Daily Digest

Daily Digest - May 23

Sunday, May 23, 2010, 11:16 AM
  • United States Needs New Economic Mission To Weather The Coming Debt Storm
  • Mauldin: The Case for a Fed Rate Hike
  • Despite Leak, Louisiana Is Still Devoted to Oil
  • Deepwater Horizon Survivors Allege They Were Kept In Seclusion After Rig Explosion, Coerced Into Signing Legal Waivers

Economy

United States Needs New Economic Mission To Weather The Coming Debt Storm (Truthsavvy)

The U.S. Congress appeared taken by surprise in October of 2008 as the financial crisis on Wall Street unfolded. Congress was in a state of shock and awe, amazed to see their policymaking implicated in the speculative bubble and its collapse. But why were they surprised? How did these legislative engineers fail to see the hazards of their fiscal deficits? Had they been pawns? Were they errantly advised? Or were they led astray by false theories and their own greed?

Mauldin: The Case for a Fed Rate Hike (JRB)

Everywhere there are arguments that we are in a "V"-shaped recovery. And there are signs that in fact that is the case. Today we will look at some of those, and then take up the topic of when the Fed will raise rates. We open the case and look at the evidence. Is there enough to come to a real conviction? I think there is.

Energy

Despite Leak, Louisiana Is Still Devoted to Oil (jdargis)

Though local and state politicians are railing against BP and what they consider lax industry regulation and enforcement, it is nearly impossible to find any of them calling for offshore drilling to cease, or even slow down. Louisiana’s senators — Mary L. Landrieu, a Democrat, and David Vitter, a Republican — have both scrambled to be the most prominent voice to argue that the country should not retreat from offshore drilling just because of the spill. Many of their constituents seem to agree.

Deepwater Horizon Survivors Allege They Were Kept In Seclusion After Rig Explosion, Coerced Into Signing Legal Waivers (Latega P.)

Davis' attorney told Goldenberg that while on the boat, his client and the others were told to sign the statements presented to them by attorneys for Transocean — the firm that owned the Deepwater Horizon — or they wouldn't be allowed to go home. After being awake for 50 harrowing hours, Davis caved and signed the papers. He said most of the others did as well.

Please send article submissions to: [email protected]

23 Comments

DavidC's picture
DavidC
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Re: Daily Digest - May 23

I couldn't find the Truthsavvy link but I think this might be the same item.

http://www.truthsavvy.com/content/debt-storm-wins-without-new-economic-mission

DavidC

dugsmith's picture
dugsmith
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Re: Daily Digest - May 23

David, thanks for posting this. I'm sorry the initial link was broken -- both work now.

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pinecarr
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Obama to seek "new international order"

The wording of a speech Obama was giving to West Point graduates, that I heard on the main stream news yesterday, caught my ear.  The title of an article on that speech: "Obama to seek new international order".  The article is at:

http://www.smh.com.au/world/obama-to-seek-new-international-order-20100523-w43j.html 

Here's a clip from the article (bold mine):

WEST POINT: The US President, Barack Obama, pledged to shape an ''international order'' as part of a national security strategy that emphasises his belief in world institutions and America's role in promoting democratic values.

Speaking to the graduating class at the US Military Academy at West Point, he expressed his faith in co-operation and partnerships to confront economic, military and environmental challenges.

''The international order we seek is one that can resolve the challenges of our times,'' Mr Obama said.

Hmmm..."New World Order..."New International Order"....

For those unfamiliar with the concept, the belief in a New World Order (NWO) is the belief that there is a group of elites who have been working behind the scenes for years and years -both financially and politically- to gain control of countries (and ultimately much of the world) by controlling their $ and politicians.   So instead of being part of a democracy, as we've been taught to believe, the belief is that we really live in country heavily influenced by this elite.  Which -if true- makes us basically pawns vs citizens.  

Given my awareness (and current personal assessment) of that belief-system, Obama's speech sure caught my attention!

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gregroberts's picture
gregroberts
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Peter Schiff & Steven Keen on Dateline

V's picture
V
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Re: Obama to seek "new international order"

PiNECARR

I will dismiss your post out of hand as just one more of the wacko conspiracy theories which do nothing but denigrate the integrity of this site.

