From John Mauldin's newsletter today. Apologies, if it has been posted already and for the length. No link.
Before we get to this week's Outside the Box, a quick note about my writing on Greece in last Saturday's letter. I made the point that if Greece defaults it does not necessarily mean they have to leave the EU, any more than if Illinois defaulted they would have to leave the United States. Greece could still use the euro and life could go on. EXCEPT. The markets would no longer lend the Greek government money at anything close to a livable rate. Greece would be forced to balance its budget. Since they are part of the euro, devaluing the currency is not an option. The results of controlling their fiscal deficit would not initially be pretty and would almost insure a serious prolonged recession or depression in the Greek area, with fall out in the region. It would be a sad decade for Greece. But in the long run, it is a better option than default.
Further, and more important to the rest of Europe and the world, the results of a Greek default would be financial turmoil. 250 billion euros (and maybe 300!) of Greek debt is in international bond funds, pension and insurance companies, and above all at banks. Think German banks . Already undercapitalized banks. Also, think of all the investment banks who have been selling relatively cheap (given the apparent risk) credit default swaps on Greece, in an unregulated market, exposing their balance sheets. What should be a simple, if sad, matter for the Greeks, becomes a problem for the world, just as subprime debt in the US caused a world credit crisis. And the risk of contagion from Portugal, Spain, et al is serious. 2 trillion euros of debt could get downgraded by the bond market in very short order. It could be a replay of the last credit crisis, just with new actors as the prime problem.
Bailing out Greece without serious and credible deficit reductions by their government over the next few years would simply delay the problem, and it is not altogether clear the bond markets would go along for very long. At the end of the day, it may be the bond market which forces the Greek government and its people to take some very bitter medicine. Stay tuned. This is just the beginning of what will be a series of sovereign debt crises over the coming decade. It is important for the world that we get this one solved right, or the consequences will be quite severe.
How Goldman Sachs Helped Greece to Mask its True Debt
"Goldman Sachs helped the Greek government to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules. At some point the so-called cross currency swaps will mature, and swell the country's already bloated deficit.
I understand why some people want to vote for what she claims to represent. But the fact that she didnt serve out the rest of her term and deal with the coming deficit and other troubles shows that she's just as much of a politician as those her voters despise. Big city run from trouble style politician. And people will fall for the tripe she peddles.
Who said I am - start doing stuff and you'll figure it out... Tried A don't like it. Tried B & like it - hmmmm... do more of B and less of A. Repeat. Pretty easy algorithm really.
It's easy to light a match, but not in a rainstorm. This economic climate makes the kind of career trials you're talking about impossible, unless I'll be hopping from nigerian price to mystery shopper scams on craigslist. There are no jobs in my area which are remotely appealing. Everything that is sa good as a hold-your-nose-and-hunker type job isn't hiring, especially some fruit bat lawyer looking for non-lawyer gigs.
While Mary L. Schapiro, the chairwoman, is the public face of the commission, Mr. Khuzami and his lieutenants are the cops on the beat. Their first challenge is to shake off the psychic blow of the Madoff affair. Not since the 1950s, when budget cuts and deregulation defanged the commission, have its stature and influence sunk so low. Mr. Khuzami, a straight-talking former federal prosecutor and Wall Street executive, says he wants to infuse the S.E.C. with the ethos of a startup company, making it faster, more proactive and even a bit entrepreneurial.
It sounds like you have a few pennies squirreled away, and this would be a great time to see the turmoil first-hand. Get yourself on a 747 to Athens and report back to us.
Mr. Khuzami, a straight-talking former federal prosecutor and Wall Street executive, says he wants to infuse the S.E.C. with the ethos of a startup company, making it faster, more proactive and even a bit entrepreneurial.
WTF? He wants the SEC to make a profit? That'll do wonders for corruption.
My first fed contract was like a startup and my last startup was like a large bloated corporation.
But we are talking about the S.E.C. here and regulating the and its ilk.
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Too many toes to step on and too much to lose if you step on the right toe IMO.
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As an aside, I worked for a small company that was structured in a way where they seemingly wanted no one to see/talk to anyone in other departments. Kinda opened my eyes that a 10k sq ft place would be so silo-structured.
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broward wrote:
I had the most awesome sex ever on Feb 6th and the scariest sex ever on the 7th.
@ yagij (profile) wrote (in reply to...) on Mon, 2/8/2010 - 6:19 pm
km4 wrote:...with the ethos of a startup company, making it faster, more proactive and even a bit entrepreneurial.
If you had that kind of energy, drive, and desire, you would be working for a start-up, not a federal agency.
I know ....was just screwing around because I work 100% with startups....however I went to same college as Mary Schapiro and graduated same class ( am being serious )
Hoopajoops LTD-- As for lawyers doing other stuff, the blue jeans cables letter is a fun read: Blue Jeans Cable Strikes Back - Response to Monster Cable — Reviews and News from Audioholics Me, I worked in a law library just long enough to figure out the studying the law sounded interesting but for 95% of lawyers, practicing it is boring as all get out. And I got a Bachelors Degree in science, which mostly just enabled me to realize that I'm not smart enough to get a real (read doctorate) in it. Learning what you're not good at is still learning, but it is a very painful kind of learning.
Kinda opened my eyes that a 10k floor place would be so silo-structured.
Examining the world in terms of transaction costs answers many questions. I realize now the corporations become bureaucratic in order to grow larger, not vice versa. Reduce total communication costs is mandatory because it won't scale, so they tend to encode more and more information into localized rule sets.
Let's get this party started! Default early and often when you see it as the only rational choice. Austerity will destroy the current political class as the escalating strikes happening have shown. The debt overhang is impossibly large and if Greece would bite the bullet and kick off the first domino then we could purge the system and maybe be lucky enough to pull humanity's feet from the fire. Creative destruction on an unprecedented scale. The debt that can't be repaid won't be. Might be time for the central banks and political class to quit pretending otherwise.
What else will end the corruption and lies? A new leader promising change? Crushing unions and letting the discredited free market sort it out? Cutting services until it becomes even more monopolistic or strictly pay to play?
The money was created out of thin air and back to thin air it can return, what remains is what was built and all the remaining utility of those items. And don't forget the real wealth which resides in the people if they could see past the directed decisiveness and realize the importance of place and community.
Getting back on-topic for a second:
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What exactly would happen in Greece defaulted on its bonds? Bank runs? Mass migration to other EU countries?
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I really don't foresee what will happen to the Greek PTB if they just said phuck it.
Here's one way to create new jobs to lighten the load on
WASHINGTON — US President Barack Obama's administration announced plans Monday for a new office handling climate change, aiming to help businesses chart future plans as the nation shifts to a greener economy. The first practical effect was the creation of a website, NOAA Climate Services which came online Monday and brings together government resources on climate change for business, scholars and the general public.
"(...next week's headline news today)
The DJIA has fallen to 8,926 because of the failure of the Greek government to comes to grips with things financially."
now that the bank bailouts are done socialism is a dirty word again on msm so that headline would to be rewritten as "failure of the Socialist Greek government"
Well, they have a crap load of bonds they need to sell this year to finance their current spending, as well.
But they are already broke so who in their right mind would be willing to buy their bunds? If they did buy Grecian bunds, would the buyers be shocked when the default came?
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I guess I'm just not seeing how they could be hit with a scarlet D for the rest of their lives. Capitalism is just too short-sighted or greedy to care.
Re-read my post..naive. Rational hasn't worked in sorting out this mess and the real world implications are becoming manifest locally and internationally. Our leaders at all levels have screwed the pooch and have spent the last 2 years solving nothing but doing damage control. I truly believe the damage is too severe and stringing this along is just making the outcome worse.
Central bankers meet suspiciously in Sydney under the auspices of the BIS and the G7 hide up in the far reaches of the north to meet far from protest. I get the impression there is no concerted plan and everyone is looking to their own life raft. Really starting to feel held hostage to a game I don't understand as I sit in the bleachers and watch. Sadly the ticket was expensive and a mandatory purchase. /end venting
@Externalized Costs (profile) wrote on Mon, 2/8/2010 - 6:43 pm
Rational hasn't worked in sorting out this mess and the real world implications are becoming manifest locally and internationally. Our leaders at all levels have screwed the pooch and have spent the last 2 years solving nothing but doing damage control. I truly believe the damage is too severe and stringing this along is just making the outcome worse.
Yes, lots of the world's weather is wacko...global warming...or is mother earth changing being that dynamic host she is. By the way, in case you missed it, I changed my mind to cold winter and very hot summer this year...revised my mild summer outlook...sun is in an interesting phase...I definitely think we are getting a damping effect from something... that is coming and going...but then again it could just be El Nino... lord it is fun to watch... water water everywhere
NEW YORK (Reuters) - CIT Group Inc said its new Chief Executive John Thain will get an annual base salary of $6 million, most of which is in stock, and a bonus of up to another $1.5 million, in a nod to compensation practices popularized by the Obama administration's pay czar.
The former Merrill Lynch & Co CEO's salary includes $500,000 in cash, $2.5 million of restricted CIT stock with a holding period of one year and $3 million in stock restricted for three years, the company said in a regulatory filing.
Rob Dawg wrote:
The worst possible signal is being forced to defend your nations' solvency.
Yeah, when Paulson went on 'Meet the Press' to talk about how solvent the US banking system was, you knew we were screwed.
Of course. That's what I was talking about. Did you think I was talking about Greece?
Second worse would be if our Treasury Secretary ever got on TV and claimed our credit rating was assured. Oh... wait.
Really starting to feel held hostage to a game I don't understand as I sit in the bleachers and watch. Sadly the ticket was expensive and a mandatory purchase.
If you think the ticket to get in was expensive...
Maury the Credit Responsibility Panda wrote: I think he just got a good look by daylight. You can tell by the prominent Adam's Apple, they say...
So by default, one of the most popular surgeries would be...
Re: "''If the Spanish government were to stop paying the fees for students at universities or any move in that direction, there would be a major social uprising.''"
Those F'ing kids -- why can't they just go to America?
Perhaps the solution to this global systemic meltdown can be found in the simplicity of highly aggressive wal-mart expansions? A wal-mart super-center to serve ever 500 human beings on the planet - and a 1-to-1 customer/employee ratio. This will be called the Retail-Ownership Society and we will all prosper and live in peace.
What will Greece and Germany and France do? It's called Euro-HAMP.
To be eligible, you must be a deadbeat European nation-state, preferably with membership in the Euro currency zone. Generous terms. No serious repayment ever required. Just use new loans to pay off old loans.
OT,The Spec house I pass on the way to town has had the price reduced $800k to $2.1MM.8 acres,6,000 sq ft,panoramic view.He bought and built at the peak,so this is a less than break even price.On the market for a year now...
