Recent comments

  • MY view is that a sector of the economy that has been untouched thus far from the 'bad' due to already having a chunk of the stimulus dedicated to it should not be viewed as a priority over other segments of the economy which are in far worse shape.

    Since the original stimulus there has been a $15 billion dollar bill for the private sector which involves tax credits for hiring and now they want an additional $50 billion to avoid public sector layoffs?

    Are you on record as saying this doesn't show where the administrations priorities are?

    It seems that the opposite view is that the neglected private sector has to choose between bailing out the banks or bailing out the public sector but when either bill comes due it will be doled out to everyone.

    Reply to: Using Veblen to explain the Obama's adminstration's hostility toward labor   14 years 4 months ago
    EPer:
  • That's when things can really go south. When a crisis covers over the real events...such as an impending European implosion.

    Reply to: The Black Swans of Europe   14 years 4 months ago
    EPer:
  • We now have 3 Regional Fed. chiefs speaking out on the lack of derivatives reform, also saying these units should be plain spun off, firewalled.

    James Bullard, St. Louis Fed (who has the most awesome public analysis tools on the web, thank you St. Louis!)

    Dallas Fed President Richard Fisher

    Kansas City Fed (who has been speaking publicly with such a focus on middle class America, smaller banking, really good analysis I wish he was Fed Chair), Thomas Hoenig

    Again, I don't know how many posts I've written at this point digging in deep into CDOs,CDSes, SIVs, structured finance, but absolutely this stuff is deadly and I'm sorry, if these cats want to make massive profits, they need to find investment vehicles that are not glorified gambling chips. This is like dealing with a gambling addict on a good run.

    HuffPo

    Reply to: Coated in the Black Tar of Darkness. a War Against Financial Reform Continues   14 years 4 months ago
    EPer:
  • "Please remember, Sharia Law has spread and increased dramatically in that area with the incurions and interference of America in that region --- an no civilized person would wish to see that!"

    Sharia is so common in Northern Britain that routine divorces, murder trials, and most civil cases are handled by Sharia,in ethnic neighborhoods. Sharia is now arrived in the U.S. with many school districts refusing to enforce dress codes and special time-outs for morning and afternoon prayers.

    So the question is not so much about Afghan poppies or mineral development conspiracies, but how well the afghanization of the U.S. is proceeding.
    My preference is to allow local economies in Asia and make those economies as prosperous as possible locally. Or you could import those economies, like the poppy trade.

    Reply to: Using Veblen to explain the Obama's adminstration's hostility toward labor   14 years 4 months ago
    EPer:
  • No longer on the NYSE, so shares plunged. Business Week.

    Reply to: Fannie Mae & Freddie Mac Could Cost $1 Trillion Dollars   14 years 4 months ago
    EPer:
  • I read people stating how flush BP is well they are in an extremely demanding capital intensive business so they are probably always rolling debt over and over again and without that ability they will have to shrink. They can't shrink because their values are distorted right now so they can't get fair market for their assets.

    They are screwed but they did it to themselves.

    That mud that they wanted to save for the next well?

    The most expensive mud ever made.

    Reply to: The Sovereign State of BP - Down for the Count?   14 years 4 months ago
    EPer:
  • not unless they are using a lot of H-1Bs, foreign temporary guest workers and have illegals on the payroll.

    But in STEM occupations, the unemployment rate is distorted. The occupational area is small enough and there are so many foreign guest workers it's enough to distort the rate.

    But I still think your focus is skewed. It's more "good for them" and how come, what needs to happen to get the private sector to similar numbers. It's not "oh well, I'm suffering so they should suffer too". I think that's a wrong view.

    Reply to: Using Veblen to explain the Obama's adminstration's hostility toward labor   14 years 4 months ago
    EPer:
  • The BP Escrow Fund was approved.....but who's managing it. Let's see....now how long does it take normally for the government to issue checks?

    Reply to: The Sovereign State of BP - Down for the Count?   14 years 4 months ago
    EPer:
  • So are you saying that unemployment is actually higher in the government sector?