Further I will alert the moderators that you have instituted a discussion of the unmentionable subject. Whatever Obama may have said has obviously been misconstrued by you. Whatever he does our our government does for that matter is in our best interests and anything you might say to the contrary is an obvious sign that you will need to be sent back to the rehab center, where you will not be allowed internet access and the only information you will receive will come from MSM and NPR.

V

V's picture
V
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Re: Daily Digest - May 23

The drilling in the Gulf will not only continue but will increase. THere is no politician on the entire country with an interest in remaining in office who would vote to stop drilling.

It is a moot point anyway as far as the Gulf is concerned it will be the largest dead zone in the history of the planet.

V

 ps It would be good to remember that the salaries we pay our public servants is a pittance compared to the real money they make from corporations. Once you grok that you know who they really work for.

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Re: Daily Digest - May 23

Hmmm, i see nothing wrong with pincarr's post. Especially since he is quoting directly from the speech, AND the article. Yes it came from MSM, but there is not very many ways to take the words "the international order we seek" expecially since it was given at west point. For V to take such offence is interesting given that all Pinecarr said was that it was something that "caught 'his' attention." nothing more.

V, alert t he mod's all you want, but you must know nothing was wrong here. There is nothing wrong with something like this catching peoples attention. If you dont like it, then just dont pay attention to it yourself.

 

Mike

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LogansRun
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Re: Daily Digest - May 23

that1guy,

V was saying it "tongue in cheek".  There's a strong faction of members on this site that continue to "poo poo" even the thought of a New World Order and/or anything that may point in it's direction......no matter how much evidence some of us put up.EmbarassedYellTongue out

V was just trying to be funny to cut off the "faction" at the knees before they came in huffing and puffing.Laughing

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that1guy
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Re: Daily Digest - May 23

Oh, ok, well thats good then. Its hard to tell anymore. I figured he must have known, but yet lately so many newer folks on the site seem to have very.....ummm.....interestingly blinded views.  (couldnt really think of a better way to word it.)

In the end i wasnt mad at all, just surprised.

Anyway, sorry for reading wrong,

 

Mike

V's picture
V
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Re: Daily Digest - May 23

Thank you LR

V

PS sheesh

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Re: Daily Digest - May 23

 

  • One of our National Debt Clocks gets to $13 trillion:

national debt

 

.............Tim Geithner watching the speed of our national debt go up more and more quickly.Surprised

 

Business: The Economy

US to buy back national debt


For the first time in 25 years, the US Government plans to reduce the size of the national debt.

The news represents a transformation of the US budget position, after struggling with huge deficits for most of the last decade.

1999national debt

 

"Getting help » One in four Utah homeowners is now 'under water.'"

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Re: Daily Digest - May 23

How ridiculous that some would think Obama is pushing for a new world order, next there gonna say the Builderberg group is not just a cribbage club.  Where do some come up with these ideas :)   What's next, someone going to claim things are not wonderful.  I've heard some folks claim they felt they could run their own lives, we all know we need the politicans to tell us how to run our lives, after all, they are the elite, much smarter than the rest of us.  They do wonderful things, look at the Post Office, Fannie and Freddie, I mean, these guys are brilliant, some, like our business leaders, are  even doing "God's work". 

pinecarr's picture
pinecarr
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Re: Obama to seek "new international order"
V wrote:

PiNECARR

I will dismiss your post out of hand as just one more of the wacko conspiracy theories which do nothing but denigrate the integrity of this site.

Further I will alert the moderators that you have instituted a discussion of the unmentionable subject. Whatever Obama may have said has obviously been misconstrued by you. Whatever he does our our government does for that matter is in our best interests and anything you might say to the contrary is an obvious sign that you will need to be sent back to the rehab center, where you will not be allowed internet access and the only information you will receive will come from MSM and NPR.

V

that1guy wrote:

Hmmm, i see nothing wrong with pincarr's post. Especially since he is quoting directly from the speech, AND the article. Yes it came from MSM, but there is not very many ways to take the words "the international order we seek" expecially since it was given at west point. For V to take such offence is interesting given that all Pinecarr said was that it was something that "caught 'his' attention." nothing more.

