Daily Digest

Daily Digest - August 4

Tuesday, August 4, 2009, 10:03 AM
  • Kucinich Video, H/T Jeff Borsuk
  • Dear Ms. Bair
  • Wall Street Profits From Trades With Fed
  •  H.R. 3200 (White-paper)
  • My Old Hometown Health Care Protest, Cap and Trade
  • Austin Texas Aug 1 2009 Video, Health Care
  • Health Care Bill Explained (Bear Mountain Bill Investment Site)
  • 1.6 Trillion: Dems Win Approval Of Health Bill In Committee
  • Not About Your Bottom Line, About Our Coverage
  • FDIC Report & The Top Secret Plan C (Repost)
  • Short View: Shanghai surprise (H/T Russel)
  • As Failed Corporations are Kept Alive, the Social Safety Net Must Grow…

Economy

Kucinich Video, H/T Jeff Borsuk

Dear Ms. Bair

These include defaulted loans; there are literally millions of Americans that are living rent-free, right now, because their lender has sent out a NOD and then done nothing else, despite never paying another penny toward their mortgage.

Why is the bank doing this?

That's not hard to figure out.

If the banks foreclose and sell the property then the sale price becomes the indisputable mark to market on that paper, and avoiding that mark is absolutely critical or these banks would be forced to recognize their own insolvency.

Wall Street profits from trades with Fed

The Fed has emerged as one of Wall Street’s biggest customers during the financial crisis, buying massive amounts of securities [emphasis mine].

 H.R. 3200 (White-paper)

‘‘(D) The provision by the practitioner of a list of national and State-specific resources to assist consumers and their families with advance care planning, including the national toll-free hotline, the advance care planning clearinghouses, and State legal service organizations (including those funded through the Older Americans Act of 1965)"

‘‘(E) An explanation by the practitioner of the continuum of end-of-life services and supports available, including palliative care and hospice, and benfits for such services and supports that are available under this title."

My Old Hometown Health Care Protest, Cap and Trade Protest

Part 2, Balance the budget!

Health Care Bill Explained (Bear Mountain Bill Investment Site)

Austin Texas Aug 1 2009 Video, Health Care Protest

1.6 Trillion: Dems Win Approval Of Health Bill In Committee

The 31-28 vote in the House Energy and Commerce Committee, along party lines, was weeks later than either the White House or Democratic leaders had hoped.

Not About Your Bottom Line, About Our Coverage

The networks "absolutely" feel pressured, says Paul Friedman, CBS's senior vice president: "It's an enormous financial cost when the president replaces one of those prime-time hours. The news divisions also have mixed feelings about whether they are being used."

While it is interesting to see how a president handles questions, Friedman says, "there was nothing" at the July 22 session, which was dominated by health-care questions. "There hardly ever is these days, because there's so much coverage all the time."

FDIC Report & The Top Secret Plan C (Repost)

Either way, the GDP release tells us that commercial real estate is on precipice of implosion. Is it any wonder that the U.S. Treasury is secretly working on a preemptive bailout program called Plan C gearing up taxpayers dollars for another toxic mortgage industry that has $3 trillion in loans? The failure of 2008’s residential mortgage bailout should tell you that bailing out CRE loans is a losing cause especially for taxpayers.

The problem for commercial real estate is the shrinking demand from consumers who have now found a new form of forced austerity. With 26,000,000 Americans unemployed or underemployed the demand for armies of strip malls is no longer a pressing issue. Sure, we can offer gimmicks like cash for clunkers but where is this money coming from? Most people realize that conspicuous consumption by consumers, Wall Street, and the government led us here and our solution is more conspicuous consumption?

Short View: Shanghai surprise (H/T Russel)

The world had an echo on Wednesday of the “Shanghai surprise” that sparked the first panic of the credit crisis.