    Reply to: Using Veblen to explain the Obama's adminstration's hostility toward labor   14 years 4 months ago
    EPer:
  • THINGS SEEN THROUGH THE EYES OF THE BRITS
    BY Dwight Baker
    June 16, 2010
    Dbaker007@stx.rr.com
    http://uk.reuters.com/article/idUKTRE64U0OW20100616?feedType=nl&feedName...

    MY TAKE

    I am not surprised the Brits want to protect their meal ticket that BP has seen clear to do for them and many others for some time by paying huge dividends. Yet for some of them to call the Kettle Black is a far cry from being civil at this time. And because of that the article in Reuters offends me and maybe you too.

    I have been a staunch advocate for the RIGHT and ONLY OIL and GAS SANE WAY to fix the blown out well and my record is clear about that. I have called to task BP many times and the same for the Obama Administration in total for their inane ---laying behind the log----way to allow the free press to wonder off in all kinds of directions for most of us did not have the low down and dirty laundry of the blow out.

    I stepped higher than most and studied all I had at my disposal and read between the lines purging out the lies At the end of 400 hours I had finally arrived at my oil and gas engineering conclusion some time before May 13, 2010, when I sent BP Investors Relations my creative patent pending ideas called TAME NATURE with an overshot.

    I later found out from friend in engineering oil and gas I missed the con that BP had going on for those who had ideas. The con was by using their PDF form to send the suggestions in it was for free gratis.

    Thus I have stood behind my plans for they are the only way to fix the problem that is causing a deep rift between our British friends and us. Because of that seemed abyss I believe in the end the truth will separate the men from the boys. Meaning oil and gas --men early on in their basic training skills learned from the bottoms up know that all must respect Mother Nature or all will surely all die. But with a tear in my eye I remember hearing and reading of the calls that went out that night on the Deep Horizon as the men cried out to each other and the bosses this is going to kick our ass and Mother Nature did.
    My GOD forbids such insane acts.

    THE BRITS VIEW

    BP executives, including Chairman Carl-Henric Svanberg, CEO Tony Hayward and BP U.S. boss Lamar McKay, were seen walking into the West Wing of the White House just before 10 a.m. ET for talks with Obama that were scheduled to last 20 minutes.

    Looking serious, they barely glanced at photographers and camera crews recording their arrival. It was their first meeting with Obama since the start of the nearly two-month old crisis.

    The meeting came a day after Obama, in a televised address to Americans Tuesday night, accused BP of recklessness and vowed to fight the spill "with everything we've got."

    An April 20 explosion on an offshore rig owned by the British energy giant killed 11 workers and ruptured a deep-sea well. The ensuing spill has fouled 120 miles (190 km) of U.S. coastline, imperiled multibillion-dollar fishing and tourism industries and killed birds, sea turtles and dolphins.

    Obama wants BP to establish an independently managed fund to guarantee it would cover the billions of dollars needed to clean up the 58-day-old spill and compensate affected individuals and businesses.
    Setting the tone for what could be a strong message to BP, Obama said Tuesday he would tell BP to set aside "whatever resources are required" to compensate the workers and business owners harmed by the spill.

    "And this fund will not be controlled by BP. In order to ensure that all legitimate claims are paid out in a fair and timely manner, the account must and will be administered by an independent, third party," Obama said.

    A LEVEL OF CERTAINTY

    Prime Minister David Cameron said BP is eager to face its liabilities from the spill but it should not have to pay claims that were too far removed from the disaster.

    Cameron is under intense domestic pressure to stand up for BP, which many Britons perceive is being treated too harshly by the U.S. administration to the detriment of British pension fun funds and other investors with big stakes in BP.

    "I know from my conversations with BP that they want to play the fullest possible part in capping the well, in dealing with the clean-up, and yes, in paying compensation to the hotel owners and the fishermen and others who have suffered," Cameron said during a BBC radio phone-in program.

    "While it's important that they pay reasonable claims, and BP accept this themselves, they do need a level a certainty, and this is BP's worry, that there won't be claims entertained that are three or four times removed from the oil spill."

    BP said in a statement its executives looked forward to a constructive meeting. "We share the president's goal of shutting off the well as quickly as possible, cleaning up the oil and mitigating the impact," the company said.

