s leading purveyor of GMO seeds and related herbicides.
In a press release dated May 19, the American Academy of Environmental Medicine, which describes itself as ‘an international association of physicians and other professionals dedicated to addressing the clinical aspects of environmental health,’ called immediately for the following emergency measures to be taken regarding human consumption of GMO foods:
* A moratorium on GMO food; implementation of immediate long term safety testing and labelling of GMO food.
* Physicians to educate their patients, the medical community and the public to avoid GMO foods.
* Physicians to consider the role of GMO foods in their patients' disease processes.
* More independent long term scientific studies to begin gathering data to investigate the role of GMO foods on human health.
full story: http://www.financialsense.com/editorials/engdahl/2009/0521.html
....da wird wohl Monsanto seinen Leuten Dampf unter dem Hintern machen :rolleyes:mad
-> Posted by Ororeef @ 23:33 pm on May 21, 2009
The IRS decides to audit Grandpa, and summons him to the IRS office.
The IRS auditor was not surprised when Grandpa showed up with his attorney.
The auditor said, ‘Well, sir, you have an extravagant lifestyle and no full-time employment, Which you explain by saying that you win money gambling. I’m not sure the IRS finds that believable.’
I’m a great gambler, and I can prove it,’ says Grandpa. ‘How about a demonstration?’
The auditor thinks for a moment and said, ‘Okay. Go ahead.’
Grandpa says, ‘I’ll bet you a thousand dollars that I can bite my own eye.’
The auditor thinks a moment and says, ‘It’s a bet.’
Grandpa removes his glass eye and bites it. The auditor’s jaw drops.
Grandpa says, ‘Now, I’ll bet you two thousand dollars that I can bite my other eye..’
Now the auditor can tell Grandpa isn’t blind, so he takes the bet..
Grandpa removes his dentures and bites his good eye…. The stunned auditor now realizes he has wagered and lost three grand,with Grandpa’s attorney as a witness. He starts to get nervous.
‘Want to go double or nothing?’ Grandpa asks ‘I’ll bet you six thousand dollars that I can stand on one side of your desk,and pee into that wastebasket on the other side, and never get a drop anywhere in between.’
The auditor, twice burned, is cautious now, but he looks carefully and decides there’s no way this old guy could possibly manage that stunt, so he agrees again.
Grandpa stands beside the desk and unzips his pants, but although he strains mightily, he can’t make the stream reach the wastebasket on the other side, so he pretty much urinates all over the auditor’s desk.
The auditor leaps with joy, realizing that he has just turned a major loss into a huge win.
But Grandpa’s own attorney moans and puts his head in his hands.
‘Are you okay?’ the auditor asks.
‘Not really,’ says the attorney. ‘This morning, when Grandpa told me he’d been summoned for an audit, he bet me twenty-five thousand dollars that he could come in here and pee all over your desk and that you’d be happy about it!’
Don’t Mess with Old People!!! ;):hihi
....niemand will die ex-Gefangenen aufnehmen :rolleyes dafür noch mehr Kohle für noch mehr Krieg :gomad
Senate Passes $91 Billion War Funding Bill (http://www.huffingtonpost.com/2009/05/21/senate-passes-913-billion_n_206589.html)
Denies Obama Money To Close Guantanamo (http://www.huffingtonpost.com/2009/05/21/senate-passes-913-billion_n_206589.html)
Quick Read (http://www.huffingtonpost.com/2009/05/21/senate-passes-913-billion_n_206589.html) |
Comments (118) (http://www.huffingtonpost.com/2009/05/21/senate-passes-913-billion_n_206589.html)
Florida Bank Seized In Largest Bank Failure This Year (http://www.huffingtonpost.com/2009/05/21/floridas-bankunited-fsb-s_n_206565.html)
Quick Read (http://www.huffingtonpost.com/2009/05/21/floridas-bankunited-fsb-s_n_206565.html) |
Comments (28) (http://www.huffingtonpost.com/2009/05/21/floridas-bankunited-fsb-s_n_206565.html)
But they keep using our taxes to keep Citi and BofA afloat!
Well, UncleJoe, sure they get picked up for less than they are worth before they go under. That said, we are spending obscene amounts bailing these guys out. At least we can get $27,500 in a video contest against the bailouts.
This video explains the contest. Pretty funny stuff.
...und der Spiegel dazu:
Bankenpleite in Florida erschüttert US-Finanzbranche (http://www.spiegel.de/wirtschaft/0,1518,626201,00.html)
Es ist der bisher teuerste Zusammenbruch eines amerikanischen Geldkonzerns in diesem Jahr: US-Behörden haben die Bank United geschlossen, das größte Finanzinstitut in Florida. Die Reste übernimmt ein Konsortium aus Finanzinvestoren. mehr... (http://www.spiegel.de/wirtschaft/0,1518,626201,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=6990) ]
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifUS-Versicherer: AIG-Chef Liddy will zurücktreten (http://www.spiegel.de/wirtschaft/0,1518,626215,00.html)
AIG-Chef Liddy will zurücktreten
Beim US-Versicherungsgiganten AIG zeichnet sich ein Wechsel an der Spitze ab: Konzernchef Edward Liddy hat seinen Rückzug angekündigt. AIG war durch die Finanzkrise in schwere Turbulenzen geraten. Eine Affäre um üppige Boni hatte dem Konzern zudem heftige Kritik eingebracht.
New York - AIG http://www.spiegel.de/static/sys/v6/chartlink.jpg (http://boersen.manager-magazin.de/mmo/suche.htm?isin=US0268741073) muss sich einen neuen Vorstandschef suchen: Bei der weitgehend verstaatlichten US-Assekuranz hat der zur Sanierung angetretene Top-Manager Edward Liddy seinen Rückzug angekündigt. Der 63-Jährige werde nur noch solange im Amt bleiben, bis ein Nachfolger gefunden sei, gab AIG am Donnerstagabend bekannt.
AIG-Chef Liddy: "Es bleibt noch viel zu tun"...aha - darum geht er :gruebel :cool
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifWeltkrise privat: Wirtschaftspropheten in der Buchstabensuppe (http://www.spiegel.de/wirtschaft/0,1518,626137,00.html)
...hier geht's zwar letztendlich auch um Kohle - die meisten Menschen sehen jedoch hier etwas appetitlicher aus :cool
YES, WE CANNES... (http://www.huffingtonpost.com/2009/05/21/cannes-2009-fashion-11-aw_n_206067.html)
Quick Read (http://www.huffingtonpost.com/2009/05/21/cannes-2009-fashion-11-aw_n_206067.html) |
PHOTOS: Cannes amfAR Gala (http://www.huffingtonpost.com/2009/05/21/amfar-gala-pictures-stars_n_206566.html)
Quick Read (http://www.huffingtonpost.com/2009/05/21/amfar-gala-pictures-stars_n_206566.html) |
Brad And Angelina Wow Cannes At 'Inglourious Basterds' Premiere (PHOTOS) (http://www.huffingtonpost.com/2009/05/20/brad-and-angelina-wow-can_n_205929.html)
Quick Read (http://www.huffingtonpost.com/2009/05/20/brad-and-angelina-wow-can_n_205929.html) |
Pimco's Gross: Sell-off driven by fears US could lose AAA :eek:rolleyes
Thu May 21, 2009 1:39pm EDT
........Asked what is driving the market declines, Gross told Reuters via email that investors fear the U.S is "going the way of the U.K. -- losing AAA rating which affects all financial assets and the dollar."
21 May 2009
The US Dollar and a Paradigm Shift in the Markets (http://jessescrossroadscafe.blogspot.com/2009/05/us-dollar-and-paradigm-shift-in-markets.html)
From Warren Pollock:
A simple grid shows how the USD and the Stock Market have moved together in different ways during different economic times. Today we saw the USD down in a huge way with the Stock Market Weak.. Are we seeing the pendulum shift once again as the stress of derivatives and Insolvent municipalities hatch out. Are we a bailout nation? And Will the world bail us out? DDlc33hSDjA&eurl
Posted by Jesse at 6:30 PM (http://jessescrossroadscafe.blogspot.com/2009/05/us-dollar-and-paradigm-shift-in-markets.html) http://www.blogger.com/img/icon18_email.gif :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=8684730848136557716)
22 May 2009
Regional Federal Reserve Banks Think the Geithner-Bernanke-Summers Plan Is Failing the Real Economy (http://jessescrossroadscafe.blogspot.com/2009/05/regional-federal-reserve-banks-think.html)
Torches on the right, and pitchforks on the left.
Have a happy Memorial Day weekend to all our readers in the States. US markets will be closed on Monday.
Perhaps a reminder that the freedom won by those who came before us at so dear a price should not be dealt away so easily out of fear and greed.
"But, in a larger sense, we can not dedicate - we can not consecrate - we can not hallow - this ground. The brave men, living and dead, who struggled here, have consecrated it, far above our poor power to add or detract. The world will little note, nor long remember what we say here, but it can never forget what they did here. It is for us the living, rather, to be dedicated here to the unfinished work which they who fought here have thus far so nobly advanced. It is rather for us to be here dedicated to the great task remaining before us - that from these honored dead we take increased devotion to that cause for which they gave the last full measure of devotion - that we here highly resolve that these dead shall not have died in vain - that this nation, under God, shall have a new birth of freedom - and that government of the people, by the people, for the people, shall not perish from the earth."CentralBankNews.com (http://www.centralbanknews.com/)
Why the regional feds are up in arms
22 May 2009
A number of presidents of regional Federal Reserve banks and senior staff have recently expressed dissent from the official line taken by the US authorities in managing the banking crisis.
This development may surprise central bankers in other countries, used as they are to enforcing conformity among officials of their organisation to the official line. It would be astonishing, for example, if several governors of euro-area central banks were to suddenly challenge Jean-Claude Trichet's handling of the crisis or the crisis management policies of governments of euro member states. Collective responsibility and cover-ups are the watchwords in Europe.
The heads of the district fed banks are particularly concerned with the inequities and inefficiencies arising from official protection of banks deemed too big to fail.
Hoenig speaks out -
In April, Tom Hoenig, president of the Kansas City Fed, said that actions that had been taken in an attempt to protect the largest US institutions from failure risked "prolonging the crisis and increasing its cost."
Support for firms considered too big to fail had provided them with a competitive advantage and subsidised their growth with taxpayer funds. They were, he said, not only too big but also "too complex and too politically influential to supervise on a sustained basis without a clear set of rules constraining their actions."
To those who might be surprised at such forthright criticism from a senior official, he reminded his listeners that the 12 regional banks were set up by Congress "specifically to address the populist outcry against concentrated power on Wall Street." He added: "Its structure reflects the system of checks and balances that serves us well at all levels of government, and it is the reason I am here today able to express an alternative view."
- Lacker protests
A few weeks later another senior Federal Reserve official also asserted that the implicit guarantee that the government would step in and save those institutions deemed too big to fail was a key cause of the current economic malaise.
Speaking at the Asian Banker Summit in Beijing on 11 May, Jeffrey Lacker, president of the Richmond Fed, said that the existence of the financial safety net created incentives for too-big-to-fail institutions to pay little attention to some of the biggest risks.
"Their tendency to underprice such risk exposures reduces market participants' incentive to prepare against and prevent the liquidity disruptions that are financial crises, thus increasing the likelihood of crises."
It was, Lacker said, "worth noting that some large firms that appear to have benefited from implicit safety-net support were heavily involved in the securitisation of risky mortgages."
Lacker said that the implicit belief that some institutions were too big to fail had built up over the years in response to a series of events and government actions involving large financial institutions.
- and Stern maintains his criticism
Gary Stern, the president of the Minneapolis Federal Reserve has also been a vociferous critic of the Fed's bank bailouts. Writing with Ron Feldman, the senior vice president for supervision, regulation and credit at the Minneapolis Fed, for a book entitled Towards a New Framework for Financial Stability (published by Central Banking Publications), Stern said that the Fed was right to come to Bear's rescue, but criticised the decision to expand its safety net as "not subtle or implied." "Uninsured creditors of other large financial firms may now have heightened expectations of receiving government support if these firms get into trouble," he said.
More recently, in a statement to the Committee on Banking, Housing and Urban affairs on 6 May, Stern returned to the subject: "If policymakers do not address TBTF [too big to fail], the United States will likely endure an inefficient financial system, slower economic growth, and lower living standards than otherwise would be the case."
Gary Stern is retiring as he turns 65 in a few months, the mandatory retirement age for senior officials in the reserve banks.
Contrary to public perception, the 12 regional Fed banks are not government agencies. Nor are they private banks. Each is owned by member commercial banks.
Posted by Jesse at 11:33 AM (http://jessescrossroadscafe.blogspot.com/2009/05/regional-federal-reserve-banks-think.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=1335834944321384902) :verbeug
.....die Herren Bush, Cheney, Rumsfeld & Co. kneifen wohl :bad
WATCH Mancow Get Waterboarded: Conservative Radio Host Say It's Torture (http://www.huffingtonpost.com/2009/05/22/mancow-waterboarded-video_n_206906.html)
The Huffington Post | Rachel Weiner | May 22, 2009 at 04:21 PM
Erich "Mancow" Muller, a Chicago-based conservative radio host, recently decided to silence critics of waterboarding once and for all (http://blogs.tnr.com/tnr/blogs/the_plank/archive/2009/05/22/one-less-torture-advocate.aspx). He would undergo the procedure himself, and then he would be able to confidently convince others that it is not, in fact, torture.
Or so he thought. Instead, Muller came out convinced.
"It is way worse than I thought it would be, and that's no joke," Mancow said. "It is such an odd feeling to have water poured down your nose with your head back...and I don't want to say this: absolutely torture." "I wanted to prove it wasn't torture," Mancow said. "They cut off our heads, we put water on their face... I got voted to do this but I really thought 'I'm going to laugh this off.' "
Here's video of Muller getting waterboarded:
Quick Read (http://www.huffingtonpost.com/2009/05/22/mancow-waterboarded-video_n_206906.html) |
| Harsh Interrogations (http://www.huffingtonpost.com/news/waterboarding)
Worldwide Public Holidays
Maybe the most important chart (http://goldtent.net/wp_gold/2009/05/22/maybe-the-most-important-chart/)
-> Posted by Fullgoldcrown @ 22:41 pm on May 22, 2009
...bitte keine Kommentare :o
[url="http://www.spiegel.de/politik/deutschland/0,1518,626402,00.html"]Stasi-Schütze Kurras lieferte Interna über West-Polizei (http://www.spiegel.de/politik/deutschland/0,1518,626402,00.html)
Neue Details im Fall Karl-Heinz Kurras: Der Ex-Polizist, der 1967 den Studenten Benno Ohnesorg erschoss, lieferte der Stasi nach SPIEGEL-Informationen über Jahre Details aus dem Inneren der West-Berliner Polizei. Die hatte ihn ironischerweise darauf angesetzt, Spitzel der DDR zu entlarven. mehr... (http://www.spiegel.de/politik/deutschland/0,1518,626402,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=7265) ]
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifForum: Muss die Geschichte der Linken umgeschrieben werden? (http://forum.spiegel.de/showthread.php?t=7265)
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gif2. Juni 1967: Ohnesorg-Todesschütze war Stasi-Spion http://www.spiegel.de/static/sys/v8/icons/ic_spiegel_tv.gif (http://www.spiegel.de/video/video-1003882.html)
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifStasi-Vorwürfe: Justiz prüft Mordermittlungen gegen Ohnesorg-Todesschützen (http://www.spiegel.de/politik/deutschland/0,1518,626305,00.html)
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifFall Kurras: Ein Schuss, der Deutschland verändert (http://einestages.spiegel.de/static/topicalbumbackground/4181/ein_schuss_der_deutschland_veraendert.html)
IN CASE YOU MISSED IT (http://www.time.com/time/nation/article/0,8599,1900452,00.html?xid=rss-nation-cnn)
The Good, The Bad And The Ridiculous From The Week Gone By (http://www.time.com/time/nation/article/0,8599,1900452,00.html?xid=rss-nation-cnn)
Quick Read (http://www.huffingtonpost.com/2009/05/22/paul-slanskys-news-index_n_207001.html) |
Comments (286) (http://www.huffingtonpost.com/2009/05/22/paul-slanskys-news-index_n_207001.html)
| Barack Obama (http://www.huffingtonpost.com/news/barack-obama)
Schweinegrippe: BAG will an die Flugpassagierdaten (http://www.tagesanzeiger.ch/wissen/dossier/schweinegrippe/Schweinegrippe-BAG-will--an-die-Flugpassagierdaten/story/28127497)
http://files.newsnetz.ch/story/2/8/1/28127497/11/teaserbreit.jpg (http://www.tagesanzeiger.ch/wissen/dossier/schweinegrippe/Schweinegrippe-BAG-will--an-die-Flugpassagierdaten/story/28127497) Nach dem zweiten bestätigten Fall von Schweinegrippe in der Schweiz will das Bundesamt für Gesundheit die Passagierdaten der Airlines erhalten, um die Mitreisenden gezielt warnen zu können. Mehr... (http://www.tagesanzeiger.ch/wissen/dossier/schweinegrippe/Schweinegrippe-BAG-will--an-die-Flugpassagierdaten/story/28127497)
.....Im konkreten Fall der erkrankten 24-Jährigen in Bern gehen die Gesundheitsbehörden von keiner Gefahr für die Mitreisenden aus. Dennoch sollen sich die Vorfälle von Anfang Mai nicht wiederholen, wo eine US-Airline die Herausgabe von Passagierdaten verweigerte.......
