Daily Digest

Daily Digest 9/12 - Fresh Worries About Europe Shake Markets, How To Beat Terrorism, Fukushima Disaster Not Over Yet

Monday, September 12, 2011, 10:44 AM
  • The Great Prosperity vs. The Great Regression
  • Fresh Worries About Europe Shake Global Stock Markets
  • Market Swings Are Becoming New Standard
  • A Decade After 9/11: We Are What We Loathe
  • How To Beat Terrorism: Refuse To Be Terrorized
  • Around The World On Solar Power Alone
  • Fukushima Disaster: It's Not Over Yet
  • Just Try Topping This ‘When I Was Your Age’ Tale
  • Scores Dead In Kenyan Pipeline Fire

Learn how to protect your wealth against the Three E forces using our 'What Should I Do?' guide

Economy

The Great Prosperity vs. The Great Regression (jdargis)

Pay rose with productivity ... then it didn't.

Fresh Worries About Europe Shake Global Stock Markets (jdargis)

Stocks on Wall Street opened lower but quickly turned around. The Standard & Poor’s 500-stock index was up a fraction to 1,154.29 in the first half-hour of trading. The Dow Jones industrial average lost 0.3 percent to 10,963.11, and the Nasdaq composite index gained 0.3 percent to 2,476.21.

Market Swings Are Becoming New Standard (jdargis)

It has become more likely for stock prices to make large swings — on the order of 3 percent or 4 percent — than it has been in any other time in recent stock market history, according to an analysis by The New York Times of price changes in the Standard & Poor’s 500-stock market index since 1962.

A Decade After 9/11: We Are What We Loathe (Margo B.)

We could have gone another route. We could have built on the profound sympathy and empathy that swept through the world following the attacks. The revulsion over the crimes that took place 10 years ago, including in the Muslim world, where I was working in the weeks and months after 9/11, was nearly universal. The attacks, if we had turned them over to intelligence agencies and diplomats, might have opened possibilities not of war and death but ultimately reconciliation and communication, of redressing the wrongs that we commit in the Middle East and that are committed by Israel with our blessing. It was a moment we squandered.

How To Beat Terrorism: Refuse To Be Terrorized (jdargis)

There is only one kind of terrorism that actually is a major threat: nuclear terrorism. And there, the U.S. has shamefully underreacted. It’s a travesty that there’s unsecured nuclear material in this day and age, and the Obama administration’s efforts to secure it, however incomplete, deserve credit. But notice that’s a problem about unsecured nuke material, not al-Qaida. Lock up the loose nukes — and yes, that’s difficult — and there’s no nuclear terrorism. What’s more, the difficulty of al-Qaida acquiring that material, even with its ties to the spy service of nuclear Pakistan, is reflected in the fact that al-Qaida’s most ambitious plots now involve … car bombs.

Energy

Around The World On Solar Power Alone (jdargis)

Lithium-ion batteries store energy collected by the panels, allowing the vessel to sail even when there is no sun. Software specifically designed for the craft allows the team to work out the most energy-efficient route and speed, factoring in sunlight, waves and wind.

“What they are doing is brilliant — it gets people to think,” said Arthur Bowring, managing director of the Hong Kong Shipowners Association, one of the largest associations of its kind.

Environment

Fukushima disaster: it's not over yet (Christine R.)

Reiko went on to describe how everything had changed in the wake of the nuclear accident in Fukushima the previous month. Daily life felt like science fiction. She always wore a mask and carried an umbrella to protect against black rain. Every conversation was about the state of the reactors. In the supermarket, where she used to shop for fresh produce, she now looked for cooked food – "the older, the safer now". She expressed fears for her son, anger at the government and deep distrust of the reassuring voices she was hearing in the traditional media. "We are misinformed. We are misinformed," she repeated. "Our problem is in society. We have to fight against it. And it seems as hard as the fight against those reactors."

Just Try Topping This ‘When I Was Your Age’ Tale (jdargis)

“Since Vermont got hit by the storm, people think we couldn’t, but we do.” And what townspeople do and have done is a thing to behold: they have taken that quiet trail and in two weeks’ time turned it into the I-95 of wooded paths. More than a 1,000 people a day now walk it to get to their jobs and go food shopping on the other side. So many cars line Helvi Hill, the dirt road leading to the path on this side, that handwritten no parking signs have been posted to make sure the road stays passable.

There are also signs that say the path is open only from 7 a.m. to 7 p.m.