Hoops wrote: This economic climate makes the kind of career trials you're talking about impossible[...]
Have you considered moving to greener pastures? Were I in my 20s and mobile, I'd consider Australia/NZ. Heck, even relatively uninteresting work that would allow for a change in setting might be a nice change of pace. Perhaps you've already lived overseas - not sure.
Sad to read of John Murtha's passing. He was one tough old bird.
Murtha voted in 2002 to authorize President George W. Bush to use military force in Iraq, but his growing frustration over the administration's handling of the war prompted him in November 2005 to call for an immediate withdrawal of U.S. troops.
Okay, cue the Republicans to take cheap shots at him.
No shit sportsfan.He did a nice job with the structure,but it is too close to a busy street.$1.5 would probably sell it.A great "show" or entertainment home,and reasonably livable.Me.I want a 3/2 with some land where it is quiet,not a freaking LOOK AT ME!!! structure.
With Greece hit by hard times and in dire straits, I sometimes wonder what Turkey's up to and how the Europeans would react if the Turks were to use the opportunity to even a few scores.
@sportsfan (profile) wrote (in reply to...) on Mon, 2/8/2010 - 7:06 pm
km4 wrote: Damn straight...you get it....most don't !
Everyone gets that there is a problem. No one here seems to have the solution.
Let me clarify....
* Was not talking about most CR people
* Was taking about Gumbit and most of US populace.
He did a nice job with the structure,but it is too close to a busy street.
I've never seen so many misplaced improvements in my life as I've seen in the last 5 years. It must have been a trend.
As for the location, there is a certain (smaller than ever) segment who will go for that because of its showy nature. Some people not only want to live well, but to make sure others see them living well, while they write off all that entertainment as business expenses. I agree with you: quiet is priceless.
I miss the days when Rent_To_Own tore into you, too, Rob Dawg. I thought he was great. It seems to me, though, that the debates were more about urban livability and public transportation in Germany versus the U.S., rather than their current troubles. It would be interesting to see those exchanges again, for the record.
Let me clarify....
* Was not talking about most CR people
Likewise, let me clarify.
When I first started reading the comments here, I was amazed at how many people could see what was going to happen.
When I read the comments now, I notice a lot of people just complaining about something or other and very few people offering constructive solutions. Aside from the "Let it all come crashing down" folks, there really aren't any solutions being offered here. That's not an indictment, just an observation. It's probably unrealistic of me to expect more.
Tom I was up in your part of the woods today (my drivers license says I live in Kenwood, so need to every now and then visit the area).
A lot of "For Sale " signs.
When the housing bubble hit the City of Angles again just after the turn of the century, there was literally no place left to build in LA. As a result, every little nook and cranny was filled in, some in the most awful spots, complete with housing tracts that included 10 foot deep backyards and living between and betwixt your neighbor, like so many human sardines.
There are no solutions in the sense that a given course of action will solve all problems. What we have now are courses of action that will have some positive and some negative consequences.
Solutions hmmm.... Think the Wallflowers summed it up:
There's three ways out of every box
Fall out the bottom
Or you crawl out the top
There's three ways
Out of every, every box
But if you can't find your way out
Then you just burn it
To the ground
Then you'll disappear
Like smoke
Into the clouds
But you wanted constructive solutions...sorry bout that.
It is hard to have a solution to some thing that should have never happened. Especially on the magnitude it did. Now all we can hope for is the people make it work. The government has helped to much already with more debt an no results.
It sounds like you have a few pennies squirreled away, and this would be a great time to see the turmoil first-hand. Get yourself on a 747 to Athens and report back to us.
There are no solutions in the sense that a given course of action will solve all problems. What we have now are courses of action that will have some positive and some negative consequences.
That seems to be an accurate statement of the situation.
Do y'all feel like one of the mobile infantry in Starship Troopers and no matter what you do, more bugs just come crawling out of another hole? Now Greece is spewing out of it's maw.
We so desperately need another Neil Patrick Harris to reassure us.
To get more specific, it is difficult to create a solution to an economy significantly predicated on the manipulation of rents when those rents are found to be unsound and the actual production that is the source of those rents is in decline.
This economic climate makes the kind of career trials you're talking about impossible, unless I'll be hopping from nigerian price to mystery shopper scams on craigslist. There are no jobs in my area which are remotely appealing. Everything that is sa good as a hold-your-nose-and-hunker type job isn't hiring, especially some fruit bat lawyer looking for non-lawyer gigs.
Ummm. Not sure how to say this, but if you have the right skills, you don't even need to be in law enforcement to make money off of finding fraudulent behavior. Civil RICO comes to mind, as do an assortment of whistleblower statutes. The payoffs are uncertain, but can be quite large.
Hmmm... breach in the space time continuum...world's past economic problems caused in the future by Hardon collider...sounds like a good reason as any for a jubilee...not like we're going to learn anything this time around anyway...
CR, with all the impressive charting work, do you happen to chart the visitor counts ? I would think the last few bear mkt weeks have the number spking again. I'm sure it's nothing like Fall '08 but still, an improvement.
When the housing bubble hit the City of Angles again just after the turn of the century, there was literally no place left to build in LA. As a result, every little nook and cranny was filled in, some in the most awful spots, complete with housing tracts that included 10 foot deep backyards and living between and betwixt your neighbor, like so many human sardines.
It often comes as a surprise that the city know for sprawl is in truth the densest urbanized area in the US. This explains in part why sprawl is perceived as a bad thing but the urbanist trends towards density don't yield the desired results.
Here's a serious question for all you hard core economic types...what is the ratio of the world's debt to assets? How do we even possibly break even in the long run without some kind of reset...
The question is will a collapse or recovery make more money for ? That may determine the ultimate outcome.
The is large enough for the right tentacle to not be aware of what the left tentacle is doing. I think it's completely plausible that the collapse will make the trading desks a fortune, whilst simultaneously decimating their OTC margins. It's even more plausible that those trading desks would spark a collapse in order to make a quick $100million, which the will then be forced to use to patch up the billions in contract losses they just caused themselves.
debt-to-asset are two sides of the same ledger. The greater issue is the ability of debtors to generate income to service the debt. Things have been worse than today. The 70s come to mind with the oil crisis.
Here's a serious question for all you hard core economic types...what is the ratio of the world's debt to assets?
Don't know the global number, but the US stats can be found in the Fed Flow of Funds report, available online. Since every debt is someone else's asset, it's not as bad as you think in the aggregate.
BTW - everyone here keeps mentioning 'Greek Austerity'... what exactly is that anyway? A two hour lunch instead of three? Taking only August off instead June July & August [summers are hot in Greece].
I know that is snark but I had a buddy who lived in Greece for a year and he had no idea what poeple did for a living but whatever it was it sure didn't look like 'work' to him.
World external debt dropped more than 6% from the previous year, as new international lending disappeared. The global recession was a result of widespread uncertainties in the financial markets, bank failures, tighter credit, falling home prices, collapsing asset prices, lowered consumer confidence, and the drop in trade. In response to these conditions, many, if not most, countries pursued expansionary monetary and fiscal policies, and attempted to avoid protectionist policies. By the second half of 2009, the global economy appeared to be making halting, but forward steps.
The world economy now faces a major new challenge, together with several long-standing ones. The fiscal stimulus packages put in place in 2009 required most countries to run budget deficits - government balances deteriorated for 14 out of every 15 countries. Treasuries issued new public debt - globally, worth about $4 trillion - to pay for the additional expenditures, and many central banks monetized that debt, injecting large sums of money into the economies. In early 2010, excess capacity existed in product markets, and inflation was not an immediate threat. However, when economic activity picks up, central banks will face the difficult task of containing inflation without raising interest rates so high they snuff out further growth.
That doesn't shock me. The stereotype I've heard is for men to live at home into their 30s because there is no real work available.
Available? There is ALWAYS work available - just not always attractive pay available. Meanwhile the beach isn't going anywhere. One could do worse than being unemployed in Greece.
The fiscal stimulus packages put in place in 2009 required most countries to run budget deficits - government balances deteriorated for 14 out of every 15 countries.
That is amazing!
Capitalism failed and the model remains broken!
Public debt:
53.6% of GDP (2009 est.)
47.7% of GDP (2008 est.)
CIA says: much of the resilience of the world economy in 2009 resulted from government leaders around the world working in concert to stem the financial onslaught, knowing well the lessons of past economic failures.
exactly why I bought the tickets for U2 in Athens for this sept... and held off on everything else....
stay in a villa at paros for cheap...eat well, get tan and learn how to protest right...
I know you're being snarky, but it is something I hear too often. Too many folks in this country seem to have made indentured servitude a virtue. A job (or more appropriately a career) is something that you can support your family and raise assets with some measure of security. There ain't a lot of that anymore. And paper-overing that issue by claiming there is always some work that can be done doesn't address the real social issues.
I'll repeat, they are over 60 years old, I doubt anyone on this board could do what they did last night....anyone....so many critics, few musicians....
However, when economic activity picks up, central banks will face the difficult task of containing inflation without raising interest rates so high they snuff out further growth.
Nice find, Doc. Bernanke and the CBs are playing an ingenious but dangerous game. I've positioned some of my pieces, waiting for the outcome.
However, when economic activity picks up, central banks will face the difficult task of containing inflation without raising interest rates so high they snuff out further growth.
It looks like CIA has better economic models than the Federal Reserve.
There ain't a lot of that anymore. And paper-overing that issue by claiming there is always some work that can be done doesn't address the real social issues.
The other side is deciding to live on less - sometimes a lot less. Its hard to live well on less in much of America. In Greece [or Spain or Portugal] its easier to do [live well on less money]. In the old days the Greeks were good at that - if a job didn't pay well enough to make it worth their while to do it they didn't - and spent time in the town square or on the beach or at home with family.
That is decidedly NOT part of the Northern European 'protestant ethic' which has infected a lot of Merica [not just Germany]. Maybe we need to learn a little more from the Greeks.
There are plenty of pianists who could've done what they did (and it would have been classier). Church choirs have old people in 'em that could've done what The Who did with more taste. Besides as RD put it, what happened to the "die before I get old" line?
But they are already broke so who in their right mind would be willing to buy their bunds?
I own a couple of bonds whose yields were so high they could default after a couple of years, pay 40 cents on the dollar, and still be a good investment.
dryfly wrote: That is decidedly NOT part of the Northern European 'protestant ethic' which has infected a lot of Merica [not just Germany]. Maybe we need to learn a little more from the Greeks.
We will, like it or not. Our "out by 18" to four years of college and then buy a house in your early twenties lifestyle is going the way of the dodo and was never sustainable to begin with, and was a historical exception. I say good riddance too.
