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Apologies for the late post, it is pretty early out this far west.
market loves the unemployment
SRS under $8. Time to have some fun.
Interesting. Usually when I get here there is plenty of witty banter for me to get through my first cup of coffee.
hmm, where is the doom and gloom crowd today? taking the day off cause of the unemployment numbers?
jersey shore, what an embarrassment.
It was train wreck-tastic!
5: everybody is now working full-time, no time for witty banter anymore. Recession over.
alap (5)-
Just an opportunity to reload. Hi ho.
52,000 jobs are temp jobs. On that note, I’m leaving now to go to my temp job.
BC – (from the previous), a retailers org. in the UK previously mentioned that they expect a lot of closings after the Christmas/New Year season and anticipate a wave in unemployment increases. I’m surprised I haven’t seen the same here. I’ll try to find the link.
#5 Why would the unemployment numbers make us do that? Are you saying they are good? 10.2 to 10.0, and its WHOO HOO!!! All is well? W
stock market up up and away!
john, we’re riding this to 12,000, right?
dont know if anyone was around during thanksgiving post a few comments i made after talking to a close friend of the family who had been day trading for the last 7 years (nothing novel here, but it influenced my decisions):
the market vs. reality makes no sense right now due to gov’t intervention.
despite issues with housing and jobs … things should be OK. unless deregulation happens, and then we’re F’d.
* i am not a professional, BC/Clot/etc know 57x more than me on this stuff.
#5 – taking the day off cause of the unemployment numbers?
Well, I’m sure we’re all aware of the seasonal shifts in hiring at this time of year.
It would be nice to think that the hiring is more than seasonal and is a sustainable trend. I’m not sure it is, and any evidence to support either position wont be available until after the holidays.
3b, def not saying all is well. far from that. i know things will get crappy all over again come 1/1/2010.
here you go Schumpeter
http://www.cnbc.com/id/34259482
“JBJ doesn’t belong on the same stage with The Boss.”
BC,
I am with you there. I seem to vaguely recall somthing JBJ did in the earlish 80s (mid 80s?) — when his hair was so big it needed a red light on top to warn low-flying airraft of a collision hazard — that was okay, but I just never connected with his music. Maybe it was too happy — plastic, whatever. He may be a really nice guy, I have no idea, but his music just never reached into my soul and connected with me.
I guess the world needs the male equivalent of the flavor of the month pop tarts (a little eye candy for NJC?), but I’d rather hear a hundred other bands play before his.
Cue Neil Young playing Cinnamon Girl.
” 10.2 to 10″
When UE goes DOWN to 10%, it is hardly anything to cheer. I assume these are seasonly adjusted and that the holiday hiring is baked into the numbers BUT, how many retail firms are hanging on by their fingertips praying to make enough this season to keep the doors open into Q1 in 2010?
Let’s get one thing straight. The REAL UE is about 20%.
The time I don’t spend here is spent working with my database person (who I had to hire, since I can’t keep up with foreclosure filings) and fielding tales of woe from people going under.
The pain in my area is coming in waves. It has reached the educated, formerly well-employed and other former “untouchables”. Anyone who thinks things are turning can drop me an e-mail, and I’ll profile some of these folks for you.
#16 The thought IMO is that if people believe the UE# is down, than people may feel better, and buy more stuff.
Consumers buying is all our economy has.
All our economy has are giant pockets of permanent loss and slivers of hope, based on fraudulent representations.
BC,
Yesterday, I wached ta Bruce clip you posted. Did you notice the following comment below the video box: “Who is Little Steven? just curious”
The guy better not be from NJ, is all I have to say.
“Consumers buying is all our economy has.”
It will be interesting to see if the trend of using cash instead of cc holds up the whole season. If so, I suspect it will be a very down year.
schabadoo says:
December 2, 2009 at 1:34 pm
funny. If a liberal nutcase loses Jon Stewart, he is pretty much finished. This is the show that young(ish) people with no indepedent IQ capacity are watching and taking their clues.
Jamil, are you an alt for one of the regular posters? I find it hard to believe a person could be so ignorant, so I’m holding out hope that it’s work.
“A more recent survey, released by the Pew Research Center on April 15, 2007, indicates that regular viewers of The Daily Show tend to be more knowledgeable about news than audiences of other news sources. “
ha. jamil the right wing radical got served. again.
how’s glen beck’s an*l vavity these days, j-dog?
jamil:politics
as
bi:stock market
Interesting. Usually when I get here there is plenty of witty banter for me to get through my first cup of coffee.
witty banter started on the thread below. Plenty of action there.
What recession! That White House jobs summit had some real results!
The number of hookers in Waikiki is staggering at 5am.
Is this a positive or negative economic indicator?
Jersey Shore is so bad it’s good.
I love how they call the short dumb girl (short being the unique qualifier here) Shnickers.
#22 If they continue to pay with cash, than chances are they will be buying less, as paying with plastic, is much less painful (until the bill comes due).
#26 grim
Depends on their looks and rates.
With all apologies to Cracker and my ASCAP brothers and sisters (copyright 2009, poster known as Shore Guy):
Sometimes I wanna buy a house
Sometimes I wanna little land
A little place for a barbeque
A little place down by the beach
Sometimes I go and walk the long boardwalk
When the tourists go away
A million miles from Staten Island man
A million miles, a million miles
But buying in Jersey
Just brings me low
Hey hey hey like being stoned
But buying in Jersey
Just brings me low
Hey hey hey like being stoned
A million poppies gonna make me sleep
But just one tax bill gonna knock me out
And the bridges are rusting all around
And people keep moving out
Hey, don’t you wanna overpay
A million bucks for a little cape
Hey don’t you wanna drown in debt
A million bucks for a little cape
Buying in Jersey
Just brings me low
Hey hey hey like being stoned
Buying in Jersey
Just brings me low
Hey hey hey like being stoned
In the last 24 hours, Bing has gone down more than JB’s Hawaii hookers. No threat to Google, methinks.
test
sean – you asked about the “nutter test”.
Not a left or right thing.
Nutter test would be as follows:
1. Excessive use of capitalization (where you can feel the spray hitting the screen).
2. Repetitive postings irrespective of response.
3. The “blah blah blah ****** blah blah blah” post (thanks Stu).
4. Utter inability to accept that there can be two well thought out but divergent opinions. If anyone doesn’t agree 100% it is because they are not properly “informed”, don’t read the right websites, have their eyes closed to reality or some other defect, either from birth or self imposed.
5. The Truth would be out there but those in the know are too afraid to speak up/ nobody wants to listen/everybody else is too stupid to understand/it would make their heads explode.
