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Daily Digest - Feb 4

Tuesday, February 3, 2009, 9:14 PM
  • IBM Offers To Move Laid Off Workers To India
  • President Obama to water down 'Buy American' plan after EU trade war threat 
  • California Pension Funds Close To Bankruptcy
  • California issues IOUs instead of cheques
  • Hundreds line up for days for Miami firefighter positions 
  • U.S. Property Owners Lost $3.3 Trillion in Home Value 
  • Ford US sales plunge 40 pct., Toyota down 32 pct.
  • GM (GM) January Sales: Odds Of Chapter 11 Go Way Up
  • Chart, Auto Sales
  • Chart, US Vehicle Sales
  • Chart, New Home Sales
  • Pending Home Sales... Foreclosure Boom (Chart in article)
  • Chart, Homeowner Vacancy Rate
  • U.S. Home Ownership Rate Falls to 7-Year Low 
  • Funny Colbert Report Video 
  • U.S. Dollar 
  • Treasury to Outline Bank Plan Next Week 
  • The Economy and the Future of Health Care (Hat Tip Christopher Peters) 

Economy 

IBM Offers To Move Laid Off Workers To India 

The climate is warm, there's no shortage of exotic food, and the cost of living is rock bottom. That's IBM (NYSE: IBM)'s pitch to the laid-off American workers it's offering to place in India. The catch: Wages in the country are pennies-on-the-dollar compared to U.S. salaries. 

Under a program called Project Match, IBM will help workers laid off from domestic sites obtain travel and visa assistance for countries in which Big Blue has openings. Mostly that's developing markets like India, China, and Brazil.

Fritz Nelson spoke with Kent Kushar, the CIO of E&J Gallo Winery about what it takes to be the best and what qualities tomorrow's CIO should possess.

"IBM has established Project Match to help you locate potential job opportunities in growth markets where your skills are in demand," IBM says in an internal notice on the initiative. "Should you accept a position in one of these countries, IBM offers financial assistance to offset moving costs, provides immigration support, such as visa assistance, and other support to help ease the transition of an international move."

In addition to India, China, and Brazil, IBM is offering to relocate redundant U.S. workers to a number of other developing markets, including Mexico, the Czech Republic, Russia, South Africa, Nigeria, and the United Arab Emirates, according to the notice, which was obtained Monday by InformationWeek. 

President Obama to water down 'Buy American' plan after EU trade war threat 

The European Union warned the US yesterday against plunging the world into depression by adopting a planned "Buy American" policy, intensifying fears of a trade war. 

The EU threatened to retaliate if the US Congress went ahead with sweeping measures in its $800 billion (£554 billion) stimulus plan to restrict spending to American goods and services.

Gordon Brown was caught in the crossfire as John Bruton, the EU Ambassador to Washington, said that "history has shown us" where the closing of markets leads - a clear reference to the Depression of the 1930s, triggered by US protectionist laws.

"I agree that we can't send a protectionist message," he said in an interview with Fox TV. "I want to see what kind of language we can work on this issue. I think it would be a mistake, though, at a time when worldwide trade is declining, for us to start sending a message that somehow we're just looking after ourselves and not concerned with world trade."

Mr Brown does not want to join criticism of President Obama's stimulus proposals, which he sees as vindicating his own, but the Prime Minister remains strongly anti-protectionist, resisting calls yesterday for more safeguards for British workers. 

California Pension Funds Close To Bankruptcy

The two largest pension funds in California, the California Public Employees' Retirement System (CalPERS) and the California State Teachers' Retirement System (CalSTRS), have lost billions of dollars in value. Hundreds of thousands of retiring state employees and teachers now face the stark choice of accepting much reduced pension checks or working past their retirement age.

CalPERS is the largest pension fund in the US and the fourth largest in the world. At its height in October 2007 it had $260 billion in assets, comparable to the GDP of Poland, Indonesia or Denmark. At the end of 2008 CalPERS was worth $186 billion, one of its worst annual declines since the fund's inception in 1932. It is one of the latest casualties of the financial collapse on Wall Street.

After years of gambling in real estate investments, the state workers pension fund has lost more than 41 percent of its value, after peaking last fall. Its real estate holdings have dropped from $9 billion to $5.8 billion, according to the Sacramento Bee.

CalPERS manages pension and health benefits for more than 1.6 million retirees and their families. The pensions are guaranteed by law, but given the current economic malaise employers may be asked to contribute more from their payrolls. The average employer, a taxpayer-funded government agency, contributes 12.7 percent of their payroll to CalPERS, while workers must contribute 5 to 7 percent of their salaries.

