“This would basically kill the single-name CDS market,” said Tim Backshall, chief strategist at Credit Derivatives Research LLC in Walnut Creek, California. “Given the small size of many issuers’ bonds outstanding, this would make it practically impossible for the CDS market to exist.”
Seems to me we did just fine without 98-99% of the CDS for decades. What would be the big deal in getting rid of 95% of them considering most are essentially worthless if valued correctly? In the end that's what's going to happen any ways. I'm surprised the US doesn't have a Secretary of Derivatives of Money (SODOM) since it's the 2nd biggest notional market in the world. The only larger notional market are interest rate swaps.....Secretary of Actual Rates (ie SOAR)?
<< <i>Interests rates were over 8% and the New Zealand dollar was worth 0.83 US dollars when I first started my campaign to illustrate this financial crisis was global in scope. Holders of this paper have been obliterated as rates are now 3.5% and the $NZ is worth 0.51 USD.
I wish I was a betting man. Like taking candy from a baby. I apologize, I just couldnt resist. Think I would have collected?
4-24-08........."Unlike the US, New Zealand's responsible central bank doesn't bail out banks and speculators with panicked rate cuts. I'll be happy to place a bet on the kiwi against the dollar if you want. How about a time frame of a year and let's put a grand up. " >>
wasn't this all part of the yen carry trade? ie borrow yen at 0%(?) and go to NZ where the rates were highest (then)
Do the feds have the power to mop up toxic assets using taxpayers and the dollar? *Reuters, by Jan Harvey, January 28, 2009: "The Federal Deposit Insurance Corp is aiming to take control of a widely mooted 'bad bank,' to be set up by the U.S. government to mop up toxic assets of struggling banks, Bloomberg News reported on Tuesday.
Numerous U.S. lawmakers expect the Obama administration to produce a new strategy soon for stabilizing the nation's troubled banks, and believe several options are under discussion.
CNBC reported that the Obama administration is set to announce the outlines of its financial rescue plan early next week.
FDIC Chairman Sheila Bair would run the operation, Bloomberg said, citing a source familiar with the matter. It said another source told the news agency that Bair is arguing that her agency could help finance the effort by issuing bonds guaranteed by the FDIC.
U.S. Senate Banking Committee Chairman Chris Dodd said on Tuesday he was aware the Obama administration was discussing the idea of establishing a 'bad bank' to mop up toxic assets, and added the idea made some sense."
I have a very strict gun control policy: if there's a gun around, I want to be in control of it - Clint Eastwood
<< <i>“This would basically kill the single-name CDS market,” said Tim Backshall, chief strategist at Credit Derivatives Research LLC in Walnut Creek, California. “Given the small size of many issuers’ bonds outstanding, this would make it practically impossible for the CDS market to exist.”
Seems to me we did just fine without 98-99% of the CDS for decades. What would be the big deal in getting rid of 95% of them considering most are essentially worthless if valued correctly? In the end that's what's going to happen any ways. I'm surprised the US doesn't have a Secretary of Derivatives of Money (SODOM) since it's the 2nd biggest notional market in the world. The only larger notional market are interest rate swaps.....Secretary of Actual Rates (ie SOAR)?
roadrunner >>
There's nothing inherently wrong with derivitives.
That market could have been corrected quickly by securitizing issues and only allowing interested parties to generate a swap.
According to Paul Krugman, FDR didn't spend enough, he reigned in his spending plans. Krugman's advice to BHO is to figure out how much he needs and add 50 percent. "It's much better, in a depressed economy, to err on the side of too much stimulus than on the side of too little."
Am I wrong to think that FDR couldn't spend and/or print as much as he wanted because "his" dollar was pegged to gold whereas BHO's dollar is tied to air...so print away...and look out below.
It wasn't FDR's lack of stimulus that was the major mistake in the GD, but rather the fact that the FED contracted the money supply significantly that played a huge role in making things worse. Toss in protectionist trade policies and voila.....things got worse and lasted longer. The money supply has only been contracted 3X in the past 88 years: 1921, the early 1930's, and late 1950's. It's been over 50 yrs since its even been attempted. A reduction in the rate of growth of the money supply is one thing, an actual decrease in money is totally different.
There's nothing inherently wrong with derivatives. That market could have been corrected quickly by securitizing issues and only allowing interested parties to generate a swap.
Really? The market could have "quickly" massaged $660 TRILLION in notional value? If so, why has so much damage to date been caused by only 5% or so of that original amount been massaged away? How do you get rid of anything as large as $660 TRILLION? That's why most of it still remains and the bad bank idea is being tossed about. We already have a bad bank in play.....the FED along with it's buddy and trading partner, JPM.
The way that 98% of the otc variety derivatives have been used is inherently wrong. Bets upon bets that have no business being made. How many times can you bet on the same group of mortgage backed securities to pay off or fail? 5...10...50..100? Hence the problem.
<< <i>Interests rates were over 8% and the New Zealand dollar was worth 0.83 US dollars when I first started my campaign to illustrate this financial crisis was global in scope. Holders of this paper have been obliterated as rates are now 3.5% and the $NZ is worth 0.51 USD.
I wish I was a betting man. Like taking candy from a baby. I apologize, I just couldnt resist. Think I would have collected?
4-24-08........."Unlike the US, New Zealand's responsible central bank doesn't bail out banks and speculators with panicked rate cuts. I'll be happy to place a bet on the kiwi against the dollar if you want. How about a time frame of a year and let's put a grand up. " >>
wasn't this all part of the yen carry trade? ie borrow yen at 0%(?) and go to NZ where the rates were highest (then) >>
The Yen carry trade was a result of stagnant growth in Japan and strong, if not explosive, growth in the rest of the world. Once that growth stopped, traders couldnt get to the exit fast enough. We had a massive currency bubble in which the dollar was crushed and emerging market currencies exploded. The exhuberance in emerging markets is akin to the technology bubble in stocks in 2000.
