Daily Digest

Daily Digest 11/18 - Debt Crisis Live, John Corzine and MF Global, What Penn State And OWS Have In Common

Friday, November 18, 2011, 11:47 AM
  • First Felony Charges Brought Against Robosigners
  • Kyle Bass Un-Edited: "Buying Gold Is Just Buying A Put Against The Idiocy Of The Political Cycle. It's That Simple!"
  • Debt Crisis: Live
  • How Household Debt Contributes to Unemployment: Mian and Sufi
  • Rising Chinese Redback Could Overtake Debased Greenback
  • "The Entire System Has Been Utterly Destroyed By The MF Global Collapse" - Presenting The First MF Global Casualty
  • Jon Stewart Makes Mincemeat Out of Jon Corzine
  • Currency Wars: Jim Rickards on the Four Horsemen of the Dollar Apocalypse
  • Welcome To Happy Valley: Occupy Penn State
  • The Brutal Truth About Penn State
  • Solving The Energy Storage Problem
  • Your grocery bill is getting higher, and higher
  • The Coming Decentralization of Food Production

Get started building resilience into your life with our 'What Should I Do?' guide

Economy

First Felony Charges Brought Against Robosigners (June C.)

The full indictment is below. Needless to say every single Bank of America in-house counsel is feverishly reading this right now, as the feces just got real for both Brian Moynihan and Ken Lewis.

Kyle Bass Un-Edited: "Buying Gold Is Just Buying A Put Against The Idiocy Of The Political Cycle. It's That Simple!" (pinecarr)

If the abridged summary from BBC's Hardtalk interview with Kyle Bass that we published yesterday was not enough for those seeking sense, truth, and direction, then (as promised) the full 24'30" interview will quench that desire. Reflecting on the similarities of his subprime perspective, he provides a crucial context for the debt-laden world of sovereign debt that he is now hedging.

Debt Crisis: Live (pinecarr)

Spain pays highest price for 14 years to sell government debt and spreads against German bonds widen to a fresh record, as contagion fears spread to France and new Italian PM prepares to sets out his austerity plan.

How Household Debt Contributes to Unemployment: Mian and Sufi (JLA)

By examining the differences in household balance sheets as of 2006, we were able to tease out how the weak ones are affecting the economy. In a study with Kamalesh Rao of MasterCard Advisors, we showed that areas of high debt experienced a severe shock to house prices and spending from 2007 to 2010.

Rising Chinese Redback Could Overtake Debased Greenback (adam)

Since Part 1, there have been several major new developments. Nigeria announced they are moving 10% of their currency reserves into RMB and suggested they might move oil sales to China into RMB. Philippine Finance Secretary Cesar Purisima said in an interview on Sept. 3 that buying the yuan may be “prudent.” The Chinese government also announced London as an official offshore center in which to internationalize the RMB.

"The Entire System Has Been Utterly Destroyed By The MF Global Collapse" - Presenting The First MF Global Casualty (David R.)

The reason for my decision to pull the plug was excruciatingly simple: I could no longer tell my clients that their monies and positions were safe in the futures and options markets – because they are not. And this goes not just for my clients, but for every futures and options account in the United States. The entire system has been utterly destroyed by the MF Global collapse. Given this sad reality, I could not in good conscience take one more step as a commodity broker, soliciting trades that I knew were unsafe or holding funds that I knew to be in jeopardy.

Jon Stewart Makes Mincemeat Out of Jon Corzine (June C.)

“Wall Street executives become government officials tasked with regulating Wall Street companies that they will soon be hired to lobby for,” Stewart said. “It’s confusing. If only one man could embody the corporate-industrial-government complex in all its cluster f----tude.”

That man is former Goldman-Sachs-CEO-turned-New-Jersey-governer-turned-MF-Global-CEO Jon Corzine.

Currency Wars: Jim Rickards on the Four Horsemen of the Dollar Apocalypse (adam)

I began to see that for all our financial problems, the US is a gold superpower: the US has the largest reserves of any single nation, we are one of the ten largest producers in the world, and we also have the largest custody of other nations' gold. Combining the gold we have, the gold we have custody of, and the gold we produce, the US was in a very strong position in gold space. The other gold superpower is the Euro system.