For now, a "rainy day fund" is being used to offset the worst in losses. It is likely, however, that CalPERS will ask for additional funds starting in July 2010 from state employers and July 2011 from local employers. The increases could be from 2 to 5 percent. Since the employers are public entities, the money will have to come from taxpayers or from budget cuts to other social programs.

CalPERS's losses are intimately tied with the collapse of the housing bubble and the economic downturn in general. The Dow Jones Industrial Average has dropped 39.8 percent during the same period that CalPERS fell 31 percent. Because of the fund's aggressive purchasing of real estate during the property bubble, CalPERS is now the largest owner of undeveloped residential land in America, much of it purchased in Arizona, California and Florida, some of the states hardest hit by the real estate crash. Many of these properties were purchased when their prices were at their peak.

California issues IOUs instead of cheques 

The world's eighth largest economy started issuing IOU (I-owe-you) vouchers instead of cheques on Monday as an ongoing budget battle and a $42-billion deficit left the state without enough cash to meet its commitments. 

Governor Arnold Schwarzenegger was meeting with legislators in a bid to resolve the standoff that has prevented the state from passing a budget.

State comptroller John Ching has warned that the state could completely run out of cash by the end of this month if a solution is not found.

On Friday, tens of thousands of state workers will begin taking two days a month of forced leave without pay.

A representative for the state's Department of Finance said checks were not being issued for Cal Grant college scholarships, county social services and the California Highway Patrol.

No state tax rebates will be issued until a plan is adopted to deal with the state's huge deficit, the Department of Finance said.

Schwarzenegger has declared a fiscal emergency as California faces a $42-billion deficit through June 2010. The massive US state has been hard hit by the recession which has seen housing prices plunge and revenues dry up.

Issuing state bonds is also tough given the paralysis in the credit markets and a credit downgrade because of the lack of a budget. Attempts to bridge the gap through a combination of spending cuts and tax hikes have been stymied by Republican legislators who reject any new taxes. 

Hundreds line up for days for Miami firefighter positions 

MIAMI (WSVN) -- With the unemployment rate in South Florida rising, Miami Fire Rescue was inundated with hundreds of applications for only a few positions. 

Hector Mirabile, the director of employee relations at the City of Miami offered a harsh reality of the job application process. "There are 35 openings that we have," he said. "We will accept 750 qualified applications who will compete for those 35 positions."

The City of Miami accepted the applications on Monday morning from hundreds of job seekers, some of whom had waited outside since Saturday to apply. By noon, there were still people in line with no guarantee to be hired.

The unemployment rate in Florida is the highest it's been in 16 years. In Miami-Dade, the unemployment rate is at seven percent, and in Broward County just under seven percent. Both are up almost three percent since December 2007. 

U.S. Property Owners Lost $3.3 Trillion in Home Value 

(Bloomberg) -- The U.S. housing market lost $3.3 trillion in value last year and almost one in six owners with mortgages owed more than their homes were worth as the economy went into recession, Zillow.com said. 

The median estimated home price declined 11.6 percent in 2008 to $192,119 and homeowners lost $1.4 trillion in value in the fourth quarter alone, the Seattle-based real estate data service said in a report today.

"It's like a runaway train gaining momentum," Stan Humphries, Zillow's vice president of data and analytics, said in an interview. "It's difficult to say when we'll see a bottom to the housing market."

The U.S. economy shrank the most in the fourth quarter since 1982, contracting at a 3.8 percent annual pace, the Commerce Department said Jan. 30. Record foreclosures have pushed down prices as unemployment rose. More than 2.3 million properties got a default or auction notice or were seized by lenders last year, according to RealtyTrac Inc., a seller of data on defaults.

About $6.1 trillion of value has been lost since the housing market peaked in the second quarter of 2006 and last year's decline was almost triple the $1.3 trillion lost in 2007, Zillow said.

 

Ford US sales plunge 40 pct., Toyota down 32 pct. 

DETROIT (AP) - Ford Motor Co. said Tuesday its U.S. vehicle sales fell 40 percent in January, setting an abysmal start to 2009 for the automaker and the industry overall as sales to fleet buyers like rental car companies weighed down the results.
Japanese rival Toyota Motor Corp. posted a 32 percent drop for the month but managed to outsell Ford. 

Ford sold 93,060 light vehicles in January, compared with 155,832 in the same month of 2008. Toyota sold 117,287 vehicles, down from 171,849. Light vehicle sales exclude heavy trucks.