Individual results do not disprove the greater trend. The world's a big garage, and if I lock myself in the garage with the engine in my car running, I know the result. A bigger garage just means it takes longer for the end result to occur.
Individual results do not disprove the greater trend. The world's a big garage, and if I lock myself in the garage with the engine in my car running, I know the result. A bigger garage just means it takes longer for the end result to occur. >>
The next thing your going to say is that nonbelievers are holocaust deniers. The 1883 eruption of Krakatua causes snow to fall the following summer in the Midwest states. That's one volcano. The 1930's saw a decade of warmer climate than this decade with millions of less cars and factories. The point being that mother nature has a much heavier hand than us mere human beings. I still think that we can pick up our own trash, recycle, make things more efficient, lighter, fuel efficient, etc. etc. but to go down this religious road of global warming will be a detriment to this country and this country only in a time where we don't need to have our hands tied even more. It's just a greater tax on the masses...and we don't need that right now. What we need is a tax holiday for one year....people and corporations. But, you say, we can afford it. Have you looked at the stimulated-pork lately?
I'm sure the residents of Rapa Nui shared your views. I, however, would prefer not to just leave a bunch of giant heads behind.
The great thing about tipping pts is you usually don't know when you've passed it till it's too late. Susan Solomon and her team, one of the leading climatologists in the world, stated the process would continue probably for another 1000 years even if pollutants stopped now. Most could be changed in the short term, but CO2 can not, and the oceans are acting as sponges for that excess CO2 and heat right now. At some point, it will be released, and continue to be released for 100's of years.
<< <i>People have imagined that if we stopped emitting carbon dioxide that the climate would go back to normal in 100 years or 200 years. What we're showing here is that's not right. It's essentially an irreversible change that will last for more than a thousand years. >>
NEW SOURCES OF GOLD Japan discovers new source of mineral wealth
The country's sewage yields more gold than top mines. Posted: Friday , 30 Jan 2009
TOKYO (Reuters) -
Resource-poor Japan just discovered a new source of mineral wealth -- sewage.
A sewage treatment facility in central Japan has recorded a higher gold yield from sludge than can be found at some of the world's best mines. An official in Nagano prefecture, northwest of Tokyo, said the high percentage of gold found at the Suwa facility was probably due to the large number of precision equipment manufacturers in the vicinity that use the yellow metal. The facility recently recorded finding 1,890 grammes of gold per tonne of sludge incinerated.
That is a far higher gold content than Japan's Hishikari Mine, one of the world's top gold mines, owned by Sumitomo Metal Mining Co Ltd (5713.T), which contains 20-40 grammes of the precious metal per tonne of ore.
The prefecture is so far due to receive 5 million yen ($55,810) for the gold, minus expenses.
It expects to earn about 15 million yen for the fiscal year to the end of March from the gold it has retrieved from the ashes of incinerated sludge.
"How much we actually receive will depend on gold prices at the time," the official said.
Some gold industry officials expect prices this year to top the all-time high above $1,030 per ounce set in 2008, on buying by investors worried about the deepening economic downturn. (Reporting by Miho Yoshikawa; Editing by Hugh Lawson)
I have a very strict gun control policy: if there's a gun around, I want to be in control of it - Clint Eastwood
Individual results do not disprove the greater trend. The world's a big garage, and if I lock myself in the garage with the engine in my car running, I know the result. A bigger garage just means it takes longer for the end result to occur. >>
Well, I got 234 inches last year. And I dont live in the mountains.
10,000 years ago my house would have been under 1 mile of ice. I certainly do not deny that the earth is getting warmer, but it is not due to human activity and there is nothing we can do about it. We need to stop wasting 100's of billions of dollar trying to fix it. Even during the "Great Ice Age", there were periods of much above normal warmth.
Glaciation has come and gone many times of the past 10 million years. And we in our 75 yr life expectancies are supposed to changed that. Give me a break. Enjoy the natural beauty created by the last ice age in Yosemite and Glacier Natl Parks now, before they are covered in ice in 50,000 years.
You can argue if CO2 and warming are related (I think it's stupid to think they aren't) but you can't argue that C02 levels are much higher than any time in the past and this is the work of man. Therefore, citing xx year was warmer is not really comparing the real issue.
<< <i>You can argue if CO2 and warming are related (I think it's stupid to think they aren't) but you can't argue that C02 levels are much higher than any time in the past and this is the work of man. Therefore, citing xx year was warmer is not really comparing the real issue. >>
...can't argue...?
I can argue that the earth is around 4 billion years old. According to some euro-scientists, CO2 has increased 200 times faster than at any time in the last 650,000 years. So, what man made event happened before that that caused CO2's rise? Before that there have been 100,000 year cycles of alternating cooling and warming. This is bigger than us humans. But some people think they are bigger than nature by trying to control it.
Individual results do not disprove the greater trend. The world's a big garage, and if I lock myself in the garage with the engine in my car running, I know the result. A bigger garage just means it takes longer for the end result to occur. >>
And neither does the ramblings of Al Gore nor the selective use of only the data that appears to 'support' his theory, ...... prove that global warming is in fact happening.
Hey, didn't you guys know...the rise in CO2 rates are because of bovine flatulance. If everyone would stop eating burgers, the CO2 levels would decrease. And...hey Al, flying that jet around and touring around in that stretch limo isn't helping your argument very much but everyone admits that you have a good gig there...take it to the bank!
What's really frustrating is that the money and power (that's what "global warming" is all about) and most importantly time are all being wasted, while we have genuine environmental problems to address. Way too many streams, rivers, lakes, bays, and oceans have polluted fish that are unsafe to consume regularly. It's a shame Al Gore didn't establish a investment scheme to benefit the fish (and the people who consume them, naturally).
Unfortunately it is a terrible shame that we will spend millions listening to this guy and his groupies, meanwhile, as you say, our natural waters both national and international are in just horrible shape. You know, it is just amazing that people will spend so much money and give this guy so much media time but they won't bother to clean up their own lands...yes, it is a shame.
