Well, people with any analytical thinking talent who are still sane most likely realize by this time that America is a completely corrupt criminal enterprise, sad to say.
Still, there is at least one bright spot, Phil Angelides of the FCIC is an honest man full of integrity who has a pristine rep (can't be bought off).
And to date he's refused to meet with Goldman Sachs' types who have repeatedly tried, in vain, to get him to meet with them so they can buy him off.
And although Madam Born is no boat rocker, she has demonstrated her honesty and integrity previously while head of the CFTC, and she now enjoys an independent position for the first time.
I really hope these engineers are being careful as hell. There is so much misinformation, from every direction and what is getting lost is this shit is volatile...it's like people are forgetting the damn thing blew up in the first place and MELTED a massive steel structure. Now BP is saying they will take more oil, move it to another ship and burn it off. This is in addition to current rigs and bringing in another platform to handle the rate.
They already are burning off massive gas....
Yet the pressures are enormous and frankly that's when engineers make mistakes.
It's also coming out that not only was top kill stupid, it probably increased the leak.
Then, there are massive underwater plumes, which we mentioned and even worse, there are leaks going back all the way to 2006 Hurricane season.
This is getting fairly ridiculous for CNN is reporting the spill rate increased "exponentially". That's ridiculous, that's . I mean come on, these well have limits without any gear on them, just a hole in the ground.
They need to get give measurements out here, BP is playing games with the spill rate and they should just cough up.
We got beat on health care, beat (obviously) on bail outs, beat on jobs, beat on financial reform, beat on corporate governance, beat on Chinese currency float, beat on trade, and esp., esp. beat on jobs including "Stimulus"...
EP has taken a hit lately and I think it's because people are just exasperated that we get absolutely nowhere in terms of the government doing anything on almost anything.
Plus, for myself, I see such bullshit and frankly it is bullshit, coming from the right and the left in terms of their claims on what policies and legislation will do and how it's "popular with the people". Uh, no, that's their agenda and a lot of it, frankly yes heavily on the right but also on the left, makes zero economic sense. Instead it seems they are more interested in further power plays instead of getting very specific policy and legislation crafted to tackle, reforms and those policies based in economic realities.
The link is right there in the comment plus look to the left hand column, top, that's where the new Instapopulists are. These are shorter pieces that get put into a forum format for indexing, vs. blog posts which are longer, more complex (although frankly the site organization needs work, kind of like my house. ;)
But you cannot see the links, the lighter color? Let me know this because I did site upgrades and if people cannot see the links, that's really not good!
I did a little digging around on throughput (for a CE term) on the pipes and so on, and frankly it all explains to me why Petroleum engineering is a specialization area. So many variables they use computer simulations to predict the flow rates. So, that's beyond me and also it became obvious, because there are so many different materials coming into play, it's not just pipe diameter, it's above my pay grade to try to estimate it. Unless I've got a prefab Matlab script around, I'm just too clueless to tackle it and am stuck with reading those engineers arguments I guess.
Then, I went looking for average production rates per well. I saw this and frankly the Internets are now "clogged" with crap about just the spill, I could not find out the original production of each well, in the Gulf oil fields where the spill is.
It appears that wells for the most part do not exceed 100,000 bpd and it also appears to be a good bet this one is about 24,000 bpd to 33,000 bpd.
BP just announced a plan to increase capture to 20,000 bpd and obviously they need to up their capacity topside ASAP.
Kind of amazing you cannot locate the per well maximum capacity in that oil field, maybe you can, but you know they know that, else they would not have drilled there in the first place.
I'm not kidding maybe in some gov stat site, but somewhere, per that oil field, has to be expected production, maximum production, but per well! Wikipedia, pretty all of your "just information please" sites are plasters with crap instead of these basic stats. Very irritating.
Couldn't find your Instapopulist post. Could you share the link That's sounds fascinating. How telling. What a commentary. A nation is on the watch list when it raises wages.
