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nyuszika45

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  • Hungary PM Viktor Orban rejects IMF and EU conditions necessary for the country to receive a bailout loan, and says the government will work on its own set of proposals to present to creditors. Among the IMF demands are for bank taxes to be cut while personal income taxes are hiked. "This will not work," says Orban. [View news story]
    Exactly! Do they talk to Bernanke?
    Sep 6, 2012. 12:06 PM | 1 Like Like |Link to Comment
  • Hungary PM Viktor Orban rejects IMF and EU conditions necessary for the country to receive a bailout loan, and says the government will work on its own set of proposals to present to creditors. Among the IMF demands are for bank taxes to be cut while personal income taxes are hiked. "This will not work," says Orban. [View news story]
    Bravo for him!
    Sep 6, 2012. 11:41 AM | Likes Like |Link to Comment
  • Is the U.S. better off than four years ago? When it comes to energy, Duke Energy (DUK) CEO Jim Rogers says yes: "Are we better off in terms of efficiency? We see per-home usage of electricity declining… We [have had] two license[s] for nuclear plants issued. We have abundant supply of natural gas at low prices... [In] the various ways to generate electricity, we’re better off today." [View news story]
    Umm, it is the "science" of economics that believes the people act in their own economic interest, not the Chicago School, per se. Read Econ 101, please.
    Sep 6, 2012. 11:17 AM | Likes Like |Link to Comment
  • Is the U.S. better off than four years ago? When it comes to energy, Duke Energy (DUK) CEO Jim Rogers says yes: "Are we better off in terms of efficiency? We see per-home usage of electricity declining… We [have had] two license[s] for nuclear plants issued. We have abundant supply of natural gas at low prices... [In] the various ways to generate electricity, we’re better off today." [View news story]
    Let's start by going back to the recent "beginning". Carter signed a purported anti-redlining bill in 1979. This bill required that banks make loans, mortgage loans, to people who, by the bank's reckoning, couldn't pay them back. BO, in his practice as a lawyer successfully sued a number of banks for people in such dire circumstances and of his 180-190 co-litigants, half have gone bankrupt since he got them their loan through that action. In the 90's it got more exciting as the Clinton administration ordered Fannie Mae to buy (all?) the questionable mortgage loans from US banks... actually it took place in two tranches, the second after his re-election. So, this let his banking sponsors off the hook (and freed up a lot of bank capital to make more loans; do you see the beginning of how the housing bubble was helped by the government early on?) while putting the taxpayer on the hook - because previously Fannie and Freddie were scrupulous about backing clean and payable loans.

    Then, you throw into the bag various things like securitising mortgages, begun by some bright fellows who found they could buy up a lot of sub-prime loans on the cheap and bundle them with a few good ones and moving average the risk to a point where they were saleable as "investment grade". Right.

    There's more to it than this, but it all started back with Mr. Carter who demanded that banks make loans that weren't going to be paid - and the government kept numbers to penalise them if they didn't make enough of those loans!

    it took a couple of decades, a cooperative Fed, and a number of self-interested congressmen to build the housing bubble that burst with the giant profit scam of the summer of 2008; but that is another story.

    This, by the way, is the same Jimmy Carter that, for reasons unknown to us or anyone of normal sense, ordered the French to release one crazy bird named Khomeni from house arrest in France; whereupon he got on a plane, flew to Iran, and began all the troubles we've had there ever since. Not that the Shah was in great shape, but Carter threw him under the bus rather than help him. Hmm. is it just democrat presidents that throw our allies under the bus? the current one just threw Israel there... another discussion.

    So, it wasn't the Bush administration that built the housing bubble, but you have to delve a bit because the parties are not real sincere about all this transparency thing, you know?
    Sep 6, 2012. 11:14 AM | 2 Likes Like |Link to Comment
  • Is the U.S. better off than four years ago? When it comes to energy, Duke Energy (DUK) CEO Jim Rogers says yes: "Are we better off in terms of efficiency? We see per-home usage of electricity declining… We [have had] two license[s] for nuclear plants issued. We have abundant supply of natural gas at low prices... [In] the various ways to generate electricity, we’re better off today." [View news story]
    Don't play into the hands of the envirofascists, please?
    Sep 6, 2012. 10:58 AM | 1 Like Like |Link to Comment
  • After three "jobless recoveries" in the last twenty years, NYT's Hedrick Smith suggests it's time to take a lesson from Henry Ford. History has proven Ford's virtuous circle to be effective, and if business managers "give the middle class a better share of the nation’s economic gains... the economy will grow faster." [View news story]
    You do tend to present your arguments as a central planning statist - is that what you desire, Tom?
    Sep 4, 2012. 12:12 PM | Likes Like |Link to Comment
  • Is the U.S. better off than four years ago? When it comes to energy, Duke Energy (DUK) CEO Jim Rogers says yes: "Are we better off in terms of efficiency? We see per-home usage of electricity declining… We [have had] two license[s] for nuclear plants issued. We have abundant supply of natural gas at low prices... [In] the various ways to generate electricity, we’re better off today." [View news story]
    Declining use? We're too broke to pay! We had to sell all the expensive electronics to pay the food bill! Well, not really, but it follows from the first line.
    Sep 4, 2012. 12:04 PM | 3 Likes Like |Link to Comment
  • After three "jobless recoveries" in the last twenty years, NYT's Hedrick Smith suggests it's time to take a lesson from Henry Ford. History has proven Ford's virtuous circle to be effective, and if business managers "give the middle class a better share of the nation’s economic gains... the economy will grow faster." [View news story]
    One doubts that Tom, as it was agreed by the powers that be four years ago that McCain would be the sacrificial lamb in 2008 and Romney would win in 2012.