    James Guiang, senior portfolio manager at Millennium Global Natural Resources Fund, said BP needed to cut a deal with Obama. "Whenever you go up against a government, you're not going to win," he said.
    BP STOCK Shares in BP, which have lost nearly half their value since the spill began, were down 1.2 percent in trading in London, under performing a flat European oil sector index. In New York, BP's U.S.-listed shares were down more than 4 percent.

    The cost of insuring BP debt against default rose, with five-year credit default swaps hitting a record wide of 600 basis points, according to Market.

    Rating agency Fitch downgraded BP's rating by six notches Tuesday. Dutch bank ING said it expected other agencies to follow suit.

    A team of U.S. scientists raised their high-end estimate of the amount of crude oil flowing from BP's stricken well by 50 percent to between 35,000 and 60,000 barrels per day, the second major upward revision in less than a week.

    (Additional reporting by Matt Spetalnick; Writing by Caren Bohan and Ross Colvin; Editing by Will Dunham)

    Reply to: The Sovereign State of BP - Down for the Count?   14 years 4 months ago
    EPer:
  • Zerohedge has a CDS bps 1000 chart up.

    Reply to: The Sovereign State of BP - Down for the Count?   14 years 4 months ago
    EPer:
  • Oil and Gas Lamebrains might be the term used to describe those who say they are in control of the BP blow out!
    By Dwight Baker
    June 15, 2010
    Dbaker007@stx.rr.com

    The Executive staff did a poor job finding out the facts before putting their seal of approval on the speech. One thing we have far more of the worlds oil than 2 percent. The Bakken shale in North Dakota rivals most of the oil finds in history. Now on the green note that has seemed to slip peoples minds---- to re-tool the automotive business and the high end trucking business and all the other shippers who use oil products for fuel would take 30 to 40 years and cost a kings fortune to do. Natural gas might be an answer for the large truck trailer shippers and for us to as long as pipelines were laid to the major markets to bring about the supply lines for consumers.

    Getting some feed back after the President Speech looks as if the goal set out to save his Presidency and save our Gulf was missing.
    Good intentions by the President and his staff showed through but the greater dimensions as mentioned were missing for one reason or another. The greater goals of stopping the oil and gas was not addressed head on and that is just what the American public wanted to hear.

    Thus as in the title are those assigned the great job of getting this blow out plugged --- oil and gas lamebrains? I have no sympathy at all for folks who pretend to know and simply do not. Move over step out of the picture and let those who know oil and gas do the job at hand.

    What many of us are too tired of the pundit political media hype type huckster's that spin and spin. And our poor citizens on the Gulf have had enough of them too, they are down to the earth working folks like some in Boston and they are tired of hearing this and that come out of the mouths of those who have no clue what to do and when.

    I meant no harm to come to those I inferred rightly so that they had not the oil and gas common sense and reason to understand the simplicity of stopping all the oil.

    But, some do and I am one of them an oil and gas engineer with the plan to stop the oil and gas in 3 to 4 days after the plan is adopted. It is appropriate to include that the plan has been passed around in the oval office, the boardroom of BP and most the media sources in the world. It is easy to see just google Tame Nature with overshot and there you will find the work of laying out the plan.

    Now what can the American Public do? Learn about the TAME NATURE overshot plan to plug the blown out well then continue to publish that message so that many more will know. Contact me Dwight Baker dbaker007@stx.rr.com to receive a copy of the Plan FREE OF CHARGE

    Reply to: The Sovereign State of BP - Down for the Count?   14 years 4 months ago
    EPer:
  • If you saw the interview with Bill Isaac and Paul Volcker on CNBC, it's also Volcker against the Lincoln amendment. Get this reasoning. Derivatives are profitable. Profitable. Uh, does it matter that they are mathematical fiction? Does it matter that they have strong contagion effects, create a domino affect, cause systemic risk?

    It's like all of the details on derivatives, the bad mathematics, the fact you cannot even evaluate them after the fact, you cannot crunch them computationally to see if they are valid....or the entire credit ratings agencies slapping AAA ratings on them is being dismissed.

    Profitable. Right, that AIG thing sure was profitable....for Goldman Sachs and Societe Generale. Bummer the taxpayers funded it. The only good news is there might be a sliver of a chance to get the Volcker rule, Merkley amendment in.

