Asolutely demolishes him...so he won't be appearing on CNBC anymore? I don't think so...sadly.
But I think it is absolutely demolishing to see the force of 'the apology' illustrated for us in this skit. It is as convincing as Cramer's rolled up shirt sleeves, yes?
Would you say that like the Presidential Debates, the lawyers set the conditions and vet the "unedited" version to ensure thatheir respective clients and counterparties get their money's worth (those astronomical lawyer fees)? Noticeably "rehearsed and produced, I would say...sadly. Humor depends on spontaneity ...getting your lines timed perfectly, is an admission that you missed.
America needs to keep servicing a debt which in large part relies on exports - just like its workers, America is facing the problem of servicing a debt with a reduced income stream in the face of declining asset prices.
The decline in imports is expected, as at some point, consumption financed by others always comes to an end, but the decline in exports means this process is not actually balancing a deficit - it is simply freezing the process, instead of reversing it.
Does this mean that the Chinese will have fewer dollars that they have to park somewhere? At a time when the government is greatly expanding borrowing this could lead to interesting times.
China is still a predator exporter as its trade surplus continues to be the largest in the world today and will generate great hostility in the form of trade barriers as countries attempt to shield themselves from their central planned economy.
China has very little value added on goods they export to the US. If we weren't getting the finished goods from china, we would be getting them from the Dominican, or Haiti, or Mexico, or we would be receiving the raw materials and doing final assembly here. Our problem isn't China, it's a lack of ability to produce products in a vertical manner entirely within the United States from raw materials obtained from sources insid
I doubt that much of our food comes from China. We do import from Mexico, Central America, and Chile, but that's just for seasonal food. The US is one of the greatest food produces in the world, so much so that our Govt chooses for pay our farmers not to plant in at least some circumstances.
Guest, I doubt those barriers are necessary in this environment. They are faced with failing demand for their products. There's been some discussion here lately as to whether or not Smoot-Hawley was the destructive force it was said to be - or, regardless of its intentions, whether shrinking markets in GD1 were in fact the active agent.
Will we see tariffs? Possibly. Will they matter? A fine question.
Just to continue the thought - I wouldn't be surprised to see strong protectionist sentiment here and abroad. To my mind it's as misdirected as the now-common view that we're addressing a liquidity problem in the financial world.
For trade, it would be useful to recognize that the consumer is tapped out. And for lending institutions, it would be useful to recognize that the consumer is tapped out.
How long before we start experiencing shortages of our daily basics such as; food, clothing, drugs, all of which come from China.
It remains a question as to whether demand or supply wins the race to the basement. There's really not much we get from China that we need. China trade is not a pure pull phenomena. I have a lot of cheap tools that I purchased for a single use only because they were cheap. If you are like typical suburban familes you probably have twice as many foldable camp chairs as you could ever use at once because for $7 it was cheaper to buy a new one rather than drive back home or go without. Multiply by 120 million and you see my point. China is by and large a supplier of discretionary consumption. What they do produce that we "need" are only viable trade products at low prices. Take away the price advantage and there are alternatives.
Problem (fill in blank): _______________________________
Pick Solution:
A) Print money
B) Change accounting rules
C) Borrow heavily
Our government leaders "think outside the box" constantly. Hell, Apple Computer should make a bunch of ads with all of the great ideas coming from D.C.
Media General News Service
Published: March 12, 2009
An Albemarle County man is facing civil and criminal charges in connection with a multimillion-dollar Ponzi scheme allegedly run out of an office suite in downtown Charlottesville.
John M. Donnelly, 52, was arrested Wednesday and accused of bilking at least 31 investors out of more than $11 million since 1998.
Donnelly convinced investors to pool their money with his three companies — Tower Analysis Inc., Nasco Tang Corp. and Nadia Capital Corp. — after promising lucrative annual returns of up to 22 percent, according to federal court filings by the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission.
"In the Feb. 27 episode, titled “Business as Usual,” a mortgage company executive who had received a $22 million bonus as his company foreclosed on hundreds of homes was taken hostage by three former customers."
Just called ETrade customer service. 1 for English, 2 for an Asian language (Mandarin?) Representative in New Jersey had a heavy Chinese accent. No complaints, just used to 2 in Spanish, occasionally French. Never heard that before.
