Money – a paper claim on future labor.
'Twas Ever So: Even while BP's oil leak is milling about the Gulf getting ready to sprint up the East Coast and out into the North Atlantic, poisoning fish, shellfish and other sea life as it goes, the major oil companies are gathering in Washington intent on killing or controlling any possible regulation of their industry, promising that such a blow-out will never happen again. I know one way to make that a true statement.
Lessons Learned: A massacre is not a massacre if the Israelis do it, piracy in international waters is not piracy when the Israelis do it. Peace activists are not peace activists after Israeli commandos shoot them in the head four times at close range. And you can quote Joe Biden on that.
Fast Forward: Here's the float plan for BP's summer vacation.
Judgement Day: Warren Buffett testified to Congress that the rating agencies were blameless in giving a bunch of crap triple A ratings. They just “made the wrong call” and should not be punished for their opinions, even though they sold them to people who relied on the ratings and lost billions. Mr. Buffet admitted that he owned 16% of Moody's
and may not have been completely unbiased.
How Dare They: The headline informs us that the stock market is being hindered by global economic ills. Oh, the injustice of it....
Fading Glory: The war on terror destroyed the bill of rights. Corporations destroyed the electoral process. Wall Street destroyed the economic system. Dogmatic partisanship destroyed the judicial system. Globalization destroyed America's manufacturing strength. And no one is accountable, no one is responsible. Greedy self-interest is not enough to maintain a civilization.
One of the Details: Consumer bankruptcy filings were up 9% y/y in May. They didn't get the memo about the recovery.
On the Other Foot: Notice that the Republican Governors and such from the South who went around criticizing the Wall Street bailout, refusing stimulus monies, demanding smaller and smaller federal government now want the government to step in and do this, do that, do what they acknowledge the states cannot. They sound like a bunch of liberals.
Because I Say So: If a cop in Ohio thinks you are speeding, you are speeding. End of discussion. Saves on the radar guns in these tough times.
In Plain Sight: The DOE's International Energy Outlook for 2010 foresees no year in the coming decade that will see petroleum liquids production increase by more than 0.6% - resulting in an increase from 86 mbd now to 92 mbd in 2020. Where's the economic growth in that?
Emptying the Ark: New calculations suggest that the total number of species on Earth is but a few million, not tens of millions as had been thought. A lot of the little insects look so much alike it was hard to keep track.
Porn O'Graph: Breathing Room.