V, alert t he mod's all you want, but you must know nothing was wrong here. There is nothing wrong with something like this catching peoples attention. If you dont like it, then just dont pay attention to it yourself.

 

Mike

LogansRun wrote:

that1guy,

V was saying it "tongue in cheek".  There's a strong faction of members on this site that continue to "poo poo" even the thought of a New World Order and/or anything that may point in it's direction......no matter how much evidence some of us put up.EmbarassedYellTongue out

V was just trying to be funny to cut off the "faction" at the knees before they came in huffing and puffing.Laughing

Geez, V, you gave me a rush too!  Maybe if I'd taken the time to read the saying at the end of your posts, I would have known better!

Thanks That1Guy for the support it turns out I didn't need.  But I didn't know that, and was happy to have your support at the time I read it (after being rattled when I read V's post, and before reading LR's post, and realizing it was a joke)! 

And thanks for clearing it up LR!

...Ok, I think I'm going to go back out to my garden and see if I can chill out now!:)

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jamesdvetter
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Re: Daily Digest - May 23

Ahhh...all's well that ends well.  Wink

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idoctor
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Re: Daily Digest - May 23

UNDER THE HEADLINE "Scary Math," Dave Rosenberg, one of the very few pros, until last week anyway, who has shared our reservations about the stock market and the economy (which, we suppose, is why we quote him so often in this space) has compiled an interesting list of things that polite people don't talk about over the dinner table, that still speak eloquently to the state of the economy. Here's a sampling:
 
One in every 10 Americans missed a mortgage payment in the first quarter of this year -- a new record. One in 10 Americans' credit-card usage is being written off -- also a new record.
 
One in six Americans are either unemployed or underemployed. Over four in 10 of those jobless Americans have been out of work for at least six months and there are five unemployed workers competing for every job opening.
 
One in four Americans with a mortgage have negative equity in their homes. Only one in 50 Americans plan to buy a home in the next six months.
 
One in eight Americans feel the current government policy is actually helping the economy.
Ask not, then, why so many people are so teed off.
  
"MODS ARE WORSE THAN subprime loans." Thus spake (or, actually, wrote) Mark Hanson, a familiar name to Barron's readers, we trust. Mark runs Hanson Advisors and his chosen professional turf is, fittingly enough, real estate. Mark was early and more importantly, right in forecasting the collapse of housing.
 
The "mods" referred to in the chilling quote are not modules, but modifications, and what are being modified are residential mortgages courtesy of, for example, the government's Home Affordable Modification Program, or HAMP for short.
 
Mark's beef is that even the worst of the mortgage brokers during the top of the housing boom never -- knowingly anyway -- made a loan that was 150% of the value of the house to a borrower whose debt represented 61.3% of income, as does HAMP. That suggests to him that the average modification loan will perform worse than the average subprime did. And he predicts the majority of these loans within 15 months will default once more.
 
Hardly glad tidings for housing or the economy. Even worse news, obviously, for the home builders, the shares of which have enjoyed something of a revival in anticipation of a solid recovery.

 

ah..hum....do you guys see any green shoots in there??

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Ken C
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Re: Daily Digest - May 23
idoctor wrote:

ah..hum....do you guys see any green shoots in there??

Yes I do. Unfortunately, It is Gangrene.

Ken

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Re: Peter Schiff & Steven Keen on Dateline
gregroberts wrote:

May I suggest a new rule to the management and moderators?

I really don't see the value in posting videos more than a year old on the "Daily Digest". In fact, my opinion is that such posts strongly detract from the value of the digest because they can mislead people into thinking they are current when they're not. After all, what value is there to having a daily digest unless it is for contemporaneous information?

I also find the increasingly popular trend of using the digest replies to express personal opinions - and particularly to engage in lengthly "ashvinp-style" ongoing exchanges of opinion - to be appropriate for the site but inappropriate for the Digest threads.

Can we have a new rule that the Daily Digest is exclusively for posting current news stories and videos, and take the banter someplace else on the site?

Respectfully,

Erik

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Re: Obama to seek "new international order"
V wrote:

I will dismiss your post out of hand as just one more of the wacko conspiracy theories which do nothing but denigrate the integrity of this site.

