Daily Digest

Daily Digest 8/13 - Housing Seekers Injured, Keiser & Black, Oil Troubles In Norway

Friday, August 13, 2010, 9:46 AM
  • Housing Crisis Reaches Full Boil In East Point; 62 Injured
  • Keiser Report – Markets! Finance! Tier Terra!
  • Manic Over, Depression Sets In
  • Fiscal Fundamentalists: Austerity Or Stimulus?
  • Lower, Not Hire 
  • Record Low Interest Rates Creates Trouble For The Norwegian Petroleum Fund
  • Industrial Dairy Farming: Not Like Grandad's Day
  • Gulf of Mexico `Dead Zone' Grows as Spill Impact Is Studied

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Housing Crisis Reaches Full Boil In East Point; 62 Injured (VeganD)

At the Tri-Cities Plaza Shopping Center, emergency vehicles passed each other, transporting 20 people to hospitals. Medical and police command posts were set up on scene. East Point police wore riot gear. Officers from four other agencies supported them. Yet no arrests were made.

All of this resulted from people attempting to obtain Section 8 housing applications and, against long odds, later securing vouchers for affordable residences. Some waited in line for two days for the applications.

Keiser Report – Markets! Finance! Tier Terra! (Crash Watcher)

We look at Tier Terra and future crimes. In the second half of the show, Max talks to former banking regulator William K. Black about rackets and fraud in the financial sector.

Manic Over, Depression Sets In (Ilene)

The front page of the WSJ is not much better with the headline: “ECB Warns on Economic Recovery” along with their very accurate Page 1 print headline: ”Markets Swoon on Fears.” Of course, if you actually read the ECB article, you’ll find what they actually said is “The sustainability of the recovery in global and euro-area trade will depend critically not only on a further strengthening of private demand, but also on the robustness and health of the global financial system” IN THE CONTEXT of an article analyzing the collapse of global trade in the wake of the 2008 financial crisis.

Fiscal Fundamentalists: Austerity Or Stimulus? (jdargis)

Mr Hagist is an exponent of “generational accounting”, a method pioneered by Larry Kotlikoff of Boston University, among others. Through this lens, the rich world’s public finances look dire indeed. Writing in the Financial Times last month, Mr Kotlikoff declared that America was in worse fiscal shape than Greece.

    Crash Course DVDThe deluxe Crash Course DVD: a fantastic tool to align your community (NTSC or PAL)

Lower, Not Hire (jdargis)

Severe recessions typically produce strong labour-market recoveries. Employment sprang back by 3.5% in the 12 months following the end of the deep 1981-82 downturn. When the economy started growing again in March 1933 the employment bounceback was springier still. No such turnaround has emerged this time. The American economy has seen downturns this severe and recoveries this jobless but never the one on top of the other.


Record Low Interest Rates Creates Trouble For The Norwegian Petroleum Fund (Asbjørn S.)

[translated from the Norwegian]

What is the challenge today with regard to future returns, they have on government bonds. A return of 0.5 percent on the short papers and 1.5 to 2 percent on the long papers for not even a positive real return. The future you see the challenges here, "Slyngstad to E24 after Friday's presentation of the results to the Norwegian Petroleum Fund for the second quarter of 2010.


Industrial Dairy Farming: Not Like Grandad's Day (jdargis)

The new dairy takes this trend to its ultimate conclusion. Nocton argues that the scale of its operation will allow it to turn a profit in a part of the country that, because of its relative dryness, has had little in the way of dairy farming. It promises jobs for around 85 local people, as well as a visitors’ centre for the curious.

For the locals, many of whom are less than thrilled by the notion, one worry is the quantities of waste the dairy will produce each day. As in America, this will be stored in special “slurry lagoons”, before being spread on fields.

Gulf of Mexico `Dead Zone' Grows as Spill Impact Is Studied (joemanc)

The dead zone, which occurs in Gulf waters in summer and is unrelated to BP Plc’s oil spill, covers an area twice as large as last year, according to a National Oceanic and Atmospheric Administration study released this week. The low-oxygen area this year is the fifth-largest since measurements began in 1985.

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."


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Re: Daily Digest 8/13 - Housing Seekers Injured, Max Keiser ...

"KUALA LUMPUR, Malaysia — A Malaysian state's attempt to revive use of gold and silver coins common in early Islamic societies has run afoul of the country's central bank, which said Friday that local governments have no authority to issue their own currency.The gold dinar and silver dirham coins provide an alternative to Malaysia's currency, the ringgit, in the northeastern state Kelantan, which is governed by the Pan-Malaysian Islamic Party, a conservative opposition group that promotes religious policies in its rule.The gold dinar was the official currency of Muslim societies for centuries. The value of the coins used in Kelantan can fluctuate according to market prices, but officials say it remains a better alternative to currency affected by the U.S. dollar and other foreign currency.Kelantan authorities also say the use of such coins is encouraged in the Quran."

"In a basement office that serves as a police headquarters and community center, Oakland Chinatown leaders pored over maps of the neighborhood with representatives from a private security firm last week.