Other automakers also are expected to report lower sales when they release their figures later Tuesday. The industry has reported at least a 30 percent decline in U.S. sales every month since October.

Chrysler LLC sales chief Steven Landry said Tuesday that U.S. industry sales could drop as much as 35 percent in January. After meeting with Chrysler dealers at a suburban Detroit hotel, he said the annualized sales rate for the month could drop below 10 million for the first time in more than 26 years.

According to Ward's AutoInfoBank, the last month in which the seasonally adjusted annual sales rate dropped below 10 million was August 1982, when it hit 9.9 million as the nation was mired in a recession. 

GM (GM) January Sales: Odds Of Chapter 11 Go Way Up 

Turning around GM (GM) and getting additional money from the federal government to support the company after the end of March depends on two things. 

The first is that GM has to get its costs of doing business under control. That will be difficult because the UAW, creditors, and suppliers will all have to make significant concessions. Each group is going to put up some resistance.

The second part of GM's restructuring depends on something over which is has only the most modest control--sales.

General Motors reported a 48.9% drop in January U.S. light vehicle sales to 128,198 cars and trucks from 250,926 in January last year. According to MarketWatch, " Sales of cars fell 57.9% to 43,943 while truck sales declined 42.5% to 84,255. The automaker also forecasted its North American production to total 380,000 vehicles in the first quarter--118,000 cars and 262,000 trucks, down 57% from the same quarter last year."

With it stock trading under $3, GM's commons shareholders have almost been wiped out. The company would probably be better off going into Chapter 11 with the government provided funds for it to operation through a restructuring period. The court could cut labor and credit costs without drawn out negotiation which might not yield enough to bring GM's costs down to where it can survive in the worst car market in decades. 

Chart, Auto Sales

Chart, US Vehicle Sales

Chart, New Home Sales

Pending Home Sales... Foreclosure Boom (Chart in article) 

The Big Picture reports Foreclosure Sales in the West Drive PHSI 

A surge in foreclosure sales and distressed properties was the primary driver behind a notable improvement in the Pending Home Sales Index. In December, the PHSI rose 6.3% from an upwardly revised reading in November. The more important year-over-year reading was a more modest 2.1% increase versus December 2007. 

Chart, Homeowner Vacancy Rate

Chart, Housing Starts

U.S. Home Ownership Rate Falls to 7-Year Low 

The number of Americans who own their own home fell to a seven-year low in the fourth quarter of 2008 compared to a year ago, the Census Bureau reported Wednesday. 

The rate of home ownership fell to 67.5% in the fourth quarter, down from 67.8% during the same quarter a year ago. The report also said 2.9% of homes, excluding rental properties, were vacant and on the market, up slightly from 2.8% a year ago. 

Home ownership in the U.S. peaked at a rate of 69.2% in 2004, at the height of the real estate boom. 

Funny Colbert Report Video (Little Vulgarity, Skip If that is disturbing)

U.S. Dollar 

Uncle Buck, please go into that little room, get undressed and climb up on the table. It is time for an examination. This is just a routine check up as we will check your pulse rate, blood pressure, breathing and of course poke and probe around a little bit. Don't worry, we will be gentle. 

The weekly USD chart shows the sharp uptrend that was broken down impulsively in December has been re surmounted. But this occurs along with down triggered MACD and TRIX (from very over bought) and a pathetic looking ROC divergence. Still, the dollar caught many off guard and while I had targeted mid-80's for a rebound, it is pressing higher still. For our intermediate term dollar bearish scenario to play out, 88 needs to hold on the re-test.

Contrary to the fear of a strong dollar however, I once again note the 'gold ratios', two of which are represented on this chart in the 1st two lower panels. Isn't it beautiful how gold in relation to positively correlated things keeps protecting peoples' value while at the same time ramping gold mining companies' fundamentals? Strong USD = lots of misperceptions and fear, but it should not make gold stock holders fearful in and of itself. Of course, markets being the sum of the Investoriat's greed, fear and actions, that is not what generally happens and the miners will likely remain under pressure until the dollar tops and their fundamentals actually take a down tick.

Okay Uncle Buck, you can step down off the table and get dressed. Everything looks fine with the exception of one minor detail; your pulse rate indicates you are dead.  

Treasury to Outline Bank Plan Next Week 

WASHINGTON -- Treasury Secretary Timothy Geithner will give a speech next week in which he will outline the Obama administration's financial-rescue plans, according to a Treasury official. 

