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04:25:41 10/28/11
Occupy Bowling Green Ohio
[LESS INFO] 0 VIEWS | ADDED 04:25:41 10/28/11
About 30 people showed up in support of the new Occupy Bowling Green protest during the general assembly meeting Saturday October 22nd. The assembly discussed how they will operate as a group and gave their reasons for being there. Everyone's reason for joining Occupy BG is different, said Taylor Scribner, one of the original organizers of the protest. Scribner has been a part of Occupy Toledo since day one, more than two weeks, with her boyfriend Gilbert Bentley and said one day she felt a responsibility to start it in her home town. Bentley is one of the original organizers of the protest. "I agreed with a lot of messages I heard individuals at Occupy Wall Street say ... and I realized it is essential for occupations to start in little towns as well," he said. Occupations should not just be centralized to one city but every town, regardless of size, because the presence is just as important, Bentley said. "Everybody has their own grievances and it's important that we make a difference in our own town first before going onto a global scale," he said. Michael Hale, an ethnic studies professor at the University said his reason for attending was his motivation of both anger and hope. Hale said, to see his students in class that have so much potential hope and knowing how hard it is to find a job today just breaks his heart. It's impossible nowadays to be guaranteed a good job, he said. People aren't looking for handouts, Scribner said, but when an average Joe works 40 hours a week and still can't afford to get by that's just wrong. "I'm here more out of concern," graduate student Jared Brown said. "I'm a child of unions, my father was the president of one and everything he fought for is being put at risk by the decisions being made by the government without the disenfranchised members of society in mind." Clare Lemke, a graduate assistant at the University, said she's excited about the movement. "It presents an opportunity for people to come and support the community," Lemke said. In fact, local businesses have shown their support for the Occupy BG movement. Scribner said most local businesses have given them support in terms of allowing them to put up their flyers to giving them a place to meet to donating food. Grounds For Thought is among one of those supporting businesses. Sunday morning, they provided the protesters with donuts for breakfast. "Grounds For Thought is all about the community and committed to helping serve the community," said store manager Kate Dauphin. "We are proud to support the efforts of Occupy BG," said owner Kelly Wicks. Along with the local businesses, other community members are helping support the movement. People who can't come and protest or camp out find other ways to support the protesters, Bentley said, just this morning a family brought us oatmeal for breakfast. While the occupation is still in its infancy, the assembly discussed and voted on how they would operate and govern themselves along with how they would interact with the administration and the public. The general assembly created committees to deal with a wide range of aspects from a committee to educate the public on the occupy movement to a legal committee that would deal with the administration. They operate on a 90 percent consensus rate and discussions and proposals are facilitated by anyone person of the group, there is no set leader. There can be no leader because everyone has an equal say in the assembly meetings, so essentially everyone is the leader, Bentley said. The assembly is a place where people of any background or standing can come and express their opinion and educate each other in order to form stronger opinions based on those discussions, he said Everyone has their own view of how they want society to change and the groups establish that through proposals the people bring up during the meetings, he said. Occupy BG plans to have future rallies and marches with one march scheduled for this Friday on the banks in order to make people aware of the homes being foreclosed by the banks and to encourage them to join credit unions. Occupy BG is a peaceful protest and the groups want to cooperate with both the public and the police force, Bentley said. Police Chief Bradford Conner said there have been no reports of problems with the protesters and as long as they don't infringe on the rights of others, he sees no need to interfere. If a complaint does present itself, the police will work to resolve it with both parties, Conner said. The protesters want to be on good terms with everyone, despite differing opinions, Bentley said, If you notice, they swept the common area shared by a sorority and helped them clean up after their fundraiser. The Occupy BG movement plans to operate 24/7 indefinitely. If you want to join the Occupy BG movement, attend a general assembly meeting, which are held every day, twice a day at noon and 7 p.m. in the alleyway across from Reverend's or check out their Facebook page at facebook.com/occupybg
1 Views
04:25:10 10/28/11
Occupy Bowling Green Ohio
[LESS INFO] 1 VIEWS | ADDED 04:25:10 10/28/11
About 30 people showed up in support of the new Occupy Bowling Green protest during the general assembly meeting Saturday October 22nd. The assembly discussed how they will operate as a group and gave their reasons for being there. Everyone's reason for joining Occupy BG is different, said Taylor Scribner, one of the original organizers of the protest. Scribner has been a part of Occupy Toledo since day one, more than two weeks, with her boyfriend Gilbert Bentley and said one day she felt a responsibility to start it in her home town. Bentley is one of the original organizers of the protest. "I agreed with a lot of messages I heard individuals at Occupy Wall Street say ... and I realized it is essential for occupations to start in little towns as well," he said. Occupations should not just be centralized to one city but every town, regardless of size, because the presence is just as important, Bentley said. "Everybody has their own grievances and it's important that we make a difference in our own town first before going onto a global scale," he said. Michael Hale, an ethnic studies professor at the University said his reason for attending was his motivation of both anger and hope. Hale said, to see his students in class that have so much potential hope and knowing how hard it is to find a job today just breaks his heart. It's impossible nowadays to be guaranteed a good job, he said. People aren't looking for handouts, Scribner said, but when an average Joe works 40 hours a week and still can't afford to get by that's just wrong. "I'm here more out of concern," graduate student Jared Brown said. "I'm a child of unions, my father was the president of one and everything he fought for is being put at risk by the decisions being made by the government without the disenfranchised members of society in mind." Clare Lemke, a graduate assistant at the University, said she's excited about the movement. "It presents an opportunity for people to come and support the community," Lemke said. In fact, local businesses have shown their support for the Occupy BG movement. Scribner said most local businesses have given