On June 4, a total of 6,077 barrels of oil was collected and 15.7 million standard cubic feet of natural gas was flared
There are various estimates on total flow, typically 20,000 barrels a day but the real rate, which I wish they would measure, live on spillcam, so this guessing game can stop, is unknown.
It's pretty clear there are a host of variables they are having to deal with, plus not freeze up the pipe and the seawater itself is cold, which can cause hydrates to form and clog everything.
But assuming BP press people aren't lying (and clearly there press/marketing/public relations teams are quite the twister people)...
I know the relief values were open yesterday, not closed and they are a good diameter size, so if all of this is true hitting a 25% capture rate on first pass isn't too bad.
Sure there is crap spewing all over the gulf, but this appears to be an iterative process.
The role Of Neo-Liberalism, in widening the income gap between the rich and the poor.
June 5, 2010 by politicalsnapshots.wordpress.com
The role of Neo-Liberalism, in widening the income gap between the rich and the poor.
“One of the most pronounced effects of Neo liberalism is to create wealth inequality within national borders and between states. Within a decade of adopting free market policies, the class divide in the US and UK became significant.” Professor G. William Domhoff. UC @ Santa Cruz.
It is just another indictment of Neo liberalism and its multi-faceted destructive policies encumbered upon people of the world. It is very fascinating to note, that the income gap between the poor and the rich has more pronouncedly been evident in the US and UK, the joint creators of Neo liberalism.
This enormous income gap between the rich and the poor in the US has concentrated more power in the hands of the rich and has created a feeling of helplessness on the majority of American citizens who have been marginalized by Neo liberal policies.
Consequently, sooner or later, the question will arise, whose country is it anyway? It is obvious that the widening of the income gap in the US is close to the breaking point. It is not if, but when it breaks, no one can forecast how it might end. It is just that the Corporations are blinded by greed, and our representatives are muzzled by big business.
Writing on the subject of Neo liberalism’s impact on social cohesion, David Coburn, from the University of Toronto writes: “While it has been asserted that neo-liberalism produces a lowered sense of community it might also be argued that the rise of neo-liberalism is itself a signifier of the decline of more widespread feelings of social solidarity. The political rise of neo-liberalism is freighted with a more individualistic view of society and, perhaps, itself reflects a decline in the notion of we are all in the same boat. Not only do neo-liberal policies undermine the social infrastructure underlying social cohesion but neo-liberal movements themselves are partial causes of the decline of a sense of social cohesion.”
It is absolutely frightening, what Neo liberalism is doing to societies. It is corroding the very fiber that societies are built upon. Neo liberalism is cancerous. It is undermining our Democratic system. When a government becomes a by stander when millions are practically becoming paupers, while the few are amassing billions, then, the people have no protector. Laws, Rules and Regulations are in the books only to protect the interest of the rich.
In a wonderful article entitled, “Skewed Wealth Distribution and the Roots of the Economic Crisis”, David Barber, a Professor at the University of Tennessee, wrote:
“And what is true in the United States of the unequal distribution of wealth, and of the consequences of that unequal distribution, is true again on a world scale. This super-poor mass of humanity, from whose soil is ripped vast amounts of mineral and agricultural wealth, and out of whose labor the world’s manufactured goods increasingly come, are almost wholly excluded from participating in the world’s market economy”. So, what is to be done?
While a number of social scientists have forwarded divergent solutions for anarcho-capitalism to save itself, Professor Michael Rustin at the University of East London suggests the following points are “made necessary by the implosion of the neo-liberal system in the current financial crisis, and are needed to construct a new post-neo-liberal phase of democratic capitalism”.
The five points he has put forward are the following:
(1) A more active role for governments in regulating markets, and especially global financial markets
(2) Constitutional reforms which enhance democratic processes and civil liberties, and create more representative and pluralist systems
(3) Policies, which reduce inequalities, and give greater weight to social justice and social inclusion.
(4) The enhancement of the capacities of international institutions, and especially the EU, to maintain economic stability and growth
(5) Programmes to address the problems of climate change.
Very sensible, are they not? But Wait!!! We have to see which governments have any backbones left in them to try and regulate the market, and do away with thirty years of destruction of the people that started with Reagan and Thatcher.
