Daily Digest

Daily Digest - July 17

Saturday, July 17, 2010, 9:50 AM
  • Market Skeptics: Section on Gold
  • Global Systemic Crisis / Second half of 2010: The Global System’s Four Single Points Of Failure
  • Timothy Geithner's Realm Grows With Passage Of Financial Regulatory Reform
  • A.I.G. to Pay $725 Million in Ohio Case
  • Sunpower Announces New World Record Solar Cell Efficiency
  • For BP, Rising Pressure in Oil Well Seen as a Positive Sign
  • Baby Girl, 5, Dies From Dengue Hemorrhagic Fever
  • West Nile Virus Found In New York City

Economy

Market Skeptics: Section on Gold (pinecarr)

This is the section on gold, which still needs explanations, but is otherwise done.

Global Systemic Crisis / Second half of 2010: The Global System’s Four Single Points Of Failure (pinecarr)

Each day the news confirm the extent to which the global systemic crisis has now entered into the phase of global geopolitical dislocation, even if the media only timidly begin to interpret the historic upheavals which unfold before our own eyes.

Timothy Geithner's Realm Grows With Passage Of Financial Regulatory Reform (pinecarr)

Half a year after some predicted he would be booted from the Obama administration, Treasury Secretary Timothy F. Geithner stands to inherit vast power to shape bank regulations, oversee financial markets and create a consumer protection agency.

A.I.G. to Pay $725 Million in Ohio Case (jdargis)

“No privileged few are entitled to play by different rules than the rest of us,” Mr. Cordray said during a news conference. “Ohio is determined to send a strong message to the marketplace that companies who don’t play by the rules will pay a steep price.”

A.I.G. disclosed the terms of the settlement in a filing with the Securities and Exchange Commission.

Energy

Sunpower Announces New World Record Solar Cell Efficiency (Samuel A.)

"This new world record demonstrates SunPower's ability to extend our lead in manufacturing the world's highest efficiency solar cells," said Bill Mulligan, vice president of technology and development for SunPower. "Our patented and proprietary, high-efficiency solar cell technology drives down the cost of solar energy by increasing the energy production from each solar panel."

Environment

For BP, Rising Pressure in Oil Well Seen as a Positive Sign (jdargis)

“We’re encouraged at this point,” Mr. Wells said. But he said extensive monitoring was continuing, and no decision had yet been made to stop the test or extend it. “We‘re being very, very cautious.”

Baby Girl, 5, Dies From Dengue Hemorrhagic Fever (Chenqi)

Melissa, daughter of Ivan and Ana Nelly Cruz of South Street, Belize City, was taken to the Karl Heusner Memorial Hospital around 3:30 on Saturday, July 10, with unknown symptoms, and was treated with IV drips and antibiotics, and given an X-Ray and blood tests. Notably, according to Mr. Cruz, these tests failed to detect any sign of dengue fever.

West Nile Virus Found In New York City (Chenqi)

Dr. Thomas Farley, New York City Health Commissioner, stated, "Warm standing water is the ideal breeding ground for mosquitoes, so with the three heat waves that we've already had this summer, it is vitally important to make sure standing water is reduced to help prevent mosquito breeding.

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16 Comments

sammy's picture
sammy
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Re: Daily Digest - July 17

We had 6 more bank closures yesterday. I could not find any news on it so here is the link to the FDIC. http://www.fdic.gov/bank/individual/failed/banklist.html

It is not a good time to own a small bank is it?

Davos's picture
Davos
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Re: Daily Digest - July 17
sammy wrote:

We had 6 more bank closures yesterday. I could not find any news on it so here is the link to the FDIC. http://www.fdic.gov/bank/individual/failed/banklist.html

It is not a good time to own a small bank is it?

Wish I could find the link to Elizabeth Warren getting into this. Basically she said that there were 2,888 commercial banks in harms way with CRE and that this could take all 8,000 commercial banks down.

I'd think the FDIC would borrow money from Treasury, who would borrow it from foreigners who probably can't/won't lend so I'm sure Ben will use QE, which I don't think will bode well for the value of our currency.

It is, without a doubt, an unmitigated disaster. 

