Stacy Summary: First, thanks to Snoop Diddy for the On the Edge logo in the side bar to the right! Awesome job. And thanks everyone else for all your feedback to the show! It really helps. Below are my headlines for Sunday. As you can see, it is quite nice being an oligarch. Life for us peasants footing the bill, however, is a bit more precarious. Let me know what you are reading in the comments.
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In the dutch news:
A dutch bank (ABN AMRO) needs more capital 60 bln. The CEO happens to be the much celebrated old finance minister (Gerrit Zalm), the irritated new one (Wouter Bos) says he will just have to file an application. Bos is siding with the taxpayer. Bos is pushing for a law that enables the government to nationalize banks even if they object to it!. Meanwhile the liabilities to banks amount to more than our GDP!
Dutch central bank thinking is breaking with germany, not very smart imho to side with the weaker european members. This means conflict within the ECB council.
Nelie Kroes (my favorite politician), the anti corporate cartel szaress delivers (contrartry to the impotent US szars that pop up like action figures with every problem). We get 35 euro per citizen = 550 million back from companies like Microsoft, Intel, Oracle etc. and others ripping us off. Let’s hope she gets some time in a windowless room with some bankers soon.
Dutch people get vacation money (one months salary annually) this month, so the hunt is on for the banks and insurers. Simply revolting..
Not dutch but still funny: GM wants to save billions by downsizing its financial branch. DUH!
no worries, glad to help. All the best with the show.
I love the Chinese bridge story. Hope they don’t prosecute the pusher. This debt-ridden guy’s suicidal gesture was absolutely unnecessary. For almost two years now (!), people have been able to declare bankruptcy in the glorious PRC.
Chinese people are so uptight. Standing on bridges to “save face”. They’re gonna make lousy overlords.
That’s some real fancy typography.
Remember this headline: “Thriving Norway Provides an Economics Lesson” http://www.nytimes.com/2009/05/14/business/global/14frugal.html?_r=2&hp
What should one make of the new headline from this week: “Despite Energy Reserves, Norway Slips Into Recession” http://www.nytimes.com/2009/05/20/business/global/20kroner.html?ref=europe
I also read this in a newspaper with source back to this Bloomberg article http://www.bloomberg.com/apps/news?pid=20601087&sid=aB8M0GAX8vQk&refer=home and that makes me wonder, who controls the oil price? The speculators that drives the price? Or the producers that controls the volume?
It’s just Courier New with a drop shadow
and the other font is Franklin Gothic. And a gradient,
wish I knew how to do fancy design stuff in Photoshop,
will have to work at it.
After all that’s happened it is really hard to believe the crap that continues to happen re: Geithner, Goldman Sachs et al. And it will keep happening while the people do nothing, most not even bothering to educate themselves on what happened, and this in a highly educated country like the US. Does that mean most of their education is just propaganda?
This might not be related to above posted news but a good insight into the green shoots theories. I found it very interesting to read
http://financialsense.com/Market/wrapup.htm
@snoop It seems there is nothing anybody can do. I predict it will be hunger ultimately that does the scammers in, and unless that comes people will not be courageous enough to face the deciet.
Fact is US people expect to be entertained and expect that entertainment to have survival value. If a country demands to be distracted from reality, what hope does it have? Ever been at a german party? These people are so serious!
Perhaps a stage will come where the US is really just a junk lot to be scaveneged. If that happens it will be the land of opportunity..
Reading: Shays Rebellion: The Making of an Agrarian Insurrection, by David P. Szatmary. Substinence farmer’s in Western Mass. in debt to commercial merchant Eastern Mass. interests first plea for debt relief measures, than take limited guerrilla actions against government ostensibly to (1) slow debt collection process which, in part, may include seizure (forfeiture) of land and eviction, and (2) gain attention (sort of like an 18th century version of raising consciousness). Then, I think, they lose control and get smashed. Observations: (a) situation similar to today in that regular folks are set against commercial interests; regular folks’ flawed by seeming blind faith in face of rising debts; commercial interests flawed as easily comparable to corrupt, insider-trading (cheating, selfish, greedy) oligarchs; (b) the farmers passed on early opportunities to gain significant tactical and strategic advantages, e.g. not even attempting to seize the Springfield armory until commercial interests had raised, per a mix of public and private investment, an army.
