Daily Digest

Daily Digest - November 14

Saturday, November 14, 2009, 12:00 PM
  • Who might run industrial policy
  • Job Losses Mount, Enduring And Deep
  • Budget Gaps Batter States As Revenues Plummet
  • Home Purchase Loan Applications At Lowest Level Since 2000
  • Ohio, NJ Pension Funds Win $400 Million Class Action Against Wall St Broker
  • Derivatives Reform Bill Written By Someone 'Inside The Banks'
  • Millions Of Dollars Raised By Police Property Seizures
  • A Federal "Water Tax" For Florida?
  • Worried About Losing Tax Revenue, Congress To Examine Airline Fees
  • Rural US Towns Struggle As Employers Shut Down
  • 22% Florida Mortgages Delinquent Or In Foreclosure
  • Rich Buying Again While Middle Class Still Scrimping
  • In Recession An Old West Crime Makes Big Comeback
  • I Got Suckered By Cash For Clunkers
  • Frugal Forever
  • Trade Deficit Widens By Most In 10 Years
  • Leaps Of Faith Holding Up The Stock Market
  • China's End Run Around The US
  • Roads Paved With Recycled Plastic

Economy

Who might run industrial policy (james_knight_chaucer)

As it is, we have seen a natural disaster replaced with a man made disaster. Each of the cars that has been scrapped early is an asset with a real value, and useful life. Just as a bridge being destroyed in a hurricane still has a useful potential lifespan, the same might be said of the cars that have been scrapped. Quite simply, the result is just the same.

Job Losses Mount, Enduring And Deep

The persistence of joblessness for so many people — 5.6 million Americans have now been out of work for more than half a year even though they have continued to seek employment — may provide the greatest challenge for the Obama administration.

Budget Gaps Batter States As Revenues Plummet

"I looked as hard as I could at how states could declare bankruptcy," said Michael Genest, director of the California Department of Finance who is stepping down at the end of the year. "I literally looked at the federal constitution to see if there was a way for states to return to territory status."

Home Purchase Loan Applications At Lowest Level Since 2000

More people are seeking home loans, but the increase was driven by people refinancing homes, not buying them. A seasonally adjusted index of home purchase applications was at its lowest level since 2000.

Ohio, NJ Pension Funds Win $400 Million Class Action Against Wall St Broker

Ohio Attorney General Richard Cordray announced a $400 million settlement of a class action suit against Marsh & McLennan Companies, an insurance broker. State pension funds from Ohio and New Jersey were the lead plaintiffs in the case, which was filed in New York.

Derivatives Reform Bill Written By Someone 'Inside The Banks'.

Michael Greenberger, a University of Maryland law professor and veteran federal regulator, studied the House committee's 187-page bill and detected the fine needlework of Wall Street lawyers. "It had to be written by someone inside the banks," Greenberger said, "because buried every few pages is a tricky and devilish 'exception.' It would greatly surprise me if these poison pills originated from anyone on Capitol Hill or the Treasury." A well-informed Congressional source confirmed that the original language in the draft legislation was written by financial-industry experts. It "was probably written by JPMorgan and Goldman Sachs," he told me, "and possibly the Chicago Mercantile Exchange."

Millions Of Dollars Raised By Police Property Seizures

Local law enforcement agencies are raising millions of dollars by seizing private property suspected in crimes, but often without charges being filed -- and sometimes even when authorities admit no offense was committed. The friction over seizures is a result of two competing legacies in U.S. law.

A Federal "Water Tax" For Florida ?

A hearing on the issue is scheduled for November 16th in Federal Court in Tallahassee.

Worried About Losing Tax Revenue, Congress To Examine Airline Fees

An investigation is under way, and could lead to changes in this increasingly popular tactic that airlines use to bring in more revenue without raising fares.

Rural US Towns Struggle As Employers Shut Down

In hundreds of small rural U.S. towns, the loss of a large local employer casts a long shadow. Tax revenue falls, hitting local services from schools and healthcare to police forces and firefighters. Spiraling unemployment also spawns hopelessness.

