Daily Digest

Daily Digest - August 26

Wednesday, August 26, 2009, 11:06 AM
  • Slime Oozing Over The Hill (Video, Jim the Realtor)
  • Colorado Springs police may sell seized firearms
  • Job Creation?
  • Millions Face Shrinking Social SecurityPayments
  • Toxic Waste Becomes Triple-A Again…
  • "Get Shorty" (List of banks holding companies ranked by CRE)
  • THE FEDERAL RESERVE MUST DIE
  • King/Grayson Interview (Audio, H/T Inverstorzzo)
  • Buffett Banana Republic (Video on page, H/T Investorzzo)

Economy

Slime oozing over the hill (Video, Jim the Realtor)

Colorado Springs police may sell seized firearms

The Colorado Springs City Council is expected in coming weeks to approve the final details of a program that would allow the Police Department to sell confiscated firearms to federally licensed gun dealers. Police have already stopped melting down the hundreds of guns they collect from crime scenes, drug houses or civilians who don't need them anymore.

Job Creation?

Readers throughout the country expressed outrage that Mrs. Obama would hire an unprecedented number of staffers in the midst of the Great Recession.

Millions face shrinking Social Security payments

WASHINGTON (AP) - Millions of older people face shrinking Social Security checks next year, the first time in a generation that payments would not rise. The trustees who oversee Social Security are projecting there won't be a cost of living adjustment (COLA) for the next two years. That hasn't happened since automatic increases were adopted in 1975.

Toxic Waste Becomes Triple-A Again…

Get a load of this nonsense and I guarantee you will be left shaking your head.

"Get Shorty" (List of banks holding companies ranked by CRE

THE FEDERAL RESERVE MUST DIE

“Paper money eventually returns to its intrinsic value ---- zero.” – Voltaire

King/Grayson Interview (Audio, H/T Inverstorzzo)

Buffett Banana Republic (Video on page, H/T Investorzzo)

16 Comments

timG's picture
timG
Status: Member (Offline)
Joined: Apr 22 2009
Posts: 15
Re: Daily Digest - August 26

CDOs have reared their ugly head again!

But what about CDSs? (Credit Default Swaps). There is a second tsunami on its way. Run! 

cannotaffordit's picture
cannotaffordit
Status: Gold Member (Offline)
Joined: Jun 12 2008
Posts: 273
Re: Daily Digest - August 26

It was a fun reprieve from all the bad news to hear the temptations again.  One line in their song seemed so appropriate to me.   I think our government has already made love to us, if you get my drift. Sealed

cannotaffordit's picture
cannotaffordit
Status: Gold Member (Offline)
Joined: Jun 12 2008
Posts: 273
Re: The Federal Reserve Must Die

Have any of you ever really looked at one of those pictures of Bernanke, when he stares straight ahead with his steely look, and wondered just what is going on in his head?

My own guess is that he thinking something like this.  "I have to tolerate these ignorant b - - - - - - - who are asking me questions, but they don't really have a clue about anything I'm in charge of.  Oh well I don't have to listen;  I can just answer 'I don't know' " and that will end the exchange between them and me."

OR,

"I have to go through this stupid questioning farce to make the American people think congress is on the job,  when both the congressional questioner, and I, both know that it won't amount to anything anyway, because we own them.  It's just a game we are playing here, with the exception of that fellow, Ron Paul.  He irks me."

DavidLachman's picture
DavidLachman
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Joined: Jul 4 2008
Posts: 153
Re: Daily Digest - August 26

There is a lot of hype out there about the Obama's pro and con, but facts can't be changed as easily as beliefs or values.  Michelle apparently has about the same number of staffers as the last two first ladies.  To call them servants is also a little misleading.  Factcheck.org does a good job explaining this one:

http://factcheck.org/2009/08/michelle-obamas-staff/

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - August 26
DavidLachman wrote:

There is a lot of hype out there about the Obama's pro and con, but facts can't be changed as easily as beliefs or values.  Michelle apparently has about the same number of staffers as the last two first ladies.  To call them servants is also a little misleading.  Factcheck.org does a good job explaining this one:

http://factcheck.org/2009/08/michelle-obamas-staff/

I just skimmed this, didn't see cost/saleries. Also question the economic times of present. When we are cash poor we don't even vacation. 35k a week vacations when people are facing eviction and the economy is in chaos I can't comprehend. I didn't vote for him or McCain. I did vote. I'm not bashing the man politically.

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: The Federal Reserve Must Die
Ben A wrote:

Have any of you ever really looked at one of those pictures of Bernanke, when he stares straight ahead with his steely look, and wondered just what is going on in his head?

My own guess is that he thinking something like this.  "I have to tolerate these ignorant b - - - - - - - who are asking me questions, but they don't really have a clue about anything I'm in charge of.  Oh well I don't have to listen;  I can just answer 'I don't know' " and that will end the exchange between them and me."

