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Interesting how the "success" bar keeps changing. We'll be looking in more detail at this over the weekend. For now, from the BBS:
Folks, just two days ago it was 90% of the bond holders needed to sign on. The Greece crisis, at this point, is becoming notorious for headline buzz to quiet markets.
Good stuff-great charts! I wonder if anyone knows how many new "job creators" helped this picture (just being sarcastic). Obama 2012!
No surprise we're seeing claims the deal was a success, Bloomberg reports 75% of bond holders eligible have signed on. The official announcement won't be until tomorrow, and this is like some grand "default but don't officially default" plan, we won't update this article until some official numbers come rolling in.
I hear ya. He was a great prosecutor. So ridiculous his taste for paying for it got him in such hot water.
American politics, you can lie, cheat, steal and be crazy but lord help you if you've got some sort of sexual weirdness goin' on.
Ain't that the truth? I hope in this post it's amplified that the ISDA mas magically redefined the definition of default and therefore, when CDSes are triggered.
Eliot Spitzer has a great read on the default swaps picture in Greece here:
http://slate.me/wHzmDM
It's too bad he had that scandal because he gave Wall Street nightmares.
We literally calculate that each month from the CPS data when we overview the BLS jobs report.
That said, the Federal Reserve has a neat little tool, a job growth calculator.
I checked the Fed's job growth calculator and it's accurate, using the same calculations we do here by hand each month on the data.
Now while one can argue other issues, such as base population, labor participation rates, figuring out how many jobs are needed each month to keep up with population, if one takes the other data metrics as accurate, are simply percentages.
Anyway, the tool is nice for it lets you see how many jobs you need over what time frame to get to 4% unemployment rates, yeah those, the ones before 2008.
boy, you got that one right. Check out the board of directors, absolutely the same banks issuing sovereign CDSes.
Their members will launch a pdf at the above link, but we have all of the major CDS issuers plus organizations like the bank of China.
“What's even more bizarre is Greece will officially be in default, if an only if the International Swaps and Derivatives Association says they are.”
Who (as in individuals and their associations) EXACTLY is the International Swaps and Derivatives Association that has so much power over the decision to transfer billions of dollars from those who wrote the CDS to those who bought them?
I’ve read (can’t remember where) that five of the largest US banks are principals of some sort in this organization. And, those same banks are the largest writers of CDS (i.e. they will have to pay if a default is declared.
Again – who are the members of the ISDA and to what extent do they participate in the CDS market either as writers of purchases. Do the decision makers of ISDA have a vested interest to be served by their decision?
This is a fast moving story, as Greece has been generally, with many false, empty press releases and events.
While we said from the beginning Greece needs to default and the banks won't let them due to CDS triggers in part, now the events are moving fast and furious.
We'll update this article as details on the bond holder swap becomes more clear, detailed and write a new article for a major event, such as a true Greek default.
(Can we get this over with anytime soon?)
I didn't correlate it to services, BLS, but just eyeballing the index it seems to match the overall private jobs BLS report. Private jobs includes manufacturing, which this report shouldn't cover.
Obviously, you didn't know China and the living condition of the ordinary people their. There is no housing and food subsidy there, and the medical cost is high (especially for the one who haven't join the social security).While, if you are the lucky one who could find a job in state-owned enterprise,you can receive some extra benifit (including the housing the medical subsidy).Still, the chance is limitied. But for a developing country with such a population scale, it's really a tough job to improve the living standard of all the people in the near future.
SMC is still here, just that the last few weeks frankly we cannot find much that's really funny. Economic comedy is tough and we just haven't found material. If we missed something, please share in a comment.
The series will continue, we must laugh at this, or become so depressed we'll sit on the cough like consumer zombies.
Obama is wholly owned by Wall Street and speculators worldwide. It is foolish to assume every issue boils down to simply GOP verse Obama. Those who swing the elections are Independents be they conservative or liberal. At this point despite the Keystone pipeline being temporarily stalled, it is Warren Buffets company Burlington Northern Santa Fe, a union company, transports via rail to the gulf refineries. A puppet-master who frequents the Obama dinner table. Oil companies provide many union jobs! Obama has capped our domestic production and several East Coast refineries were just slated for closure. Obama himself can be seen on YouTube during news broadcasts stating he sought to put the oil and coal industries out of business. Yes, union jobs. Learn to speak for a real cause and not just a singular political party. I will never register as a Republican or Democrat since I do believe in freedom of choice and the power of the people.
This CPA has the list of expiring 2011 tax credits. I just don't have enough knowledge or statistical details to know how much the business 100% depreciation could have affected manufacturers new orders in December. I guess we'll see when this report is revised.
Isn't Bernanke trying to shake loose only a part of the money on the sidelines? I mean when things balance out and money is put to work creating economic growth interest rates will rise as growth and debt servicing compete. Yes? This is only a question not a challenge obviously your schooled in this stuff.
They are making no bones about taking social security money to fund their stock market that is for sure. These clowns want every penny of public money they can get!
It seems, generally, regular people are seen as suckers, people to manipulate, scam, profile and most of all, suck every dime out of their pockets. Seriously. From bank fees to mortgage settlements letting banks literally scam people out of their houses with promises of loan modification, all the while robo signing their way to foreclosure, to cell phone contracts to now even Google insisting on profiling you to death, it's everywhere.
It's like we're rats in a maze and the dead end is yet another corporation or service going to plain stomp you with their foot.
I don't know about Bernanke's zero interest rates, per say but this entire "prop up Wall street" at the expense of main street is now the issue of our time. History repeats.
Traders are mindless numbnuts it seems. It's so clear there will not be QE3 yet people insisted this would happen. Now Bernanke's testimony today makes a few more wake up.
Gas is going through the roof, there is no way they are going to do more quantitative easing right now.
As you all know, The Economic Populist is infamous for going into great detail as well as a graph-o-rama center.
GDP is actually one of the more complex economic report releases and we've about 1 step away from reading actual BEA tables in this overview.
I'm open to suggestions on how to maintain that nitty-gritty devil detail in the overview, yet try to improve it so it's understandable for most people.
The idea of these overviews is to beat the so often incorrect press buzz headlines but also to offer up some bridge between the actual report and comprehensive English.
Thanks for your suggestions.
FIRE THEM ALL FOR DERELICTION OF DUTY!
The Petroleum Institute, the organ for the Petroleum Republic wants us to believe that Alberta Tar Sands will fill the import void. This pipeline will move heavy crude to the Gulf where it will stress the production limits of refineries producing close to limits. From there, the oil will travel through the Panama Canal, to Asia. Sorry to spoil your day, but no gasoine from Keystone XL in the U.S. The Petroleum Republic did this with the Alaska Pipeline in 1977 and sent the crude to Japan. game game, new generation of suckers.
Maybe the game is more refineries in Lousiiana? Perfect. But if no refineries are built, the capacity of Gulf refineries will be strained, likely crowding out crude produced in the Gulf. So not only will the refined product from Keystone go to Asia, but, we may get less refined petroleum product as a result!
To be sure that the tar sand crude is actually going to Asis, the Canadian ambassador protested to Clinton earlier that, "we could have built the pipeline from Alberta to Vancouver". Get it? One way or another, that oil is going to Asia.
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