them support in terms of allowing them to put up their flyers to giving them a place to meet to donating food. Grounds For Thought is among one of those supporting businesses. Sunday morning, they provided the protesters with donuts for breakfast. "Grounds For Thought is all about the community and committed to helping serve the community," said store manager Kate Dauphin. "We are proud to support the efforts of Occupy BG," said owner Kelly Wicks. Along with the local businesses, other community members are helping support the movement. People who can't come and protest or camp out find other ways to support the protesters, Bentley said, just this morning a family brought us oatmeal for breakfast. While the occupation is still in its infancy, the assembly discussed and voted on how they would operate and govern themselves along with how they would interact with the administration and the public. The general assembly created committees to deal with a wide range of aspects from a committee to educate the public on the occupy movement to a legal committee that would deal with the administration. They operate on a 90 percent consensus rate and discussions and proposals are facilitated by anyone person of the group, there is no set leader. There can be no leader because everyone has an equal say in the assembly meetings, so essentially everyone is the leader, Bentley said. The assembly is a place where people of any background or standing can come and express their opinion and educate each other in order to form stronger opinions based on those discussions, he said Everyone has their own view of how they want society to change and the groups establish that through proposals the people bring up during the meetings, he said. Occupy BG plans to have future rallies and marches with one march scheduled for this Friday on the banks in order to make people aware of the homes being foreclosed by the banks and to encourage them to join credit unions. Occupy BG is a peaceful protest and the groups want to cooperate with both the public and the police force, Bentley said. Police Chief Bradford Conner said there have been no reports of problems with the protesters and as long as they don't infringe on the rights of others, he sees no need to interfere. If a complaint does present itself, the police will work to resolve it with both parties, Conner said. The protesters want to be on good terms with everyone, despite differing opinions, Bentley said, If you notice, they swept the common area shared by a sorority and helped them clean up after their fundraiser. The Occupy BG movement plans to operate 24/7 indefinitely. If you want to join the Occupy BG movement, attend a general assembly meeting, which are held every day, twice a day at noon and 7 p.m. in the alleyway across from Reverend's or check out their Facebook page at facebook.com/occupybg
29 Views
22:30:00 06/28/11
Studio Guest of the Week: Albrecht Ritschl
[LESS INFO] 29 VIEWS | ADDED 22:30:00 06/28/11
Ritschl is economic history professor at the London School of Economics.DW-TV: For more we're joined by Albrecht Ritschl, economic history professor at the London School of Economics -and he says that back in the 20th century, no other European country received as much aid as Germany did. So, Professor, is it pay-back time now? Albrecht Ritschl: That's probably for the Greek thing. I'm not quite sure what they think, but let's say, from a historical vantage point, it is, to some extent. DW-TV: What do you make of the views expressed in the report we've just watched? Albrecht Ritschl: It's all very understandable. If people take your money and run, nobody can expect you to be enthusiastic about it, so that's clear. The big question's of course, what to do now, and can we learn for the present crisis from previous ones from history. DW-TV: At the moment what we can see is a kind of anti-Greece movement going on in Europe - while at the same time, there are angry Greeks protesting on the streets of Athens. Is democracy as we know it in danger right now? Albrecht Ritschl: I am a little bit worried about it. If one takes a close look, Greece has a complex history. It had a civil war after World War Two. It had a pretty nasty military dictatorship. And it has lots of tensions - polarization. It's not like Western Europe, where all this is a thing long past. It's all still very much there, and it's not quite clear how society - how its institutions will respond to the crisis. DW-TV: So it's still quite volatile. Nevertheless, we have to deal with the situation right now because a lot of people say, if Greece goes under, the Eurozone goes under, as well. That's why there are these bailout packages, but where did the first tranche end up? Albrecht Ritschl: Well, probably where it should, and that is, to some extent, in the salary payments and whatever of the Greek ministeries and, to some extent, in the coffers and vaults of European banks, because right now, what we are talking about it not so much giving fresh money to the Greeks, but rather, rolling over existing debt. And if we don't do this, it will mean that Greece cannot really meet its obligations to European banks, and that will cause a bigger crisis in Europe - that's the problem. DW-TV: OK, let's look at it the other way around and, just briefly, what do you think Greece itself could do and must do in order to out of the doldrums? Albrecht Ritschl: Well, of course, they must implement reforms; they must try to streamline the economy; they must make sure there is less wasteful spending. But, of course, all this is fraught with social and political conflict. So it's not quite easy to predict what the outcome of all this is going to be. DW-TV: What do you make of the solar power-idea for Greece? Albrecht Ritschl: It's a little bit romantic. I mean, this is a very small drop in a very big bucket. What is important in Greece right now, is to get the public sector right, to make sure that it imposes fewer obstacles on the working of entrepreneurs, of markets, of firms. It's important to get the credit sector right, so that credit can flow to the industries where productivity growth is actually possible. And if, in the end, solar power is a part of that success story, fine! But I don't see it as anything that is going to pull us out of this mess, right now. DW-TV: So, money should flow into industries where productivity is possible, which are, for Greece? Albrecht Ritschl: We don't know! We will see! This is why we have something called a market system. There are lots of people out there with clever ideas - cleverer than the ideas that I have right now, or that you might have. Who knows? And the important thing in a free market is to find these people, and for money to flow in the right direction. Bureaucrats are notoriously not very good at deciding that. DW-TV: So, my favorite question: short and brief: will the Greek economy be a success story in our lifetime? Albrecht Ritschl: It depends. There is an off chance that the lights are going out in Greece right now, and that they won't come back on in our lifetime. But let's be optimistic about this: let's hope that they will sort this out and that the Greek economy will rebound from that, and that it will be a a success story in the end. DW-TV: Let's hope for the best. Professor Ritschl, thank you very much for being here.