    Reply to: Coated in the Black Tar of Darkness. a War Against Financial Reform Continues   14 years 4 months ago
    EPer:
  • One wrinkle: what about the influence of old-time industrial capital: Olin, Scaife, Cargill, Koch? That's industrial, but if anything, more authoritarian than the managerial regime.

    Reply to: Using Veblen to explain the Obama's adminstration's hostility toward labor   14 years 4 months ago
    EPer:
  • Despite whats happening in Spain ($250 Euro bailout they are trying to keep secret - $50 billion Euros from the broke US) THIS will bring the focus to the US.

    The money is not there to support all this and the problem is many times greater than they are willing to admit.

    Certainly the banks wanted to fill their coffers and they did by allowing mortgage standards to be easily defrauded but there were willing accomplishes who could not conceive that housing prices would come down but they did. It takes two to tango and the applicant who depended on refinancing before the interest rate changed or the balloon payment was due is equally at fault.

    It doesn't matter who is responsible the question is how to deal with it. Its obvious that our bought and paid for politicians have neither the backbone nor the intention of stopping TBTF or of increasing taxes (something that I'll wager the majority of voters would be against) so whats left? Keep printing till a small pizza costs $100?

    When this story as you wrote it reaches main stream media the party here is OVER.

    Reply to: Fannie Mae & Freddie Mac Could Cost $1 Trillion Dollars   14 years 4 months ago
    EPer:
  • British Petroleum should serve to educate the American people and all corporate victims just how unworthy and incompetent corporate executives are to receive their unprecedented wealth of the last 30 years for their looting through the SHAREHOLDER SYSTEM that has shoved the American people down into the muck of limitless debt, penury and poor health.

    Today's corporate executives serve an average 3 years it has been reported at any one company, often with no particular industry experience other than Wall Street SHARE MANIPULATION savvy.

    Notice that BP and other giant oil company execs KNOW NOTHING about their own businesses. Talk about smoke and mirrors. How do they get into these positions? CRONYISM among the unholy ivy league globalist cartel and they understand stock market share manipulation PR.

    Reply to: The Sovereign State of BP - Down for the Count?   14 years 4 months ago
    EPer:
  • BP dropped the name British Petroleum years ago when they merged with Amoco (at the time it became BP Amoco, to revert to just BP (NOT British Petroleum) a few years later).

    But why should a dumb yank be expected to get the facts right?

    Reply to: The Sovereign State of BP - Down for the Count?   14 years 4 months ago
    EPer:
  • Unfortunately the facts of increasing medical costs - costs that were normally covered by employers/insurance/medicare - are not being factored into U.S. income statistics.

    If I received a $1000 raise this year, but my medical insurance increased $600 per year ($50 more out of my monthly paycheck) and higher copays resulted in an additional $150 in out-of-pocket medical expenses, then that $1000 raise actually becomes a $250 raise.

    If the employer had covered all of the increased medical costs then I would have received a much smaller wage increase.

    My point is that I don't believe government statistics that track wages take increased medical costs into account. Thus, it might appear Americans are taking home more pay - and the politicians and Chamber of Commerce might tout how workers are so much better off ... when all that's happening is that medical costs are being shifted from employers to employees.

    So be skeptical the next time you read about average worker pay increases.

    Reply to: First Time Greater Than $400 Deductable for Employer Health Insurance   14 years 4 months ago
    EPer:
  • The professor from Purdue has been vindicated and the 'experts' at the Oil Drum are too arrogant to admit it. I don't call that 'eh'.

    Reply to: Enduring Ado About Oil   14 years 4 months ago
    EPer:
  • eh

    at least it's technical. I'm not sure. I went and read about various wells and that is one hell of a gusher even at 100,000 barrels in comparison to most.

    I never did find the publish max capacity, before "blow out" of that well.

    But I do believe the erosion analysis and an expect also said the flow rate is not static. I did see other experts also say it isn't a constant, static, especially with damage erosion and the "new" of the well because the pressure changes.

    Eyeballing it the flow has changed but obviously, looking at a 2D image doesn't say much, but it sure seems to be more intense, after the cap.

    I really fear the well casing is collapsing.

    Reply to: Enduring Ado About Oil   14 years 4 months ago
    EPer:

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