As I am ready to post this article, I hear a news story that stated that “Hungary might default on its debt”. What is the world coming to. Wasn’t Hungary the darling of the West? Didn’t it do everything that it was asked to? It privatized everything. It reduced government employment. It cut welfare as it was told to do by “free Market Reform” advisors. Hungary did everything a good and obedient follower of Neo liberalism is supposed to do. Yet, it is threatening to “default” on its debt in spite of a $24 billion IMF and EU loan few months back. This is the fruit of Neo Liberalism.
Do you wonder, which devoted and submissive follower of Neo liberalism will bite the dust, next?
These guys seem to work at night, which is scary for I sure hope they are not 1-800-Bangalore!
Although they might be waiting for cable news to go off air too. Cable news goes nuts the minute anything is seen happening on spillcam with a lot of misunderstanding. It's Oceaneering doing all of those operations, not BP, although assuredly a team of engineers from at least BP and hopefully all over are top side some place analyzing all of the goings on.
Ok, it looks like they tried a new cap, #7, then they are fiddling around with seals at the bottom of the top hat.
The pressure values are open, which means it's spewing oil but they are focusing in on the seal at the bottom, trying to get it sealed and it's really hard to tell what exactly is going on, but it looks like the gush is going out the bottom and the seals aren't working.
Seems what they are doing is trying a cap, taking a lot of measurements, tweaking a few things, stopping, analyzing and re-engineering on the fly.
Which they have to, actually engineer on the fly since no one has attempted this and they are assuredly learning as they go along.
You can see them analyzing the structures because the cameras are moving around.
Excellent points, and as I keep yelling at the over-40 age crowd (and especially the over-50-years-old crowd, which has no excuse whatsoever), there is no economy (and no media, for that matter!):
"Financial 7.6%"
And this makes up the bulk of the GDP, so the "financialization of the economy" should be a no-brainer to even the no-brains!
They are doing a good job of keeping government employees working while less people in the private sector are getting paid to pay the taxes that pay for those jobs and we are borrowing more everyday to maintain the status quo.
Total US debt today was $13.06 trillion. Total debt on March 6, 2009 was $10.95 trillion. The government has spent $2.1 trillion dollars to create a bear market rally which has now fizzled, and to fund a fiscal stimulus that is now dancing its death rattle. GDP will now gradually roll over, the unemployment rate will once again start increasing, diffusion indices, manufacturing and all other economic output will begin declining, but not before the bill is in. It cost Americans $2.1 trillion in debt to generate a 14 months sugar high (for which all will promptly receive a much higher tax bill). Luckily, we will never pay this debt off, so perhaps "the joke is on them" after all.
A tale of 2 economies. One supported by the other no matter how its spun.
April 2010 BLS Unemployment by sector
Construction 21.8%
Farm 15%
Hospitality/Liesure 12.8%
Manufacturing 11.1%
Retail 9.5%
Professional 9.5%
Financial 7.6%
Education and Health Services 5%
Federal, State & Municipal workers 3.4%
Meanwhile even government officials are running away from the government propped up housing market and the TED continues to rise now at 41.59.
“Temporary tax credits change behavior temporarily. It’s simply shifted demand forward. ... It actually created some price appreciation that’s not supportable long term.”
Douglas Duncan, Fannie Mae Chief Economist, June 4, 2010
“This is a market purely on life support, sustained by the federal government,” he said at the Mortgage Bankers Association conference. “Having FHA do this much volume is a sign of a very sick system.”
Plus I am tired of hearing about deflation when the CPI is up not down. This doesn't include state and local taxes which are going way up everywhere around me anyway.
It would be VERY interseting to know if any of these yoyos have even gone without a meal, lay awake at night wondering if they will have a home in a week, or if the job WILL EVER come!!! How dare Pelosi laugh.. she is well dressed, manicured (couldn't see her feet but probably had a pedicure too) and she sure as heck hasn't missed a hair appointment in a while! Why doesn't she just say "Screw You" and get it over with?
spillcam looks like the oil flow out of the cap is slightly less. Anyone else taking a look and seeing any new activity, like a closing of a vent or a latch pin and so on?