Cracker, for those unfamiliar:
http://www.youtube.com/watch?v=f4Qixm8uuUE
2 houses under contract in my section of my new town have fallen out of contract after a month or so. Is this being caused by low appraisals, bad inspections, lack of financing? Both got relisted at the previous ask, and 1 is back under contract.
#35 – . Is this being caused by low appraisals, bad inspections, lack of financing?
Most likely 1 or 3. We were seeing reports of buyer difficulty in attaining financing in move up purchases. That is, the buyer’s purchase was contingent upon them selling their current place.
26: Depends, were they horizontal or vertical?
Safe,
It sounds like good news. They get to count the house in pending sales at least twice.
Shore Guy @ 10:34 am,
Who is Bruce?
#35 Forget about those, and buy the delight listed below.
http://www.njmls.com/cf/details.cfm?mls_number=2950258&id=999999
Qwerty,
Don’t let BC see your post.
I hope this doesn’t mean that I risk running into Jamil in town tomorrow:
Wade Rathke, founder of the much besieged and scandal-plagued activist group ACORN, will be speaking at a Blue Wave NJ event this Saturday (12/5) in Montclair. From Blue Wave’s website:
Learn about the history of the organization and its massive voter registration drives and why the organization became the target of Fox News and other right-wing commentators. Participate in a frank discussion on the organization’s recent scandals and possible lessons for other community organizations and concerned citizens that want to build a strong progressive movement.
The event will be moderated by longtime ACORN chronicler John Atlas, who has a book on the organization, “Seeds of Change,” coming out next year.
Blue Wave is asking for advance reservations for the event, which will take place from 3:30 to 5:30 pm at the Unitarian Church, 67 Church St., Montclair. Shelterforce, the publication of the Montclair-based National Housing Institute, is the co-sponsor of the event.
40: Colonial, yet.
re: #40 The piccture looks like it was a drive by shooting.
#36 tosh,
Your lack of financing for trade ups makes a lot of sense since both places were relisted at previous list.
#38 shore guy
Lmao.
#43 Colonial Cape?
grim says:
December 4, 2009 at 10:46 am
The number of hookers in Waikiki is staggering at 5am.
Is this a positive or negative economic indicator?
grim: I guess there are a lot of pee-hard-ons in the hotels….
Another comment on the 11,000 jobs lost, “green shoots” let’s party like it’s 1999 number. It is simply getting harder to find people to fire.
The unemployment rates U-3 and U-6 dropped because of the people who’s benefits are running out, and they simply drop off the stats.
This is revealed by what is called the “Labor Participation Rate.” It dropped in November from 65.1% to 65%.
still:
These means nothing to you I’m sure, but technically this is the VIX.
http://en.wikipedia.org/wiki/Implied_volatility
so whatsthedelio on the gtg?
no grim, kettle, bc? what kind of gtg is this??
shumpy, sas, chi, john, sl, nom, lish, pgc, stu & gator, shore?
role call plese…
this will be my first appearance and i dont want to be sitting there alone when frank, bi, jamil and re101 bust in with baseball bats.
still: The idea with the vix is to strip out all the other data related to price movement and currency, and instead focus solely on the willingness to pay as a statistical measure.
BC -Question
With all the talk about inflation, Niall Ferguson posited a hypothesis that what we might expect is deflation with high interest rates, causing debt repayment to become a massive burden.
I’ll need to dig around for the full text, but thoughts?
Vito: I will be there briefly at the beginning, but then I have to go to Arhtur’s for dinner.
I’ll be stopping by early on as well.
I’d like to go, but I’m in CT until late.
I will be visiting the in-laws.
BC,
I have decided that the cover I most want to see E-Street do sometime is Eurotrash Girl. Wadda, ya think?
Chi 51 Thanks!
http://www.investopedia.com/articles/technical/02/081202.asp?viewed=1
(actually investopedia has a good definition/description – just found it now…)
It explains what happens when vix is low and stays low vs high… exactly the opposite of what I thought it meant – wow.
Thanks (to all) for the education… starting to feel a bit Socratic Method around here. :)
sl
sl,
Just don’t drink from any cups anyone hands you.
Veto,
Thanks. I just saw your post @ previous thread.
sl
59, Shore egads… thanks… gotta admit, it’s definitely a cool (if inefficient) way to learn stuff, no?
sl
Just went over to Bloomberg. Wow! did frank take a dump on the trading floor?
Anyway, the weird thing about .vix is that when it is low, stays low (20’s, under) it allegedly signifies “disinterest” in the market not just “lack of fear.”
I thought this would be a bullish signal but investopedia regards this as a bearish signal… the opposite of what I would have thought. Go figure.
sl
What the government and the banks are doing: Delay and pray!
http://www.freerepublic.com/focus/f-news/2398272/posts
It looks like the Sun Maid Girl has had some plastic-surgery, including a face lift and implants:
http://us.news2.yimg.com/us.yimg.com/p/fi/26/21/30.jpg
Here is the old one:
http://us.news2.yimg.com/us.yimg.com/p/fi/26/21/28.jpg
SL,
Like an old-style salon.
Here is a breakdown of where the job losses were as well as which sectors were adding jobs. Worst hit was manufacturing and construction, but the services sector returned to job growth.
Total change in non-farm payroll = – 11,000
Private Sector = – 18,000
Natural Resources & Mining = – 1,000
Construction = – 27,000
Manufacturing = – 41,000
Durable goods = – 33,000
Non-durable goods = – 8,000
Services = + 58,000
Wholesale Trade = – 11,700
Retail Trade = – 14,500
Transportation & Warehousing = – 5,300
Utilities = – 2,400
Information & Media = – 17,000
Financial Svcs & Real Estate = – 10,000
Professional & Business Svcs = + 86,000
Education = + 11,100
Health Svcs = + 28,100
Leisure = – 11,000
Government = + 7,000
from NJ.com -> read the comments too.
The “Jersey Shore” recap in 30 seconds, because after that two-hour premiere, you really can’t spare any more brain cells:
http://www.nj.com/entertainment/tv/index.ssf/2009/12/jersey_shore_premiere_recap_ju.html
#50 Veto
The only confirms I know are myself, Nom and Scribe.
of the 58k service jobs, 52k were temp.
This photo is even worse thatn BHO bowing low before the Emperor of Japan.
Now I get why Tiger’s wife was so ticked.
http://media.cnbc.com/i/CNBC/Sections/News_And_Analysis/__Story_Inserts/graphics/__MEDIA/Woods
Shore, notice sunmaid girl gets a darker complexion to appeal to a wider demographic with growing hispanic segment.
