Recent comments

  • Doh

    I only write those up in excruciating detail. But I do know STEM stats are distorted due to people being pushed out of the field and they count H-1Bs, L-1s in those statistics.

    Reply to: Using Veblen to explain the Obama's adminstration's hostility toward labor   14 years 4 months ago
    EPer:
  • In my post above I made this point.

    Municipalities have been forced to look for higher and higher yields through more risky financial vehicles because of their debt levels and contractual promises. Everyone was on board with that till the market collapsed because those vehicles gave everyone what they wanted. The vehicle ran out of gas now its the car salesmans fault 100%?

    Today on ZeroHedge a blistering expose on the Illinois Teachers Pension fund and how THEY have decided to invest whats left of their funds. THEY make their own decisions on where to put their money bad and good and THEY are responsible for the fallout although as the post states taxpayers will end up on the hook once again.

    The bottom line, experts say, is that there is no language in the Illinois pension code that prohibits pension funds and retirement systems from buying or selling OTC derivatives as an investment method. In the event of catastrophic losses, lawsuits would be filed against the fiduciaries, but ultimately taxpayers would be left holding the bag.

    61% Underfunded Illinois Teachers Pension Fund Goes For Broke, Becomes Next AIG-In-Waiting By Selling Billions In CDS

    Reply to: Slouching towards neofeudalism   14 years 4 months ago
    EPer:
  • ya know the chips on the passports supposedly to help with "tamper proof". These idiots awarded the contract to an unsecure plant in Thailand. They claimed no one in the U.S. could do it. That is B.S. There are all sorts of FABS around the U.S., many closed down. Oh gee, they might have had to retool but I sincerely doubt no U.S. company bid on that or they couldn't dig out a U.S. company.

    Just beyond pathetic!

    Reply to: Enduring Ado About Oil   14 years 4 months ago
    EPer:
  • Show the government sector unemployment at 3.4%. Its all broken out to see.

    May hasn't changed for them either.

    Government Workers Enjoy the Highest Employment of Any Sector But We Must Specifically Bail Them Out?

    Reply to: Using Veblen to explain the Obama's adminstration's hostility toward labor   14 years 4 months ago
    EPer:
  • Well, at least BP had one engineer!

    BP took measures to cut costs in the weeks before the catastrophic blowout in the Gulf of Mexico as it dealt with one problem after another, prompting a BP engineer to describe the doomed rig as a "nightmare well," according to internal documents released Monday.

    The comment by BP engineer Brian Morel came in an e-mail April 14, six days before the Deepwater Horizon rig explosion that killed 11 people and has sent tens of millions of gallons of oil into the Gulf in the nation's worst environmental disaster.

    But I disagree with you --- they've gotten it all figured out in this country.

    Look at Richard Clarke, the former National Security Director for the Clinton Administration (when they transferred the most sensitive and classified military technology to China) and the Bush Administration (when they transferred the most sensitive and classified military technology to China).

    Beginning to see a pattern here?? And, Clarke than writes a book complaining about (the obvious?) this, while claiming the very same corporations -- who offshored the technology and jobs to China -- are also worried about Internet security and the Chinese.

    What's wrong with this picture?

    Reply to: Enduring Ado About Oil   14 years 4 months ago
  • we'll see, bear in mind Lincoln still has to be in the general. But Cantwell was a surprise, she's so Microsoft representative.

    We'll see. I wonder where Jon Tester, Jim Webb are, they are supposedly Populist. Then Jeff Merkley might be looking like a surprise, we'll see. I've seen him focus on the trivial, but he seems to be trying, esp. with the Volcker rule, it's clear he tried like hell to maneuver.

    Reply to: Naked Swaps, Naked Shorts and Economic Porn   14 years 4 months ago
    EPer:
  • Nope, you're right, Dorgan's amendment never made it to the vote!

    And I have absolute suspicious about Lincoln's (Arkansas) supposed derivatives regulation amendment --- I'm almost certain that was one of those false-front deals whereby she told the powers-that-be she was proposing it for her own election self-promotion.

    Just like Senator Cantwell and Senator Feingold's recent vote against this so-called finacial regulation reform: Sen. Feingold's vote rings true -- it is absolutely consistent with his voting record!

    Cantwell's vote against it DOESN'T RING AT ALL -- her record is completely inconsistent with her vote against it!

    Just like Dorgan's amendment -- the closest thing to a public option on that Health Insurance Reform -- to come out of the Senate: Both Washington senators (Murray and Cantwell) voted against it -- completely consistent with their Bush-dog dem voting records!

    Dorgan was one of the last, few hopes left in the Senate (along with Feingold, and possibly Sanders and what's-his-face from Minnesota, Al?? -- and in the House it's only Kucinich, DeFazio, Kaptur??).