It's not much less, just slightly to me. But who knows, this thing is almost hypnotic and I wonder if I'm getting hypnotized into wishful thinking.
Who where thinks that was staged, part of some political manipulation claiming Obama had to show emotion to save his political ass?
Sigh. Maybe those contractors will get cut a check. Which reminds me that stiffing of contractors is very common and done by large corporations who one would think they pay their bills. Why do they do this? Because they can. There is little legal recourse for a contractor to get their pay because they are considered a business, thus not protected.
That's if they can capture enough of the oil, but that also means the top side capacity cannot handle all of the oil out of the well. I guess if they manage to capture any significant amount they could deal with that limitation.
I've seen a host of absurdity on cable about this.
But that would be MOST amusing. Did BP labor arbitrage their engineers, fire the real experts and replace them with H-1B cheapos, moving on the contract deals and ignoring the fact they have no clue, but they sure are cheap?
When I say experts, I'm talking about various U.S. research institutions, Professors as well as U.S. engineers, not necessarily BP.
On the entire top kill, I was giving it the benefit of the doubt, because I am not an oil/mechanical/underwater engineer, it sounded absurd to me, I don't understand why they would not use chemical agents that would slowly expand and solidify in water, I know those exist...
but on this latest adventure, you've got some real idiots on TV thinking the oil will just "stop", haven't even read the procedure, cannot identify even a cap the BOP or a vent on the spillcams.
So, that's serious misinformation. So was that Matt Simmons who I kind of did a long lead in to say that.
But seriously, anybody know if BP is a huge global labor arbitrage agenda like Intel, HP, Microsoft, IBM?
I wouldn't trust IBM to screw in a lightbulb anymore and unfortunately they are still getting and get huge government contracts. Very scary.
I hope I dug out the truth of the numbers, which is why I go through all of those population, civilian pop., participation rate, drop out rate and show the overall population growth even of those who could work....
i.e. instead of 15 million unemployed, just by U6, it's 24-25 million and then there is this huge swath that are not even counted in that....so you might take it up to over 30 million.
So, I'm going through the bowels of the data to capture the ones who are not counted but should be (or at least that's what I'm trying to do with all of those graphs).
That's also why I don't write up initial claims too often, they are always revised, always in a direction that makes a nice media buzz headline and hides the fact initial claims have not abated to pre-recession levels.
Then, there is serious lag because of their antiquated reporting systems. (thank the states too!)
I don't believe all numbers are simply fabricated. If so, assuredly someone could have come up with a much better believable lie.
I am reading the actual numbers, statistics on these things and I do chase around columns of data to try to extract anomalies and figure out where they come from.
I do not believe the government is simply making numbers up out of their ass. I do believe the data collections are outdated, have a huge lag time and drop information.
I'm not just doing "graph-o-rama", I do check the graph numbers to make sure they match the data numbers and whatever method is used, i.e. real GDP, 3 decimal vs. compounded continually vs. % chg. does match the data and the particular graph is valid.
Some things I've harped on are: global supply chains, sourcing. They attribute "productivity" as well as significant GDP to stuff that really was made offshore using foreign labor and thus should not be attributed to domestic metrics.
I harp on the population numbers continually in these reports, the huge lag time and have also mentioned only about 48% of the total workforce is W2. A huge percentage of the real labor force is sole prop, or 1099-misc or permatemp. All of these groups
cannot collect UI, which leaves them hanging out to dry and their numbers are ignored by the BLS in these statistics, it appears they only count W-2 vs. 1099-misc, corp-to-corp.
I think I harp on a host of things which well, I don't see anywhere else in the finance blogs. I know they are read but few comment on these various diggings but I try to be exact, spent a lot of time on this.
This puts the total "cost to the Deposit Insurance Fund (DIF)" for May at 0.838 billion. Thankfully much lower than the 9.4 billion from April. Total for the year through May is at 16.115 billion.
Jobs report will be "a screamer"? Wall Street is pretty noisy today. I feel for Main Street, Those 440,000 census jobs will end when the work is done. We need something more lasting.
"Firstly folks, pay attention to engineers and experts."
HUH??? What engineers and experts? You mean those unvetted ones the oil company offshored their jobs to?
