It was even implied that the meltdown was due in part to irrational panic, “hysteria,” a fear of fear itself. When Lehman Brothers failed, the theory held, investors overreacted by freezing all lending, causing more disruptions and more losses. The economy was basically healthy, but fear had caused it to founder on a lack of confidence.
In Too Big to Fail, William Hurt plays Treasury Secretary Paulson as a saddened, wearied Atlas. He quips, early in the mess: “This is a confidence game,” and if Lehman Brothers failed, “all the other banks are gonna drop like dominoes.”
What Keeps Them Up At Night (thc0655)
This past week I was able to attend another lecture/discussion recalling the 2008 crisis and assessing our current financial situation. The panel consisted of three hedge fund managers. Two of them are multi-billionaires and the third a multi-millionaire. The multi-millionaire was the president of UBS in 2008 and was in the room on that fateful weekend when Paulson and Bernanke gathered the Wall Street CEOs to try and save Lehman. Self interest and old grudges from the LTCM bailout led to failure and Lehman’s bankruptcy on Monday.
Tanzania and Uganda together have about twice the area of France, which has only 65 million people. They would, with a billion people, be about eight times more densely populated than France – and unlike France, the great majority of their people would still be poor. The long-term economic growth rate in both countries is about three per cent and their population growth rate is exactly the same, so most people stay poor.
It comes as Washington has been building up its military presence in the region. In late August, the missile destroyer USS Ross was deployed to the Mediterranean, carrying 28 Tomahawk cruise missiles, while the USS The Sullivans was deployed to the Persian Gulf and a B-1B Lancer strategic bomber was moved to an air base in Qatar.
I have seen and heard a lot over the past two weeks. I met with many people barely surviving on Skid Row in Los Angeles, I witnessed a San Francisco police officer telling a group of homeless people to move on but having no answer when asked where they could move to, I heard how thousands of poor people get minor infraction notices which seem to be intentionally designed to quickly explode into unpayable debt, incarceration, and the replenishment of municipal coffers, I saw sewage filled yards in states where governments don’t consider sanitation facilities to be their responsibility, I saw people who had lost all of their teeth because adult dental care is not covered by the vast majority of programs available to the very poor, I heard about soaring death rates and family and community destruction wrought by prescription and other drug addiction, and I met with people in the South of Puerto Rico living next to a mountain of completely unprotected coal ash which rains down upon them bringing illness, disability and death.
Contacts being tracked are down from 3,421 to only 1,751. But this is because of difficulties following the contacts due to the previously mentioned socio-political difficulties in that area. In other words, they can’t travel to find them, so they’re not following a crap-ton of people they would like to and ought to be following. That’s still very concerning, and could allow this outbreak to blossom out of control again at any time.
Norway’s Offshore Oil Boom Is Back On (Michael S.)
Vår Energi AS—the company of the merger of private equity-backed Point Resources AS into Eni Norge AS, which is expected to complete by year-end—plans to invest more than US$8 billion over the next five years to bring projects on stream, revitalize older fields, and explore for new resources. The combined company’s production for this year is estimated at around 180,000 boepd from a portfolio of 17 producing oil and gas fields from the Barents Sea to the North Sea. By 2023, Vår Energi’s production is expected to reach 250,000 boepd, with a breakeven price of less than US$30 a barrel.
“Anything less will likely result in a major extinction crisis and jeopardies the health and well-being of future generations,” he writes.
Current levels of protection – 3.6% of the oceans and 14.7% of land – “do not even come close to required levels,” Baillie notes.
It’s more than just Flint. Now PFAS being found in the water across the state in places like Ann Arbor, where I’ve lived for six years, Kalamazoo, Alpena, Grand Rapids, Lansing, Detroit. I’m hearing the Detroit Public School system, they’ve had to shut off a lot of their drinking fountains, and those kids going back to school don’t have clean water to drink from their drinking fountains.
Robichaud explained that water is usually a greater threat than wind for tropical cyclones. “We always tell people ‘run from the water, hide from the wind,’” he said.
The long-awaited findings, revealed by the Guardian for the first time, are a wake-up call for the world’s only superpower as it grapples with growing inequality. Donald Trump has promised to “Make America Great Again” and tackle the nation’s crumbling infrastructure, but he has said very little about enduring chronic poverty, particularly in the southern states.
There, twice in every twenty-four hours, the ocean’s vast tide sweeps in a flood over a large stretch of land and hides Nature’s everlasting controversy about whether this region belongs to the land or to the sea. There these wretched peoples occupy high ground, or manmade platforms constructed above the level of the highest tide they experience; they live in huts built on the site so chosen and are like sailors in ships when the waters cover the surrounding land, but when the tide has receded they are like shipwrecked victims. Around their huts they catch fish as they try to escape with the ebbing tide. It does not fall to their lot to keep herds and live on milk, like neighboring tribes, nor even to fight with wild animals, since all undergrowth has been pushed far back.
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