22% Florida Mortgages Delinquent Or In Foreclosure

The LPS October Mortgage Monitor also revealed that the nation’s foreclosure rate was 3.12 percent as of September 30, up 2.6 percent from a month earlier and 88.9 percent year-over-year. And remember that’s with all the government intervention.

Rich Buying Again While Middle Class Still Scrimping

The affluent are finally starting to buy, picking up designer clothes at places like Nordstrom, while those on the lower economic rungs are still scrimping by, heading to Walmart for food and socks.

In Recession An Old West Crime Makes Big Comeback

Modern-day cattle rustling reaches record levels.

I Got Suckered By Cash For Clunkers

If you see a slate-blue Hyundai redlining at 55mph down the right lane of I-270, feel free to lean out the window and yell, "Thanks, Steve, for being a patriot!" At first I was thrilled when the government gave me cash to buy a new car. Then I realized I got suckered.

Frugal Forever

"Frugal Forever' is the new rallying cry for many Americans. Families are hitting thrift shops, cutting back on Christmas, doing repair projects themselves.

Trade Deficit Widens By Most In 10 Years

The U.S. trade deficit jumped in September by the largest percentage amount in more than a decade. A big culprit was foreign oil, whose prices hit their highest point in nearly a year.

Leaps Of Faith Holding Up The Stock Market

What is driving these highs? It certainly isn't the economy.

China's End Run Around The US

As more free-trade deals exclude America, Beijing could dominate a new Asian trade bloc.

Environment

Roads Paved With Recycled Plastic

Ahmed Khan’s company in India churned out hundreds of thousands of plastic bags each month that eventually ended up as garbage. Now, he is in the business of scouring the city’s landfills to reclaim some of that waste and pave the way to a more environmentally friendly enterprise. Mr. Khan’s company has built more than 745 miles of roads using 3,500 tons of plastic waste.

6 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4149
Re: Daily Digest - November 14

"SACRAMENTO — With high unemployment continuing to eat at California's tax revenues, and risky budget gimmicks failing to materialize, the state's deficit next year could hit a staggering $25 billion.

If worst-case scenarios hold true, several insiders who track the state's financial picture tell the Mercury News, the deficit through June 2011 would be billions higher than previous estimates.

Gov. Arnold Schwarzenegger's best-case estimate earlier this week was half that sum, at $12.4 billion. Assembly Republican leader Sam Blakeslee of San Luis Obispo floated a number as high as $20 billion during water "negotiations.

"The Pension Benefit Guaranty Corp. said Friday that its deficit had almost doubled to $22 billion in fiscal 2009 and that its exposure to future losses from weak companies had more than tripled"

"SAN FRANCISCO (MarketWatch) -- Naples, Fla.-based Orion Bank, which had $2.7 billion in assets as of last month, was closed by regulators Friday -- one of a trio of failures that will cost the federal deposit insurance fund just over $1 billion."

"Many economists use California's exports as a gauge of the state's rebound potential. According to September's numbers, California still has a long way to go.

The state's merchandise exports, at $10.35 billion in September, were up 3.2% from August but still down 16.3% from the same month last year, according to an analysis of Commerce Department data released Friday."

"(AXcess News) New York - Film studio Metro-Goldwyn-Mayer has confirmed that it is looking for a buyer. The producer of such films as the "Pink Panther" and "James Bond" 007 series is seeking a buyer after getting an extension on its debt from creditors.

MGM has until January 31st to may a payment on $4 billion of debt before creditors step in and take over the famed film studio and its movie inventories."

"At the end of September, commercial real estate sales for the year were down 84 percent compared with the previous 12-month period, according to San Francisco-based LoopNet, an online marketplace for commercial real estate listings."

 

...Be back on Monday. With the economic news going the way it is who knows surprises we'll wake up to.

DavidC's picture
DavidC
Status: Silver Member (Offline)
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Posts: 243
Re: Daily Digest - November 14

Regarding "Leaps Of Faith Holding Up The Stock Market", the USD Index has been acting as an inverse Dow, almost on a minute by minute basis. I was watching the moves yesterday with the two real time charts side by side and the moves were almost exactly replicated inversely in the Dow as the USD Index changed.