“Many of our merchants are already installing cameras,” said Carl Chan, the chairman of the Chinatown Chamber of Commerce, outlining in highlighter the several blocks that form the core of the area. “Eventually, we will be hiring security guards to patrol Chinatown.”

In the wake of the city’s laying off 80 police officers last month, Chinatown is leading a new trend in the crime-ridden city: an increase in privately financed public safety. Mr. Chan has asked every business owner to install a street-facing camera. A new Chinatown security force, perhaps staffed by armed guards, could be on the streets as soon as next month, he said.

The layoffs, which helped close a budget deficit of more than $30 million, eliminated a community-policing program that assigned officers to walk their beats and attend neighborhood meetings. Now some residents are pooling resources to restore a law-enforcement presence. The affluent Montclair District in the Oakland Hills and the Kings Estates neighborhood in East Oakland are also looking into private patrols.

Experts say the combination of police and private security that Chinatown is pursuing reflects a new approach to public safety. "

"OLYMPIA — Across-the-board cuts in state spending are all but certain this year despite $540 million in federal aid approved by Congress earlier this week.

Gov. Chris Gregoire said Thursday that tax collections in June and July were about $125 million below projections.

And she expects the state revenue forecast next month will predict more declines ahead.

The governor is telling state agencies to prepare for cuts of between 4 and 7 percent, which at the high end could mean whacking up to $500 million from the state budget between October and the end of the fiscal year next June.

"This recession is unlike anything any of us have experienced. The worst in 80 years. It's pouring down rain, so we have exhausted our rainy-day fund," Gregoire said at a news conference.

She said steps to reduce spending could mean "we're going to see the end of programs. Not the cutting of a program, but the end of programs ... . No more podiatry. No more dental services. No more vision services. Those are the kinds of cuts.""

...................3A) $51M to be cut from state welfare aid (Washington)

  • Other news and headlines:

Brazil central bank pares dollar holdings in 2009

Gary Shilling Sees 10 Years of Low Growth + Rising Unemployment (Tech Ticker video)

Debt costs rise on Irish, Greek fears and Ireland stokes euro-zone debt fears

Austerity hits Greek economy harder than forecast

Italian Debt Demand Declines at Auction of 2015 and 2025 Bonds

Currencies: Race to the bottom (The Economist)

Russia lost quarter of grain crop: Medvedev

Florida Everglades Plan Shrinks on Thwarted Bond Sale

Germany regrets Slovak move against Greek aid-paper

Central Banks in Europe Said to Have Purchased Irish Notes; Yields Decline

PBGC takes over Sun-Times pensions

Moody's: Rate of loss on CMBS surged in 2Q

Teachers accepting lowest raise percentages in 30 years, association says (NJ)

Seniors of Color Hit Hard by Economic Insecurity

2 quick Lotto Texas winners put state in bind

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Re: Daily Digest 8/13 - Housing Seekers Injured, Keiser & ...

Heres an interesting article on quantative easing. 

Ed. Note: We do not support links to sites that violate copyright issues or blur the lines of authorship through lack of attribution.  Link has been removed and no further links to this site will be approved or allowed.

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Re: Daily Digest 8/13 - Housing Seekers Injured, Keiser & ...

Pimco Total Return Fund Cuts US Government Debt Weighting to 54% From 63% (Story Developing—Click for Bond Prices)

US Treasuries

    3-Month T-Bill
    6-Month T-Bill
    2-Yr T-Note
    5-Yr T-Note
    10-Yr T-Note
    30-Yr T-Bond
    London Treasuries (Gilt)
    2 Yr London Gilt
    5 Yr London Gilt
    10 Yr London Gilt
    30 Yr London Gilt
    German Treasuries (Bund)
    Bund 10 Yr Yield
    Bund 20 Yr Yield
    Bund 30 Yr Yield


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Re: Daily Digest 8/13 - Housing Seekers Injured, Keiser & ...
Dirty fuels 'could follow' peak oil - Rising oil prices could lead to an increase in the use of 'dirty fuels' unless policy measures are taken to intervene, a leading scientist has said.  Writing in the forthcoming edition of Public Service Review: Science and Technology, Daniel Kammen, professor of energy at the University of California, warned that vast quantities of 'unconventional' oil resources could be exploited as crude oil reserves dwindle.  Kammen pointed to extraction techniques, such as from shale rock and the Fisher-Tropsch process – where coal is turned into oil – that could increase potential oil reserves substantially.  "The resource is an estimated 30 – 40 times larger than the oil resource we have exploited to date," Kammen said. "And, this resource comes with an increasingly larger energy and climate penalty per barrel: if a barrel of conventional crude has a climate impact of "1", then tar sands are about 1.3 times as bad per barrel, shale oil is more than 1.7 times as bad, and oil derived from coal more than twice as bad in life-cycle per barrel."


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Re: Daily Digest 8/13 - Housing Seekers Injured, Keiser & ...

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