Further I will alert the moderators that you have instituted a discussion of the unmentionable subject. Whatever Obama may have said has obviously been misconstrued by you. Whatever he does our our government does for that matter is in our best interests and anything you might say to the contrary is an obvious sign that you will need to be sent back to the rehab center, where you will not be allowed internet access and the only information you will receive will come from MSM and NPR.

Wow, April 1st must be late this year Surprised

V wrote:

The drilling in the Gulf will not only continue but will increase. THere is no politician on the entire country with an interest in remaining in office who would vote to stop drilling.

It is a moot point anyway as far as the Gulf is concerned it will be the largest dead zone in the history of the planet.

We'll wait and see what they say next month when the leak still won't be plugged and be official recognized to be in the ~50000 barrels a day zone...

Erik T. wrote:

Can we have a new rule that the Daily Digest is exclusively for posting current news stories and videos, and take the banter someplace else on the site?

I personally think that comments are exactly meant for members to express their opinions about the news..  The news itself should be in the main blog post, and opinions in the comments. And people not interested in opinions should not read the comments... sounds better that way, no?

Samuel

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LogansRun
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Re: Peter Schiff & Steven Keen on Dateline

Hey Erik,

I think those videos are from April of 2010.  At least that's what they say on youtube.  I agree with you on the 1 year rule, unless they're put up as side by side comparisons.

As for the banter.....let it continue IMO.  I think it's healthy in this environment.  But I do understand your stance.

Best,

LR

 

Erik T. wrote:
gregroberts wrote:

May I suggest a new rule to the management and moderators?

I really don't see the value in posting videos more than a year old on the "Daily Digest". In fact, my opinion is that such posts strongly detract from the value of the digest because they can mislead people into thinking they are current when they're not. After all, what value is there to having a daily digest unless it is for contemporaneous information?

I also find the increasingly popular trend of using the digest replies to express personal opinions - and particularly to engage in lengthly "ashvinp-style" ongoing exchanges of opinion - to be appropriate for the site but inappropriate for the Digest threads.

Can we have a new rule that the Daily Digest is exclusively for posting current news stories and videos, and take the banter someplace else on the site?

Respectfully,

Erik

Erik T.'s picture
Erik T.
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Re: Daily Digest - May 23

For the record, the videos predate the presidential election, as revealed by the dialog about "Whoever becomes president, Obama or McCain".

If the majority wants to keep the banter, so be it I guess. I strongly disagree with Samuel's assertion that "the news belongs in the main post", however. We often have people who come up with newsworthy things that can't wait until the next day, and they post them as replies to the disgest thread. We also have folks like iDoctor and SaxPlayer who contribute a lot by adding their own finds as replies, separate from the main post.

I'm ok with a little bit of banter. I guess my real point was that SOMETIMES, when two or more people disagree, the digest suddenly turns into a back-and-forth philosophy debate. I really don't think that belongs here, and I encourage people who find themselves inclined to "really get into it" (as opposed to making a passing comment about a news item) to consider starting a new thread for their topic so the digest can stay managable.

Best,

Erik

 

guardia's picture
guardia
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Re: Daily Digest - May 23
Erik T. wrote:

If the majority wants to keep the banter, so be it I guess. I strongly disagree with Samuel's assertion that "the news belongs in the main post", however. We often have people who come up with newsworthy things that can't wait until the next day, and they post them as replies to the disgest thread. We also have folks like iDoctor and SaxPlayer who contribute a lot by adding their own finds as replies, separate from the main post.

Ah, I see your point.. makes sense

Erik T. wrote:

I'm ok with a little bit of banter. I guess my real point was that SOMETIMES, when two or more people disagree, the digest suddenly turns into a back-and-forth philosophy debate. I really don't think that belongs here, and I encourage people who find themselves inclined to "really get into it" (as opposed to making a passing comment about a news item) to consider starting a new thread for their topic so the digest can stay managable.

I think we need a better blogging system, with user moderation possibly... I remember Chris mentioning it somewhere before, and I agree we need something better. I have the skills to cook something up, but phew, the time it would take...

Samuel

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LogansRun
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Re: Daily Digest - May 23

Thanks for the clarification Erik.  I agree with the back and forth bickering.  

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