OR,

"I have to go through this stupid questioning farce to make the American people think congress is on the job,  when both the congressional questioner, and I, both know that it won't amount to anything anyway, because we own them.  It's just a game we are playing here, with the exception of that fellow, Ron Paul.  He irks me."

His voice cracks. This was not the case before. I think he is very afraid. I wonder what his long term plan is if this doesn't (and it won't) end favoribly.

Mike Pilat's picture
Mike Pilat
Status: Platinum Member (Offline)
Joined: Sep 8 2008
Posts: 929
Re: Daily Digest - August 26

I wonder how satisfied Bernanke's masters are with the job he is doing? I would not be sleeping easy if I were Bernanke. I'd be looking into bulletproof vests.

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - August 26
Mike Pilat wrote:

I'd be looking into bulletproof vests.

I would also. But the crackling voice leads me to believe just the opposite. I might be wrong, but I think the only reason he ran again is that he is hoping against the odds that this will end okay and if it doesn't skelitons are going to tumble out of the closet.

Davos's picture
Davos
Status: Diamond Member (Offline)
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Posts: 3620
Re: Daily Digest - August 26

double post

Mike Pilat's picture
Mike Pilat
Status: Platinum Member (Offline)
Joined: Sep 8 2008
Posts: 929
Re: Daily Digest - August 26

This recent interview with Timothy Geithner is an absolute must see: http://digg.com/dialogg/Timothy_Geithner_1

Geither: Auditing the Federal Reserve is "a line we don't want to cross"

Although this is a WSJ interview, the questions were submitted and voted on by Digg. The reason I submit the Digg link is because it enables you to see the top questions below and see how many votes each one got. Perhaps the Digg community is just stacked with Ron Paul type supporters but there seems to be a very clear theme to the questions being voted on to be asked to Turbo Timmy.

His ridiculous responses are further evidence of the interlocked interests running the show.

 

idoctor's picture
idoctor
Status: Diamond Member (Offline)
Joined: Oct 4 2008
Posts: 1731
Re: Daily Digest - August 26

Peter SChiff on Big Ben

 Peter Schiff on aljazeera Riz Khan Global recession 24 Aug 09

reistr's picture
reistr
Status: Bronze Member (Offline)
Joined: Jul 15 2008
Posts: 50
Re: Daily Digest - August 26

Davos, here is an interesting article on how the Canadian dollar is reacting to the US printing presses.

http://ca.news.yahoo.com/s/capress/090826/business/boc_dollar

I hope we don't decide to start printing along.

Ken C's picture
Ken C
Status: Platinum Member (Offline)
Joined: Feb 13 2009
Posts: 753
Re: Daily Digest - August 26

I could not even watch all of the interview with Timmy. He does not answer the questions. He simply talks around them and offers no real information. What is the FED hiding?

 

Ken

 

cannotaffordit's picture
cannotaffordit
Status: Gold Member (Offline)
Joined: Jun 12 2008
Posts: 273
Re: Daily Digest - August 26

I just realized that I am a big guy, with Ben as my name.  Given the amount of negative the kook from the Fed has been getting - "Big Ben" -  I think it is time I changed my name.  Stay tuned.  Frown

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - August 26

Good Things Happen to Good People: Federal Reserve Chairman Hit by High-Tech Pickpocket Ring

According to Newsweek, last summer, just as Bernanke was beginning to deal with the first round of the financial crisis that struck Wall Street and the banking industry, he learned that his wife’s purse had been snatched by a thief. Anna Bernanke was at a Starbucks near Capitol Hill when the crook grabbed her purse from the back of her chair. It contained a checkbook for the couple’s joint Wachovia bank account, as well as her driver’s license, Social Security card, and four credit cards. The checks listed the couple’s bank account number, name, home address and phone number.

Six days later a suspect named George Lee Reid entered a Bank of America branch in Prince George’s County and posed as another identity-theft victim, identified in a federal affidavit as “K.N.”, who had previously reported his wallet stolen.

Reid allegedly deposited two fraudulent checks in the amount of $900 into K.N.’s bank account — one of which was a check from Bernanke’s checkbook. Once the checks were deposited, he then allegedly cashed two other fraudulent checks in the amount of $4,500 that were made out to K.N. from a third victim. He left the bank with $9,000 in cash, according to court records. Bernanke, who had reported the theft, suffered no financial loss, according to Newsweek.

Damnthematrix's picture
Damnthematrix
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 3998
Backwardation In Soybean And Sugar Confirms Imminent Food Crisis

Blogger Eric deCarbonnel says various food futures will default, leading
to panic hoarding and eventually to the collapse of the US financial
system.

Backwardation indicates supply for immediate delivery (as shown by the
spot price) is tight compared to delivery in the future (futures prices).

Normally futures markets are in contango (futures are cheaper) as storing
physical commodities for future delivery costs money.

http://www.marketskeptics.com/2009/08/backwardation-in-soybean-and-sugar.html

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