Welcome To Happy Valley: Occupy Penn State (adam)

I do not anticipate that colleges and universities as we know them today will exist in ten years. With millions of college graduates drowning in student loan debt and unable to find employment, we are likely to see young people drastically distancing themselves from colleges and universities in the coming years. They may enroll in community colleges or vocational training but will be less likely to invest in a four-year degree. All levels of public education in the United States are collapsing with increasing velocity. The Occupy Movement will not and cannot prevent that collapse, but it can put new structures of education in place which can be implemented when it becomes indisputable that the educational system is incapable of functioning.

The Brutal Truth About Penn State (jdargis)

By an order of magnitude, the Penn State scandal is miles beyond anything that ever happened with the Ohio State football team over the past five years, miles beyond anything that happened with the SMU football team in the 1980s, and miles beyond anything that happened with the point-shaving scandals in college basketball. It is not a failure of our institutions so much as it is a window into what they have become — soulless, profit-driven monsters, Darwinian predators with precious little humanity left in them. Penn State is only the most recent example. Too much of this country is too big to fail.

Energy

Solving The Energy Storage Problem (James S.)

The U.S. has a power diet of about 3×1012 W, or 3 TW. Two-thirds of this feeds heat engines (power plants, cars, etc.), at an average efficiency of 30%, delivering 0.6 TW of useful work in the bargain. The other 1 TW is direct heat (lots of this in industrial process heat), and electricity from nuclear and hydro sources. Imagining that we replace our heat engines with direct electricity and electrified transport, we need something like 2 TW of total power, accounting for some inefficiency. If you’re happier with half this, fine—a factor of two will not qualitatively change the giant scale of the problem.

Environment

The Coming Decentralization of Food Production (Coley H.)

If you want to see the violent death throes of centralization and control in action, look no further than our food production and distribution systems. Mac Slavo shared an outrageous story yesterday that will make your blood boil. It was about a group of private Nevada citizens who gathered together recently at Quail Hollow Farm for a Farm-to-Fork dinner consisting of organic food prepared by a popular chef.

The Nevada Health Department got wind of the dinner and dispatched a food inspector who barged onto the property to prevent anyone from eating the prepared food. In fact, after consulting with her unseen superiors back at H.Q., the inspector forced the gathering to destroy all of the food — literally hundreds of pounds of it — by pouring bleach over the top of it.

Your grocery bill is getting higher, and higher (June C.)

Some foods, including beef, are in shorter supply because ranchers cut back on how much they were producing when the economy weakened and now must play catch-up. The price of beef was 10 percent higher this September than it was a year ago, according to government data.

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

26 Comments

saxplayer00o1's picture
saxplayer00o1
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plato1965's picture
plato1965
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Gold backed bonds..

 

 

Could gold-backed bonds be the answer to the eurozone crisis?

The security of gold would allow Greece, Portugal, Spain and Ireland to leave the eurozone, devalue and start growing again

 

 http://www.guardian.co.uk/business/blog/2011/nov/18/gold-backed-bonds-solve-eurozone-crisis

 

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DurangoKid
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Marxist Obama???????

MF Global collapses because Obama is a Marxist?  How does this crap make to ink?

heffe's picture
heffe
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For the Doom & Gloomers

Just thought I'd stop in, say hello to all ya doomers anxiously awaiting the end-times whilst hunkering in your homes.

Here's the most inspirational video I've seen in a while, truly amazing what human compassion and the scientific method can accomplish.

There is no shortage of energy, only a shortage of critical thinking and a willingness to step up, admit our faults, and seek true prosperity.

Just watch this ten minute video on how free, abundant energy is within our reach. This guy isn't advocating the RBE model, but in essence, his goal is the same. Clean, abundant energy, and the choice to do better with ourselves and remove the BS problems plaguing our world.

Enjoy!

http://www.youtube.com/watch?feature=player_embedded&v=ghhgUmGBjX8

 

 

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saxplayer00o1
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Postal Service looks to cut 20% of workforce

 

"The Postal Service is looking to cut 20 percent of its workforce. That means 120,000 jobs nationwide are on the line."

 

Doug's picture
Doug
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DurangoKid wrote: MF Global
DurangoKid wrote:

MF Global collapses because Obama is a Marxist?  How does this crap make to ink?

Thanks, I made the same point a little less starkly over on the paid side.  I don't know who she is or how well her business has done, but based on this article alone I would not invest with her.  She sounds like a bomb thrower from the far right.