Who do these morons think will buy their products. Henry Ford wanted his workers to afford his cars. It's so fundamental a concept, it shouldn't even be necessary to utter. Yet the 'let the market take care of it' crowd wants to run away from social justice and simple decency whenever it shows up. This is the same Bank of America that is indicted in New York for fraud in their merger activity. They have no shame. They couldn't afford it if they did because they'd simply have to shut down shop.
This is just so classic. There is incredible Populist outrage, so Congress gets a CEO to testify and then does a public tongue lashing and admonishment, doing their best to get on the evening news (The committee members). But....as we can see in terms of actions....there are none. We don't have one iota on executive compensation reform, financial reform is being ripped further asunder, (guess lobbyists don't like that cheese in their loopholes - swiss cheese, get it?), people are being foreclosed on, didn't stop that, didn't get more jobs, didn't stop pretty much anything.
So, la de da, we get another public thrashing with no real consequence.
The WSJ blog has the Manufacturing PMIs in a sortable table, by country.
India, Japan, Ireland, Turkey, Switzerland and Czech Republic saw a faster pace of growth in their purchasing manager indexes in May, while the U.K.’s level was unchanged. The U.S. and China were among the nations that recorded a slower pace of growth last month. Though Dan Greenhaus of Miller Tabak notes that China’s May data is nearly always lower than April.
Here is a WSJ blog post on how funds from the U.S. get into the IMF's coffers.
Think of the IMF as a global credit union, where the U.S. is the largest member. The U.S. can vote up or down on a loan — it has about 17% of the votes — but it can’t block the loan if a majority of the other shareholders approve it. (Nearly all IMF loans are approved unanimously.)
Once the loan is approved, the U.S. must chip in its share. It lends the IMF money at 0.25% interest rate, as do all IMF members, and the IMF lends to borrowers at about 3%. The exact portion of the loan accounted for by the U.S. is hard to calculate because of the recondite procedures of the IMF, but it’s probably somewhere between 10% and 20% of the total.
This is also a Republican latest political thing, all the while they voted against TBTF amendments to do something, derivative amendments to do something, regulation amendments to do something.....
and their amendment to make the IMF accountable to get back the money is supposedly going to disappear as well.
But the point is the U.S. taxpayer is not paying for the Greece bail out directly of the $40 billion from the IMF.
It's more like $4 to $8 billion. I have issues with any funding to the IMF at this point, esp. considering they refuse to demand reforms which caused this mess, i.e. the financial sector, investors, executives and esp. derivatives and instead are all about union busting and wiping out public pension systems.
It's just an article making an announcement when this was announced a while ago, it's more they completed it...
so where is the track of the IMF funding coming from the U.S.? That would be the news but there is no documentation to make this connection.
The Federal Reserve is opening up lending to foreigners again, I forgot which vehicle it was, I think foreign currency swaps to foreign central banks.
I think the IMF is pure evil at this point. They are clearly on a neo-con agenda, using this crisis to advance it.
If you research out a direct link of the U.S. funding the IMF, specifically this $40 billion that would be news and I hope you would consider writing it up as an Instapopulist...
but check your sources on it, make sure it's accurate in other words if you find something like that.
but this report is more a finalization of previously annouced bail outs.
The FTC is having difficulty distributing this fine (which again, all regulatory agency fines for wrong doing are a slap on the wrist, including this one, same with other government fines for violating regulations), to the people victimized.
Reuters reports the FTC is saying Countrywide's bookkeeping is abysmal.
Obama is about to pick up $100Billion tab for the EuroCrisis. This is why Geitner was in Europe last week. It is bad either way.
We could send the fools further by going to the banksters. Trouble is, that now Spanky and the Fed have figured out that the M3 collapse could be bad. What prescience!
So whether the IMF gets Fed or private funds, American small business starves and we lose jobs. The double dip is a sure thing if this scenario unfolds.
Riverside, which started in a trailer in 1982, bought collateralized debt obligations made up of TruPS as it grew to 65 branches and $4.8 billion assets. When real estate soured and lenders racked up loan losses, Riverside and about 400 of its peers suspended interest payments on their TruPS, causing the CDOs to default or lose value and inflicting more harm on an industry suffering from the worst economy since the 1930s.