The plan will include an effort to help homeowners in danger of foreclosure, as well as additional steps to shore up the financial sector.

Wall Street has been anticipating the new administration's plans, including expecting President Barack Obama to ask Congress for more money. Many economists no longer expect the second half of the $700 billion, which Congress recently approved, to be enough to fix the ailing financial sector.

The administration hasn't finalized ... 

The Economy and the Future of Health Care (Hat Tip Christopher Peters) 

Editorial for January 2009 

The Economy and the Future of Health Care

Watching the evening news , the latest reports on the economy are pretty bleak. Massive layoffs, homeowner foreclosures, business closings, the downward trend in the stock market, disputes over how federal bailout funds should be allocated, proposals for a massive economic stimulus - all these stories create a mixture of confusion, foreboding, and faint hope in the minds of many TV viewers.

Readers of this publication are likely to wonder: "How has the economic downturn affected the health care industry?" And "How might the floundering economy affect my job?"

For years, it was thought that the health care profession was virtually immune to major fluctuations in the U.S.economy. After all, no matter how the economy vacillates, people still get sick and need medical care. So we thought. The reality we're experiencing defies conventional wisdom, however, as our special report discusses.

"Health Care and the Economy-Can Hospitals Afford a Recession?" points out the direct impact the current economic downturn has had on hospitals across the country. Not a gloom-and-doom assessment, the report discusses cost-cutting measures, revamped construction plans, and other innovative approaches for fiscal belt-tightening proposed by hospital executives and administrators.

Looking at the economy and health care more broadly, this month's Jackson & Coker Industry Report includes information gathered by Deloitte's worldwide health care consultants. By special permission, we've provided a link to the portion of Deloitte's website that discusses "forces that are shaping the global health economy."

A number of feature articles in this issue provide additional perspective on how the economy has impacted certain physician specialties. It remains to be seen how the health care landscape will look months or years from now. For the present, any glimmer of hope is much appreciated.

Cordially,

Calvin Bruce
Managing Editor

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24 Comments

Davos's picture
Davos
Status: Diamond Member (Offline)
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Posts: 3620
Re: Daily Digest - Feb 4

California Governor Arnold Schwarzenegger is clearly having a tough time dealing with a budget crisis.

**********************************************

Niall Ferguson in The Ascent of Money (2008) wrote:


“Inflation is a monetary phenomenon, as Milton Freedman said. But hyperinflation is always and everywhere a political phenomenon, in the sense that it cannot occur without a fundamental malfunction of the country's political economy."

Mike Pilat's picture
Mike Pilat
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Re: Daily Digest - Feb 4

Davos: The quote you posted under the governator shows a good understanding of what has happened historically with the destruction of currencies. Thank you for that gem. I have heard of Ferguson many times before and I think it's time to put his book on my reading list!

djhester1940's picture
djhester1940
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Re: Daily Digest - Feb 4

If you don't have time for the book, Mr. Furguson presented an excellent 2 hour presentation a couple of weeks ago on PBS. I strongly recommend that you take a look.

http://www.pbs.org/wnet/ascentofmoney/featured/watch-full-program-the-as...

Don

homosapiens's picture
homosapiens
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Re: Daily Digest - Feb 4

Hello Davos,

Ole Arnie's californicated. Symptoms show severe incalifornication syndrom. Hopeless anyway. Cry

Maybe he learned about "benchmarked stratified randomly sampled subsample" - Fuzzy numbers Chris would say.

"The US retail sales plunge might be huge or even gigantic, depending on what trust you put in the weird terminology used to mask a reporting system designed to give good news. But throw in jobless figures and gold-shorting data and there is only one thing to do. Buy the shiny stuff!!"

Tom in Colo - Growth is not an option.

SteveS's picture
SteveS
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Posts: 358
Re: Daily Digest - Feb 4 -IBM Offers To Move Laid Off Workers To

I would have only expected to read that headline in The Onion. Chris is right - the next 20 years ARE going to be unlike anything we've seen.

Damnthematrix's picture
Damnthematrix
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Posts: 3998
Brown declares world in 'depression'

Brown declares world in 'depression'

http://www.abc.net.au/news/stories/2009/02/05/2482740.htm?section=justin

British Prime Minister Gordon Brown's office is trying to play down a
gaffe on the extent of the world financial crisis.

Mr Brown told Parliament that the world economy was in a "depression",
although his minders said he meant "recession".

The Conservatives seized on the use of the word depression, insisting
Mr Brown urgently clarify his statement.