Doug

 

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Poet
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Paramilitary Policing of Occupy Wall Street

Something stinks in New York...

Paramilitary Policing of Occupy Wall Street: Excessive Use of Force Amidst The New Military Urbanism (November 17, 2011)
I was there to take down the names of people who were arrested… As I’m standing there, some African-American woman goes up to a police officer and says, ‘I need to get in. My daughter’s there. I want to know if she’s OK.’ And he said, ‘Move on, lady.’ And they kept pushing with their sticks, pushing back. And she was crying. And all of a sudden, out of nowhere, he throws her to the ground and starts hitting her in the head,” says Smith. “I walk over, and I say, ‘Look, cuff her if she’s done something, but you don’t need to do that.’ And he said, ‘Lady, do you want to get arrested?’ And I said, ‘Do you see my hat? I’m here as a legal observer.’ He said, ‘You want to get arrested?’ And he pushed me up against the wall.
- Karen Smith, Retired New York Supreme Court Judge, working as a legal observer after the raids on Zucotti Park this Tuesday
http://www.democracynow.org/2011/11/17/paramilitary_policing_of_occupy_w...

Poet

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Solving The Energy Storage Problem

re: in Solving The Energy Storage Problem in the daily digest; he mentions the elevation differential between lake ontario & the other great lakes & alludes to generatiing power by lowering the 4 upper great lakes by a meter each into lake ontario, then jokes at how flooded ontario would be; but that's not the purpose of pumped storage; one could simply convert the canals & hydro installations aleady in place from lake ontario to lake simcoe, and along the severn river to georgian bay to pump store lake ontario water into lake huron overnight, using any excess baseload generation, and then reverse it at peak times to generate peak power...

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rjs
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no chance of supercommittee deal

the supercommittee no longer has time to have a plan scored by the CBO & back to them by monday so they'd have the required 48 hours to review it; the sequestered cuts include $600B to defense, & the hawks are already squawking; expect an attempt by the republicans to amend the budget control act next week...

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G. Lakes
rjs wrote:

re: in Solving The Energy Storage Problem in the daily digest; he mentions the elevation differential between lake ontario & the other great lakes & alludes to generatiing power by lowering the 4 upper great lakes by a meter each into lake ontario, then jokes at how flooded ontario would be; but that's not the purpose of pumped storage; one could simply convert the canals & hydro installations aleady in place from lake ontario to lake simcoe, and along the severn river to georgian bay to pump store lake ontario water into lake huron overnight, using any excess baseload generation, and then reverse it at peak times to generate peak power...

Any time you start talking about changing lake levels of the Great Lakes, you have to recognize that there are 10s of thousands of shoreline owners whose lake access would be affected or whose property could face increased flooding.  Not to mention existing power producers like the Niagara Power Project which already works on the principle discussed, but I don't believe pumping up is required as it makes use of the approximately 320 ft. elevation difference between L. Erie and L. Ontario to fill the reservoir.  Increased dredging would be required for all harbors in the upper G. Lakes, affecting the EROEI of such a project.  Several canals would be affected as well.  Also, lower lake levels would increase energy used to pump water uphill for all water systems fed from the upper lakes.  The Great Lakes system is immense affecting 8 states and 2 provinces that share thousands of miles of shoreline.  There are also downstream power projects in the St. Lawrence Seaway thta are fed from the Great Lakes.  I don't even want to start on the ecological implications.

In short, the political and energy ramifications would render any significant intentional lake level changes realistically impossible.  The 'north shore' of the US will someday be the subject of huge fights with out-of-basin entities that are already coveting the water.

Doug

 

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saxplayer00o1
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Mayor Dave Bing to lay off 1,000 Detroit city employees

 

"Delivering on his pledge to avoid an emergency manager, Mayor Dave Bing said today he will lay off 1,000 employees, implement a hiring freeze and increase his demands on unions to accept 10% pay cuts and deep concessions in health care and pension benefits."

"New York City's projected 2013 budget deficit has been reduced to $2 billion from $4.6 billion through agency spending cuts and $1 billion in added revenue from new taxi medallion sales, according to a spokesman for Mayor Michael Bloomberg.

Schools will reduce spending by $301 million, the police department will trim $74.6 million and the city intends to cut its debt-service costs by $229 million, according to budget documents released by Marc LaVorgna, the spokesman."