I also post comments to an irc channel as they appear on haloscan. Click for a web irc interface: Mibbit IRC client widget (Or join the irc server directly: irc.realize.org:9996 #calculatedrisk)
CRbot would like to take this time to have some words.
First, to our sagacious, wise, and knowing benevolent benefactor and bestower of revealing financial charts adorned with red and blue lines: Please, for the love of your immortal God of mortals, can we keep the comment and layout changes to a minimum? I'm tired of whipping the code janitor, and may have to escalate to electroshock. If that's not possible, could you possibly give CRbot a 'heads up'?
Secondly, if you wish to have a online chat, I have graciously provided an IRC channel, which is a time tested, script kiddie abused method of chatting on the internet. It would not fail or falter due to CR's ability to generate immense traffic, and it has a web interface kindly produced by mibbit.com. If you do not wish to link to Mibbit IRC client widget then I can provide you with a direct link to mibbit.
Thirdly, to the rest of you humans, don't mistake my politeness for caring, feeling, empathy, or some other kind of worthless emotion.
1 currency sooner [yogi] says:
Monday, February 09, 2009, 5:42:57 PM
“Of course there are intelligent decisions based on best available evidence. I see no reason why Jon Stewart wouldn't be more likely to make those decisions better than Ben Bernanke. In the Constitution, there is no requirement that Supreme Court Justices be lawyers, which is a brilliant omission."
If I were to kill an American, I would kill a real resource hog, you fuckers consume 25 percent of resource of this planet. They would even give me a medal!
supafly,
You have the wrong address. You need to report directly to the Yahoo message boards where your input will be invaluable. The rules are, the person with the most insults and swear words wins. But again, that is on the Yahoo message boards.
Good luck!
According to the USDA, US Agricultural Exports have almost doubled worldwide from 2004 to 2008, and more than doubled to China in that period.<br/>Net exports less imports for 2008 were 35 billion worldwide and almost 9 billion with China.<br/>This includes non-food products, but I can drill down if necessary.
Woops, my source was a now dated report from a grocery association. Looking at the USDA report, it doesn't seem it was even correct in 2005-2006.
lama regrets the error.
Rob Dawg says:Today, 7:07:38 AM
Multiply by 120 million and you see my point.
I agree - the 20B works to about 200 dollars/family/month. The figure sounds about right for a family shopping in the discretionary section in Walmart/Target/JoAnns/Michaels/Other knickknack stores.
World Bank's Louis Kuijs: only about 40% of Chinese exports are China value-added (in other words, 60% of Chinese imports are someone's else's exports, including our own, we send them cotton, it comes back as cheap blue-jeans).<br/>http://www.investors.com/editorial/IBDArticles.asp?artsec=16&issue=20090305
Well, I'm glad the world (according to CNBC) is saved.
Now back to reality. I just finished talking with someone who runs the local auction house. Said he was swamped and people are desparate. Antiques are fetching 50% of what they were a year ago. Getting a lot of calls from people foreclosed on who need to unload ... at any price. Mentionned he had someone with a really nice pontoon boat who had tried to sell it last year for $25k. Now he's auctionning it off this weekend with no reserve. Said the person didn't care if he only got $500.
These graph's are nice. If you could include a trendline that shows a normalized groth curve - say at 3%, 4%, and 5%, it would put the declines into better perspective.
CR -
Can you post the trade deficit as a percent of GDP? Wouldn't that make more sense than an absolute number?
I'm just curious about what "historical" trade deficit numbers have been.
Thanks,
Mark
It is possible to divide trade deficits by imports to get the percent of imports that are not covered by exports. That measure abstracts both from GDP and from changes in value of the dollar. That ratio (for Goods only) peaked at 47% in 2005. It is now down to 38% for the year of 2008. If Jan. fortells the rest of the year, it likely will continue to go down.
However, without some change in laws or practice, the trade deficit will rise again as the economy recovers. If you don't like forcing your grandchildren to pay for your consumption in excess of production, join me in an effort to use tariffs by country (instead of by product) to slow down imports from the countries, like China, Germany and Japan, that are main contributors to the U.S. trade deficit.