14 Views
22:30:00 06/28/11
Studio Guest of the Week: Albrecht Ritschl
[LESS INFO] 14 VIEWS | ADDED 22:30:00 06/28/11
Ritschl is economic history professor at the London School of Economics.DW-TV: For more we're joined by Albrecht Ritschl, economic history professor at the London School of Economics -and he says that back in the 20th century, no other European country received as much aid as Germany did. So, Professor, is it pay-back time now? Albrecht Ritschl: That's probably for the Greek thing. I'm not quite sure what they think, but let's say, from a historical vantage point, it is, to some extent. DW-TV: What do you make of the views expressed in the report we've just watched? Albrecht Ritschl: It's all very understandable. If people take your money and run, nobody can expect you to be enthusiastic about it, so that's clear. The big question's of course, what to do now, and can we learn for the present crisis from previous ones from history. DW-TV: At the moment what we can see is a kind of anti-Greece movement going on in Europe - while at the same time, there are angry Greeks protesting on the streets of Athens. Is democracy as we know it in danger right now? Albrecht Ritschl: I am a little bit worried about it. If one takes a close look, Greece has a complex history. It had a civil war after World War Two. It had a pretty nasty military dictatorship. And it has lots of tensions - polarization. It's not like Western Europe, where all this is a thing long past. It's all still very much there, and it's not quite clear how society - how its institutions will respond to the crisis. DW-TV: So it's still quite volatile. Nevertheless, we have to deal with the situation right now because a lot of people say, if Greece goes under, the Eurozone goes under, as well. That's why there are these bailout packages, but where did the first tranche end up? Albrecht Ritschl: Well, probably where it should, and that is, to some extent, in the salary payments and whatever of the Greek ministeries and, to some extent, in the coffers and vaults of European banks, because right now, what we are talking about it not so much giving fresh money to the Greeks, but rather, rolling over existing debt. And if we don't do this, it will mean that Greece cannot really meet its obligations to European banks, and that will cause a bigger crisis in Europe - that's the problem. DW-TV: OK, let's look at it the other way around and, just briefly, what do you think Greece itself could do and must do in order to out of the doldrums? Albrecht Ritschl: Well, of course, they must implement reforms; they must try to streamline the economy; they must make sure there is less wasteful spending. But, of course, all this is fraught with social and political conflict. So it's not quite easy to predict what the outcome of all this is going to be. DW-TV: What do you make of the solar power-idea for Greece? Albrecht Ritschl: It's a little bit romantic. I mean, this is a very small drop in a very big bucket. What is important in Greece right now, is to get the public sector right, to make sure that it imposes fewer obstacles on the working of entrepreneurs, of markets, of firms. It's important to get the credit sector right, so that credit can flow to the industries where productivity growth is actually possible. And if, in the end, solar power is a part of that success story, fine! But I don't see it as anything that is going to pull us out of this mess, right now. DW-TV: So, money should flow into industries where productivity is possible, which are, for Greece? Albrecht Ritschl: We don't know! We will see! This is why we have something called a market system. There are lots of people out there with clever ideas - cleverer than the ideas that I have right now, or that you might have. Who knows? And the important thing in a free market is to find these people, and for money to flow in the right direction. Bureaucrats are notoriously not very good at deciding that. DW-TV: So, my favorite question: short and brief: will the Greek economy be a success story in our lifetime? Albrecht Ritschl: It depends. There is an off chance that the lights are going out in Greece right now, and that they won't come back on in our lifetime. But let's be optimistic about this: let's hope that they will sort this out and that the Greek economy will rebound from that, and that it will be a a success story in the end. DW-TV: Let's hope for the best. Professor Ritschl, thank you very much for being here.
14 Views
22:30:00 05/03/11
Studio Guest
[LESS INFO] 14 VIEWS | ADDED 22:30:00 05/03/11
Our studio guest today is Ansgar Belke, an expert on financial markets who works at the German Institute for Economic Research (DIW) in Berlin.DW-TV: We've got a financial expert with us from the German Institute for Economic Research, Ansgar Belke. Thank you very much for coming in. My first question for you is: why hasn't Greece managed to turn things around, despite this huge bailout? Ansgar Belke: I think the Greek government has chosen the wrong recipe to deal with the problems. It has put too much emphasis on increasing taxes, which by itself makes economies more inefficient than before. They should have put more emphasis on government expenditure, by cutting it to a significant extent. What I miss is, for instance, cuts in social expenditure, which has proven to be very difficult. And I also think the hardest things are still to come. They postponed some of the most difficult tasks until the future, and this is what we see at the moment. DW-TV: Okay, to show us what else is to come, let's have a look at the numbers. The yield on Greek government bonds has soared over the last two years. You're the expert. What does that mean? Where does that put Greece? Ansgar Belke: I think you see clearly, very clearly, that markets reckon on a kind of debt restructuring within two years - not earlier, because we do not have any experience dealing with sovereign defaults. We only have experience dealing with firm defaults, and also the ECB and the European Commission are very hesitant to agree to this kind of programme because the ECB has on its balance sheets an estimated amount of around fifty billion euros, and this makes it reluctant to agree to that. DW-TV: So how likely is it that Greece still goes bankrupt? Ansgar Belke: The markets say that the probability is around fifty to sixty percentage points if you look at the prices for Greek bonds, but this is not such a damaging effect, because the returns are also very high, as you just said. So the returns are on balance with the potential losses. DW-TV: So what can Greece do to turn things around? Exports are expected to boom, and also tourism? Ansgar Belke: Yes, I think they should still stick to regaining competitiveness by cutting imports, for instance. But if you cut imports and want to have an export surplus, you have to diminish your GDP by significant amounts -- for instance, by about ten or fifteen percentage points. And this is very harmful for the population and puts much self-discipline on the population, as we saw in the report. DW-TV: Okay, thank you very much for coming in, Ansgar Belke. Ansgar Belke: Thank you very much. (Interview: Ben Fajzullin)
9 Views
