Daily Digest

Daily Digest 11/20 - Beyond Jobless Recovery, Black Friday Looms, Tapping Tides for Energy

Saturday, November 20, 2010, 12:00 PM
  • Beyond a Jobless Recovery
  • Flip, Flop & Fly Friday – Options Expiration Spectacular!
  • U.S. May Be Headed for Downward Spiral, Says Pulitzer Prize-Winning Journalist
  • Black Friday Forecasts: Are They Just Making This Stuff Up?
  • U.S. in Vast Insider Trading Probe
  • Companies Tapping the Tides in Quest for Renewable Energy
  • BP Ignored Warning Signs Before Leak, Report Says

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Economy

Beyond a Jobless Recovery (elwood)



This article explores the issue of a "Jobless Recovery" mainly from a heterodox economic perspective. It emphasizes the implications of ideas by Marshall Brain and others that improvements in robotics, automation, design, and voluntary social networks are fundamentally changing the structure of the economic landscape. It outlines towards the end four major alternatives to mainstream economic practice (a basic income, a gift economy, stronger local subsistence economies, and resource-based planning). These alternatives could be used in combination to address what, even as far back as 1964, has been described as a breaking "income-through-jobs link". This link between jobs and income is breaking because of the declining value of most paid human labor relative to capital investments in automation and better design. Or, as is now the case, the value of paid human labor like at some newspapers or universities is also declining relative to the output of voluntary social networks such as for digital content production (like represented by this document). It is suggested that we will need to fundamentally reevaluate our economic theories and practices to adjust to these new realities emerging from exponential trends in technology and society.

Flip, Flop & Fly Friday – Options Expiration Spectacular! (ilene)



China has tied the yuan to the dollar to promote exports that helped produce the fastest gains in gross domestic product of any major economy. China, which surpassed Japan’s GDP to become world No. 2 in the second quarter, recorded 9.6 percent annual growth in the three months through September. It holds about $2.6 trillion in foreign reserves, the most in the world. German Finance Minister Wolfgang Schaeuble said on Nov. 5 he was “dumbfounded” at the Fed’s actions, which won’t aid growth and will instead contribute to imbalances by driving down the currency. U.S. monetary policy is creating “grave distortions” and causing “collateral effects” on faster-growing economies such as Brazil, Meirelles said in October.  

U.S. May Be Headed for Downward Spiral, Says Pulitzer Prize-Winning Journalist (joe)



From the fall of Lehman and rescue of Merrill Lynch, to a housing crash that threw millions from their homes and catapulted the country into a recession, it has been a long two years for the U.S. economy and the American people. Recovery has been sluggish, but some would argue that things are starting to look up as we head into this holiday season (see Sonders: Building Blocks for Recovery). Pulitzer Prize-winning journalist David Cay Johnston, however, says we may not be out of the woods just yet. Johnson thinks there is room for our economic situation to get much worse before it gets better. 

Black Friday Forecasts: Are They Just Making This Stuff Up? 



The National Retail Federation says that as many as 138 million shoppers will be out hunting for Black Friday deals during the post-Thanksgiving weekend. This is 4 million more shoppers than NRF predicted last year, when it said 134 million Americans would be hitting the stores.But the recent buzz retailers like J.C. Penney(JCP_), Sears(SHLD_) and Kohl's(KSS_) have created, by announcing pre-Black Friday deals throughout the month of November, may be lessening the hype surrounding Black Friday.

U.S. in Vast Insider Trading Probe 



The criminal and civil probes, which authorities say could eclipse the impact on the financial industry of any previous such investigation, are examining whether multiple insider-trading rings reaped illegal profits totaling tens of millions of dollars, the people say. Some charges could be brought before year-end, they say. The investigations, if they bear fruit, have the potential to expose a culture of pervasive insider trading in U.S. financial markets, including new ways non-public information is passed to traders through experts tied to specific industries or companies, federal authorities say.

Energy

Companies Tapping the Tides in Quest for Renewable Energy 



Tapping the tides is the latest niche in the search for affordable, renewable energy. Widespread use may be years off, but advocates say tides and other hydrokinetic systems, from ocean waves to free-flowing rivers, ultimately could meet up to 10% of America's electric power needs — more than hydropower dams now supply. Pilot projects or studies are underway in Washington's Puget Sound, in Alaska's Cook Inlet, off the coasts of Florida, California, Oregon and Hawaii, in New York City's East River, along the Mississippi River and elsewhere. "These are coastal resources, and most people live along the coasts," said Hoyt Battey, a water power expert at the U.S. Energy Department. "When you're talking about providing half the power of Alaska or Hawaii, or half the power of New York, that's significant."

BP Ignored Warning Signs Before Leak, Report Says 



In a 28-page report released late Tuesday night, an independent panel convened by the National Academy of Engineering said the companies failed to learn from "near misses" and that neither BP, its contractors nor federal regulators caught or corrected flawed decisions that contributed to the blowout. Those failures would be unacceptable in companies that work with nuclear power or aviation, said Donald Winter, a professor of engineering practice at the University of Michigan and chairman of the 15-member study committee.

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."

4 Comments

cmartenson's picture
cmartenson
Status: Diamond Member (Offline)
Joined: Jun 7 2007
Posts: 5754
Re: Daily Digest 11/20 - Beyond Jobless Recovery, Black ...

Comments now enabled.  Sorry for the delay...sometimes they get disabled accidentally.

ao's picture
ao
Status: Diamond Member (Offline)
Joined: Feb 4 2009
Posts: 2220
Re: Daily Digest 11/20 - Beyond Jobless Recovery, Black ...

It was interesting to read David Cay Johnston saying the U.S. may be headed for a downward spiral.   May!?   ...be headed!?  Sorry buckeroo, but we're in a flamed out flat spin with holes in the fuel tank, an unconscious pilot at the controls, and no parachutes.

Then I definitely had to chuckle reading Liz Ann Sonders' statements that were referenced in that article.  Clicking on the link and reading Sonders' interview, she talks about the recovery that is occurring.  The article makes mention of her past "?accurate?" predictions of the recession in 2007 and the recovery in 2009.  What!?!?  As someone with an account at Schwab (where Sonders is Chief Investment Strategist), I stopped reading her articles for any purpose other than contrarian investing.  She has been wrong far, far more than right.  She's an unabashed promoter of the stock market, obviously pushing investing in stocks since Schwab benefits from such activity.  What unadulterated boulderdash!  And her hair ... I've seen my dog drag dead things in from the woods that looked better.  Yikes!    

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4169
Re: Daily Digest 11/20 - Beyond Jobless Recovery, Black ...

 

"Monetary policy is working in support of both economic recovery and price stability, but there are limits to what can be achieved by the central bank alone. The Federal Reserve is nonpartisan and does not make recommendations regarding specific tax and spending programs. However, in general terms, a fiscal program that combines near-term measures to enhance growth with strong, confidence-inducing steps to reduce longer-term structural deficits would be an important complement to the policies of the Federal Reserve."

idoctor's picture
idoctor
Status: Diamond Member (Offline)
Joined: Oct 4 2008
Posts: 1731
Re: Daily Digest 11/20 - Beyond Jobless Recovery, Black ...

Funny stuff sad much of it is real.....

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