On February 26 2007, the Shanghai composite index, which had rallied for months, suddenly fell 268 points, or 8.8 per cent. A global sell-off ensued. As it turned out, the first Shanghai bubble kept inflating for six more months before popping in October 2007.

 As Failed Corporations are Kept Alive, the Social Safety Net Must Grow…

Funny, but since Chrysler was bailed out, how many new and competitive auto makers have you seen sprout up in America? None? Could it be that giving capital to companies with failed business models isn’t such a good idea (unless you are a banker who holds their debts)?

And in the end, the company with too much debt and a failed business model dies anyway sending more and more Americans into the safety net that is unemployment. The current crisis is now so large that even 79 weeks of benefits is not enough:
Prolonged Aid to Unemployed Is Running Out

Over the coming months, as many as 1.5 million jobless Americans will exhaust their unemployment insurance benefits, ending what for some has been a last bulwark against foreclosures and destitution. 

33 Comments

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Plummeting Tax Revenues Starve Government

 

Plummeting tax revenues starve government just as Obama embarks on big plans

Other figures in an Associated Press analysis underscore the recession's impact: Individual income tax receipts are down 22 percent from a year ago. Corporate income taxes are down 57 percent. Social Security tax receipts could drop for only the second time since 1940, and Medicare taxes are on pace to drop for only the third time ever.

The last time the government's revenues were this bleak, the year was 1932 in the midst of the Depression

Ahhh, a new day of the Daily Indigestion.

Thanks for your work Davos, I look forward to today's news.

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Crash Course on 24hgold

http://www.24hgold.com/english/home.aspx

The link takes you to Crash Course #10 Inflation

Ideas, analysis, and Editorials

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Re: Daily Digest - August 4

The first video is quite extraordinary. My initial reaction to hearing the amount of money above and beyond capital requirements held at the Fed is:

1. The banks are actually acutely aware that they are still insolvent and that their balance sheets are still no where near healthy enough to be lending again. Also, they must be aware that they are about to be hit by CRE and inreased unemployment and lack of dole money after 12 months.

2. The Fed is extremely worried that this money gets out into the wider economy as it will not be able to pull it back in when inflation rears its ugly head. Perhaps the Fed has given the banks a wink and a nod and told them to hold onto it.

Just goes to show that the banking crises is no where near over. Similar story here in the UK. Banks are still not lending. But boy, they are paying themselves though!

The videos with the politician in the public meeting is interesting in that the majority of the people shouting at him are on one level aware that the US's public finances are totally shot to pieces but then they seem to still demand their social security. One chap asks the politician that the country is broke and that they should balance the budget and then the politician asks him which part of the budget to cut: 'Do you want to cut social security'. Howls of anger and jeering. Well folks, you can't have it both ways! Maybe I don't have a very good handle on the whole US Health Care debate but from our experience in the UK with our National Health Service, while it is comforting to know that I don't need insurance of any kind should I need medical attention, there is no doubt that socialised medicine is EXTREMELY expensive and bureaucratic. Socialised medicine never delivers enough (the voters always want to live for ever) and it is impossible to have an itelligent debate about the issue because it is literally life and death.

One thing I would say about the politician in the videos. I take my hat of to him for keeping his cool! Is he a republican or democrat?

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Re: Daily Digest - August 4

 Hello JAG:

A pleasure to contribute to this fine site that Chris built. Take care, and good read by the way on that revenue's tanking!

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Re: Daily Digest - August 4

The videos with the politician in the public meeting is interesting in that the majority of the people shouting at him are on one level aware that the US's public finances are totally shot to pieces but then they seem to still demand their social security. One chap asks the politician that the country is broke and that they should balance the budget and then the politician asks him which part of the budget to cut: 'Do you want to cut social security'. Howls of anger and jeering. Well folks, you can't have it both ways! Maybe I don't have a very good handle on the whole US Health Care debate but from our experience in the UK with our National Health Service, while it is comforting to know that I don't need insurance of any kind should I need medical attention, there is no doubt that socialised medicine is EXTREMELY expensive and bureaucratic. Socialised medicine never delivers enough (the voters always want to live for ever) and it is impossible to have an itelligent debate about the issue because it is literally life and death. 