I say as soon as the 18-26 yo lasses except that reality the sooner it will come. If they are still holding out for man material who don't fit into that new reality, then I'd say we have some time before true societal capitulation to this new reality.
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As the comedian Earthquake put it, those young ladies got some unrealistic expectations!
I'll repeat, they are over 60 years old, I doubt anyone on this board could do what they did last night....anyone....so many critics, few musicians....
You mean sell out? Heck, they may have performed for 'free' but you think the CBS broadcast of the event and their playing the theme songs of three hit CBS series was coincidence? They didn't need this and are the poorer as are we all for the performance.
have you ever been to a rock concert? Out of the 100's I've been to, somewhere between 15-20 could take the stage and produce a sound anywhere close to what you hear on the radio...
Stadium sound doesn't make it easy to smooth the edges....too many ways for things to go wrong. I noticed that Daltrey removed his earpiece immediately because of some issue...they put the stage up in 10 minutes....jeez
I fail to see how you compare a church choir singing amazing grace is even remotely close to what they did....
The Sony 52 inch tv we just bought was made in Mexico.
I just ordered a 50 inch Samsung. Don't know where it was made because it won't arrive until next week. I figured I didn't really have an American TV unless it was at least 50 inches.
I got one, but it was before they put web apps into the TV to allow you to do some basic content surfing from the TV (no media station, etc)
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What about Vizio?
yagij wrote: I say as soon as the 18-26 yo lasses except that reality the sooner it will come. If they are still holding out for man material who don't fit into that new reality, then I'd say we have some time before true societal capitulation to this new reality.
I don't expect they'll wake up easily or quickly - they grew up through the boom years in a time of easy credit and had everything they could possibly want given to them, for the most part. Reality awaits with sharp pointy teeth unless they can make a high salary or hook a high-earner to sustain the illusion.
some investor guy, please explain your earlier comment. Is your belief that Greek bonds fall and this affects US government securites? If so, how and over what term. I can see a lot of scenarios, but I am wondering what your particular thoughts on the matter are. Also, are you assuming default, withdrawal from EU or depression in Greece?
Sell out, just played halftime at the super bowl, I didn't see a tostitos emblem on any jackets....
RD your reaching....Cbs picked their songs for the shows, they made money off it....Sting makes $2400 a day from every breath you take...maybe he will give it to charity....right
I didn't say they were great but for 2 guys older than you, they tried to put on a show..
So happy it wasn't Jay Z, Rihanna, Kanye or the rest of the talentless music of today....
The middle class Total Fertility Rate (TFR) is something like 1.8. That is your vote of confidence for the future. The age of first marriage is also increasing, another vote of confidence.
The Sony 52 inch tv we just bought was made in Mexico.
I just ordered a 50 inch Samsung. Don't know where it was made because it won't arrive until next week. I figured I didn't really have an American TV unless it was at least 50 inches.
Assembled in Mexico - guts were made in Asia - they all are
Reality awaits with sharp pointy teeth unless they can make a high salary or hook a high-earner to sustain the illusion.
] enter Greece
It is pitch black. You are likely to be eaten by a grue.
] what is a grue?
The grue is a sinister, lurking presence in the dark places of the earth. Its favorite diet is adventurers, but its insatiable appetite is tempered by its fear of light. No grue has ever been seen by the light of day, and few have survived its fearsome jaws to tell the tale.
Deadly dangers are a feature not bug of uncharted territory.
I say as soon as the 18-26 yo lasses except that reality the sooner it will come. If they are still holding out for man material who don't fit into that new reality, then I'd say we have some time before true societal capitulation to this new reality.
As a roving IT guy for an oil co, I visited East Venezuela once, for about a week. On nightly trips 'into town', it was extremely noticeable that everyone was paired up, or in a family unit.
It was weird not seeing loners running around. It was an extremely monetarily poor area, which I assumed had a lot to do with it.
I liked it. There was a good vibe, despite the poverty.
I've written about it in regards to our clients at work, but rest assured that what I have seen among the minority women has not played out among their Caucasian sisters yet.
I have discussed this with a few people in real life; my intuition tells me that austerity programs will fail in any country with a reasonable education level and internet access.
It's just way too easy to find out what happened to the Argentine middle class. Nobody is going to let their politicians do that to them.
This is why the Greeks are striking and will continue to strike. They know that this is literally a matter of life and death for thousands of them, and they aren't willing to die to protect the bankers.
It was weird not seeing loners running around. It was an extremely monetarily poor area, which I assumed had a lot to do with it.
Social norms and monetary reasons I imagine. I remember watching a documentary about the prevalence of "donkey lovers" in one of those SA countries because of the expectations to marry off virgin daughters. They also couldn't easily afford human pros so the human sex drive was satisfied by the local jackasses.
When the housing bubble hit the City of Angles again just after the turn of the century, there was literally no place left to build in LA.
I thought you lived in SoCal. There are still plenty of places left to build in and near LA. What you don't have are massive areas where you can do large scale development without horrible permits or having to tear something down.
Porter Ranch was built after 2000. There are a number of abandoned places throughout the city where you could build if permits weren't such a hassle and the areas were better.
It often comes as a surprise that the city know for sprawl is in truth the densest urbanized area in the US. This explains in part why sprawl is perceived as a bad thing but the urbanist trends towards density don't yield the desired results.
It's just way too easy to find out what happened to the Argentine middle class. Nobody is going to let their politicians do that to them.
So they will pay more in taxes and receive less in bennies to balance the budget? I don't see that happening. The entire world has gotten use to the Free Lunch (tm) ala debt, and it is going to be a b^tch of a withdrawal when it ultimately happens. No real way around it.
That Ronnie - what a nightmare!," said Mrs Ivanova, who is closer in age to the Rolling Stone than her granddaughter. She threatened to "get even" with him if he hurt her granddaughter. "She is climbing her way to hell," she added.
** Was this off-topic? Actually, that's really foul! Ronnie needs to be in the slammer!
actually TVs are "assembled in mexico" they are not made there, they are made in china or japan usually.
the idiocy of our tariffs and nafta is why.
If you ship a TV with atsc digital tuner into america there is a 5% tariff. if you ship a monitor, which does not have a tuner there is no tariff. thus by doing final assembly in mexico (adding the tuner) you dont pay a tarriff.
the big tv companies all do this. NAFTA i'm sure has been the greatest thing on earth for canada / mexico.
Rob Dawg wrote:
No grue has ever been seen by the light of day, and few have survived its fearsome jaws to tell the tale.
Conjure is a grue?
His dad was charybdis and his mom a harpie. The only reason he has hair is to cover "the mark of the beast." Conjure's ability to tell the future means he is never in the dark liable to be eaten by a grue.
ome investor guy, please explain your earlier comment. Is your belief that Greek bonds fall and this affects US government securites? If so, how and over what term. I can see a lot of scenarios, but I am wondering what your particular thoughts on the matter are. Also, are you assuming default, withdrawal from EU or depression in Greece?
Well, once investors are scared due to a particular default, or serious threat of default, you find out how stupid a number of lemmings managing money are. You don't need it to be most investors, just a decent chunk. Many programmed trading strategies are in fact robotic lemmings. In some cases, they are blind lemmings, doing whatever they are programmed to, without much reference to why things are occurring. They are particularly bad when unusual things occur. So they tell you to do things like dump foreign debt, or government debt, or any debt which has been downgraded.
The human lemmings can suddenly start worrying about debt they didn't worry about before. This runs up the borrowing costs for others, particularly people with lots of short term debt and barely investment grade ratings. That means a lot of BBB municipalities and corporates.
The response recently has been when people are worried they run to US treasuries. This will probably happen again in the short run.
A bigger problem happens in the medium term, when people worry about tons of countries with escalating debt. The US has an unusual risk due the the huge amount of Fannie and Freddie debt being guaranteed. If the US has a unique problem with its debt, the two likely sources are big budget deficits and massive deterioration of the Fannie/Freddie portfolios.
vizio is an american branded company. the guy who started it my father actually was acoworker off in the 80s....
that said their TVs are built mostly in china as are most tvs, by companies that build things for OEMs. the design etc is all done in america though.
The founder / ceo of vizio was the same guy who founded "mag innovision" for monitors back in the 90s. Vizio sort of came because of the remnants of the gateway TV brand being cancled (gateway , as in the computer company) and having had all the infrastructure already in place for it. worked out well it looks like.
yagij wrote: I've written about it in regards to our clients at work, but rest assured that what I have seen among the minority women has not played out among their Caucasian sisters yet.
The Cinderellas will be selling themselves to the highest bidder soon enough, and will get more desperate the nearer midnight approaches.
The Cinderellas will be selling themselves to the highest bidder soon enough, and will get more desperate the nearer midnight approaches.
That is usually the social topic of discussion at work. Men like marrying attractive women, and women like marrying a man with resources (Stereotype granted). How will it all play out when you are looking at mooching off of your parents/family waiting for the right one vs. having a roof and food? My grandmother's expectations were basically a man who was good with his money and who didn't hit women (GD child). Oh how far we have come!
.
Here is the documentary (It was Colombia): Asses of the Caribbean - The Vice Guide to Sex | VBS.TV (NSFW)
So close you could refill your neighbor's wine glass without either of you leaving your living room.
That doesn't really surprise me, but it used to be more of an open ranch style. I drove Devonshire in 1970 and would some times take one of the roads up to see what was happening. Then again the area is absolutely huge.
yagij wrote: My grandmother's expectations were basically a man who was good with his money and who didn't hit women (GD child). Oh how far we have come!
Have we really, or was much of this just another side effect of faux wealth? We've had the luxury of easy money. Time will tell, as it always does.
This has always been the fear. I had assumed we had at least another year, and possibly quite a few years, before the debt-spiral really began to cause problems. Perhaps we still do; extend and pretend works as long as people think it will.
But if one single sovereign went bankrupt, the speed of the contagion spread would make the investment bank meltdown look like a romantic comedy. This will look like a terrifying horror film.
Have we really, or was much of this just another side effect of faux wealth?
Try dating some 22 year old hottie with the line "I have money and I don't beat up girls." You'll need more of a feature set to offer her before she'll commit. I started explaining to people to look at her father and home life to give you a good idea of how far you will need to go. If he was God on Earth, then Princess will be a hard sell. If Dad is disabled and drinking his life away, then the sell is easier, but oh the baggage...
Interesting that this conversation is going on here tonight. I just read the Salon article where they interviewed the woman who wrote "Marry Him: The Case for Settling for Mr. Good Enough" about women with unrealistic expectations who end up alone. Heh.
But if one single sovereign went bankrupt, the speed of the contagion spread would make the investment bank meltdown look like a romantic comedy. This will look like a terrifying horror film.
Didn't Iceland already go there? How is Greece worse than Iceland?
