Archive for the ‘Financial Meltdown’ Category

The Top 10 Financial Links Of The Day

Friday, February 4th, 2011

CNN Finance – Egypt and the growing problem of global inflation    **HT J.M. Heinrichs

WSJ – The global wheat market is caught between freezing winds and a sirocco. Prices, up 13% since the start of December, likely will keep rising     **HT J.M. Heinrichs

Zero Hedge – Labour force participation plunges to 26 year low

Zero Hedge – Unemployment figures: terrible

Breitbart – World food prices reached their highest level ever recorded in January and are set to keep rising for months, the UN food agency said on Thursday, warning that the hardest-hit countries could face turmoil    **HT J.M. Heinrichs

Reason – Coming Soon: a 300% increase in foreclosures   (must read)     **HT J.M. Heinrichs

Florida Today – United Space Alliance today completed notifying 548 Kennedy Space Center employees that they will be laid off on April 8. Some 697 USA employees companywide will be laid off that day, a figure that includes 145 in Houston and four in Huntsville, Ala.

Irvine Housing – Even as today’s featured property emerges from the shadows, the future inventory of foreclosed homes and distressed real estate continues to grow.

Asia Times – Food & failed Arab states

INO – Canada’s unemployment rate edged up in January 2011, after dipping to its lowest level in almost two years in November. Canadian economy created a surprisingly strong 69,200 jobs in January 2011, yet the unemployment rate increased by 0.2 percentage points to 7.8 percent, Statistics Canada revealed in its report today. Economists were expecting 15,000 more people were employed in this country last month after adding 22,000 jobs in December. The unemployment rate was expected to remain steady at 7.6 percent.

The Top Ten Financial Links Of The Day

Tuesday, February 1st, 2011

LB Post – Facing another massive budget deficit in the 2011-12 school year, the Long Beach Unified School District board of education Tuesday will discuss sending layoff notices to more than 600 employees – most of them teachers.

WKBW – National Grid cutting 1200 jobs

Yahoo Finance – 11% of US houses empty

Housing WireRealtyTrac Senior Vice President Rick Sharga said major banks currently hold roughly 1 million REO, or homes repossessed through foreclosure, but only 30% have actually made it onto the market.

Instapundit – Egypt Woes Bring Global Food Inflation Fears to Fore    **HT J.M. Heinrichs

Patterico – An analysis of the Obamacare ruling: An Enlightened decision    **HT J.M. Heinrichs

Bloomberg – Construction spending in the U.S. unexpectedly fell in December to the lowest level in a decade, signaling the industry will continue to lag behind the economic recovery.

The Market Ticker – Health care unconstitutional: Obama sedition?

SHTF Plan – Panic buying: governments in Asia, Mideast and Africa stocking up on food reserves as prices rise, riots rage

Canada’s Housing Bubble – Federal gov’t should get out of the mortgage business

So long Israel, and hello Vienna! – Saved in Drafts

Thursday, December 16th, 2010

**It certainly wouldbe nice if Fenris revisited this piece and finished it. The Mayor doesn’t like posts that end with the word “and”. It leaves too much up in the air. This post is from 2.14.2010. Woulda coulda shoulda won some sort of award, and…

I have been bothered at my leisure with demands for production about the soon to be non-existance of Israel.  Yeah, sure, it is a tasty subject for satire.  It is grim and there will be quite a few war movies, great war movies of the future, to be written, scripted, story-boarded, filmed, edited, and shown.  So I will write quick, as there are only a few more paragraphs to go before I am done with you.

Today is the first Saturday after the Persians went public with the Bomb. They have the Bomb.  They have stated quite clearly the conditions under which they will use their Bomb.  This is quite Queensberry rules, and every dead Statesman you talk to on the Ouija board will tell you that what they say is true enough to take heed of, and if you heed their boundary conditions, the Bomb will not go boom.  So what?  So what does this have to do with Israel?  Those Persian atomic bombs can only hit Los Angeles, maybe San Francisco, certainly Honolulu.  Utah is safe.  So who cares?

Sure, Israel has the Bomb. They have the Bomb too.  Big Deal.  This problem is not a big problem as far as Military problems go.  Israel does not fear the Bomb.  They are more likely to fire their broadside first, and it just might happen in this wonderful decade of 2010.  But before we get to how earthquakes and atomic bombs are like each other in effect, I want to talk about the ruthless self-interest of nation states.

This is a bad thing for Israel, but not in the way you would expect. History suggests that powers that pay tribute, pay tribute for appeasement, effect, or subterfuge.

Appeasement. The defeated in war end up paying tribute.  A certain amount of the trillions invested in Israel every year has a proportion, a percentage that is simple weregild, blood money for a ’sorry we shot your Grandpa’ that comes with a rather nice greeting card.

