Daily Digest

Daily Digest 6/5 - Unemployment Now At Depression Levels, 'Recovery' Leaves Jobs Behind, We've Eaten All The Fish In The Sea

Sunday, June 5, 2011, 9:55 AM
  • U.S. Unemployment Now at Great Depression Levels, Jobs Destruction is Permanent
  • Unemployment Strains Foreclosure Aid
  • Economic 'Recovery' Leaves Jobs Behind
  • Lifetime-Income Promise Fuels Surge In Variable Annuity Sales
  • GE Sees Solar Cheaper Than Fossil Power in Five Years
  • Peak Oil Exports, Peak Oil And Implications For Population Change
  • We've Eaten All The Fish In The Sea
  • Eastern Arizona Wildfire Still Rages

Crash Course DVDThe 3-disc Special Edition DVD, now $24.99 in our store (NTSC or PAL)

Economy

U.S. Unemployment Now at Great Depression Levels, Jobs Destruction is Permanent (Johnny Oxygen)

Current levels of unemployment are Depression-level numbers, especially when compared to Darby's figures.

For example, economist John Williams puts current U-6 unemployment at 15.9%. That's higher than 9 out of 12 years charted by Darby.

Unemployment Strains Foreclosure Aid (jdargis)

Data released last week suggests that the administration’s task is only growing more difficult as the problems created by unemployment and housing persist. New job growth in May was anemic, and unemployment inched up to 9.1 percent, the Labor Department reported Friday.

Earlier in the week, a widely watched index found that housing prices had dropped to their lowest level in nearly a decade. And while the rate of homes falling into foreclosure has slowed, the reason is delays in processing foreclosures, not a housing recovery, according to RealtyTrac, a company that tracks foreclosures. There were 219,258 foreclosure filings in April, the latest month available.

Economic 'Recovery' Leaves Jobs Behind (jdargis)

"One argument is that this phenomenon [of poor job growth] is cyclical: We had the mother of all recessions after a near-death experience, and what we're seeing is just that when you get hit that hard, it takes longer to recover, but that there's nothing abnormal," said Michael Spence, a Nobel economics laureate who teaches at New York University's Stern School of Business.

    Crash Course DVDThe 3-disc Special Edition DVD, now $24.99 in our store (NTSC or PAL)

Lifetime-Income Promise Fuels Surge In Variable Annuity Sales (jdargis)

Annuities are insurance contracts that offer a steady stream of income. With variable annuities, customers can choose their investments such as stock and bond funds and the account value will fluctuate with the market. For MetLife Inc. (MET) and Prudential Financial Inc. (PRU), the top two U.S. life insurers, the hottest product this year also offers a guarantee of income for life, even if a customer’s account balance falls because of market declines. There’s an annual fee for the rider, which averages about 1.03 percent, according to Morningstar Inc. (MORN), on top of the regular annuity fees, which average about 2.51 percent.

Energy

GE Sees Solar Cheaper Than Fossil Power in Five Years (guardia)

GE, based in Fairfield, Connecticut, announced in April that it had boosted the efficiency of thin-film solar panels to a record 12.8 percent. Improving efficiency, or the amount of sunlight converted to electricity, would help reduce the costs without relying on subsidies.

Peak Oil Exports, Peak Oil And Implications For Population Change (Crash_Watcher)

This is the tenth and final part of this series where I summarize my analysis of regional petroleum production and consumption trends, and, the implications this has for population growth. I predict that population growth will continue or remain stable, with no global die-off for quite some time, although some regions, like Africa, may suffer a die-off soon.

Environment

We've Eaten All The Fish In The Sea (Adam)

The ocean seems infinitely huge, but we're emptying it.

Eastern Arizona Wildfire Still Rages (jdargis)

"It was unbelievable -- the expansion of the smoke," Gov. Jan Brewer said Saturday after an aerial tour of the blaze and a briefing from the fire team's commander in Springerville.

"It was horrific and of the likes of a fire of which I have never experienced from the air," she told reporters. "We hope that we get more encouraging news in the morning."

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."

9 Comments

saxplayer00o1's picture
saxplayer00o1
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Poet
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Thousands Flee Homes As Chilean Volcanoes Erupt

This seemingly on the heels of the eruption of Grimsvotn volcano in Iceland...

