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Daily Digest 12/13 - Where Men Aren't Working, Detroit Residents Tested By Blight

Saturday, December 13, 2014, 12:17 PM

Economy

Presenting The $303 Trillion In Derivatives That US Taxpayers Are Now On The Hook For (pinecarr)

We say explicitly, of course, because taxpayers have always been on the hook implicitly for the next Wall Street meltdown.

Why?

Exhibit A: US banks are the proud owners of $303 trillion in derivatives (and spare us the whole "but.. but... net exposure" cluelessness - read here why that is absolutely irrelevant when even one counterpaty fails)...

In Rare Saturday Session, Grim Senate Struggles to Pass a Spending Package (jdargis)

The maneuver by Mr. Cruz and Mr. Lee, however, not only wrecked their colleagues’ weekend schedules, but also may have backfired on Republicans. It enabled Mr. Reid to kick off votes on nearly two dozen nominations, pushing through more of Mr. Obama’s nominees, including several contentious ones, than Senate Democrats had originally hoped for — nominees who would have a far more difficult confirmation process when Republicans take control of the Senate in January.

Furor Over Move to Aid Big Banks in Funding Bill (jdargis)

With a midnight deadline, Republican leaders postponed a scheduled vote on the spending bill on Thursday afternoon, trying to round up votes. Late Thursday night, the spending bill passed the House, 219 to 206. The bill now goes to the Senate.

When Liberty unites, Tyranny is defeated — An Exegesis of Hayek (Steve)

Imagine if all of our efforts were unified, under a single banner. Perhaps we could start winning individual battles. If only we could agree on a single strategy, and we would all follow it. If only we were so organized and coordinated!

Good Intentions of Detroit Residents Are Tested by Blight (jdargis)

Ms. Van-Tardy’s house is two lots down from the home of Mary Van, her mother. The family, who have lived here for a half-century, paved the vacant lot in between as a driveway and built a fence around the adjoining homes and parcels they own, creating an urban compound of sorts. With teenage nieces living there and young relatives regularly coming to visit, the Vans are on edge about prowlers.

Parts Of Detroit Lose Electricity For Hours As Aging Grids Fail (jdargis)

Among the buildings that lost power was the city-county building; dozens of people were stuck in elevators, and those unable to walk down stairs were stranded.

Where Men Aren't Working (jdargis)

On the whole, however, it’s vastly more common today than it was decades ago for prime-age men not to be working. Across the country, 16 percent of such men are not working, be they officially unemployed or outside of the labor force — disabled, discouraged, retired, in school or taking care of family. That number has more than tripled since 1968.

Emit some CO2? Its warming influence should peak in about a decade (jdargis)

The paper investigates a simple question: if you emit some amount of CO2 and then stop emitting, how long does it take before temperature stops rising? The researchers used simplified, mathematical characterizations of climate sensitivity, the ocean’s “thermal inertia,” and carbon cycle activity from model comparison projects. Mixing and matching those three variables from a number of models, they generated 6,000 estimates of the temperature response to a pulse of 100 gigatons of CO2 carbon, tracking it over the course of a century.

Gold & Silver

Click to read the PM Daily Market Commentary: 12/12/14

Provided daily by the Peak Prosperity Gold & Silver Group

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