22:30:00 05/03/11
Studio Guest
[LESS INFO] 9 VIEWS | ADDED 22:30:00 05/03/11
Our studio guest today is Ansgar Belke, an expert on financial markets who works at the German Institute for Economic Research (DIW) in Berlin.DW-TV: We've got a financial expert with us from the German Institute for Economic Research, Ansgar Belke. Thank you very much for coming in. My first question for you is: why hasn't Greece managed to turn things around, despite this huge bailout? Ansgar Belke: I think the Greek government has chosen the wrong recipe to deal with the problems. It has put too much emphasis on increasing taxes, which by itself makes economies more inefficient than before. They should have put more emphasis on government expenditure, by cutting it to a significant extent. What I miss is, for instance, cuts in social expenditure, which has proven to be very difficult. And I also think the hardest things are still to come. They postponed some of the most difficult tasks until the future, and this is what we see at the moment. DW-TV: Okay, to show us what else is to come, let's have a look at the numbers. The yield on Greek government bonds has soared over the last two years. You're the expert. What does that mean? Where does that put Greece? Ansgar Belke: I think you see clearly, very clearly, that markets reckon on a kind of debt restructuring within two years - not earlier, because we do not have any experience dealing with sovereign defaults. We only have experience dealing with firm defaults, and also the ECB and the European Commission are very hesitant to agree to this kind of programme because the ECB has on its balance sheets an estimated amount of around fifty billion euros, and this makes it reluctant to agree to that. DW-TV: So how likely is it that Greece still goes bankrupt? Ansgar Belke: The markets say that the probability is around fifty to sixty percentage points if you look at the prices for Greek bonds, but this is not such a damaging effect, because the returns are also very high, as you just said. So the returns are on balance with the potential losses. DW-TV: So what can Greece do to turn things around? Exports are expected to boom, and also tourism? Ansgar Belke: Yes, I think they should still stick to regaining competitiveness by cutting imports, for instance. But if you cut imports and want to have an export surplus, you have to diminish your GDP by significant amounts -- for instance, by about ten or fifteen percentage points. And this is very harmful for the population and puts much self-discipline on the population, as we saw in the report. DW-TV: Okay, thank you very much for coming in, Ansgar Belke. Ansgar Belke: Thank you very much. (Interview: Ben Fajzullin)
2 Views
14:00:10 11/23/10
C&L Opening Bell
[LESS INFO] 2 VIEWS | ADDED 14:00:10 11/23/10
enlarge Note: I'm experimenting with a new (hopefully) daily feature that attempts to recap the day's economic news in a way that's informative and entertaining. There's a lot of insane stuff going on in the world of economics and finance and my goal will be to explain it without making your eyes glaze over. So let's get started!
C%L Opening Bell, 11-23-10
* The big news of the day was in Ireland, where the Irish government finally acknowledged that bailing out its banks has rendered it insolvent. Taoiseach Brian Cowen said that he plans to dissolve Parliament and call for new elections juuuuuust after the sure-to-have-its-ass-handed-to-it Fianna Fáil coalition passes its next budget.
And what a budget it's expected to be! In exchange for a loan of up to €90 billion from the European Union and the International Monetary Fund, Ireland will have to implement further austerity measures that involve raising taxes and cutting services. And whose services are getting cut, you're wondering? Do you even have to ask ? >
Deep cuts to the minimum wage and welfare benefits loom as part of the price the country pays for its huge emergency bailout loan as Brian Cowen insisted he was "not the bogeyman" who had led Ireland to financial crisis.
So the poorest people in the country are essentially paying to bail out the Irish banks' creditors. Pretty remarkable.
* Zero Hedge points us to the following video from Jim Rogers that lays out an alternative plan for the Irish: Just declare bankruptcy and restructure your debt already:
Here's the key part: >
This is ludicrous. This will cripple the Irish economy for years to come. In the future Ireland will be crippled because everything they earn will go to pay off old debt. There is no reason why taxpayers around Europe or in Ireland should pay for other people's mistakes. The bondholders and the stockholders of banks should lose money.
And this is what we should keep in mind when we hear about "bailing out Ireland." It's really about bailing out the Irish banks' creditors .
* It also goes without saying that this situation blows a hole in the meme that austerity is the best way to head off a recession. The Irish implemented spending cuts and tax increases long before most of the other PIIGS (Portugal, Ireland, Italy, Greece and Spain) ever did. The result was the country was still deeply in debt and in need of a rescue. More than anything, though, this crisis shows that there are structural flaws in the Eurozone single currency that are probably impossible to resolve. I can't really see anyway for countries to be able to issue their own debts but not their own currencies.
* Over in the States, meanwhile, things aren't exactly better. The banks' fraudulent foreclosure activity (which our own Susie Madrak has covered extensively ) has created a buttload of anxiety in the housing market : >
The ongoing controversy surrounding foreclosures is taking its toll as homebuyers refused to look at distressed properties in October, and foreclosure sales suffered from delays, according to the latest Campbell/Inside Mortgage Finance Monthly Survey. [...]
News reports that major servicers were pulling REOs off the market, including some already under contract, spooked would-be homebuyers. The monthly survey found that 14% of owner-occupant homebuyers and 6% of investors refused to view foreclosed properties in October. Homebuyer fear was worse for short-sale properties where 30% of owner-occupant buyers, and 20% of investors refused to view these homes.
As I told two friends who were looking to buy a home, you'd have to be N-U-T-S to think of buying a foreclosed home right now.
* On the somewhat-happier side of things, the FBI raided two hedge firms yesterday as part of its sweeping investigation into insider trading. The Wall Street Journal got the scoop on this probe over the weekend: >
Federal authorities, capping a three-year investigation, are preparing insider-trading charges that could ensnare consultants, investment bankers, hedge-fund and mutual-fund traders, and analysts across the nation, according to people familiar with the matter.
The criminal and civil probes, which authorities say could eclipse the impact on the financial industry of any previous such investigation, are examining whether multiple insider-trading rings reaped illegal profits totaling tens of millions of dollars, the people say. Some charges could be brought before year-end, they say.