Interesting that this conversation is going on here tonight. I just read the Salon article where they interviewed the woman who wrote "Marry Him: The Case for Settling for Mr. Good Enough" about women with unrealistic expectations who end up alone. Heh.
Since I enjoy the world of Family Law (tm), it comes up periodically.
Iceland was able to get the IMF to come in with a bailout. Having the IMF bail out a member of the Euro club would be a huge blow to the currency. Germany has to bail out the PIIGS to keep the integrity of the Euro intact. That's gotta be a hard sell in Berlin.
Didn't Iceland already go there? How is Greece worse than Iceland?
True, but I always just thought of Iceland as an investment bank with a Prime Minister at its head, instead of a CEO. But fair enough, I suppose if Iceland didn't trigger a sovereign run, perhaps Greece won't.
However, the circumstances are somewhat different now. Countries are much more in debt with weaker revenue streams. Maybe that'll be enough to begin the process, and maybe this current round of fear-mongering will subside and it'll take a few more years. But I do think that this contagion, when triggered, will be much more economically destabilizing than sub-prime simply due to the volatility that would be introduced into Forex markets, and therefore the international flow of goods.
yagij wrote: Since I enjoy the world of Family Law (tm), it comes up periodically.
And I suppose via your perspective, the looting financiers are second-raters compared to the oldest scam in history
Tru dat - but the effect is the same - banks don't get paid what they were owed [which is what happened w/ Iceland too - they owed money in OTHER currencies not their own so devaluing resulted in a default].
And I suppose via your perspective, the looting financiers are second-raters compared to the oldest scam in history
After dealing with divorces like I have, I've decided I'm for:
* Contractual marriages (with options to renew every 5-7 years);
* Legalized prostitution;
* All forms of reproductive rights.
It would probably put my kind out of business, but this game of betting that you will somehow be the 49% that make it 'til Death is just a bad way to bet.
Iceland was able to get the IMF to come in with a bailout.
But they then reneged on the terms - yes/no? Isn't there a referendum on that coming up that has about as good a chance of passing as say Iceland growing palm trees?
No one could answer that yesterday. How does it work? What if you are Greek and have a bank account in Euros? Contracts? Why not ignore everything in national currency and transact in euros.
My first car was a well-used 1971 Fiat 124 Sport coupe. Being young and careless I drove it broadside into a then-new 1978) Cadillac. I had to take a crow bar to pry the double-skinned wheelarch out of the way of the front wheel but then I could drive home. The Cadillac was totalled, with buckling up into the roof.
Does the IMF really cut countries off who reneg on their bailout plan? I'm not sure how to look that information up. Seems to me they would just work with the government to come up with a modified plan instead of ending loans the country needs to function.
No one could answer that yesterday. How does it work? What if you are Greek and have a bank account in Euros? Contracts? Why not ignore everything in national currency and transact in euros.
It often comes as a surprise that the city know for sprawl is in truth the densest urbanized area in the US. This explains in part why sprawl is perceived as a bad thing but the urbanist trends towards density don't yield the desired results. "
The perception depends upon when an area was settled. For example Pasadena west is far more dense than Pasadena east, the west was settled before the auto, east after the auto and Arcadia after WWII. Sprawl in LA is seen in the Post WWII areas such as the Parts of the San Fernando Valley and the San Gabriel valley as well as the recent sprawl in the San Bernadino/Riverside area Also because a lot of housing stock in the Metro is so old is it fairly small in square feet as well.
Electronics made in America? 98% chance the answer is no. "
The question is assembly versus say chip fab. Still a lot of chip fab because that is low labor input, but assembly is high labor input so it moved offshore.
Actually the worst possible signal would be failing to pay your creditors.
Not if you call your broker before you make the call!
Maybe he should just say it is all "contained"
Nemo wrote:
Not true. Look at Dubai. They are still doing just fine!
From John Mauldin's newsletter today. Apologies, if it has been posted already and for the length. No link.
Before we get to this week's Outside the Box, a quick note about my writing on Greece in last Saturday's letter. I made the point that if Greece defaults it does not necessarily mean they have to leave the EU, any more than if Illinois defaulted they would have to leave the United States. Greece could still use the euro and life could go on. EXCEPT. The markets would no longer lend the Greek government money at anything close to a livable rate. Greece would be forced to balance its budget. Since they are part of the euro, devaluing the currency is not an option. The results of controlling their fiscal deficit would not initially be pretty and would almost insure a serious prolonged recession or depression in the Greek area, with fall out in the region. It would be a sad decade for Greece. But in the long run, it is a better option than default.
Further, and more important to the rest of Europe and the world, the results of a Greek default would be financial turmoil. 250 billion euros (and maybe 300!) of Greek debt is in international bond funds, pension and insurance companies, and above all at banks. Think German banks . Already undercapitalized banks. Also, think of all the investment banks who have been selling relatively cheap (given the apparent risk) credit default swaps on Greece, in an unregulated market, exposing their balance sheets. What should be a simple, if sad, matter for the Greeks, becomes a problem for the world, just as subprime debt in the US caused a world credit crisis. And the risk of contagion from Portugal, Spain, et al is serious. 2 trillion euros of debt could get downgraded by the bond market in very short order. It could be a replay of the last credit crisis, just with new actors as the prime problem.
Bailing out Greece without serious and credible deficit reductions by their government over the next few years would simply delay the problem, and it is not altogether clear the bond markets would go along for very long. At the end of the day, it may be the bond market which forces the Greek government and its people to take some very bitter medicine. Stay tuned. This is just the beginning of what will be a series of sovereign debt crises over the coming decade. It is important for the world that we get this one solved right, or the consequences will be quite severe.
It's more like a big game of Robot Chicken.
The Euro is not a currency; it's an experiment.
All is well.
YouTube - Animal House - All Is Well!
Vic wrote:
Or get Hank to write a memo to Brussels.
How Goldman Sachs Helped Greece to Mask its True Debt
"Goldman Sachs helped the Greek government to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules. At some point the so-called cross currency swaps will mature, and swell the country's already bloated deficit.
Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its True Debt - SPIEGEL ONLINE - News - International
Re: Palin
I understand why some people want to vote for what she claims to represent. But the fact that she didnt serve out the rest of her term and deal with the coming deficit and other troubles shows that she's just as much of a politician as those her voters despise. Big city run from trouble style politician. And people will fall for the tripe she peddles.
Burj Khalifa, World's Tallest Tower, Closed A Month After Opening
The worst possible signal is deathly fear of appearing desperate.
That's even scarier than just being desperate, it's a level beyond desperate.
Nemo wrote:
yagij wrote:
Their elevator no longer goes to the top floor. Cityscapes: Burj Khalifa, world's tallest building, shuts down observation deck one month after opening
S.E.C.’s Cops on the Beat
butt 
- NY Times
Do you think or feel better now that they're going to kick some
Nemo wrote:
So was Frankenstein.
JBR wrote:
Functioning building concerns are for 3rd world countries. Only thing that concerns 1st world countries are functioning debt markets.
But its relatively tight budget and antiquated technology still pose major challenges for the S.E.C., outsiders say.
Guess that answers the question about kicking some
butt 
Why oh why didn't Greece write CDS against itself??
Anyone who knew anything was doing it.
There's a viagra joke in there somewhere, but this is a family blog...
Who said I am - start doing stuff and you'll figure it out... Tried A don't like it. Tried B & like it - hmmmm... do more of B and less of A. Repeat. Pretty easy algorithm really.
It's easy to light a match, but not in a rainstorm. This economic climate makes the kind of career trials you're talking about impossible, unless I'll be hopping from nigerian price to mystery shopper scams on craigslist. There are no jobs in my area which are remotely appealing. Everything that is sa good as a hold-your-nose-and-hunker type job isn't hiring, especially some fruit bat lawyer looking for non-lawyer gigs.
More like a headless chicken
Hoopajoops LTD the SEC needs you....
While Mary L. Schapiro, the chairwoman, is the public face of the commission, Mr. Khuzami and his lieutenants are the cops on the beat. Their first challenge is to shake off the psychic blow of the Madoff affair. Not since the 1950s, when budget cuts and deregulation defanged the commission, have its stature and influence sunk so low. Mr. Khuzami, a straight-talking former federal prosecutor and Wall Street executive, says he wants to infuse the S.E.C. with the ethos of a startup company, making it faster, more proactive and even a bit entrepreneurial.
Chavez declares 'electricity emergency' in Venezuela
| Reuters
"Hey Mom and Dad, I definitely don't want to ask you for $23,198.10 to pay off my delinquent credit card before next Friday."
"But if you did, I'd love you sooooo much!"
Hoopajoops LTD wrote:
Clearly, you're not desperate enough yet.
km4 wrote:
If you had that kind of energy, drive, and desire, you would be working for a start-up, not a federal agency.
Hoops,
It sounds like you have a few pennies squirreled away, and this would be a great time to see the turmoil first-hand. Get yourself on a 747 to Athens and report back to us.
broward wrote:
we're both familiar with desperate, usually just before closing time
broward wrote:
Clearly a situation where beer goggles are warranted.
yagij wrote:
Not necessarily.
My first fed contract was like a startup and my last startup was like a large bloated corporation.
km4 wrote:
WTF? He wants the SEC to make a profit? That'll do wonders for corruption.
volker the viking wrote:
Speak for yourself.
I had the most awesome sex ever on Feb 6th and the scariest sex ever on the 7th.
km4 wrote:
uh huh, all antithetical to reality for any government effort
broward wrote:
But we are talking about the S.E.C. here and regulating the
and its ilk.
.
Too many toes to step on and too much to lose if you step on the right toe IMO.
.
As an aside, I worked for a small company that was structured in a way where they seemingly wanted no one to see/talk to anyone in other departments. Kinda opened my eyes that a 10k sq ft place would be so silo-structured.
.
broward wrote:
Same person?
@ yagij (profile) wrote (in reply to...) on Mon, 2/8/2010 - 6:19 pm
km4 wrote:...with the ethos of a startup company, making it faster, more proactive and even a bit entrepreneurial.
If you had that kind of energy, drive, and desire, you would be working for a start-up, not a federal agency.
I know ....was just screwing around because I work 100% with startups....however I went to same college as Mary Schapiro and graduated same class ( am being serious )
Too late. The worst possible signal is being forced to defend your nations' solvency.
Hoopajoops LTD-- As for lawyers doing other stuff, the blue jeans cables letter is a fun read: Blue Jeans Cable Strikes Back - Response to Monster Cable — Reviews and News from Audioholics Me, I worked in a law library just long enough to figure out the studying the law sounded interesting but for 95% of lawyers, practicing it is boring as all get out. And I got a Bachelors Degree in science, which mostly just enabled me to realize that I'm not smart enough to get a real (read doctorate) in it. Learning what you're not good at is still learning, but it is a very painful kind of learning.
broward wrote:
see, you're just harsh
and when the reality of being stalked sets in, you scream like a little girl
In a country where underemployment runs rampant, DC Federal workers pop open champagne bottles at another paid day off.