Even mr clean has a tan now…
Old mr clean –
http://mentalfloss.cachefly.net/wp-content/uploads/2008/10/Picture%206.png
Newer, more tanned mr clean
http://gingersnaps.files.wordpress.com/2008/10/mrclean1.jpg
Well, that link bombed. It is here, though.
http://www.cnbc.com/id/34263324/
It looks like they should get room:
http://www.golfdigest.com/images/index/091204_tiger_jan_coverstory_470.jpg
SL,
I use VIX with a # of other indicators. Low vix, extremes, normally [me], is a bearish signal. It signals complacency, lack of fear. Again, only if other indicators align.
VIX, by itself, is of no use to me.
“How do you go in a (bleeping) Jacuzzi with a thong and a bra? Wear a thong bikini. That’s a little bit more classier.” More truer words were never spoken
Veto, PGC,
The still_lookings can’t make this one… :(
Between the car wreck, work and two other social commitments we will be MIA…
we try to make all of them… this ones a no-go unfortunately. Maybe we can host one in the near future though?
sl
Chifi,
From that recap: “Snooki gets drunk, hits on anything with a pulse with no success, she considers leaving but stays.”
When has a woman NOT been able to score in Seaside? She must be a very sad case.
still: If you are there tonight, I can give you my $0.02 about the VIX etc….it is not very long, but too long here to post….
“car wreck”
You had a wreck on the highway?
New Jersey Losing $22,000-a-Day With Swap for Bonds Never Sold
By Dunstan McNichol
http://www.bloomberg.com/apps/news?pid=20601109&sid=asLz0DkeRFKI&pos=10
” Dec. 4 (Bloomberg) — New Jersey taxpayers are being saddled with a bill of about $657,000 a month from Bank of Montreal for an interest-rate swap approved by state officials and linked to bonds that were never sold.
The 11th-largest U.S. state by population, which is cutting expenses to close a $1 billion budget deficit, will pay Canada’s oldest lender $23.5 million. The sum, about the same as the salaries for 113 teachers over three years, will allow it to avoid a $50 million penalty for canceling the contract, which was tied to planned sales of school-construction bonds. ”
Clicking on the full article might induce vomiting.
No gtg for me. Soccer.
82, Shore
Uh, yeah… hence the request for an autobody place…etc.
Parkway. car towed off, leaking antifreeze, etc etc.
I’m fine thanks. Achy but OK.
sl
Chi, thanks. I wish we could go…I….*sniffle, sniffle*…..miss everyone.
sl
pgc, chi, gator,
im 50/50
would be forced to commute on nj transit for this so it becomes a real decision… lol
Schumpeter says:
December 4, 2009 at 12:57 pm
No gtg for me. Soccer.
clot: What is better?
A hurricane named Ditka?
OR THIS?
http://www.knobcreekrange.com/
#87 veto
The 9:25 train from Hoboken, will get you into Princeton by 11:30.
PGC says:
December 4, 2009 at 1:22 pm
#87 veto The 9:25 train from Hoboken, will get you into Princeton by 11:30.
PATH to Newark…or have someone drive him to Newark
wait ..
we’re having a GTG with no grim?
where is grim?
in Waikiki with the 5 AM hookers?
shouldn’t we wait until Grim gets back?
I am only there for an hour….
scribe says:
December 4, 2009 at 1:26 pm
wait ..we’re having a GTG with no grim?
where is grim?in Waikiki with the 5 AM hookers?shouldn’t we wait until Grim gets back?
scribe: what? now women are into his back hair as well as his chest hair?
PGC, Nom
Let’s wait until Grim gets back
Re-schedule for next Friday, maybe?
can’t imagine a grim-less GTG
unless, of course, John can make it …
then the crowds will materialize like magic …
John?
“Parkway. car towed off, leaking antifreeze, etc etc”
Wow. Sorry to hear that it happened. Slow speed or Indy mode?
If you have purchasd a concert ticket or ticket to an ice show, a sporting event, etc., in tha past few years or plan on doing so sometime in the future, have you sent the e-mail to DoJ opposing the Live Nation Ticketmaster merger?
US get England, Algeria and Slovenia in Round 1 of the WC.
Not too bad actually.
“chest hair?”
So, finally this stuff is back in style?
#95 Scribe
This was the only day that really worked for myself and Nom. It’s the only day I can make. I can’t make next week and I think the tribe members will be out gambling Gelt.
We can put a chest wig on Chi, if that would help you. I suspect he has one.
#98 meter.
England are my pick to win.
Brazil Portugal should be the best game of the opening rounds.
@101 – your pick to win it all, or win the group?
If the former, that’s a consensus pick. If the latter, bold.
I’m not clear on … if it’s just me, you, and Nom .. ?
with a cameo appearance by Chi?
sorry, got that backwards!
@101 – your pick to win it all, or win the group?
If the latter, that’s a consensus pick. If the former, bold.
I had to get up this AM at 5 to call London …so I’m pretty beat …
If it’s a very small GTG, I may take a pass this time and go to the next one …
It’s a long way to travel from Queens …
Maybe we could reschedule when more people can come?
what is gambling gelt?
Chanukah Gelt. Chocolate coins wrapped in gold foil.
You want I should explain further?
meter the later is very bold indeed
as a usa fan i can appreciate this type of loyalty
germans and italians usually produce great technical soccer. looking fwd to watching that.
also, i heavily support any team playing brazil.
former/latter – both bold
Meter, It pains me to say, that they will win it all.
Scribe. So far
Confirmed – Me
Assumed – Nom
Cameo – Chi, Gator
On the fence – You, Veto.
Watching through the windows – Frank, Bi, and some lurkers.
For Gambling Gelt, see http://en.wikipedia.org/wiki/Hanukkah#Hanukkah_gelt
PGC, prev thread:
“The US has the strongest patent protection for drug comapanies. With the exception of Bayer vs Housey, US courts have ruled in favour of the onshore development. You take the R&D out of the US, you lose the Section 217(g) protection of process claims.”
Yes, US has strong patent protection, but again, it has nothing to do with where the R&D is located ie where the invention was done and filed. You are way over your head here.
You drop some rulings but have never answered the question why would big pharma lose its patent protection if it were to move its R&D offshore.
271(g), if you mean 35 U.S.C. 271 has nothing to do with this. In fact, your argumentation has the opposite effect than you claim. If the US has the strongest patent protection and big pharma takes their R&D offshore, it is more difficult to sue them in process claims so offshoring pharma R&D is a good thing for big pharma. So this is the exact opposite conclusion than you claimed.
As I said many times, it is irrelevant if the invention was made by a R&D team in China or the US. The end result (ie patent in force in China and US) has the exact same effect in the corresponding jurisdictions and I’m not aware of any court ruling claiming otherwise.