The investigations, if they bear fruit, have the potential to expose a culture of pervasive insider trading in U.S. financial markets, including new ways non-public information is passed to traders through experts tied to specific industries or companies, federal authorities say.
Reading those words gave me a tingly feeling in my pants. I do hope this investigation is legit and that the government won't just take a wad of "We're Sorry!" Cash from the banks and call it a day. We have a wealthy criminal class in this country that never pays for its crimes and is often rewarded for them at taxpayer expense. If we want to keep living in a democracy, this sort of thing will have to stop.
* News of the hedge fund raid sent key financial stocks down today, as Bank of America's shares were down 3%, JP Morgan's were down 2.25% and the Vampire Squid was down nearly 3.5%.
* And finally, let's take a look at what I call the "WE'RE ALL GONNA DIE!!!11!!!" index of key measurements to see how much investors across the world are crapping themselves with fear. Basically, it goes like this: When U.S. Treasury yields go down and the price of gold goes up, that means investors are fleeing risky assets for things they consider to be safe investments. If the reverse is happening, then investors are likely feeling they can handle more risk on a given day.
Gold futures rose 0.4% to $1,357.80 yesterday.
10-year Treasury yields fell 1.41% to close at 2.80% on the day.
In other words, the chances of the world exploding just got greater. Have a happy day!
3 Views
14:00:10 11/23/10
C&L Opening Bell
[LESS INFO] 3 VIEWS | ADDED 14:00:10 11/23/10
enlarge Note: I'm experimenting with a new (hopefully) daily feature that attempts to recap the day's economic news in a way that's informative and entertaining. There's a lot of insane stuff going on in the world of economics and finance and my goal will be to explain it without making your eyes glaze over. So let's get started!
C%L Opening Bell, 11-23-10
* The big news of the day was in Ireland, where the Irish government finally acknowledged that bailing out its banks has rendered it insolvent. Taoiseach Brian Cowen said that he plans to dissolve Parliament and call for new elections juuuuuust after the sure-to-have-its-ass-handed-to-it Fianna Fáil coalition passes its next budget.
And what a budget it's expected to be! In exchange for a loan of up to €90 billion from the European Union and the International Monetary Fund, Ireland will have to implement further austerity measures that involve raising taxes and cutting services. And whose services are getting cut, you're wondering? Do you even have to ask ? >
Deep cuts to the minimum wage and welfare benefits loom as part of the price the country pays for its huge emergency bailout loan as Brian Cowen insisted he was "not the bogeyman" who had led Ireland to financial crisis.
So the poorest people in the country are essentially paying to bail out the Irish banks' creditors. Pretty remarkable.
* Zero Hedge points us to the following video from Jim Rogers that lays out an alternative plan for the Irish: Just declare bankruptcy and restructure your debt already:
Here's the key part: >
This is ludicrous. This will cripple the Irish economy for years to come. In the future Ireland will be crippled because everything they earn will go to pay off old debt. There is no reason why taxpayers around Europe or in Ireland should pay for other people's mistakes. The bondholders and the stockholders of banks should lose money.
And this is what we should keep in mind when we hear about "bailing out Ireland." It's really about bailing out the Irish banks' creditors .
* It also goes without saying that this situation blows a hole in the meme that austerity is the best way to head off a recession. The Irish implemented spending cuts and tax increases long before most of the other PIIGS (Portugal, Ireland, Italy, Greece and Spain) ever did. The result was the country was still deeply in debt and in need of a rescue. More than anything, though, this crisis shows that there are structural flaws in the Eurozone single currency that are probably impossible to resolve. I can't really see anyway for countries to be able to issue their own debts but not their own currencies.
* Over in the States, meanwhile, things aren't exactly better. The banks' fraudulent foreclosure activity (which our own Susie Madrak has covered extensively ) has created a buttload of anxiety in the housing market : >
The ongoing controversy surrounding foreclosures is taking its toll as homebuyers refused to look at distressed properties in October, and foreclosure sales suffered from delays, according to the latest Campbell/Inside Mortgage Finance Monthly Survey. [...]
News reports that major servicers were pulling REOs off the market, including some already under contract, spooked would-be homebuyers. The monthly survey found that 14% of owner-occupant homebuyers and 6% of investors refused to view foreclosed properties in October. Homebuyer fear was worse for short-sale properties where 30% of owner-occupant buyers, and 20% of investors refused to view these homes.
As I told two friends who were looking to buy a home, you'd have to be N-U-T-S to think of buying a foreclosed home right now.
* On the somewhat-happier side of things, the FBI raided two hedge firms yesterday as part of its sweeping investigation into insider trading. The Wall Street Journal got the scoop on this probe over the weekend: >
Federal authorities, capping a three-year investigation, are preparing insider-trading charges that could ensnare consultants, investment bankers, hedge-fund and mutual-fund traders, and analysts across the nation, according to people familiar with the matter.
The criminal and civil probes, which authorities say could eclipse the impact on the financial industry of any previous such investigation, are examining whether multiple insider-trading rings reaped illegal profits totaling tens of millions of dollars, the people say. Some charges could be brought before year-end, they say.
The investigations, if they bear fruit, have the potential to expose a culture of pervasive insider trading in U.S. financial markets, including new ways non-public information is passed to traders through experts tied to specific industries or companies, federal authorities say.
Reading those words gave me a tingly feeling in my pants. I do hope this investigation is legit and that the government won't just take a wad of "We're Sorry!" Cash from the banks and call it a day. We have a wealthy criminal class in this country that never pays for its crimes and is often rewarded for them at taxpayer expense. If we want to keep living in a democracy, this sort of thing will have to stop.
* News of the hedge fund raid sent key financial stocks down today, as Bank of America's shares were down 3%, JP Morgan's were down 2.25% and the Vampire Squid was down nearly 3.5%.