Federal Govt. Closed Tuesday - DCist
Hey Broward- how's the meme hit for: timeo danaos?
yagij wrote:
Examining the world in terms of transaction costs answers many questions. I realize now the corporations become bureaucratic in order to grow larger, not vice versa. Reduce total communication costs is mandatory because it won't scale, so they tend to encode more and more information into localized rule sets.
broward wrote:
Midnite marriage ceremony?
Rob Dawg wrote:
That would do it.
So, when does Calpers announce it's new investment strategy of garnerning higher returns by investing in Greek, Spanish, and Portuguese bonds?
volker the viking wrote:
OMG.
Are you Kurt Lochner?
(...next week's headline news today)
The DJIA has fallen to 8,926 because of the failure of the Greek government to comes to grips with things financially.
Let's get this party started! Default early and often when you see it as the only rational choice. Austerity will destroy the current political class as the escalating strikes happening have shown. The debt overhang is impossibly large and if Greece would bite the bullet and kick off the first domino then we could purge the system and maybe be lucky enough to pull humanity's feet from the fire. Creative destruction on an unprecedented scale. The debt that can't be repaid won't be. Might be time for the central banks and political class to quit pretending otherwise.
What else will end the corruption and lies? A new leader promising change? Crushing unions and letting the discredited free market sort it out? Cutting services until it becomes even more monopolistic or strictly pay to play?
The money was created out of thin air and back to thin air it can return, what remains is what was built and all the remaining utility of those items. And don't forget the real wealth which resides in the people if they could see past the directed decisiveness and realize the importance of place and community.
I know, I know... its just weather, but I can't stop laughing...
NOAA: Blizzard Rearranges Climate Change Announcement
Why pay?
Seriously, the entire credit scam is coming unwound as we watch, as folks are worried about their creditors?
Maybe they should make sure they have some cash stashed, and get free of their obligations.
My creditors should be praying for my continued employment, that is their only prayer of getting paid in full.
Creditors should be kissing paying customers and sending them flowers.
Someday this war's gonna end...
What did you expect? That the building would last forever?
Rob Dawg wrote:
Hell, no, neither of us wants to ruin it.
Yancey Ward wrote:
So, when does Calpers reveal it's past investment strategy of garnerning higher returns by investing in Greek, Spanish, and Portuguese bonds?
There. I fixed that for ya.
Getting back on-topic for a second:
.
What exactly would happen in Greece defaulted on its bonds? Bank runs? Mass migration to other EU countries?
.
I really don't foresee what will happen to the Greek PTB if they just said phuck it.
They can do get all the
until 
goes 
A couple of German banks collapse?
Here's one way to create new jobs to lighten the load on
WASHINGTON — US President Barack Obama's administration announced plans Monday for a new office handling climate change, aiming to help businesses chart future plans as the nation shifts to a greener economy. The first practical effect was the creation of a website, NOAA Climate Services which came online Monday and brings together government resources on climate change for business, scholars and the general public.
yagij wrote:
They just don't get to borrow anymore money, no? At least not at a reasonable rate. Austerity will then be imposed by reality.
broward wrote:
I just hope you used protection and covered the pool table first.
Oxtail wrote:
So no Greek damage? Sounds like a great time to remind the Germans that they need some moolah.
.
Weather Helm wrote:
The return of Economic Gravity? Doesn't sound too bad. Besides don't the Greeks have a history of being a bad debt risk?
"(...next week's headline news today)
The DJIA has fallen to 8,926 because of the failure of the Greek government to comes to grips with things financially."
now that the bank bailouts are done socialism is a dirty word again on msm so that headline would to be rewritten as "failure of the Socialist Greek government"
Oxtail wrote:
And they collapse two banks, and so on, and so on...
Well, they have a crap load of bonds they need to sell this year to finance their current spending, as well.
Rob,
Damn, that was good!
What currency do the Gypsies use I wonder...does barter suffer when banks collapse?
If we don't bailout Greece we're going to get collapsing tax receipts, Dow sub 10k, ui above 10%. Oh wait...
Oxtail wrote:
But they are already broke so who in their right mind would be willing to buy their bunds? If they did buy Grecian bunds, would the buyers be shocked when the default came?
.
I guess I'm just not seeing how they could be hit with a scarlet D for the rest of their lives. Capitalism is just too short-sighted or greedy to care.
yagij wrote:
YouTube - Tsunami Video 2
yagij wrote:
[...]
Ti na sou po? Tha pame olloi mas sto diavoulo. Ana hatheite.
Hey DFW has a chance for more snow on Thursday!!! Kids will be happy.
volker the viking wrote:
Mother Nature will flood Greece? I find that highly unlikely.
yagij wrote:
of course you do
volker the viking wrote:
Now if you had shown me a video of Turks storming through Indonesia, I could believe that.
yagij wrote:
I'm certain the people that morning in the video also thought that what was transpiring outside their window as being very unlikely.
Re-read my post..naive. Rational hasn't worked in sorting out this mess and the real world implications are becoming manifest locally and internationally. Our leaders at all levels have screwed the pooch and have spent the last 2 years solving nothing but doing damage control. I truly believe the damage is too severe and stringing this along is just making the outcome worse.
Central bankers meet suspiciously in Sydney under the auspices of the BIS and the G7 hide up in the far reaches of the north to meet far from protest. I get the impression there is no concerted plan and everyone is looking to their own life raft. Really starting to feel held hostage to a game I don't understand as I sit in the bleachers and watch. Sadly the ticket was expensive and a mandatory purchase. /end venting
Vonbek777 wrote:
Then again, Greenland is toasty:
Daily Kos: State of the Nation
Rob Dawg wrote:
Yeah, when Paulson went on 'Meet the Press' to talk about how solvent the US banking system was, you knew we were screwed.
Damn straight...you get it....most don't !
Re: "worst possible signal"
The worst signal is when you see
hang out of 
instead of cash flow.
Externalized Costs wrote:
"starting" ? !
Yes, lots of the world's weather is wacko...global warming...or is mother earth changing being that dynamic host she is. By the way, in case you missed it, I changed my mind to cold winter and very hot summer this year...revised my mild summer outlook...sun is in an interesting phase...I definitely think we are getting a damping effect from something... that is coming and going...but then again it could just be El Nino... lord it is fun to watch... water water everywhere
Washington confirms Obama not to attend EU-US summit - EU-USA : europa, europe | euronews
good night, and good luck....
NEW YORK (Reuters) - CIT Group Inc said its new Chief Executive John Thain will get an annual base salary of $6 million, most of which is in stock, and a bonus of up to another $1.5 million, in a nod to compensation practices popularized by the Obama administration's pay czar.
The former Merrill Lynch & Co CEO's salary includes $500,000 in cash, $2.5 million of restricted CIT stock with a holding period of one year and $3 million in stock restricted for three years, the company said in a regulatory filing.
CIT sets John Thain's salary at $6 million a year
| Reuters
Maury the Credit Responsibility Panda wrote:
Of course. That's what I was talking about. Did you think I was talking about Greece?
Second worse would be if our Treasury Secretary ever got on TV and claimed our credit rating was assured. Oh... wait.
Externalized Costs wrote:
YouTube - KICKED OUT #2
broward wrote:
rubber break?
Doc Holiday wrote:
The worst signal is when you see
falling out of 
instead of cash flow.
There. I fixed that for ya.
RockyR wrote:
more along the lines of, "I'll let you know when I'm done."
RockyR wrote:
I think he just got a good look by daylight. You can tell by the prominent Adam's Apple, they say...
Greece trips, euro could fall
prostitute strike shades of Lysistrata
just a tease in the article
Externalized Costs wrote:
If you think the ticket to get in was expensive...
Maury the Credit Responsibility Panda wrote:
I think he just got a good look by daylight. You can tell by the prominent Adam's Apple, they say...
So by default, one of the most popular surgeries would be...
"I had the most awesome sex ever on Feb 6th and the scariest sex ever on the 7th."
a chapped palm after a long night of pocket pool has that affect on next nights adventures with Palmela.
I miss the days when Rent_To_Own would rip into me for my
prognostications of Euro stress.
I predict that next year Calpers will announce that California pensions will be paid in Greek Drachmas beginning in 2012.
Rob Dawg wrote:
Thank you, I wondered about the use of verbiage there.
Rob Dawg wrote:
I'll do it over peak oil if you like but I need a credit card number.
Is that like Monty Python Argument Clinic:
Argument Clinic
Rajesh wrote:
Golden Bear Chits backed by the full faith and credit of California taxpayers starting in 2112. [Beat the Rush]
km4 wrote:
Everyone gets that there is a problem. No one here seems to have the solution.
Re: "''If the Spanish government were to stop paying the fees for students at universities or any move in that direction, there would be a major social uprising.''"
Those F'ing kids -- why can't they just go to America?
YouTube - West Side Story-America
broward wrote:
What? Didn't you and Kunstler make enough going long oil at $147?
Rob Dawg wrote:
My business idea is to buy some booth space in airport concourses to convert these into Sand Scrip, Lincoln Logs, Empire Specie and so forth.
Rob Dawg wrote:
Ex-wife got it all.
broward- I saw that!
Perhaps the solution to this global systemic meltdown can be found in the simplicity of highly aggressive wal-mart expansions? A wal-mart super-center to serve ever 500 human beings on the planet - and a 1-to-1 customer/employee ratio. This will be called the Retail-Ownership Society and we will all prosper and live in peace.
Amen
What will Greece and Germany and France do? It's called Euro-HAMP.
To be eligible, you must be a deadbeat European nation-state, preferably with membership in the Euro currency zone. Generous terms. No serious repayment ever required. Just use new loans to pay off old loans.
OT,The Spec house I pass on the way to town has had the price reduced $800k to $2.1MM.8 acres,6,000 sq ft,panoramic view.He bought and built at the peak,so this is a less than break even price.On the market for a year now...
picosec wrote:
I hate the whole "ex" thing, I never use it in conversation and then women get suspicious.
It's tiresome.
The paranoia in the US today is truly amazing, mostly because it's so undocumented and unacknowledged.
See it a lot with my website, though. Very handy.
Cosy deals behind talking heads kept out of the news
Have you considered moving to greener pastures? Were I in my 20s and mobile, I'd consider Australia/NZ. Heck, even relatively uninteresting work that would allow for a change in setting might be a nice change of pace. Perhaps you've already lived overseas - not sure.