A Conservative MP said prime ministers in particular needed to be
careful about their use of language to ensure they do not undermine
confidence.

Mr Brown's office insisted the Prime Minister did not think the world
was in a "depression".

Asked if it was a slip of the tongue, a spokesman replied that that
could be inferred.

RubberRims's picture
RubberRims
Status: Silver Member (Offline)
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Posts: 145
Re: Brown declares world in 'depression'

Is Gordon suffering from Munchausen's syndromeSmile

http://www.guardian.co.uk/commentisfree/2008/dec/10/gordon-brown-save-world-pmqs

He does not seam to know with definitive structure what he is saying? Is Gordon saving the world? He seams to think so.

http://news.bbc.co.uk/1/hi/uk_politics/7869748.stm

Nime's picture
Nime
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Posts: 88
Re: Daily Digest - Feb 4

An article on relationship between energy and reproduction: http://blog.wired.com/wiredscience/2009/02/energycatch22-1.html

mainecooncat's picture
mainecooncat
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Re: Daily Digest - Feb 4

That picture of Aahrnold you put up, Davos, looks like one of those come-up-with-you-own-caption games.

Damnthematrix's picture
Damnthematrix
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Posts: 3998
Re: Daily Digest - Feb 4
Mexico’s Central Bank Intervenes to Halt Peso Slide (Update4)
By Valerie Rota and Hugh Collins

Feb. 4 (Bloomberg) -- Mexico’s central bank bought pesos in the foreign-exchange market after the currency plunged to a record low today.

A statement from a joint central bank and Finance Ministry committee
said Banco de Mexico purchased pesos to “provide liquidity and to ease
volatility.” The intervention is an “extraordinary” measure beyond the bank’s normal offer to buy $400 million worth of pesos a day, the press office said earlier.

The central bank stepped into the market after the peso tumbled to a
record for a fourth day. Today’s intervention adds to the $16.6 billion
of foreign reserves that central bank Governor Guillermo Ortiz has spent to prop up the peso since the global financial crisis sent it tumbling in October.

“They have to be aggressive, they have to do it on a number of occasions and use larger amounts” to support the peso, said Francisco Diez, director of foreign-exchange trading at RBC Capital Markets in Toronto.

The committee didn’t say how many pesos it bought today. It said
peso purchases under this mechanism will be reflected in the weekly
account statements from the central bank.

Mexico’s peso rose 0.9 percent to 14.4396 per U.S. dollar at 5 p.m.
New York time, compared to 14.5708 yesterday. It had slumped as much as
0.9 percent earlier to 14.7059, a record low.

‘Learned How to Play’

The peso has weakened 32 percent against the dollar over the past
six months, the second-worst performance among the world’s major
currencies after Brazil’s real, on concern the economy will sink into
recession as demand in the U.S. falters for Mexican exports.

Mexico’s economy will shrink 1.16 percent this year, according to
the average estimate of 31 economists in a monthly central bank survey
published yesterday. Mexico’s economy last contracted for the full year
in 2001, when it shrank 1.6 percent.

Banco de Mexico bought pesos directly from banks today, the first time it intervened in the foreign-exchange market without using an auction system since 1998, said Gabriel Casillas, an UBS AG economist in Mexico City.

“The market learned how to play” the daily auction system, said Maya Hernandez, a currency analyst with HSBC Holdings Plc in New York. “It wasn’t having any impact at all.”

Mexico’s central bank sold a record $6.4 billion in the currency
market on Oct. 10 as it stepped up its bid to quell the rout that
threatened to bankrupt companies.

Controladora Comercial Mexicana SAB,
Mexico’s third-largest supermarket chain, has filed for bankruptcy
protection at least three times since October, saying it had
liabilities of $1.1 billion from wrong-way bets on the currency. Cemex SAB’s
share price has plunged 36 percent since the end of September on
concern the peso’s weakness will hurt its ability to service its dollar
debt. </snip>

Mike Pilat's picture
Mike Pilat
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Re: Daily Digest - Feb 4

http://www.cnn.com/2009/LIVING/02/04/trillion.dollars/index.html

Finally, CNN caught up to Chris!

Vanityfox451's picture
Vanityfox451
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Re:Obama Imposes $500,000 Salary Cap

Obama kicks C.E.O Butt !!!!!!!!!!!!!!

Paul

 

MarkM's picture
MarkM
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Re: Daily Digest - Feb 4

These guys aren't worth $500k,  they never should have been "bailed out".  They should be looking for a job somewhere  and we should have our money back.