* And finally, let's take a look at what I call the "WE'RE ALL GONNA DIE!!!11!!!" index of key measurements to see how much investors across the world are crapping themselves with fear. Basically, it goes like this: When U.S. Treasury yields go down and the price of gold goes up, that means investors are fleeing risky assets for things they consider to be safe investments. If the reverse is happening, then investors are likely feeling they can handle more risk on a given day.
Gold futures rose 0.4% to $1,357.80 yesterday.
10-year Treasury yields fell 1.41% to close at 2.80% on the day.
In other words, the chances of the world exploding just got greater. Have a happy day!
7 Views
00:00:33 11/22/10
This Week: Are We Going To Be Taken Seriously By The Very Serious People On The Debt Ceiling?
[LESS INFO] 7 VIEWS | ADDED 00:00:33 11/22/10
Nothing reminds me to take my blood pressure medicine like another Sunday morning in Absurdistan! Is it just me, or is it crazy to turn the deficit "crisis" into a political argument, and not an economic one? Have the Villagers so completely bought into the Grand Bargain narrative that it doesn't even occur to them that this is a really bad idea?
Oh, you already know the answer. These shows are nothing more than a high school vanity project for the Village elders. And that, of course, includes the media "journalists" who take part. What an incoherent mess.
Why does multimillionaire host Christian Amanpour [$2m salary, married to James Rubin , executive editor at Bloomberg News, adjunct professor at Columbia University, salaries unknown] allow Sen. Jon Kyl [worth between $519,090 to $746,082 ] to get away with saying a targeted tax increase on billionaire hedge fund managers is a "job killer"? She probably asks tougher questions of her 11-year-old son.
And OMB head Jacob Lew [In 2009, got $944,578 bailout bonus after working for Citigroup, where his salary was $1.1 million and "additional compensation". Current salary unknown] speaks in spin, all of which whizzes past Amanpour like a whiffle ball.
Could we just once have a real discussion on the nuts and bolts of the issues, instead of partisan spin? >
AMANPOUR: This morning there are reports of a resurrected grand bargain. So, is a breakthrough on the horizon? Joining me, a man at the heart of these tense negotiations, White House budget director Jack Lew.
Thank you for joining me.
LEW: Good to be here, Christiane.
AMANPOUR: How worried should the American people be? Is the country going to default? Is a deal at hand?
LEW: I do not believe that responsible leaders in Washington will force this to default. I think that all of the leaders of congress and the president have acknowledged that we must raise the debt limit. And the question is how?
I think the question is, do we do more than that? Do we do as much as we can to reduce the deficit and provide some assurance that we're taking seriously the fiscal problems this country faces?
AMANPOUR: So is there a grand bargain still on the table?
LEW: Well, I think that there's multiple tracts that are being discussed. It's not a given how we get to raising the debt limit. There are some extreme voices that are saying, we should push it over the edge. I think the risk of taking that path is just enormous. The present referred to it as Armageddon. It would mean higher interest rates, which are taxed on all Americans, it would undermine our standing in the world and it could have a cloud for a long time over the United States.
I think the question how we get there -- Senator McConnell, Senator Reid have been working on a path that would, in fact, give congress perhaps a way to get that done.
I [think] the challenge is doing more. It's not enough for us just to do what we have to do. We have to do as much as we possibly can to deal with the fiscal challenges.
AMANPOUR: Sitting here today with the time ticking away. What do you think is the realistic? Will it be the McConnell sort of last-ditch effort which allows the president to raise the debt ceiling and allows Republicans or anybody to register their disapproval of it?
LEW: I think that what we face now is not a challenge of do we have the time. It's a question, do we have the will.
The president has shown through his leadership that we must take action, we must take it now. He's spoken to the issue in his State of the Union, in his budget, he spoke to it over the last few days to the public. He is pressing these discussions forward that we should do as much as we can. And he's willing to take on some very, very difficult issues that will require for both sides to move into areas to make them uncomfortable to get this done.
AMANPOUR: Well, let's talk about entitlements. The Democrats, you've heard Nancy Pelosi, you've heard Senator Reid talk about not touching entitlement. Is that just a public posture or will that be part of a deal?
LEW: I think it's very, very hard for Democrats to make these changes in entitlement programs and for good reason. They have an effect on people that's really very significant.
We are concerned first and foremost about the stability of Medicare as a system to provide for the medical needs of our elderly. It does contribute to the problems we face in terms of rising costs over the years. The challenge is could we get a balanced package together? It's not fair to ask senior citizens to pay a price, to ask families paying for their college educations, for their children to pay a price , but to leave the most privileged out of the bargain.
And everything has to be on the table.
Um, Jack? We've already paid a price. High unemployment, declining wages and public services. We had our turn, leave us out of this "balance" argument. It's their turn, the rich people. The people like you - and Christiane. >
AMANPOUR: But who would be part of the big deal -- entitlement cuts, correct?
LEW: I think the president made clear that, depending on the size of the package, there would be different kinds of things that could be done in entitlements. There are some relatively small technical changes and there are structural changes.
In order to get the kinds of structural reforms that would be needed in a long run, there has to be a balanced package that puts taxes, revenues as well as spending on the table.
There's that "balance" fetish again. Hey Jack, WE PAID AT THE OFFICE!!! >
AMANPOUR: Does the president have his own plan? What is on the table? You saw Speaker Boehner saying where are the president's cards?
LEW: I think Speaker knows quite well how far the president is willing to go. There have been detailed conversations on many, many subjects. And I think the president has shown that he's willing to move into space that is a very hard place for Democrats to go . And the challenge is, can we find a place where there will be some kind of fairness and balance.
And leadership takes partnership as well. The president has shown a willingness to go there. We need a partner to work with.