As long as all people just have to do is turn a $2 handle and clean water comes out there will be no interest in this issue. When some snarley stinky liquid comes out instead, then they will yell and scream and sue and get in the media and it will be a national disaster but until then...let's talk carbon caps, yeah, that's the ticket. You think the foreclosures are something...wait till the water goes bad. Then not only will everyone move, you won't even be able to give those houses away.
What is everyone's thoughts on this? Last week, and until he was confirmed this week, it looked like not having a treasury secretary was letting gold go up. Anyone here think Obama's team's plan may be to let gold rise to where it naturally wants to go (ie. no more PPT action on gold)? It has been on a steady climb since he took over the Oval Office.
I seriously doubt the POG will be allowed to seek it's true level without some interference. If that would happen, the 4 big shorts would take it in the shorts...... BO and Co. would not want the big banks take a loss like that. I expect to see more of the manipulations to allow the big boys to continue to make their profits from this....
But they forgot to say that it's very volitile and doesn't pay interest and if you take your stock money and buy gold, you will be left out when it turns around. People wouldn't touch $825 gold but they will knock each other down trying to get at $1000 gold...go figure.
<< People have imagined that if we stopped emitting carbon dioxide that the climate would go back to normal in 100 years or 200 years. What we're showing here is that's not right. It's essentially an irreversible change that will last for more than a thousand years. >>
Heat transfer equations show that the specific heat of CO2 is not high enough to account for the warming of the oceans. In fact it's short by a magnitude or two or three to be the primary culprit. Read analyst Brian Bloom for further details on what realistic forces could be the cause. The fact that an atmospheric gas (CO2) has been warming the oceans (rather than say the sun's rays) seems rather silly.
As far as $927 gold, TPTB gave it a nice but useless knockdown today at $922 as it sprang right back. TPTB really don't want to see gold any higher because they realize there is little here but them holding gold back from $1000+ right now. And allowing that to muddy the political and economic waters will make their market manipulations that much harder. Nice little battle to wage here at the start of next week, along with the DOW teetering right at 8000+.
<< <i>Hey, didn't you guys know...the rise in CO2 rates are because of bovine flatulance. If everyone would stop eating burgers, the CO2 levels would decrease. And...hey Al, flying that jet around and touring around in that stretch limo isn't helping your argument very much but everyone admits that you have a good gig there...take it to the bank!
Don't tell Al, no more IN-N-OUT double double burgers is a cross I can't bear.
What is everyone's thoughts on this? Last week, and until he was confirmed this week, it looked like not having a treasury secretary was letting gold go up. Anyone here think Obama's team's plan may be to let gold rise to where it naturally wants to go (ie. no more PPT action on gold)? It has been on a steady climb since he took over the Oval Office. >>
I believe the move in gold this week was due to the loss of confidence in the Euro--and other currencies-- than anything to do with the US dollar. A few examples...Russia has devalued its currency something like 6 times in the last 2 months--there are alot of rich people in Russia probably looking for an alternative. The sovereign debt ratings of several European countries was cut in the last weeks. Japan said it is considering issuing bonds for the first time.
Will it ever stop snowing??....
Tonight Snow showers. Accumulation 5 to 10 inches. Lows around 10 above. West winds 10 to 20 mph. Chance of snow near 100 percent. Saturday Snow showers. Additional accumulation 4 to 7 inches. Highs 15 to 20. Northwest winds 10 to 20 mph...becoming west. Chance of snow 90 percent. Saturday Night Snow showers likely in the evening...then scattered snow showers overnight. Additional accumulation 2 to 3 inches possible. Lows 10 to 15. Temperatures rising to around 20 after midnight. Southwest winds 10 to 15 mph...becoming southeast. Chance of snow 70 percent. Sunday Cloudy. A chance of snow showers in the morning...then scattered flurries in the afternoon. Not as cold with highs in the upper 30s. South winds 10 to 20 mph...becoming southwest. Gusts up to 30 mph. Chance of snow 30 percent. Sunday Night Cloudy. Lows in the upper 20s. Southwest winds 10 to 15 mph...becoming west. Monday Cloudy with a 40 percent chance of snow. Highs in the mid 30s. Monday Night Snow likely. Lows 15 to 20. Chance of snow 60 percent. Tuesday Snow likely. Highs in the mid 20s. Chance of snow 70 percent. Tuesday Night Snow likely. Lows 10 to 15. Chance of snow 70 percent. Wednesday Snow showers likely. Highs 15 to 20. Chance of snow 60 percent. Wednesday Night Cloudy with a 50 percent chance of snow showers. Lows 10 to 15. Thursday Mostly cloudy with a 50 percent chance of snow showers. Highs in the mid 20s.
<< <i>Heat transfer equations show that the specific heat of CO2 is not high enough to account for the warming of the oceans. In fact it's short by a magnitude or two or three to be the primary culprit. Read analyst Brian Bloom for further details on what realistic forces could be the cause. The fact that an atmospheric gas (CO2) has been warming the oceans (rather than say the sun's rays) seems rather silly. >>
Analyst? More like fiction writer. Gee, do I listen to the world's leading climatologist or a guy who isn't a scientist? What a choice.
I also attended one of the nation's top power conferences since I happen to be in the industry. When the industry itself admits to being the biggest polluter with coal plants and needing to change, you can yell all you want but the impact of what we're discussing isn't lost on those whose pockets will absorb a lot of the cost. The difference is, they aren't blind.
"Analyst? More like fiction writer. Gee, do I listen to the world's leading climatologist or a guy who isn't a scientist? What a choice.
I also attended one of the nation's top power conferences since I happen to be in the industry. When the industry itself admits to being the biggest polluter with coal plants and needing to change, you can yell all you want but the impact of what we're discussing isn't lost on those whose pockets will absorb a lot of the cost. The difference is, they aren't blind. "
There are just as many 'world's leading climatologist' s who disagree with the global warming theory as there are that agree with it.