“#87 veto The 9:25 train from Hoboken, will get you into Princeton by 11:30.
PATH to Newark…or have someone drive him to Newark”
PGC, are you trying to convince me to go or stay home lol thats a 2 hr commute (unless you meant 10:30).
if not, are we talking the brass rail in hoboken or boston? christ, I can get from princeton to penn station nyc in 50 minutes.
didn’t realize it was a Hanukah reference ….
It doesn’t feel like Christmas, either, because it’s been so warm …
[95] scribe,
I wouldn’t mind as next week is a lot better, but I don’t know that PGC can. Seem to recall we had this discussion previously. Besides, not like we need grim to ref or anything.
anything works for me…I am in the area regardless….
We can toast to grim getting blown in Waikiki…..shots of brine topped with whipped cream…..
[286] prior thread] PGC
“Does that mean we can pull the plug on Grandma before Christmas as we won’t get the 1MM+ tax free jackpot, by keeping her going to the New year.”
Macabre, but yes. No distinction in estate taxes btwn 2009 and 2010.
Means that Grannie must have a substantial estate. Congrats on your windfall.
Spanish and Italians have the easiest draws by far.
It’s anyone’s cup, but the smart money is on Brazil & to a lesser extent, Spain.
I wouldn’t put money on any other team, and England as cup winners would be maybe my 10th pick, if not even lower.
[113] jamil and PGC
Re: patent protection
Still waiting on an answer from the pharma attorney, who is at a conference in NOLA.
Not my area, and no time to ejookate myself on the law, so I’ll sit this one out.
[121] me
UPDATE: my regulatory expert punted to a pharma patent attorney (who I shoulda asked first, but didn’t want to go over contact’s head). So answer soon maybe.
For those who missed the show and the recaps, Gawker has
Jersey Shore:A Field Study available.
Good luck to any team trying to mark Xavi and Iniesta. I don’t think it can be done (unless the other team is Chelsea).
Spain will win.
Fabregas can’t crack the Spain first 11.
‘Nuf said.
Banks Take Losses on Short Sales as Foreclosures Soar
Is someone from here, writing for HowStuffWorks.com?
The Higher Education Bubble
Over the past 25 years, the average price of a four-year college education has risen 440 percent — more than four times the rate of inflation [source: Cronin]. At the same time, more and more Americans have lined up to pay these skyrocketing tuitions. From 1987 to 1997, undergraduate college enrollment increased 14 percent. From 1997 to 2007, the increase was 26 percent [source: NCES].
But where is all of that tuition money coming from? The short answer is financial aid. The federal government offers both low-interest Stafford loans and Pell Grants, which do not have to be repaid. But even those loans and grants aren’t enough to cover the four-year cost of tuition, books, room and board at four-year colleges: nearly $47,000 for public schools and $100,000 for private colleges and universities [source: Kristof]. Pell grants, for example, max out at $5,035 a year [source: Cronin].
For many students, the only option left is a private student loan. These loans are largely unregulated and carry much higher interest rates than Federal loans. In fact, commentator Kathy Kristof of Forbes magazine actually compares the tactics of private college lenders to those employed by the subprime lending market. Kristof accuses private lenders — and college admissions offices — of tricking naïve students into signing up for loans that they don’t fully understand. Some of these loans have “teaser” interest rates that “adjust” after graduation to levels as high as 18 percent [source: Kristof]. Compare that to the highest Stafford loan rate of 6.8 percent [source: Stafford].
What this means is that millions of college students are entering an extremely tight job market saddled with tens of thousands of dollars in high-interest debt. That’s not the way to start any career.
Even graduate and professional degree earners find themselves saddled with debt that they can’t possibly repay. According to the Law School Admission Council, the average law school debt is $100,000 [source: LSAC]. Multiply that by a double-digit interest rate and that debt becomes very big, very fast.
There is evidence that the college enrollment bubble is already bursting. Two-thirds of private U.S. colleges expect lower enrollment in 2009 than 2008. They’ve been forced to freeze employee salaries and cut some benefits [sources: Hass and Fain].
[112] jamil and PGC
My pharma folks had to interpret my interpretation of your beef, so if it is not what you think it is, sorry, but I do what I can here. Since it isn’t my legal analysis, I disclaim any and all knowledge as to its content and veracity.
BTW, the paras are in reverse order as I cut and pasted from an email thread after redacting.
Enjoy!
“Absolutely not. In fact, under certain treaties you can even point to work done in WTO countries (ex-US) in declarations to overcome rejections of patent claims under 35 USC 102(a). This suggestion also runs entirely contrary to the Patent Cooperation Treaty. Not sure I even understand where this person is coming from.
But would those cases suggest that a US patent could not be granted if the work is done outside of the US (seems to run contrary to globalization of IP rights)
My knowledge of the recent case law on the point is admittedly a bit fuzzy, but I do recall a line of cases that support the proposition that the importation into the US of things produced BOTH (a) offshore and (b) via processes patented in the US constitutes patent infringement. The Federal Circuit, however, has been all over the map on this issue.
Does not make sense to me. I don’t understand the basis for the argument, but perhaps I am missing something. XXXXXXXX—as the patent guru, any thoughts on this?
Subject: does this make sense
Someone I am going to argue with tonight said this:
“The US has the strongest patent protection for drug comapanies. With the exception of Bayer vs Housey, US courts have ruled in favour of the onshore development. You take the R&D out of the US, you lose the Section 217(g) protection of process claims.”
I know nothing about this. He says that R&D done outside of the US is not entitled to US patent protection. Is that correct?”
127 comrade: The issue was that the big pharma would lose (current and/or future?) patent protection if it were to move its R&D offshore. Clearly, this is hohgwash.
What I can gather from your contact’s comment, this is what he/she thinks too (ie the whole purpose of WTO and PCT and other global agreements is to make sure that the original location of R&D and the invention/patent filings is irrelevant).
The idea that the invention made (say) in China, and eventually patented in the US would not be valid is ludicrous.
[128] jamil
I think that, in principle, he agrees with you, and not PGC.
That was also my inclination, however, as I stated above, I have no expertise in this area, so I am staying out of it.
Besides, I am one for getting off topic frequently enough and don’t wish to sully the board with a lot of OT vituperation. That is why I offered to take it offline.
Gold taking a thumping today.
It’s an interesting dynamic. Up until today, any “good news” meant that an “inflationary recovery” was in store and the stock market and commodities (including gold) rallied on the news as the dollar fell.
A bullish jobs report comes out today and Mr. Market sells gold and stocks and buys the dollar. Now the market is thinking about the end of stimulus and higher interest rates.
Is this a one-day anomaly or a change in the trend?
