BP has put up a website specifically for the oil spill and they have a diagram of the next attempt front paged.
Hmmmm, they are going to saw that off in 5000 feet of water with that level of pressure and velocity from a gushing well....
ya all realize no human being could survive down there, it's too deep, even 2000 feet in diving by a human would be almost impossible, never mind to do physical operations.
Which is good, about time they pulled in a large team of experts on this. BP knew the situation as well, that by forcing drilling mud it was possible to rip bigger holes in the BOP and that's basically why it was stopped. Literally you could see large pieces of this "junk" material flying out in the live feed and obviously the pressure is so great the velocity of that junk has the potential to rip out weakened metal.
Which leads to yet another question, isn't there some sort of chemical foam or something that has a timed reaction to solidify after being sprayed as a liquid? I mean golf balls, pieces of rubber, did that ever make sense to anyone and why not spray in chemicals that turn solid after say 2 seconds when hitting oil? Surely there is something, where are the Chemical engineers and the Materials science people?
Why do all of these solutions BP is throwing out, not make sense to me and why is it I believe there are solutions but the right people are not around to architect and model them out?
M3 is falling as of the end of Q1. Bernanke is doing this deliberately because he does not want to deal with the reality of business loans, credit cards, consumer loans being paid off and no new loans take out.
The effect is profound deflation. A near repeat of 1930 and Hoover's Treasury and Fed. There is a slight
but important difference between now and 1930: M1 and M2 are still growing but the rate of growth of M2
is slowing.
If Bernanke is blind to M3, cash, demand deposits,
money market funds, some commercial paper are created, but no real consumer or business loans.
This doesn't surprize me in the least,they have more pressing issue's with going home for photo opp's and telling the people they are working hard for the common man and blaming each other for their failing's.Nazi Pelosi ruling out a tier five will be the nail in the coffin for thousand's more forclosures,we haven't seen how bad it's going to be yet.Let's see what they don't do when they come back.
The $20 Billion is one tranche, they will be back. I am spooked by the M3 drop. I would like to research the actual Primary/Secondary Capital positions of the banks
if anyone has that available.
Capital may be ok, but the banks are just not lending, i.e. keeping everything in Treasures. We need to know.
They are about $20 billion in the hole, just did a quarterly report but the Treasury is funding them. The overall health of small banks, I'm not sure about. I'd say due to the lack of lending to small business it's probably not so great. I'm also not sure how many of these banks held onto their loans and didn't resell them for securitization purposes and this is why they are failing in droves.
Seize them, everything in any range of US jurisdiction and nationalize it.
Why bother to waste all of that money in the courts when it will probably end up like Exxon with those mega corporate attorneys and 20 years later, no one gets anything.
FDR killed mark-to-market in 1934. FASB fought for this since the mid seventies! And they lost. It is a classic practicality vs. good theory argument.
In the History of Ideas, when opposing theories are argued
for centuries, it means that they are both partly right and partly wrong.
So how do you disclose M2M without horrific consequeces
(say taking down all insurance companies with the banks
like 1934 or now)? You can maybe do this when values are at their rosy best or at their very worst and nothing is left to lose.
What the hell does collective bargaining have to do with a housing bubble or derivatives?
It's just unreal. I'm thinking the IMF is a glorified neo-con philosophy machine. I'd have to look at Spain's overall budget but it should be create real production type jobs in new sectors yet the IMF only seems to focusing in on breaking unions, destroying pensions and firing workers.
Wouldn't it be nice to see the IMF come in and say "your executive compensation laws need to be updated and all managers can only have 2% more income than the other workers" or something to this effect?
I've got something here which is the sole proprietorship, the self-employed, the very small businesses. They have been left to rot from day one and there is no COBRA, no unemployment insurance and even getting paid, there are reports 83% of freelancers get stiffed. i.e. getting away with murder and more and more people are 1099-misc. in services from cleaning toilets to high end consulting.
That's over 2 years with nothing as a backup.
Also, did you see what they did pass? It was all kickbacks special favors and they claimed it was "Stimulus".
Who else is at their wits end here with these people?