Really great points. I shared a lot of these thoughts. I found it funny that no one called him on Social Securty, and how it has been spent on day to day government budget items. Looted came to mind. I also wondered that if they had to rely on it if it would still be there.

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Re: Daily Digest - August 4

I broke out in to chuckles when I started to read this article. Consumer spending is "up" no wait, it's really down....The economy is turning.....no wait....incomes down.

It is worth reading the first half of this article just for the fun of it.

http://finance.yahoo.com/news/Consumer-spending-rises-in-rb-3708643583.h...

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Federal Tax Revenue-Cliff Diving and Data Hiding

 From Nate's blog:

Federal Tax Revenue-Cliff Diving and Data Hiding

Remember what Chris Martensen called good economic data? You know, data that “is not statistically massaged before release, it is not 'sampled' but rather tallied up in its entirety, and it squares up nicely with other good sources of data.”

Good Data

• Sales tax data

• Income tax data

• Truck tonnage moved

• Port shipping container traffic

• Air transport

• UPS, FedEx, and other major shippers' volume

• Corporate Revenues (just added to list)

 

Well, here’s the data from the top of the list, the only data the government releases that meets Chris’s “good” criteria.

 

And how’s it looking? Is it down the .7 or even 5% that comes out of the massaged and adjusted data? NO! It’s down, wait for it, 22% year over year for Federal individual tax receipts and it’s down a horrific 57% for Corporate Income Taxes!

 

Its good to see integration in the blogosphere...Two minds are better than one indeed.

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Re: Daily Digest - August 4

Re: Healthcare For All: You know what? Take my money (not that I agree with the premise that it's going to be more expensive after we remove that portion of healthcare costs that has nothing to do with healthcare and everything to do with supporting the insidious marketing machine and its executives), I'll scale back some single-digit % on my lifestyle--if that turns out to be horrid reality that seems to have terrified so many selfish gangs--and keep my soul.

Rah! Rah!

Stay out of healthcare.

Care for them?

Them aren't there!

You say they's dyin'? Them's children dyin'?

Hell! I can't see 'em

outs there somewhere

...from my front yard.

 

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Re: Daily Digest - August 4

In Iceland public outrage forced bank secrecy in a court case to be overruled. They even seem to have a bit of functioning media. In the States we are a bunch of sheep.... being led to slaughter...

Quote:

International

Iceland court lifts gag order after public outrage

Aug 4th, 2009 | REYKJAVIK, Iceland -- A court in Iceland lifted a gag order Tuesday that allowed Kaupthing Bank to prevent media coverage of a leaked file that discloses details of the bank's weak position shortly before it collapsed in October.

The Reykjavik district magistrate lifted the order only hours after Kaupthing itself yielded to public pressure to stop pushing for the ban. The injunction had forbidden further coverage of a risk analysis report that had been leaked via the WikiLeaks whistleblower Web site.

National broadcaster RUV reported on the leaked document, prompting wider interest in the report.

The internal document compiled for the bank's loan committee showed that Kaupthing made multiple huge loans to a number of companies that left it dangerously exposed to their potential collapse. In addition, the most important borrowers were the bank's biggest shareholders.

Other blog sites and Internet chat rooms were quick to pick up the report, which was dated Sept. 25, 2008 -- just two weeks before the bank was taken over by the Icelandic state to save it from bankruptcy.

Kaupthing said it had sought the court order to protect its customers' financial information. The report contains details on more than 200 individuals and companies, many of them still the bank's customers.

But it backed down after the ban sparked outrage in Iceland, where the public has demanded the right to know what dragged the nation into financial ruin last year. The court later accepted the bank's decision.

