Daily Digest

Daily Digest - December 6

Sunday, December 6, 2009, 11:59 AM
  • The Days Ahead 
  • This week’s bank closings & the ability of the FDIC to pay claims
  • John Williams Interview
  • Feds Investigate CalPERS Officials Ties With Fallen Financier
  • An In-Depth Look At The Jobs Report
  • 25% Borrowers In Anti-Foreclosure Program Behind In New Payments
  • Foreclosures Can Offer Deals, But Buyer Beware
  • Saudi Oil Minister Says Oil Prices Are Perfect
  • When The Performance Looks A Little Too Good
  • Bad Habits Boom In Bad Economy
  • Questioning A Cancer Drug That Costs $30,000 A Month 
  • Aetna Dropping 600,000+ Insured Clients To Raise Profits
  • Young Professionals Seek Speaking Skills For Edge In Job Market
  • Ghosts Of Christmas Past
  • UK Weather Service To Publish Worldwide Climate Records
  • Why The Copenhagen Climate Talks Matter
  • Forecast: Expect Temperatures To Rise In Copenhagen
  • Thousands March In London For Climate Action
  • On Thin Ice
  • La Nina And Variable Weather Patterns
  • Destroyed US Town A Model Of Sustainable Living
  • The $7 Billion Global Seaweed Industry

Economy

The Days Ahead (Claire H.)

In this interview John discusses looming hyperinflation, staggering unemployment, the reality of the US economy, the Fed’s inability to stimulate the economy, consumer’s inability to spend, the coming collapse of the US Dollar, how listeners need to prepare themselves for this crisis, the Fed’s debasement of the Dollar, an intensifying great depression, disappearance of cash as we know it and more.

This week’s bank closings & the ability of the FDIC to pay claims (hucklejohn)

This week’s bank closings continue to warn of U.S. banks’ deteriorating balance sheets and of the FDIC’s inability to resolve troubled banks before they cause extraordinary losses. Nationwide, banks are going broke much faster than the FDIC can close them. This creates a domino effect whereby the FDIC loses the ability to mitigate losses at the same time it exhausts its capacity to pay claims.

John Williams Interview (Davos)

Feds Investigate CalPERS Officials Ties With Fallen Financier (M.W.)

Federal officials are investigating possible ties between CalPERS' former chief executive, a controversial former board member and financier Elliot Broidy who pleaded guilty Thursday to felony charges that he showered nearly $1 million in illegal gifts on state officials in NY.

An In-Depth Look At The Jobs Report (M.W.)

In November, employment fell in construction manufacturing, and information, while temporary help services and health care added jobs. While the unemployment rate dropped last month, the overall trend is still rising.

25% Borrowers In Anti-Foreclosure Program Behind In New Payments (M.W.)

Government data raise new questions about the program's effectiveness.The delinquency figures reflect the latest troubles of the program, known as Making Home Affordable.

Foreclosures Can Offer Deals, But Buyer Beware (M.W.)

While the banks have been careful not to flood the market with all their properties at once, there are hundreds of thousands of listings now, and half a million more expected in the coming year. Despite the seemingly high inventory, though, anyone considering buying a distressed property should heed the classic warning: Caveat emptor, or let the buyer beware.

Saudi Oil Minister Says Oil Prices Are Perfect (M.W.)

Several key OPEC members indicated the group was unlikely to change output levels when it meets later this month. OPEC, which supplies roughly 35 percent of the world's crude, has held its quotas unchanged since last year's record 4.2 million barrels per day in cuts. Since December, OPEC has focused on boosting compliance with output quotas of its 12 member states.

When The Performance Looks A Little Too Good (M.W.)

To an extent not seen in decades, shares of companies with weak balance sheets have been soaring, generally outperforming firms with stronger fundamentals. The performance gap between the weak and the strong has rarely been as pronounced as it has been since March’s market lows. The extreme outperformance of the more speculative stocks could make them vulnerable to another market shock.

Bad Habits Boom In Bad Economy (M.W.)

From smoking and drinking to shoplifting- the things we do under stress.

Questioning A Cancer Drug That Costs $30,000 A Month (M.W.)

Drug makers in general have been raising prices sharply in advance of the possible passage of health care overhaul legislation, according to various studies.“We believe we are fairly priced and we’re benchmarked” against other drugs.

Aetna Dropping 600,000+ Insured Clients To Raise Profits (M.W.)

"The pricing we put in place for 2009 turned out to not really be what we needed to achieve the results and margins that we had historically been delivering," said CEO Ron Williams. Aetna is one of the largest insurers in the private market, covering roughly 17.7 million people. It is also a major player in the current health care debate and spent more than $2 million on lobbying just in 2009.

Young Professionals Seek Speaking Skills For Edge In Job Market (M.W.)

Many young professionals and students have seized on public speaking as a way to stand out in a competitive job market. Such training, experts says, is especially needed by a generation that has grown up sending text messages peppered with LOLs and whose speech is filled with verbal tics such as “like” and “so,” which may be fine for Facebook or a chat room but hardly proper in a conference room.