.....Erster Schweinegrippefall: Datenherausgabe verweigert Thema wurde die Verordnungsänderung, nachdem die US-Gesellschaft, mit der der erste an A/H1N1 erkrankte Mann in die Schweiz geflogen war, die Datenherausgabe verweigert hatte......
.....auf einmal ist Datenschutz wichtiger als die Gefahr einer weiteren Ausbreitung der Schweinegrippe :dumm die sind doch wirklich behämmert :mad sonst ist ja Datenschutz für die Amis eher :reiter
Einwanderer: Franzosen an dritter Stelle
Insgesamt lebten in der Schweiz Ende des letzten Jahres 1,639 Millionen Ausländer, 4,3 Prozent mehr als im Vorjahr. Bei den neu Zugewanderten sind die Deutschen Spitze.
Italiener, Deutsche und Portugiesen haben auch 2008 die grössten Gruppen der ständigen ausländischen Wohnbevölkerung in der Schweiz gestellt.
Gewachsen ist vor allem die Kommune der ständig in der Schweiz lebenden Deutschen und zwar um 31'463 Personen, wie der am Freitag veröffentlichten Ausländerstatistik 2008 des Bundesamtes für Migration zu entnehmen ist. Danach folgt mit 13'844 Personen Portugal. An dritter Stelle steht Frankreich mit 8163 neu Zugewanderten.
Am meisten Ausländer in Genf
Obwohl Italien mit 5081 Personen erst an vierter Stelle steht, stellt das südliche Nachbarland mit 17,7 Prozent (2007: 18,4 Prozent) nach wie vor den grössten Anteil der ausländischen Bevölkerung in der Schweiz. Aufgeschlossen haben die Deutschen mit 14,2 Prozent (12,9) und die Portugiesen mit 12 Prozent (11,6).
Die meisten Ausländer leben im Kanton Genf (35,1 Prozent), die wenigsten im Kanton Uri (9,1 Prozent). Eingebürgert wurden im vergangenen Jahr insgesamt 45'305 Personen. Serben machten mit einem Fünftel den grössten Anteil aus, gefolgt von Italienern (11,2 Prozent) und Deutschen (6,7 Prozent). (cpm/sda)
Erstellt: 22.05.2009, 14:08 Uhr
.....in CH soll jeder 5. Ausländer sein :rolleyes und unter den Arbeitslosen welche Versicherung beziehen (meistens mehr als im Ausland) sei der Ausländer-Anteil 45% :rolleyes die Kavallerie scheint keine grosse Anziehungkraft zu haben :Prost
Soziale Ungerechtigkeit in Deutschland größer als in anderen EU-Ländern (http://www.spiegel.de/politik/deutschland/0,1518,626407,00.html)
Egal ob Generationengerechtigkeit, Bildung oder Arbeitsmarktchancen - die soziale Ungleichheit ist in Deutschland stärker ausgeprägt als in den meisten anderen Ländern der EU. Nur bei der Gleichstellung von Mann und Frau schneidet die Bundesrepublik vergleichsweise gut ab. mehr... (http://www.spiegel.de/politik/deutschland/0,1518,626407,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=7276&goto=newpost) ]
May 22 Scary :rolleyes (must view) click (http://www.usdebtclock.org/) warning, disturbing images
Update on the Political Continuum: Obama Moves Sharply Towards Nationalizaton (http://jessescrossroadscafe.blogspot.com/2009/05/update-on-political-continuum-obama.html)
Obama is moving slowly but surely towards nationalism and more overt state socialism.
There is an interesting twist of crony capitalism in his Administration especially from his economics team. It will be interesting to see how that develops. Will it become something akin to the post-Soviet Russian oligarchs with official state ties?
Posted by Jesse at 5:14 PM (http://jessescrossroadscafe.blogspot.com/2009/05/update-on-political-continuum-obama.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=5404928029479527159) :verbeug
:rolleyes ...aus dem jetzigen Brei ein anständiges/gerechtes/verträgliches Menu zu bewerkstelligen :rolleyes :schwitz :gruebel
23 May 2009
Ladies and Gentlemen: the US Is Insolvent (http://jessescrossroadscafe.blogspot.com/2009/05/obama-we-are-out-of-money.html)
http://1.bp.blogspot.com/_H2DePAZe2gA/Shi4BbjJh8I/AAAAAAAAJHM/7b5ktXAvIyY/s320/orwellbbc.jpg (http://1.bp.blogspot.com/_H2DePAZe2gA/Shi4BbjJh8I/AAAAAAAAJHM/7b5ktXAvIyY/s1600-h/orwellbbc.jpg)"We are out of money." Barack Obama May 23, 2009Obama openly says what anyone with common sense has known for quite some time: the US is broke, and will not be able to honor its financial and fiduciary obligations.
The question remains how the US restructures that debt and how big a haircut the debt holders will take.
20%? 30%? More like upwards of 50% at least in real terms.
And who are these debt holders?
Anyone who hold Treasury debt obligations and financial assets, from the Long Bond to the US Dollar, and assets guaranteed by the Federal Reserve and the Treasury.
Technically the debt will be serviced and the interest paid according to the terms of the agreements, with devalued US dollars.
The process will continue until the debt is restructured and the dollar is replaced with a new dollar. This may take some years.
But we are now in the endgame.
The Incontrovertible Truth About Debt, Deleveraging, Devaluation and Recovery (http://jessescrossroadscafe.blogspot.com/2009/02/simple-but-incontrovertible-truth-about.html)
Why the US Has Gone Broke: Chalmers Johnson (http://jessescrossroadscafe.blogspot.com/2008/04/why-us-has-gone-broke.html)
Marc Faber Sees Bankruptcy for the US (http://jessescrossroadscafe.blogspot.com/2008/11/marc-faber-sees-bankruptcy-for-us.html)
In 2009 the US Will Be Forced to Selectively Default and Devalue Its Debt (http://jessescrossroadscafe.blogspot.com/2008/10/in-2009-us-may-be-forced-to-selectively.html)
A Credit Bubble of Historic Proportion (http://jessescrossroadscafe.blogspot.com/2008/10/how-did-our-credit-bubble-reach-such.html)
Shhhhhh.... Here is a Secret Worth Remembering (http://jessescrossroadscafe.blogspot.com/2008/10/shhhhhh-here-is-secret-worth.html)
Didn't you just know they would spill it over a long holiday weekend?
Don't be too concerned, there will be more spin and denials after this trial balloon has been floated, and life will go on.
"Oh, that's not what Obama meant. He means we have a problem but there are the means and the time to address and repair it before it becomes too great."
People have an enormous capacity for delusion bordering on selective amnesia. Go back and read the posts on this blog starting in September 2008. Then reflect on what has been said recently on Wall Street and you will see what we mean.
We are now in the endgame of an historic credit bubble that will result in a currency crisis of epic proportions.
http://1.bp.blogspot.com/_H2DePAZe2gA/Shi4TKTmiBI/AAAAAAAAJHU/4aDBFyBuKSc/s320/debt-tsunami.JPG (http://1.bp.blogspot.com/_H2DePAZe2gA/Shi4TKTmiBI/AAAAAAAAJHU/4aDBFyBuKSc/s1600-h/debt-tsunami.JPG) DrudgeReport (http://www.drudgereport.com/flashocs.htm)
'WE'RE OUT OF MONEY'
Sat May 23 2009 10:32:18 ET
In a sobering holiday interview with C-SPAN, President Obama boldly told Americans: "We are out of money."
C-SPAN host Steve Scully broke from a meek Washington press corps with probing questions for the new president.
SCULLY: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?
OBAMA: Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we've made on health care so far. This is a consequence of the crisis that we've seen and in fact our failure to make some good decisions on health care over the last several decades.
So we've got a short-term problem, which is we had to spend a lot of money to salvage our financial system, we had to deal with the auto companies, a huge recession which drains tax revenue at the same time it's putting more pressure on governments to provide unemployment insurance or make sure that food stamps are available for people who have been laid off.
So we have a short-term problem and we also have a long-term problem. The short-term problem is dwarfed by the long-term problem. And the long-term problem is Medicaid and Medicare. If we don't reduce long-term health care inflation substantially, we can't get control of the deficit.
So, one option is just to do nothing. We say, well, it's too expensive for us to make some short-term investments in health care. We can't afford it. We've got this big deficit. Let's just keep the health care system that we've got now.
Along that trajectory, we will see health care cost as an overall share of our federal spending grow and grow and grow and grow until essentially it consumes everything"...
Posted by Jesse at 7:39 PM (http://jessescrossroadscafe.blogspot.com/2009/05/obama-we-are-out-of-money.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=9130086539532322414) :verbeug
'WE'RE OUT OF MONEY' (http://www.drudgereport.com/flashocs.htm)
.....irgendwie geht es ja immer weiter - nur wie :confused:rolleyes wohl dem, der einen Garten und und ein Dach über dem Kopf hat :cool
KRITIK AN KONSUMWAHN
"Die Bestohlenen werden sich erheben" (http://www.spiegel.de/panorama/gesellschaft/0,1518,626287,00.html)
Sind Autos überlebenswichtig, Investmentfonds unverzichtbar? Die indische Umweltaktivistin Vandana Shiva, ausgezeichnet mit dem alternativen Nobelpreis, plädiert im Interview mit SPIEGEL ONLINE dafür, neue Prioritäten zu setzen - und Bäume zu pflanzen. mehr... (http://www.spiegel.de/panorama/gesellschaft/0,1518,626287,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=7285&goto=newpost) ]
.....SPIEGEL ONLINE: Martin Luther wird das Zitat zugeschrieben: "Wenn ich wüsste, dass morgen die Welt untergeht, würde ich heute ein Apfelbäumchen pflanzen." Haben Sie schon einen Apfelbaum gepflanzt?
Shiva: Ich habe schon viele Pflanzensamen gesammelt. Und je verzweifelter ich werde, umso mehr Samen sammele ich und setze sie ein. Und eines ist sicher: Der Drang in mir, biologische Vielfalt zu wahren, örtliche Landwirtschaft zu schützen und den ärmsten Menschen ihre Lebensgrundlagen zu sichern, wächst proportional mit der Zerstörungswut der globalen Wirtschaft.....
http://thetradinggang.com/forum/Themes/dilbermc/images/post/xx.gif (http://thetradinggang.com/forum/index.php?topic=965.msg11929#msg11929) Exchange Stabilization Fund Gold Manipulation (http://thetradinggang.com/forum/index.php?topic=965.msg11929#msg11929)
« on: May 22, 2009, 05:14:33 AM »
Exchange Stabilization Fund Gold Manipulation
From the U.S. Treasury's web site, an [annotated] history of the Exchange Stabilization Fund, or ESF.
The following Treasury Department release documents some of the public history of FOREX / exchange interventions undertaken by Treasury. The document clearly establishes the fact of intervention by Treasury to adjust the FOREX value of the U.S. Dollar. This is not open to debate. One of the emboldened lines below also clearly establishes that these interventions were undertaken in the period 1961-1971 in an effort to encourage our trading partners to accept dollars instead of gold. In 1971, of course, Nixon ended convertibility and thus "floated" the entire world's FOREX.
Exchange-rate interventions continue, however. Why? The answer is simple: when convertibility ended, the lie of fiat currencies and the worthless "reserve" dollar was revealed to the entire world. Decades of posturing by central banks have convinced some, but not everyone, that gold is a "barbarous relic" and that men can be trusted with something as important as the power to create money out of thin air.
The ongoing need by ESF to conduct FOREX interventions is a direct result of the removal of gold convertibility. FOREX interventions are merely a substitute for gold transactions. FOREX interventions were largely unheard of when the dollar was backed by gold. The Treasury historical figures available begin in 1973.
Gold is a currency and is recognized as such by the IMF. Even during "good" times, near constant FOREX interventions are needed to maintain the fiat system. But during times of crisis, FOREX intervention means gold intervention. It can be no other way. The only way that fiat currency interventions can work is if they are conducted hand-in-hand with gold price control. The reader is invited to read the whole of the extended quote below. I believe it is impossible to be intellectually honest while continuing to dismiss the link established below between gold and FOREX.
Clearly, FOREX interventions were undertaken by Treasury in an effort to retain gold; the link between gold and the dollar is thus irrefutably established. Since convertibility ended, public confidence in fiat must be maintained by currency interventions; this is also clearly established. Gold is a currency. Central banks hold gold. If the reader is unable to add 2+2 and get 4 then I am unworthy to the task of further enlightening him.
"The ESF began to conduct foreign exchange market intervention transactions in 1934 and 1935. Also, it entered into credit arrangements, starting in 1936. From 1936 to the present, the ESF has participated in over a hundred credit or loan arrangements with foreign governments or central banks. After World War II, the ESF conducted Treasury's monetary gold transactions and widened its participation in credit arrangements. Tables presenting data on all ESF intervention operations since 1973 and all ESF credit arrangements since 1936 can be accessed through the links above. Researchers should note that these data are for the ESF only and do not cover the operations of the Federal Reserve’s System Open Market Account (SOMA). Historically, U.S. intervention has been jointly financed by both the ESF and SOMA, and the financing has been equally shared between the two accounts. [The Federal Reserve is not auditable and so only limited information regarding its share of FOREX intervention is known. However, the Fed is known to have recently engaged nearly $600 Billion of foreign central bank currency swaps, and at this time still has approximately $230 Billion of swaps on its balance sheet. We do not know how this money has been used.]
Intervention Operations [What?? They Intervene??]
Treasury policy during 1961-71 period focused on deterring capital outflows from the United States and giving major foreign central banks an incentive to hold dollar reserves rather than demand gold from the U.S. gold stock [gold is the ultimate capital; capital began to flee the USD when we began printing to finance the Vietnam war]. The ESF resumed intervention operations in the foreign exchange market in March of 1961 (for the first time since the mid-1930s), but it soon became apparent that the resources of the ESF alone were too small to sustain transactions of the magnitude necessary [we were printing like fevered dervishes, just like now]. At the invitation of the Treasury, the Federal Reserve joined in foreign exchange operations in February 1962. The Federal Reserve entered into a network of swap agreements with other central banks in order to obtain foreign currencies for short-term periods for use in absorbing forward sales of dollars by foreign central banks hedging exchange risk on their dollar holdings. To provide foreign currency to repay the Fed's swap drawings, the Treasury during the 1960s issued non-marketable foreign currency-denominated medium-term securities (Roosa bonds) and sold the proceeds to the Fed.
In August 1971, the United States ceased conducting gold transactions with foreign monetary authorities [Nixon ended convertibility], and the need to moderate the drain on the US gold stock was eliminated [we defaulted]. In December 1974, ESF turned over, in a sale at par value, a gold balance of 2.02 million ounces (valued at $85 million) to the Treasury General Account. This gold had been acquired prior to August 1971 through gold transactions that the ESF engaged in with foreign monetary authorities and with the market for the purpose of stabilizing the value of the dollar relative to gold. In a public announcement of this sale of gold by the ESF to the Treasury General Account, the Treasury stated that the sale was made "in view of the likelihood that the Exchange Stabilization Fund [would] not be engaging in further transactions to stabilize the value of the dollar relative to gold." [to everyone who wants gold: we're keeping it so bugger off. If the gold had no value, and a genuine floating currency system was desired, why did they stop convertibility? Why does gold matter at all?]
[The remainder of this document is a brief recap of ongoing efforts by central banks to maintain the fabulously failing floating fiat currency system. The reader can easily see that skepticism began early on when the US Treasury was forced to issue bonds denominated in foreign currencies, something the Japanese have recently suggested they'd like to see. The FOREX stresses that are apparent in the following paragraphs are of course avoidable through an honest currency. What are the chances?]