Video news, with sparse text:

Thousands Flee Homes As Chile Volcanoes Erupt (June 5, 2011)
"A chain of volcanoes has erupted in southern Chile, sending a column of smoke and ash high into the air. More than 3,000 people have been moved from their homes and are being housed in temporary shelters. The authorities have issued a red alert, the maximum warning level for the area around the volcanoes."
http://www.bbc.co.uk/news/world-latin-america-13659910

More news. There have also been earthquakes. Over in Argentina, Bariloche, a major tourist attraction popular amongst Europeans and Brazilians, has had it's regional airport shut down.

Chile Volcano Chain: Puyehue Erupts, Forcing Evacuation (June 5, 2011)
"Hundreds of Chileans in the south of the country have spent the night in hostels and municipal buildings after being told to leave their homes due to fears that they would be covered in ash, says the BBC's Gideon Long in Santiago... However, ash clouds have drifted to neighbouring Argentina where officials have ordered residents to stay indoors."
http://www.bbc.co.uk/news/world-latin-america-13657187

Obviously the story is still developing.

Poet

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Poet
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Re: We've Eaten All The Fish In The Sea

Re: The We've Eaten All The Fish In The Sea article.

I really think the graphics of fish stocks are just fascinating. They really tell the story in a way words can't. They deserve a closer look.

Poet

 

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Poet
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More Evidence Of China's Real Estate Bubble Bursting

Following news last month that year-on-year sales were dropping, here's more recent news...

Home Prices Likely To Fall By More Than 10% This Year: Analysts (May 30, 2011)
"Home transactions will decrease by 7 percent this year while sales value may drop 10 percent as measures to curb excessive rises in home prices have deterred speculative home buying. That may drag property prices down by over 10 percent in 2011, said Nie Meisheng, head of the China Real Estate Chamber of Commerce at a forum on real estate."
http://www.shanghaidaily.com/nsp/Business/2011/05/30/Home%2Bprices%2Blik...

New Home Supply At Highest (May 31, 2011)
"NEW home supply in Shanghai soared to the highest in five months last week, with sales little changed but the average price fell more than 2 percent."
http://www.shanghaidaily.com/nsp/Business/2011/05/31/New%2Bhome%2Bsupply...

Housing Land Sales Down 14% (June 4, 2011)
"Sales of land for residential development in China fell by 14 percent year on year during the first five months of this year, largely due to efforts to cool its sizzling property market. Land sales in 128 cities dropped 5 percent year on..."
http://www.shanghaidaily.com/nsp/Business/2011/06/04/Housing%2Bland%2Bsa...

Poet

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saxplayer00o1
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Greek austerity plan draws 80000 to Athens square
  • Just a few more headlines:

Chances fading for a sweeping deal on spending cuts

Don't count on stimulus. It's not coming

Prospect of 2nd Greek Bailout Worries Economists

Greek austerity plan draws 80000 to Athens square

Bankrupt’ claim heightens Spanish debt fears ("The central Spanish region of Castilla-La Mancha is “totally bankrupt”, according to the incoming administration...")

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Damnthematrix
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Sweet Justice: Couple Foreclose On Bank of America

http://www.informationclearinghouse.info/article28249.htm

Sweet Justice: Couple Foreclose On Bank of America

CBS News

June 05, 2011

Collier County, Florida -- Have you heard the one about a homeowner foreclosing on a bank?

Well, it has happened in Florida and involves a North Carolina based bank.

Instead of Bank of America foreclosing on some Florida homeowner, the homeowners had sheriff's deputies foreclose on the bank.

It started five months ago when Bank of America filed foreclosure papers on the home of a couple, who didn't owe a dime on their home.

The couple said they paid cash for the house.

The case went to court and the homeowners were able to prove they didn't owe Bank of America anything on the house. In fact, it was proven that the couple never even had a mortgage bill to pay.

A Collier County Judge agreed and after the hearing, Bank of America was ordered, by the court to pay the legal fees of the homeowners', Maurenn Nyergers and her husband.

The Judge said the bank wrongfully tried to foreclose on the Nyergers' house.

So, how did it end with bank being foreclosed on? After more than 5 months of the judge's ruling, the bank still hadn't paid the legal fees, and the homeowner's attorney did exactly what the bank tried to do to the homeowners. He seized the bank's assets.