The chairman of the Parliament business affairs committee, Alfheidur Ingadottir, told Channel 2 news that the initial injunction was reprehensible and called for a review of the laws on bank privacy.

Kaupthing Bank Director Finnur Sveinbjornsson said that the public and political backlash had been a big factor in the bank's decision not to attempt to extend the court order.

"Media coverage over the weekend showed that there are clearly very different opinions about the laws on bank secrecy," he said, while defending the injunction as the right thing to do in the circumstances.

...more....

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Re: Kucinich in The Progressive

The Banks' Massive Theft

"Congress was taken for a ride, and the American people’s wealth went with it....

"This is a moment in American history that should not escape us. This is a massive theft that goes far beyond anything that’s ever occurred in the history of this country. What’s happening is they’re using government to accelerate the wealth upward and they’re using the Treasury to grab the resources of the public and to enable the banks to get extraordinary amounts of resources and they’re still not loaning money to let people save their homes.

We desperately need monetary reform.""

No. What we need is our money back; it's going to take more than the "R" word, "reform." We're going to need to work a little further along in the alphabet, perhaps toward concepts which start with "V". He who lives by the alphabet (think TARP,  aka: GRAB, WREST, etc. etc.), dies by the alphabet.

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How I Learned to Love Goldman Sachs

 How I Learned To Stop Worrying & Love Goldman Sachs by Max Kieser

All efforts to remove the investment banking tapeworm from our collective colon have failed, but that’s a good thing. We poked the monster at 85 Broad St. and made it angrier and greedier in ways never thought possible and daddy’s feeling fine. Ain’t no audit going on at the Fed, bud. I’m so happy I could just plotz. You’re gonna LOVE what happens next. Insatiable greed meets infinite moral hazard when Goldman eats the Fed.

Sorry if this is a repost

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Re: Daily Digest - August 4

Great, now if they could just take that forward a bit and uncover the misleading done daily by GE subsidiary CNBC...

http://www.cnbc.com/id/32283894

GE 'Misled' Public on Results, Will Pay $50 Million Fine: SEC
Published: Tuesday, 4 Aug 2009 | 11:30 AM ET
 

CNBC parent General Electric was accused by the Securities and Exchange Commission of misleading investors in 2002 and 2003 by reporting "materially false and misleading results in its financial statements."

The SEC alleges that GE

[GE  13.74    0.02  (+0.15%)   ]

"used improper accounting methods to increase its reported earnings or revenues and avoid reporting negative financial results," according to a press release.

GE has agreed to pay a $50 million penalty, without admitting or denying the accusations, to settle the SEC’s civil suit.

“GE bent the accounting rules beyond the...

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Re: Daily Digest - August 4

 These Tim Bishop videos are GREAT! Talk about hilarious...

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Re: Federal Tax Revenue-Cliff Diving and Data Hiding
JAG wrote:

 

 

Its good to see integration in the blogosphere...Two minds are better than one indeed. 

 

+ 1

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Re: Daily Digest - August 4

FED defender David Wessel's take on the crisis and Ben Bernanke - an interview on Fresh Air.

http://www.npr.org/templates/story/story.php?storyId=111493073

I thought his take on the bill to audit the FED was particularly disigenuous, and his history of banking in the US synopsis was rather incomplete... Perhaps an alternate view could be suggested for the program.

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Re: Daily Digest - August 4

These Tim Bishop videos are GREAT! Talk about hilarious... 

Hello Futuo:

New Yorkers! 

(Oppps, I lived in Setauket for 12 years)

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Panic at the Federal Reserve

Thanks again Davos for all you do.

I think this post gets to the heart of the major problem with the Fed:

http://www.washingtonsblog.com/2009/08/what-fed-is-really-trying-to-hide-in.html

Here is an excerpt  from the post  --  see the link for the embedded hyperlinks:

What the Fed is REALLY Trying to Hide In Fighting an Audit

 

75% of Americans and at least 276 Congress members and 19 Senators want to audit the Fed, but the Fed is fighting tooth and nail to keep everything hidden.