"BATON ROUGE, La. -- A key state financing panel is allowing New Orleans to delay paying about $15 million in debt over two years to keep the city from making deeper cuts to balance its annual budget"

"Workers in the United States are growing to accept the idea that they may be working long after they’ve become eligible for senior discounts.

Yet rather than fixate on their target retirement age, they’re increasingly focused on how much money they’ll need to retire, according to a new U.S. survey by Wells Fargo & Co.

This shift is coupled with their growing frustration that they’re not saving enough, and the reality that many haven’t created a detailed retirement plan.

One of the striking results of the survey released Wednesday is that 25 per cent of the respondents said they’ll need to work until at least age 80 because they will not have enough money to retire comfortably"

 

Fed’s Williams: Fiscal Aid ‘Badly Needed’

Overburdened food pantry drops Thanksgiving turkey dinners

US Food Banks Struggling with Holiday Turkey Shortage

NC State approves tuition increase

UPS To Raise Rates 4.9% For Ground, Air Shipments

Three Florida Colleges Leave Graduates Deep in Debt

TCU students protest 6.5 percent tuition increase

rjs's picture
rjs
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i'm not changing the lake levels...
Doug wrote:
rjs wrote:

re: in Solving The Energy Storage Problem in the daily digest; he mentions the elevation differential between lake ontario & the other great lakes & alludes to generatiing power by lowering the 4 upper great lakes by a meter each into lake ontario, then jokes at how flooded ontario would be; but that's not the purpose of pumped storage; one could simply convert the canals & hydro installations aleady in place from lake ontario to lake simcoe, and along the severn river to georgian bay to pump store lake ontario water into lake huron overnight, using any excess baseload generation, and then reverse it at peak times to generate peak power...

Any time you start talking about changing lake levels of the Great Lakes, you have to recognize that there are 10s of thousands of shoreline owners whose lake access would be affected or whose property could face increased flooding.  Not to mention existing power producers like the Niagara Power Project which already works on the principle discussed, but I don't believe pumping up is required as it makes use of the approximately 320 ft. elevation difference between L. Erie and L. Ontario to fill the reservoir.  Increased dredging would be required for all harbors in the upper G. Lakes, affecting the EROEI of such a project.  Several canals would be affected as well.  Also, lower lake levels would increase energy used to pump water uphill for all water systems fed from the upper lakes.  The Great Lakes system is immense affecting 8 states and 2 provinces that share thousands of miles of shoreline.  There are also downstream power projects in the St. Lawrence Seaway thta are fed from the Great Lakes.  I don't even want to start on the ecological implications.

In short, the political and energy ramifications would render any significant intentional lake level changes realistically impossible.  The 'north shore' of the US will someday be the subject of huge fights with out-of-basin entities that are already coveting the water.

Doug

 

maybe i wasnt clear enough; i mentioned that changing of lake levels in reference to the proposal in the oil price article...the change in lake levels from an off-peak pumping from ontario to the georgian bay, and the power generating return trip during peak daytime loads that i envision would be negligible...

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 It sounds a good idea to

 It sounds a good idea to use the Great Lakes as an energy storage medium for green energy, but I don't think the article even touched on how many wind turbines would be needed to 'charge up' the battery.

Bearing in mind they only work about 25% of the time, and only last 20 years, are there enough materials available to build the turbines?

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rjs
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lake erie wind
james_knight_chaucer wrote:

 It sounds a good idea to use the Great Lakes as an energy storage medium for green energy, but I don't think the article even touched on how many wind turbines would be needed to 'charge up' the battery.

Bearing in mind they only work about 25% of the time, and only last 20 years, are there enough materials available to build the turbines?

lake erie is the shallowest of the lakes; average wind speed off cleveland is 16.3 mph, windier than chicago...if youre gonna built generating capacity, it only makes sense to put it near population centers, rather than build transmission lines across 500 miles of mountains & desert...