I heard one Indian "expert" extoll BP's topkill method, which I predicted was doomed for failure -- and while I am not expert, nor particularly knowledgeable on petroleum engineering, I can remember the facts and history behind processes and companies.
And, especially, I pay close attention to those with a track record of being correct on specific subjects and areas.
When I see some real experts and engineers, I'll begin paying close attention!
As it is, anyone suggesting the use of nukes in close proximaty to methane deposits, which could conceivably cause a mass extinction event, is clearly no expert on anything!
I am frankly amazed anyone would place any faith in those U-_ numbers???
I mean, with all the posts here on government perfidy (paid for by various corporate-sponsored lobbyists; highly-paid professional porn watchers at SEC, FED, Dept of the Interior, etc.) why should ONLY the U numbers and data be sacrosanct?
Some of the spillcams the video quality is out. That's probably load on a particular stream, so I added two more links with feeds all one one page.
Supposedly, with vents open, they are collecting 1000 barrels of oil. They reported they believe they can capture 90%, but that said, we have various spill rates going on.
Supposedly there are 4 vents on the cap, which we noted earlier. I guess what's going on is they are taking readings, seeing the volume getting up to top side and other metrics to then make adjustments.
The vents are not closed, so ya know, looking at spillcam and just the flow, we really cannot tell what's happening, beyond oil spewing out of the cap.
There seems to be some new activity, something coming off the seabed, but it looks like a box.
If someone finds a tweet or blog doing official real time updates on what's happening, let me know.
It's astounding I cannot find a few engineers somewhere using social media for accurate real time updates. They must be on the unemployment lines or scared shitless by some non-disclosure agreement where they are working (sic).
Because there are obstacles around the actual oil spill, it's hard to figure out what percentage of oil they are getting or if it's all billowing out. It doesn't look good
and it appears a lot of the woe is not getting that clean cut on the pipe. It needs to fit and seal.
I still haven't found a good technical answer as to why they didn't try to get a better cut on the pipe.
We'll see, seemingly they have all sorts of stuff to continue working on the seabed floor, but it sure seems that pipe cut is a huge problem. (unconfirmed).
One thing is for sure, if this is failing, there is no way they are going to announce that until way late in the day. Kind of our Friday Bank failures so markets do not immediately react.
Because they are of the infamous "deregulation/cut taxes/cut spending neo-con" mentality, they are blaming the past. But how much of these sovereign defaults can be directly attributed, by percentage to bailing out the banksters plus "Stimulus" that doesn't "Stimulate" and instead does things like try to reinflate a housing bubble or take the trash off of the private books?
The U.S. deficit numbers were released today and deserve their own post. It's mind boggling.
There are various estimates on total flow, typically 20,000 barrels a day but the real rate, which I wish they would measure, live on spillcam, so this guessing game can stop, is unknown.
It's pretty clear there are a host of variables they are having to deal with, plus not freeze up the pipe and the seawater itself is cold, which can cause hydrates to form and clog everything.
But assuming BP press people aren't lying (and clearly there press/marketing/public relations teams are quite the twister people)...
I know the relief values were open yesterday, not closed and they are a good diameter size, so if all of this is true hitting a 25% capture rate on first pass isn't too bad.
Sure there is crap spewing all over the gulf, but this appears to be an iterative process.
The role Of Neo-Liberalism, in widening the income gap between the rich and the poor.
June 5, 2010 by politicalsnapshots.wordpress.com
The role of Neo-Liberalism, in widening the income gap between the rich and the poor.
“One of the most pronounced effects of Neo liberalism is to create wealth inequality within national borders and between states. Within a decade of adopting free market policies, the class divide in the US and UK became significant.” Professor G. William Domhoff. UC @ Santa Cruz.
It is just another indictment of Neo liberalism and its multi-faceted destructive policies encumbered upon people of the world. It is very fascinating to note, that the income gap between the poor and the rich has more pronouncedly been evident in the US and UK, the joint creators of Neo liberalism.
This enormous income gap between the rich and the poor in the US has concentrated more power in the hands of the rich and has created a feeling of helplessness on the majority of American citizens who have been marginalized by Neo liberal policies.