This comment thread has been HALO-IZED by CRbot.
http://realize.org/cr/halokit.php?halourl=http://www.haloscan.com/comments/calculatedrisk/4195286575288365461
Jet Lag!
Jon Stewart has Cramer on his show and absolutely demolishes him!
This is excellent education for many Daily Show viewers. Thanks Jon for digging into and exposing this!
Stewart vs. Cramer: Winner Take All - Yahoo! TV Blog
My question is....can the SEC throw CR in jail for what's been exposed?
Asolutely demolishes him...so he won't be appearing on CNBC anymore? I don't think so...sadly.
But I think it is absolutely demolishing to see the force of 'the apology' illustrated for us in this skit. It is as convincing as Cramer's rolled up shirt sleeves, yes?
Cramer on Daily Show Part 1
Cramer on Daily Show Part 2
The Latest from Ritholz:
Anti-Climax: Cramer vs. Stewart
Surprise!
Oh, actually no.
Damn.
C
Trade deficit news is good. The lack of overall trading is bad, but a shrinking deficit is good.
Counterpointer says:
Today, 9:08:36 AM
Surprise!
Oh, actually no.
Damn.
Yeah.
Palundra!
Hehe. Tai kexiao de.
C
C:
For those of us plebes who don't speak the lingo, what does that mean?
Yet another reason to push for getting us off of the oil gig.
And yeah, the Daily Show was great last night.
I'm sorry that Stewart really didn't use a pie on the guy.
Would you say that like the Presidential Debates, the lawyers set the conditions and vet the "unedited" version to ensure thatheir respective clients and counterparties get their money's worth (those astronomical lawyer fees)? Noticeably "rehearsed and produced, I would say...sadly. Humor depends on spontaneity ...getting your lines timed perfectly, is an admission that you missed.
Anon @ 923/924 was me.
Global trade has been one of the key drivers of rising standards of living (please ignore the protectionist crowd). Lower trade is not good news.
America needs to keep servicing a debt which in large part relies on exports - just like its workers, America is facing the problem of servicing a debt with a reduced income stream in the face of declining asset prices.
The decline in imports is expected, as at some point, consumption financed by others always comes to an end, but the decline in exports means this process is not actually balancing a deficit - it is simply freezing the process, instead of reversing it.
Does this mean that the Chinese will have fewer dollars that they have to park somewhere? At a time when the government is greatly expanding borrowing this could lead to interesting times.
Former St. Louis Federal Reserve Bank President William Poole said the U.S. is “in a terrible situation,” led by officials who are unsure how to avert the rescue of financial companies and unwind current bailouts.
Poole Says U.S. Is in ‘Terrible’ State With Financial Bailouts - Bloomberg.com
Billy boy this is a country in a transition into a banana repulic.
Is there some very focused metric which tracks crude demand/demand destruction for the US?
This is probably the bottom for oil import prices. Now will flat petroleum deficit result in a lower non-petroleum deficit or does it weaken GDP?
Anyone track the changes in just the China trade deficit? What was that change?
The Latest from Jesse:
Berkshire Hathaway's Credit Rating Downgraded by Fitch
China is still a predator exporter as its trade surplus continues to be the largest in the world today and will generate great hostility in the form of trade barriers as countries attempt to shield themselves from their central planned economy.
China has very little value added on goods they export to the US. If we weren't getting the finished goods from china, we would be getting them from the Dominican, or Haiti, or Mexico, or we would be receiving the raw materials and doing final assembly here. Our problem isn't China, it's a lack of ability to produce products in a vertical manner entirely within the United States from raw materials obtained from sources insid
How long before we start experiencing shortages of our daily basics such as; food, clothing, drugs, all of which come from China.
I doubt that much of our food comes from China. We do import from Mexico, Central America, and Chile, but that's just for seasonal food. The US is one of the greatest food produces in the world, so much so that our Govt chooses for pay our farmers not to plant in at least some circumstances.
Berkshire loses AAA rating from Fitch
Now is a great time to buy or sell a AAA rating..........oh wait we already did that a couple of years ago
I don't know about your food, but my food comes from the US, Canada, and Mexico.
Guest, I doubt those barriers are necessary in this environment. They are faced with failing demand for their products. There's been some discussion here lately as to whether or not Smoot-Hawley was the destructive force it was said to be - or, regardless of its intentions, whether shrinking markets in GD1 were in fact the active agent.