Jamil,
The original point was that Pharma will not move development offshore as they get better patent protection in the US. India is a good example where companies can get away with patent infringement that would not be allowed in the US.
While I take the point that WTO and PCT should make location irrelevant, but there is a lot of debate on whether developing countries (specifically China) are adhering to it.
I will defer on this as my head hurts and I need a beer. If you show up tonight, we can continue the discussion.
renty (131)-
Today’s Mineset commentary:
“As far as the Dollar rally goes, in looking over the charts, it would need a solid weekly close above the 76.50 level to generate some more buying enthusiasm from a technical perspective. Until it does that, rallies will attract selling.
Keep in mind that Central Banks are now buyers of gold and will not change their new philosophy because of a short term chart signal. That buying will undergird the gold market as it moves lower into technical support levels.
As far as those analysts ignorantly proclaiming that gold is in a bubble, they have no idea what a chart pattern of a market in a bubble looks like. Gold’s rise has been steady and strong with it picking up momentum only in the last month or so. The market is taking a well deserved rest, especially as we move towards year end and traders begin to square positions in front of the holidays. Besides, if gold is in a bubble, Central Banks such as India and China, who are looking to acquire more of the metal, must be dolts as well.”
http://jsmineset.com/2009/12/04/hourly-action-in-gold-from-trader-dan-186/
#113 Veto
A cab can get you to Penn in 15 mins. A bar near Penn had been proposed, but Hoboken was decided on. The train I proposed gives you a few minutes to admire the glories of the Lautenberg Transfer station in Secaucas. A glory in Architectural design.
I’ll be at the end of the bar at the Brass Rail at 6PM. whoever shows, shows.
re: Is this a one-day anomaly or a change in the trend?
Did they shut off the printing presses yet?
Clot,
Spain are always capable of a colapse of form, and you never count out Brazil.
It will be interetsting to see how the odds go in the next few days.
http://www.independent.co.uk/sport/football/internationals/bookies-cut-england-world-cup-odds-1834502.html
132 PGC: “The original point was that Pharma will not move development offshore as they get better patent protection in the US”
Still, the thing is exactly the opposite what you are saying. There are two separate issues here:
1: Where to manufacture drugs: big pharma should prefer countries with weak IP protection so they are better protected against process/manufacturing infringement suits by competitors or patent trolls. So they should move their manufacturing offshore.
2: Where to do research and file patents: The location of R&D is totally irrelevant. It does not matter if the invention was made or first filing done in Vietnam or in the US. The end result (e.g. patent in force in Vietnam and/or US) is identical.
They aint making no more gold.
re: Is this a one-day anomaly or a change in the trend?
Did they shut off the printing presses yet?
No. Long term gold will rise.
However, the long-gold/short-dollar trade is very crowded. A major short squeeze in the dollar could clobber the gold longs.
132 PGC.
additionally, big pharma should hope that its competitors are foolish enough to keep their manufacturing in the US so it is easier to sue them in the US and therefore block worldwide sales (of course, the actual sale or importing is often more valuable than the manufacturing process).
“Is this a one-day anomaly or a change in the trend?”
renting [131],
Neither.
“those analysts ignorantly proclaiming that gold is in a bubble.”
wait. if gold is NOT in a bubble, than why would you want to buy it?
Now I have heard it all. (for this week anyway).
Somali Pirates set up their own stock exchange/ponzi scheme.
Quote –>”I am really happy and lucky. I have made $75,000 in only 38 days since I joined the ‘company’.”
http://www.reuters.com/article/idUSTRE5B01Z920091201
“A major short squeeze in the dollar could clobber the gold longs.”
renting,
I discussed this last week. The boat was overloaded and the late party attendees were soon to be taken to school. Typical, classic gold action. We need a few more down days like today to balance the playing field. Hope it tests 1k.
Despite today’s action, this is not strictly a gold/dollar play. Check the charts, gold versus the Euro, BP, Yen, etc..
BC, let the record show that you called a gold pull back last week.
Jamil
1) You then have to get over those same hurdles to get the products into the first world (bit profit) markets.
Also for the US they also have the bigger hurdle of the market access and drug safety act. Look at why you can’t bring the same exact same compound in from Canada.
2) WTO patent protection enforcement is still not strong enough. Keeping the juristiction in the US puts the company on a better footing.
3) there is also a third issue which is the protection of the companies future patent pipeline and that is the real core of the issue.
This reflects so well on the Va Tech administrators. What a group they seem to be (via google news):
NEW! Breaking News Alerts straight to your mobile phone!
Va. Tech Staff Warned Own Families Long Before Campus Alert
Some Virginia Tech officials warned their own families and the president’s office was locked down well before a campus-wide alert was issued in the 2007 slayings of 32 people, according to a revised state report that details new fumbles in the response to the worst mass shooting in U.S. history. One student survived several hours after being shot without anyone notifying her family until she had died, said the updated report, released Friday. At least two officials with a crisis response team called their family members after the first shootings at a dorm and about 90 minutes before the all-campus alert was issued at 9:26 a.m.. The president’s office was locked down at 8:52 a.m. and two academic buildings were also shut down before the (snip)
question: is it possible to call bubble on bruce springsteen?
http://www.msnbc.msn.com/id/34277720/
Maybe MSM is finally on the side of the people (at least this time?)
sl
Guys,
I think I’m going to skip the GTG tonight.
I’m kind of beat, and much as I’d love to see Chi, PGC, Gator, and Nom, it’s a long trip out to Hoboken.
I’ll see you all next time …
sorry guys:
can’t make the GTG: I have three motions to work on this weekend. Need more time!
146 PGC.
Your comments do not make any sense.
I’ve said it several times that future patent protection (ie filing new patents) does not depend on the location of R&D or manufacturing. Patents needs to be filed in different jurisdictions in anycase and one first filing is enough. It can be Vietnam.
As for defensive purposes, it is safer to infringe in the 3rd world, where patent protection is weaker. (Yes, bringing the products to US is still difficult, but at least the 3rd world approach is not any more dangerous).
The conclusion is still the same. For future patent protection it is irrelevant where R&D is. I would prefer 3rd world since the costs are lower and future patent protection (in the US or elsewhere) would be identical.
It is not better to keep manufacturing in the US – on the contrary, it is more dangerous as you can face injunction easily.
FDA regulations are separate issue.
“Pressure is building to approve short sales as the number of delinquent mortgages has grown to 3.2 million and an estimated 7 million foreclosures loom in the next two to three years.”
SG, this was a good article. i was waiting for an update on this subject. refreshing to hear banks are feeling some heat.
