Friday, June 10, 2011

SAR #11161

It is hard to prevent the past from happening.

Seating Chart: The EU, ECB and IMF are far more concerned with how good they will look after Greece collapses than they are in preventing that collapse.

Heresy: "I believe the world is getting warmer, and I believe that humans have contributed to that. It's important for us to reduce our emissions of pollutants and greenhouse gases that may be significant contributors." Mitt Romney. For a Republican presidential wannabe, that's bold. It will probably turn out to be a misstatement or to have been “taken out of context” or “a response to a 'gotcha' question”- one of those Republican thingys.

Reading Room: Wikileaks leading stories thus far for 2011.

Minor Major: Exxon Mobil claims to have discovered 700 million barrels of oil equivalent off the Louisiana coast, “a major find”. Well, if a 45 day supply is “major” - typically less than 40% the oil discovered is recoverable, and the world uses 85 million barrels a day. Historically speaking, this is a pipsqueak. That it is a Big Deal tells you how much trouble we are in.

Us vs Them: As the citizenry rebels against their long term dictator, the US has increased its support for the popular democratic movement drone and fighter jet attacks against Al Qaeda in Yemen. Better kill 'em now, in case Saleh's replacement isn't quite so accommodating.

So What? Just how have you been injured by Rep. Weiner's personal stupidities? How has the nation been harmed? Has he broken a law? Did his tweets interfere with his job performance? Yes, he doesn't share the strict social mores of the religious (and generally mendacious) right. So what? Far more egregious was Breitbart's violation of the Representative's privacy. Invasions of privacy do matter.

Make An Offer: The value of household real estate has fallen $6.6 trillion from the peak - and is still falling. Another 25% drop in home prices seems quite possible Robert Shiller. Certainly the continuing high level of unemployment insurance claims (427,000 new claims this week) does not suggest a strengthening economy

Just the Headline: “The destruction of the middle class will not be televised – 56 percent of American workers have less than $25,000 saved. Even worse 60 percent of retirees have less than $50,000 saved. 45 million on food stamps and the consequences of peak debt.”

Easy Question: After nearly five years of trying to put out the financial fires, signs abound that another crash is a real possibility. What's left in the bag of tricks that is (a) believable and (b) might work?

Parts Is Parts: The banksters have the following formula for Greece. They'll pony up €60 billion , those holding Greek bonds will take a voluntary €30 billion haircut (that means the default won't be a default), and Greece will sell Dominique Strauss Kahn a group of Greek islands worth privatize €30 worth of state assets. Seems like it should include a prohibition against the citizenry revolting.

Malled: Mall/shopping center developers are not doing much developing. In 2010, only 12 million square feet was built – a 40 year low and less than 10% of the average new space developed every year for the last 40 years.

Back Then: Today the average unemployed person has been out of work for 39.7 weeks. Before the recession started it took about 5 weeks to find a job.

Chock Full O'Nuts: GOP's favorite historian David Barton: "As far as the Founding Fathers were concerned, they'd already had the entire debate over creation and evolution, and you get Thomas Paine, who is the least religious Founding Father, saying you've got to teach Creation science in the classroom.” Paine died in 1809, the same year Darwin was born. Republican presidential candidate Herman Cain : “I believe homosexuality is a sin... But I know that some people make that choice. That’s their choice.”

Alfie: AIG – the most expensive single part of the bailout brigade – now wants to buy up a lot of crippled RMBS paper from European banks, because there is a small, small chance that they might make a profit. If they don't, the taxpayer will pick up the tab. Again.

Porn O'Graph: Buying in bulk...


john patrick said...

Thanks, CK, for the daily writeup.

Anonymous said...

So What: So, you're in apparently in favor of neutering the press coverage of public figures. Welcome to China!

Minor Major: FYI, it's all political posturing over the GoM moratorium. The fact that you found it in The Hill should have clued you in.

Just the Headline: You need to read the excellent and revealing Zerohedge piece, entitled In Entitlement America, The Head Of A Household Of Four Making Minimum Wage Has More Disposable Income Than A Family Making $60,000 A Year. Why work when you don't have to? Who really knows how many of the 45 million food stamp recipients are gaming the system?