?? Who's yelling? Is that what you consider it, when someone does not agree with what you are posting?
There are several members on this forum who have much experience in the power generation industry. Stating that you attended a power conference does not lend additional credence to your position. It is already a well known fact that coal fired plants contribute to pollution. The debate is whether there is... or is not.... man made global warming.
All you have to do is follow the money. 'Nuff said, IMO.
You can argue if CO2 and warming are related (I think it's stupid to think they aren't) but you can't argue that C02 levels are much higher than any time in the past and this is the work of man. Therefore, citing xx year was warmer is not really comparing the real issue.
I paraphased this information from an "inconvenient" editorial in yesterday's Hartford Courant (1/30/09). Author Robert Thorson is a professor of geology at the University of Connecticut:
In the Pliocene era (3-3.5 MILL years ago) the levels of CO2 were similar to slightly higher than those of today, yet overall earth temps were 4-5 degrees higher. Overall Pliocene earth geography and ecosystems were relatively similar to that of today's including ocean currents, general animal and plant life, sunlight, etc, yet glaciers were less prevalent and ocean levels were 25 meters higher, similar to what would occur with melting of Greenland and West Antarctic ice sheets. Above the latitude of Scotland, Russia and Quebec the temperatures were up to 20-30 deg higher. Pack ice was absent from the Arctic Ocean which is also similar to current projections for the late 21st century. While there are multiple possible contributers to the higher temps of the Pliocene (CO2, sunlight, darker land surfaces with more forest than prairie, very little ice) one thing that all the scientists do agree on is that modern man didn't cause any of it. The climate feedback changes during the Pliocene were very strong, if not volatile .....it's a good thing Al Gore wasn't around back then or there would have been he!! to pay.
It really comes down to the money. And carbon credit trading will make a lot of it for someone. Scientists paid by the govt through salaries or grants tend to come up with findings that agree with what politicians want to hear. I think we can see the effects of Keynesian economics after decades of using it. And yet the economists come up with the same solutions that politicians want to hear.
It astounds me, that in this day and age..... when we have more knowledge than ever before, with more tools for our use than ever before.........
.........................and yet we are in the Age of Unreason.
Too many slick haired, smooth tongued charlatans standing on the back of a medicine wagon selling snake oil to the masses.... and way too many individuals believing it or wanting to believe it. Whether it be about global warming, politics, or economics.
When you follow the money, and see who's pockets are being filled, it becomes a little easier to see what is really going on. Just ask Al..... he doesn't have that big grin on his face all the time for no reason.....
<< <i>Hey, didn't you guys know...the rise in CO2 rates are because of bovine flatulance. If everyone would stop eating burgers, the CO2 levels would decrease. And...hey Al, flying that jet around and touring around in that stretch limo isn't helping your argument very much but everyone admits that you have a good gig there...take it to the bank!
Don't tell Al, no more IN-N-OUT double double burgers is a cross I can't bear. >>
Ren
go 4x4 "animal" for a few weeks and you won't need to worry about anything
"...it's ALL about the money and who is being taxed to support the projects and investigation. "
Oh, you can be damned sure that somebody is gonna be gettin' a huge tax hickey over this...probably US businesses and then, you can guess who get's to pay extra costs (hint, go look in the mirror). More on this later, I have to go to work.
The New Progressives in the White House have put in a line that recind the 1996 cap on welfare. Now the NP's can give those on welfare as much as they want to make sure that they are forever dependent on the Gov't. Only $30b on roads. I thought this was a shovel-ready-public-works bill. The more details that come out the more this bill is about social engineering and not civil engineering. Wake up sheeple.
mhammerman (i'm not preaching to you....just on another soapbox)
it's like the government needs a reason for existing beyond the simple ideals of the forefathers of this country. the States as well.
some speak of toxic assets, how about our toxic government?
our Federal, State and Local governments are like inverted pyramids of budget/tax of allocation/investment. when cuts are necessary, it's always the bottom that gets whacked first.
“The New Progressives in the White House have put in a line that rescind the 1996 cap on welfare. Now the NP's can give those on welfare as much as they want to make sure that they are forever dependent on the Gov't. Only $30b on roads. I thought this was a shovel-ready-public-works bill. The more details that come out the more this bill is about social engineering and not civil engineering. Wake up sheeple.”
We keep telling people here that administrations are only figureheads. The new guy is finding that out!
When Nancy proclaimed a couple of years ago that she was now the most powerful women in the world, what you thought she was kidding?
Nancy and Harry are running things in Washington, and the new guy has no real choices even if he did not want all this PORK.
My personal feeling on this, is that the powers above who are really running things on this planet have decided that America is no longer worth saving, and therefore he is giving us SOCIALISM !!!!! To bad. we had a good thing going before we lost our morality.
Another tax cheat added to the administration, I wonder when the White house is going to call Blago for a juicy position?
Jan. 31 (Bloomberg) -- Thomas A. Daschle, the former U.S. senator picked to be Barack Obama’s Health and Human Services secretary, was aware in June that his free use of a car service might be taxable, a report to the Senate Finance Committee said.
Daschle, 61, amended his tax returns for 2005, 2006, and 2007 on Jan. 2, when he also paid $128,203 in back taxes and $11,964 in interest, a Daschle spokeswoman confirmed today. That included payments on the value of a car and driver provided by Leo Hindery Jr., a Democratic Party donor and a founder of the private equity firm InterMedia Advisors, the staff report said.
the powers above who are really running things on this planet have decided that America is no longer worth saving, and therefore he is giving us SOCIALISM !!!!! To bad. we had a good thing going before we lost our morality.
Almost begs oneself to question....Why live here (USA) when one could live here?
Nancy and Harry are running things in Washington, and the new guy has no real choices even if he did not want all this PORK.
My personal feeling on this, is that the powers above who are really running things on this planet have decided that America is no longer worth saving, and therefore he is giving us SOCIALISM !!!!! To bad. we had a good thing going before we lost our morality.