Im officially calling a ‘bank foreclosure hoarding bubble’ and cannot wait until it pops.
veto [148],
A bubble or a Rising?
pgc, chi, etc, sorry im out tonight too.
next one for sure.
#152 Jamil
I see the point you are making, but I still disagree with it.
I think ‘agree to disagree’ is where we should leave it.
154, ha.
a set consisting of (in the following order)
the fever
im on fire
pay me my money down
im going down
how can a poor man stand such times and live
my city of ruin
also bc, ‘viva las vegas’ somewhere in the beginning
“the fever”
Veto,
Saw Bruce at the Pony, this past Oct, played the fever with Southside. Remind me, I’ll send you some pics.
If the US dollar is off by 30% from its peak,so the US debt is 30% less than current value due to buying power of the dollar and interest paid is 30% less than real value.Why are we complaining about the national debt?It’s like going to best buy getting 0 interest minus depreciation of the currency.
If i can borrow at 4.5% here in the US less deduction to income taxes comes to 2% and bring it outside the US buy the yuan expected to increase by 20% is that not a good move?
ah, what the f***
see y’all at the Brass Rail
around 6:30 – 7:00
I could use a tasty ale :)
yome that sound like a plan. you can also borrow here and buy gold here. i think that will allow you to capitalize on the yuan appreciation.
Trust me – im an expert on this stuff.
(actually, im talking so far out of school its not even funny. but this would be my guess)
yome, the only thing left to consider is this.
yuan expected to appreciate 20%.
while, gold is expected to appreciate 4,000%.
no brainer.
gold only knows one direction. up.
“If the US dollar is off by 30% from its peak,so the US debt is 30% less than current value due to buying power of the dollar and interest paid is 30% less than real value”
Huh? Who’s on first? Abbott or Costello?
What is your correlation between our debt and our currency? As our dollar depreciates, foreigners invested in our treasuries, lose $. Their reserves don’t flucuate, only net values adjust. Also, if we can induce high inflation we can inflate the debt away.
Yes, the carry works until it doesn’t. Anybody would love to borrow at 0 and invest at 3-5%, ask our IB’s. Also, I’m meeting with Mrs Wantanabe later. I’ll address this with her, I will duck first.
#161 Scribe
Great news. I’ll be at the end of the bar in a black sweater.
“gold only knows one direction. up.”
Not today, it would seem. There is no guarantee that gold will continue to increase in value over time. It is this kind of thinking that led to the real estate bubble and the hundreds or thousands of bubbles before it (see: tulipmania).
Gold does seem a safer bet than any single currency at this point in time, this is true.
I’m not even sure why it’s seen as a safer commodity than, let’s say, diamonds or other gemstones. All of these kinds of assets have value only because of the jewelry factor I assume – it’s not as if it’s valuable from a utility standpoint. If we have a SHTF episode, I think I’d rather have food and energy (oil/gas) to trade than gold.
BFF underway:
State Bank and Trust Company, Macon, Georgia, Assumes All of the Deposits of First Security National Bank, Norcross, Georgia
sl
If anyone is checking…my ETA at the Brass Rail is about 6:45PM…sorry for being late….
As our dollar depreciates, foreigners invested in our treasuries, lose $. Their reserves don’t flucuate, only net values adjust. Also, if we can induce high inflation we can inflate the debt away.
Exactly my point.If i owe you a hundred and paid you back 70 with a paper that say 100 you will not be happy.I destroyed my debt.Why can’t i keep on borrowing as long as they are willing to buy the debt at low interest.
“There is no guarantee that gold will continue to increase in value over time.”
Meter, bubble arguments are circular so i was just being silly having some fun. dont take it serious.
“I’m not even sure why it’s seen as a safer commodity than, let’s say, diamonds or other gemstones.”
Meter, diamonds are not rare. They just have a monopoly on mining them so they keep them in short supply on purpose.
Other gemstones i cant speak to – maybe you have a point. But then again if its too rare than you dont have enough to use as currency since you will run out of it. i dont know for sure about this.
Looks like I’m first here. At the corner of the bar by the windows if anyone shows.
An Italian jury convicted American student Amanda Knox of murdering her British roommate. She was sentenced to 26 years.
Where is this Brass Rail of which you speak?
Arrrgh. Still at the office.
Must – get – away – from – confused – tax – partner.
#174 essex
Hoboken.great place to people watch. Guy beside me fits the profile, but no blackberry, so not from this blog.
With any luck, there by 7.
Guy just doesn’t want to accept that there is no support in the Code for what he wants to say. Story of my life.
#175 nom
Do you have an ETA. I’ll still be here to meet scribe and CHi. I’ll leave a number with Chi if you get in late and I move on. I have a rare pass out and a lot of old haunts I vs visit.
meter [166],
Is gold increasing in value or is the dollar losing value? Trend, not a day/week’s action?
Gold is not a commodity, it’s a currency, a medium of exchange. I guess if every fx trading dept included spot/futures diamonds and/or gemstones, you would have a valid point.
Is the bubble paper or gold? Wait until you witness the gold bubble. Stick around until 2015-2016.
yome [169},
Great gig if one can pull this off year after year. If you had 2T in our paper and were receiving 3%, while you lost 10% a year in exchange rates, approx how long would you allow this to continue?
Any wonder why China has spread out of the 10 year, into T-Bills?
I’m still at the office too. Anyone going to be around for a while?
Finally out of the office. On path platform in newark. Think maybe I should drive but I don’t know how to get to boken. Wait here’s a train.
(178) Pgc
I inderstand. I wasn’t expecting the tax partner to corner me at 6:00 to explain why I hadn’t found an exception to clear law yet. Very vexing since I had more bad news and they don’t like that.
On path now but have to change train. I don’t take this much so eta impossible.
Wasn’t a good night for me either. Wife out of town on biz and older girl guilting me for never being home. Maybe one quick point counterpoint for the assembled and we postpone further rounds for another day.
At journal sq.
Im still in the office. Stupid end of year.
I am at 34 st so I am just going to head back to Montclair since it seems like you folks are calling an early night. Have a great weekend.
Dough!!!! Domino’s Pulls Out of ‘Jersey Shore’
Dec 4th
“Jersey Shore” isn’t just offensive to Italian people, it’s also offensive to Italian food makers — and now Domino’s Pizza wants their ads pulled from the MTV show ASAP.
Domino’s just delivered a major blow to the reality show, instructing their media buyers to pull all Domino’s commercials from future episodes.
A rep for the pizza giant tells TMZ, “The content of this particular program is not right for Domino’s Pizza.”