Appeasement, but. But the great power that was enforcing this payment is under a leader of Hope and Change. He has been bowing to these other, lesser, tribute paying powers. Today, Saturday, the Final Decision Makers are listening to Opera at their weekend retreats, sipping the best, and deciding. Maybe the Israel money does not have to be paid. Not now. The Americans are choosing retreat as their policy. So weregild for Israel can stop.

Effect. Sure, your tribute money buys you some peace and contentment over close there to where the oil fields are. But lately, last few years, those shipping lines, pipelines, refineries are

Tuesday, June 1st, 2010

 

 

Anarcho-Surreliast Comedian Wins in Iceland

Following a huge financial crisis, Icelandic voters have just thrown traditional politics out the window. They have elected a comedian’s party to six of fifteen Reykajavik municipal seats.

The campaign promises of the comedian’s party included bringing a polar bear to the Reykajavik petting zoo, Palm trees to Iceland’s frigid shoreline and a rearrangement of statues.

The leader of the “Best Party” is comedian Jon Gnarr. It is now believed he has a strong chance of becoming the mayor of Reykajavik.

The Best Party received 34.7% of the vote. The Independent Party received 33.6% of the vote and 5 seats. The Social Democratic Party, which ruled in alliance with the Green Party, won 3 seats and the Greens got one.

Needless to say, traditional Icelandic politicians are shocked and in an uproar.

**Thanks to Economic Policy Journal

Putting On The Fritz

Tuesday, February 23rd, 2010

fritz_henderson

Remember a year ago Obama set executive pay limits for those people whose companies received federal bailout money? Well, that was sooooo February 2009:

After resigning as president and CEO of General Motors in December, Fritz Henderson might have gone into hiding or decided to sit out the harsh Michigan winter on a Florida beach.

Instead, here he is popping up again, this time as a consultant to GM on international operations at the very fancy fee of $59,090 a month for 20 hours of work a month. That works out to almost $3,000 an hour for a CEO who was ousted after just eight months on the job.

Consider that one a *job saved*. To date, the Obama stimulus has either saved or created 2 000 001 jobs.

Yet I seem to remember Obama railing against executives receiving outrageous compensations? Cue dream sequence, February 2009…

“For top executives to award themselves these kinds of compensation packages in the midst of this economic crisis isn’t just bad taste — it’s a bad strategy — and I will not tolerate it. We’re going to be demanding some restraint in exchange for federal aid — so that when firms seek new federal dollars, we won’t find them up to the same old tricks,” the president added.

Under Obama’s plan, companies that want to pay their executives more than $500,000 will have to do so through stocks that cannot be sold until the companies pay back the money they borrow from the government. The rules will be implemented by the Treasury Department and do not need to be approved by Congress.

A year ago, Obama “wouldn’t tolerate these kinds of compensation packages” for top executives, but this year he seems to be able to tolerate them just fine. You know what that means, don’t you? It means Obama has become more tolerant. And that’s a good thing. It’s a sure-fire sign of someone maturing.

To be fair though, Fritz isn’t a top executive getting over $700,000 a year for working a mere 20 hours a month, he’s a consultant who gets over $700,000 a year for working a mere 20 hours a month.

For a mere consultant to make more money than most top executives at GM, that must mean he must have a pretty solid skill-set, correct?

Although Henderson’s compensation seems a little steep, getting him back to work makes sense. Nobody ever questioned his brains or his work ethic.

And it was in-part thanks to Fritz Henderson, that even through The Worst Economic Downturn Since The Great Depression™, GM was still able to keep it’s ranking as the worlds #1  #2  #3  #4 whatever the hell it is now, car manufacturer in the world. It’s obvious that without Fritz and his mad skillz and unquestionable work ethic, GM would have been bankrupt and possibly nationalized by the Obama administration. 

Thank any God but the Christian God THAT didn’t happen.

Green Shoots & Leaves

Tuesday, December 15th, 2009

just-do-it

SHTF Plan – A variety of reports today, with mixed interpretations, are sure to keep investors and the general public wondering what the heck is actually going on. After reports last week that retailers are showing growth, we wondered how accurate the numbers actually were in Retails Sales Show Growth…Or Do They?

Telegraph – Obama’s Health Care bill given body blow by Joe Lieberman.

Zero Hedge – The National Association Of Home Builders just reported a December number of 16 that was not only lower than consensus estiamtes (18) but the lowest since June. There goes the last green shoot. The market (without looking) should be up on this news (you know what this means don’t you? The markets will rally by 200 tomorrow).

Whiskey & Gunpowder – Science Hasn’t Failed About Climate, Government Has.