Yes, and apparently leadership takes deep cynicism and an abiding faith in disreputable economic theories -- that just happen to dovetail with the desires of the elite. Funny how that works out! >
AMANPOUR: If it gets down to that, would the president, as Representative Cantor suggest, do a one-year extension to save the country from going into default?
LEW: The president has been very clear on that subject. It would be a very unacceptable outcome to have...
AMANPOUR: But would he do it?
LEW: He's made clear that he will not have this debate over should we raise the national debt a year from now. It would be a bad thing for the economy and a bad thing for the country.
AMANPOUR: So to be clear, he could be pushed into default then?
LEW: I do not believe the country will be pushed into default. I think congress knows what it has to do. It's got time do it. The president has made clear what he is prepared to do and the parties are going to have to come together.
It's kind of unfortunate that things always have to get to the last minute. Sometimes there are no consequences, right now, we're in a place where the world is watching. And we should get our business done, congress should get its job done and the president has been working every day for the last month trying to work with them to get it done.
AMANPOUR: And some kind of a deal, whether it's the grand bargain, or the Mitch McConnell last-ditch effort, plus whatever it might be. Would the president agree to any deal that does not include revenue raising?
LEW: I think the president made clear that there are reasonable steps that can be made to reduce spending. We've already made many, many deep cuts in spending. There's more restraint that we think is in order. He has made it clear that for a big deal, there will have to be balance between revenue and spending.
The question is how much can we get done? And the president's view is clear. We should get as much done as we possibly can to give assurance to the market and to the American people that we got our fiscal house in order.
No matter who we have to screw and leave by the side of the road. Tough luck, chumpies! >
AMANPOUR: So if you had to predict right now, what would be the deal that will get done to avoid this deadline, this potential catastrophe as we're calling it?
LEW: So I think the minimum is I believe the debt will be extended. I think notwithstanding the voices of a few who are willing to play with Armageddon, responsible leaders in Washington or not.
Our efforts over the next days will be to, in addition to that, do as much as we possibly can to make the tough decisions -- this is a question of leaders coming together and saying, we are going to do hard things on both sides. And the time is now, as the president said, if not now, when.
Yes, because that's what disaster capitalism is all about : Seizing the opportunity. >
AMANPOUR: On that note, Jack Lew, thank you so much of you for joining us.
LEW: Thank you.
NOTE: I'm continuing my little experiment (inspired by this ) of illustrating just how large a class divide exists between us and our elected representatives. As has been reported elsewhere, members of Congress seem to have amazing luck with the stock market - frequently beating the Street by significant margins. So let's keep in mind that their interests may not always align with ours.
10 Views
00:00:33 11/22/10
This Week: Are We Going To Be Taken Seriously By The Very Serious People On The Debt Ceiling?
[LESS INFO] 10 VIEWS | ADDED 00:00:33 11/22/10
Nothing reminds me to take my blood pressure medicine like another Sunday morning in Absurdistan! Is it just me, or is it crazy to turn the deficit "crisis" into a political argument, and not an economic one? Have the Villagers so completely bought into the Grand Bargain narrative that it doesn't even occur to them that this is a really bad idea?
Oh, you already know the answer. These shows are nothing more than a high school vanity project for the Village elders. And that, of course, includes the media "journalists" who take part. What an incoherent mess.
Why does multimillionaire host Christian Amanpour [$2m salary, married to James Rubin , executive editor at Bloomberg News, adjunct professor at Columbia University, salaries unknown] allow Sen. Jon Kyl [worth between $519,090 to $746,082 ] to get away with saying a targeted tax increase on billionaire hedge fund managers is a "job killer"? She probably asks tougher questions of her 11-year-old son.
And OMB head Jacob Lew [In 2009, got $944,578 bailout bonus after working for Citigroup, where his salary was $1.1 million and "additional compensation". Current salary unknown] speaks in spin, all of which whizzes past Amanpour like a whiffle ball.
Could we just once have a real discussion on the nuts and bolts of the issues, instead of partisan spin? >
AMANPOUR: This morning there are reports of a resurrected grand bargain. So, is a breakthrough on the horizon? Joining me, a man at the heart of these tense negotiations, White House budget director Jack Lew.
Thank you for joining me.
LEW: Good to be here, Christiane.
AMANPOUR: How worried should the American people be? Is the country going to default? Is a deal at hand?
LEW: I do not believe that responsible leaders in Washington will force this to default. I think that all of the leaders of congress and the president have acknowledged that we must raise the debt limit. And the question is how?
I think the question is, do we do more than that? Do we do as much as we can to reduce the deficit and provide some assurance that we're taking seriously the fiscal problems this country faces?
AMANPOUR: So is there a grand bargain still on the table?
LEW: Well, I think that there's multiple tracts that are being discussed. It's not a given how we get to raising the debt limit. There are some extreme voices that are saying, we should push it over the edge. I think the risk of taking that path is just enormous. The present referred to it as Armageddon. It would mean higher interest rates, which are taxed on all Americans, it would undermine our standing in the world and it could have a cloud for a long time over the United States.
I think the question how we get there -- Senator McConnell, Senator Reid have been working on a path that would, in fact, give congress perhaps a way to get that done.
I [think] the challenge is doing more. It's not enough for us just to do what we have to do. We have to do as much as we possibly can to deal with the fiscal challenges.
AMANPOUR: Sitting here today with the time ticking away. What do you think is the realistic? Will it be the McConnell sort of last-ditch effort which allows the president to raise the debt ceiling and allows Republicans or anybody to register their disapproval of it?
LEW: I think that what we face now is not a challenge of do we have the time. It's a question, do we have the will.
The president has shown through his leadership that we must take action, we must take it now. He's spoken to the issue in his State of the Union, in his budget, he spoke to it over the last few days to the public. He is pressing these discussions forward that we should do as much as we can. And he's willing to take on some very, very difficult issues that will require for both sides to move into areas to make them uncomfortable to get this done.
