Daily Digest

Daily Digest 7/4 - Lives, Fortunes, and Honor, U.S. Debt Ceiling All Greek To Public, Ruptured MT Pipeline Was Shut Down Before

Monday, July 4, 2011, 9:41 AM
  • Lives, Fortunes and Honor
  • S.&P. Warns Bank Plan Would Cause Greek Default
  • Hedge Funds Seeking Gains in Greek Crisis
  • Dodger Mania
  • U.S. Debt Ceiling: It's All Greek To The Public
  • Addicts And Pushers
  • Fed Behaving Dangerously, Fed President Says
  • Syrian Troops in Tanks Enter Northern Village
  • Ruptured Montana Pipeline Was Shut Down Before

Crash Course DVDThe Special Edition DVD, in a unique 3-disc format with presenter’s pack to guide live showings. (NTSC or PAL)

Economy

Lives, Fortunes and Honor (Claire H.)

Monday is the 235th anniversary of the signing of the American Declaration of Independence. As such, I'm dispensing with the regular, weekend chart update. Today, I'd like you to consider the words of The Declaration as well as the events that led to its signing.

S.&P. Warns Bank Plan Would Cause Greek Default (jdargis)

The rating agency also said it was cutting its long-term rating on Greece three notches deeper into junk territory, to CCC from B.

Euro-zone finance ministers agreed over the weekend to provide Athens with financing of €8.7 billion, or $12.6 billion, from the €110 billion bailout agreed to last year, to help the Greek government function through the summer. The new aid eliminates the prospect of a near-term default.

Hedge Funds Seeking Gains in Greek Crisis (jdargis)

“The volatility in the market gave us the opportunity to buy a number of stocks of European banks and insurance companies where we think there is tremendous value and the risk of systemic meltdown was very low,” said Eric Halet, a co-founder of the fund.

As Greece’s fiscal turmoil has rattled global equity, bond and currency markets, hedge funds have scrambled to figure out how to make the big score.

Dodger Mania (jdargis)

Greece, it seems, has struggled with the first rule of a healthy tax system: enforce the law. People are more likely to be honest if they feel there’s a reasonable chance that dishonesty will be detected and punished. But Greek tax officials were notoriously easy to bribe with a fakelaki (small envelope) of cash. There was little political pressure for tougher enforcement. On the contrary: a recent study showed that enforcement of the tax laws loosened in the months leading up to elections, because incumbents didn’t want to annoy voters and contributors. Even when the system did track down evaders, it was next to impossible to get them to pay up, because the tax courts typically took seven to ten years to resolve a case. As of last February, they had a backlog of three hundred thousand cases.

    Crash Course DVDThe Special Edition DVD, in a unique 3-disc format with presenter’s pack to guide live showings. (NTSC or PAL)

U.S. Debt Ceiling: It's All Greek To The Public (June C.)

In Greece, demonstrators are protesting austerity measures enacted to secure emergency funding from Greece's European Union partners. No one believes such measures or emergency funding will solve the country's chronic national debt, which exceeds 155 percent of gross domestic product and is projected to increase next year to 170 percent.

Addicts And Pushers (Phil H.)

Today we have an entire “industry” which – with government encouragement and protection – rakes in money by getting people hooked on debt that they have no chance of ever repaying. Sub-prime mortgages, NINJA loans, Home Equity Lines of Credit, credit card debt, title loans, payday loans… “Here kid, sign here – It’ll make you feel good. All your friends are doing it. You can pay me later.”

Fed Behaving Dangerously, Fed President Says (Brock H., podcast)

On today's Planet Money, we talk to the one guy who, meeting after meeting, cast the lone "no" vote: Thomas Hoenig, president of the Kansas City Fed.

Hoenig thinks the Fed is repeating mistakes of the past, keeping interest rates too low for too long. That risks creating another bubble — and another crash, he says.

Syrian Troops in Tanks Enter Northern Village (jdargis)

The uprising against President Bashar Assad has proved remarkably resilient, lasting nearly four months despite a deadly government crackdown that has brought international condemnation and sanctions. Assad is facing the most serious challenge to his family's four-decade ruling dynasty in Syria.

Activists say security forces have killed more than 1,400 people — most of them unarmed protesters — since mid-March. The regime disputes the toll, blaming "armed thugs" and foreign conspirators for the unrest.

Environment

Ruptured Montana Pipeline Was Shut Down Before (jdargis)

An Exxon Mobil pipeline that ruptured late Friday along the Yellowstone River in south-central Montana, spilling crude oil into the river and forcing evacuations, had been shut down for one day in May because of concerns over the rising waters on the Yellowstone, the company said Sunday.

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9 Comments

jeaninedargis's picture
jeaninedargis
Status: Bronze Member (Offline)
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Posts: 28
Happy Independence Day!

Happy 4th Of July to our American readers!

Sincerely,

Your Faithful Daily Digest Moderator

Tommygun's picture
Tommygun
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Posts: 65
Lives, Fortune, and Honor

Lives, Fortune, and Honor....Thankyou for posting this article. I read the entire thing and am greatly moved by dedication of the founders of this great nation. I would want to believe that all members of Congress and the Senate hold these same ideals and have the same passion for freedom that our early founders had.  What a beautiful inspiring article.Thanks. It is a must read on the 4th of July.