I wholeheartedly agree with you there, GS. If there are no principles, virtue and morality what does a populace use to gauge what is right or wrong. "If it feels good do it" is the mantra for 40+ years. In "Death of the West", P. Buchanan talks about how we are losing a 100-year orchestrated war against our culture by progressives. He called it Social Marixism. That book is nearly ten years old. How right he was.
Comments
Bad news for food eaters
When will gold break through $1,000 an ounce?
No, not Madoff!
Seems to me we did just fine without 98-99% of the CDS for decades. What would be the big deal in getting rid of 95% of them considering most are essentially worthless if valued correctly? In the end that's what's going to happen any ways. I'm surprised the US doesn't have a Secretary of Derivatives of Money (SODOM) since it's the 2nd biggest notional market in the world. The only larger notional market are interest rate swaps.....Secretary of Actual Rates (ie SOAR)?
roadrunner
<< <i>Interests rates were over 8% and the New Zealand dollar was worth 0.83 US dollars when I first started my campaign to illustrate this financial crisis was global in scope. Holders of this paper have been obliterated as rates are now 3.5% and the $NZ is worth 0.51 USD.
New Zealand Cuts Key Interest Rate to Record-Low 3.5%
I wish I was a betting man.
4-24-08........."Unlike the US, New Zealand's responsible central bank doesn't bail out banks and speculators with panicked rate cuts. I'll be happy to place a bet on the kiwi against the dollar if you want. How about a time frame of a year and let's put a grand up. " >>
wasn't this all part of the yen carry trade? ie borrow yen at 0%(?) and go to NZ where the rates were highest (then)
Ray
*Reuters, by Jan Harvey, January 28, 2009:
"The Federal Deposit Insurance Corp is aiming to take control of a widely mooted 'bad bank,' to be set up by the U.S. government to mop up toxic assets of struggling banks, Bloomberg News reported on Tuesday.
Numerous U.S. lawmakers expect the Obama administration to produce a new strategy soon for stabilizing the nation's troubled banks, and believe several options are under discussion.
CNBC reported that the Obama administration is set to announce the outlines of its financial rescue plan early next week.
FDIC Chairman Sheila Bair would run the operation, Bloomberg said, citing a source familiar with the matter. It said another source told the news agency that Bair is arguing that her agency could help finance the effort by issuing bonds guaranteed by the FDIC.
U.S. Senate Banking Committee Chairman Chris Dodd said on Tuesday he was aware the Obama administration was discussing the idea of establishing a 'bad bank' to mop up toxic assets, and added the idea made some sense."
I have a very strict gun control policy: if there's a gun around, I want to be in control of it - Clint Eastwood
<< <i>“This would basically kill the single-name CDS market,” said Tim Backshall, chief strategist at Credit Derivatives Research LLC in Walnut Creek, California. “Given the small size of many issuers’ bonds outstanding, this would make it practically impossible for the CDS market to exist.”
Seems to me we did just fine without 98-99% of the CDS for decades. What would be the big deal in getting rid of 95% of them considering most are essentially worthless if valued correctly? In the end that's what's going to happen any ways. I'm surprised the US doesn't have a Secretary of Derivatives of Money (SODOM) since it's the 2nd biggest notional market in the world. The only larger notional market are interest rate swaps.....Secretary of Actual Rates (ie SOAR)?
roadrunner >>
There's nothing inherently wrong with derivitives.
That market could have been corrected quickly by securitizing issues and only allowing interested parties to generate a swap.
According to Paul Krugman, FDR didn't spend enough, he reigned in his spending plans. Krugman's advice to BHO is to figure out how much he needs and add 50 percent. "It's much better, in a depressed economy, to err on the side of too much stimulus than on the side of too little."
Am I wrong to think that FDR couldn't spend and/or print as much as he wanted because "his" dollar was pegged to gold whereas BHO's dollar is tied to air...so print away...and look out below.
Ren
There's nothing inherently wrong with derivatives.
That market could have been corrected quickly by securitizing issues and only allowing interested parties to generate a swap.
Really? The market could have "quickly" massaged $660 TRILLION in notional value? If so, why has so much damage to date been caused by only 5% or so of that original amount been massaged away? How do you get rid of anything as large as $660 TRILLION? That's why most of it still remains and the bad bank idea is being tossed about. We already have a bad bank in play.....the FED along with it's buddy and trading partner, JPM.
The way that 98% of the otc variety derivatives have been used is inherently wrong. Bets upon bets that have no business being made. How many times can you bet on the same group of mortgage backed securities to pay off or fail? 5...10...50..100? Hence the problem.
Willy Wonka and some common sense....
roadrunner
<< <i>
<< <i>Interests rates were over 8% and the New Zealand dollar was worth 0.83 US dollars when I first started my campaign to illustrate this financial crisis was global in scope. Holders of this paper have been obliterated as rates are now 3.5% and the $NZ is worth 0.51 USD.
New Zealand Cuts Key Interest Rate to Record-Low 3.5%
I wish I was a betting man.
4-24-08........."Unlike the US, New Zealand's responsible central bank doesn't bail out banks and speculators with panicked rate cuts. I'll be happy to place a bet on the kiwi against the dollar if you want. How about a time frame of a year and let's put a grand up. " >>
wasn't this all part of the yen carry trade? ie borrow yen at 0%(?) and go to NZ where the rates were highest (then) >>
The Yen carry trade was a result of stagnant growth in Japan and strong, if not explosive, growth in the rest of the world. Once that growth stopped, traders couldnt get to the exit fast enough. We had a massive currency bubble in which the dollar was crushed and emerging market currencies exploded. The exhuberance in emerging markets is akin to the technology bubble in stocks in 2000.
Knowledge is the enemy of fear
<< <i>The Greatest Scam in History
No, not Madoff! >>
I got 186 inches of snow so far this winter.
Knowledge is the enemy of fear
On the other hand, the DOW is still over 8K and gold is holding 900 quite well.