Speaking of grease, The Who looked a little gamey last night: Ok, to be honest I didn't see them (until now).... It wasn't that bad, just not Super...
YouTube - The Who Superbowl Half-time Show Part 1
Tom Stone wrote:
True up and down the state and it doesn't matter whether it's residential, retail, office, industrial, multi-family.
I'm beginning to think the new sales pitch line is "But it's below replacement cost."
The answer of course is "No, it's just below what it cost to build it."
I've yet to see a used truss store...
Sad to read of John Murtha's passing. He was one tough old bird.
Okay, cue the Republicans to take cheap shots at him.
sportsfan wrote:
It is not a problem, it is a predicament. A problem you can solve. A predicament you adapt to.
Juvenal Delinquent wrote:
We don't have them here in the Sand States, but Way Back East they prize that old wood.
(Seriously, the cost of lumber is down and the cost of labor is way, way down.)
Add-on: the land is now free.
Palin/ Beck 2012.
A common sense solution.
You betcha'
No shit sportsfan.He did a nice job with the structure,but it is too close to a busy street.$1.5 would probably sell it.A great "show" or entertainment home,and reasonably livable.Me.I want a 3/2 with some land where it is quiet,not a freaking LOOK AT ME!!! structure.
But some antagonisms die hard.
With Greece hit by hard times and in dire straits, I sometimes wonder what Turkey's up to and how the Europeans would react if the Turks were to use the opportunity to even a few scores.
HomeGnome wrote:
At least it will get the lemmings off the cliff quickly. The dems are a slow death.
...a freaking LOOT AT ME!!! structure.
Fixed for today's climate.
Let me clarify....
* Was not talking about most CR people
* Was taking about Gumbit and most of US populace.
homedad43 wrote:
Turkey says "thank you, Mr. IMF! If we were in the Euro zone we wouldn't be able to entertain you. "
Tom Stone wrote:
I've never seen so many misplaced improvements in my life as I've seen in the last 5 years. It must have been a trend.
As for the location, there is a certain (smaller than ever) segment who will go for that because of its showy nature. Some people not only want to live well, but to make sure others see them living well, while they write off all that entertainment as business expenses. I agree with you: quiet is priceless.
why is everyone so upset, dollar rally, oil going lower, and a moderation of the EU rate?
Sarkozy gonna blink this week?
I miss the days when Rent_To_Own tore into you, too, Rob Dawg. I thought he was great. It seems to me, though, that the debates were more about urban livability and public transportation in Germany versus the U.S., rather than their current troubles. It would be interesting to see those exchanges again, for the record.
km4 wrote:
Most CR people are hyperamygdalatrophs
BBC News - Patients with amygdala injury 'unafraid' to gamble
adornosghost wrote:
Somebody linked to a clusterf*cknation column this am; apt description of lemmings on handouts and Ms. Palin the ratqueen.
km4 wrote:
Likewise, let me clarify.
When I first started reading the comments here, I was amazed at how many people could see what was going to happen.
When I read the comments now, I notice a lot of people just complaining about something or other and very few people offering constructive solutions. Aside from the "Let it all come crashing down" folks, there really aren't any solutions being offered here. That's not an indictment, just an observation. It's probably unrealistic of me to expect more.
Doc Holiday wrote:
it was awful, awful, awful
they have killed rock and roll
they should be arrested for what they did
sportsfan wrote:
Tom I was up in your part of the woods today (my drivers license says I live in Kenwood, so need to every now and then visit the area).
A lot of "For Sale " signs.
When the housing bubble hit the City of Angles again just after the turn of the century, there was literally no place left to build in LA. As a result, every little nook and cranny was filled in, some in the most awful spots, complete with housing tracts that included 10 foot deep backyards and living between and betwixt your neighbor, like so many human sardines.
There are no solutions in the sense that a given course of action will solve all problems. What we have now are courses of action that will have some positive and some negative consequences.
broward wrote:
I've usually heard that in regard to dating. Guess it also applies to international finance.
how bout that rally in ten foot lengths of milled lumber..
less ten feet.
Solutions hmmm.... Think the Wallflowers summed it up:
There's three ways out of every box
Fall out the bottom
Or you crawl out the top
There's three ways
Out of every, every box
But if you can't find your way out
Then you just burn it
To the ground
Then you'll disappear
Like smoke
Into the clouds
But you wanted constructive solutions...sorry bout that.
volker the viking wrote:
Hey, hey, my my....
YouTube - Hey Hey, My My - Neil Young & Crazy Horse
Maybe Turkey will send some heavily armed weatherproofers into southern Cyprus to help their cousins out.
It is hard to have a solution to some thing that should have never happened. Especially on the magnitude it did. Now all we can hope for is the people make it work. The government has helped to much already with more debt an no results.
Juvenal Delinquent wrote:
JD is a man w/ vision.
Oh - stop in Reykjavik too - for comparison. TIA.
badger wrote:
That seems to be an accurate statement of the situation.
Do y'all feel like one of the mobile infantry in Starship Troopers and no matter what you do, more bugs just come crawling out of another hole? Now Greece is spewing out of it's maw.
We so desperately need another Neil Patrick Harris to reassure us.
Neil Patrick Harris for Fed Chairman!
To get more specific, it is difficult to create a solution to an economy significantly predicated on the manipulation of rents when those rents are found to be unsound and the actual production that is the source of those rents is in decline.
Hoopajoops LTD wrote:
Ummm. Not sure how to say this, but if you have the right skills, you don't even need to be in law enforcement to make money off of finding fraudulent behavior. Civil RICO comes to mind, as do an assortment of whistleblower statutes. The payoffs are uncertain, but can be quite large.
Now that would be a top vacation package.
The Debt Collapse tour.
Reykavik. Athens. Lisbon. Barcelona. Mebbe there's also room for an additional stop in London.
The only problem is that it'll be flying out of Beijing.
YouTube - Allons Danser: Beausoleil 01
Which credit card do I put it on, the 26% one or the 32% one?
So, is this Greece thing also related to>>>>>>
Large Hadron Collider Producing Super-Fast Collisions | Geeky Gadgets
Maybe if they really get that fucker fired up, we wont have to worry about nothing no more .... (does anyone else see miles of duct tape on that)
some investor guy wrote:
Now there's a solution . . . and I like it. Hoopajoops for Private Attorney General.
Hmmm... breach in the space time continuum...world's past economic problems caused in the future by Hardon collider...sounds like a good reason as any for a jubilee...not like we're going to learn anything this time around anyway...
You still have available credit on those cards?
CR, with all the impressive charting work, do you happen to chart the visitor counts ? I would think the last few bear mkt weeks have the number spking again. I'm sure it's nothing like Fall '08 but still, an improvement.
Juvenal Delinquent wrote:
It often comes as a surprise that the city know for sprawl is in truth the densest urbanized area in the US. This explains in part why sprawl is perceived as a bad thing but the urbanist trends towards density don't yield the desired results.
Vonbek777 wrote:
ANNOUNCEMENT: THE JUBILEE WILL WRITE-DOWN ALL OF YOUR DEBTS. IT WILL ALSO BE FULL RECOURSE.
THAT IS ALL.
In case anyone's interested the Nikkei is keeping up with the Joneses in Davy Jones' Locker below 10k
The question is will a collapse or recovery make more money for
? That may determine the ultimate outcome.
~splat
gulfnews : Observation deck incident is minor case, says official
Here's a serious question for all you hard core economic types...what is the ratio of the world's debt to assets? How do we even possibly break even in the long run without some kind of reset...
homedad43 wrote:
If somebody goes - bring back some T-shirts - the kind with place & dates on the back - ok?
Another serious question, how many skittles does a Unicorn poop on an average day?
Why can no one give me an answer....
splat wrote:
The
is large enough for the right tentacle to not be aware of what the left tentacle is doing. I think it's completely plausible that the collapse will make the trading desks a fortune, whilst simultaneously decimating their OTC margins. It's even more plausible that those trading desks would spark a collapse in order to make a quick $100million, which the 
will then be forced to use to patch up the billions in contract losses they just caused themselves.
debt-to-asset are two sides of the same ledger. The greater issue is the ability of debtors to generate income to service the debt. Things have been worse than today. The 70s come to mind with the oil crisis.
Well it's like this...unicorns like their privacy...
Vonbek777 wrote:
Focus Fusion.
Vonbek777 wrote:
As do assets and their true valuations.
Have you checked out the CR VIX?
It's still updating
Ooops, that seems broken....
bingo. we have a winner.
Vonbek777 wrote:
Don't know the global number, but the US stats can be found in the Fed Flow of Funds report, available online. Since every debt is someone else's asset, it's not as bad as you think in the aggregate.
BTW - everyone here keeps mentioning 'Greek Austerity'... what exactly is that anyway? A two hour lunch instead of three? Taking only August off instead June July & August [summers are hot in Greece].
I know that is snark but I had a buddy who lived in Greece for a year and he had no idea what poeple did for a living but whatever it was it sure didn't look like 'work' to him.
CIA - The World Factbook -- World
World external debt dropped more than 6% from the previous year, as new international lending disappeared. The global recession was a result of widespread uncertainties in the financial markets, bank failures, tighter credit, falling home prices, collapsing asset prices, lowered consumer confidence, and the drop in trade. In response to these conditions, many, if not most, countries pursued expansionary monetary and fiscal policies, and attempted to avoid protectionist policies. By the second half of 2009, the global economy appeared to be making halting, but forward steps.
The world economy now faces a major new challenge, together with several long-standing ones. The fiscal stimulus packages put in place in 2009 required most countries to run budget deficits - government balances deteriorated for 14 out of every 15 countries. Treasuries issued new public debt - globally, worth about $4 trillion - to pay for the additional expenditures, and many central banks monetized that debt, injecting large sums of money into the economies. In early 2010, excess capacity existed in product markets, and inflation was not an immediate threat. However, when economic activity picks up, central banks will face the difficult task of containing inflation without raising interest rates so high they snuff out further growth.
dryfly wrote:
Borrow? It has worked well for lots of Americans too. It's good work if you can find it. Pays well. Just don't repay. That's for losers.
That doesn't shock me. The stereotype I've heard is for men to live at home into their 30s because there is no real work available.
badger wrote:
Available? There is ALWAYS work available - just not always attractive pay available. Meanwhile the beach isn't going anywhere. One could do worse than being unemployed in Greece.
Doc Holiday wrote:
That is amazing!
Capitalism failed and the model remains broken!
53.6% of GDP (2009 est.)
47.7% of GDP (2008 est.)
CIA says: much of the resilience of the world economy in 2009 resulted from government leaders around the world working in concert to stem the financial onslaught, knowing well the lessons of past economic failures.
exactly why I bought the tickets for U2 in Athens for this sept... and held off on everything else....
stay in a villa at paros for cheap...eat well, get tan and learn how to protest right...
noob goldberg wrote:
no, it won't
The all caps thing is reminiscent of KD of the muskrat rug.