“Insurgent inaction puzzled Hampshire militia commander William Shepard. “I am surprised they have not seized the arsenal long before this time an erected their standard at Springfield,” he wrote in December to Henry Knox. Shepard’s bewilderment, however, stemmed from his misunderstanding of rebel goals. In late 1786, the Shaysites still professed reformist ends and consciously confined their activity to the immobilization of the debtor courts, a traditional target of agrarian protest….”
Note that Szatmary’s is a sympathetic read.
Can’t help but think of two other things read recently. 1. With regard to Commander Shepard’s bewilderment, doesn’t that sound like the worldly statements under oath by Donald Trump? In that, to be clear, Trump did not condone violence or lawbreaking but seemed to say, in sum, that only a fool does not promote his own interests as far as permissible and possible. 2. Ilana Mercer on the genius of Exodus 23: 2-3. “…nor shall you favor the poor man in his suit.” http://tinyurl.com/qyhfqf
Finally, I’m reminded of Solzhenitsyn and several of his passages on how, even in the face of an incredibly corrupt system and personal danger, the what I call regular people, peasants really, still had a general ability, and on demonstrated occasions, did the right thing.
Little bit of a mash of a comment, but I think the point I’m trying to get to is that your predictions about how this will play out –is playing out, seem to be right on; that the reason most regular Americans haven’t formed up to even legally petition against any of the corruption is that they feel guilty because they took part in it in some way –re-fi’s, some gains in the stock market, maybe flipped a house or two through the 90′s and early 2000′s, currently a few k in debt on their credit card; and that there is a long way to go before this gets straightened out but it has real dangerous potentials –for everyone.
I understand why everyone is pissed off but I don’t think the current situation with last much longer.
Whats the big deal ? After the official bailout I thought maybe that would be enough but now that Obama that brain dead fool; has wrote the stimulus check, the US clearly has enough rope to hang itself. Its unsistainable , all of it.
http://dailyreckoning.com/an-avalanche-of-claptrap/
Wallstreet, the names change but the games do not.
The Geithner/Goldman Sachs derivatives plan reminds me of the creation of the FED. The bankers meet privately and draft pro-banker legislation. They publicly tout an incomplete version of the draft and let thier man in Washington play the “tough cop”, filling in the blanks as the bankers had already privately agreed.
Wallstreet never fails to remind us of the genius of Santa Ana’s most famous saying.
On a seperate note, we need better coverage on what China and Russia are doing to avoid the dollar. I remember reading an article about China and Brazil working on direct non-dollar bilateral trade agreements.
http://www.cnbc.com/id/30308959/?slide=16
http://toonsays.com/tnd5r5_10
i miss the sunday morning coffeehouse tweetcasts where you two talk about the headlines while still suffering from bedhead and smellin’ like sin from the night before.
lol.
bring it back.
the drop shadow on the logo looks awful. no need for that.
Here’s a little of what I’ve been reading:
Iran within 3 years of nuke: http://www.reuters.com/article/newsOne/idUSTRE54N19G20090524
Zakaria: What you know about Iran is wrong: http://www.newsweek.com/id/199147?from=rss
Opposition to anti-aid campaigner grows: http://www.ft.com/cms/s/0/800c5f58-46fe-11de-923e-00144feabdc0.html
And…
Let them go bankrupt, soon: How to solve social security and medicare: http://www.newsweek.com/id/199167
(Trying to keep up on news related to Iran war mongering and articles in which people spell out their ideal “fixes” for social security and health care.)
UK tax payer must be the most stupid on this planet. They pay for these rail operators to be robbed by them afterwards. Sure government could care less about monopoly pricing profits they have received for years.
http://mises.org/story/3465
Kjr I agree, the UK tax payer says nothing. The media seem to be the only (public) voice, and they have their own agendas.
In the UK why no investigations into the financial/ banking disaster? They’re doing this in the US, whereas here the official line seems to be that this is a US problem that got imported to here, so no investigations necessary?
One of my neighbours works for RBS and sends his kids to private school – that generally costs £10k per year – and as such is a huge privilege. I asked him recently about his job, he says he hardly noticed the bank meltdown, has been largely unaffected, and still gets big bucks and his kids still go to private school. I realise this is of course his life, his choice and a private matter, but what riles me is that the UK tax payer is now paying for his child to be privately educated.
Why didn’t they let these failing banks go bust? RBS was bailed out for £26 billion (so far)