Later in the 1970s, the US monetary authorities built up foreign currency reserves substantially. For this purpose, the ESF entered in a $1 billion swap agreement with the Bundesbank in January 1978 (which has since been allowed to expire). In connection with the dollar support program announced in November 1978, the Treasury issued foreign currency-denominated securities (Carter bonds) in the Swiss and German capital markets to acquire additional foreign currencies needed for sale in the market through the ESF. The United States also drew its reserve position in the IMF.
In the mid-1980s, the major industrial nations embarked on a process of intensified policy coordination. The Group of Five's (G-5) Plaza Agreement in September 1985 served to reinforce exchange rate adjustments among the major currencies and occasioned substantial coordinated intervention sales of dollars. The G-5 "agreed that exchange rates should play a role in adjusting external imbalances … should better reflect fundamentals … and that … some further orderly appreciation of non-dollar currencies against the dollar is desirable." In the Louvre Accord of February 1987, the major industrial countries agreed that the exchange rate changes since the Plaza Agreement would "increasingly contribute to reducing external imbalances and … [had] brought their currencies within ranges broadly consistent with underlying economic fundamentals �
"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."
- Ludwig vonMises, Human Action
" It makes absolutely no sense to be paid small amounts of money for a day’s labor when vast quantities of the same money can be clicked into existence at the whim of one man."
- Me, 26 Jan 2009
"This process of creating "store of value" without work is one that escaped mankind all through history. Alchemists unsuccessfully tried to create gold out of lead. Little did they know was all they needed to do was to pass legal tender laws, open a bank and engage in fractional reserve lending or, more effectively, become a central banker."
- Me, 26 April 2009
POWELL HAMMERS CHENEY OVER GUANTANAMO (http://www.huffingtonpost.com/2009/05/24/powell-hits-back-at-chene_n_207158.html)
Divide Widens... Rove: I Choose Limbaugh Over Powell... Ridge: Cheney Wrong On Obama Making Us Less Safe, Calls Limbaugh "Shrill" (http://www.huffingtonpost.com/2009/05/24/rove-sides-with-limbaugh_n_207143.html)
Quick Read (http://www.huffingtonpost.com/2009/05/24/rove-sides-with-limbaugh_n_207143.html) |
Comments (1045) (http://www.huffingtonpost.com/2009/05/24/rove-sides-with-limbaugh_n_207143.html)
| Karl Rove (http://www.huffingtonpost.com/news/karl-rove)
Rove Sides With Limbaugh Over Powell, Ridge Calls Limbaugh "Shrill" (VIDEO) (http://www.huffingtonpost.com/2009/05/24/rove-sides-with-limbaugh_n_207143.html)
First Posted: 05-24-09 09:46 AM | Updated: 05-24-09 10:21 AM
Kommentare meistens interessant:
Rove Sides With Limbaugh Over Powell, Ridge Calls Limbaugh "Shrill" (VIDEO) (http://www.huffingtonpost.com/2009/05/24/rove-sides-with-limbaugh_n_207143.html)
First Posted: 05-24-09 09:46 AM | Updated: 05-24-09 10:21 AM
As a old white guy from the deep south originally am not surprised the three old white guys Limbaugh, Cheney & Rove choose each others company over Colin Powell, does not take a rocket scientist to figure it out, three chicken hawks versus a real war hawk, three whom never served this country in the military for one day, against a two tour vietnam veteran, retired general, life time military man, I am reminded of that old corny saying "birds of a feather do seem to flock together", in one flock you have the draft dodgers, lip service patriots, chicken hawks, and in another flock one see's a lone war hawk, not a bit surprising the cowards flock together and the real heros stands alone!
Reply (http://www.huffingtonpost.com/2009/05/24/rove-sides-with-limbaugh_n_207143.html#) Favorite (http://www.huffingtonpost.com/2009/05/24/rove-sides-with-limbaugh_n_207143.html#) Flag as abusive (http://www.huffingtonpost.com/2009/05/24/rove-sides-with-limbaugh_n_207143.html#) Posted 01:09 PM on 05/24/2009
Kind of funny that all three flunked out of college too.
Reply (http://www.huffingtonpost.com/2009/05/24/rove-sides-with-limbaugh_n_207143.html#) Favorite (http://www.huffingtonpost.com/2009/05/24/rove-sides-with-limbaugh_n_207143.html#) Flag as abusive (http://www.huffingtonpost.com/2009/05/24/rove-sides-with-limbaugh_n_207143.html#) Posted 01:13 PM on 05/24/2009
To them, ignorance is bliss (plus a money maker).
Reply (http://www.huffingtonpost.com/2009/05/24/rove-sides-with-limbaugh_n_207143.html#) Favorite (http://www.huffingtonpost.com/2009/05/24/rove-sides-with-limbaugh_n_207143.html#) Flag as abusive (http://www.huffingtonpost.com/2009/05/24/rove-sides-with-limbaugh_n_207143.html#) Posted 01:15 PM on 05/24/2009
If you repeat a lie enough times it becomes truth.
Pädokriminellen-Ring in der Schweiz: Väter bieten ihre Söhne zum Sex an
Einen solchen Fall hat es in der Schweiz noch nie gegeben: Mehrere Väter haben ihre sechs- bis elfjährigen Söhne sexuell missbraucht und sie anderen Männern als Sexobjekt angeboten.
Die Polizei hat diesen Ring von Pädokriminellen im letzten Mai auffliegen lassen. Noch immer laufen umfangreiche Ermittlungen. Dies zeigen Recherchen der «SonntagsZeitung». In Haft sitzt zurzeit ein in der Schweiz wohnhafter 31-jähriger Deutscher. Er ist teilweise geständig. Zwei Schweizer stehen ebenfalls unter dringendem Tatverdacht. Die Polizei schliesst nicht aus, dass weitere Männer involviert sind, die bisher anonym geblieben sind.
Auch im Ausland sind Untersuchungen im Gang. Die Väter lernten sich im Internet kennen. Sie bildeten eine Interessengemeinschaft und liehen sich zwischen Sommer 2007 und Mai 2008 ihre sechs- bis elfjährigen Söhne aus. Die Knaben befinden sich seit Mai 2008 an einem geschützten Ort, wie die kantonale Strafverfolgungsbehörde sagt.
«Ein Vater, der so was tut, ist ein Sadist»
Fachleute sind schockiert: «Ein Vater, der so was tut, ist ein Sadist», meint Andreas Frei, Leiter des Forensischen Dienstes der Luzerner Psychiatrie. Das Kommissariat für Pädophilie und Pornografie der Bundeskriminalpolizei erhielt im letzten Jahr 414 Meldungen wegen sexuellen Handlungen mit Kindern – doppelt so viel wie im Vorjahr. (mbr)
Erstellt: 24.05.2009, 07:03 Uhr
...nicht zu glauben :cry :gomad :bad
24 May 2009
Bernanke's Wager With the US Bond and Dollar (http://jessescrossroadscafe.blogspot.com/2009/05/bernankes-bet-with-us-bond.html)
http://3.bp.blogspot.com/_H2DePAZe2gA/ShoTsrycmJI/AAAAAAAAJHk/3Ho79QeHwQs/s400/cardsharps.JPG (http://3.bp.blogspot.com/_H2DePAZe2gA/ShoTsrycmJI/AAAAAAAAJHk/3Ho79QeHwQs/s1600-h/cardsharps.JPG) Bernanke's wager is on a virtual free lunch by printing money.
"Fed chair Ben Bernanke has long argued that central banks can bring down long-term borrowing rates by purchasing bonds "at essentially no cost". His frequent writings rarely ask whether foreigner investors – from a different cultural universe – will tolerate such conduct. Mr Bernanke is betting that under a floating currency regime there is no risk of repeating the disaster of October 1931, when the Fed had to raise rates twice to stem foreign gold withdrawals, with catastrophic consequences.""There isn't enough capital in the world to buy the new sovereign issuance required to finance the giant fiscal deficits that countries are so intent on running. There is simply not enough money out there... If the US loses control of long rates, they will not be able to arrest asset price declines. If they print too much money, they will debase the dollar and cause stagflation."There is enough money if the Fed can run the printing presses fast enough. That is the whole point. The bet is that people will continue to accept it in return for real goods and services, pretending that it has the same marginal value without regard to how much the Fed creates.
The method is to look good by attempting to make most of the competing forms of currency and stores of wealth look equally bad.
UK Telegraph (http://www.telegraph.co.uk/finance/financetopics/financialcrisis/5379733/US-bonds-sale-faces-market-resistance.html)
US bonds sale faces market resistance
By Ambrose Evans-Pritchard
9:19PM BST 24 May 2009
The US Treasury is facing an ordeal by fire this week as it tries to sell $100bn (£62bn) of bonds to a deeply sceptical market amid growing fears of a sovereign bond crisis in the Anglo-Saxon world.
The interest yield on 10-year US Treasuries – the benchmark price of long-term credit for the global system – jumped 33 basis points last week to 3.45pc week on contagion effects after Standard & Poor's issued a warning on Britain's "AAA" credit rating.
The yield has risen over 90 basis points since March when the US Federal Reserve first announced its controversial plan to buy Treasury bonds directly, a move designed to force down the borrowing costs and help stabilise the housing market.
The yield-spike may be nearing the point where it threatens to short-circuit economic recovery. While lower spreads on mortgage rates have kept a lid on home loan costs so far, mortgage rates have nevertheless crept back up to 5pc.
The Obama administration needs to raise $2 trillion this year to cover the fiscal stimulus plan and the bank bail-outs. It has to fund $900bn by September.
"The dynamic is just getting overwhelming," said RBC Capital Markets.
The US Treasury is selling $40bn of two-year notes on Tuesday, $35bn of five-year bonds on Wednesday, and $25bn of seven-year debt on Thursday. While the US has not yet suffered the indignity of a failed auction – unlike Britain and Germany – traders are watching closely to see what share is being purchased by US government itself in pure "monetisation" of the deficit...
The US is not alone in facing a deficit crisis. Governments worldwide have to raise some $6 trillion in debt this year, with huge demands in Japan and Europe. Kyle Bass from the US fund Hayman Advisors said the markets were choking on debt.
"There isn't enough capital in the world to buy the new sovereign issuance required to finance the giant fiscal deficits that countries are so intent on running. There is simply not enough money out there," he said. "If the US loses control of long rates, they will not be able to arrest asset price declines. If they print too much money, they will debase the dollar and cause stagflation.
http://2.bp.blogspot.com/_H2DePAZe2gA/ShoUEWRUM7I/AAAAAAAAJHs/HY9mUO-Qv8M/s400/WheelbarrowBen.JPG (http://2.bp.blogspot.com/_H2DePAZe2gA/ShoUEWRUM7I/AAAAAAAAJHs/HY9mUO-Qv8M/s1600-h/WheelbarrowBen.JPG) "The bottom line is that there is no global 'get out of jail free' card for anyone", he said.
The US is acutely vulnerable because it relies heavily on foreign goodwill. China and Japan alone hold 23pc of America's $6,369bn federal debt. Suspicions that Washington is trying to engineer a stealth default by letting the dollar slide could cause patience to snap, even if Asian exporters would themselves suffer if they harmed their chief market.
The dollar has fallen 11pc against a basket of currencies since early March. Mutterings of a "dollar crisis" may now constrain the Fed as it tries to shore up the bond market. It has so far bought $116bn of Treasuries as part of its "credit easing" blitz, out of a $300bn pool.
When the Fed first said it was going to buy Treasuries in March the 10-year yield to dropped instantly from 3pc to near 2.5pc, but shock effect has since worn off. Any effort to step up purchases might backfire in the current jittery mood.
In the late 1940s the Fed was able to cap the 10-year yield at around 2pc, but that was a different world. The US commanded half global GDP and had a colossal trade surplus. The Fed could carry out its experiment without worrying about foreign dissent.
Fed chair Ben Bernanke has long argued that central banks can bring down long-term borrowing rates by purchasing bonds "at essentially no cost". His frequent writings rarely ask whether foreigner investors – from a different cultural universe – will tolerate such conduct.
Mr Bernanke is betting that under a floating currency regime there is no risk of repeating the disaster of October 1931, when the Fed had to raise rates twice to stem foreign gold withdrawals, with catastrophic consequences. This assumption may be tested.
It is not clear where the capital will come from to cover global bond issues. Asian central banks and Mid-East oil exporters have cut back on their purchases of US and European bonds as reserve accumulation slows. Russia has slashed its holding by a third to support growth at home. Even Japan's state pension fund has become a net seller of bonds for the first time this year the country's population ages.
Japan's public debt will reach 200pc of GDP next year. Warnings by the Japan's DPJ opposition party that, if elected this autumn, it would not purchase any more US debt unless issued in yen, is a sign that the political mood in Asia is turning hostile to US policy.
There is no evidence yet that foreigners are in the process of dumping US Treasuries. Brad Setser from the US Council on Foreign Relations said global central banks added $60bn to their US holdings in the first three weeks of May. This is bitter-sweet for Washington. It suggests that private buyers are pulling out, leaving foreign powers as buyer-of-last resort.
We just have to hope that G20 creditors agree to put a clothes peg on their nose and keep buying Western debt until the crisis passes, for the sake of the world.
Posted by Jesse at 10:47 PM (http://jessescrossroadscafe.blogspot.com/2009/05/bernankes-bet-with-us-bond.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=7665442514100377945) :verbeug
The True Meaning of Memorial Day
...ist einer der :bad Verantwortlichen :bad für diese Kriege auf dem Schlachtfeld gestorben :confused oder deren Söhne und Töchter :confused
Nordkorea meldet neuen Atomtest (http://www.spiegel.de/politik/ausland/0,1518,626592,00.html)
Kim Jong Il stellt den Westen auf die Probe: Nordkorea hat nach eigenen Angaben zum zweiten Mal unterirdisch eine Atombombe getestet - kurz danach soll eine Rakete gestartet worden sein. Experten bestätigen eine schwere Erschütterung, versuchen, die Dimension einzuschätzen. Nachbarländer reagieren alarmiert. mehr... (http://www.spiegel.de/politik/ausland/0,1518,626592,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=7291) ]
North Korea Says It Successfully Conducted A Nuclear Test (http://www.huffingtonpost.com/2009/05/24/north-korea-may-have-cond_n_207241.html)
Quick Read (http://www.huffingtonpost.com/2009/05/24/north-korea-may-have-cond_n_207241.html) |
Comments (1332) (http://www.huffingtonpost.com/2009/05/24/north-korea-may-have-cond_n_207241.html)
| North Korea (http://www.huffingtonpost.com/news/north-korea)
http://andrewsullivan.theatlantic.com/the_daily_dish/images/design09/sully_header09.png (http://andrewsullivan.theatlantic.com/the_daily_dish/) 24 May 2009 10:36 am
A Failure of Capitalism: Reply to Alan Greenspan
by Richard A. Posner
I have received an email from Alan Greenspan in which he expresses regret at what he describes as my "rather thin analysis of the source of the current financial crisis." He states that his "view is different," and by way of explanation prints excerpts of three pieces written by him. The first is from remarks, entitled "Risk and Uncertainty in Monetary Policy (http://www.federalreserve.gov/BoardDocs/Speeches/2004/20040103/default.htm)," that he made at a meeting of the American Economics Association in January of 2004, while he was still chairman of the Federal Reserve and the housing bubble was expanding. The second is from an article that he published in the Financial Times on April 6, 2008, called "A Response to My Critics (http://blogs.ft.com/economistsforum/2008/04/alan-greenspan-a-response-to-my-critics/)." The third is from an op-ed that he published in the Wall Street Journal on March 11 of this year, entitled "The Fed Didn't Cause the Housing Bubble (http://online.wsj.com/article/SB123672965066989281.html)." Above are the links to the three pieces, and I suggest you read them before reading my reply, which follows.
The first piece is a narrative of the Federal Reserve's monetary policy between 1979 and 2004. Greenspan explains that the Fed during this period, under Paul Volcker's chairmanship and then Greenspan's, raised and lowered the federal funds rate (the rate at which banks borrow from each other overnight) in order to achieve so far as possible full employment with minimal inflation. He notes the dot-com stock market bubble of the late 1990s and explains that the Fed did not try to puncture it by raising interest rates, fearing that to do so would cause "a substantial economic contraction and possible financial destabilization." But the article does not explain why he thought those consequences would have ensued. He notes that after the bubble burst and a recession ensued in 2001, the Fed reduced the federal funds rate; by June 2003 it was at 1 percent, "the lowest level in 45 years."
He thought this could be done without risk of inflation (the usual consequence of extremely low interest rates) because "both inflation and inflation expectations were low and stable." In fact, as I have explained in my book and in previous blog entries, the low interest rates had caused asset-price inflation--the housing and stock market bubbles, both well under way when Greenspan wrote the article in 2004.The rest of the article is devoted to generalities about monetary policy. There is no mention of a housing bubble. And rather than "trying to contain a putative bubble by drastic actions with largely unpredictable consequences," he contended that the Fed should "focus on policies 'to mitigate the fallout when it occurs and, hopefully, ease the transition to the next expansion.'" The quotation appears to be from earlier testimony by him before Congress.