The Surround-and-Suck-it-up is coming next. It is a conservative approach used in in Abu Dabi. Not all oil is captured and the volatile organics escape.
No one knows how to make a sleeve going down a mile from a
ship, or how to attach a sleeve. Artificial currents created by circling ships could come close.
If you nuke the well, you have 250,000 years of radiation
in the nation's best fishery. Even if you try daisy cutters, tell me what the plate tectonics are down 13000 feet. Is there a fault, fissure or rift? If so you could
create a mega-plume of oil.
These bank failures, that is. I keep hoping (naively perhaps) that after so many failures, the weak banks have now failed and the number will slow to a trickle. But unfortunately it seems that the generalized weakness of the banking system as a whole continues more or less unabated, hence the continuting failures in large numbers. Can someone point me to a general analysis of the overall health of the American banking system at this point in time?
This is just unreal. BP is only giving a 4 hour training session for clean up workers, informing them there is a 14.3% chance of cancer.
People are showing up at hospitals due to dispersants. I hope a scientist grabs hold of this "dispersant" and analyzes what exactly is in it because it seems just a little contact and people are ending up in the hospital. A human is pretty big so assuredly that just kills everything in it's path.
Deepwater was the deepest well ever drilled over 35,000 feet. The site where the accident happened was the 2nd site attempted because in drilling the first site they damaged the drill and were not able to continue. BP lost $25 million on that one and the estimated 21 day drilling time on Macondo was up to 36 days. At a million dollars a day BP was cutting corners, not reporting incidents and fudging test results to the MMS.
This is a story of greed by one of the worlds largest companies. Its also an insight into how they do business.
I was wondering that very question, why if they were shutting down this well, was there not a relief well drilled first?
Which leads to another question, how many other wells are near by enough to reduce the pressure of this one, if any and how come those are not being operated at maximum?
which leads to another question. Why can't they attach a bunch of "free floating" type of hoses and pipes directly in the path of the plume, attached to super tankers and pump up some of the spill directly that way? Why let it disperse?
I understand these things are massive and the site is now a marine traffic jam, but it doesn't make sense to me to not try to capture the oil as much as possible, at the source and this "dome thing" just sounds like another not plausible PR stunt and will be blown off due to pressures.
Is it just me or does it read to you like they need some fresh blood in the engineering department here? Or is it more the case that we've got yet another "BP company man" dictating what they even attempt and how they go about it?
The post has been updated with a live video feed of the BP cameras on the oil leak. Additionally PBS is giving a oil spill calculator, starting with the low ball spill rate estimate. You can adjust the spill rate up to the highest estimate, which is the one I believe is accurate and the one quoted at the top of this post.
Ok, I think most of us on this site at least didn't think this could work worth a damn from the minute we read about it. It's just too damaged and the pressures are too great, evidenced by the volume of oil which has been released.
In a nutshell, it seems regardless of what materials and pressures they try to inject into the damaged BOP, none of it is sticking, or only 10%.
The real question is what's really more feasible as a solution. Letting BP run out the public relations clock all the way just drilling relief wells as the real solution does mean this will be the worst disaster, potentially on record but rivaling the Gulf War I, on purpose oil spill.
I'll also note we see so many different gush or spill rate estimates out there. From the volume and evidence to date, I'm going with the higher numbers.
It looks like the BEA might start releasing some alternative measures of GDP. Their paper is here on it. They want to release GDP by industry, quarterly, by 2011 and it's mentioned they need some budget funds to do it. I read over this paper and it looks like a very good idea, esp. the GDP by income is something I should try to write up actually.
But the point is they note the lag time in currency information on GDP by industry. It would have been a 4 month delay instead of over a year to figure out which industries were in the tank, earlier, this recession, which implies policy makers (if we had some!) could act on that data sooner.
I hope they do it. If only we could get better statistics on U.S. labor markets/unemployment.
BP has put up a website specifically for the oil spill and they have a diagram of the next attempt front paged.
Hmmmm, they are going to saw that off in 5000 feet of water with that level of pressure and velocity from a gushing well....
ya all realize no human being could survive down there, it's too deep, even 2000 feet in diving by a human would be almost impossible, never mind to do physical operations.
