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Bill Black on Financial Fraud Investigations (Jaime)
The leaks about the proposed deal occurred in conjunction with President Obama’s State of the Union Address and a series of press releases and conferences by Attorney General Holder about a newly created “working group.” That working group is intended to investigate secondary market fraud. There is no comprehensive investigation of the over $1 trillion in mortgage origination fraud. There are no prosecutions of any of the elite bank officers who led, and became wealthy from, the epidemic of mortgage origination fraud. The State AGs do not have the resources to investigate even two of the largest fraudulent lenders.
Rick Santelli on Visualizing U.S. Debt; How Many Milky Way Galaxies Do We Owe? (adam)
Or, in terms of the amount of money the U.S. owes in future unpaid commitments, referred to as "unfunded liabilities", here's a whopper using the previous World Trade towers as a comparison. The Statue of Liberty is that really small thing toward the bottom right...you may need to squint.
Federal Reserve: Ten Things That Every American Should Know About The Fed (David B.)
The Federal Reserve openly admits that it is privately owned. When it was defending itself against a Bloomberg request for information under the Freedom of Information Act, the Federal Reserve stated unequivocally in court that it was “not an agency” of the federal government and therefore not subject to the Freedom of Information Act.
MF Global: Trail Growing Cold - 'No One to Blame' (June C.)
The money? Oh no, that's just vaporized. Just a freak accident, practically an act of God. Very mysterious, but could not happen again. Protection? Sorry don't know anything about that.
No one knows anything. Except that the financial system can't be trusted, and that nothing in it is safe. But they are afraid to admit it.
Postal Service loses $3.3 billion in first quarter (June C.)
The rising cost of gasoline also affected revenues and forced USPS to spend 6.3 percent more on transportation expenses in its first quarter. In order to reduce overall costs, the Postal Service cut 8 million work hours, helping cut pay and benefits expenses by $180 million, or 1.4 percent.
Joe Corbett, the USPS chief financial officer, warned again that the Postal Service will likely default on retirement and health benefits payments later this year, unless Congress changes the current pay formulas.
Why Is Gasoline Consumption Tanking? (June C.)
There are all kinds of other things that influence the number of miles driven, but there is little evidence that any one factor can account for a 47% drop in retail gasoline deliveries. For example, it is well-known that the U.S. economy has shifted to a digital, service economy in the past 30 years, and since more people can "consume" (via shopping at amazon.com, etc.) and "produce" (work from home) without driving, then it makes sense that people are driving less.
The Important Roles of Risk and Stealth in the Eagle Ford Shale Discovery (James S.)
It all started when Floyd C. Wilson, former CEO of Petrohawk, asked Dick Stoneburner, then chief operating officer, to find more sites for shale production following their success with another site in Haynesville. Stoneburner went to his friend Gregg Robertson who was a geologist with good knowledge of shale in the area. Robertson worked with a select group from Petrohawk’s top echelons, and eventually came up with a proposal which Wilson took just one look at and accepted.
“We decided in 15 minutes to be heads-up partners and start leasing. We did it on a handshake,” he said. “Gregg had done great work.”
Texas Water District Acts to Slow Depletion of the Ogallala Aquifer (Jeff B.)
The Ogallala is one of the nation’s largest and most productive underground water sources. It makes up more than three-quarters of the High Plains aquifer, which spans 175,000 square miles and underlies parts of eight U.S. states — Colorado, Kansas, Nebraska, New Mexico, Oklahoma, South Dakota, Texas, and Wyoming. Water drawn from it irrigates 15.4 million acres of cropland, 27 percent of the nation’s total irrigated area.
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The Baltic Dry is tanking to astonishingly low levels. Since this is a fiigure that cannot be manipulated it is a good indicator. "Stuff" simply is not shipping. Shipping firms are discussing mothballing parts of their fleets as there is now "excess capacity" Why would there be excess capacity suddenly unless the quantity shipping has dropped dramatically?
Besides, just on principle, when the stock market starts getting all frothy I start getting nervous.
Question: I am being told that the reason the gas deliveries FROM REFINERIES is tanking is purely because refined product is coming directly to the ports and being delivered straight from the ports to retails outlets.
Does anyone have the numbers on retail sales? As opposed to "deliveries from refineries?" If that number has not changed then you are looking at a different picture than the above article relates.
The supply of cargo ships is generally both tight and inelastic—it takes two years to build a new ship, and ships are too expensive to take out of circulation the way airlines park unneeded jets in deserts. So, marginal increases in demand can push the index higher quickly, and marginal demand decreases can cause the index to fall rapidly. e.g. "if you have 100 ships competing for 99 cargoes, rates go down, whereas if you've 99 ships competing for 100 cargoes, rates go up. In other words, small fleet changes and logistical matters can crash rates..."
From Wiki.
Ships can be moored up. If the supply of ships decreases because the de-commisioning rate exceeds the construction rate then this would explain the recent upturn in the BDI.
How can I test this idea?
Interesting food for the right brain in Jessies Cafe. Macky Messer, (Or Mac the Knife to the English.)
I wonder if anyone gets it?
no one mentions hoarding
or the us military taking a break in it's warmongering
as the cause of drop of oil use
Oh, the shark, babe, has such teeth, dear
And it shows them pearly white
Just a jackknife has old MacHeath, babe
And he keeps it … ah … out of sight.
Ya know when that shark bites, with his teeth, babe
Scarlet billows start to spread
Fancy gloves, though, wears old MacHeath, babe
So there’s nevah, nevah a trace of red.
Now on the sidewalk … uuh, huh … whoo … sunny mornin’ … uuh, huh
Lies a body just oozin' life … eeek!
And someone’s sneakin' ‘round the corner
Could that someone be Mack the Knife?
A-there's a tugboat … huh, huh, huh … down by the river don’tcha know
Where a cement bag’s just a'droopin' on down
Oh, that cement is just, it's there for the weight, dear
Five'll get ya ten old Macky’s back in town.
Now, d'ja hear ‘bout Louie Miller? He disappeared, babe
After drawin' out all his hard-earned cash
And now MacHeath spends just like a sailor
Could it be our boy's done somethin' rash?
 |
Now … Jenny Diver … ho, ho … yeah … Sukey Tawdry
Ooh … Miss Lotte Lenya and old Lucy Brown
Oh, the line forms on the right, babe
Now that Macky’s back in town.
Aah … I said Jenny Diver … whoa … Sukey Tawdry
Look out to Miss Lotte Lenya and old Lucy Brown
Yes, that line forms on the right, babe
Now that Macky’s back in town …
Look out … old Macky is back!!
If total vehicle miles traveled has not dropped by ~40% (and it has not) then the only explanation is that efficiency is greater than estimated. I wonder how much gas usage goes towards OHV's, boats, etc. that might not be captured by vehicle-miles-traveled data? Something doesn't seem right...
I am sure the information is out there, but the question is how hard is it to find. How many ships are currrently moving cargo is a BDI figure as well as rates. Firms are decommissioning ships, but none are willing to drop their own capacity so that others may profit so it looks like a stalemate. I wonder what impact all of the various unrest in countries is on shipping......
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