Greenspan's second article, published in April of last year, remarks that similar housing bubbles emerged in more than two dozen countries, including the United States, between 2001 and 2006. He attributes these housing bubbles not to monetary policy (namely the low federal funds rate) but a "dramatic fall in real long term interest rates." He therefore refused to acknowledge that the Fed should have started pushing up interest rates before 2004, adding that "regulators confronting real time uncertainty have rarely, if ever, been able to achieve the level of future clarity required to act preemptively." He said that tighter regulation would have made no difference. He attributed the entire subprime debacle to "misjudgments of the investment community," thought the situation was stabilizing, and repeated the view expressed in his 2004 article that the Federal Reserve should not try to prick bubbles.
Greenspan's third article, published just this last March, is, as one would expect, more defensive in tone; for by then, as he acknowledges, disaster had struck. He argues in the article that the cause of the housing bubble and the ensuing near collapse of the international banking system was in no measure due to the Federal Reserve's having under his chairmanship pushed the federal funds rate way down and kept it there for years, but instead was the result of the adoption by developing countries such as China of an export-oriented trade policy, as a result of which these countries accumulated huge dollar surpluses which they then lent in the United States, driving down interest rates.
This must be so, he argues, because the housing bubble was caused by long-term interest rates--mortgage interest rates are long term--and the federal funds rate is a short-term rate; and while short-term rates and long-term rates used to move in tandem, this relation was, he argues, shattered, beginning in 2002, by the flood of foreign capital into the United States.
I do not find this analysis persuasive. The federal funds rate, being the rate at which banks borrow reserves (cash) from each other, has a strong influence on long-term interest rates. The lower the cost at which a bank acquires capital to lend, the lower will be the rates at which it lends, whether long term or short term, because competition will compress the spread between the bank's cost (its interest expense) and its revenue (such as interest on the loans it makes). At the beginning of 2000, when the federal funds rate was 5.45 percent, the interest rate for the standard 30-year fixed-monthly-payment mortgage rate was 8.21 percent. By the end of 2003, the federal funds rate was below 1 percent (and was negative in real terms, because there was inflation), and the mortgage interest rate had fallen to 5.88 percent. The Fed then gradually raised the federal funds rate, to 5.26 percent in July 2007, and the mortgage interest rate rose also, to 6.7 percent, a smaller but still significant increase; and the bubble burst. Furthermore, given the popularity of adjustable-rate mortgages--which Greenspan encouraged--short-term interest rates had a direct effect on the cost of mortgages during this period.
Greenspan's analysis implies that the Federal Reserve lost control of long-term interest rates because of foreign capital :dumm and therefore could not have lanced the housing bubble even if it had wanted to, which is hard to square with the fact that the bubble did burst when the mortgage interest rate rose. (Though there was a lag, as I explained in a blog entry of May 19, because of the self-sustaining tendency of a bubble.) And it is plain from the earlier statements to which Greenspan has directed us that he neither was aware that there was a housing bubble nor would have lanced it had he realized it, since it was and appears to still be his position that bubbles should be allowed to expand and burst, and then the Federal Reserve will wake up, step in, and clean up the debris ("mitigate the fallout when it occurs")--which we have discovered it cannot do.
....irgendwie kann man kaum nachvollziehen wie gläubig man dem kaum verständlichen Genuschle von :greenspan gelauscht hatte - doch dass er jetzt so gar keine Einsicht hat und dass weiter so kutschiert wird.... :rolleyes :kopf
...passt noch zu #3452 :rolleyes
Quick! To The Printing Press! (http://lolfed.com/2009/05/23/quick-to-the-printing-press/)
May 23rd, 2009 by alyx · breaking news (http://lolfed.com/category/breaking-news/)
Man. I swear. I say I am going to go on vacation for once and the government chooses my first day out of the office to run out of money. Some select quotes from an interview President Obama gave C-SPAN (http://drudgereport.com/flashocs.htm) (sourced from Drudge, but they look respectable enough to have not been taken out of context)
On the Edge with Max Keiser - 22 May 2009 - (1 of 2)
Marc Faber interviewed by Max keiser on its new "on The Edge" Transmission
Postcards from the Edge: the economic crisis that stretches from Wall Street to all streets
The financial crisis has moved from Wall Street to all streets, as the economic shock causes strains and suffering in every part of the world economy. Our correspondents from around the world report on the impact of the global economic crisis.
Vote for the Worst Corporation of 2009 (http://solari.com/blog/?p=2950)
Wie der Bundesrat mit den Bankenchefs Pläne schmiedet
Im Herbst, als sich selbst Laien die bange Frage stellten, ob die Krise die Schweiz nicht doch noch erfasse, galt ihre grösste Sorge weiter der im Masterplan 2015 als Problem eruierten und für zu hoch erachteten Besteuerung der Hedge-Funds-Manager....
Wie der Bundesrat mit den Bankenchefs Pläne schmiedet
Im Herbst, als sich selbst Laien die bange Frage stellten, ob die Krise die Schweiz nicht doch noch erfasse, galt ihre grösste Sorge weiter der im Masterplan 2015 als Problem eruierten und für zu hoch erachteten Besteuerung der Hedge-Funds-Manager....
Zum Original-Beitrag (http://showthread.php3?p=1240123#post1240123)
Von Annetta Bundi. Aktualisiert am 24.05.2009
....Bewusst in Unkenntnis gelassen
Die Parallelen zu heute sind frappant: Obwohl die Politiker vom Bundesrat früh Auskunft über die Vorkehrungen verlangten, die er für den Fall einer Intervention bei der UBS treffen würde, wurden sie nicht in die Entscheidfindung einbezogen. Stattdessen suchte der Bundesrat die Verständigung mit den Spitzen der Branche.
Die Idee, der Bank toxische Papiere im Wert von bis zu 60 Milliarden Dollar abzunehmen und in eine Zweckgesellschaft zu überführen, stammt von der Nationalbank :bad......
11 Kommentare (http://www.tagesanzeiger.ch/schweiz/standard/Wie-der-Bundesrat-mit-den-Bankenchefs-Plaene-schmiedet/story/14090798#kommentar) - einer davon:
Heinrich Schwyter - 07:13 Uhr
Obwohl die Idee aus der politisch falschen Ecke kommt, muss jetzt die Volkswahl der Bundesräte per Dringlichkeitsrecht ;-) umgesetzt werden. Diese Damen und Herren denken offensichtlich nur an ihre nachbundesrätliche Karriere. Und wie bei Indianern üblich, sollten diese Damen und Herren allen Besitz im CH-Stamm verteilen müssen. Offenlegen aller Interessen und Vernetzungen ist selbstverständlich.
:eek:mad:bad ....Verhältnisse wie bei den Amis - schade, dass Anetta Bundi den Tagi verlässt :( ...sie wechselt nun in den Informationsdienst des Eidgen. Volkswirtschaftsdepartements.... wie bedauerlich, dass sie nicht zu den Finanzen wechselt :(:o
Vote for the Worst Corporation of 2009 (http://solari.com/blog/?p=2950)
Zum Original-Beitrag (http://www.stock-channel.net/stock-board/showthread.php3?p=1240123#post1240123)
Vote for the Worst Corporation of 2009 (http://solari.com/blog/?p=2950)
Catherine (http://solari.com/blog/?cat=26) and News & Commentary (http://solari.com/blog/?cat=4),
May 20, 2009 at 3:05 pm
I just voted for the Worst Corporation of 2009. Here were the nominees:
Vote at Corporate Accountability International
23 Responses to “Vote for the Worst Corporation of 2009”
Feed for this Entry (http://solari.com/blog/?feed=rss2&p=2950) Trackback Address (http://solari.com/blog/wp-trackback.php?p=2950)
1 (http://solari.com/blog/?p=2950#comment-86187) PermaculturePrana May 20th, 2009 at 4:31 pm (http://solari.com/blog/?p=2950#comment-86187)
currently, it’s gotta be GS! those are some tough choices, however. cargill, only bested by monsanto…exxonmobil clearly very parasitic. AIG is just just the tool used by GS to distribute US taxpayer dollars to the elite of the world. walmart, is sucking blood from just about everyone on the planet, so they might an even better shot than GS. UBS, Kimberly-Clark, and Merck (another tough one), just aren’t big enough tapeworms for me to justify. I still gotta say GS as they are largely responsible for the govt decisions in the US for the past 20 years or so, and has sucked the entire world into some 1,600,0000,000,000,000 dollars in debt (and counting???). that’s 1.6 quadrillion US$. curious to hear other viewpoints on this one.
2 (http://solari.com/blog/?p=2950#comment-86189) Bill Murphy (http://www.lemetropolecafe.com/) May 20th, 2009 at 4:58 pm (http://solari.com/blog/?p=2950#comment-86189)
Goldman Sachs was the worst.
3 (http://solari.com/blog/?p=2950#comment-86209) EndTheFed May 20th, 2009 at 7:16 pm (http://solari.com/blog/?p=2950#comment-86209)
The Federal Reserve is, by far, the worst corporation.
4 (http://solari.com/blog/?p=2950#comment-86224) catherine (http://solari.com/) May 20th, 2009 at 9:19 pm (http://solari.com/blog/?p=2950#comment-86224)
The Federal Reserve consists of the Board of Governors and 12 banks, with the most powerful being the NY Fed, which is owned by its members. And who are they? Goldman Sachs….
.....and the winner is :kotz GS :gomad
:gruebel .....also ich hab's nicht kontrolliert :rolleyes
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Join Date: Apr 2008
Abraham Lincoln was elected to Congress in 1846.
John F. Kennedy was elected to Congress in 1946.
Abraham Lincoln was elected President in 1860.
John F. Kennedy was elected President in 1960.
Both were particularly concerned with civil rights.
Both wives lost their children while living in theWhite House.
Both Presidents were shot on a Friday.
Both Presidents were shot in the head
Now it gets really weird.
Lincoln 's secretary was named Kennedy.
Kennedy's Secretary was named Lincoln .
Both were assassinated by Southerners.
Both were succeeded by Southerners named Johnson.
Andrew Johnson, who succeeded Lincoln, was born in 1808.
Lyndon Johnson, who succeeded Kennedy, was born in 1908.
John Wilkes Booth, who assassinated Lincoln, was born in 1839.
Lee Harvey Oswald, who assassinated Kennedy, was born in 1939.
Both assassins were known by their three names.
Both names are composed of fifteen letters.
Now hang on to your seat.
Lincoln was shot at the theater named 'Ford'.
Kennedy was shot in a car called ' Lincoln ' made by 'Ford'.
Lincoln was shot in a theater and his assassin ran and hid in a warehouse.
Kennedy was shot from a warehouse and his assassin ran and hid in a theater..
Booth and Oswald were assassinated before their trials.
And here's the kicker...
A week before Lincoln was shot, he was in Monroe , Maryland
A week before Kennedy was shot, he was with Marilyn Monroe.
Rasterfahndung in Europa ist wirkungslos (http://www.spiegel.de/politik/ausland/0,1518,626799,00.html)
Europas Kampf gegen den Terror ist ein Fehlschlag: Einer Studie zufolge verstoßen EU-Länder massenhaft gegen rechtsstaatliche Prinzipien :gomad Methoden wie die Rasterfahndung seien nicht nur diskriminierend - sondern auch wirkungslos. mehr... (http://www.spiegel.de/politik/ausland/0,1518,626799,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=6841) ]
....hauptsache der Staat kontrolliert :bad alles - nur sich selber nicht :gomad
wir nähern uns einer Vergangenheit :rolleyes:(:gomad
....muss ich auch erst mal richtig durchlesen :rolleyes ist etwas länger ;)
Volume 56, Number 10 · June 11, 2009 (http://www.nybooks.com/contents/20090611)
The Crisis and How to Deal with It
By Bill Bradley (http://www.nybooks.com/authors/15273), Niall Ferguson (http://www.nybooks.com/authors/9329), Paul Krugman (http://www.nybooks.com/authors/9908), Nouriel Roubini (http://www.nybooks.com/authors/15274), George Soros (http://www.nybooks.com/authors/157), Robin Wells (http://www.nybooks.com/authors/11893) et al.
Following are excerpts from a symposium on the economic crisis presented by The New York Review of Books and PEN World Voices at the Metropolitan Museum of Art on April 30. The participants were former senator Bill Bradley, Niall Ferguson, Paul Krugman, Nouriel Roubini, George Soros, and Robin Wells, with Jeff Madrick as moderator.
Jeff Madrick: It was six months ago now that the Lehman debacle occurred, that AIG was rescued, that Bank of America bought Merrill Lynch; it was about six months ago that the TARP funds started being distributed. The economy was doing fairly poorly in much of 2008, and then fell off a cliff in the last quarter of 2008 and into 2009, shrinking at a 6 percent annual rate—an extraordinary drop in our national income. It is now by some very important measures the worst economic recession in the post–World War II era. Employment has dropped faster than ever before in this space of time.....
full story: http://www.nybooks.com/articles/22756
Timmay To The Rescue! (http://lolfed.com/2009/05/25/timmay-to-the-rescue/)
May 25th, 2009 by alyx · Timmay (http://lolfed.com/category/timmay/), loller dollar (http://lolfed.com/category/loller-dollar/)
It’s a bird. It’s a plane. No, it’s Tim Geithner, and he wants to save our AAA rating from the same fate that could befall the UK: (http://www.businessinsider.com/sp-threatens-to-cut-uks-aaa-2009-5)
Ratings agency S&P has lowered its rating on the UK to “negative” from “stable”…. “We have revised the outlook on the U.K. to negative due to our view that, even assuming additional fiscal tightening, the net general government debt burden could approach 100 percent of gross domestic product and remain near that level in the medium term,” S&P analysts led by David Beers in London, said in a report today.
Every time I took a look at anything news-related this weekend, it inevitably had PIMCO’s Bill Gross on it, blithering about how this threat to the UK’s triple-A rating was a threat to the US rating as well, and how we’d lose that status soon enough. Geithner isn’t ready to let that happen, though, by jove (http://www.bloomberg.com/apps/news?pid=20601068&sid=au5M0WphL81g&refer=economy):
Treasury Secretary Timothy Geithner committed to cutting the budget deficit as concern about deteriorating U.S. creditworthiness deepened, and ascribed a sell-off in Treasuries to prospects for an economic recovery.
“It’s very important that this Congress and this president put in place policies that will bring those deficits down to a sustainable level over the medium term,” Geithner said in an interview with Bloomberg Television yesterday. He added that the target is reducing the gap to about 3 percent of gross domestic product, from a projected 12.9 percent this year.
It’s “critically important” to bring down the American deficit, Geithner said.
In its latest budget request, the administration said it expects the deficit to drop to 8.5 percent of GDP next year, then to 6 percent in 2011. Ultimately, it forecasts deficits that fluctuate between 2.7 percent and 3.4 percent between 2012 and 2019.
Everything I’ve read recently, including CBO’s estimates for the first half of this year, suggests the government’s gross receipts are at astonishingly low levels, and it’s hard to see that getting any better this year, so that explains the lovely 2009 numbers. I realize the deficit numbers for 2012-2019 roughly keep pace with inflation targets, thus rendering them “not all that bad” in lollerdollars, but should we be thrilled that he’s happy to add to the deficit pile every year for the next 10 years?
I’ll be back in the office Tuesday (whee!) and my brain is fighting, desperately, to stay on vacation. The TBI piece I linked about the UK made me think of Little Britain, so that is what I am watching right now on Youtube. Enjoy:
Paulson: OMG, IDK, WTF (http://lolfed.com/2009/05/26/paulson-omg-idk-wtf/)
May 26th, 2009 by alyx · hank paulson (http://lolfed.com/category/hank-paulson/), lehman brothers (http://lolfed.com/category/lehman-brothers/)
From Twitter, I’ve found an interesting Newsweek story on the blame game between Hank Paulson and Dick Fuld over Lehman (was Lehman the disease that took down the financial system, or just a symptom of it?), and why he should be glad Benny had his back (http://www.newsweek.com/id/197810/page/1). Some extractions:
In retrospect, it appears that Paulson was not the callous titan of Wall Street, but rather an earnest, sometimes bewildered man caught in a whirlwind he could not tame or even fully understand. He did the best he could, reaching, sometimes lurching for answers, but in the end he was rescued by the sort of nerdy professor type who might have been devoured on the trading floors of Wall Street. To the extent that there was a hero during those weeks, it was arguably Ben Bernanke, the quiet, shy chairman of the Federal Reserve, whose problem-solving and salesmanship before a skeptical Congress were critical to avoiding financial disaster.