Most people assume that the Fed wants to keep secret the list of banks which received bailout money. You know, something along the lines of "we gave Goldman Sachs $100 billion".
 

But what the Fed is really struggling to keep hidden is the fact that the entire financial system is based on massive manipulation and fraud by the Fed and its primary dealers.

Specifically, the Fed is desperately trying to hide that many trillions of the government's bailouts have gone to inflating the stock market, buying up the U.S. government's own treasuries, and gaming the currency and gold markets.

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Re: Daily Digest - August 4

Thanks again Davos! Great job gathering informative, if not disturbing, data!

Here's one about the team at Countrywide.  Angelo Mozilo may be gone but his ilk are returning with a vengeance:

http://www.marketwatch.com/story/pennymac-brings-back-subprime-memories-2009-08-04

And the hits just keep on comin'...

Enjoy!

Jeff

 

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Re: Daily Digest - August 4

 Hello HuckleJohn and Jeff:

Pleasure to contribute to this fine site Chris built. Both awesome reads, thanks for the HT's they are posted on the blog of the 6th, take care

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Re: Daily Digest - August 4

Hucklejohn said:

"Specifically, the Fed is desperately trying to hide that many trillions of the government's bailouts have gone to inflating the stock market, buying up the U.S. government's own treasuries, and gaming the currency and gold markets."

 

That all sounds pretty likely. What they better start hiding--post haste--is themselves. When large numbers of people who own guns (188, in this instance) and who have spent years training to use them start to get laid off, it seems there is a fairly high probability that one or more (perhaps, many) of them gets P-O'd enough to exact a little justice. As Gerald Celente says:

"When people have lost everything and they have nothing left to lose, they lose it."

 

Denninger: And So It Begins...

Guard troops may be needed in troubled Ala. county

"Hale may have to cut as many as 188 deputies.... We will certainly be looking at calling out the National Guard."

Google Map directions from The Gun Cellar in Montgomery  to the Eccles Building (Primary home of the Federal Reserve Board)

A large Company--or a small Batallion--of pissed-off, unemployed, warfare trained  men with loaded guns in loaded gun racks, men who come from the South, where tradition is deep and graves are shallow (think trees) are only about 12 hours away by Ford F-150. I wouldn't want to be a member of the Federal Reserve Board for the next few years--or anyone who knows one!

I can hear the whispers of the cowards as they scurry past windows at the Eccles building, trying to minimize the sniper's available "window":

"What the $&^k were we thinking? The South! Who sold those &$*king SIVs to a county in The South? You know it's only twelve *&$king hours up here by Ford F-150!"

 

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Re: Daily Digest - August 4

What is not being told is that the organizations behind these shills at the meetings are none other than a lobby group against public option on health care heaqded by a lobbyist for the insurance cos. named Dick Army Former Senator (R) from Texas. He is sending out pamphlets telling and instructing thes folks how to take over the meetings.

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Cash for Hummers

Cash for Clunkers Hummers

Quote:

The guidelines in the House-passed bill state that large SUVs and trucks, typically considered gas guzzlers in everyday conversation, qualify for the $3,500 credit, and in some cases the $4,500 credit, depending on the trade-ins that come through the door for them. New Category 2 trucks -- like the Hummer H-3, Ford Explorer, Chevy Silverado, and Toyota Tundra -- qualify if they get at least 15 MPG combined, and get at least one mile per gallon more than the car or truck being traded in.

http://www.politicsdaily.com/2009/08/04/cash-for-hummers-taxpayers-foot-the-bill-for-guzzler-upgrades/?icid=main|main|dl4|link4|http%3A%2F%2Fwww.politicsdaily.com%2F2009%2F08%2F04%2Fcash-for-hummers-taxpayers-foot-the-bill-for-guzzler-upgrades%2F

I need some of Dogs' whiskey after reading this

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Re: Daily Digest - August 4

Cash for Clunkers Hummers

 

No doubt that everything I ever suspected to be wrong with health care will be perfect.