Scores Dead In Kenyan Pipeline Fire (jdargis)

The cause of the explosion, which erupted in an industrial area of Nairobi, Kenya’s capital, called Sinai, has not yet been determined. A police spokesman, Charles Owino, told Reuters that the fuel appeared to have ignited after a cigarette was tossed into the open sewer that flows through the slum.

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."

8 Comments

saxplayer00o1's picture
saxplayer00o1
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saxplayer00o1's picture
saxplayer00o1
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Posts: 4147
Bank of America will cut 30,000 jobs

 

 

"In their latest forecast, top economists with the National Association for Business Economics predict that the economy will grow 1.7 percent this year -- down from the group's May prediction of 2.8 percent expansion. For 2012, the group is forecasting growth of 2.3 percent, compared to a May forecast of 3.2 percent growth."

 

 

Bank of America will cut 30,000 jobs

Travlin's picture
Travlin
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Thanks Jdargis

The Great Prosperity vs. The Great Regression

https://www.nytimes.com/imagepages/2011/09/04/opinion/04reich-graphic.html

The first item in the Daily Digest is one of the most impressive graphical presentations I’ve ever seen. It summarizes reliable data I have found from many sources.  The box in the lower right corner provides the key to why our economy is struggling, and why things will not get better any time soon. This is ideal for showing other people the true nature of our situation.

One caveat. It shows a slight increase in compensation since a peak in 1979. A different measure, household income, peaked in 1973 and has been flat ever since.

Thanks Jdargis

Travlin

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4147
Greece Default Risk Jumps to 98%

 

Greece Default Risk Jumps to 98%
 

Damnthematrix's picture
Damnthematrix
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Bank of America slashes jobs

Bank of America slashes jobs
North America correspondent Lisa Millar

http://www.abc.net.au/news/2011-09-13/bank-of-america-cuts-jobs/2882394

The Bank of America plans to cut 30,000 jobs over the next few years as part of a cost-cutting measure.

The announcement came as president Barack Obama urged Congress to pass his jobs package.

The Bank of America is one of the US's largest financial employers, and its decision to cut 10 per cent of its staff is expected to produce $US5 billion in savings.

The bank's announcement came minutes after the US president spoke about his efforts to increase employment.

Mr Obama is urging Congress to pass his jobs plan, but the only thing that is stopping it is politics.

US unemployment remains at 9.1 per cent with 14 million Americans out of work.

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Woodman
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Posts: 1028
Travlin wrote:   The Great
Travlin wrote:

 

The Great Prosperity vs. The Great Regression

https://www.nytimes.com/imagepages/2011/09/04/opinion/04reich-graphic.html

The first item in the Daily Digest is one of the most impressive graphical presentations I’ve ever seen. It summarizes reliable data I have found from many sources.  The box in the lower right corner provides the key to why our economy is struggling, and why things will not get better any time soon. This is ideal for showing other people the true nature of our situation.

One caveat. It shows a slight increase in compensation since a peak in 1979. A different measure, household income, peaked in 1973 and has been flat ever since.

Thanks Jdargis

Travlin

 

Here's the article written by Robert Reich that goes along with that graphic.

http://www.nytimes.com/2011/09/04/opinion/sunday/jobs-will-follow-a-strengthening-of-the-middle-class.html?scp=2&sq=the%20great%20regression%20september%204&st=Search

He suggests the politics that allowed a growing concentration of of income in the top 5% of richest people has hurt the middle class and the economy for all.

THE 5 percent of Americans with the highest incomes now account for 37 percent of all consumer purchases, according to the latest research from Moody’s Analytics. That should come as no surprise. Our society has become more and more unequal.

When so much income goes to the top, the middle class doesn’t have enough purchasing power to keep the economy going without sinking ever more deeply into debt — which, as we’ve seen, ends badly. An economy so dependent on the spending of a few is also prone to great booms and busts. The rich splurge and speculate when their savings are doing well. But when the values of their assets tumble, they pull back. That can lead to wild gyrations. Sound familiar?

Travlin's picture
Travlin
Status: Diamond Member (Offline)
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Posts: 1322
Thanks

Thanks Woodman.  I'm not in agreement with the solutions he proposes, but the analysis of the problem largely fits the data.

Travlin 

Woodman's picture
Woodman
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Posts: 1028
Robert Reich article

I don't always agree with everything he says either' I think income inequality is a piece of the puzzle but there are other factors potentially limiting economic growth too, as noted in the Crash Course, like availability of cheap energy and resources, demographic shifts, etc. that should be considered even if the middle class spending power was still there. Tom

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