…Paulson does not seem to have grasped the urgency of the looming disaster. Although top financial experts were warning about the housing bubble back in 2006, Paulson—by his own admission—was not paying much attention to the way banks were slicing and dicing mortgages and selling them as complex securities. “I didn’t understand the retail market; I just wasn’t close to it,” he told NEWSWEEK. But while he was at :kotz Goldman, he had lobbied Congress—successfully—for new rules allowing investment houses to at least double the amount of leverage they could carry :gomad
…It was Bernanke who persuaded Paulson to go to Capitol Hill for massive bailout money, but it was a very tough sell, and Paulson nearly blew it. Congress originally rejected the bailout and approved it only with last-minute revisions—and after the stock market had plummeted. Bernanke’s low-key but incisive manner worked better with lawmakers than Paulson’s bluster. With the House resisting Paulson’s proposal to give him virtually unlimited authority to disperse funds to banks, House Speaker Nancy Pelosi announced that she was getting ready to leave town the weekend after Lehman’s collapse and would be back Monday. Bernanke quietly but forcefully piped up, “We may not have an economy on Monday.”
Paulson’s not the only one coming out with a book :rolleyes; I’ve also recently been following a former Lehman VP on Twitter (http://twitter.com/convertbond), who is decidedly in the Lehman-should-never-have-failed camp, I think. I don’t think the LOLFed Lehman tag is going to get to enjoy retirement for a while yet.
....war es eigentlich schlimmer bevor sich ausländische Staaten einmischten :confused oder jetzt :confused es ist zum verzweifeln - was auch gemacht wird, es scheint alles falsch zu sein :(:mad
TALIBAN IN NORD-AFGHANISTAN
"Wundert euch nicht, wenn wir jetzt Schulmädchen töten" (http://www.spiegel.de/politik/ausland/0,1518,626697,00.html)
Nach Drohungen der Taliban wurden rund um das afghanische Kunduz mindestens zehn Mädchenschulen geschlossen. Die Reise zu einer der Bildungsstätten führt in ein dunkles Reich, in dem die Islamisten ganz offen schalten und walten - keine Stunde entfernt vom Feldlager der Bundeswehr. Aus Kunduz berichten Matthias Gebauer und Shoib Najafizada mehr... (http://www.spiegel.de/politik/ausland/0,1518,626697,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=7012) ]
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifKonflikt in Pakistan: "Für uns haben alle nur Verachtung übrig" (http://www.spiegel.de/politik/ausland/0,1518,626710,00.html)
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifNordafghanistan: Neuer Anschlag auf Bundeswehr-Patrouille (http://www.spiegel.de/politik/ausland/0,1518,626646,00.html)
New York celebrates new era as cars are banished from Times Square :eek
By Mail Foreign Service (http://www.dailymail.co.uk/home/search.html?s=y&authornamef=Mail+Foreign+Service)
Last updated at 12:14 AM on 26th May 2009
Comments (4) (http://www.dailymail.co.uk/news/worldnews/article-1187300/New-York-celebrates-new-era-cars-banished-Times-Square.html#comments)
Add to My Stories (http://www.dailymail.co.uk/news/worldnews/article-1187300/New-York-celebrates-new-era-cars-banished-Times-Square.html)
New Yorkers have taken to the streets - and without fear of having to dodge cars - as the iconic Times Square banned motor vehicles today.
As part of a plan to make the Big Apple nicer to live in, the Department of Transportation has banned cars from stretches of Broadway at Times Square and at Herald Square - near Macy's flagship department store.
The move is set to last until the end of the year at least.
The headline is misleading, cars are not being totally banished from Times Square. Only Broadway is being pedestrianized, 7th Avenue will continue to allow cars to drive through Times Square.
- Jonathan, Bradford, UK, 25/5/2009 13:09
Identität des Datendiebs bei der LGT aufgeflogen? (http://www.finews.ch/news/finanzplatz/1062-identitaet-von-lgt-datendieb-offenbar-aufgeflogen)
Dienstag, 26. Mai 2009 um 10:05
Die Überweisung seines Honorars vom BND fiel wegen Geldwäschereiverdachts auf. Nun muss Heinrich Kieber eine Verhaftung befürchten.
Heinrich Kieber hat Deutschlands Finanzminister Peer Steinbrück zum «Geschäft seines Lebens» verholfen, dem Steuerhinterzieher und Ex-Chef der Deutschen Post AG, Klaus Zumwinkel zu einer Bewährungsstrafe, und dem Fürstentum Liechtenstein zur grössten Steueraffäre seit Treuhändergedenken.
Fünf Millionen Euro soll Kieber vom deutschen Bundesnachrichtendienst (BND) für eine DVD mit Kundendaten der LGT Treuhand bekommen haben. Abzüglich der «Spitzelsteuer» (...scheint ja gang und gäbe zu sein :rolleyes) von zehn Prozent, wurden Kieber angeblich 4,5 Millionen Euro überwiesen - ein Betrag, der allein wegen seiner Höhe auch bei deutschen Banken aus Gründen der Sorgfaltspflicht auf mögliche Geldwäscheaktivitäten überprüft werden muss.
Von der Polizei in Liechtenstein gesucht
Und dabei, so schreibt die «Bild (http://www.bild.de/BILD/politik/2009/05/21/steuer-affaere-liechtenstein/bnd-datendieb-aufgeflogen.html)»-Zeitung, «bei einer ganz normalen Geldwäschekontrolle der Commerzbank» sei die Millionen-Transaktion einer BND-Tarnfirma an Kieber aufgefallen. Offenbar fand diese Transaktion zugunsten Kiebers neuer Identität statt.
«Bild» schreibt jedenfalls: «Jetzt kennen Polizei und Staatsanwaltschaft den neuen Namen und die Adresse von Kiebers Versteck.» Da Kieber von der Liechtensteiner Polizei wegen des Verdachts des Verbrechens der Auskundschaftung von Geschäfts- und Betriebsgeheimnissen zugunsten des Auslands und des Vergehens des Datendiebstahls per internationalem Haftbefehl gesucht wird, müsse er nun «mit seiner Verhaftung rechnen».
Schliesslich, so die Argumentation, sei die neue Identität Kiebers nun auch den Bankmitarbeitern, Staatsanwaltschaft und Polizei bekannt. Entsprechend sei es ein Leichtes, dem entsprechenden Land, wo er Zuflucht gesucht hat, einen Tipp zu geben.
Neue Panne beim BND
Die Zeitung spricht denn auch offen von einer «neuen Panne beim BND», der ohnehin immer wieder wegen missglückter Operationen in den deutschen Schlagzeilen ist. Der deutsche Auslandsgeheimdienst habe es nicht einmal geschafft, Kiebers neue Identität umfassend zu schützen, heisst es. In Deutschland stösst Liechtenstein mit seinem Rechtshilfebegehren in Sachen Kieber bislang auf Granit.
Im März lehnte es Deutschland offiziell ab, Liechtenstein Rechtshilfe zu leisten. Die Bochumer Schwerpunkt-Staatsanwaltschaft begründete die Ablehnung laut «Bild» mit Hinweis auf das «deutsche Steuergeheimnis» :rolleyes Verschiedene Staatsanwaltschaften in Deutschland wollten den Bericht der Zeitung ebenso wenig bestätigen wie die Commerzbank.
wer/was finanziert den BND :confused ....diese Millionen sind doch nicht etwa auch aus dem Steuergeldertopf :confused:gruebel Saubermänner mit Doppelmoral :confused:rolleyes ich meine damit nicht :kotz Herrn Kieber :bad
...da dieser Armstrong durch viele Foren geistert, stell ich's mal hier rein - selber noch nicht gelesen, bin einfach knapp bei Zeit :rolleyes aber bald Ferien ;):D:bang
http://www.itulip.com/forums/customavatars/avatar160_4.gif (http://www.itulip.com/forums/member.php?u=160) bart (http://www.itulip.com/forums/member.php?u=160) http://www.itulip.com/forums/images/statusicon/user_online.gif
Shadow Fed, iTulip Select Member, Chief Futurist
Join Date: Apr 2006
Location: The future
http://www.itulip.com/forums/images/icons/icon1.gif Martin Armstrong's latest
Is it time to turn out the lights?
1.5MB 19 page PDF
Some fascinating observations & a recommendation about the EC and Euro, based on both history and the N.Y. & D.C. Fed power/control grab.
Warning - strong and likely offensive opinions about the "Christian religious right".
Estimated tinfoil hat rank - 8.3.
Gloom/doom content in certain sections far from low.
New one from Martin Armstrong dated 5/15, 31 pages, about an 8MB image based PDF
...und weiter mit/über Armstrong
http://pagead2.googlesyndication.com/pagead/imp.gif?client=ca-nytimes_display_html&event=noscript In Fraud Case, 7 Years in Jail for Contempt
http://graphics8.nytimes.com/images/2007/02/16/business/16bank.600.jpg Rick Maiman/Bloomberg News
Martin A. Armstrong, pictured in jail in February 2000, has almost served more jail time for civil contempt than he would have if he had been sentenced to the likely 6.5 to 8 years on conviction of 24 criminal counts of securities fraud, commodities fraud and wire fraud.
By GRETCHEN MORGENSON (http://topics.nytimes.com/top/news/business/columns/gretchenmorgenson/?inline=nyt-per)
Published: February 16, 2007
...und Wikipedia ---> http://en.wikipedia.org/wiki/Martin_A._Armstrong
Posted by LP. @ 1:33 am on May 27, 2009
A successful stockbroker parked his brand-new Porsche 911 in front of his office, ready to show it off to his colleagues. As he got out, a truck passed too close and tore off the door on the driver’s side. The stockbroker immediately grabbed his mobile phone, dialled 000, and within minutes a policeman pulled up. Before the officer had a chance to ask any questions, the stockbroker started screaming hysterically.
His Porsche, which he had just picked up the day before, was now completely ruined. When the stockbroker finally wound down from his ranting and raving, the officer shook his head in disgust and disbelief.
“I can not believe how materialistic you stock brokers are,” the cop said. “You are so focused on your possessions that you don’t notice anything else.”
“How can you say such a thing?” asked the stockbroker.
The cop replied, “Don’t you know that your right arm is missing from the elbow down? It must have been torn off when the truck hit you.”
“My God!” screamed the stockbroker. “My Rolex!”
BRING ON THE BANKRUPTCY (http://www.huffingtonpost.com/2009/05/26/gm-bankruptcy-looms-as-bo_n_207960.html)
Bondholders Shun Tender Offer... Stage Set For Largest-Ever US Industrial Bankruptcy (http://www.huffingtonpost.com/2009/05/26/gm-bankruptcy-looms-as-bo_n_207960.html)
Quick Read (http://www.huffingtonpost.com/2009/05/26/gm-bankruptcy-looms-as-bo_n_207960.html) |
Comments (518) (http://www.huffingtonpost.com/2009/05/26/gm-bankruptcy-looms-as-bo_n_207960.html)
Lilith33 (http://www.huffingtonpost.com/users/profile/Lilith33) I'm a Fan of Lilith33 (http://www.huffingtonpost.com/users/becomeFan.php?of=Lilith33) The Joy Of Credit Default Swaps: Why GM's Bondholders Are Praying For Bankruptcy (GM) :rolleyes
the business insider ^ | 5/12/09
The FT: Hedge funds and other investors stand to make billions of dollars on credit insurance contracts if GM de clares bankruptcy, a prospect that is complicating efforts to persuade creditors to agree to a restructuring plan for the automaker, analysts say.
Heftige Gewitter fordern ein Todesopfer
Kanton Thurgau am stärksten betroffen – eine Verletzte in Luzern
Ein Auto pflügt sich in Zürich durch ein Gemisch von Hagel und Wasser. (Bild: EQ Images)
Gewitter und Hagel haben am Dienstag die Schweiz durchquert und der Mai-Hitze ein Ende gesetzt. Stark betroffen war der Kanton Thurgau, wo bei der Kantonspolizei über 200 Schadensmeldungen eingingen.
....im Vergleich zu anderen Ländern kommen/kamen wir bis jetzt meistens glimpflich davon :cool
heute grau in Züri :rolleyes - die braune Sihl und die Limmat vereinen sich :)
"Never short a dull market."
Purchase Accounting Rules Set to Deliver $29 Billion Profit Windfall to JP Morgan and Other Banks (http://jessescrossroadscafe.blogspot.com/2009/05/purchase-accounting-rules-set-to.html)
"It's Not the People Who Vote that Count; It's the People Who Count the Votes."
Josef Stalin One of the many benefits of being a leading citizen of the Potemkin economy and a silent partner with the Treasury and Federal Reserve.
There is an analog to this in the tech sector, in which some companies may choose to write down the value of their components and subassembly inventories in fat quarters, and then take them as an improvement to their Cost of Goods Sold (COGS) in lean quarters, to boost EPS even as the top line revenues are flat to down.
And as for merger accounting, there are several companies showing excellent and consistent results using that rolling paintbrush of accounting embellishments.
Things are not always as they appear, especially when viewed through magic lantern of Wall Street.
JPMorgan likely to reap $29 Bln windfall on WaMu bad loans purchase
5/26/2009 8:29 AM ET
(RTTNews) - JPMorgan Chase & Co. stands to reap a $29 billion windfall due to an accounting rule that lets JPMorgan transform bad loans it purchased from Washington Mutual Inc. into income, the Bloomberg reported Tuesday.
Last year, the Seattle-based Washington Mutual, or WaMu, collapsed after it faced $19 billion of losses on soured mortgage loans and its credit rating was slashed, leaving it with insufficient liquidity to meet its obligations.
On September 25, 2008, JPMorgan Chase & Co. acquired all deposits, assets and certain liabilities of Washington Mutual Inc. for about $1.9 billion from the Federal Deposit Insurance Corporation, or FDIC.
The New York-based JPMorgan reportedly has used purchase accounting, which allows it to record impaired loans at fair value, marking down $118.2 billion of assets by 25%. JPMorgan took a $29.4 billion write down on WaMu's holdings, mostly for option adjustable-rate mortgages and home equity loans.
The purchase-accounting rule provides banks with an incentive to mark down loans they acquire as aggressively as possible. One of the benefits of purchase accounting is after marking down the assets, one can accrete them back in, which is said to be favorable over the long run.
Now, as borrowers pay their debts, the bank reportedly says it may gain $29.1 billion over the life of the loans in pretax income before taxes and expenses.
JPMorgan aside, Wells Fargo, PNC Financial Services Group Inc., and Bank of America Corp. are also poised to benefit from taking over home lenders Wachovia Corp., Countrywide Financial Corp. and National City Corp., the report said citing regulatory filings.
Posted by Jesse at 12:07 PM (http://jessescrossroadscafe.blogspot.com/2009/05/purchase-accounting-rules-set-to.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=3301157185922041064) :verbeug
...zwischen WaMu und JPM ist ja noch ein Gerichtsentscheid fällig (wenn es überhaupt dazu kommt :rolleyes) aber Herr Dimon verfügt wohl über die effizienteren Verbindungen/Beziehungen :bad
Consumer Confidence Skyrockets, Buoying Wolf Shirt Sales (http://lolfed.com/2009/05/26/consumer-confidence-skyrockets-buoying-wolf-shirt-sales/)
May 26th, 2009 by alyx · retail (http://lolfed.com/category/retail/), win (http://lolfed.com/category/win/)
Consumer confidence numbers out today suggest that yes, we are eager once again to buy stuff (http://online.wsj.com/article/BT-CO-20090526-709459.html) (perhaps even on our Hello Kitty debit cards I posted below):
In a morning report, the Conference Board said its index of consumer confidence for May jumped to 54.9 from 40.8 in April, which was originally reported as 39.2. The index is now at its highest since September, the board said. Expectations for economic activity over the next six months jumped to 72.3 from 51.0 in the prior month.
In a holiday-shortened but economic data-heavy week, investors were hoping the consumer confidence figure could foreshadow equally impressive numbers on existing and new home sales, as well as durable goods and weekly jobless claims.
So, that’s great news - the animal spirits of capitalism will still be driving us to the malls, provided our credit lines aren’t curtailed, our cars aren’t repossessed and/or our paychecks continue to flow.