    Reply to: Naked Swaps, Naked Shorts and Economic Porn   14 years 4 months ago
  • He was on this and had an amendment to ban naked CDS, which of course was ignored. I know it was defeated but I don't think it even came up for a vote. It's no wonder Dorgan is retiring. How many times has he put forth great legislation, amendments, really knows what makes sense in finance to be ignored. I can hardly wait until Harry Reid is defeated, in spite of the psycho who will be in his place. Dorgan should have been Senate majority leader, now he will be gone.

    Anywho, I'm monitoring the financial reform bill but I frankly expect it to be even more watered down than it is and it does not have a naked CDS ban.

    It's just disgusting, banksters gamble putting the entire globe to the brink of financial ruin, keep their executive compensation and even more disgusting, are managing to keep the entire Ponzi scheme intact.

    Reply to: Naked Swaps, Naked Shorts and Economic Porn   14 years 4 months ago
    EPer:
  • Considering how much of the world, from national security to billions in profits is completely dependent upon Science and Technology, this is a fundamental issue of these people trying to make money off of engineers all the while screwing them over not only in terms of money but in terms of power.

    China, on their economic policy committee, almost all of them have an engineering background....so while the U.S. is stuck on stupid, flaying their arms around on a host of things, China is busy engineering an economic global takeover.

    I just read the latest which will come out in the hearing. BP is so negligent, so beyond the pale stupid, just ignoring physics and technical realities. They blew up those guys, bottom line, plus all of this was so avoidable and that's with the technology they had, not even what they should have.

    But this goes to a host of things. Stupid crap which just now the U.S. is figuring it out....which I wrote up so many times...uh, sending your R&D in engineering overseas will guarantee sabotage and industrial espionage..lo, behold, they are finding all sorts of code bombs, worms etc. in various COTS hardware components which are now made overseas.

    Duh. It's not just BP, this is rampant.

    Reply to: Enduring Ado About Oil   14 years 4 months ago
    EPer:
  • When you search the subject, the story of the aphid blight on the poppy crop appears. The poppy crop has increased steadily every year since 2002. Without the blight, Afghanistan would totally dominate the market.
    Poppy crop is estimated at $65 Billion retail and $4 Billion raw.
    I have never heard anyone propose the complete purchase and processing of the crop to morphine or other legal uses. The Taliban are the unspoken overlords of the crop. Mining could supplant poppies because of the value of the mineral wealth at a smelter level vs the very low value of the poppies to farmers. Poppy farmers turned miners could earn considerably more.
    The lure of good salaries, low risk and the Islamic fatwah against heroin could turn the Taliban. Corrupt as the government's Poppy Lords are, the prospect of even greater wealth from mining could change things.

    China paid off the Ministry with $30 million in baksheesh. The minister was fired, imagine that.
    This is not the last we will see of the Chinese on the Afghan mining scene, especially if the U.S leaves without developing the mineral wealth. Bet that the Afghans will not develop their own mines. The minerals include gold, lithium, rare earth, and silver.

     

     

    Reply to: Using Veblen to explain the Obama's adminstration's hostility toward labor   14 years 4 months ago
    EPer:
  • I have to agree with you this time --- but I cribbed from a bunch of people and experts this time, so I had to give them credit, after all....

    Reply to: Naked Swaps, Naked Shorts and Economic Porn   14 years 4 months ago
  • fine, fine post but I think you're going a little nuts with the metadata tags. ;)

    Reply to: Naked Swaps, Naked Shorts and Economic Porn   14 years 4 months ago
    EPer:
  • But the fundamental point with BP, and the vast majority of other companies, is exactly WHEN has engineering had any input into anything?????

    From BP's ripe history, it would appear very little to never. A union shop, with sound engineers running things, would have had multiple contingency plans in place in such circumstances, as well as have taken pressure readings from the get-go.

    Reply to: Enduring Ado About Oil   14 years 4 months ago
  • A headline buzz here claims medical costs are slowing...
    just crap, it's 9% for 2011 "down" from 2010. That's outrageous to have these kind of increasing costs, way past inflation every year. Misleading "article" title of the day.

    Reply to: First Time Greater Than $400 Deductable for Employer Health Insurance   14 years 4 months ago
    EPer:
  • They are going to try to pump up additional oil/gas temporarily through a choke line attached to the damaged BOP to increase the flow.

    hmmmm, that sounds scary. There are so many variables and while some bloggers made a huge deal of ruptured well disks, which I noted a long time ago, why people assume everything down there is known, stable, just find and dandy is ridiculous. The damn thing blew up, the damn 5 story BOP failed. it's damaged, there is something wrong with this and nobody even knows what that is.