 

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rjs
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Re: Daily Digest - July 17

davos: this what you're looking for? Elizabeth Warren on the Coming Commercial Real Estate Crisis; 3000 Community Banks at Risk

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Davos
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Re: Daily Digest - July 17

Thank you RJS, no, I watched that video actually this morning while trying to find the link to the one. It is close, but the one I have in mind she flat out says the 2889+/- will put the 8,000 in risk. It was very sobering. Thanks for looking.

ao's picture
ao
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Re: Daily Digest - July 17
Davos wrote:

It is, without a doubt, an unmitigated disaster. 

But, but ... what about green shoots, the stock markiet bouncing back, the stimulus package, and all of Obama's accomplishments that abcnews.com was talking about yesterday.  Surely that must count for something.  Bush mucked things up really badly and now it's going to take some time to get things back on course.  And look at healthcare and financial reform.  Surely those are moves in the right direction. <sarcasm>

rjs's picture
rjs
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Posts: 445
Re: Daily Digest - July 17

The Serious Tracking of Americans Begins

They have passed the health bill, they have passed the financial regulations bill and they have snuck stuff into the stimulus package bills. They are going to track your money and your body. Here's the first few things they are doing. This is step one. It will only get worse from here.

According numismaster.com:

...the Health Care Bill mandates, according to Numismaster.com, Starting on January 1st in 2012, S federal law will require coin and bullion dealers to report to the Internal Revenue Service all gold and silver coin purchases and sales greater than $600.

Denny Johnson's picture
Denny Johnson
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Posts: 348
Re: Daily Digest - July 17

Speaking of Elizabeth Warren, she was the subject of a recent (Jul16) article by Simon Johnson.

http://baselinescenario.com/2010/07/16/treasury-makes-a-mistake-claiming...

"It’s one thing to block Elizabeth Warren from heading the new Consumer Financial Protection Bureau.It’s quite another thing to deny in public, for the record, that any such blocking is going on (e.g., see this report; Michael Barr apparently said something quite similar today).

 There is a strong groundswell of opinion on this issue from the left – see the BoldProgressives petition. But the center also feels strongly that, given everything Treasury has said and done over the past few months, it would be a complete travesty not to put the strongest possible regulator in change of protecting consumers. (See Ted Kaufman on the NYT’s DealBook, giving appropriate credit to the SEC, and apply the same points to broader customer issues going forward.)

 This can now go only one of two ways.

 1. Elizabeth Warren gets the job. Bridges are mended and the White House regains some political capital. Secretary Geithner is weakened slightly but he’ll recover.

2. Someone else gets the job, despite Treasury’s claims that Elizabeth Warren was not blocked. The deception in this scenario would be nauseating – and completely blatant. “Everyone was considered on their merits” and “the best candidate won” will convince who exactly?

 Despite the growing public reaction, outcome #2 is the most likely and the White House needs to understand this, plain and clear – there will be complete and utter revulsion at its handling of financial regulatory reform both on this specific issue and much more broadly. The administration’s position in this area is already weak, its achievements remain minimal, its speaking points are lame, and the patience of even well-inclined people is wearing thin.

 Failing to appoint Elizabeth Warren would be the straw that breaks the camel’s back. It will go down in the history books as a turning point – downwards – for this administration.It’s one thing to block Elizabeth Warren from heading the new Consumer Financial Protection Bureau."

 

 

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jhart5
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Re: Daily Digest - July 17

Tiny house transforms man's life

Yahoo! News

Jay Shafer went from 4,000 square feet to just 89 — and his downsized utility bill isn't the only perk. See inside

Related links

pinecarr's picture
pinecarr
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Re: Daily Digest - July 17

jhart5, interesting story on Jay Shafer's tiny houses.  I like having room in my home, but there is a cost and financial burden/commitment associated with that.  It is good to have alternatives like this if living smaller is desirable (or necessary). 

There are a couple very small houses in my town that stand out because of how tiny they are.  My initial reaction was "how small and cramped1".  But more than once I've gone by and thought, "wow, I bet their heat/electric/tax bill is a lot less than mine!" 

I think Jay may have also hit upon a growth area home building jobs!