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Un-Occupy New York City
Major storms could submerge New York City in next decade. Sea-level rise due to climate change could cripple the city in Irene-like storm scenarios, new climate report claims -- Irene-like storms of the future would put a third of New York City streets under water and flood many of the tunnels leading into Manhattan in under an hour because of climate change, a new state government report warns Wednesday. Sea level rise due to climate change would leave lower Manhattan dangerously exposed to flood surges during major storms, the report, which looks at the impact of climate change across the entire state of New York, warns. "The risks and the impacts are huge," said Art deGaetano, a climate scientist at Cornell University and lead author of the ClimAID study. "Clearly areas of the city that are currently inhabited will be uninhabitable with the rising of the sea." Factor in storm surges, and the scenario becomes even more frightening, he said. "Subway tunnels get affected, airports -- both LaGuardia and Kennedy sit right at sea level -- and when you are talking about the lowest areas of the city you are talking about the business districts." The report, commisioned by the New York State Energy Research and Development Authority, said the effects of sea level rise and changing weather patterns would be felt as early as the next decade.
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Crony Capitalism
DurangoKid wrote:

MF Global collapses because Obama is a Marxist?  How does this crap make to ink?

Exactly, DurangoKid.

Where was Ann Barnhardt when Bush was in office? It's not just Obama. This whole kleptocratic, cronyist regime has been around for at least two decades, if not more. Except they used to show some restraint in the past, but as the stakes got higher and the underlying available wealth pie smaller, they've become grotesque and brutal.

At first the vampires hid in the dark and feasted in the graveyards and sewers. Then they start stalking the tenement warrens, in the parks at twilight and forests on overcast days. Now the flesh-eaters gnaw at victims out in the open in the nicer parts of town while dining on entrails in the shadows of the tall edifices in the city core. All while the mayor and town officials urge the citizens to stay calm...

Investors need to have faith and trust in the market if they are to invest. Otherwise it's sheep and speculators and leverage and larceny. Arm yourselves, comrades.

Poet

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Invention is 1% inspiration and 99% perspiration

lol, I got a few chuckles from that link.  The things he talked about have been well known for many years (eg. carbon nanotubes and their synthesis and properties 25 years or more) and have been worked on continuously.  Every good scientist has many such ideas and those have been around for a very long time.  We do not lack ideas. We lack engineering and more importantly, an analytical understanding of how much energy we really use and how efficient (inefficient) particular processes (and machines) are, how to improve them, their manufacuturing steps are, etc. We need to respect engineering more and get past gee-golly.  (I am not talking about a few hours of training, instead I am referring to a life of study of physical reality, that requires hundreds or thousands of  hours to understand these things)   Instead of gazing at navels, we need to get serious about learning basic physics and engineering.  The difference between gee  whiz science guy and practical engineering success is analogous to the difference between A) watching star  trek (and feeling  good about how we can do faster than light speed techno-thinking) and B) arguing about and making a critical decision about which social program to sacrifice for money to engineer over 5 years, an extremely simple rocket to take a few tons past earth orbit in a day..  In this perspective we are avoiding the reality by thinking we can solve our energy problem by buying a ticket to the movies and just  live inside the movie script  Regarding pumping water uphill for storage.  That has been done so many times for many years, when the cost justified the result. The focus of our time, attention and energy needs to be on efficiency of machines, durability etc. We need to roll up our sleeves and respect the Thomas Edison attitude about inventions being 99% perspiration.  Instead of wasting more time on free movies about gee whiz, why not spend scarce/valuable time educating ourselves about basic physics such as watts, watt-hours, friction, efficiency, etc, and learn to machine metal, design and built circuits, etc.  I feel like I am in college again where most people around me are afraid of and rather ignorant about math, physical properties  of the things and energies in our environment and refuse to study engineering because it takes an effort to learn. We ideas actually are rather old.  Instead, the answer to the energy problem is HARD WORK and ENGINEERING not video gee whiz.  The video gee whiz is in fact destroying our energy future because it is misleading.  very misleading. Very few people realize how difficult it is to get small incremental improvements in energy or machines, and very few are willing to sacrifice a little hard work to understand. I dont like to rant like this, but doesnt anyone understand the problems that we face? the problem is discipline and hard work of engineering......................

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That Kyle Bass is one smart

That Kyle Bass is one smart dude!

 I found the best line to be, "Capitalism without bankruptcy is like Christianity without Hell".