And so, seriously, with consumer confidence like that, who needs bears? We might not be ready for bulls just yet, but obviously, we’re ready for wolves. I got a text this weekend from a friend asking if I’d gotten my wolf shirt yet, to which my reply was something along the lines of “OWTF?” I could have Googled it, but I was in a hot tub and thus preoccupied. This morning, WallStreetFighter (http://wallstreetfighter.com/) posted a link which explains the joke -it’s a campaign started by CollegeHumor.com for the lulz (http://www.washingtonpost.com/wp-dyn/content/article/2009/05/21/AR2009052104472.html?hpid=topnews):
After a link from CollegeHumor.com, this shirt became an Internet smash. (Themountain.com; Design © Antonia Neshev)
It's Made of 100% Cotton; Its Sales Are 99% Ironic
By Mike Musgrove (http://projects.washingtonpost.com/staff/articles/mike+musgrove/)
Washington Post Staff Writer
Friday, May 22, 2009
Something strange happened this week in Amazon.com (http://financial.washingtonpost.com/custom/wpost/html-qcn.asp?dispnav=business&mwpage=qcn&symb=AMZN&nav=el)'s apparel section.
For a day or two, a black T-shirt featuring an image of three wolves baying at a full moon claimed the top slot at the online store's clothing bestseller list (http://www.amazon.com/gp/bestsellers/apparel/ref=pd_dp_ts_a_1),, beating out the usual, unremarkable mix of Levi's 505 regular-fit jeans, Crocs clogs and Adidas running shoes.
And really, why wouldn't you buy the shirt, which is priced from $7.65 to $17.93, depending on your size? Just read the long and growing list of customer testimonials (http://www.amazon.com/Three-T-Shirt-Available-Various-Sizes/product-reviews/B000NZW3IY/ref=cm_cr_pr_recent?ie=UTF8&showViewpoints=0&sortBy=bySubmissionDateDescending) promising earth-shattering experiences or psychedelic vision quests upon purchase.
"I bought this shirt and instantly old girlfriends started calling me again," wrote one reviewer.
"My doctor says the cancer has gone into remission," wrote another. "Thanks for changing my life!"
As retailers, media companies and even government agencies attempt to get with the times and connect with an online audience, every once in a while they get a reminder: Anybody, or any group, armed with a Web browser can anonymously game the system and manipulate the marketplace at sites inviting user feedback -- for profit or just for fun.
Hence the sudden and unexpected popularity of an old and not quite "in" T-shirt.....
ful story: http://www.washingtonpost.com/wp-dyn/content/article/2009/05/21/AR2009052104472.html?hpid=topnews
See? As a confident consumer, your next purchase can change your life. Or the world. Or, at least, amazon.com’s ecosystem. Get out there and spend.
....aus Trader's Daily :)
Zitat des Tages
„Iss und trink solang dir's schmeckt,
schon zweimal ist uns' Geld verreckt." :supi
- Deutsches Sprichwort
Chinesen und Araber kaufen riesige Ländereien in Afrika
Nach der Nahrungsmittelkrise sind vor allem Chinesen und Araber sind darauf aus, Ländereien in Entwicklungsländern zu erwerben. Die Afrikaner sind mit höchst vagen Versprechungen abgespiesen worden......
.....Transaktionen mit politischer Brisanz
Um ihre Ernährungsbasis zu erweitern und die Abhängigkeit von schwankungsanfälligen Weltmarktpreisen und Importen zu verringern, haben Araber und Asiaten begonnen, fruchtbares Agrarland in der Dritten Welt in grossem Stil zu kaufen oder zu pachten. Dies in der Absicht, die Ländereien zu kultivieren und die dabei erzielten Erträge (grösstenteils) zur Versorgung ihrer eigenen Bevölkerung zu exportieren. Die politische Brisanz solcher Landabtretungen wurde einer breiteren Weltöffentlichkeit spätestens im vergangenen März auf Madagaskar vor Augen geführt: Die dortige Regierung stürzte nicht zuletzt wegen ihres Vorhabens, 1,3 Millionen Hektar fruchtbares Agrarland – was etwa der Hälfte der Fläche Belgiens entspricht – an die südkoreanische Daewoo Logistics zu verpachten......
ganzer Artikel: http://www.tagesanzeiger.ch/ausland/naher-osten-und-afrika/Chinesen-und-Araber-kaufen-riesige-Laendereien-in-Afrika/story/26443093
....mit Afrika wird umgegangen :(:rolleyes:bad
Banken schnappen sich Agrarland
von Tobias Bayer und Christine Mai (Frankfurt)
Geldhäuser haben ein neues Geschäftsfeld entdeckt: Statt Agrarprodukte nur als Derivate zu handeln, kaufen sie tatsächlich rund um den Globus Ackerflächen oder Schweine- und Geflügelfarmen. Die Landkäufe – vor allem in armen Ländern – sind politisch hoch umstritten....
"Heuschrecken" fallen in Afrika ein
http://www.wienerzeitung.at/Images/2009/5/7/948_008_225320_huttersw.jpg Clemens M. Hutter war bis 1995 Ressortchef Ausland bei den "Salzburger Nachrichten".
Von Clemens M. Hutter
Afrika nutzt nur rund 17 Prozent seines potenziellen Agrarlandes. Weil zudem 2008 eine Nahrungsmittelkrise die Welt heimgesucht hatte und 14 der weltweit 18 ärmsten Länder in Afrika liegen, zieht der Kontinent wieder einmal "Heuschrecken" an. Sie kaufen oder pachten Landstücke bis zur halben Größe des Landes Salzburg, um Getreide anzubauen oder Nachschub für den Agrosprit zu sichern.....
Dow Jones: Yeah, We Got Your Stimulus Index Right Heah (http://lolfed.com/2009/05/27/dow-jones-yeah-we-got-your-stimulus-index-right-heah/)
May 27th, 2009 by alyx · markets (http://lolfed.com/category/markets/)
When you pour billions or trillions of dollars into an investment, it’s probably normal to wonder how it is doing, so Dow Jones unveiled their “Economic Stimulus Index” (http://www.djindexes.com/mdsidx/html/pressrelease/press-release-archive.html#20090527) today, which has started tracking the performance of various companies in industries expected to receive stimulus dollars:
The index measures the performance of leading U.S. companies drawn from industries that are expected to receive stimulus dollars from the American Recovery and Reinvestment Act of 2009. The 50-stock Dow Jones U.S. Economic Stimulus Index seeks to capture the “momentum” of the U.S. economic stimulus package and its effect on the largest and most liquid stocks in six economic segments.
“The American Recovery and Reinvestment Act represents a significant strategic investment in the U.S. economy and as such is anticipated to have a positive impact on the stock market, which is an indicator of economic health,” said Michael A. Petronella, president, Dow Jones Indexes. “Applying a systematic methodology and blue-chip approach to the segments of the American Recovery and Reinvestment Act makes the Dow Jones U.S. Economic Stimulus Index an attractive underlying for investment products such as exchange-traded funds.”
Dow Jones Indexes mapped the key areas targeted by the American Recovery and Reinvestment Act to six core categories: Alternative Energy, Construction & Materials, Energy Grid, Environment, Technology, Telecom/Internet.
The index is up since 12/31/2008, to the tune of about 1.6%. Top holdings: Microsoft Corp. (category: Technology), AT&T Inc. (category: Telecom/Internet), General Electric Co. (category: Alternative Energy), International Business Machines Corp. (category: Technology), and Cisco Systems Inc. (category: Telecom/Internet). That’s a lot of internets when I look at it, and the inclusion of GE, a failbank masquerading as an energy company, is the kind of thing that makes my right eye twitch a little bit. But maybe it’s hard to go wrong with companies that have a basically guaranteed source of revenue like this.
It’s not really accountability as to where our tax dollars are going - but is it a start?
Meltdown: An Interview With Thomas Woods Jr. (http://www.mcalvany.com/podcast/?p=78)
May 27th, 2009 Thomas E. Woods, Jr., senior fellow in history at the Mises Institute, holds a bachelor’s degree in history from Harvard and his master’s, M.Phil., and Ph.D. from Columbia University. Woods has appeared on Fox News Channel’s Hannity & Colmes, Fox & Friends, and The Big Story with John Gibson, as well as on MSNBC’s Scarborough Country and C-Span2’s Book TV. His latest book includes the New York Times bestseller Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse. Mr. Wood’s latest book can be found at: www.mcalvany.com/books.php (http://www.mcalvany.com/books.php)
'Slumdog' Filmmakers Meet With Poverty-Stricken Child Stars (http://www.huffingtonpost.com/2009/05/27/slumdog-filmmakers-meet-w_n_208026.html)
ERIKA KINETZ (http://www.huffingtonpost.com/2009/05/27/slumdog-filmmakers-meet-w_n_208026.html#) | May 27, 2009 11:00 AM EST | http://www.huffingtonpost.com/images/v/ap_wire.png
http://www.huffingtonpost.com/huff-wires/20090527/as-india-slumdog/images/99265f00-8e00-47f7-b8cf-b732a75762db.jpg "Slumdog Millionaire" director Danny Boyle poses with the film's child stars Rubina Ali, 9, right, and Azharuddin Mohammed Ismail, 10, left at a press conference in Mumbai, India, Wednesday, May 27, 2009. The makers of "Slumdog Millionaire" met with the film's two impoverished child stars Wednesday in Mumbai, but the father of one of the children stormed out of the meeting, saying they've been forgotten since the movie won eight Oscars. Rubina and Azharuddin, both lost their homes this month, as city authorities cleared out parts of the slum where they live. (AP Photo/Rajanish Kakade)
MUMBAI, India — The makers of met with the film's two impoverished child stars Wednesday in Mumbai, but the father of one of the children stormed out of the meeting, saying they've been forgotten since the movie won eight Oscars.
Rubina Ali, 9, and Azharuddin Mohammed Ismail, 10, both lost their homes this month as city authorities cleared out parts of the slum where they live.
Rubina has been staying with relatives and Azhar has been living in a makeshift shanty of tarps and blankets with his parents.
"We've been trying for a long time to move them into legal accommodation," director told reporters at the Tata Institute of Social Sciences on the outskirts of Mumbai, where he and met the children and their families.
Boyle also said he plans to make two more films set in Mumbai.
But Rafiq Qureshi, Rubina's father, said Boyle has not done enough.
"It has been five to six months," Qureshi said in an interview after he cut the meeting short in anger. "Everything is available in Mumbai if you have the money. If you really want to get us a house you can get us a house in two days."
"After the Oscars they forgot about us," he added.
Relations between the filmmakers and the children's families have grown tense since the phenomenal success of the film, which grossed more than $326 million.
The filmmakers set up a trust aimed at ensuring the children get proper homes, a decent education and a nest egg when they finish high school. They have pledged :rolleyes to spend up to $100,000 to buy the two families new apartments and donated $747,500 to a charity to help slum children across Mumbai.
Trustees did not respond to requests for commen
....ob dem Versprechen auch Taten folgen :confused:rolleyes wenn ich allerdings einige Kommentare lese :schreck
Marc Faber Puts The Loller Dollar Under The Magnifying Glass (http://lolfed.com/2009/05/27/marc-faber-puts-the-loller-dollar-under-the-magnifying-glass/)
May 27th, 2009 by alyx · loller dollar (http://lolfed.com/category/loller-dollar/)
Inflation, the “Zimbabwe… ur doin it rite” edition.
If Nouriel Roubini is Dr. Doom, Marc Faber is Ultra-Octa-Doom (http://www.bloomberg.com/apps/news?pid=20603037&sid=avgZDYM6mTFA&refer=home), or something. Prepare to burn currency for warmth, fill up your bathtub with liquidity and get used to trillion-dollar notes:
The U.S. economy will enter “hyperinflation” approaching the levels in Zimbabwe because the Federal Reserve will be reluctant to raise interest rates, investor Marc Faber said.
Prices may increase at rates “close to” Zimbabwe’s gains, Faber said in an interview with Bloomberg Television in Hong Kong. Zimbabwe’s inflation rate reached 231 million percent in July, the last annual rate published by the statistics office.
“I am 100 percent sure that the U.S. will go into hyperinflation,” Faber said. “The problem with government debt growing so much is that when the time will come and the Fed should increase interest rates, they will be very reluctant to do so and so inflation will start to accelerate.”
Federal Reserve Bank of Philadelphia President Charles Plosser said on May 21 inflation may rise to 2.5 percent in 2011. That exceeds the central bank officials’ long-run preferred range of 1.7 percent to 2 percent and contrasts with the concerns of some officials and economists that the economic slump may provoke a broad decline in prices.
For comparison’s sake:
Faber’s estimate of inflation in the US: approaching 231,000,000%
Plosser’s estimate: 2.5%
Do we want to split the difference? Um, actually no, not really. We just want Faber to be wrong. With ICanHazZIRP for several years, 2.5 sounds kinda low even if it is higher than “normal” - so the Fed should thank Faber for putting Plosser’s estimate into context and making us downright grateful for it if it’s all the inflation we get.
27 May 2009
Ten Year Note Yield (http://jessescrossroadscafe.blogspot.com/2009/05/ten-year-note-yield.html)
While a steeper yield curve is good for the financial sector and those other folks who borrow short and lend longer term, it does no good if those higher rates choke off growth in the real economy that is that overlooked detail in the Bankers' grand plans.
It reminds this blogger of days gone by, when Jesse was a boy programmer writing assembler level code for IBM mainframes and other tedious tasks befitting his junior status.
A group of systems guys had been working long hours to bring up a large mainframe running VM 360 including the operating system, the peripherals, the FEP and coms, storage for a major university.
When they finally got all the bugs worked out and the system was up they quite seriously celebrated their success, saying: "Now if only we could keep the users off the machine all our problems would be solved."
Indeed. Watch the consumer along with the bond and the dollar, for those are the weakest links. From where we sit, the consumer has rolled over and won't be getting up anytime soon ahead of a rising median wage or some other sort of income increasing faster than their expenses and debt servicing.
And the rest of the world appears to be gorged on US debt and their reserve currency, at least the non-official segments that still care about spending and profit in the real world.
Posted by Jesse at 3:27 PM (http://jessescrossroadscafe.blogspot.com/2009/05/ten-year-note-yield.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=6928293924144253944) :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=6928293924144253944)
...na das muss ich doch bringen ;)
"Männer leben besser, wo Frauen das Sagen haben" (http://www.spiegel.de/panorama/gesellschaft/0,1518,627103,00.html)
Der Arzt und Journalist Ricardo Coler lebte mehr als zwei Monate bei den matriarchalisch organisierten Mosuo in Südchina. Männer besitzen dort keine Autorität, Gewalt gibt es nicht. "Frauen dominieren auf andere Art", sagt der Forscher im Interview mit SPIEGEL ONLINE. mehr... (http://www.spiegel.de/panorama/gesellschaft/0,1518,627103,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=7321&goto=newpost) ]
......SPIEGEL ONLINE: Was hat Sie am meisten erstaunt?
Coler: Dass in der matriarchalen Gesellschaft keine Gewalt existiert. Ich weiß, das gleitet schnell in eine Idealisierung ab - jede menschliche Gesellschaft hat ihre Probleme. Aber den Mosuo-Frauen leuchtet einfach nicht ein, warum Konflikte mit Gewalt gelöst werden sollen. Da sie bestimmen, streitet niemand. Schuld- oder Rachegefühle kennen sie nicht, es ist einfach eine Schande, sich zu streiten. Sie schämen sich dafür, und es droht ihnen dann sogar der Verlust ihres sozialen Ansehens......
....alles ist schon nicht nach meinem Geschmack ;) aber die Gewaltlosigkeit täte unserer Welt sicher gut :supi:cool
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifFotostrecke: "Frauen bestimmen, wo es lang geht" (http://www.spiegel.de/fotostrecke/fotostrecke-42847.html)
White House Hits Back At Gingrich :rolleyes
For Calling Sotomayor A Racist (http://www.huffingtonpost.com/2009/05/27/white-house-admonishes-gi_n_208227.html)
WATCH: GOP Sen. Grassley Says She Will Be Confirmed (http://www.huffingtonpost.com/2009/05/27/republican-senator-sotoma_n_208242.html)
Quick Read (http://www.huffingtonpost.com/2009/05/27/white-house-admonishes-gi_n_208227.html) |
Comments (1420) (http://www.huffingtonpost.com/2009/05/27/white-house-admonishes-gi_n_208227.html)
http://imagecache01a.allposters.com/images/pic/GBEU/mp0796_b%7EFCB-Barcelona-Posters.jpg Champions-League-Final live: Barcelona - Manchester United *2:0 :supi :bang
10. Minute: Barcelona geht in Führung! Eto'o :supi lässt Vidic unglücklich aussehen und trifft zum 1:0. Barcelona führt damit nach der ersten Chance, nachdem ManU in der Startphase mehr Druck machen konnte.
70. Minute: Messi :supi:bang erzielt das 2:0! Der Argentinier nützt einen Stellungsfehler der Innenverteidigung aus und trifft per Kopf (!) in die linke obere Torecke. Die Hereingabe kam von Xavi.