"They've ignored our calls, ignored our letters, legally this is the next step to get my clients compensated, " attorney Todd Allen told CBS.

Sheriff's deputies, movers, and the Nyergers' attorney went to the bank and foreclosed on it. The attorney gave instructions to remove desks, computers, copiers, filing cabinets and any cash in the teller's drawers.

After about an hour of being locked out of the bank, the bank manager handed the attorney a check for the legal fees.

"As a foreclosure defense attorney this is sweet justice" says Allen.

Allen says this is something that he sees often in court, banks making errors because they didn't investigate the foreclosure and it becomes a lengthy and expensive battle for the homeowner.

earthwise's picture
earthwise
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Posts: 846
"Sweet" is an understatement
Damnthematrix wrote:

http://www.informationclearinghouse.info/article28249.htm

Sweet Justice: Couple Foreclose On Bank of America

CBS News

June 05, 2011

Collier County, Florida -- Have you heard the one about a homeowner foreclosing on a bank?

Well, it has happened in Florida and involves a North Carolina based bank.

Instead of Bank of America foreclosing on some Florida homeowner, the homeowners had sheriff's deputies foreclose on the bank.

It started five months ago when Bank of America filed foreclosure papers on the home of a couple, who didn't owe a dime on their home.

The couple said they paid cash for the house.

The case went to court and the homeowners were able to prove they didn't owe Bank of America anything on the house. In fact, it was proven that the couple never even had a mortgage bill to pay.

A Collier County Judge agreed and after the hearing, Bank of America was ordered, by the court to pay the legal fees of the homeowners', Maurenn Nyergers and her husband.

The Judge said the bank wrongfully tried to foreclose on the Nyergers' house.

So, how did it end with bank being foreclosed on? After more than 5 months of the judge's ruling, the bank still hadn't paid the legal fees, and the homeowner's attorney did exactly what the bank tried to do to the homeowners. He seized the bank's assets.

"They've ignored our calls, ignored our letters, legally this is the next step to get my clients compensated, " attorney Todd Allen told CBS.

Sheriff's deputies, movers, and the Nyergers' attorney went to the bank and foreclosed on it. The attorney gave instructions to remove desks, computers, copiers, filing cabinets and any cash in the teller's drawers.

After about an hour of being locked out of the bank, the bank manager handed the attorney a check for the legal fees.

"As a foreclosure defense attorney this is sweet justice" says Allen.

Allen says this is something that he sees often in court, banks making errors because they didn't investigate the foreclosure and it becomes a lengthy and expensive battle for the homeowner.

OMG, that's hilarious! So often these large, or rather Too Big To Fail, institutions act with impunity as if they are impervious to the consequences of their actions. It's soooo nice to see them held accountable for their actions or in this case their inactions. Score one for the little guys.

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Arthur Robey
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Posts: 3936
Energy or why am I so tired?

Do you remember me blathering on about Rossi and his "ECat"?

http://www.lenr-canr.org/News.htm

Well, it seems as though a pletora of solutions are now presenting themselves. http://www.bloomberg.com/news/2011-05-26/solar-may-be-cheaper-than-fossil-power-in-five-years-ge-says.html

Now I know that I have a problem with paranoia, but either these things were deliberately held back or it is a case of necessity being the mother of invention.

I am informed by people with suitable gravitas that if it is a choice between conspiracy and cock-up, go with the cock-up. And I think I shall.   It puts my fellow man in a kinder light.

But I do wish that he would straighten up a bit quicker. I have just paid $5 a watt for cells. 

rhare's picture
rhare
Status: Diamond Member (Offline)
Joined: Mar 30 2009
Posts: 1323
GE article not really that big a change in price from now
Arthur Robey wrote:

Well, it seems as though a pletora of solutions are now presenting themselves. http://www.bloomberg.com/news/2011-05-26/solar-may-be-cheaper-than-fossil-power-in-five-years-ge-says.html

Now I know that I have a problem with paranoia, but either these things were deliberately held back or it is a case of necessity being the mother of invention.\

This is actually not that big a drop in price.  Our system without battery backup, and cheap roof mounts would be $0.185 / kWh over a 20 year life.  Might be slightly higher if the inverters only last 10-15 years.  With just the tax credits, our system it works out to $0.111 / kWh.  With the REC credits it's  $-0.039 / kWh! Surprised(yes that's a negative amount)

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