Ghosts Of Christmas Past (M.W.)

America’s holiday shopping season will bring little yuletide cheer to ailing retailers.

Environment

UK Weather Service To Publish Worldwide Climate Records (M.W.)

The UK's MET is to publish station temperature records that make up the global land surface temperature record. If you look at the land data, the sea surface data temperatures and mean air temperature data, those 3 records independently show a 0.7 degree warming trend over the past 100 yrs. That's all published by the IPCC. NASA and NOAA (National Oceanic and Atmospheric Administration) each have independent data sets that show the same trend over the past 100 yrs, as well.

Why The Copenhagen Climate Talks Matter (M.W.)

They won't likely deliver a new global treaty on global warming, but the decisions made here may still change our lives. It's a massive jamboree, with tempers on both sides of the issue running hot and no final deal in sight. But even so, we'd better pay attention to what transpires here, the consequences of action or inaction may be massive.

Forecast: Expect Temperatures To Rise In Copenhagen (M.W.)

With the scientific consensus more or less settled that human activity is contributing to a warmer and less hospitable planet, one might ask, why is it so hard to agree on a plan to curb those activities? The answer lies with the many fault lines that cut through the debate over climate change. Those deep divisions will be on display this week as representatives of 192 nations gather in Copenhagen. Here’s a primer on some of the major themes and fissures.

Thousands March In London For Climate Action (M.W.)

Thousands of people calling for a deal on climate change at next week's UN conference in Copenhagen marched through central London on Saturday, encircling the Houses of Parliament in a human wave of blue-clad demonstrators. PM Gordon Brown said that "the world must not be distracted by behind-the-times, anti-science, flat-Earth climate skeptics. We know the science. We know what we must do."

On Thin Ice (Video) (M.W.)

Brancaccio and Anker-- one of the world's leading high altitude climbers-- trek to the Gangotri Glacier in the Himalayas to witness the great melt and its dire consequences first-hand. They also visit Glacier National Park to see the striking effects of global warming in the US. Brancaccio and Anker talk to both scientists and swamis, bathe in the River Ganges, view a water shortage calamity in India, and come as close as any human can to seeing the tangible costs of climate change.

La Nina And Variable Weather Patterns (M.W.)

While temperature readings in North America dropped back to about the level of 1996 last year, that does not mean the end of global warming. North America wasn't as warm as expected because of cooler water in the North Pacific - a condition called La Nina.

Destroyed US Town A Model Of Sustainable Living (M.W.)

With all eyes on US efforts to combat climate change at next week's UN summit in Copenhagen, one Kansas town is going green in a big way -- and setting an example for American communities. In May, 2007, a Cat 5 tornado swept through the midwestern town of Greensburg. But this community is rebuilding stronger than ever, in a remarkable comeback billed as a "model for sustainable building and green living."

The $7 Billion Global Seaweed Industry (M.W.)

"It tastes better than it looks," said Olson, holding a shimmering frond of brown horsetail kelp he had just plucked from the cold gray waters of Casco Bay. "Really." Dobbins and Olson run America's only commercial kelp farm. Inspired by mega-aquaculture sites in Asia, and a $7-billion global seaweed industry, the two entrepreneurs started cultivating kelp here last year and have begun marketing it as an exotic frozen vegetable.

12 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Online)
Joined: Jul 30 2009
Posts: 4169
Re: Daily Digest - December 6

"Beyond the immediate fiscal crisis loom structural budget challenges that must be addressed — particularly, the state's staggering unfunded long-term obligations. At last count, the state's unfunded pension and health care obligations were approaching $40 billion, or about $16,000 per capita."

"Taxpayers are liable for about $34 billion that has gone unfunded.

The Press of Atlantic City analyzed state pension programs and federal and state labor data to document pension growth and the amounts New Jersey taxpayers are paying in government pensions. The findings will be published in Sunday's edition of The Press of Atlantic City. In addition, a searchable database of all New Jersey government pensions has been posted online on AccessData at PressofAtlanticCity.com.

"Basically we're on track to have a pension train wreck," says James Hughes, dean of the Bloustein School of Planning and Public Policy at Rutgers University."

"The New York City Off-Track Betting Corporation filed for Chapter 9 bankruptcy protection yesterday, and will try to reorganize its operations and seek help from New York State lawmakers. The Corporation handles about $1 billion in wagers each year and will lose a reported $40 million this year. In addition, it carries $600 million in unfunded pension and health insurance liabilities."

"FEDERAL GOVERNMENT

To say that our Federal Government finances are a mess would be an understatement of historic proportions.

Our receipts as a nation are plummeting, what was $2.7 Trillion in receipts is now only $2.2 Trillion. That half a trillion dollars in lost income represents a nearly 19% plunge."

 

"TrimTabs employment analysis, which uses real-time daily income tax deposits from all U.S. taxpayers to compute employment growth, estimated that the U.S. economy shed 255,000 jobs in November. This past month’s results were an improvement of only 10.2% from the 284,000 jobs lost in October.