These lawmakers obviously know what they are doing.

 

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Re: Daily Digest - August 4

To Davos:

You've posted the town hall health care protests.  Any chance that you've seen Bill Moyer's interview with Wendell Potter which was broadcast on Friday, July 31st?  If not, it's definitely worth 30 minutes of your time.

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Re: Daily Digest - August 4

Hello Diane95:

Thanks, I'll have a listen, take care

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Re: Daily Digest - August 4

Hello Diane95:

I posted it on the blog of the 5th. A good watch. I do think we need something better, I still have many concerns about this plan (maybe the rest of the video will cover it). I have a major problem with the cost. We take in 2 trillion, spend 4 trillion and now we are going to add more? Is this the best time to do it?

Take care,

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Re: Daily Digest - August 4

Re: Cash for Hummers

Hummer drivers are exactly the kind of people that will be first in line for that free money.--Arnold being no exception.  WTF happened to Our Country? Are the politicians so stupid that they think nobody will notice such blatant prostitution? Or are the politicians right about how stupid the average American is?  Were I a whore, I would be indignant at the thought of being clumped in with these wretched mental runts known as our "leaders."  I can't even look at the "news" any more without spitting toward the offending electronic device that is subjecting me to it. I actually picked up my laptop and began a thrusting motion toward the wall when I saw Joemanc's post!

Oh how I wish I had the integrity, the moral fiber--and the necessary night vision hardware---to begin what obviously needs to be initiated... 

Imagine the next "stimulus" package: Money for Mansions: "Tear down an old environmentally offending Mansion, and we'll hire a contractor to build you a new one that will require one less slave to maintain the back 40!"

 

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Re: Daily Digest - August 4

Jimh54 said:

"What is not being told is that the organizations behind these shills at the meetings are none other than a lobby group against public option on health care heaqded by a lobbyist for the insurance cos. named Dick Army Former Senator (R) from Texas. He is sending out pamphlets telling and instructing thes folks how to take over the meetings."

 

Another case of "We think you're pretty stupid and you won't notice the plants," but, of course, we've still got a few saviors, Keith Olbermann being one:

Idiots Rail Against Their Own Best Interests

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Re: Cash for Hummers

While this is true, I doubt it really makes much of a difference.  For example, if you happen to have an old Suburban, it has to be old enough to be less than the $3500 or $4500 value depending on what your buying.  To be that it probably has to be 1998 or older.  So how many people do you know that have the cash/credit to finance a new Surburban are still driving a 10-12 year old one?  Most people who could afford one, bought a new one sometime during the boom period, and it's worth more on the used market (even now) than the incentive.  

This is why I don't think this is really as big an issue as the article makes it out to be. Now, don't get me wrong, I think the Cash for Clunker program is just another giant government handout that should never have been created.

It would be interesting to see what clunkers are being turned in and what vehicles are being purchased with the government handout. 

 

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Re: Cash for Hummers
rhare wrote:

It would be interesting to see what clunkers are being turned in and what vehicles are being purchased with the government handout.

rhare, Jalopnik is keeping track of this exact information.

So far here's the list as of August 4 at 9:30 am:

The Ten Most Traded-In Vehicles

  1. Ford Explorer 4WD
  2. Ford F-150 2WD
  3. Jeep Grand Cherokee 4WD
  4. Jeep Cherokee 4WD
  5. Dodge Caravan/Grand Caravan 2WD
  6. Chevrolet Blazer 4WD
  7. Ford Explorer 2WD
  8. Ford F-150 Pickup 4WD
  9. Chevrolet C1500 Pickup 2WD
  10. Ford Windstar FWD Van

The Ten Most Purchased Vehicles

  1. Ford Focus
  2. Toyota Corolla
  3. Honda Civic
  4. Toyota Prius
  5. Toyota Camry
  6. Ford Escape FWD
  7. Hyundai Elantra
  8. Dodge Caliber
  9. Honda Fit
  10. Chevrolet Cobalt

Note: the original list also included model years, but was becoming a bit redundant that #1 was a 1998 Ford Explorer, #2 was a 1999 Ford Explorer, #3 was a 1997 Ford Explorer, #4 was a 1996 Ford Explorer, etc.