The Market Oracle – U.S. Housing Underwater, Securitized, and Screwed by the “Pass the Trash” Strategy

Zero Hedge – A World Crisis No Bailout Can Stop

The Market Ticker – So the Obama Administration thinks it can issue $150 billion in new debt a month eh? Here’s the question: Who is going to buy? I can tell you who isn’t buying – foreigners

The Market Oracle – Agri-Food’s and the Global Warming Research Dollars Ponzi Scam

SHTF Plan – Hyperinflationary Depression – No Way of Avoiding Financial Armageddon

Neithercorp Press - The great secret to the “Global Warming Debate,” the underlying current that no one in the mainstream seems willing to discuss openly, is the fact it is not really a debate about the environment; it is actually a catalyst, a symbolic fight over a mountain of social conflicts that have existed for generations.  The battle over Global Warming is a mechanism by which our culture is divided into mostly superficial and contrived political and social stances.  Republican vs. Democrat, Science vs. Religion, Anti-Corporate vs. Free Market, Hippie vs. Redneck, Vegetarian vs. Carnivore; Global Warming is a great farce comprised of many smaller farces.

Green Shoots & Leaves

Wednesday, December 2nd, 2009

money-down-toilet

Money News - Prices at the pump were $2.629 a gallon on Monday, 80.4 cents more a gallon than a year ago, according to auto club AAA, Wright Express and Oil Price Information Services. That is about $40 more a month for a typical motorist.

Seeking Alpha – Japan – Will it soon be the lost 20 years?

The Australian – KEVIN Rudd has lost his bid to deliver an emissions trading scheme in Australia before talks in Copenhagen but won an early election trigger after the Senate formally rejected the laws again today.

Just two Liberal senators broke ranks with a clear mandate among Coalition MPs to delay an ETS and voted with Labor on an emissions trading scheme

Deputy Senate leader Eric Abetz declared: “The CPRS is dead. And no amount of CPR can revive it”

Money & MarketsA healthy bull run for the stock market must come from rising prices and rising volume. This is an old and time-honored stock market analysis concept, and probably one of the most profound insights into market behavior.

Thus, a rally lacking volume is at least suspicious. And a rally with declining volume is a sign of a weak market and usually a harbinger of a correction if not an outright trend change.

Now go have a look at the S & P chart supplied.

Yahoo Finance- Howard Davidowitz of Davidowitz & Associates says the American economy is in worse shape that it was last year at this time – and he has some good points to back it up.

Daily Mail – The first question everyone would like answered is whether the banking crisis is over. Technically, it probably is; in reality it is not.

Green Shoots & Leaves

Tuesday, November 24th, 2009

unemployment-line

Even the state-controled NYT recognizes the Wave of debt payments facing the US gov’t. I suppose even cheerleading has to take a back seat to reality from time to time.

Barclay’s head of US Equity Strategy: Japan stagnation coming to America. The Japanese lost more than just a decade, hell, they’re into their third decade of stagnation.

For the first time in 70 years, Treasury Bills are paying NO interest, while stocks are still soaring. What is wrong with this picture?

Barnes & Noble Inc. and Borders Group Inc., the nation’s two largest brick-and-mortar book sellers, both posted quarterly losses Thursday and forecast a difficult holiday season.

Yale University has a great read entitled The Problem Of Deficits.

Remember a few weeks ago when it was reported that American GDP rose to 3.5%? Ya, well that was a load of steaming crap. Today it was adjusted to 2.8%. Commerce was off by ONLY 20%. And consider about 1.5% of that was the cash for crapper program, etc…

Institutional investors are quickly losing confidence in the bullish markets. In other words, they see what every person who is not high on crack has been seeing for the last 6 months. The markets are inflated and due for an *adjustment*.

Heinz 2Q profit falls 16%. Suck it, Kerry.

The second wave of the financial tsunami is nearly upon us. So says Matthias Chang, writing for the most-excellent Global Research site.

AP-GfK Poll: More like Scrooge than Santa: Stress over debts could hold back holiday shoppers. Scrooge? Because shoppers are trying to get out of debt? Puhleeeease.

Our friend Dr *Snarky Bastard* Dave from Feed Your ADHD has his new site up and running, and what a thing of beauty it is. The Mayor loves it and admits he is rather jealous of the good Dr’s new digs. It’s set up in that cool magazine style that’s all the rage, and it’s just plain excellent. The Mayor was seriously thinking of switching over to that kind of page set-up, but seeing as though last year around this time I changed from Blogger to the format you’re reading now and lost about 25% of my readership. I say to hell with it. The hell with it, indeed.

But the Dr’s site is marvelous, you’ll lub it big time, Joe!

Celebrating The Green Shoots

Thursday, November 19th, 2009

soup-line

Why more Americans are learning to pick locks, bust out of handcuffs, and avoiding surveillance.