Government intervention ALWAYS leads to a larger beauracracy.  Who will oversee the salaries of these people?  I am sure a new "Ministry of CEO Largesse Prevention" headed by another tax cheat.

Vanityfox451's picture
Vanityfox451
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Re: Daily Digest - Feb 4

Hi Mark,

you're not wrong there. I think it goes along the lines of how the TARP funds were added to GDP to gain a figure of 8% ? You never can tell quite what tricks are going to be performed next...

Paul

MarkM's picture
MarkM
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Re: Daily Digest - Feb 4

...and then there is this.  It really is all propaganda, isn't it?

http://www.bloomberg.com/apps/news?pid=20601070&sid=azVLk.22AkLI&refer=home

joemanc's picture
joemanc
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Re: Daily Digest - Feb 4
Quote:

"To put a trillion dollars in context, if you spend a million dollars every day since Jesus was born, you still wouldn't have spent a trillion," McConnell said.

CNN checked McConnell's numbers with noted Temple University math professor and author John Allen Paulos.

Geez, can't anyone at CNN count??

Gadfly's picture
Gadfly
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Re: Daily Digest - Feb 4

I am getting mixed signals on your stance on the stimulus pork-fest.  At first I thought you saw it as some kind of generational theft, but after watching the video you suggested(the one with that Obama apologist Colbert convincing it's viewers to accept the bill with no questions asked) I do not know where you stand.

 

Your friend;Gadfly

 

TheRemnant's picture
TheRemnant
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Re: Daily Digest - Feb 4
joemanc wrote:
Quote:

"To put a trillion dollars in context, if you spend a million dollars every day since Jesus was born, you still wouldn't have spent a trillion," McConnell said.

CNN checked McConnell's numbers with noted Temple University math professor and author John Allen Paulos.

Geez, can't anyone at CNN count??

That immediately lept off the page at me as well.   Love how they use the word "noted".  A 12 year old with a calculator could tell me the same thing.

RubberRims's picture
RubberRims
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Posts: 145
Re:Obama Imposes $500,000 Salary Cap
Vanityfox451 wrote:

Obama kicks C.E.O Butt !!!!!!!!!!!!!!

All the rhetoric Obama is pushing is not what it would appear to be. He is a master at this game, by virtue he tells people what they want to hear.

Goldman, JPMorgan Exempt From Exec Salary Caps.

http://www.bloomberg.com/apps/news?pid=20601103&sid=azVLk.22AkLI&refer=us

On mass the populous are like sheep being herded, baaaaaahhhhhhhhhhh Money mouth 

Vanityfox451's picture
Vanityfox451
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Re:Obama Imposes $500,000 Salary Cap

RR,

would that be in reference to the New World Order you've been trolling around CM ? Cool

Paul

RubberRims's picture
RubberRims
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Posts: 145
Re:Obama Imposes $500,000 Salary Cap

I forgot to add this. if only to make light of why we have leadership.

 

Enjoy

Trolling around, I hope not. I try to stay within the realms of reality. After all the NWO is played out pretty well via the oil markets. The only aspect of the NWO witch has me intrigued is how it will play out in the long term. Whether we like it or not, the bigger the business entity, the better the margins are being leveraged from whatever it is being produced. I am firmly of the opinion large corporations are all consuming, to the point where all things under one centralise mechanism, are all powerful monopolising over the consumer free choice. This is not a world I would knowingly subscribe to, but it will happen regardless.       

Vanityfox451's picture
Vanityfox451
Status: Diamond Member (Offline)
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Posts: 1636
Re:Obama Imposes $500,000 Salary Cap

RR,

thats wonderful you have such a grasp on that fact... Laughing

Take Care,

Paul

circuitjp's picture
circuitjp
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Posts: 3
Re: Daily Digest - Feb 4

Greate relocate to those wonderful countries. <sarcasm> Never mind families, friends and schools for your children. Maybe Singapore, but it doesn't seem to be listed. 


IBM shareholders should move IBM's executive staff to India and China, or better yet hire some competent Indian or Chinese executives and get rid of the old farts that are running IBM into the ground, they could save even more on executive compensation and get more bang for their rupee.

 As for the 500k exectuive compensation cap, it would of been a real win if it was retroactive. We just keep seing GS and those other crooks gaming the system as usual.  

 

ccpetersmd's picture
ccpetersmd
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Posts: 799
Re: Daily Digest - Feb 4

Great link, Mike, thanks!

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