Tom

VeganDB12's picture
VeganDB12
Status: Platinum Member (Offline)
Joined: Jul 18 2008
Posts: 731
Thank you Jeanine, and to

Thank you Jeanine, and to you and the CM communicty in the US as well.  While we're at it, I appreciate all the work you do for the
DD.

take care

Denise

Tim_P's picture
Tim_P
Status: Gold Member (Offline)
Joined: Feb 23 2009
Posts: 298
Lives, Fortune, and Honor

I'll echo Tom's comments on the Lives, Fortune, and Honor article.  It should be a must read for every 4th of July.  Thank you for posting that.  We need to be reminded from time to time, of the price paid by our founding fathers in giving us liberty.  There are not enough people who appreciate what we were handed and have a duty to sustain.

A bit of perspective:  A good friend of ours is teaching art a summer program to at-risk inner city kids from 5 to 10 years old.  When asked on Friday why we celebrate the 4th of July, not a one of them knew.  A couple thought it was when Columbus discovered America.  Reading this article and a reading of the Declaration of Independance should be tradition in American families.  We need that to happen to help our kids understand what we have, so they will be prepared to bear the torch when passed to them.

Tim

 

 

jumblies's picture
jumblies
Status: Silver Member (Offline)
Joined: Jun 13 2010
Posts: 244
Re: Dodger Mania

People are more likely to be honest if they feel there’s a reasonable chance that dishonesty will be detected and punished.

Depends who defines "honest", who pays for any transgressions and whether the rule of law governing the previous 2 dependencies is uniformly and justly applied or whether the predominant "rule" is used.

If you can afford the right lawyer(s), you can afford to change the law.

 

Poet's picture
Poet
Status: Diamond Member (Offline)
Joined: Jan 21 2009
Posts: 1891
Fact-Checking Limbaugh's "Lives, Honor, and Fortune"

I was deeply moved by the story. Our foundinf fathers were indeed great men in every sence. I do not believe you would find such men today amongst the ranks of our wealthy and powerful.

Then I thought about it some more and remembered that Rush Limbaugh is known for mixing in some half-truths and sometimes even outright falsehoods (others might say mistakes) into his stories. So I did some Snoping. Turns out there was a similar e-mail that was going around back in 1999. (I wonder if that was Limbaugh's "source" for his 2010 article.)

The Price They Paid
http://www.snopes.com/history/american/pricepaid.asp

Yep. Some truths, some half-truths, and some outright falsehoods. Overall the hardships were genuine and these men truly did pledge their lives, honor, and fortune. Many suffered deeply personal and familial losses - because of the war they were committed to (as did other non-signers), not specifically due to having been signers of the Declaration of Independence. Their stories don't need to be embellished so floridly.

Poet

gregroberts's picture
gregroberts
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Joined: Oct 6 2008
Posts: 1024
Lives, Fortunes and Honor

Then I thought about it some more and remembered that Rush Limbaugh is known for mixing in some half-truths and sometimes even outright falsehoods (others might say mistakes) into his stories. So I did some Snoping. Turns out there was a similar e-mail that was going around back in 1999. (I wonder if that was Limbaugh's "source" for his 2010 article.)

 

From Lives, Fortunes and Honor

Below is the best summary I have ever found on the history of America's "Founding Fathers". It was written some fifty years ago by the father of radio host Rush Limbaugh. Regardless of your opinion of Rush the Third, please take a few moments to read and reflect upon the words and wisdom of Rush the Second. A link to the full page is here:

SingleSpeak's picture
SingleSpeak
Status: Gold Member (Offline)
Joined: Nov 30 2008
Posts: 496
Can someone just give them an "F" and get it over with?

S.&P. Warns Bank Plan Would Cause Greek Default (jdargis)

The rating agency also said it was cutting its long-term rating on Greece three notches deeper into junk territory, to CCC from B.

Euro-zone finance ministers agreed over the weekend to provide Athens with financing of €8.7 billion, or $12.6 billion, from the €110 billion bailout agreed to last year, to help the Greek government function through the summer. The new aid eliminates the prospect of a near-term default.

Poet's picture
Poet
Status: Diamond Member (Offline)
Joined: Jan 21 2009
Posts: 1891
Just Saying It As I See It

GregRoberts

Yes, I did read it. Thanks for pointing out that it was his father who wrote it. i must have misssed that.

However, my point still stands that the story was embellished, liberty was taken with the truth. Just taking one example, John Hart's wife had already died the month before the Briths came - most of his children were adults already, not living with him.  Nelson's residence wasn't destroyed "to bits" - it's still standing today, preserved in a park.

Anyways, as I wrote, "Some truths, some half-truths, and some outright falsehoods. Overall the hardships were genuine and these men truly did pledge their lives, honor, and fortune. Many suffered deeply personal and familial losses - because of the war they were committed to (as did other non-signers), not specifically due to having been signers of the Declaration of Independence. Their stories don't need to be embellished so floridly."

Poet

gregroberts wrote:

Then I thought about it some more and remembered that Rush Limbaugh is known for mixing in some half-truths and sometimes even outright falsehoods (others might say mistakes) into his stories. So I did some Snoping. Turns out there was a similar e-mail that was going around back in 1999. (I wonder if that was Limbaugh's "source" for his 2010 article.)

 

From Lives, Fortunes and Honor

Below is the best summary I have ever found on the history of America's "Founding Fathers". It was written some fifty years ago by the father of radio host Rush Limbaugh. Regardless of your opinion of Rush the Third, please take a few moments to read and reflect upon the words and wisdom of Rush the Second. A link to the full page is here:

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