    Again, this is not to say BP is not evil, of course they are, but the engineering of this, from which all things flow, is nasty and having politicians or even management tell engineers what to do, can lead to disaster. Think NASA Challenger and O-rings.

    Reply to: Enduring Ado About Oil   14 years 4 months ago
    EPer:
  • It's a large pdf, here, and there is a mention of a lot of risks. It's clear they are at least trying to prepare for a hurricane, which frankly sounds more prudent than simply trying to get politicians off of their backs immediately. I hope NOAA is completely wrong, but they predicted a huge number of hurricanes.

    They are also putting pressure readings and sensors into the cap and it's clear watching spillcam this is yet another implementation bitch, but they clearly need that.

    Engineers are wondering why they didn't plan for more relief wells. Those puppies cost $100 million each to drill.

    Reply to: Enduring Ado About Oil   14 years 4 months ago
    EPer:
  • The Obama administration wants a $20 billion dollar escrow fund from BP, which sent it's shares further in the tank. The Oil Drum has some additional cost calculations from the ban on deepsea offshore oil drilling.

    Roughly 33% of nation’s domestically produced oil comes from the Gulf of Mexico, and 10% of the nation’s natural gas.

    80% of the Gulf’s oil, and 45% of its natural gas comes from operations in more than 1000 feet of water – the deepwater (2009 data).

    Suspension of operations means roughly 33 floating drilling rigs – typically leased for hundreds of thousands of dollars per day – will be idled for six months or longer.

    $250,000 to $500,000 per day, per rig – results in roughly $8,250,000 to $16,500,000 per day in costs for idle rigs;
    Secondary impacts include:
    • Supply boats – 2 boats per rig with day rates of $15,000/day per boat - $30,000/day for 33 rigs – nearly $1 million/day
    • Impacts to other supplies and related support services (i.e., welders, divers, caterers, transportation, etc.)

    Jobs –

    Each drilling platform averages 90 to 140 employees at any one time (2 shifts per day), and 180 to 280 for 2 2-week shifts
    Each E&P job supports 4 other positions

    Therefore, 800 to 1400 jobs per idle rig platform are at risk
    Wages for those jobs average $1,804/weekly; potential for lost wages is huge, over $5 to $10 million for 1 month – per platform.
    Wages lost could be over $165 to $330 million/month for all 33 platforms

    On the other hand, another disaster is way more costly than the above.

    Reply to: Enduring Ado About Oil   14 years 4 months ago
    EPer:
  • Poppies are their cash crop, and the Taliban will assuredly try to get to "mineral wealth", so the Pentagon maybe right on this one.

    But we have another major underground economic threat to the U.S. and that's the Mexican Cartels. It's astounding how they have turned our national forests into polluting grow farms, destroying the land, all for marijuana, never mind all of the beyond belief violence and other problems.

    What's the cash value yearly of Pot?

    Reply to: Using Veblen to explain the Obama's adminstration's hostility toward labor   14 years 4 months ago
    EPer:
  • These are blood pressure medications in the ARB class and there is a new study, which of course big pharma is trying to debunk, showing a 1.5% cancer risk increase.

    It sure seems to me Medical Doctors and big Pharma are not in the business of saving lives anymore but they sure are in the business of making money.

    Anyone notice that we could use a study on how many lives are saved when a nation has socialized, not for profit medical/dental vs. this. We have life expectancy numbers quoted all of the time, but per year, what's the rate of screw ups, deaths, disfigurements and the rest of these things, attributed to someone making a buck off of someone claiming they are providing medical care vs. a socialized medicine country?

    We know the costs themselves are much lower in socialized medicine nations but what's the above?

    (and yes, considering our government incompetent, ineffective government, I do understand the argument against government run anything, on the other hand, ya have to look to the VA and Medicaid/Medicare as good examples of socialized medicine in the U.S.)

    Reply to: First Time Greater Than $400 Deductable for Employer Health Insurance   14 years 4 months ago
    EPer:
  • The U.S. Geological Survey has identified up to a $1Trillion in mineral wealth in Afghanistan. The question is how and who gets to mine it and profit from it. For America, it is either a road to war or peace.

    The only successful subjugation of Afghanistan into an empire was by Alexander the Great who used the gold from the conquest of Persia to create satrapies among the Afghan. New archeological digs find the original Alexander gold coins in the Pashtun region.

    Mineral wealth is either the way out of Afghanistan, or a way to dig into the mess even deeper. A way out of the quagmire is to employ the same Afghans fighting us to work the mines and provide security.

    But the line of the Pentagon is that we have to 'defeat the Taliban' before the mineral wealth can be developed.

    http://www.nytimes.com/2010/06/14/world/asia/14minerals.html?hp

    Reply to: Using Veblen to explain the Obama's adminstration's hostility toward labor   14 years 4 months ago
    EPer:

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