Barcelona gewinnt die Champions-League nach 2006 zum zweiten Mal. Die Katalanen gewinnen das Finale in Rom hochverdient mit 2:0. :D
...aus Trader's Daily :)
Eine kleine Geschichte: Arrogante Manager und Widerstand dagegen
von Michael Vaupel
*** Gute Frauen und Männer: Die Aktionäre dieses Unternehmens.
Dazu eine kleine, wahre Geschichte:
Es war einmal ein europäischer Konzern. Bei dem gab es ein großzügiges Bonus-Programm für die eigenen Vorstandsmitglieder. Sinnvoll war daran, dass es an den Erfolg des Unternehmens gekoppelt war:
Nur wenn im direkten Leistungsvergleich mit den Konkurrenten der Branche das eigene Unternehmen einen der ersten drei Plätze erreicht...
...werden die Bonuszahlungen fällig.
Die Vergleichskriterien wurden vorher genau festgelegt.
Als es dann unter Berücksichtigung dieser Kriterien zur Auswertung kam, da schaffte es das Unternehmen nicht auf einen der ersten drei Plätze, es kam auf Platz 4. Nach den vorher festgelegten Regeln für das Bonus-Programm wurden deshalb keine Bonuszahlungen an die Vorstandsmitglieder fällig. Auszahlung aus diesem Bonusprogramm laut Richtlinien eindeutig: Null.
*** Doch was war das?
Das Gehaltskomitee unter Vorsitz des früheren Reuters-Vorstandsvorsitzenden Peter Job befand: Platz 4 ist doch gar nicht so schlecht...in den Bedingungen für das Bonus-Programm stand zwar eindeutig „erste drei Plätze", aber da wollen wir mal nicht so sein.
Der Bonus wird ausbezahlt.
Dabei ging es um Millionenbeträge: So erhielt der ohnehin das Unternehmen verlassende Vorstandsvorsitzende van der Veer die aus diesem Programm resultierende Bonuszahlung von 2,7 Mio. Euro. Auch die anderen Vorstandsmitglieder erhielten jeweils einen Millionenbetrag.
Da sind wir mal großzügig (mit dem Geld anderer Leute), dachte sich besagter Peter Job offensichtlich.
Es zeigte sich: Man kann ein großes Gehalt beziehen und dennoch ein Mensch ohne Gehalt sein.
*** Dann fand diesen Monat die Hauptversammlung dieses Unternehmens statt.
Standard-Termin, die Kleinaktionäre haben ihre Stimmrechte ohnehin zum großen Teil den Depotbanken übertragen, das haken wir mal eben so ab, dachten sich vielleicht einige.
Doch was war das?
Es gab einen Antrag, der gegen die Entlohnung des Vorstands Stellung bezog und diese rückgängig machen wollte.
Ach, höchstens ein paar Querulanten werden da zustimmen, im Promillebereich... - dachten sich vielleicht einige.
*** Doch was war das?
Es gab eine absolute Mehrheit für diesen Antrag - knapp 60% votierten GEGEN die Entlohnung des Vorstands!
Endlich einmal Widerstand gegen arrogante Vorstände, welche nur Angestellte des Unternehmens sind und sich am Geld ihrer Chefs (denn Besitzer sind die Aktionäre!) schamlos bereichern.
Dieses „NEIN" hat mich deshalb sehr, sehr gefreut!
Übrigens bezeichnend die Reaktion des Vorstands: Man nehme das „Abstimmungsergebnis sehr ernst".
Was ist das für ein Blabla...warum nicht direkt Rücknahme der Bonuszahlung? Hier spricht mal wieder eine unglaubliche Arroganz von „Topp"-Managern. Widerstand von Seiten der Aktionäre, das ist die richtige Waffe gegen solche im wahrsten Sinne des Wortes Asozialen.
*** Eine Sache noch.
Besagtes Unternehmen ist das nach Marktkapitalisierung größte europäische Unternehmen.
Royal Dutch Shell :rolleyes
Möge der Widerstand wachsen.
National Security Adviser Refutes Cheney: US Safer Under Obama (http://www.huffingtonpost.com/2009/05/27/james-jones-us-safer-unde_n_208438.html)
Quick Read (http://www.huffingtonpost.com/2009/05/27/james-jones-us-safer-unde_n_208438.html) |
Comments (195) (http://www.huffingtonpost.com/2009/05/27/james-jones-us-safer-unde_n_208438.html)
| Barack Obama (http://www.huffingtonpost.com/news/barack-obama)
.....Jones said that Guantanamo has served as a recruitment tool for insurgents, and as a result has probably created more terrorists than it detained......
...das könnten sich die Herren Cheney & Co. mal hinter die Ohren schreiben :rolleyes
Medical Marijuana Legislation Passes Illinois Senate:supi (http://www.huffingtonpost.com/2009/05/27/medical-marijuana-legisla_n_206482.html)
Quick Read (http://www.huffingtonpost.com/2009/05/27/medical-marijuana-legisla_n_206482.html) |
| Health (http://www.huffingtonpost.com/news/health)
Medical Marijuana Legislation Passes Illinois Senate:supi (http://www.huffingtonpost.com/2009/05/27/medical-marijuana-legisla_n_206482.html)
Quick Read (http://www.huffingtonpost.com/2009/05/27/medical-marijuana-legisla_n_206482.html) |
| Health (http://www.huffingtonpost.com/news/health)
Zum Original-Beitrag (http://www.stock-channel.net/stock-board/showthread.php3?p=1240807#post1240807)
Legalize Himbeer Eis!
Vll sollte man mal über eine Frauenquote im Fußball nachdenken. Barca mit mindestens 5 Frauen - das wäre doch nett.
Legalize Himbeer Eis!
Vll sollte man mal über eine Frauenquote im Fußball nachdenken. Barca mit mindestens 5 Frauen - das wäre doch nett.
Zum Original-Beitrag (http://www.stock-channel.net/stock-board/showthread.php3?p=1240808#post1240808)
:rolleyes lieber nicht :no aber meine Enkel sind totale Barca-Fans :cool drum ;):D als echte Cataluner können sie gar nicht anders :o:cool
One Toy Store To Rule Them All (http://lolfed.com/2009/05/28/one-toy-store-to-rule-them-all/)
May 28th, 2009 by Jason · fail (http://lolfed.com/category/fail/)
Toy emporium FAO Schwarz is known to most of America as “that place Tom Hanks played that floor piano in that movie one time” as opposed to, say, a place they actually frequent and encourage with their shopping dollars. Naturally, this can prove problematic for any store not trying to work off of the “Sharper Image” business model, wherein the store itself is more of a novelty than the products inside (See Brookstone, et al.). So it’s no surprise that the company, which has filed for bankruptcy every single Tuesday going back to 1998, has been bought. What is a surprise is that the buyer is fellow future failure Toys R Us (http://www.bloomberg.com/apps/news?pid=20601087&sid=aijAoDFBRLQE&refer=home).
Toys R Us may have invented the text speak that ultimately devolved into the cringeworthy LOLspeak we so egregiously employ here with their cunning shortening of the too-hard-to-spell word “are” into its most base, guttural noise, and inspired the band KoRn by having the foresight to flip the letter R, but Toys R Us does not make money by bastardizing the English language. Unfortunately, it doesn’t make a whole lot of money selling toys either, but has at least fared better than FAO or what was once KB Toys.
As is so often the case with society’s ills, the blame for this rests squarely on Wal-Mart and its unethical business practice of selling the same products at lower prices. It doesn’t help that in these tough economic times, parents actually love their children less, and are buying fewer toys for their remaining children not left on the doorsteps of nunneries and hospitals. Also, Schwarz’s fail was pretty much guaranteed: its flagship NYC store is located in the General Motors building, so, you know.
With this acquisition, Toys R Us can finally say that its Schwarz is bigger than yours. But it shouldn’t get too accustomed to ownership; history shows us that it won’t be three weeks before Toys R Us sells FAO Schwarz to someone else. Here’s a list of who has owned the company over the past forty years or so, and what happened:
Schwarz family - sold in 1963 to Parent’s Magazine
Parent’s - sold to W.R. Grace in 1970
Grace - sold to Franz Carl Weber in 1974
Weber - sold to Christiana Companies (the landlord) in 1986
Christiana - sold to Christiana’s CEO Peter Harris in 1986
Harris - sold to the filthy stinking Dutch company KBB in 1990
Dutch - KBB bought by more filthy stinking Dutch in 1998
Dutch - sold to Right Start in 2001
Right Start - went bankrupt in 2003, sold to D.E. Shaw in 2004
Shaw - sold to Toys R Us today
Toys R Us - went bankrupt a year or two later
Bear outside the store - replaced bull statue on Wall Street
Tom Hanks - got fat
FORTRESS PAKISTAN (http://www.mcclatchydc.com/251/story/68952.html)
U.S. Wants Iraq-Style Billion Dollar Embassy (http://www.mcclatchydc.com/251/story/68952.html)
Quick Read (http://www.huffingtonpost.com/2009/05/28/pakistan-embassy-us-plans_n_208492.html) |
Comments (692) (http://www.huffingtonpost.com/2009/05/28/pakistan-embassy-us-plans_n_208492.html)
| Pakistan (http://www.huffingtonpost.com/news/pakistan)
:rolleyes :gruebel :rolleyes
This Company Will Definitely Succeed (http://lolfed.com/2009/05/28/this-company-will-definitely-succeed/)
May 28th, 2009 by Jason · fail (http://lolfed.com/category/fail/)
It took eight years but it looks like Time Warner is finally undoing the epic mistake that was AOL-Time Warner, and spinning off AOL (http://www.marketwatch.com/story/time-warner-to-spin-off-aol-to-shareholders) into an independent company that can fail on its own.
Let us hearken back to a darker time, a time when there was no easy way to access the wild, untamed world of the world wide web, not that there was much to see then but it sure beat the hell out of whatever you were supposed to be doing on the computer. That time was 1990-something, and if you weren’t a giant nerd and you were on the internet, you were on AOL. AOL worked back then, because seriously, getting on the internet was hard back in the day. And once you got on the internet, how did you know where to go? Yahoo only existed as a slow index on a server at Stanford, Google wasn’t even yet a glimmer in anyone’s eye, and so pretty much the first thing you did was fire up Netscape 1.0 and go directly to www.playboy.com until a teacher came into the computer lab and you alt-tabbed back to your Word document, but it didn’t matter because God knows you got tired of waiting for the porn to arrive on your screen one agonizing line at a time. AOL was your hookup, with their keywords and such, or their chatrooms where you could talk to all the balding men pretending to be hot teenage girls that you could ever dream of. ASL? LOL!
But then broadband happened. Okay, it wasn’t that fast, broadband happened a good fifteen years later, and why would anyone want to keep paying $20 a month for stupid dial-up when they could pay that same price and get fast internet, and not be reminded of the Ryan-Hanks romance that should have been every time they received new spam? Yeah, that’s right, today is all Tom Hanks, all the time. Anyway, AOL didn’t do the smart thing and just die already, it…stuck around to provide the same hand-holding interface to the internet that everyone stopped needing five years ago, owns the Netscape browser that no one uses anymore, bought advertising.com whose name is forever tainted by adware, launched an online TV service (that failed), oh, and owns TMZ.com, contributing to the general dumbing-down of modern society.
One final tidbit to keep in mind, remember that AOL bought Time Warner, not the other way around. Not six years later, Time Warner dropped AOL from its name. This is like if Little Orphan Annie disowned Daddy Warbucks because he shamed her so badly that not even his billions of dollars could win her loyalty. This is the company that’s going to be spun off into its own concern. Can’t wait.
...wie viele hochgejubelten Mergers waren erfolgreich :confused:rolleyes eher wenige :o
hab so einige Zweifel :o ...ob's nützt :rolleyes die Israel Lobby wird's wohl verhindern :mad
TREFFEN MIT ABBAS
Obama erhöht den Druck auf Israel (http://www.spiegel.de/politik/ausland/0,1518,627506,00.html)
Siedlungsstopp, die Anerkennung eines palästinensischen Staates: Beim Besuch des Palästinenserpräsidenten Abbas hat US-Präsident Obama die Politik der Netanjahu-Regierung mit deutlichen Worten kritisiert. Damit sorgt er für Verstörung in Israel. Von Christoph Schult und Gregor Peter Schmitz, Jerusalem und Washington mehr... (http://www.spiegel.de/politik/ausland/0,1518,627506,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=7184) ]
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifTreffen mit Abbas: Obama verlangt Siedlungsstopp von Israel (http://www.spiegel.de/politik/ausland/0,1518,627503,00.html)
WATCH: More Than 20,000 Killed In Sri Lanka's Hidden Massacre (http://www.timesonline.co.uk/tol/news/world/asia/article6383449.ece)
http://images.huffingtonpost.com/gen/82790/thumbs/s-SRI-LANKA-large.jpg (http://www.timesonline.co.uk/tol/news/world/asia/article6383449.ece) :cry :gomad
How effective is UN? (http://www.timesonline.co.uk/tol/news/world/asia/article6383479.ece) | Life inside no-fire zone (http://www.timesonline.co.uk/tol/news/world/asia/article6383526.ece) | Sowing seeds of new conflict (http://www.timesonline.co.uk/tol/news/world/asia/article6383470.ece) | Plenty of firepower (http://www.timesonline.co.uk/tol/news/world/asia/article6383474.ece) | Government's lies (http://www.timesonline.co.uk/tol/news/world/asia/article6383477.ece) | Bunkers and carnage (http://www.timesonline.co.uk/tol/news/world/asia/article6383613.ece) | Leading article (http://www.timesonline.co.uk/tol/comment/leading_article/article6382706.ece) | Graphic: Map of no-fire zones (http://extras.timesonline.co.uk/pdfs/srilanka_29052009.pdf)
More than 20,000 Tamil civilians were killed in the final throes of the Sri Lankan civil war, most as a result of government shelling, an investigation by The Times has revealed......
Joe und die Spione
Aktualisiert am 28.05.2009 7 Kommentare (http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/Joe-und-die-Spione/story/29377840#kommentar)
Die Deutsche Bank hat laut Medienberichten detaillierte Akten über Mitarbeiter bis hinauf ins Topmanagement angelegt. Bankchef Joe Ackermann verspricht Aufklärung.
http://files.newsnetz.ch/story/2/9/3/29377840/38/topelement.jpg «Wenige Einzelfälle»: Josef Ackermann an der Generalversammlung vom Dienstag.
Artikel zum Thema
Ackermann «an der Weltspitze» (http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/Ackermann-an-der-Weltspitze/story/20360025)
«Ich möchte mit Herrn Ackermann über Renditeverpflichtungen reden» (http://www.tagesanzeiger.ch/ausland/europa/Ich-moechte-mit-Herrn-Ackermann-ueber-Renditeverpflichtungen-reden/story/28725468)
Ackermann: Machtkampf mit überraschender Unterstützung (http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/Ackermann-Machtkampf-mit-ueberraschender-Unterstuetzung/story/14932938)
Deutschland hat nach der Aufregung um die Bahn, die Telekom und Lidl eine neue Datenaffäre: Die grösste Bank des Landes soll in den Jahren 2006 und 2007 mehrere ihrer Mitarbeiter bespitzelt und Nachforschungen über deren Umfeld angestellt haben. Beobachtet worden seien um die zehn Mitarbeiter bis hinauf in die oberste Führungsriege, berichtet das «Handelsblatt» mit Verweis auf Quellen im Unternehmen.
Als mögliche Betroffene nennt das Blatt das Geschäftsleitungsmitglied Hermann-Josef Lamberti sowie den heutigen Risikochef Hugo Bänziger, der vor drei Jahren noch IT-Chef war. Aufgefallen seien die möglichen Verstösse bei einer Routineuntersuchung der internen Datenschutzbeauftragten......
.....Zur Unternehmenskultur der Deutschen Bank gehöre das Prinzip der «Null-Toleranz», sagte Ackermann vor den Aktionären.....
ganzer Artikel: (http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/Joe-und-die-Spione/story/29377840)http://www.tage (http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/Joe-und-die-Spione/story/29377840)sanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/Joe-und-die-Spione/story/29377840 (http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/Joe-und-die-Spione/story/29377840)
...einer der Kommentare:
28.05.2009, 17:35 Uhr
Ich werde als wie weniger das Gefühl los, dass die Entscheidungsträger in Politik und Wirtschaft wissen, dass sie Unrechtes tun und daher das Volk und die Mitarbeiter bespitzeln müssen, um raus zu finden, was wir wissen und dagegen tun wollen. So viel Misstrauen zeugt von schlechtem Gewissen! In dieser schon fast paranoiden Stimmung lässt sich nur schwer an eine gute Zukunft denken
«Null-Toleranz» - müsste da Herr Ackermann nicht schon längstens den Hut genommen haben :confused:rolleyes:mad
http://www.nposolution.com/epaper/taz/logo.gif von heute
BILD HO-YED RYU «Flughafen», eine Fotoarbeit des koreanischen Künstlers Ho-Yed Ryu: Zeichen der weltweiten Reiselust und ihrer Folgen für das Klima.