Karl Denninger's also noted this http://market-ticker.org/archives/1621-We-Dont-Need-Any-Steenking-Consumers.html

DavidC

FireJack's picture
FireJack
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Joined: Feb 8 2009
Posts: 156
Re: Daily Digest - November 14

One of today's blogs by Nathan is pretty scary: Has the whole world gone Enron Mad?

Would it be anti-American if I answer yes? It would seem so, and that seems to me to be a very large part of the problem.

So we ask the question again, is China an economic miracle waiting to happen, or is China headed for collapse? People were saying it was a miracle when I was saying the Hang Seng was a bubble and was on the verge of collapse. Collapse it did, losing more than two-thirds of its value, falling from its 32,000 peak to its 11,000 low:

 

I get he feeling 2010 is the year that cooked books and printed money can no longer hide the rapidy deteriorating situation. I'm guessing that once declining oil production catches up with demands things will really start to decline so until then we can hope to have running water and electricity I hope. After that all bets are off.

idoctor's picture
idoctor
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Re: Daily Digest - November 14

Erik T.'s picture
Erik T.
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Posts: 1234
Re: Daily Digest - November 14

I'm so livid over the DHS Internet piece in that ICN video that I feel like I could just blow a gasket!

The trend is so goddamn clear and the American people are such freaking idiots I just can't find words to express my frustration.

The notion that H1N1-related telecommuting needs somehow creates the need for DHS to have the authority to shut down web sites it deems unnecessary is a shocking testament to how naive and easily manipulated the American sheeple really are. All the government need do is find a source of FEAR to bypass the public's critical thinking ability, then they can do anything and everyone stands by and acts like it's a good thing. It worked when our civil rights were desecrated in the name of "fighting terrorism", and once again I predict it will work again. Get 'em in a state of fear about a "threat" like H1N1, and suddenly everyone will accept the "need" for DHS to shut down "unnecessary" sites like PeakProsperity.com.

I apologize for my cynicism, but I can't help sometimes but feel like Americans deserve what's coming to them. The American people have in the past and continue to exhibit the most shocking degree of ignorance and stupidity immaginable, and the Government has learned how to expoit fear as a tool to manipulate the people with complete disregard for the laws of the land. So long as Americans keep accepting Big Brother, the government will grow and individual freedoms will be lost. Without so much as an objection from most people, never mind a fight.

It makes me sick to my stomach!

Erik

 

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - November 14
ErikTownsend wrote:

I'm so livid over the DHS Internet piece in that ICN video that I feel like I could just blow a gasket!

The trend is so goddamn clear and the American people are such freaking idiots I just can't find words to express my frustration.

The notion that H1N1-related telecommuting needs somehow creates the need for DHS to have the authority to shut down web sites it deems unnecessary is a shocking testament to how naive and easily manipulated the American sheeple really are. All the government need do is find a source of FEAR to bypass the public's critical thinking ability, then they can do anything and everyone stands by and acts like it's a good thing. It worked when our civil rights were desecrated in the name of "fighting terrorism", and once again I predict it will work again. Get 'em in a state of fear about a "threat" like H1N1, and suddenly everyone will accept the "need" for DHS to shut down "unnecessary" sites like PeakProsperity.com.

I apologize for my cynicism, but I can't help sometimes but feel like Americans deserve what's coming to them. The American people have in the past and continue to exhibit the most shocking degree of ignorance and stupidity immaginable, and the Government has learned how to expoit fear as a tool to manipulate the people with complete disregard for the laws of the land. So long as Americans keep accepting Big Brother, the government will grow and individual freedoms will be lost. Without so much as an objection from most people, never mind a fight.

It makes me sick to my stomach!

Erik

 

Close websites. Gosh, how will I find out about Britney and Michael? I hope those sites stay open.Tongue out And oh by the way, I didn't know that when folks are at work they don't use the internet?!?!? More traffic....ha!

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