    Observe, please.
    Sep 3, 2012. 07:42 PM | 1 Like Like |Link to Comment
  • "The Fed has crossed a bright line," writes the University of Chicago's John Cochrane in the WSJ. It's moved from open-market operations into fiscal policy and the allocation of credit to specific markets and institutions, buying assets, and using its gargantuan regulatory power to advance policy goals. As such, the Fed "cannot stay independent of elected, and accountable, officials." [View news story]
    By whom else, unfortunately. The Constitution calls for the Congress to regulate the printing and distribution of money. That we can trust the current Congress less than we can trust the Fed is another matter. However, the unaccountability of the Fed is as bad as the manipulation of specie liquidity which produced occasional and serious recessions in the 19th century. The evidence notes that it is this manipulation of liquidity which controls the market - and who controls liquidity in the US today but the Fed. So, there's the bogeyman for the economic problems, irrespective of the red herrings and finger pointing otherwise.

    What are you going to do about it? Rather,what are we going to do about it? The last national leader that seriously presented a challenge to the Fed was killed.
    Sep 3, 2012. 11:11 AM | 1 Like Like |Link to Comment
  • "The Fed has crossed a bright line," writes the University of Chicago's John Cochrane in the WSJ. It's moved from open-market operations into fiscal policy and the allocation of credit to specific markets and institutions, buying assets, and using its gargantuan regulatory power to advance policy goals. As such, the Fed "cannot stay independent of elected, and accountable, officials." [View news story]
    You must be kidding...
    Sep 3, 2012. 11:05 AM | 1 Like Like |Link to Comment
  • "The Fed has crossed a bright line," writes the University of Chicago's John Cochrane in the WSJ. It's moved from open-market operations into fiscal policy and the allocation of credit to specific markets and institutions, buying assets, and using its gargantuan regulatory power to advance policy goals. As such, the Fed "cannot stay independent of elected, and accountable, officials." [View news story]
    The last thing the "Fed" has ever been is independent, unless you count being subservient to domestic and foreign bankers as "independent".
    Sep 3, 2012. 11:04 AM | 1 Like Like |Link to Comment
  • Some jobs remain beyond the reach of automation, but the list is growing shorter. "The pace and scale of this encroachment into human skills is relatively recent and has profound implications," says MIT's Andrew McAfee. Next: Robots with "eyes" (using technology found in Microsoft's Kinect) that can pick up boxes and drop them on a conveyer belt. Think FedEx and UPS. [View news story]
    Wyatt, some of that is correct, but in the history of unions ruining industries and creating unemployment (in which they have a giant role, by definition when you get to closed shops), there is a lot of blame on management, as well. Let's talk about lazy management in the steel industry which put up little if any opposition to union wage and benefit increases which eventually put the US out of the industrial steel business for a long time, ruined Pittsburgh (and that is debatable as it was pretty bad already), parts of Eastern Ohio, western Pennsylvania, and West Virginia, though one might be forgiven for thinking W.Va. was there already.

    And I see few Goliaths of negotiation or performance in the auto industry lately as the general performance of Government Motors continues to either take the easy road or defer difficult decisions to blame anything but themselves.

    Personally, I'd put Union heads and the corporate heads with which they deal in the same greed pot... and boil away!
    Aug 19, 2012. 01:52 PM | 2 Likes Like |Link to Comment
  • Some jobs remain beyond the reach of automation, but the list is growing shorter. "The pace and scale of this encroachment into human skills is relatively recent and has profound implications," says MIT's Andrew McAfee. Next: Robots with "eyes" (using technology found in Microsoft's Kinect) that can pick up boxes and drop them on a conveyer belt. Think FedEx and UPS. [View news story]
    Ever see "Blade Runner"? It is the theme underlying it all.

    And in the social engineers' perfect world, you can marry a plant if you like. There are many who already claim to have done so.
    Aug 19, 2012. 01:43 PM | Likes Like |Link to Comment
  • Some jobs remain beyond the reach of automation, but the list is growing shorter. "The pace and scale of this encroachment into human skills is relatively recent and has profound implications," says MIT's Andrew McAfee. Next: Robots with "eyes" (using technology found in Microsoft's Kinect) that can pick up boxes and drop them on a conveyer belt. Think FedEx and UPS. [View news story]
    Like government?
    Aug 19, 2012. 01:40 PM | 4 Likes Like |Link to Comment
  • "It seems like the [factory] sector is stuck in neutral," says RBS's Guy Berger. Several reasons are at play. "Japan is going nowhere, Europe is in recession, and we’ve got our own problems," such as stalemate over tax and spending, says MFR's Josh Shapiro, who reckons the chance of recession in the next year is 50%. [View news story]
    ??"who reckons the chance of recession in the next year is 50%."?? Huh? Doesn't he actually mean the chance of the recession getting worse? Does he think 8%+ unemployment (or more likely 20%+ unemployment when people are counted and not some perverse, revised to the hilt segment of the total group) is a new normal? For which government department does he work or want to work?

    Sorry, that is just such a lame comment to my obviously bewildered mind.

    Has he even seen the national debt and understand that it is a house of cards and the lynch pin holding it all up, the credibility of the USD, is crumbling?
    Aug 19, 2012. 01:31 PM | 2 Likes Like |Link to Comment
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