AMANPOUR: Well, let's talk about entitlements. The Democrats, you've heard Nancy Pelosi, you've heard Senator Reid talk about not touching entitlement. Is that just a public posture or will that be part of a deal?
LEW: I think it's very, very hard for Democrats to make these changes in entitlement programs and for good reason. They have an effect on people that's really very significant.
We are concerned first and foremost about the stability of Medicare as a system to provide for the medical needs of our elderly. It does contribute to the problems we face in terms of rising costs over the years. The challenge is could we get a balanced package together? It's not fair to ask senior citizens to pay a price, to ask families paying for their college educations, for their children to pay a price , but to leave the most privileged out of the bargain.
And everything has to be on the table.
Um, Jack? We've already paid a price. High unemployment, declining wages and public services. We had our turn, leave us out of this "balance" argument. It's their turn, the rich people. The people like you - and Christiane. >
AMANPOUR: But who would be part of the big deal -- entitlement cuts, correct?
LEW: I think the president made clear that, depending on the size of the package, there would be different kinds of things that could be done in entitlements. There are some relatively small technical changes and there are structural changes.
In order to get the kinds of structural reforms that would be needed in a long run, there has to be a balanced package that puts taxes, revenues as well as spending on the table.
There's that "balance" fetish again. Hey Jack, WE PAID AT THE OFFICE!!! >
AMANPOUR: Does the president have his own plan? What is on the table? You saw Speaker Boehner saying where are the president's cards?
LEW: I think Speaker knows quite well how far the president is willing to go. There have been detailed conversations on many, many subjects. And I think the president has shown that he's willing to move into space that is a very hard place for Democrats to go . And the challenge is, can we find a place where there will be some kind of fairness and balance.
And leadership takes partnership as well. The president has shown a willingness to go there. We need a partner to work with.
Yes, and apparently leadership takes deep cynicism and an abiding faith in disreputable economic theories -- that just happen to dovetail with the desires of the elite. Funny how that works out! >
AMANPOUR: If it gets down to that, would the president, as Representative Cantor suggest, do a one-year extension to save the country from going into default?
LEW: The president has been very clear on that subject. It would be a very unacceptable outcome to have...
AMANPOUR: But would he do it?
LEW: He's made clear that he will not have this debate over should we raise the national debt a year from now. It would be a bad thing for the economy and a bad thing for the country.
AMANPOUR: So to be clear, he could be pushed into default then?
LEW: I do not believe the country will be pushed into default. I think congress knows what it has to do. It's got time do it. The president has made clear what he is prepared to do and the parties are going to have to come together.
It's kind of unfortunate that things always have to get to the last minute. Sometimes there are no consequences, right now, we're in a place where the world is watching. And we should get our business done, congress should get its job done and the president has been working every day for the last month trying to work with them to get it done.
AMANPOUR: And some kind of a deal, whether it's the grand bargain, or the Mitch McConnell last-ditch effort, plus whatever it might be. Would the president agree to any deal that does not include revenue raising?
LEW: I think the president made clear that there are reasonable steps that can be made to reduce spending. We've already made many, many deep cuts in spending. There's more restraint that we think is in order. He has made it clear that for a big deal, there will have to be balance between revenue and spending.
The question is how much can we get done? And the president's view is clear. We should get as much done as we possibly can to give assurance to the market and to the American people that we got our fiscal house in order.
No matter who we have to screw and leave by the side of the road. Tough luck, chumpies! >
AMANPOUR: So if you had to predict right now, what would be the deal that will get done to avoid this deadline, this potential catastrophe as we're calling it?
LEW: So I think the minimum is I believe the debt will be extended. I think notwithstanding the voices of a few who are willing to play with Armageddon, responsible leaders in Washington or not.
Our efforts over the next days will be to, in addition to that, do as much as we possibly can to make the tough decisions -- this is a question of leaders coming together and saying, we are going to do hard things on both sides. And the time is now, as the president said, if not now, when.
Yes, because that's what disaster capitalism is all about : Seizing the opportunity. >
AMANPOUR: On that note, Jack Lew, thank you so much of you for joining us.
LEW: Thank you.
NOTE: I'm continuing my little experiment (inspired by this ) of illustrating just how large a class divide exists between us and our elected representatives. As has been reported elsewhere, members of Congress seem to have amazing luck with the stock market - frequently beating the Street by significant margins. So let's keep in mind that their interests may not always align with ours.
151 Views
10:19:41 04/09/09
"Smart Car" Spotted In Oakland Rockridge BART Parking Lot
[LESS INFO] 151 VIEWS | ADDED 10:19:41 04/09/09
I was walking from my car to Olivetto's in Market Hall last night to meet a friend for dinner when I spotted a really small car in the Oakland Rockridge BART Parking Lot, where I parked. I mean this car was tiny and at the rear had one word on it: "Smart." So, I removed my handy Flip Video Camera from my suit pocket and made this video blog about it. As I filmed and talked I was totally both taken and scared by the sheer size of the vehicle (small), so I did some research. According to various online sources, the Smart Car was the creation of the same person who came up with the Swatch Watch. That device -- a simple, monotoned plastic-looking timepiece, was a hit with Valley Girls in the 80s. And that discovery explains why the car looks like, well, a Swatch..car? The car in the video is called a Smart Fortwo, or "for two" as in two people. It's created by Mercedez Benz to this day, even though the Wikipedia seems to imply otherwise. The Smart Fortwo was brought to America over a year ago. Still, I would not be caught driving one -- it's too small. I can't see surviving an accident in this thing at all. How small does a car need to be? And how much gas does it use? According to this site, it's 33 in the city and 41 on the highway. That's terrible considering its size and what a Prius can do. But the good news is unlike that hybrid car, the price is about $12,000. Still, I think it should be about $7,000 -- I'd pay for that just to drive it on the golf course! Distributed by Tubemogul.