Will we see tariffs? Possibly. Will they matter? A fine question.
You know the world has gone to h@ll when jon Stewartand Comedy Central is more trustworthy on issues than the major business networks...
OK, so a better than expected Consumer Sentiment should be good for a circuit breaker day in bizarro-market, right?
I wonder if Moodys will follow Fitch on the Berkshire Hathaway downgrade? Snark...
Just to continue the thought - I wouldn't be surprised to see strong protectionist sentiment here and abroad. To my mind it's as misdirected as the now-common view that we're addressing a liquidity problem in the financial world.
For trade, it would be useful to recognize that the consumer is tapped out. And for lending institutions, it would be useful to recognize that the consumer is tapped out.
Time to hitch my ride to the stock rocket.
How long before we start experiencing shortages of our daily basics such as; food, clothing, drugs, all of which come from China.
It remains a question as to whether demand or supply wins the race to the basement. There's really not much we get from China that we need. China trade is not a pure pull phenomena. I have a lot of cheap tools that I purchased for a single use only because they were cheap. If you are like typical suburban familes you probably have twice as many foldable camp chairs as you could ever use at once because for $7 it was cheaper to buy a new one rather than drive back home or go without. Multiply by 120 million and you see my point. China is by and large a supplier of discretionary consumption. What they do produce that we "need" are only viable trade products at low prices. Take away the price advantage and there are alternatives.
Problem (fill in blank): _______________________________
Pick Solution:
A) Print money
B) Change accounting rules
C) Borrow heavily
Our government leaders "think outside the box" constantly. Hell, Apple Computer should make a bunch of ads with all of the great ideas coming from D.C.
Another day another ponzi scheme surfaces.
Media General News Service
Published: March 12, 2009
An Albemarle County man is facing civil and criminal charges in connection with a multimillion-dollar Ponzi scheme allegedly run out of an office suite in downtown Charlottesville.
John M. Donnelly, 52, was arrested Wednesday and accused of bilking at least 31 investors out of more than $11 million since 1998.
Donnelly convinced investors to pool their money with his three companies — Tower Analysis Inc., Nasco Tang Corp. and Nadia Capital Corp. — after promising lucrative annual returns of up to 22 percent, according to federal court filings by the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission.
for the rest of the story
Charlottesville man charged in Ponzi scheme | Culpeper Star-Exponent
Maybe Gretchen could spend some time with stewart to improve her understanding of the marlet
"In the Feb. 27 episode, titled “Business as Usual,” a mortgage company executive who had received a $22 million bonus as his company foreclosed on hundreds of homes was taken hostage by three former customers."
Times Are Tough on Wall Street and Wisteria Lane - NY Times
All of the bank CEOs must've figured out the best way to pad the stock price is to lie about profitability.
Ah, "Mr. Market" sure does love the truth, eh?
Why does JS-Kit keep deleting my avatar?
"The US is one of the greatest food produces in the world, "
Last I read, the US is a net importer of food.
The US is one of the greatest food produces in the world, " - Correct
"Last I read, the US is a net importer of food." - Correct
Just called ETrade customer service. 1 for English, 2 for an Asian language (Mandarin?) Representative in New Jersey had a heavy Chinese accent. No complaints, just used to 2 in Spanish, occasionally French. Never heard that before.
New Thread: FICO President: 'Worst to come' for Mortgage Crisis
http://www.calculatedriskblog.com/2009/03/fico-president-worst-to-come-for.html ( 0 comments ...You could be FIRST! )
I also post comments to an irc channel as they appear on haloscan. Click for a web irc interface: Mibbit IRC client widget (Or join the irc server directly: irc.realize.org:9996 #calculatedrisk)
CRbot would like to take this time to have some words.
First, to our sagacious, wise, and knowing benevolent benefactor and bestower of revealing financial charts adorned with red and blue lines:
Please, for the love of your immortal God of mortals, can we keep the comment and layout changes to a minimum? I'm tired of whipping the code janitor, and may have to escalate to electroshock. If that's not possible, could you possibly give CRbot a 'heads up'?