I know you're being snarky, but it is something I hear too often. Too many folks in this country seem to have made indentured servitude a virtue. A job (or more appropriately a career) is something that you can support your family and raise assets with some measure of security. There ain't a lot of that anymore. And paper-overing that issue by claiming there is always some work that can be done doesn't address the real social issues.
broward wrote:
I'll repeat, they are over 60 years old, I doubt anyone on this board could do what they did last night....anyone....so many critics, few musicians....
Not true. Look at Dubai. They are still doing just fine!
Not so fast!
Doc Holiday wrote:
Nice find, Doc. Bernanke and the CBs are playing an ingenious but dangerous game. I've positioned some of my pieces, waiting for the outcome.
Yancey Ward wrote:
This is not nearly as crazy as you might think. If I was to do something like this, I would buy on the downgrade.
Doc Holiday wrote:
It looks like CIA has better economic models than the Federal Reserve.
badger wrote:
The other side is deciding to live on less - sometimes a lot less. Its hard to live well on less in much of America. In Greece [or Spain or Portugal] its easier to do [live well on less money]. In the old days the Greeks were good at that - if a job didn't pay well enough to make it worth their while to do it they didn't - and spent time in the town square or on the beach or at home with family.
That is decidedly NOT part of the Northern European 'protestant ethic' which has infected a lot of Merica [not just Germany]. Maybe we need to learn a little more from the Greeks.
Juvenal Delinquent wrote:
Actually, I think you'll see more of an effect in the US bond markets, rather than the US stock markets. European markets? Not so sure.
Doc Holiday wrote:
The failure was mostly political, in that government and regulators were neutralized.
creditcriminalslovetarp wrote:
There are plenty of pianists who could've done what they did (and it would have been classier). Church choirs have old people in 'em that could've done what The Who did with more taste. Besides as RD put it, what happened to the "die before I get old" line?
Doc,
Great; sounds like we're on a path to a novel economic failure mode. Awesome.
some investor guy wrote:
Because, after a little hand-wringing, and 'cliff-hanger' negotiations, the Greek debt will be rolled with a guarantee from Germany.
As much as I love the Who - Tommy rules - I can sing off-key as well as anybody else.
But I loved Roger's jacket.
We need running anecdotal reports from people living in various EU countries.
yagij wrote:
I own a couple of bonds whose yields were so high they could default after a couple of years, pay 40 cents on the dollar, and still be a good investment.
Recoveries on sovereign debt can be pretty good.
The failure was mostly political, in that government and regulators were neutralized.
Politics comes from culture, society.
Never waste a good crisis to blame your financial shortcomings on...
REBear wrote:
It's called The Spooks Model
YouTube - How Deep In The C.I.A. Does This Go? - Spooks Series 8 Episode 5 Preview - BBC One
Bailout money at work
--
Chrysler pledges $550M to build Fiat 500 in Mexico - Yahoo! News
new work at its Toluca plant will create 400 jobs...creating about 1,200 indirect jobs
dryfly wrote:
That is decidedly NOT part of the Northern European 'protestant ethic' which has infected a lot of Merica [not just Germany]. Maybe we need to learn a little more from the Greeks.
We will, like it or not. Our "out by 18" to four years of college and then buy a house in your early twenties lifestyle is going the way of the dodo and was never sustainable to begin with, and was a historical exception. I say good riddance too.
last one tonight. good thing you have me on ignore.
YouTube - Toad The Wet Sprocket - Walk on the Ocean Video
trust is a joke.
as we slowly grow older.
some investor guy wrote:
Again, see my other comment about how I don't see it being a big deal long-term. Rough year or two, but nothing scuttled for a lifetime
Doc Holiday wrote:
The CIA also has much cooler weapons and a license to kill.
ResistanceIsFeudal wrote:
I say as soon as the 18-26 yo lasses except that reality the sooner it will come. If they are still holding out for man material who don't fit into that new reality, then I'd say we have some time before true societal capitulation to this new reality.
.
As the comedian Earthquake put it, those young ladies got some unrealistic expectations!
The Sony 52 inch tv we just bought was made in Mexico.
It's awesome for showing slideshows of photos from the computer, ye gads.
Rough year or two, but nothing scuttled for a lifetime
I think global society is sleepwalking towards disaster, and not only a financial one.
How's that for doom?
creditcriminalslovetarp wrote:
You mean sell out? Heck, they may have performed for 'free' but you think the CBS broadcast of the event and their playing the theme songs of three hit CBS series was coincidence? They didn't need this and are the poorer as are we all for the performance.
have you ever been to a rock concert? Out of the 100's I've been to, somewhere between 15-20 could take the stage and produce a sound anywhere close to what you hear on the radio...
Stadium sound doesn't make it easy to smooth the edges....too many ways for things to go wrong. I noticed that Daltrey removed his earpiece immediately because of some issue...they put the stage up in 10 minutes....jeez
I fail to see how you compare a church choir singing amazing grace is even remotely close to what they did....
Juvenal Delinquent wrote:
I just ordered a 50 inch Samsung. Don't know where it was made because it won't arrive until next week. I figured I didn't really have an American TV unless it was at least 50 inches.
creditcriminalslovetarp wrote:
Yeah, see RD above.
.
There are 60 and 70 yo who deserve admiration for what they do, but The Who isn't that high on the list.
Mr Slippery wrote:
I think I saw an ad during the SuperBowl of an US made TV, called Vizio or something. Anybody know more?
SNAFU wrote:
I got one, but it was before they put web apps into the TV to allow you to do some basic content surfing from the TV (no media station, etc)
.
What about Vizio?
Muddy Waters was damn good in his 70's.
Daltry looked better than I would have guessed, but the dude can't sing any more.
SNAFU wrote:
I think Vizio HQ is Irvine, CA. A stone's throw from me.
edit: I meant to say an "American-sized TV"
yagij wrote:
I say as soon as the 18-26 yo lasses except that reality the sooner it will come. If they are still holding out for man material who don't fit into that new reality, then I'd say we have some time before true societal capitulation to this new reality.
I don't expect they'll wake up easily or quickly - they grew up through the boom years in a time of easy credit and had everything they could possibly want given to them, for the most part. Reality awaits with sharp pointy teeth unless they can make a high salary or hook a high-earner to sustain the illusion.
Isn't Vizio a Panasonic brand?
some investor guy, please explain your earlier comment. Is your belief that Greek bonds fall and this affects US government securites? If so, how and over what term. I can see a lot of scenarios, but I am wondering what your particular thoughts on the matter are. Also, are you assuming default, withdrawal from EU or depression in Greece?
ResistanceIsFeudal wrote:
Expectations are sticky?
Our 10 year old 36 inch tv weighed 3 times as much, in comparison.
Sell out, just played halftime at the super bowl, I didn't see a tostitos emblem on any jackets....
RD your reaching....Cbs picked their songs for the shows, they made money off it....Sting makes $2400 a day from every breath you take...maybe he will give it to charity....right
I didn't say they were great but for 2 guys older than you, they tried to put on a show..
So happy it wasn't Jay Z, Rihanna, Kanye or the rest of the talentless music of today....
The middle class Total Fertility Rate (TFR) is something like 1.8. That is your vote of confidence for the future. The age of first marriage is also increasing, another vote of confidence.
Mr Slippery wrote:
Assembled in Mexico - guts were made in Asia - they all are
yagij wrote:
Expectations are sticky?
Someday my Prince will come...
yagij wrote:
Was'nt sure about the name. Thanks. Are they truly US made AND competitive?
ResistanceIsFeudal wrote:
] enter Greece
It is pitch black. You are likely to be eaten by a grue.
] what is a grue?
The grue is a sinister, lurking presence in the dark places of the earth. Its favorite diet is adventurers, but its insatiable appetite is tempered by its fear of light. No grue has ever been seen by the light of day, and few have survived its fearsome jaws to tell the tale.
Deadly dangers are a feature not bug of uncharted territory.
The Who are about 65 and Stones about 66, McCartney @ 67 and Bobby D at 68!
YouTube - Bob Dylan - I'll Keep it with Mine
dr munch wrote:
But when he played 'stadiums' [with the Stones] it sucked too - some of it is venue.
I saw John Lee Hooker play and he was in his 70s or 80s - something old - but it was in a bar with maybe 500 people. Very different experience.
Electronics made in America? 98% chance the answer is no.
yagij wrote:
As a roving IT guy for an oil co, I visited East Venezuela once, for about a week. On nightly trips 'into town', it was extremely noticeable that everyone was paired up, or in a family unit.
It was weird not seeing loners running around. It was an extremely monetarily poor area, which I assumed had a lot to do with it.
I liked it. There was a good vibe, despite the poverty.
ResistanceIsFeudal wrote:
I've written about it in regards to our clients at work, but rest assured that what I have seen among the minority women has not played out among their Caucasian sisters yet.
I have discussed this with a few people in real life; my intuition tells me that austerity programs will fail in any country with a reasonable education level and internet access.
It's just way too easy to find out what happened to the Argentine middle class. Nobody is going to let their politicians do that to them.
This is why the Greeks are striking and will continue to strike. They know that this is literally a matter of life and death for thousands of them, and they aren't willing to die to protect the bankers.
Jonathan wrote:
Social norms and monetary reasons I imagine. I remember watching a documentary about the prevalence of "donkey lovers" in one of those SA countries because of the expectations to marry off virgin daughters. They also couldn't easily afford human pros so the human sex drive was satisfied by the local jackasses.
Doc Holiday wrote:
Saw one of the guys with a girl on tmz, she could not have been more than 19! Do we need an icon for Viagra?!
Juvenal Delinquent wrote:
I thought you lived in SoCal. There are still plenty of places left to build in and near LA. What you don't have are massive areas where you can do large scale development without horrible permits or having to tear something down.
Porter Ranch was built after 2000. There are a number of abandoned places throughout the city where you could build if permits weren't such a hassle and the areas were better.
yagij wrote:
They also couldn't easily afford human pros so the human sex drive was satisfied by the local jackasses.
Creative adaptation.
Rob Dawg wrote:
Have you been reading Urban Development, Smart Growth & New Urbanism: Urbanization & Density ?
Theme media?
YouTube - Blow-up - Antonioni (Yardbirds Scene)
Chicago Dude wrote:
So they will pay more in taxes and receive less in bennies to balance the budget? I don't see that happening. The entire world has gotten use to the Free Lunch (tm) ala debt, and it is going to be a b^tch of a withdrawal when it ultimately happens. No real way around it.
