January 2009
Are you %$^!ing kidding me?!
There is a US law that:
“The 2007 energy law requires that federal agencies not purchase fuels with greater greenhouse gas emissions than conventional petroleum fuels”
The idiocy never ends.
From guardian.co.uk:
US air force drops plans to build coal-to-liquid fuel plant
Facility would have reduced dependence on oil but increased the emissions of gases that cause global...
The Sun remains remarkably quiet...
From the Space Weather Prediction Center:
Updated 2009 Jan 30 2201 UTC
Joint USAF/NOAA Report of Solar and Geophysical Activity
SDF Number 030 Issued at 2200Z on 30 Jan 2009
Analysis of Solar Active Regions and Activity from 29/2100Z to 30/2100Z: Solar activity was very low. No spots were observed on the visible disk. No flares were observed.
Solar Activity Forecast: Solar activity is...
Is it possible? A stable Arab Democracy in the...
From the New York Times:
No Injuries Reported in Iraqi Elections
An Iraqi woman looked at a ballot sheet in the southern city of Basra. The ballots are crowded this year, with 14428 candidates competing for 440 seats.
Keep your fingers crossed.
An email floating around...
Re. your unauthorised overdraft
Dear Western banking establishment,
I notice that your unauthorised credit facility from international lenders of last resort now totals approximately $10 trillion. As a taxpayer and therefore your largest shareholder I would be grateful if you could repay this facility at your earliest convenience. I have charged you an additional £30 for this letter and a...
“Using long, drawn-out processes to put money into circulation to meet an...”
– Thomas Sowell on the CBO’s analysis showing only $26bn of Obama’s $355bn public works package will be spent this year, 30/01/09.
This week's butcher's bill...
Bank #4 from the FDIC: FDIC Approves the Payout of the Insured Deposits of MagnetBank, Salt Lake City, Utah
The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of MagnetBank, Salt Lake City, Utah. The bank was closed today by the Utah Department of Financial Institutions and the FDIC was named receiver. After an extensive marketing process, the FDIC was...
Link-a-palooza
US set for ‘big bang’ financial clean-up
FT
01/31/2009 05:02 AM
A (Very) Watchful Eye on Credit Card Spending
NY Times
01/30/2009 03:39 PM
Wall Street Bonuses May Go Way of Dodo Amid Government Bailouts
Bloomberg
01/30/2009 04:28 AM
Sea of policy options raise mortgage bond angst
Reuters
01/31/2009 05:02 AM
Consumers cut credit payments, struggle to pay...
Countdown to retirement reality...
The Next Catastrophe Think Fannie Mae and Freddie Mac were a politicized financial disaster? Just wait until pension funds implode.
Jon Entine | February 2009
Funds worth trillions of dollars start to plummet in value. Political pressure to be “socially responsible” distorts the market decisions of government-related enterprises, leading to risky investments. Investors who once considered...
Entrepreneurs will persist even when VCs run...
From VoxEU:
The tenuous relationship of venture capital and innovation Masayuki Hirukawa & Masako Ueda 30 January 2009
Venture capitalists are casualties of the current crisis, as they have lost their ability to cash out their investments in the stock market. Should we worry that innovation and long-run growth are in trouble? This column summarises the evidence on venture capital and...
Link-a-palooza
Wall Street Bonuses May Go Way of Dodo Amid Government Bailouts
Bloomberg
01/30/2009 04:28 AM
Senators Bid To Regulate Hedge Funds
NY Times
01/29/2009 08:03 PM
Consumers cut credit payments, struggle to pay bills
USA Today
01/30/2009 04:43 AM
U.S. Commercial Paper Falls Most on Record as Fed Buying Drops
Bloomberg
01/29/2009 03:45 PM
Japan Heads for Worst...
Air cargo goes cliff diving...
From the International Air Transport Association: Cargo Plummets 22.6% in December:
In the month of December global international cargo traffic plummeted by 22.6% compared to December 2007. The same comparison for international passenger traffic showed a 4.6% drop. The international load factor stood at 73.8%. For the full-year 2008, international cargo traffic was down 4.0%, passenger traffic...
4,000,000,000,000! Do I hear...
From CNBC: Bank Bailout Could Cost Up to $4 Trillion: Economists
Goldman Sachs estimated that it would take on the order of $4 trillion to buy troubled mortgage and consumer debt. That number could shrink if the program were limited to only certain loans or banks, but it could also grow if other asset classes such as commercial real estate loans were included. … The Wall Street Journal said...
Egad! Climate models lack scientific basis?!
From jennifermarohasy.com:
No Scientific Forecasts to Support Global Warming
YESTERDAY, a former chief at NASA, Dr John S. Theon, slammed the computer models used to determine future climate claiming they are not scientific in part because the modellers have “resisted making their work transparent so that it can be replicated independently by other scientists”. [1]
Today, a founder of the...
American Society of Appraisers to the Comptroller... →
The final option?
From Vanity Fair:
Economy Niall Ferguson: America Needs to Cancel Its Debt by Michael Hogan
As dedicated V.F. readers already know, Niall Ferguson “gets” the economic collapse. Now, the historian and bestselling author is sharing his insights with a new book, The Ascent of Money, and an accompanying TV special (which means regular people might actually absorb some of what he has to say).
And...
WSJ: Who gets what from the Stimlus Bill →
“In many instances, drug money is currently the only liquid investment capital.”