“The industry was self-financing, using loopholes in rules,” said Joseph Mason, a professor of finance at Louisiana State University in Baton Rouge. “Regulators weren’t keeping track of ownership of the capital, which became more difficult to do with the use of CDOs. The losses fed on each other.”
Collins Amendment
Riverside, based in Fort Pierce, Florida, was one of almost 1,400 U.S. lenders that had issued $149 billion of trust preferreds by the end of 2008, according to the Federal Reserve Bank of Philadelphia. About $45 billion of CDOs filled with such TruPS were created by the time the market for securitized debt shut down that year, according to PF2 Securities Evaluations, a New York-based company that helps banks and funds evaluate CDOs.
Congress may end the use of TruPS as capital, forcing banks that issued them to replenish their coffers. Banks are lobbying to remove a provision barring their use that was introduced by Maine Republican Susan Collins and included in the financial reform bill passed by the Senate last month. The Senate version is being reconciled with one passed by the House of Representatives in December that doesn’t include a ban.
This is just unbelievable. It's so clear these various derivatives are the things which created systemic risk, contagion within the financial sector in the first place as well as enabled banks to practice unsound banking....
yet here we are, with the very swiss cheese, weak Financial Reform bill going to be ripped further asunder after it passed and it appears derivatives are at the top of that list.
This is supposedly still with 3 of the 4 vents open. No idea when the production line, topside, will be increased. Supposedly there is another ship coming but ships mooovve sloowwly.
There are also reports of other leaks. The oil drum has a huge post on natural seepage. That said, there are some aerial views on some strange slicks, pointing to another well.
Frankly, I'll wait to see some credible verification what's going on, for that's just above my pay grade to ascertain oil leaks, how the slick forms and how it moves and how one ascertains the source point. We know for sure one puppy that is a massive gusher and that's the blown up well all of the focus is on.
I find these actions to be so telling and showing just how much investors and wall street are focused on labor arbitrage, even to invest capital.
When the news broke China was finally raising wages, BoA told all investors to sell and get out of China...
That's just incredible because due to currency manipulation, there is already a built in trade advantage, the Yuan under evaluation estimates are up to 40%.
STEM occupations, that's Science, Technology, Engineering and Mathematics have had significant wage losses in comparison to their education and skill sets, especially those classified as I.T., which is everything from computer support, to systems administration and network engineers.
Corporations not only have offshore outsourced their jobs in droves, this is where manipulation of U.S. immigration for labor arbitrage has had a dramatic impact. Corporations use H-1B and L-1 (intra company transfer Visas) to displace and labor arbitrage U.S. workers. They are paid on average about 20% less and even worse, there is institutionalized age discrimination in these fields. (and sex discrimination is off the charts, 50% of all women drop out by 10 years). The age discrimination is so bad, it pretty much starts at age 35. There is a Google age discrimination case going up to the California State Supreme court. Win or lose, and if you read this case you know what happened, seen it many times, and hardly any of these cases even are taken up by the EEOC. The EEOC will not even prosecute discriminatory job ads, at all! You see ads saying "H-1B only need apply" (i.e. no American need apply for a job in America), and others which talk about "we surf on the beach every Friday" or "we play online video games every Friday night" and other subtle clues that they only want young, single, males to apply.
We've even seen law firms give talks on how to avoid hiring a U.S. worker and beyond a lot of public outcry....nothing actually happens. We've seen a tick up in some action on fraud, but the general system to displace U.S. workers, nothing happens.
Wages are repressed in STEM for the most part, with the total number of jobs in that occupation going down. Even worse, the BLS counts foreign guest workers in their employment statistics, which masks how bad of a problem this is.
So, while the poor are screwed and to make it even more dramatic, the U.S. poverty rates are so low, there is no way one can even make rent for a studio apartment in most areas of the country with those figures, so are professionals. In fact professionals are an even bigger target for labor arbitrage because labor is a larger percentage of the costs in some of these areas and it's a higher reduction percentage.