Consequently, sooner or later, the question will arise, whose country is it anyway? It is obvious that the widening of the income gap in the US is close to the breaking point. It is not if, but when it breaks, no one can forecast how it might end. It is just that the Corporations are blinded by greed, and our representatives are muzzled by big business.
Writing on the subject of Neo liberalism’s impact on social cohesion, David Coburn, from the University of Toronto writes: “While it has been asserted that neo-liberalism produces a lowered sense of community it might also be argued that the rise of neo-liberalism is itself a signifier of the decline of more widespread feelings of social solidarity. The political rise of neo-liberalism is freighted with a more individualistic view of society and, perhaps, itself reflects a decline in the notion of we are all in the same boat. Not only do neo-liberal policies undermine the social infrastructure underlying social cohesion but neo-liberal movements themselves are partial causes of the decline of a sense of social cohesion.”
It is absolutely frightening, what Neo liberalism is doing to societies. It is corroding the very fiber that societies are built upon. Neo liberalism is cancerous. It is undermining our Democratic system. When a government becomes a by stander when millions are practically becoming paupers, while the few are amassing billions, then, the people have no protector. Laws, Rules and Regulations are in the books only to protect the interest of the rich.
In a wonderful article entitled, “Skewed Wealth Distribution and the Roots of the Economic Crisis”, David Barber, a Professor at the University of Tennessee, wrote:
“And what is true in the United States of the unequal distribution of wealth, and of the consequences of that unequal distribution, is true again on a world scale. This super-poor mass of humanity, from whose soil is ripped vast amounts of mineral and agricultural wealth, and out of whose labor the world’s manufactured goods increasingly come, are almost wholly excluded from participating in the world’s market economy”. So, what is to be done?
While a number of social scientists have forwarded divergent solutions for anarcho-capitalism to save itself, Professor Michael Rustin at the University of East London suggests the following points are “made necessary by the implosion of the neo-liberal system in the current financial crisis, and are needed to construct a new post-neo-liberal phase of democratic capitalism”.
The five points he has put forward are the following:
(1) A more active role for governments in regulating markets, and especially global financial markets
(2) Constitutional reforms which enhance democratic processes and civil liberties, and create more representative and pluralist systems
(3) Policies, which reduce inequalities, and give greater weight to social justice and social inclusion.
(4) The enhancement of the capacities of international institutions, and especially the EU, to maintain economic stability and growth
(5) Programmes to address the problems of climate change.
Very sensible, are they not? But Wait!!! We have to see which governments have any backbones left in them to try and regulate the market, and do away with thirty years of destruction of the people that started with Reagan and Thatcher.
As I am ready to post this article, I hear a news story that stated that “Hungary might default on its debt”. What is the world coming to. Wasn’t Hungary the darling of the West? Didn’t it do everything that it was asked to? It privatized everything. It reduced government employment. It cut welfare as it was told to do by “free Market Reform” advisors. Hungary did everything a good and obedient follower of Neo liberalism is supposed to do. Yet, it is threatening to “default” on its debt in spite of a $24 billion IMF and EU loan few months back. This is the fruit of Neo Liberalism.
Do you wonder, which devoted and submissive follower of Neo liberalism will bite the dust, next?
Professor Mekonen Haddis.
These guys seem to work at night, which is scary for I sure hope they are not 1-800-Bangalore!
Although they might be waiting for cable news to go off air too. Cable news goes nuts the minute anything is seen happening on spillcam with a lot of misunderstanding. It's Oceaneering doing all of those operations, not BP, although assuredly a team of engineers from at least BP and hopefully all over are top side some place analyzing all of the goings on.
Ok, it looks like they tried a new cap, #7, then they are fiddling around with seals at the bottom of the top hat.
The pressure values are open, which means it's spewing oil but they are focusing in on the seal at the bottom, trying to get it sealed and it's really hard to tell what exactly is going on, but it looks like the gush is going out the bottom and the seals aren't working.
Seems what they are doing is trying a cap, taking a lot of measurements, tweaking a few things, stopping, analyzing and re-engineering on the fly.
Which they have to, actually engineer on the fly since no one has attempted this and they are assuredly learning as they go along.
You can see them analyzing the structures because the cameras are moving around.
Bottom line, the cap is pouring oil.