– Antonio Maria Costa, Executive Director, United Nations Office on Drugs and Crime
What Red Ink? Wall Street Paid Hefty Bonuses →
Link-a-palooza
Futures Fall Despite Stimulus Victory
CNBC
01/29/2009 04:31 AM
Yen, Dollar Strengthen as Fed Stops Short of Buying Treasuries
Bloomberg
01/29/2009 04:12 AM
New bank bailout could cost up to $2 trillion: report
Reuters
01/29/2009 04:21 AM
U.S. Draft Law Would Ban Most Trading in Credit Swaps
NY Times
01/29/2009 04:11 AM
Confidence evaporates, currency row...
James Hansen’s Former NASA Supervisor Declares...
Washington DC, Jan 27th 2009:
NASA warming scientist James Hansen, one of former Vice-President Al Gore’s closest allies in the promotion of man-made global warming fears, is being publicly rebuked by his former supervisor at NASA.
Retired senior NASA atmospheric scientist, Dr. John S. Theon, the former supervisor of James Hansen, NASA’s vocal man-made global warming fear soothsayer, has now...
To Save The Banks We Must Stand Up To The Bankers →
The Big Banks vs. America: A Roundtable with David... →
“President Obama is urging Congress to pass an $825 billion stimulus package as...”
– Robert Shiller, professor of economics at Yale University and chief economist at MacroMarkets LLC.
The Great Crash, 2008: A Geopolitical Setback for... →
Link-a-palooza
European stocks climb on hopes for banks
Market Watch from Dow Jones
01/28/2009 04:32 AM
Treasuries Fall as Obama’s Plans Fuel Demand for Corporate Debt
Bloomberg
01/28/2009 04:24 AM
U.S. Stock-Index Futures Rise; Citigroup, JPMorgan, Yahoo Gain
Bloomberg
01/28/2009 04:25 AM
Geithner Sets Limits on Lobbying for Bailout Money
NY Times
01/27/2009 08:24 PM
...
Who needs the US government to create a new “bad...
Bad Bank of America By Rob Cox and Antony Currie
Who needs the US government to create a new “bad bank” when it’s got Bank of America? Incessant deal-making by the Charlotte bank’s boss Ken Lewis during the financial crisis has made the institution a de facto repository for all manner of toxic assets. For this and his lack of candour over the Merrill Lynch mess, Bank of America’s board of...
“All this fiscal stimulus is necessary, cause the alternative is a depression.”
– New York University Professor, Nouriel Roubini
“The problems we face today have not magically gone away. The world is not...”
– NATO Secretary General Jaap de Hoop Scheffer, less than a week after the inauguration of U.S. President Barack Obama
I think they earned it. God forbid they have to...
From the New York Post:
Beleaguered Citigroup is upgrading its mile-high club with a brand-new $50 million corporate jet - only this time, it’s the taxpayers who are getting screwed. Even though the bank’s stock is as cheap as a gallon of gas and it’s burning through a $45 billion taxpayer-funded rescue, the airhead execs pushed through the purchase of a new Dassault Falcon 7X,...
I couldn't agree more...
From Caroline Baum, Bloomberg:
Economic Cures Are Like Booze for an Alcoholic
How to be a good president...
From Bob Woodward, Washington Post:
10 Take Aways From the Bush Years
1. Presidents set the tone. Don’t be passive or tolerate virulent divisions. 2. The president must insist that everyone speak out loud in front of the others, even — or especially — when there are vehement disagreements. 3. A president must do the homework to master the fundamental ideas and concepts behind his policies. ...
Pathetic: Tim Geithner Is Confirmed
The Senate voted last night to confirm Geithner 60-34.
Link-a-palooza
Treasury Two-Year Yield Near Three-Week High Before Record Sale
Bloomberg
01/27/2009 04:28 AM
Euro climbs as German business climate slide stops
Market Watch from Dow Jones
01/27/2009 04:26 AM
Nikkei Surges on Rescue Plan
NY Times
01/27/2009 04:33 AM
U.S. Stock-Index Futures Rise; American Express, Citigroup Gain
Bloomberg
01/27/2009 04:27 AM
Highest Rates...
Black Monday: 74,000+ laid off
It was a bloodbath out there…
Bloomberg reports 74,000 job cuts today alone as “sales withered and construction slowed amid a global economic recession.”
Caterpillar: 20,000
Pfizer: 19,000 (10% reduction), plus additional layoffs due to merger with Wyeth:
Sprint Nextel: 8,000
Home Depot: 7,000
Philips: 6,000 jobs
Zune to Be Forgotten
From John Paczkowski, Digital Daily:
Overlooked in the carnage of Microsoft’s second quarter was the performance of the company’s Zune platform. Which was, quite simply, atrocious. Seems that $10 to $20 holiday discount didn’t do much good at all.
According to Microsoft’s latest 10-Q, “Zune platform revenue decreased $100 million or 54 percent reflecting a decrease in device sales.”
A...
Abby Joseph Cohen has her game on...
If there was ever a candidate for the the unemployment line, she would be it.
March, 2008: Abby Joseph Cohen, the most bullish investment strategist on Wall Street this year, will stop making Standard & Poor’s 500 Index forecasts for Goldman Sachs Group Inc.
May 16, 2008: 2009 will be year of growth.
Jan 4, 2009: 2008 Predictions Gone Awry. On the prestigious Barron’s 2008...