Even teachers are being subject to these abuses. They are bringing in foreign teachers on guest worker Visas while the unemployment rate is over 10%.
BP is reporting they are capturing 15,000 and so that's only 5k left for the spill out and frankly who knows, it's a circular "ring", a lot of increased friction, velocity with the flow bangin' around inside that cap before blowing out, plus they are spraying massive (probably toxic) dispersant right on top of the oil not being captured by the cap..
They have had a problem with trolls too. The oil drum was this niche site, similar to EP and now they are having to buy new servers like mad since this happened...
I'm just not that well versed in fluid dynamics to know but I have watched the intense debate going on at the oil drum over this. To me, the velocity would just increase, but what is the maximum flow rate and does that go against the limits of the total spill rate before the cap? At 1 mile below the sea at 2600 PSI? I've yet to read a credible answer, I guess I could crack a physics book if you see some "plug in yer numbers" formula somewhere.
Well, people with any analytical thinking talent who are still sane most likely realize by this time that America is a completely corrupt criminal enterprise, sad to say.
Still, there is at least one bright spot, Phil Angelides of the FCIC is an honest man full of integrity who has a pristine rep (can't be bought off).
And to date he's refused to meet with Goldman Sachs' types who have repeatedly tried, in vain, to get him to meet with them so they can buy him off.
And although Madam Born is no boat rocker, she has demonstrated her honesty and integrity previously while head of the CFTC, and she now enjoys an independent position for the first time.
I really hope these engineers are being careful as hell. There is so much misinformation, from every direction and what is getting lost is this shit is volatile...it's like people are forgetting the damn thing blew up in the first place and MELTED a massive steel structure. Now BP is saying they will take more oil, move it to another ship and burn it off. This is in addition to current rigs and bringing in another platform to handle the rate.
They already are burning off massive gas....
Yet the pressures are enormous and frankly that's when engineers make mistakes.
It's also coming out that not only was top kill stupid, it probably increased the leak.
Then, there are massive underwater plumes, which we mentioned and even worse, there are leaks going back all the way to 2006 Hurricane season.
This is getting fairly ridiculous for CNN is reporting the spill rate increased "exponentially". That's ridiculous, that's
. I mean come on, these well have limits without any gear on them, just a hole in the ground.
They need to get give measurements out here, BP is playing games with the spill rate and they should just cough up.
We got beat on health care, beat (obviously) on bail outs, beat on jobs, beat on financial reform, beat on corporate governance, beat on Chinese currency float, beat on trade, and esp., esp. beat on jobs including "Stimulus"...
EP has taken a hit lately and I think it's because people are just exasperated that we get absolutely nowhere in terms of the government doing anything on almost anything.
Plus, for myself, I see such bullshit and frankly it is bullshit, coming from the right and the left in terms of their claims on what policies and legislation will do and how it's "popular with the people". Uh, no, that's their agenda and a lot of it, frankly yes heavily on the right but also on the left, makes zero economic sense. Instead it seems they are more interested in further power plays instead of getting very specific policy and legislation crafted to tackle, reforms and those policies based in economic realities.
The link is right there in the comment plus look to the left hand column, top, that's where the new Instapopulists are. These are shorter pieces that get put into a forum format for indexing, vs. blog posts which are longer, more complex (although frankly the site organization needs work, kind of like my house. ;)
But you cannot see the links, the lighter color? Let me know this because I did site upgrades and if people cannot see the links, that's really not good!
Jim,
I did a little digging around on throughput (for a CE term) on the pipes and so on, and frankly it all explains to me why Petroleum engineering is a specialization area. So many variables they use computer simulations to predict the flow rates. So, that's beyond me and also it became obvious, because there are so many different materials coming into play, it's not just pipe diameter, it's above my pay grade to try to estimate it. Unless I've got a prefab Matlab script around, I'm just too clueless to tackle it and am stuck with reading those engineers arguments I guess.