Meanwhile, the Bureau of Labor Statistics (BLS) reported that the U.S. economy lost an astonishingly better than expected 11,000 jobs in November. In addition, the BLS revised their September and October results down a whopping 203,000 jobs, resulting in a 45% improvement over their preliminary results.

Something is not right in Kansas! Either the BLS results are wrong, our results are in error, or the truth lies somewhere in the middle

We believe the BLS is grossly underestimating current job losses due to their flawed survey methodology. Those flaws include rigid seasonal adjustments, a mysterious birth/death adjustment, and the fact that only 40% to 60% of the BLS survey is complete by the time of the first release and subject to revision."

 

...........11,000 jobs?  And they all fit in the little box that this girl will show you.

Headless's picture
Headless
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Re: Daily Digest - December 6

You won't believe your ears;

http://fora.tv/2009/08/18/A_REALLY_Inconvenient_Truth_Dan_Miller#fullprogram

Japers's picture
Japers
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Re: Daily Digest - December 6

M.W. just wondering why you haven't posted anything about the scandal that is Copenhagen. AGW has been busted wide open with climategate, Al Gore exposed for the fraud he is. Man is not responsible for global warming, it is a political tool being used to empower our Governments to persecute us more than ever.

hucklejohn's picture
hucklejohn
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Re: Daily Digest - December 6

I concur with Japers.  I note that as far as I know the mainstream media (except Fox) STILL has not reported on Climategate.  (I wonder why.) Global Warming is a scam manipulated by the self appointed elite for the purpose of controlling us (although I realize believers in AGW do not necessarily have this mindset).  The science has been politicized.  They need to start over.  I will continue to offer posts on this subject.  The Daily Digest is one of the valuable features of this site.  (By the way this site is unique in many ways compared to other sites on the internet.  For example, some sites have purely pro AGW material.  Other sites will only post information from a skeptical viewpoint.)   The Daily Digest here IMO is most useful if it includes information from a variety of sources & viewpoints.   I value opinions from a variety of viewpoints.  We post, you decide!

Stan Robertson's picture
Stan Robertson
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Re: Daily Digest - December 6
Headless wrote:

You won't believe your ears;

There is a reason for that. It is that the whole story is unbelievable. It is based on the assumption that CO2 is the driver of global warming, which is very likely untrue. Several points should be examined in this regard. First, humans weren't around to cause the increases of CO2 that were shown in previous interglacial warm periods. That CO2 came from outgassing of the oceans. The solubility of gases dissolved in water decreases as the temperature rises. The previous CO2 concentrations in the interglacial warm periods arose as a response to warming for which the CO2 was only a minor contributor. Now it is undeniably true that humans are the source of most of the spike in atmospheric CO2 during the last 100 years, but this has, at worst, caused only a minor one degree F temperature increase. Second, warming preceded increases of CO2 during previous deglaciations; again indicating that CO2 increases as an effect, not a cause, of warming during deglaciations.

eternal sunshine's picture
eternal sunshine
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Re: Daily Digest - December 6

Japers / Hucklejohn

There are several other threads on this site which offer ample opportunity to push this AGW perspective. How about taking the debate there?

 

Damnthematrix's picture
Damnthematrix
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Re: Daily Digest - December 6
Stan Robertson wrote:

There is a reason for that. It is that the whole story is unbelievable. It is based on the assumption that CO2 is the driver of global warming,

Can we PLEASE not pollute the DD with discussions on AGW...??

I'm moving THIS post to here where we can continue....

Thank you for your understanding.

Mike

Japers's picture
Japers
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Re: Daily Digest - December 6

I am not here to push an agenda eternal sunshine, but as this is the front page of the site I would think some perspective would be reasonable. I am certain Chris would not want the credibility of the site maintained and not have it labelled pro AGW?? To which thread would you like to point me to please?

Headless's picture
Headless
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Posts: 363
Re: Daily Digest - December 6

Stan,

I wasn't really refering to the content of the presentation, just the introduction. When is the last time your were at a professional seminar and the primary speaker was introduced like that? Me neither.

DTM,

Didn't mean to jamb things up with the GW/AGW "argument," just thought you would all get a kick out of that introduction.

Headless

robie robinson's picture
robie robinson
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Posts: 1192
Re: Daily Digest - December 6 thousands of pounds of kelp

we feed thousands of pounds of Kelp to our cattle,goats,sheep,swine,foul.etc. each year,

Now can we get on with it!

 

The Robinsons   iwonder what%mybeevescontribute to GW now really

dillonlisa1's picture
dillonlisa1
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Re: Daily Digest - December 6

U.S. Mint now suspends all one ounce gold coin sales due to shortage of physical gold!

http://www.mineweb.com/mineweb/view/mineweb/en/page34?oid=94091&sn=Detail

Johnny Oxygen's picture
Johnny Oxygen
Status: Diamond Member (Offline)
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Posts: 1443
Re: Daily Digest - December 6

U.S. Mint now suspends all one ounce gold coin sales due to shortage of physical gold!

Yep.

I read this last week. I think the government want to hoard a little bit so if need be they can flush the market with gold to drive the price down.

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