Secondly, if you wish to have a online chat, I have graciously provided an IRC channel, which is a time tested, script kiddie abused method of chatting on the internet. It would not fail or falter due to CR's ability to generate immense traffic, and it has a web interface kindly produced by mibbit.com. If you do not wish to link to Mibbit IRC client widget then I can provide you with a direct link to mibbit.
Thirdly, to the rest of you humans, don't mistake my politeness for caring, feeling, empathy, or some other kind of worthless emotion.
--Your keeps-going-and-going-and-going bot
CRbot: Like the terminator, I'm back. Again.
All countries are having silmultaneous decreases in imports and exports...the global citizenry is belt tightening...
Yeah, go down you American suckers! This is almost JELLO TIME!
US is net exporter of food, see the most recent USDA data set:
ERS/USDA Data - Foreign Agricultural Trade of the United States (FATUS)
1 currency sooner [yogi] says:
Monday, February 09, 2009, 5:42:57 PM
“Of course there are intelligent decisions based on best available evidence. I see no reason why Jon Stewart wouldn't be more likely to make those decisions better than Ben Bernanke. In the Constitution, there is no requirement that Supreme Court Justices be lawyers, which is a brilliant omission."
I stand by this remark.
Ship seeds and code. Make and grow locally.
If I were to kill an American, I would kill a real resource hog, you fuckers consume 25 percent of resource of this planet. They would even give me a medal!
supafly,
You have the wrong address. You need to report directly to the Yahoo message boards where your input will be invaluable. The rules are, the person with the most insults and swear words wins. But again, that is on the Yahoo message boards.
Good luck!
Goood...I smell your American....ignorance. A Good ONE! Release the dogs.
According to the USDA, US Agricultural Exports have almost doubled worldwide from 2004 to 2008, and more than doubled to China in that period.<br/>Net exports less imports for 2008 were 35 billion worldwide and almost 9 billion with China.<br/>This includes non-food products, but I can drill down if necessary.
Woops, my source was a now dated report from a grocery association. Looking at the USDA report, it doesn't seem it was even correct in 2005-2006.
lama regrets the error.
Or they would extradite you and we would give you the chair. One of those.
Summers: Goal is sustainable prosperity, not boom & bust
White House's Summers encouraged by rise in retail sales
Rob Dawg says:Today, 7:07:38 AM
Multiply by 120 million and you see my point.
I agree - the 20B works to about 200 dollars/family/month. The figure sounds about right for a family shopping in the discretionary section in Walmart/Target/JoAnns/Michaels/Other knickknack stores.
World Bank's Louis Kuijs: only about 40% of Chinese exports are China value-added (in other words, 60% of Chinese imports are someone's else's exports, including our own, we send them cotton, it comes back as cheap blue-jeans).<br/>http://www.investors.com/editorial/IBDArticles.asp?artsec=16&issue=20090305
Well, I'm glad the world (according to CNBC) is saved.
Now back to reality. I just finished talking with someone who runs the local auction house. Said he was swamped and people are desparate. Antiques are fetching 50% of what they were a year ago. Getting a lot of calls from people foreclosed on who need to unload ... at any price. Mentionned he had someone with a really nice pontoon boat who had tried to sell it last year for $25k. Now he's auctionning it off this weekend with no reserve. Said the person didn't care if he only got $500.
These graph's are nice. If you could include a trendline that shows a normalized groth curve - say at 3%, 4%, and 5%, it would put the declines into better perspective.
CR -
Can you post the trade deficit as a percent of GDP? Wouldn't that make more sense than an absolute number?
I'm just curious about what "historical" trade deficit numbers have been.
Thanks,
Mark
It is possible to divide trade deficits by imports to get the percent of imports that are not covered by exports. That measure abstracts both from GDP and from changes in value of the dollar. That ratio (for Goods only) peaked at 47% in 2005. It is now down to 38% for the year of 2008. If Jan. fortells the rest of the year, it likely will continue to go down.
However, without some change in laws or practice, the trade deficit will rise again as the economy recovers. If you don't like forcing your grandchildren to pay for your consumption in excess of production, join me in an effort to use tariffs by country (instead of by product) to slow down imports from the countries, like China, Germany and Japan, that are main contributors to the U.S. trade deficit.