Thanks for sharing,

pinecarr

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jhart5
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Re: Daily Digest - July 17

Pinecar

Some of the advantages of these micro/mini homes are that you can relocate to another area that's safer when things get bad. Easily move to another area where the jobs are located. Elimination of  property taxes, there is only a registration and license fee. With solar panels, a mini wind turbine on the roof and Lithium Ion battery pack for backup, reducing energy cost to a minimum.

With millions now homeless it will be a great way to out a roof over your head for not a whole heck of alot of money.

There are also a number of really neat innovative designs going together out there - google "micro homes" and/or "mini homes".

jhart5's picture
jhart5
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Re: Daily Digest - July 17

Elizabeth Warren (United States) vs. Geithner (global bank cartel) Posted on July 17, 2010 by dvrabel

Elizabeth Warren is the perfect person, the only person really, to head the agency that was largely created due to her efforts–the Consumer Financial Protection Bureau. Since the crash of 2008, she has been a rare advocate for the people in the midst of a Harvard/Wall St/Washington DC establishment, embodied in the Council on Foreign Relations (CFR), that unilaterally supports the top capital holders of the world and their banks. It’s rather shocking to see a publicly visible Harvard professor who has lost neither her ability to see the truth through the establishment’s fog, nor her capacity for empathy and compassion for the people beyond Harvard’s walls. But it’s awesome to see it.

On the other hand, it’s revolting to see Tim Geithner oppose her nomination (according to the Huffington Post). This is just one more piece of evidence in the already obvious case that Geithner represents the global bank cartel that has effectively foreclosed on many countries around the world and is now turning against the developed west. He does not represent the American republic, so of course he would oppose an advocate for the people like Warren.

http://csper.wordpress.com/

Damnthematrix's picture
Damnthematrix
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Re: Daily Digest - July 17

http://news.yahoo.com/s/yblog_upshot/20100716/us_yblog_upshot/record-number-of-u-s-soldiers-commited-suicide-last-month

Army suicides hit record number in June

 

Thirty-two soldiers took their own lives last month, the most Army suicides in a single month since the Vietnam era. Eleven of the soldiers were not on active duty. Of the 21 who were, seven were serving in Iraq or Afghanistan, the Department of Defense said.

Army officials say they don't have any answers to why more and more soldiers are resorting to suicide.

"There were no trends to any one unit, camp, post or station," Col. Chris Philbrick, head of the Army's suicide prevention task force, told CNN. "I have no silver bullet to answer the question why."

Damnthematrix's picture
Damnthematrix
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Re: Daily Digest - July 17

http://www.telegraph.co.uk/finance/markets/7884272/Secret-gold-swap-has-spooked-the-market.html

Secret gold swap has spooked the market

By Rowena Mason
Published: 6:10PM BST 11 Jul 2010

The news that a mystery bank has just pawned the family jewels gave traders a jolt – nervous about the sudden transfer of almost 20pc of the world's annual gold production and the possibility of a sell-off.

In a tiny footnote in its annual report, the bank disclosed its unusually large holding of gold, compared with nothing the year before. The disclosure was a large factor in the correction of the gold price this week, which fell below $1,200 for the first time in more than a month.

pinecarr's picture
pinecarr
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Posts: 2237
Re: Daily Digest - July 17
jhart wrote:

Pinecar

Some of the advantages of these micro/mini homes are that you can relocate to another area that's safer when things get bad. Easily move to another area where the jobs are located. 

-Yes, my thought too!


Quote:

  Elimination of  property taxes, there is only a registration and license fee. With solar panels, a mini wind turbine on the roof and Lithium Ion battery pack for backup, reducing energy cost to a minimum.

With millions now homeless it will be a great way to out a roof over your head for not a whole heck of alot of money.

There are also a number of really neat innovative designs going together out there - google "micro homes" and/or "mini homes".

 I am curious to check it out more.  Right now, so much of my "risk management" strategy for my family is based on a scenario where we'll be able to tough it out here, and stay where we are (putting in a big garden, fruit trees, contemplating chickens and goats, etc.).  But I am painfully aware that there are other potential scenarios, where being able to pick up and go somewhere else could become essential, and I do not feel like I have that scenario well covered at all.  A true 'mobile home" seems like one potentially feasible way to address that scenario. 

Thanks again for the info,

-pinecarr

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