Daily Digest 2/10 - 10 Things Everyone Should Know About The Fed, Visualizing U.S. Debt, Why Is Gas Consumption Tanking?
- Bill Black on Financial Fraud Investigations
- Rick Santelli on Visualizing U.S. Debt; How Many Milky Way Galaxies Do We Owe?
- Federal Reserve: Ten Things That Every American Should Know About The Fed
- MF Global: Trail Growing Cold - 'No One to Blame'
- Postal Service loses $3.3 billion in first quarter
- Why Is Gasoline Consumption Tanking?
- The Important Roles of Risk and Stealth in the Eagle Ford Shale Discovery
- Texas Water District Acts to Slow Depletion of the Ogallala Aquifer
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.
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.
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.
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.
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.
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.”
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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