Which is good, about time they pulled in a large team of experts on this. BP knew the situation as well, that by forcing drilling mud it was possible to rip bigger holes in the BOP and that's basically why it was stopped. Literally you could see large pieces of this "junk" material flying out in the live feed and obviously the pressure is so great the velocity of that junk has the potential to rip out weakened metal.
Which leads to yet another question, isn't there some sort of chemical foam or something that has a timed reaction to solidify after being sprayed as a liquid? I mean golf balls, pieces of rubber, did that ever make sense to anyone and why not spray in chemicals that turn solid after say 2 seconds when hitting oil? Surely there is something, where are the Chemical engineers and the Materials science people?
Why do all of these solutions BP is throwing out, not make sense to me and why is it I believe there are solutions but the right people are not around to architect and model them out?
M3 is falling as of the end of Q1. Bernanke is doing this deliberately because he does not want to deal with the reality of business loans, credit cards, consumer loans being paid off and no new loans take out.
The effect is profound deflation. A near repeat of 1930 and Hoover's Treasury and Fed. There is a slight
but important difference between now and 1930: M1 and M2 are still growing but the rate of growth of M2
is slowing.
If Bernanke is blind to M3, cash, demand deposits,
money market funds, some commercial paper are created, but no real consumer or business loans.
Daily Telegraph reports that M3 is actually falling.
http://www.telegraph.co.uk/finance/economics/7769126/US-money-supply-plu....
Time to read some Naomi Klein "Shock Doctrine".
This doesn't surprize me in the least,they have more pressing issue's with going home for photo opp's and telling the people they are working hard for the common man and blaming each other for their failing's.Nazi Pelosi ruling out a tier five will be the nail in the coffin for thousand's more forclosures,we haven't seen how bad it's going to be yet.Let's see what they don't do when they come back.
The $20 Billion is one tranche, they will be back. I am spooked by the M3 drop. I would like to research the actual Primary/Secondary Capital positions of the banks
if anyone has that available.
Capital may be ok, but the banks are just not lending, i.e. keeping everything in Treasures. We need to know.
They are about $20 billion in the hole, just did a quarterly report but the Treasury is funding them. The overall health of small banks, I'm not sure about. I'd say due to the lack of lending to small business it's probably not so great. I'm also not sure how many of these banks held onto their loans and didn't resell them for securitization purposes and this is why they are failing in droves.
Seize them, everything in any range of US jurisdiction and nationalize it.
Why bother to waste all of that money in the courts when it will probably end up like Exxon with those mega corporate attorneys and 20 years later, no one gets anything.
FDR killed mark-to-market in 1934. FASB fought for this since the mid seventies! And they lost. It is a classic practicality vs. good theory argument.
In the History of Ideas, when opposing theories are argued
for centuries, it means that they are both partly right and partly wrong.
So how do you disclose M2M without horrific consequeces
(say taking down all insurance companies with the banks
like 1934 or now)? You can maybe do this when values are at their rosy best or at their very worst and nothing is left to lose.
Did you see this Instapopulist I wrote Spain in trouble, here comes IMF.
What the hell does collective bargaining have to do with a housing bubble or derivatives?
It's just unreal. I'm thinking the IMF is a glorified neo-con philosophy machine. I'd have to look at Spain's overall budget but it should be create real production type jobs in new sectors yet the IMF only seems to focusing in on breaking unions, destroying pensions and firing workers.
Wouldn't it be nice to see the IMF come in and say "your executive compensation laws need to be updated and all managers can only have 2% more income than the other workers" or something to this effect?
I've got something here which is the sole proprietorship, the self-employed, the very small businesses. They have been left to rot from day one and there is no COBRA, no unemployment insurance and even getting paid, there are reports 83% of freelancers get stiffed. i.e. getting away with murder and more and more people are 1099-misc. in services from cleaning toilets to high end consulting.
That's over 2 years with nothing as a backup.
Also, did you see what they did pass? It was all kickbacks special favors and they claimed it was "Stimulus".
Who else is at their wits end here with these people?