10 states face imminent bankruptcy. That doesn’t mean the other 47 states in Obama’s America are out of the woods just yet though.

Inflationary Armageddon? Not yet, but come 2011 it’s another story.

Irish government to pay immigrants to go home. The Mayor throws in a fifty.

When Wal Mart and Kohl’s say Christmas is going to be rough, you know things are bad.

Societe Generale has advised clients to prepare for a possible “global economic collapse” within the next two years. Wow, the French are showing the white flags already?

Joshua Kosman – Predicting the next credit crisis.

Cash For Basically Everything

Thursday, October 29th, 2009

hummer-golf-cart

If you thought Obama’s Cash for Clunkers® was a complete and utter idiotic joke (at your expense), you are certainly not going to like what the party of dumb is subsidizing now:

Uncle Sam is now paying Americans to buy that great necessity of modern life, the golf cart.

The federal credit provides from $4,200 to $5,500 for the purchase of an electric vehicle, and when it is combined with similar incentive plans in many states the tax credits can pay for nearly the entire cost of a golf cart. Even in states that don’t have their own tax rebate plans, the federal credit is generous enough to pay for half or even two-thirds of the average sticker price of a cart, which is typically in the range of $8,000 to $10,000. “The purchase of some models could be absolutely free,”

The IRS has ruled that golf carts qualify for the electric-car subsidy as long as they are road worthy. Stick a few mirrors on the cart and a few other adjustments, and see you on the highway.

A firm in Florida are even advertising free carts, or two thousands bucks for doing nothing:

Golf Cart Man is referring to his offer in which you can buy the cart for $8,000, get a $5,300 tax credit off your 2009 income tax, lease it back for $100 a month for 27 months, at which point Golf Cart Man will buy back the cart for $2,000. “This means you own a free Golf Cart or made $2,000 cash doing absolutely nothing!!!”

And why stop at owning just one free golf cart when you can own DOZENS of free gold carts:

The IRS has also ruled that there’s no limit to how many electric cars an individual can buy, so some enterprising profiteers are stocking up on multiple carts while the federal credit lasts, in order to resell them at a profit later.

I suppose that since Obama has played more golf in nine months than George W played in nearly three years, that should be proof enough that Obama has a vested interest in making sure golfers are properly cart-equipped. It’s his area of expertise. Unlike Afghanistan, where all he knows how to do is putter around.

What a duffer.

Out Of Work But Not Out Of Style

Sunday, October 4th, 2009

bring-in-the-clowns

In a strange global phenomenon, hair dye manufacturers are seeing a huge product surge, which is attributed to the Global Economic Crisis™:

Dyed hair is making a comeback. L’Oréal, the world’s no.1 hair dye manufacturer, saw the sales of its hair color products surge some 30 percent in September compared to a year earlier. The sales of unusual dye including red, copper and metallic colors soared 47 percent.

Experts make connections between the trend and the recession. A beauty specialist said people seek to escape reality in a recession, and dyed hair offers a kind of fantasy image. During the 1997-98 Asian financial crisis, dyed hair was also fashionable.

More middle-aged people also dye their hair in an effort, experts say, to look younger and stand a better chance in the depressed job market.

It is a global phenomenon. The U.K. Telegraph called the phenomenon a “gold rush” and quoted celebrity hairdresser Andrew Barton as saying that many people are dyeing their hair blond to find an antidote to the depression. In the U.S., the term “hair dye index” was newly coined to show the link between the economy and dyeing hair. People’s hair color becomes lighter as economy worsens.

It’s true. I’ve never seen so many people with dyed hair eating out of dumpsters as I’ve seen lately. At first I was like, “Oh, look at Mr Fancy Pants and his copper hair. I bet he’s going to try to take the best fish bones and banana peels.” But after a few minutes I saw that the Hair People® are just like you and I. It’s just that they have fabulous looking follicles and an impeccable fashion sense.

Washington State Newspapers Get Bailed Out

Wednesday, May 13th, 2009

washington-state

Washington Governor, Chris Gregoire, has approved tax cuts (bailouts) for the newspaper industry:

Under the new law, publishers and printers get a 40% cut in the state’s main business tax.

Riddle me this, Batman: Does a business pay tax if it isn’t making any money?

I’m not sure if the tax code is different in the United States to that of Canada’s, or Sri Lanka’s, but unless the government is taxing loss, the 40% cut that’s being offered is awfully suspicious.

Perhaps this is setting the system up whereby publishers that are making money will have to pay increased tax, while those that are losing money will receive a *tax credit*. Hmmmmm, could that really happen?

You tell me.

And to boot, the propaganda arm of the democrat party has been protected, and paid for, by YOU.

I can’t remember, but does the revolution start before or after Greys Anatomy?