Levin: CIA Torture Documents Cheney Wants Don’t Prove Squat (http://theplumline.whorunsgov.com/torture/levin-cia-torture-documents-cheney-wants-dont-prove-squat/)
There’s some important news about Dick Cheney and torture in a speech (http://tpmdc.talkingpointsmemo.com/2009/05/levin-calls-cheney-a-liar-on-torture.php) that Senator Carl Levin (http://whorunsgov.com/Profiles/Carl_M._Levin) gave before the Foreign Policy Administration this week.
Specifically: Levin confirmed that he’d seen the classified CIA documents (http://theplumline.whorunsgov.com/torture/obtained-cheneys-request-detailing-the-two-cia-docs-he-wants/) that Cheney has been asking the CIA to declassify and release — and said that they don’t prove Cheney’s claim that torture worked by any stretch.
Levin’s comments are highly newsworthy because they give us the most detailed picture yet of what’s in the documents Cheney wants. You can watch Levin’s speech right here at TPM (http://tpmdc.talkingpointsmemo.com/2009/05/levin-calls-cheney-a-liar-on-torture.php). This is what Levin said about the documents:
Mr. Cheney has also claimed that the release of classified documents would prove his view that the techniques worked :dumm But those classified documents say nothing about numbers of lives saved, nor do the documents connect acquisition of valuable intelligence to the use of the abusive techniques. I hope that the documents are declassified so that people can judge for themselves what is fact and what is fiction.
If this is true, it’s big. A Senator who has seen the documents Cheney claims will prove that torture saved lives says that those docs contain absolutely nothing about whether the torture techniques were actually responsible for yielding any valuable intelligence.
Networks such as MSNBC have given literally hours of airtime to Cheney and his daughter Liz to claim endlessly that these docs will prove Cheney’s torture assertions. These claims have gone almost entirely unchallenged, due to the classified nature of the documents. You’d think that a contrary claim from a well-respected Senator who has also seen the docs would merit a few passing mentions, too.
....wie soll denn Folter wirken :gomad da sagt man (wenigstens ich wäre wohl nicht sehr standfest wenn ich Todesängste ausstehen müsste :rolleyes) doch alles was verlangt wird :rolleyes wie sollte das denn Leben retten, niemand wüsste ob es wahr oder nicht......ist doch einfach Schwachsinn - möchte mal wissen was :kotz Herr Cheney oder sein Töchterchen alles erzählen unter Folterqualen :reiter :bad :gomad
Wikipedia Bans Scientology:supi (http://www.huffingtonpost.com/2009/05/29/wikipedia-bans-scientolog_n_208967.html)
Quick Read (http://www.huffingtonpost.com/2009/05/29/wikipedia-bans-scientolog_n_208967.html) |
.....einer davon - auch das noch :rolleyes
[/url] [url="http://www.huffingtonpost.com/users/profile/whiteboyblues"]http://images.huffingtonpost.com/profiles/228682.png?20080814123043 (http://www.huffingtonpost.com/users/becomeFan.php?of=whiteboyblues)
http://www.creators.com/editorial_cartoons/16/8552_image.jpg ...klar den Neuen geht's immer besser :mad
....allen einen schönen Juni ;) http://image2.linkinn.com/toppic/photo_0802/dream_1.jpg :):winke
...eben mal kurz im Netz gewesen :gruebel
The Obama Haters’ Silent Enablers
By FRANK RICH (http://topics.nytimes.com/top/opinion/editorialsandoped/oped/columnists/frankrich/index.html?inline=nyt-per)
Published: June 13, 2009
WHEN a Fox News anchor, reacting to his own network’s surging e-mail traffic, warns urgently on-camera (http://tpmtv.talkingpointsmemo.com/?id=2706277) of a rise in hate-filled, “amped up” Americans who are “taking the extra step and getting the gun out,” maybe we should listen. He has better sources in that underground than most.
http://graphics8.nytimes.com/images/2006/04/02/opinion/ts-rich-190.jpg Fred R. Conrad/The New York Times
The anchor was Shepard Smith, speaking after Wednesday’s mayhem at the United States Holocaust Memorial Museum (http://www.nytimes.com/2009/06/11/us/11shoot.html) in Washington. Unlike the bloviators at his network and elsewhere on cable, Smith is famous for his highly caffeinated news-reading, not any political agenda. But very occasionally — notably during Hurricane Katrina — he hits the Howard Beale mad-as-hell wall. Joining those at Fox who routinely disregard the network’s “We report, you decide” mantra, he both reported and decided, loudly.
What he reported was this: his e-mail from viewers had “become more and more frightening” in recent months, dating back to the election season. From Wednesday alone, he “could read a hundred” messages spewing “hate that’s not based in fact,” much of it about Barack Obama and some of it sharing the museum gunman’s canard that the president was not a naturally born citizen. These are Americans “out there in a scary place,” Smith said.
Then he brought up another recent gunman: “If you’re one who believes that abortion is murder, at what point do you go out and kill someone who’s performing abortions?” An answer, he said, was provided by Dr. George Tiller’s killer. He went on: “If you are one who believes these sorts of things about the president of the United States ...” He left the rest of that chilling sentence unsaid.
These are extraordinary words to hear on Fox. The network’s highest-rated star, Bill O’Reilly, had assailed Tiller, calling him “Tiller the baby killer” and likening him to the Nazis, on 29 of his shows (http://www.salon.com/news/feature/2009/05/31/tiller/) before the doctor was murdered at his church in Kansas. O’Reilly was unrepentant (http://mediamatters.org/mmtv/200906010037), stating that only “pro-abortion zealots and Fox News haters” would link him to the crime. But now another Fox star, while stopping short of blaming O’Reilly, was breaching his network’s brand of political correctness: he tied the far-right loners who had gotten their guns out in Wichita and Washington to the mounting fury of Obama haters.
What is this fury about? In his scant 145 days in office, the new president has not remotely matched the Bush record in deficit creation (http://www.nytimes.com/2009/06/10/business/economy/10leonhardt.html). Nor has he repealed the right to bear arms or exacerbated the wars he inherited. He has tried more than his predecessor ever did to reach across the aisle. But none of that seems to matter. A sizable minority of Americans is irrationally fearful of the fast-moving generational, cultural and racial turnover Obama embodies — indeed, of the 21st century itself. That minority is now getting angrier in inverse relationship to his popularity with the vast majority of the country. Change can be frightening and traumatic, especially if it’s not change you can believe in.
We don’t know whether the tiny subset of domestic terrorists in this crowd is egged on by political or media demagogues — though we do tend to assume that foreign jihadists respond like Pavlov’s dogs to the words of their most fanatical leaders and polemicists. But well before the latest murderers struck — well before another “antigovernment” Obama hater went on a cop-killing rampage in Pittsburgh in April (http://www.nytimes.com/2009/04/05/us/05pittsburgh.html) — there have been indications that this rage could spiral out of control.
This was evident during the campaign, when hotheads greeted Obama’s name (http://www.huffingtonpost.com/2008/10/06/mccain-does-nothing-as-cr_n_132366.html) with “Treason!” and “Terrorist!” at G.O.P. rallies. At first the McCain-Palin campaign fed the anger with accusations (http://thecaucus.blogs.nytimes.com/2008/10/04/palin-obama-is-palling-around-with-terrorists/) that Obama was “palling around with terrorists.” But later John McCain thought better of it and defended his opponent’s honor (http://www.nytimes.com/2008/10/11/us/politics/11campaign.html) to a town-hall participant who vented her fears of the Democrats’ “Arab” candidate. Although two neo-Nazi skinheads were arrested in an assassination plot (http://www.msnbc.msn.com/id/27405681/) against Obama two weeks before Election Day, the fever broke after McCain exercised leadership.
That honeymoon, if it was one, is over. Conservatives have legitimate ideological beefs with Obama, rightly expressed in sharp language. But the invective in some quarters has unmistakably amped up. The writer Camille Paglia, a political independent and confessed talk-radio fan, detected a shift toward paranoia in the air waves by mid-May. When “the tone darkens toward a rhetoric of purgation and annihilation,” she observed in Salon (http://www.salon.com/opinion/paglia/2009/05/13/7_days_in_may/), “there is reason for alarm.” She cited a “joke” repeated by a Rush Limbaugh fill-in host, a talk-radio jock from Dallas of all places, about how “any U.S. soldier” who found himself with only two bullets in an elevator with Nancy Pelosi, Harry Reid and Osama bin Laden would use both shots to assassinate Pelosi and then strangle Reid and bin Laden.
This homicide-saturated vituperation is endemic among mini-Limbaughs. Glenn Beck has dipped into O’Reilly’s Holocaust analogies to liken Obama’s policy on stem-cell research to the eugenics (http://thinkprogress.org/2009/03/09/beck-eugenics/) that led to “the final solution” and the quest for “a master race.” After James von Brunn’s rampage at the Holocaust museum, Beck rushed onto Fox News to describe the Obama-hating killer (http://crooksandliars.com/david-neiwert/glenn-beck-and-his-fellow-wingnuts-p) as a “lone gunman nutjob.” Yet in the same show Beck also said von Brunn was a symptom that “the pot in America is boiling,” as if Beck himself were not the boiling pot cheering the kettle on.
But hyperbole from the usual suspects in the entertainment arena of TV and radio is not the whole story. What’s startling is the spillover of this poison into the conservative political establishment. Saul Anuzis, a former Michigan G.O.P. chairman who ran for the party’s national chairmanship this year, seriously suggested in April that Republicans should stop calling Obama a socialist (http://www.nytimes.com/2009/04/20/us/politics/20caucus.html) because “it no longer has the negative connotation it had 20 years ago, or even 10 years ago.” Anuzis pushed “fascism” instead, because “everybody still thinks that’s a bad thing.” He didn’t seem to grasp that “fascism” is nonsensical as a description of the Obama administration or that there might be a risk in slurring a president with a word that most find “bad” because it evokes a mass-murderer like Hitler.
The Anuzis “fascism” solution to the Obama problem has caught fire. The president’s nomination of Sonia Sotomayor to the Supreme Court and his speech in Cairo have only exacerbated the ugliness. The venomous personal attacks on Sotomayor have little to do with the 3,000-plus cases she’s adjudicated (http://www.nytimes.com/2009/05/27/us/politics/27websotomayor.html) in nearly 17 years on the bench or her thoughts about the judgment (http://www.nytimes.com/2009/05/31/us/politics/31identity.html) of “a wise Latina woman.” She has been tarred as a member of “the Latino KKK” (by the former Republican presidential candidate Tom Tancredo (http://thinkprogress.org/2009/05/28/tancredo-latino-kkk/)), as well as a racist and a David Duke (by Limbaugh (http://tpmdc.talkingpointsmemo.com/2009/05/limbaugh-compares-sotomayor-nomination-to-picking-david-duke.php)), and portrayed, in a bizarre two-for-one ethnic caricature, as a slant-eyed Asian on the cover of National Review (http://tpmdc.talkingpointsmemo.com/2009/06/national-reviews-wise-latina-caricature-inexplicably-asian.php). Uniting all these insults is an aggrieved note of white victimization only a shade less explicit than that in von Brunn’s white supremacist screeds.
Obama’s Cairo address, meanwhile, prompted over-the-top accusations reminiscent of those campaign rally cries of “Treason!” It was a prominent former Reagan defense official, Frank Gaffney, not some fringe crackpot, who accused Obama in The Washington Times (http://www.washingtontimes.com/news/2009/jun/09/americas-first-muslim-president/) of engaging “in the most consequential bait-and-switch since Adolf Hitler duped Neville Chamberlain.” He claimed that the president — a lifelong Christian — “may still be” a Muslim and is aligned with “the dangerous global movement known as the Muslim Brotherhood.” Gaffney linked Obama by innuendo with Islamic “charities” that “have been convicted of providing material support for terrorism.”
If this isn’t a handy rationalization for another lone nutjob to take the law into his own hands against a supposed terrorism supporter, what is? Any such nutjob can easily grab a weapon. Gun enthusiasts have been on a shopping spree since the election, with some areas of our country (http://hamptonroads.com/2009/06/virginias-permit-requests-gun-sales-rise-record-clip) reporting percentage sales increases (http://archives.chicagotribune.com/2008/dec/04/sports/chi-ap-il-gunsales) in the mid-to-high double digits (http://www.economist.com/world/unitedstates/displaystory.cfm?story_id=13788623), recession be damned.
The question, Shepard Smith said on Fox last week (http://thinkprogress.org/2009/06/10/fox-news-shep-smith-dhs-report-was-a-warning-to-us-all-but-the-right-went-absolutely-bonkers/), is “if there is really a way to put a hold on” those who might run amok. We’re not about to repeal the First or Second Amendments. Hard-core haters resolutely dismiss any “mainstream media” debunking of their conspiracy theories. The only voices that might penetrate their alternative reality — I emphasize might — belong to conservative leaders with the guts and clout to step up as McCain did last fall. Where are they? The genteel public debate in right-leaning intellectual circles about the conservative movement’s future will be buried by history if these insistent alarms are met with silence.
It’s typical of this dereliction of responsibility that when the Department of Homeland Security released a plausible (and, tragically, prescient) report about far-right domestic terrorism (http://www.fas.org/irp/eprint/rightwing.pdf) two months ago, the conservative response was to trash it as “the height of insult,” in the words of the G.O.P. chairman Michael Steele (http://www.foxnews.com/story/0,2933,517161,00.html). But as Smith also said last week, Homeland Security was “warning us for a reason.”
No matter. Last week it was business as usual, as Republican leaders nattered ad infinitum over the juvenile rivalry of Sarah Palin and Newt Gingrich (http://dyn.politico.com/printstory.cfm?uuid=C30B8835-18FE-70B2-A842C48EDD884DB1) at the party’s big Washington fund-raiser. Few if any mentioned, let alone questioned, the ominous script delivered by the actor Jon Voight with the G.O.P. imprimatur at that same event. Voight’s devout wish was to “bring an end to this false prophet Obama (http://politicalticker.blogs.cnn.com/2009/06/09/voight-on-obama-the-president-is-a-false-prophet/).”
This kind of rhetoric, with its pseudo-Scriptural call to action, is toxic. It is getting louder each day of the Obama presidency. No one, not even Fox News viewers, can say they weren’t warned.
PROTESTE NACH WAHL IN IRAN
Neue Krawalle erschüttern Teheran (http://www.spiegel.de/politik/ausland/0,1518,630350,00.html):rolleyes:(
In der iranischen Hauptstadt Teheran kommt es nach dem Wahlsieg des amtierenden Präsidenten Mahmud Ahmadinedschad erneut zu Zusammenstößen zwischen Sicherheitskräften und Regierungsgegnern. Bereits am Samstag hatte es Straßenkämpfe gegeben, Hunderte Oppositionelle wurden verhaftet. mehr... (http://www.spiegel.de/politik/ausland/0,1518,630350,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=7508) ]
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifPräsidentschaftswahl in Iran: Ahmadinedschad erringt überwältigenden Sieg (http://www.spiegel.de/politik/ausland/0,1518,630238,00.html)
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifIran: Verlierer Mussawi wirft Machthabern Wahlbetrug vor (http://www.spiegel.de/politik/ausland/0,1518,630267,00.html)
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifPräsidentschaftswahl in Iran: Triumph des Gottesstaates (http://www.spiegel.de/politik/ausland/0,1518,630319,00.html)
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifTeheran: Schwere Straßenschlachten nach Ahmadinedschads Wahlsieg (http://www.spiegel.de/politik/ausland/0,1518,630328,00.html)
:gomad....es geht mir einfach an die Nieren - trotz Ferien :( und Internet-Wüste :rolleyes
SEVEN REPORTED DEAD... AHMADINEJAD LEAVES IRAN (http://www.huffingtonpost.com/2009/06/13/iran-demonstrations-viole_n_215189.html)
BBC: Iran's Guardian Council Agrees To Recount (http://www.huffingtonpost.com/2009/06/13/iran-demonstrations-viole_n_215189.html)
LATEST UPDATES: Dueling Rallies Planned On Tuesday... Iran State TV Uses Fox News Footage... NYT: Khamenei Blinks... Iran's Former VP Arrested... Video: Garbage Men Join The Rallies... Obama Addresses Young Iranians (http://www.huffingtonpost.com/2009/06/13/iran-demonstrations-viole_n_215189.html)
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