The Surround-and-Suck-it-up is coming next. It is a conservative approach used in in Abu Dabi. Not all oil is captured and the volatile organics escape.
No one knows how to make a sleeve going down a mile from a
ship, or how to attach a sleeve. Artificial currents created by circling ships could come close.
If you nuke the well, you have 250,000 years of radiation
in the nation's best fishery. Even if you try daisy cutters, tell me what the plate tectonics are down 13000 feet. Is there a fault, fissure or rift? If so you could
create a mega-plume of oil.
We should do what it takes and sue BP. Some regulatory reform is in order also.
These bank failures, that is. I keep hoping (naively perhaps) that after so many failures, the weak banks have now failed and the number will slow to a trickle. But unfortunately it seems that the generalized weakness of the banking system as a whole continues more or less unabated, hence the continuting failures in large numbers. Can someone point me to a general analysis of the overall health of the American banking system at this point in time?
This is just unreal. BP is only giving a 4 hour training session for clean up workers, informing them there is a 14.3% chance of cancer.
People are showing up at hospitals due to dispersants. I hope a scientist grabs hold of this "dispersant" and analyzes what exactly is in it because it seems just a little contact and people are ending up in the hospital. A human is pretty big so assuredly that just kills everything in it's path.
Deepwater was the deepest well ever drilled over 35,000 feet. The site where the accident happened was the 2nd site attempted because in drilling the first site they damaged the drill and were not able to continue. BP lost $25 million on that one and the estimated 21 day drilling time on Macondo was up to 36 days. At a million dollars a day BP was cutting corners, not reporting incidents and fudging test results to the MMS.
This is a story of greed by one of the worlds largest companies. Its also an insight into how they do business.
60 Minutes Interview with Deepwater Crewman Mike Williams Detailing What Happened and the Unreported Incident and BOP Damage
A $90 Electrical Switch Could Have Avoided This Accident
I was wondering that very question, why if they were shutting down this well, was there not a relief well drilled first?
Which leads to another question, how many other wells are near by enough to reduce the pressure of this one, if any and how come those are not being operated at maximum?
which leads to another question. Why can't they attach a bunch of "free floating" type of hoses and pipes directly in the path of the plume, attached to super tankers and pump up some of the spill directly that way? Why let it disperse?
I understand these things are massive and the site is now a marine traffic jam, but it doesn't make sense to me to not try to capture the oil as much as possible, at the source and this "dome thing" just sounds like another not plausible PR stunt and will be blown off due to pressures.
Is it just me or does it read to you like they need some fresh blood in the engineering department here? Or is it more the case that we've got yet another "BP company man" dictating what they even attempt and how they go about it?
The post has been updated with a live video feed of the BP cameras on the oil leak. Additionally PBS is giving a oil spill calculator, starting with the low ball spill rate estimate. You can adjust the spill rate up to the highest estimate, which is the one I believe is accurate and the one quoted at the top of this post.
New York Times. Nothing is staying in the hole.
Ok, I think most of us on this site at least didn't think this could work worth a damn from the minute we read about it. It's just too damaged and the pressures are too great, evidenced by the volume of oil which has been released.
In a nutshell, it seems regardless of what materials and pressures they try to inject into the damaged BOP, none of it is sticking, or only 10%.
The real question is what's really more feasible as a solution. Letting BP run out the public relations clock all the way just drilling relief wells as the real solution does mean this will be the worst disaster, potentially on record but rivaling the Gulf War I, on purpose oil spill.
I'll also note we see so many different gush or spill rate estimates out there. From the volume and evidence to date, I'm going with the higher numbers.
It looks like the BEA might start releasing some alternative measures of GDP. Their paper is here on it. They want to release GDP by industry, quarterly, by 2011 and it's mentioned they need some budget funds to do it. I read over this paper and it looks like a very good idea, esp. the GDP by income is something I should try to write up actually.
But the point is they note the lag time in currency information on GDP by industry. It would have been a 4 month delay instead of over a year to figure out which industries were in the tank, earlier, this recession, which implies policy makers (if we had some!) could act on that data sooner.
I hope they do it. If only we could get better statistics on U.S. labor markets/unemployment.
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