Read more: http://www.tmz.com/2009/12/04/dough-dominos-pulls-out-of-jersey-shore/#ixzz0Ylt9cLUi
Phase Transitions, Symmetry and Post-Bubble Declines (August 2, 2006)
This is how I visualized how the GTG should go:
http://www.youtube.com/watch?v=_f_p0CgPeyA
repost from this morning where i was embarrasingly posting to an old chat room for hours wondering where everyone was before chi thankfully posted the new thread heads up…
“jersey shore, what an embarrassment.”
growing up in Toms River, my neighbor had a jeep with a huge sticker across the front windshield ‘Benny Killer’ until the police pulled him over and issued him a ticket and the courts made him change it to ‘Benny Stomper’.
during the last month, I must get at least one email or facebook mass mailings per week about signing a petition for MTV to stop the Jersey Shore show immediately. The locals are outraged.
Even UNICO is up in arms yet they are ok with sopranos broadcasting into every living room in the country. that tells you something.
to make it worse, most of these kids on Jersey Shore are from NY yet Jersey takes the heat for harboring all the trash.
working at home: wish I was at the GTG. Have to propose to nom the idea of the “nompound brewery”.
“Is gold increasing in value or is the dollar losing value? Trend, not a day/week’s action?
Gold is not a commodity, it’s a currency, a medium of exchange.”
1) Good question. Is gold appreciating vs most other currencies? I really don’t follow the currency markets so I’m honestly asking. I suppose if the answer is yes than yes, it’s appreciating in value. If no, then no. And I guess that question would have to be answered on a currency by currency basis to be correct.
2) But *why* is gold a currency? And is it really? My point is why can’t diamonds be used rather than gold? Neither has any real value. Can’t make much with gold of ‘use’ (jewelry or overly expensive cable adapters excepted). Gold can be mined just as diamonds can be mined.
This is why I think there are no guarantees it continues to go up forever. Apologies to Veto as I didn’t realize he was just messing around.
But *why* is gold a currency?
Because India and China do not feel that they have enough of it?
Why not diamonds? – Diamonds are the biggest marketing scam ever perpetrated by the South African miners and came into vogue only in the 30’s and 40’s (I think).
Gold has been used as a currency for 5000 years. IMO, gold is an hedge against government and currency instability.
Mom expected God to provide food, daughter testifies
Friday, December 04, 2009
Joe Moszczynski
STAR-LEDGER STAFF
The money ran out first. Then the food.
Over three months in 2006, as her five children grew more emaciated and listless by the day, Estelle Walker made no move to find a job, no effort to scrounge up a meal, her kids told a jury yesterday.
“We were supposed to wait for God to provide,” said Walker’s oldest daughter, now 21. “And that’s what we did.”
At one point, the daughter said, she and her siblings went 11 days without food. When police were at last summoned to the Sussex County cabin by neighbors, investigators found the children so malnourished they had difficulty talking.
http://www.nj.com/news/ledger/jersey/index.ssf?/base/news-15/1259894705182640.xml&coll=1
ChiFi:
Be pround my son!
http://www.nytimes.com/2009/12/01/science/01arch.html?_r=1&partner=rss&emc=rss
CHifi:
how big is yours?
http://upload.wikimedia.org/wikipedia/commons/archive/3/34/20070722185615!Ripley_map_of_cephalic_index_in_Europe.png
All hail the swiss?
http://www.youtube.com/watch?v=6nf1OgV449g
All i want for Xmas….
http://www.midwesthuntersoutlet.com/item.aspx?PID=8567&w=PQ%2BJDyOLrQE%3D
i was a good boy santa!!!
http://www.youtube.com/watch?v=pktO2e5T8K0
meter [192],
It has made new highs versus the USD, BP, Euro, Yen, Loonie, etc.. Just pull up a currency/gold chart.
Why is it a currency? Well it has been a currency for thousand of years. Longer than any paper currency. You can’t print it, debase it, devalue it there’s no counter-party risk, it is 100% transparent and it never becomes worthless.
Walk into any fx trading operation, gold is traded side by side with all the major currency pairs. Its daily volume exceeds many currencies.
If it was simply traded as a commodity, jewelry, electronics, etc.., it would not appear on my screen.
thousands of years.
BC,
All i see are waves!!!!! make it stop!
Fun GTG, we got booted from Brass Rail (what recession?) and gatecrashed Chi’s steak dinner. Myself and nom had a good discussion. No left vs right, but the constitution took an examination.
Also Meat free Atkins Diet was discussed
schabadoo says:
December 2, 2009 at 3:23 pm
According to that survey, the audience of know-nothing moron Bill O’Reilly are better informed than the audience of both CNN and NPR.
I don’t see how that back’s TeaBagger’s point. If Stewart’s viewers are ill-informed, then Fox’s are catatonic. Ready the Maryland study, or the Pew study, or any of the others.
Pride in Ignorance. Waiting to see it on bumper stickers at Palin rallies.
who are you, schabadoo?
impressive stuff. keep up the good work
Report from the GTG
Got there late and pgc, scribe, and chfi (w/ guest) were already there
Showdown with pgc didn’t materialize. Good substantive convo.though. Surprised that he was more conservative on some issues than I. In sum, a good reminder that there is a reason that I try (sometimes unsuccessfully) to keep the debate level high.
(191) Morpheus
Perhaps the inspiration I need to dust off the carboys.
Diamonds are certainly valuable but by definition not a commodity – they have to be classified into the value groups by the experts, and relative pricing of the groups is by the convention which certainly can be changed. Also, liquidity is non-existent: you need to know someone in the Diamond District to sell your bag of rocks, and the guy will live off his spread on your trade for the next year.
I need to donate to the site. It’s not a 501c3, is it?
If you had 2T in our paper and were receiving 3%, while you lost 10% a year in exchange rates, approx how long would you allow this to continue?
That is why i am heavily in debt with the US currency.My cash is somewhere else.
The point I am trying to convey is,as the dollar goes down in value the US national debt is being destroyed.If the dollar lost 30% of its value from it’s peak,we are paying 70 cents on the dollar with a paper that say 1 dollar.And this countries are still buying our debt with low yields.What are we complaining about?
Comp killer in Wayne:
4 CARLTON CT, Wayne, NJ 08/05 $1,012,500
Now listed:
WAYNE – $799,000
4 CARLTON CT View on map
http://www.njmls.com/cf/details.cfm?mls_number=2906988&id=999999
MSM getting real? I guess you can only deny reality for so long…
A deeper look behind the jobless numbers
http://www.msnbc.msn.com/id/34280589/ns/business-stocks_and_economy/
So, how well would this go over with the NJEA?
DPS to teachers: Loan us $10,000
Tentative union pact seeks cut in pay to be returned at job’s end
Marisa Schultz / The Detroit News
Detroit — Thousands of Detroit Public School teachers will be asked Sunday to loan the district $10,000 each.