<< <i>
<< <i>The Greatest Scam in History
No, not Madoff! >>
I got 186 inches of snow so far this winter.
Individual results do not disprove the greater trend. The world's a big garage, and if I lock myself in the garage with the engine in my car running, I know the result. A bigger garage just means it takes longer for the end result to occur.
<< <i>
<< <i>
<< <i>The Greatest Scam in History
No, not Madoff! >>
I got 186 inches of snow so far this winter.
Individual results do not disprove the greater trend. The world's a big garage, and if I lock myself in the garage with the engine in my car running, I know the result. A bigger garage just means it takes longer for the end result to occur. >>
The next thing your going to say is that nonbelievers are holocaust deniers. The 1883 eruption of Krakatua causes snow to fall the following summer in the Midwest states. That's one volcano. The 1930's saw a decade of warmer climate than this decade with millions of less cars and factories. The point being that mother nature has a much heavier hand than us mere human beings. I still think that we can pick up our own trash, recycle, make things more efficient, lighter, fuel efficient, etc. etc. but to go down this religious road of global warming will be a detriment to this country and this country only in a time where we don't need to have our hands tied even more. It's just a greater tax on the masses...and we don't need that right now. What we need is a tax holiday for one year....people and corporations. But, you say, we can afford it. Have you looked at the stimulated-pork lately?
The great thing about tipping pts is you usually don't know when you've passed it till it's too late. Susan Solomon and her team, one of the leading climatologists in the world, stated the process would continue probably for another 1000 years even if pollutants stopped now. Most could be changed in the short term, but CO2 can not, and the oceans are acting as sponges for that excess CO2 and heat right now. At some point, it will be released, and continue to be released for 100's of years.
<< <i>People have imagined that if we stopped emitting carbon dioxide that the climate would go back to normal in 100 years or 200 years. What we're showing here is that's not right. It's essentially an irreversible change that will last for more than a thousand years. >>
Japan discovers new source of mineral wealth
The country's sewage yields more gold than top mines.
Posted: Friday , 30 Jan 2009
TOKYO (Reuters) -
Resource-poor Japan just discovered a new source of mineral wealth -- sewage.
A sewage treatment facility in central Japan has recorded a higher gold yield from sludge than can be found at some of the world's best mines. An official in Nagano prefecture, northwest of Tokyo, said the high percentage of gold found at the Suwa facility was probably due to the large number of precision equipment manufacturers in the vicinity that use the yellow metal. The facility recently recorded finding 1,890 grammes of gold per tonne of sludge incinerated.
That is a far higher gold content than Japan's Hishikari Mine, one of the world's top gold mines, owned by Sumitomo Metal Mining Co Ltd (5713.T), which contains 20-40 grammes of the precious metal per tonne of ore.
The prefecture is so far due to receive 5 million yen ($55,810) for the gold, minus expenses.
It expects to earn about 15 million yen for the fiscal year to the end of March from the gold it has retrieved from the ashes of incinerated sludge.
"How much we actually receive will depend on gold prices at the time," the official said.
Some gold industry officials expect prices this year to top the all-time high above $1,030 per ounce set in 2008, on buying by investors worried about the deepening economic downturn. (Reporting by Miho Yoshikawa; Editing by Hugh Lawson)
I have a very strict gun control policy: if there's a gun around, I want to be in control of it - Clint Eastwood
<< <i>
<< <i>
<< <i>The Greatest Scam in History
No, not Madoff! >>
I got 186 inches of snow so far this winter.
Individual results do not disprove the greater trend. The world's a big garage, and if I lock myself in the garage with the engine in my car running, I know the result. A bigger garage just means it takes longer for the end result to occur. >>
Well, I got 234 inches last year. And I dont live in the mountains.
10,000 years ago my house would have been under 1 mile of ice. I certainly do not deny that the earth is getting warmer, but it is not due to human activity and there is nothing we can do about it. We need to stop wasting 100's of billions of dollar trying to fix it. Even during the "Great Ice Age", there were periods of much above normal warmth.
Glaciation has come and gone many times of the past 10 million years. And we in our 75 yr life expectancies are supposed to changed that. Give me a break. Enjoy the natural beauty created by the last ice age in Yosemite and Glacier Natl Parks now, before they are covered in ice in 50,000 years.
Knowledge is the enemy of fear
<< <i>You can argue if CO2 and warming are related (I think it's stupid to think they aren't) but you can't argue that C02 levels are much higher than any time in the past and this is the work of man. Therefore, citing xx year was warmer is not really comparing the real issue. >>
...can't argue...?
I can argue that the earth is around 4 billion years old. According to some euro-scientists, CO2 has increased 200 times faster than at any time in the last 650,000 years. So, what man made event happened before that that caused CO2's rise? Before that there have been 100,000 year cycles of alternating cooling and warming. This is bigger than us humans. But some people think they are bigger than nature by trying to control it.
Ren
<< <i>
<< <i>
<< <i>The Greatest Scam in History
No, not Madoff! >>
I got 186 inches of snow so far this winter.
Individual results do not disprove the greater trend. The world's a big garage, and if I lock myself in the garage with the engine in my car running, I know the result. A bigger garage just means it takes longer for the end result to occur. >>
And neither does the ramblings of Al Gore nor the selective use of only the data that appears to 'support' his theory, ...... prove that global warming is in fact happening.
Oh yeah, almost forgot...$927, who woke it up?
Unfortunately it is a terrible shame that we will spend millions listening to this guy and his groupies, meanwhile, as you say, our natural waters both national and international are in just horrible shape. You know, it is just amazing that people will spend so much money and give this guy so much media time but they won't bother to clean up their own lands...yes, it is a shame.
As long as all people just have to do is turn a $2 handle and clean water comes out there will be no interest in this issue. When some snarley stinky liquid comes out instead, then they will yell and scream and sue and get in the media and it will be a national disaster but until then...let's talk carbon caps, yeah, that's the ticket. You think the foreclosures are something...wait till the water goes bad. Then not only will everyone move, you won't even be able to give those houses away.