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Re: Cash for Hummers

Awesome, thanks for posting that. It does show that the people trading in Hummers for more Hummers is not occuring. I figured that piece was just a bit overblown.

-- Rob

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Re: Daily Digest - August 4

Paul Jorion's blog » Why we need to find something else

Exactly 220 years ago (French revolution), on the night of August 4th, 1789, the question certainly was not about systemic risk. Yet, on that very night, an event of systemic magnitude occurred: the French assembly ended the feudal system and its privileges.

Keeping this historic event in mind, we have to reflect on the fact that we have not yet fully grasped that when systemic risk became an issue in 2007, capitalism wasn't just going through a rough patch. Rather, it had been mortally wounded. Our politically correct attempts to see green shoots in the economy and marvel at them epitomizes wishful thinking.

The old fashion way to save capitalism, the socialization of losses, proved insufficient, this time, to absorb the sheer size of the systemic shock, only matched by the enormity of the debt binge that caused it, over the past 35 years. Tax havens had allowed the wealthy to escape the IRS, leaving the middle class to pay for the bailouts. This time, however, the price tag is simply unaffordable.

Without a viable solution, we look the other way and comfort ourselves with the illusion that things will heal over time; a propaganda, that is generously fed by the establishment. Isolated havens of prosperity have emerged, the pitiful benefits of the purported trickle down economics behind the massive bailouts.

The less fortunate were left to face dire prospects on their own, while at the same time the available resources were given in priority to the few banks still standing, thereby confirming the oligarchy theory. Looking back, they seem to have been pulling the strings all along. Lehman Brothers, declared bankrupt on Sep 15 of last year, was a rival of "Government Sachs" . Wasn't it mean to happen, then?

In the heydays of finance, competition was rife between banks, yet markets were deemed resilient. The high-jacking of capitalism by banks, however, eventually brought it to its knees. With the benefit of hindsight, we'd like to think that everything would get back to normal if only we got rid of the bag guys. Alas, our awakening comes after the fact. The goose that lay golden eggs is gone.

In spite of occasional rallies, under IV therapy by the government, Wall Street's attempts to resurrect its glory are eventually deemed to failure and will only reflect the desperate attempts of its kings to stick to power.

When the new system takes over, we will not see it for what it is: the replacement of a broken system by a new one. Rather, we will clamor that reason won over a corrupt elite, that drowned in its own excesses.

Farmer Brown's picture
Farmer Brown
Status: Martenson Brigade Member (Offline)
Joined: Nov 23 2008
Posts: 1503
Re: Daily Digest - August 4

From none other than the world's largest car maker folks (I think they're the largest):

http://www.peakoil.net/headline-news/toyota-we-must-address-the-inevitability-of-peak-oil

wow!

Toyota: We must address the inevitability of peak oil...

 

Toyota Motor Corp. said Saturday it is confirming plans to have an all-electric vehicle on U.S. roads by 2012 by introducing an ultra-compact battery-powered concept car at the North American International Auto Show in Detroit.

"Last summer's $4-a-gallon gasoline was no anomaly," said Irv Miller, vice president of Toyota Motor Sales USA. "It was a brief glimpse of our future. We must address the inevitability of peak oil by developing vehicles powered by alternatives to liquid-oil fuel."

"Our business is no longer about simply building and selling cars and trucks. It is about finding solutions to mobility challenges today and being prepared for more daunting challenges in our very near future."

Toyotas press release

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Kansas City News
Cnet News

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