Then, I went looking for average production rates per well. I saw this and frankly the Internets are now "clogged" with crap about just the spill, I could not find out the original production of each well, in the Gulf oil fields where the spill is.
It appears that wells for the most part do not exceed 100,000 bpd and it also appears to be a good bet this one is about 24,000 bpd to 33,000 bpd.
BP just announced a plan to increase capture to 20,000 bpd and obviously they need to up their capacity topside ASAP.
Kind of amazing you cannot locate the per well maximum capacity in that oil field, maybe you can, but you know they know that, else they would not have drilled there in the first place.
I'm not kidding maybe in some gov stat site, but somewhere, per that oil field, has to be expected production, maximum production, but per well! Wikipedia, pretty all of your "just information please" sites are plasters with crap instead of these basic stats. Very irritating.
Couldn't find your Instapopulist post. Could you share the link That's sounds fascinating. How telling. What a commentary. A nation is on the watch list when it raises wages.
Who do these morons think will buy their products. Henry Ford wanted his workers to afford his cars. It's so fundamental a concept, it shouldn't even be necessary to utter. Yet the 'let the market take care of it' crowd wants to run away from social justice and simple decency whenever it shows up. This is the same Bank of America that is indicted in New York for fraud in their merger activity. They have no shame. They couldn't afford it if they did because they'd simply have to shut down shop.
This is just so classic. There is incredible Populist outrage, so Congress gets a CEO to testify and then does a public tongue lashing and admonishment, doing their best to get on the evening news (The committee members). But....as we can see in terms of actions....there are none. We don't have one iota on executive compensation reform, financial reform is being ripped further asunder, (guess lobbyists don't like that cheese in their loopholes - swiss cheese, get it?), people are being foreclosed on, didn't stop that, didn't get more jobs, didn't stop pretty much anything.
So, la de da, we get another public thrashing with no real consequence.
The WSJ blog has the Manufacturing PMIs in a sortable table, by country.
Switzerland? Who knew!
Here is a WSJ blog post on how funds from the U.S. get into the IMF's coffers.
This is also a Republican latest political thing, all the while they voted against TBTF amendments to do something, derivative amendments to do something, regulation amendments to do something.....
and their amendment to make the IMF accountable to get back the money is supposedly going to disappear as well.
But the point is the U.S. taxpayer is not paying for the Greece bail out directly of the $40 billion from the IMF.
It's more like $4 to $8 billion. I have issues with any funding to the IMF at this point, esp. considering they refuse to demand reforms which caused this mess, i.e. the financial sector, investors, executives and esp. derivatives and instead are all about union busting and wiping out public pension systems.
http://www.american-election.com/2010/05/06/why-america-faces-a-big-fat-...
It's just an article making an announcement when this was announced a while ago, it's more they completed it...
so where is the track of the IMF funding coming from the U.S.? That would be the news but there is no documentation to make this connection.
The Federal Reserve is opening up lending to foreigners again, I forgot which vehicle it was, I think foreign currency swaps to foreign central banks.
I think the IMF is pure evil at this point. They are clearly on a neo-con agenda, using this crisis to advance it.
If you research out a direct link of the U.S. funding the IMF, specifically this $40 billion that would be news and I hope you would consider writing it up as an Instapopulist...
but check your sources on it, make sure it's accurate in other words if you find something like that.
but this report is more a finalization of previously annouced bail outs.
The FTC is having difficulty distributing this fine (which again, all regulatory agency fines for wrong doing are a slap on the wrist, including this one, same with other government fines for violating regulations), to the people victimized.
Reuters reports the FTC is saying Countrywide's bookkeeping is abysmal.
Obama is about to pick up $100Billion tab for the EuroCrisis. This is why Geitner was in Europe last week. It is bad either way.
We could send the fools further by going to the banksters. Trouble is, that now Spanky and the Fed have figured out that the M3 collapse could be bad. What prescience!
So whether the IMF gets Fed or private funds, American small business starves and we lose jobs. The double dip is a sure thing if this scenario unfolds.
http://blog.taragana.com/business/2010/05/09/imf-board-votes-to-approve-...