Go big Al, you gota ride.
<< <i>
Oh yeah, almost forgot...$927, who woke it up? >>
What is everyone's thoughts on this? Last week, and until he was confirmed this week, it looked like not having a treasury secretary was letting gold go up. Anyone here think Obama's team's plan may be to let gold rise to where it naturally wants to go (ie. no more PPT action on gold)? It has been on a steady climb since he took over the Oval Office.
What, people can't mess up the water. That's nature, and we can't change the planet like that.
<sarcasm off>
But they forgot to say that it's very volitile and doesn't pay interest and if you take your stock money and buy gold, you will be left out when it turns around. People wouldn't touch $825 gold but they will knock each other down trying to get at $1000 gold...go figure.
Heat transfer equations show that the specific heat of CO2 is not high enough to account for the warming of the oceans. In fact it's short by a magnitude or two or three to be the primary culprit. Read analyst Brian Bloom for further details on what realistic forces could be the cause. The fact that an atmospheric gas (CO2) has been warming the oceans (rather than say the sun's rays) seems rather silly.
As far as $927 gold, TPTB gave it a nice but useless knockdown today at $922 as it sprang right back. TPTB really don't want to see gold any higher because they realize there is little here but them holding gold back from $1000+ right now. And allowing that to muddy the political and economic waters will make their market manipulations that much harder. Nice little battle to wage here at the start of next week, along with the DOW teetering right at 8000+.
roadrunner
roadrunner
<< <i>Hey, didn't you guys know...the rise in CO2 rates are because of bovine flatulance. If everyone would stop eating burgers, the CO2 levels would decrease. And...hey Al, flying that jet around and touring around in that stretch limo isn't helping your argument very much but everyone admits that you have a good gig there...take it to the bank!
Don't tell Al, no more IN-N-OUT double double burgers is a cross I can't bear.
What, people can't mess up the water. That's nature, and we can't change the planet like that.
Call me when an enviro cares.
<< <i>
<< <i>
Oh yeah, almost forgot...$927, who woke it up? >>
What is everyone's thoughts on this? Last week, and until he was confirmed this week, it looked like not having a treasury secretary was letting gold go up. Anyone here think Obama's team's plan may be to let gold rise to where it naturally wants to go (ie. no more PPT action on gold)? It has been on a steady climb since he took over the Oval Office. >>
I believe the move in gold this week was due to the loss of confidence in the Euro--and other currencies-- than anything to do with the US dollar. A few examples...Russia has devalued its currency something like 6 times in the last 2 months--there are alot of rich people in Russia probably looking for an alternative. The sovereign debt ratings of several European countries was cut in the last weeks. Japan said it is considering issuing bonds for the first time.
Will it ever stop snowing??....
Tonight
Snow showers. Accumulation 5 to 10 inches. Lows around 10 above. West winds 10 to 20 mph. Chance of snow near 100 percent.
Saturday
Snow showers. Additional accumulation 4 to 7 inches. Highs 15 to 20. Northwest winds 10 to 20 mph...becoming west. Chance of snow 90 percent.
Saturday Night
Snow showers likely in the evening...then scattered snow showers overnight. Additional accumulation 2 to 3 inches possible. Lows 10 to 15. Temperatures rising to around 20 after midnight. Southwest winds 10 to 15 mph...becoming southeast. Chance of snow 70 percent.
Sunday
Cloudy. A chance of snow showers in the morning...then scattered flurries in the afternoon. Not as cold with highs in the upper 30s. South winds 10 to 20 mph...becoming southwest. Gusts up to 30 mph. Chance of snow 30 percent.
Sunday Night
Cloudy. Lows in the upper 20s. Southwest winds 10 to 15 mph...becoming west.
Monday
Cloudy with a 40 percent chance of snow. Highs in the mid 30s.
Monday Night
Snow likely. Lows 15 to 20. Chance of snow 60 percent.
Tuesday
Snow likely. Highs in the mid 20s. Chance of snow 70 percent.
Tuesday Night
Snow likely. Lows 10 to 15. Chance of snow 70 percent.
Wednesday
Snow showers likely. Highs 15 to 20. Chance of snow 60 percent.
Wednesday Night
Cloudy with a 50 percent chance of snow showers. Lows 10 to 15.
Thursday
Mostly cloudy with a 50 percent chance of snow showers. Highs in the mid 20s.
Knowledge is the enemy of fear
<< <i>Heat transfer equations show that the specific heat of CO2 is not high enough to account for the warming of the oceans. In fact it's short by a magnitude or two or three to be the primary culprit. Read analyst Brian Bloom for further details on what realistic forces could be the cause. The fact that an atmospheric gas (CO2) has been warming the oceans (rather than say the sun's rays) seems rather silly.
>>
Analyst? More like fiction writer. Gee, do I listen to the world's leading climatologist or a guy who isn't a scientist? What a choice.
I also attended one of the nation's top power conferences since I happen to be in the industry. When the industry itself admits to being the biggest polluter with coal plants and needing to change, you can yell all you want but the impact of what we're discussing isn't lost on those whose pockets will absorb a lot of the cost. The difference is, they aren't blind.
I also attended one of the nation's top power conferences since I happen to be in the industry. When the industry itself admits to being the biggest polluter with coal plants and needing to change, you can yell all you want but the impact of what we're discussing isn't lost on those whose pockets will absorb a lot of the cost. The difference is, they aren't blind. "
There are just as many 'world's leading climatologist' s who disagree with the global warming theory as there are that agree with it.
?? Who's yelling? Is that what you consider it, when someone does not agree with what you are posting?
There are several members on this forum who have much experience in the power generation industry. Stating that you attended a power conference does not lend additional credence to your position. It is already a well known fact that coal fired plants contribute to pollution. The debate is whether there is... or is not.... man made global warming.
All you have to do is follow the money. 'Nuff said, IMO.