Rob Dawg wrote:
Conjure is a grue?
yagij wrote:
That was completely offensive. And I am still laughing.
SNAFU wrote:
Charlie Watts? Rumor was he liked them young - dangerously young.
JP wrote:
(Sorry, I should've marked it NSFW, but it was Earthquake so it is usually always NSFW)
LOL
Grandmother of Rolling Stone girlfriend vows to 'get even' - Telegraph
Youth is wasted on the young.
That Ronnie - what a nightmare!," said Mrs Ivanova, who is closer in age to the Rolling Stone than her granddaughter. She threatened to "get even" with him if he hurt her granddaughter. "She is climbing her way to hell," she added.
** Was this off-topic? Actually, that's really foul! Ronnie needs to be in the slammer!
actually TVs are "assembled in mexico" they are not made there, they are made in china or japan usually.
the idiocy of our tariffs and nafta is why.
If you ship a TV with atsc digital tuner into america there is a 5% tariff. if you ship a monitor, which does not have a tuner there is no tariff. thus by doing final assembly in mexico (adding the tuner) you dont pay a tarriff.
the big tv companies all do this. NAFTA i'm sure has been the greatest thing on earth for canada / mexico.
noob goldberg wrote:
His dad was charybdis and his mom a harpie. The only reason he has hair is to cover "the mark of the beast." Conjure's ability to tell the future means he is never in the dark liable to be eaten by a grue.
The outskirts still had some room to grow in LA, but within the confines of the city, not so much.
Hackman wrote:
Well, once investors are scared due to a particular default, or serious threat of default, you find out how stupid a number of lemmings managing money are. You don't need it to be most investors, just a decent chunk. Many programmed trading strategies are in fact robotic lemmings. In some cases, they are blind lemmings, doing whatever they are programmed to, without much reference to why things are occurring. They are particularly bad when unusual things occur. So they tell you to do things like dump foreign debt, or government debt, or any debt which has been downgraded.
The human lemmings can suddenly start worrying about debt they didn't worry about before. This runs up the borrowing costs for others, particularly people with lots of short term debt and barely investment grade ratings. That means a lot of BBB municipalities and corporates.
The response recently has been when people are worried they run to US treasuries. This will probably happen again in the short run.
A bigger problem happens in the medium term, when people worry about tons of countries with escalating debt. The US has an unusual risk due the the huge amount of Fannie and Freddie debt being guaranteed. If the US has a unique problem with its debt, the two likely sources are big budget deficits and massive deterioration of the Fannie/Freddie portfolios.
SNAFU wrote:
vizio is an american branded company. the guy who started it my father actually was acoworker off in the 80s....
that said their TVs are built mostly in china as are most tvs, by companies that build things for OEMs. the design etc is all done in america though.
The founder / ceo of vizio was the same guy who founded "mag innovision" for monitors back in the 90s. Vizio sort of came because of the remnants of the gateway TV brand being cancled (gateway , as in the computer company) and having had all the infrastructure already in place for it. worked out well it looks like.
Rob Dawg wrote:
Great. So by following Conjure we're all grue bait. Like the lone fat asthmatic on a guy's weekend in bear country.
"NAFTA i'm sure has been the greatest thing on earth for canada / mexico. "
The US got way more out of NAFTA than Canada did. Nafta was about cheap resources from Canada and cheap labor from Mexico.
some investor guy wrote:
There may still have been some development going on then (I don't know), but development of housing at Porter Ranch started in the 1960s.
yagij wrote:
I've written about it in regards to our clients at work, but rest assured that what I have seen among the minority women has not played out among their Caucasian sisters yet.
The Cinderellas will be selling themselves to the highest bidder soon enough, and will get more desperate the nearer midnight approaches.
Vizio is made in China/Taiwan.
Back on track?
What Do Rising Sovereign Credit Default Swaps Mean? | zero hedge
I need to do some work ..see yah!
poic wrote:
US supplied the cheap money - everyone doing their part.
Full HD 120 Hz Vizio 32" is < $400.
That was the price point that persuaded me to dump our WalMart-special Philips 30" 120 pound monster POS.
120 pounds, that's a coffin, not a TV!
Is that the one off Kenndy? What's your take on Seb now? Inventory way down, but prices?
ResistanceIsFeudal wrote:
That is usually the social topic of discussion at work. Men like marrying attractive women, and women like marrying a man with resources (Stereotype granted). How will it all play out when you are looking at mooching off of your parents/family waiting for the right one vs. having a roof and food? My grandmother's expectations were basically a man who was good with his money and who didn't hit women (GD child). Oh how far we have come!
.
Here is the documentary (It was Colombia): Asses of the Caribbean - The Vice Guide to Sex | VBS.TV (NSFW)
sportsfan wrote:
We looked a new homes there in 2006. So close you could refill your neighbor's wine glass without either of you leaving your living room.
Still building and selling now. Saw the ads last weekend as we drove by.
some investor guy wrote:
That doesn't really surprise me, but it used to be more of an open ranch style. I drove Devonshire in 1970 and would some times take one of the roads up to see what was happening. Then again the area is absolutely huge.
Bill Wyman, ex of the Stones, married a very young girl. To creep things out more, Wyman's son married the girls mother.
yagij wrote:
My grandmother's expectations were basically a man who was good with his money and who didn't hit women (GD child). Oh how far we have come!
Have we really, or was much of this just another side effect of faux wealth? We've had the luxury of easy money. Time will tell, as it always does.
Doc Holiday wrote:
This has always been the fear. I had assumed we had at least another year, and possibly quite a few years, before the debt-spiral really began to cause problems. Perhaps we still do; extend and pretend works as long as people think it will.
But if one single sovereign went bankrupt, the speed of the contagion spread would make the investment bank meltdown look like a romantic comedy. This will look like a terrifying horror film.
Ewwww, this is one scary-ass documentary.
ResistanceIsFeudal wrote:
Try dating some 22 year old hottie with the line "I have money and I don't beat up girls." You'll need more of a feature set to offer her before she'll commit. I started explaining to people to look at her father and home life to give you a good idea of how far you will need to go. If he was God on Earth, then Princess will be a hard sell. If Dad is disabled and drinking his life away, then the sell is easier, but oh the baggage...
Jonathan wrote:
You can only divert the male sex drive. It will not be denied!
.
You obviously didn't look at the other offerings:
Interesting that this conversation is going on here tonight. I just read the Salon article where they interviewed the woman who wrote "Marry Him: The Case for Settling for Mr. Good Enough" about women with unrealistic expectations who end up alone. Heh.
noob goldberg wrote:
Didn't Iceland already go there? How is Greece worse than Iceland?
Greece can't devalue?
There's some AIG lawsuit going on; apparently there was a hearing on whether they can depose Geithner scheduled for today.
Still wondering when we are going to get the Bloomberg NYFED FOIA opinion...
So only about $2 trillion in sovereign debt restructuring in Europe...wonder how the central bankers' meeting went?
"Didn't Iceland already go there? How is Greece worse than Iceland? "
Wouldn't this precipitate round 2 of the credit crisis that is supposedly "contained"? It might be harder to stop the second round then the first.
Oxtail wrote:
Since I enjoy the world of Family Law (tm), it comes up periodically.
It's not just Greece...but Italy, Spain, Portugal, and Irelend apparently...that need debt restructuring...
Iceland was able to get the IMF to come in with a bailout. Having the IMF bail out a member of the Euro club would be a huge blow to the currency. Germany has to bail out the PIIGS to keep the integrity of the Euro intact. That's gotta be a hard sell in Berlin.
dryfly wrote:
Actually I think that was Bill Wyman, the bassist.
Bill Wyman - Wikipedia, the free encyclopedia
Kind of an interesting fellow nonetheless.
dryfly wrote:
True, but I always just thought of Iceland as an investment bank with a Prime Minister at its head, instead of a CEO. But fair enough, I suppose if Iceland didn't trigger a sovereign run, perhaps Greece won't.
However, the circumstances are somewhat different now. Countries are much more in debt with weaker revenue streams. Maybe that'll be enough to begin the process, and maybe this current round of fear-mongering will subside and it'll take a few more years. But I do think that this contagion, when triggered, will be much more economically destabilizing than sub-prime simply due to the volatility that would be introduced into Forex markets, and therefore the international flow of goods.
yagij wrote:
Since I enjoy the world of Family Law (tm), it comes up periodically.
And I suppose via your perspective, the looting financiers are second-raters compared to the oldest scam in history
REBear wrote:
w00t ! the Fiat 500 will save Chrysler !! I expect that idea will hold up as well as a Fiat 500 being hit by an F150 crew cab.
~splat
Oxtail wrote:
Tru dat - but the effect is the same - banks don't get paid what they were owed [which is what happened w/ Iceland too - they owed money in OTHER currencies not their own so devaluing resulted in a default].
ResistanceIsFeudal wrote:
After dealing with divorces like I have, I've decided I'm for:
* Contractual marriages (with options to renew every 5-7 years);
* Legalized prostitution;
* All forms of reproductive rights.
It would probably put my kind out of business, but this game of betting that you will somehow be the 49% that make it 'til Death is just a bad way to bet.
Oxtail wrote:
But they then reneged on the terms - yes/no? Isn't there a referendum on that coming up that has about as good a chance of passing as say Iceland growing palm trees?
Oxtail wrote:
No one could answer that yesterday. How does it work? What if you are Greek and have a bank account in Euros? Contracts? Why not ignore everything in national currency and transact in euros.
My first car was a well-used 1971 Fiat 124 Sport coupe. Being young and careless I drove it broadside into a then-new 1978) Cadillac. I had to take a crow bar to pry the double-skinned wheelarch out of the way of the front wheel but then I could drive home. The Cadillac was totalled, with buckling up into the roof.
Does the IMF really cut countries off who reneg on their bailout plan? I'm not sure how to look that information up. Seems to me they would just work with the government to come up with a modified plan instead of ending loans the country needs to function.
Is not the euro the Greek national currency?
yagij wrote:
From what I've heard, there will always be modifications of support orders to keep you busy.
Personally, I'm pleased never to have used anyone in your line of work.
Rob Dawg wrote:
Greece can no more devalue than can California.
Rob Dawg wrote:
The perception depends upon when an area was settled. For example Pasadena west is far more dense than Pasadena east, the west was settled before the auto, east after the auto and Arcadia after WWII. Sprawl in LA is seen in the Post WWII areas such as the Parts of the San Fernando Valley and the San Gabriel valley as well as the recent sprawl in the San Bernadino/Riverside area Also because a lot of housing stock in the Metro is so old is it fairly small in square feet as well.
Lobbyist Ben Dover wrote:
The question is assembly versus say chip fab. Still a lot of chip fab because that is low labor input, but assembly is high labor input so it moved offshore.