Daily Digest

Daily Digest 10/17 - "Fiat" Paper Diplomas, Europe's Last Stand Needs Firepower, NZ Oil Spill Worst In Decades

Monday, October 17, 2011, 10:35 AM
  • The Terrible State Of Our Economy – And A Partial Reason Why
  • Jim Rogers: Bernanke Is Lying to Us
  • Europeans Struggle Toward Debt Solution
  • China Growth May Top 9% as Global Slump Poses ‘Biggest Risk'
  • Europe's Last Stand Needs Firepower
  • Kinder Morgan to Buy El Paso for $21.1 Billion
  • Oil Spill Disaster on New Zealand Shoreline
  • New Farmers Face Old Woes

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Economy

The terrible state of our economy – and a partial reason why (Len C.)

A friend of mine posted a part-time data entry job paying $10 per hour on Craigslist. Within 45 minutes he received 40 resumes from Ivy League graduates and PhD's. What was more amazing, though, was that 38 out of 40 people failed the simple skill test that he included in the job posting. We are loading up people with six-figure debt and they can't do real-world work. Maybe we should add worthless "fiat" paper diplomas to the problem of worthless, fiat paper currency.

Jim Rogers: Bernanke Is Lying to Us (Vedha)

Prepare yourself for climbing prices like you have never seen before, to differing degrees both Rogers and Kudlow know what is coming.

Europeans Struggle Toward Debt Solution (jdargis)

The United States Treasury secretary, Timothy F. Geithner, who along with President Obama has urged the Europeans to move more forcefully to keep the crisis from infecting the global economy, said he was “encouraged by the direction and speed” at which the Europeans were moving, and by French and German pledges to find a solution.

China Growth May Top 9% as Global Slump Poses ‘Biggest Risk’ (jdargis)

Weaker gains in exports and lending in September suggest that Premier Wen Jiabao may need to weigh more measures to support growth after the State Council this month announced aid for small businesses. In Paris, attending a Group of 20 finance ministers’ meeting, Brazil’s Finance Minister Guido Mantega said Oct. 15 that signs of a “slight” slowdown in China, the world’s biggest consumer of commodities, will become a concern if the trend continues.

Europe's Last Stand Needs Firepower (jdargis)

Anything short of a full and honest reckoning will only make the situation worse. Repeated efforts to avoid a Greek default have added to the country’s debt burden, deepened its economic pain and allowed the malaise to spread to otherwise solvent countries such as Spain, Italy and France. Uncertainty about the health of the banking system is beginning to paralyze the entire euro-area economy, to the extent that some economists believe it’s already entering a new recession.

Energy

Kinder Morgan to Buy El Paso for $21.1 Billion (jdargis)

“If you believe in the future of natural gas, you believe in putting together the biggest possible network,” Richard D. Kinder, Kinder Morgan’s chief executive, said in an interview. He added that the deal was “a once-in-a-lifetime opportunity.”

Environment

Oil Spill Disaster on New Zealand Shoreline (jdargis)

Nine days ago, a Liberian-flagged container ship called the Rena ran aground on Astrolabe Reef, 14 miles offshore from Tauranga Harbor on New Zealand's North Island. In addition to the 2,100 containers aboard, the Rena was carrying 1,700 tons of fuel oil and another 200 tons of diesel fuel. A cracked hull and rough seas have dislodged more than 80 containers and spilled some 300 tons of oil already, fouling Tauranga beaches and reportedly killing some 1,000 birds so far. Salvage teams are racing to offload as much remaining oil as possible while cleanup crews are hard at work, coping with New Zealand's worst environmental disaster in decades.

New Farmers Face Old Woes (jdargis)

When Sarah Rocker and other small farmers west of Olympia saw the need for a farmers' market near them, they started one. But it's "frustrating," she said. Local residents talk about their desire for fresh, local food, yet grocery parking lots are packed while farmers' markets aren't.

"People need to put their dollars where their mouths are," she said. Some customers express "sticker shock" when they buy a cucumber, not understanding that farmers deserve to be paid for their work.

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1 Comment

rjs's picture
rjs
Status: Gold Member (Offline)
Joined: Aug 8 2009
Posts: 445
ohio class action vs MERS

i was quite surprised last thursday to see the ohio county i live in, Geauga, enter into a class action against MERS (Mortgage Electronic Registration System), MERSCORP, & its member banks, on behalf of all counties in ohio…you'll recall that the banks formed MERS in the 90s to get around the requirements (& fees) of state laws that required every mortgage (deed of trust) and note (obligation to pay the debt) to be recorded manually at the county courthouse where the real estate transaction took place...since it's inception, most every mortgage transferred has gone through this MERS system, and MERS has claimed to now hold title to roughly half of the home mortgages in the nation — something between 60 & 65 million loans...you probably already know about challenges in several states as to whether MERS had legal status to foreclose, and the fabrication of documents used in that process, but the geauga lawsuit goes to a deeper problem...the complication that arose during the securitization process (wherein banks packaged the loans into MBS, then sliced & diced them into CDOs of multiple tranches) was that the electronic record keeping of the multiple rapid security transfers broke down, & no reliable paper trail was maintained...so the geauga county lawsuit addresses this problem, & charges that the "defendants systematically broke chains of title throughout Ohio counties' public land records by creating "gaps" due to missing mortgage assignments they failed to record, or by recording patently false and/or misleading mortgage assignments. Defendants' purposeful failure to record has eviscerated the accuracy of Ohio counties' public land records, rendering them unreliable and unverifiable -- damage to public land records that may never be entirely remedied" ...

what we see here is that because of the banks slipshod record keeping, even those people who have been paying faithfully on their mortgages may not have clear title to their homes even when their mortgage is paid off, possibly making it difficult for subsequent owners to get title insurance...it goes without saying that this is national problem; there is no way of telling from this lawsuit how many home titles may be clouded, but i know that this county & its politicians are very conservative, low-key & laissez-faire, so they wouldnt have acted if it werent a serious problem & they didnt have MERS dead to rights...

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