<< <i>NEW SOURCES OF GOLD
Japan discovers new source of mineral wealth
The country's sewage yields more gold than top mines.
Posted: Friday , 30 Jan 2009
TOKYO (Reuters) -
Resource-poor Japan just discovered a new source of mineral wealth -- sewage.
The prefecture is so far due to receive 5 million yen ($55,810) for the gold, minus expenses.
>>
Even for that money (which doesn't seem like much depending on expenses), that's a job I don't want
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
I paraphased this information from an "inconvenient" editorial in yesterday's Hartford Courant (1/30/09). Author Robert Thorson is a professor of geology at the University of Connecticut:
In the Pliocene era (3-3.5 MILL years ago) the levels of CO2 were similar to slightly higher than those of today, yet overall earth temps were 4-5 degrees higher. Overall Pliocene earth geography and ecosystems were relatively similar to that of today's including ocean currents, general animal and plant life, sunlight, etc, yet glaciers were less prevalent and ocean levels were 25 meters higher, similar to what would occur with melting of Greenland and West Antarctic ice sheets. Above the latitude of Scotland, Russia and Quebec the temperatures were up to 20-30 deg higher. Pack ice was absent from the Arctic Ocean which is also similar to current projections for the late 21st century. While there are multiple possible contributers to the higher temps of the Pliocene (CO2, sunlight, darker land surfaces with more forest than prairie, very little ice) one thing that all the scientists do agree on is that modern man didn't cause any of it. The climate feedback changes during the Pliocene were very strong, if not volatile .....it's a good thing Al Gore wasn't around back then or there would have been he!! to pay.
It really comes down to the money. And carbon credit trading will make a lot of it for someone. Scientists paid by the govt through salaries or grants tend to come up with findings that agree with what politicians want to hear. I think we can see the effects of Keynesian economics after decades of using it. And yet the economists come up with the same solutions that politicians want to hear.
roadrunner
It astounds me, that in this day and age..... when we have more knowledge than ever before, with more tools for our use than ever before.........
.........................and yet we are in the Age of Unreason.
Too many slick haired, smooth tongued charlatans standing on the back of a medicine wagon selling snake oil to the masses.... and way too many individuals believing it or wanting to believe it. Whether it be about global warming, politics, or economics.
When you follow the money, and see who's pockets are being filled, it becomes a little easier to see what is really going on. Just ask Al..... he doesn't have that big grin on his face all the time for no reason.....
<< <i>
<< <i>Hey, didn't you guys know...the rise in CO2 rates are because of bovine flatulance. If everyone would stop eating burgers, the CO2 levels would decrease. And...hey Al, flying that jet around and touring around in that stretch limo isn't helping your argument very much but everyone admits that you have a good gig there...take it to the bank!
Don't tell Al, no more IN-N-OUT double double burgers is a cross I can't bear.
Ren
go 4x4 "animal" for a few weeks and you won't need to worry about anything
interesting that this states that if there were none of us around the CO2 emmissions would be about 5% less than what is emitted by "natural" sources.
"tons" of CO2 scare people, yet how much CO2 is already in the atmosphere?
unless the minisule increase in PPM of CO2 can be linked to a greenhouse effect
earths atmosphere concentration of gasses
it's ALL about the money and who is being taxed to support the projects and investigation.
Oh, you can be damned sure that somebody is gonna be gettin' a huge tax hickey over this...probably US businesses and then, you can guess who get's to pay extra costs (hint, go look in the mirror). More on this later, I have to go to work.
it's like the government needs a reason for existing beyond the simple ideals of the forefathers of this country. the States as well.
some speak of toxic assets, how about our toxic government?
our Federal, State and Local governments are like inverted pyramids of budget/tax of allocation/investment. when cuts are necessary, it's always the bottom that gets whacked first.
“The New Progressives in the White House have put in a line that rescind the 1996 cap on welfare. Now the NP's can give those on welfare as much as they want to make sure that they are forever dependent on the Gov't. Only $30b on roads. I thought this was a shovel-ready-public-works bill. The more details that come out the more this bill is about social engineering and not civil engineering. Wake up sheeple.”
We keep telling people here that administrations are only figureheads.
The new guy is finding that out!
When Nancy proclaimed a couple of years ago that she was now the most powerful women in the world, what you thought she was kidding?
Nancy and Harry are running things in Washington, and the new guy has no real choices even if he did not want all this PORK.
My personal feeling on this, is that the powers above who are really running things on this planet have decided that America is no longer worth saving, and therefore he is giving us SOCIALISM !!!!! To bad. we had a good thing going before we lost our morality.
Another tax cheat added to the administration, I wonder when the White house is going to call Blago for a juicy position?
Jan. 31 (Bloomberg) -- Thomas A. Daschle, the former U.S. senator picked to be Barack Obama’s Health and Human Services secretary, was aware in June that his free use of a car service might be taxable, a report to the Senate Finance Committee said.
Daschle, 61, amended his tax returns for 2005, 2006, and 2007 on Jan. 2, when he also paid $128,203 in back taxes and $11,964 in interest, a Daschle spokeswoman confirmed today. That included payments on the value of a car and driver provided by Leo Hindery Jr., a Democratic Party donor and a founder of the private equity firm InterMedia Advisors, the staff report said.
Almost begs oneself to question....Why live here (USA) when one could live here?
Knowledge is the enemy of fear
Nancy and Harry are running things in Washington, and the new guy has no real choices even if he did not want all this PORK.
My personal feeling on this, is that the powers above who are really running things on this planet have decided that America is no longer worth saving, and therefore he is giving us SOCIALISM !!!!! To bad. we had a good thing going before we lost our morality.
I wholeheartedly agree with you there, GS. If there are no principles, virtue and morality what does a populace use to gauge what is right or wrong. "If it feels good do it" is the mantra for 40+ years. In "Death of the West", P. Buchanan talks about how we are losing a 100-year orchestrated war against our culture by progressives. He called it Social Marixism. That book is nearly ten years old. How right he was.
Ren