Excellent points, and as I keep yelling at the over-40 age crowd (and especially the over-50-years-old crowd, which has no excuse whatsoever), there is no economy (and no media, for that matter!):
"Financial 7.6%"
And this makes up the bulk of the GDP, so the "financialization of the economy" should be a no-brainer to even the no-brains!
They are doing a good job of keeping government employees working while less people in the private sector are getting paid to pay the taxes that pay for those jobs and we are borrowing more everyday to maintain the status quo.
Financial Suicide
A tale of 2 economies. One supported by the other no matter how its spun.
Meanwhile even government officials are running away from the government propped up housing market and the TED continues to rise now at 41.59.
The flood comes when the interest reserves run dry
Still a “Government-Financed Market
Plus I am tired of hearing about deflation when the CPI is up not down. This doesn't include state and local taxes which are going way up everywhere around me anyway.
Government Stats Are Fixed Anyway
It would be VERY interseting to know if any of these yoyos have even gone without a meal, lay awake at night wondering if they will have a home in a week, or if the job WILL EVER come!!! How dare Pelosi laugh.. she is well dressed, manicured (couldn't see her feet but probably had a pedicure too) and she sure as heck hasn't missed a hair appointment in a while! Why doesn't she just say "Screw You" and get it over with?
spillcam looks like the oil flow out of the cap is slightly less. Anyone else taking a look and seeing any new activity, like a closing of a vent or a latch pin and so on?
It's not much less, just slightly to me. But who knows, this thing is almost hypnotic and I wonder if I'm getting hypnotized into wishful thinking.
Who where thinks that was staged, part of some political manipulation claiming Obama had to show emotion to save his political ass?
Sigh. Maybe those contractors will get cut a check. Which reminds me that stiffing of contractors is very common and done by large corporations who one would think they pay their bills. Why do they do this? Because they can. There is little legal recourse for a contractor to get their pay because they are considered a business, thus not protected.
That's if they can capture enough of the oil, but that also means the top side capacity cannot handle all of the oil out of the well. I guess if they manage to capture any significant amount they could deal with that limitation.
I've seen a host of absurdity on cable about this.
But that would be MOST amusing. Did BP labor arbitrage their engineers, fire the real experts and replace them with H-1B cheapos, moving on the contract deals and ignoring the fact they have no clue, but they sure are cheap?
When I say experts, I'm talking about various U.S. research institutions, Professors as well as U.S. engineers, not necessarily BP.
On the entire top kill, I was giving it the benefit of the doubt, because I am not an oil/mechanical/underwater engineer, it sounded absurd to me, I don't understand why they would not use chemical agents that would slowly expand and solidify in water, I know those exist...
but on this latest adventure, you've got some real idiots on TV thinking the oil will just "stop", haven't even read the procedure, cannot identify even a cap the BOP or a vent on the spillcams.
So, that's serious misinformation. So was that Matt Simmons who I kind of did a long lead in to say that.
But seriously, anybody know if BP is a huge global labor arbitrage agenda like Intel, HP, Microsoft, IBM?
I wouldn't trust IBM to screw in a lightbulb anymore and unfortunately they are still getting and get huge government contracts. Very scary.
I hope I dug out the truth of the numbers, which is why I go through all of those population, civilian pop., participation rate, drop out rate and show the overall population growth even of those who could work....
i.e. instead of 15 million unemployed, just by U6, it's 24-25 million and then there is this huge swath that are not even counted in that....so you might take it up to over 30 million.
So, I'm going through the bowels of the data to capture the ones who are not counted but should be (or at least that's what I'm trying to do with all of those graphs).
That's also why I don't write up initial claims too often, they are always revised, always in a direction that makes a nice media buzz headline and hides the fact initial claims have not abated to pre-recession levels.
Then, there is serious lag because of their antiquated reporting systems. (thank the states too!)
I don't believe all numbers are simply fabricated. If so, assuredly someone could have come up with a much better believable lie.
I am reading the actual numbers, statistics on these things and I do chase around columns of data to try to extract anomalies and figure out where they come from.
I do not believe the government is simply making numbers up out of their ass. I do believe the data collections are outdated, have a huge lag time and drop information.