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1% innovation 99% perspiration = oversimplified
Mirv wrote:

lol, I got a few chuckles from that link.  The things he talked about have been well known for many years (eg. carbon nanotubes and their synthesis and properties 25 years or more) and have been worked on continuously.  Every good scientist has many such ideas and those have been around for a very long time.  We do not lack ideas. We lack engineering and more importantly, an analytical understanding of how much energy we really use and how efficient (inefficient) particular processes (and machines) are, how to improve them, their manufacuturing steps are, etc. We need to respect engineering more and get past gee-golly.  (I am not talking about a few hours of training, instead I am referring to a life of study of physical reality, that requires hundreds or thousands of  hours to understand these things)   Instead of gazing at navels, we need to get serious about learning basic physics and engineering.  The difference between gee  whiz science guy and practical engineering success is analogous to the difference between A) watching star  trek (and feeling  good about how we can do faster than light speed techno-thinking) and B) arguing about and making a critical decision about which social program to sacrifice for money to engineer over 5 years, an extremely simple rocket to take a few tons past earth orbit in a day..  In this perspective we are avoiding the reality by thinking we can solve our energy problem by buying a ticket to the movies and just  live inside the movie script  Regarding pumping water uphill for storage.  That has been done so many times for many years, when the cost justified the result. The focus of our time, attention and energy needs to be on efficiency of machines, durability etc. We need to roll up our sleeves and respect the Thomas Edison attitude about inventions being 99% perspiration.  Instead of wasting more time on free movies about gee whiz, why not spend scarce/valuable time educating ourselves about basic physics such as watts, watt-hours, friction, efficiency, etc, and learn to machine metal, design and built circuits, etc.  I feel like I am in college again where most people around me are afraid of and rather ignorant about math, physical properties  of the things and energies in our environment and refuse to study engineering because it takes an effort to learn. We ideas actually are rather old.  Instead, the answer to the energy problem is HARD WORK and ENGINEERING not video gee whiz.  The video gee whiz is in fact destroying our energy future because it is misleading.  very misleading. Very few people realize how difficult it is to get small incremental improvements in energy or machines, and very few are willing to sacrifice a little hard work to understand. I dont like to rant like this, but doesnt anyone understand the problems that we face? the problem is discipline and hard work of engineering......................

We need to roll up our sleeves and respect the Thomas Edison attitude about inventions being 99% perspiration. Instead of wasting more time on free movies about gee whiz, why not spend scarce/valuable time educating ourselves about basic physics such as watts, watt-hours, friction, efficiency, etc, and learn to machine metal, design and built circuits, etc. I feel like I am in college again where most people around me are afraid of and rather ignorant about math, physical properties of the things and energies in our environment and refuse to study engineering because it takes an effort to lear

Hmm, seems like your implying Im lacking in these fields? Assumption = faulty disposition to have towards a stranger.

Interesting thing is my source of income relies on me having extensive knowledge of capicators, watteage, voltage, amperage, as well as, biological processes of nutrient intake, gene expression, along with chemical properities of acidity, pH, and mineral ppm. Again I agree that too few have understandings of the processes which shape our lives, and my approach is to help them learn, rather than complain about it, eh?

This 'gee whiz science guy' I found to be inspirational for a few reasons....

1) He 'at least seems' like he's truly dedicated towards creating a bettering world through innovation. Tesla, Louis Pasteur, and the majority of great scientists were in this same category; doing what they love, exploring, learning, and creating, while helping to better our world.

2) One of his last few statements were 'we can do better than this' while holding the picture of the dying child in Africa. That statement alone compells me to seek better for this world, as I cannot accept this societal model as the peak of potential for humanity. We are too smart to be throwing trash in landfills, letting things like poverty, corruption, and pollution become the normal status for society. It is simply moronic that we accept those traits as normal and continue on with our lives, we can do better than this.

'We do not lack ideas. We lack engineering and more importantly, an analytical understanding of how much energy we really use and how efficient (inefficient) particular processes (and machines) are, how to improve them, their manufacuturing steps are, etc. We need to respect engineering more and get past gee-golly' 

I agree and also posit that you are failing to consider many other factors as well. Much of our inefficient energy use today reflects how markets perform in regards to managing cost efficiency with available technologies/production techniques. Thus, our lacking in analytical understandings stems from engineering to economics, and delving deeper, anthropology and psychology. A deeper understanding in all that science has to offer is the best route, and I personally enjoy learning, my goal is getting others to do the same. It is working, Im sure my peers all have much higher awareness thanks to my ranting.