This time it's a type of CDO, TruPS:
This is just unbelievable. It's so clear these various derivatives are the things which created systemic risk, contagion within the financial sector in the first place as well as enabled banks to practice unsound banking....
yet here we are, with the very swiss cheese, weak Financial Reform bill going to be ripped further asunder after it passed and it appears derivatives are at the top of that list.
This is supposedly still with 3 of the 4 vents open. No idea when the production line, topside, will be increased. Supposedly there is another ship coming but ships mooovve sloowwly.
There are also reports of other leaks. The oil drum has a huge post on natural seepage. That said, there are some aerial views on some strange slicks, pointing to another well.
Frankly, I'll wait to see some credible verification what's going on, for that's just above my pay grade to ascertain oil leaks, how the slick forms and how it moves and how one ascertains the source point. We know for sure one puppy that is a massive gusher and that's the blown up well all of the focus is on.
I have a companion to this piece, on the Instapopulist.
I find these actions to be so telling and showing just how much investors and wall street are focused on labor arbitrage, even to invest capital.
When the news broke China was finally raising wages, BoA told all investors to sell and get out of China...
That's just incredible because due to currency manipulation, there is already a built in trade advantage, the Yuan under evaluation estimates are up to 40%.
STEM occupations, that's Science, Technology, Engineering and Mathematics have had significant wage losses in comparison to their education and skill sets, especially those classified as I.T., which is everything from computer support, to systems administration and network engineers.
Corporations not only have offshore outsourced their jobs in droves, this is where manipulation of U.S. immigration for labor arbitrage has had a dramatic impact. Corporations use H-1B and L-1 (intra company transfer Visas) to displace and labor arbitrage U.S. workers. They are paid on average about 20% less and even worse, there is institutionalized age discrimination in these fields. (and sex discrimination is off the charts, 50% of all women drop out by 10 years). The age discrimination is so bad, it pretty much starts at age 35. There is a Google age discrimination case going up to the California State Supreme court. Win or lose, and if you read this case you know what happened, seen it many times, and hardly any of these cases even are taken up by the EEOC. The EEOC will not even prosecute discriminatory job ads, at all! You see ads saying "H-1B only need apply" (i.e. no American need apply for a job in America), and others which talk about "we surf on the beach every Friday" or "we play online video games every Friday night" and other subtle clues that they only want young, single, males to apply.
We've even seen law firms give talks on how to avoid hiring a U.S. worker and beyond a lot of public outcry....nothing actually happens. We've seen a tick up in some action on fraud, but the general system to displace U.S. workers, nothing happens.
Wages are repressed in STEM for the most part, with the total number of jobs in that occupation going down. Even worse, the BLS counts foreign guest workers in their employment statistics, which masks how bad of a problem this is.
So, while the poor are screwed and to make it even more dramatic, the U.S. poverty rates are so low, there is no way one can even make rent for a studio apartment in most areas of the country with those figures, so are professionals. In fact professionals are an even bigger target for labor arbitrage because labor is a larger percentage of the costs in some of these areas and it's a higher reduction percentage.
Even teachers are being subject to these abuses. They are bringing in foreign teachers on guest worker Visas while the unemployment rate is over 10%.
BP is reporting they are capturing 15,000 and so that's only 5k left for the spill out and frankly who knows, it's a circular "ring", a lot of increased friction, velocity with the flow bangin' around inside that cap before blowing out, plus they are spraying massive (probably toxic) dispersant right on top of the oil not being captured by the cap..
They have had a problem with trolls too. The oil drum was this niche site, similar to EP and now they are having to buy new servers like mad since this happened...
So, is everyone arguing that or some?
I'm just not that well versed in fluid dynamics to know but I have watched the intense debate going on at the oil drum over this. To me, the velocity would just increase, but what is the maximum flow rate and does that go against the limits of the total spill rate before the cap? At 1 mile below the sea at 2600 PSI? I've yet to read a credible answer, I guess I could crack a physics book if you see some "plug in yer numbers" formula somewhere.
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