I'm not just doing "graph-o-rama", I do check the graph numbers to make sure they match the data numbers and whatever method is used, i.e. real GDP, 3 decimal vs. compounded continually vs. % chg. does match the data and the particular graph is valid.
Some things I've harped on are: global supply chains, sourcing. They attribute "productivity" as well as significant GDP to stuff that really was made offshore using foreign labor and thus should not be attributed to domestic metrics.
I harp on the population numbers continually in these reports, the huge lag time and have also mentioned only about 48% of the total workforce is W2. A huge percentage of the real labor force is sole prop, or 1099-misc or permatemp. All of these groups
cannot collect UI, which leaves them hanging out to dry and their numbers are ignored by the BLS in these statistics, it appears they only count W-2 vs. 1099-misc, corp-to-corp.
I think I harp on a host of things which well, I don't see anywhere else in the finance blogs. I know they are read but few comment on these various diggings but I try to be exact, spent a lot of time on this.
This puts the total "cost to the Deposit Insurance Fund (DIF)" for May at 0.838 billion. Thankfully much lower than the 9.4 billion from April. Total for the year through May is at 16.115 billion.
Jobs report will be "a screamer"? Wall Street is pretty noisy today. I feel for Main Street, Those 440,000 census jobs will end when the work is done. We need something more lasting.
"Firstly folks, pay attention to engineers and experts."
HUH??? What engineers and experts? You mean those unvetted ones the oil company offshored their jobs to?
I heard one Indian "expert" extoll BP's topkill method, which I predicted was doomed for failure -- and while I am not expert, nor particularly knowledgeable on petroleum engineering, I can remember the facts and history behind processes and companies.
And, especially, I pay close attention to those with a track record of being correct on specific subjects and areas.
When I see some real experts and engineers, I'll begin paying close attention!
As it is, anyone suggesting the use of nukes in close proximaty to methane deposits, which could conceivably cause a mass extinction event, is clearly no expert on anything!
I am frankly amazed anyone would place any faith in those U-_ numbers???
I mean, with all the posts here on government perfidy (paid for by various corporate-sponsored lobbyists; highly-paid professional porn watchers at SEC, FED, Dept of the Interior, etc.) why should ONLY the U numbers and data be sacrosanct?
Some of the spillcams the video quality is out. That's probably load on a particular stream, so I added two more links with feeds all one one page.
Supposedly, with vents open, they are collecting 1000 barrels of oil. They reported they believe they can capture 90%, but that said, we have various spill rates going on.
It is finally dawning on them that this ain't no "V" recovery or potentially a recovery at all with this unemployment report.
Add to that the European ongoing crisis, plus the oil spill and the DOW is down 330 pts at 3PM EST.
Supposedly there are 4 vents on the cap, which we noted earlier. I guess what's going on is they are taking readings, seeing the volume getting up to top side and other metrics to then make adjustments.
The vents are not closed, so ya know, looking at spillcam and just the flow, we really cannot tell what's happening, beyond oil spewing out of the cap.
There seems to be some new activity, something coming off the seabed, but it looks like a box.
If someone finds a tweet or blog doing official real time updates on what's happening, let me know.
It's astounding I cannot find a few engineers somewhere using social media for accurate real time updates. They must be on the unemployment lines or scared shitless by some non-disclosure agreement where they are working (sic).
Because there are obstacles around the actual oil spill, it's hard to figure out what percentage of oil they are getting or if it's all billowing out. It doesn't look good
and it appears a lot of the woe is not getting that clean cut on the pipe. It needs to fit and seal.
I still haven't found a good technical answer as to why they didn't try to get a better cut on the pipe.
We'll see, seemingly they have all sorts of stuff to continue working on the seabed floor, but it sure seems that pipe cut is a huge problem. (unconfirmed).
One thing is for sure, if this is failing, there is no way they are going to announce that until way late in the day. Kind of our Friday Bank failures so markets do not immediately react.
Because they are of the infamous "deregulation/cut taxes/cut spending neo-con" mentality, they are blaming the past. But how much of these sovereign defaults can be directly attributed, by percentage to bailing out the banksters plus "Stimulus" that doesn't "Stimulate" and instead does things like try to reinflate a housing bubble or take the trash off of the private books?
The U.S. deficit numbers were released today and deserve their own post. It's mind boggling.
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