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heffe wrote: Just thought
heffe wrote:

Just thought I'd stop in, say hello to all ya doomers anxiously awaiting the end-times whilst hunkering in your homes.

How's the flaying business these days?

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The Irony That is Heffe.

 

Just thought I'd stop in, say hello to all ya doomers anxiously awaiting the end-times whilst hunkering in your homes.

Here's the most inspirational video I've seen in a while, truly amazing what human compassion and the scientific method can accomplish.

There is no shortage of energy, only a shortage of critical thinking and a willingness to step up, admit our faults, and seek true prosperity.

 

Assumption = faulty disposition to have towards a stranger.

 

1) Confirmation Bias - Only see what supports your argument, and everything else that may oppose your 'confirmed beliefs' is seen as misportrayed, irrelevant, faulty, or down right ignored.

2) Chunking Bias - Humans have a limited ability for processing information, thus rely on several cognitive strategies to identify, categorize, retrieve, and produce (assumed to be) logical associations. One strategy is known as 'chunking', which is oversimplification/overgeneralization; basically there is so much information in every little detail that its hard to consider every factor. In order to be truthful, every aspect involved needs to be considered.

3) Identity Complex - When an individual has confirmed a belief within their cognitive associations, and has maintained that belief over long periods of time, it becomes 'attached' to identity.  Thus, if one were to admit that they were wrong, it would counter all that their identity has stood for. The best route is remaining open to conclusions, and letting evidence, research, and objective evaluation let you arrive to decisions, rather than make them. "Being shown to be wrong should never be feared, it should be celebrated, as it elevates understanding" Peter Joseph

 

 

Im sure my peers all have much higher awareness thanks to my ranting.

 

Wait a minute! You have peers?  Well at least you're hunble.

earthwise's picture
earthwise
Status: Platinum Member (Offline)
Joined: Aug 10 2009
Posts: 848
Kyle Bass sans the antagonist = +1

 

It would have been a great interview if we could have just had Bass explain things. That interveiwer had to be the worst I've ever heard. The constant interuptions with the "gotcha" questions was as irritating as hell.

Bass was great, though. I'd never heard him or of him before, but I'll definitely follow him from now on.

Johnny Oxygen's picture
Johnny Oxygen
Status: Diamond Member (Offline)
Joined: Sep 9 2009
Posts: 1443
earthwise wrote:   It would
earthwise wrote:

 

It would have been a great interview if we could have just had Bass explain things. That interveiwer had to be the worst I've ever heard. The constant interuptions with the "gotcha" questions was as irritating as hell.

Bass was great, though. I'd never heard him or of him before, but I'll definitely follow him from now on.

 

Couldn't agree with you more.

She was trying to hard to be an interviewer rather than just letting him talk.

earthwise's picture
earthwise
Status: Platinum Member (Offline)
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Posts: 848
Johnny Oxygen
Johnny Oxygen wrote:
earthwise wrote:

 

It would have been a great interview if we could have just had Bass explain things. That interveiwer had to be the worst I've ever heard. The constant interuptions with the "gotcha" questions was as irritating as hell.

Bass was great, though. I'd never heard him or of him before, but I'll definitely follow him from now on.

 

Couldn't agree with you more.

She was trying to hard to be an interviewer rather than just letting him talk.

What's ironic is that is what a really good interviewer does: let your subject talk. The point of an interview is to elicit information. You can't do that if your doin' all the talking.

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nickbert
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Joined: Jan 14 2009
Posts: 1208
engineers
Mirv wrote:

 Instead, the answer to the energy problem is HARD WORK and ENGINEERING not video gee whiz.  The video gee whiz is in fact destroying our energy future because it is misleading.  very misleading. Very few people realize how difficult it is to get small incremental improvements in energy or machines, and very few are willing to sacrifice a little hard work to understand. I dont like to rant like this, but doesnt anyone understand the problems that we face? the problem is discipline and hard work of engineering......................

Yeah!  About time engineers got some props....

"Engineering - where the noble semi-skilled laborers execute the vision of those who think and dream... Hello Oompa Loompas of science! "

- Nickbert, (former) aerospace Oompa Loompa

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Doug
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Joined: Oct 1 2008
Posts: 3159
Bass interview

It was obvious she got a number of her questions straight from Michael Lewis's book, Boomerang.  A great read, btw.

Doug

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