The alternative, the Detroit Federation of Teachers says, is taking a $36,000 pay cut.
That’s the pitch union leadership will try to sell to its 7,000 members when they huddle at 2 p.m. at Cobo Center to review a tentative three-year union contract reached late Thursday.
Recognizing the district is facing a $219 million deficit but wanting to prevent pay cuts, union leaders came up with a negotiating table compromise that education experts are calling innovative and unique.
It’s called the Termination Incentive Plan and it may be one of the toughest sells for union membership. Teachers would agree to a $250 deduction from their biweekly paychecks starting in January. The deductions come from 40 paychecks. Teachers would get the $10,000 back — with no interest — once they leave. to be returned at job’s end.
http://www.detnews.com/article/20091205/SCHOOLS/912050327/DPS-to-teachers–Loan-us-$10-000
I was the rowdy one.
Exited by knocking over a chair.
Imagine what happens when I have a second beer!
Great to meet ChiFi – finally – and to see PGC and Nom again!
#211 So if you take the total number of people unemployed, those working part-time but want full-time work, and those who are unemployed but haven’t looked in the last 4 weeks because they think there are no jobs out there for them and add them up, you get 26.9 million people. 26.9 households with a heck of a lot less income than they used to have. I see no beautiful sunrise of prosperity anytime soon.
On a related note, local company is having a toy and clothing drive. Among the items asked for: candles, can openers, sleeping bags and “any outside living necessities.” Good God.
214…add in a little eradication index on the 401ks hosed last year….things are gonna be great in the USA!!
Now what in the world is happening with Tiger’s Wood??
PO [211],
MSM must be lurking on this site.
One item the article forgot, under the category where the jobs were created; Birth/Death created 30K jobs.
Anyone interested in a Victorian in Ridgewood?
http://newyork.craigslist.org/jsy/reb/1495979254.html
the women are armed with shotguns.
http://newsok.com/homeowner-shoots-kills-intruder-in-lincoln-county/article/3422809?custom_click=lead_story_title
good for this women.
#214
On a related note, local company is having a toy and clothing drive. Among the items asked for: candles, can openers, sleeping bags and “any outside living necessities.” Good God.
Good God is right! That’s scary!
“as the dollar goes down in value the US national debt is being destroyed. If the dollar lost 30% of its value from it’s peak,we are paying 70 cents on the dollar with a paper that say 1 dollar. And this countries are still buying our debt with low yields. What are we complaining about?”
Yome, the value of our debt is not being destroyed. We both issue and pay the debt service in dollars so the value of the dollar going down relative to other countries dont matter. We dont have currency exposure. When China buys our treasuries, they first convert yuan to dollars and then make the purchase of the treasuries.
I believe BC was trying to explain this in his earlier posts.
Only other currencies have exposure to the fluctuating value of our dollar and our dollar denominated debt and are struggling with these flucuations because we are paying them a fixed (rate) amount in return for their original investment and when we pay them back in dollars in say three years the value of that fixed amount is much less to them if the dollar has lost value.
Someone please double check me but this is how i understand it.
bye the way, these are good questions.
#216
MSM must be lurking on this site.
Many on this site are definitely ahead of the curve. Thanks for your contributions.
grim says:
December 4, 2009 at 10:46 am
The number of hookers in Waikiki is staggering at 5am.
Is this a positive or negative economic indicator?
————————–//—————————–
Depends on how your cash is. But we are screwed if they accept coconuts as payment.
Priced out, 211
You missed my point. At least that article encourages people to recognize that they are being fleeced (upside down on mortgage that they are now chained, enslaved to) and offers an alternative: walk away.
Many were naive (real estate only goes up,) others were greedy (buy with option ARM – sell quick/make a heap), some were flat out duped (really, you *can* afford a mortgage 5x annual AGI,) and some never considered 24 months of being unemployed after a six figure salary went belly up (the high end foreclosures.)
My silver lining is that they even wrote about strategic default.
I’m fully aware of the rest of MSM and its blatant duping of Americans.
sl
Eddie will go!
When China buys our treasuries, they first convert yuan to dollars and then make the purchase of the treasuries
Same as when we pay them,we pay them in dollars and when they exchange it to their currency,its a lost.
My latest artery popping anger is directed at how our government via the FDIC/FED/Congress is allowing banks to pick the prime meats from failed banks and stiffing US, all of us, our kids, kid’s kids and so on– by using our money to buy the bad loans off those failed balance sheets.
Then, to make it worse, allowing the leak of said information prior to public release, enabling every imaginable inside to profit from it [vis a vis, buying the acquiring bank’s stock prior to their soon-to-be plumping up with our tax dollars.]
Remember, this is OUR government allowing this… WHO the F*ck is going to police them???
The SEC is a joke. We are doomed. For real.
sl
“when we pay them, we pay them in dollars and when they exchange it to their currency, its a lost.”
Yes its a net loss on investment to them because of the currency. But this loss is not a gain for the US since to us we are still paying in the same dollar value that we originally borrowed.
What a douche
http://trueslant.com/matttaibbi/2009/12/03/the-ultimate-vanity-plate/
This is the reason it was a good investment buying our trasuries when the dollar was strong.They make money on the interest and make money in the appreciation of the dollar when converted to their currency.
Toyota is more worried of the appreciation of the yen than the recalls they have to fix.
grim says:
December 4, 2009 at 10:46 am
The number of hookers in Waikiki is staggering at 5am.
Hey, can’t a girl (or guy) just make a buck? Sushi is expensive, ya know…
…at least health care is free (sort of.)
No insurance? Hospital immediately make application for you to be covered by the state. (so I was told by a nurse who worked and lived there.)
sl
Nothing worse than a guy who advertises his very small ‘member’ship. I hope his insurance plan covers Ci@lis. Maybe he can buy Enzyte (sp?) with his FSA.
sl
231 is re: Sean, 228
Think of the effect of hyper inflation, we can induce high inflation we can inflate the debt away.Not same effect?Still paying them in dollars..
#223
still_looking,
I didn’t miss your point. I wasn’t commenting on your post at all. Look again at my post at 211. Two different articles.
:-)
BTW – with you on 226
“p”riced”O”ut, 234
Thanks. It’s insanity. Pure insanity.
I am “PO’d” too….
off to another soul-sucking day in the pit. Catch everyone around 0300 or so… :(
sl
Why doesn’t the mayor just declare Detroit uninhabitable, shut down the city and give everyone, say, 60 days to get out?
There is no reason to attempt to keep schools open, have police/fire departments or anything else in that God-forsaken place. Just get the hell out.
Look at the Ukraine or Russia. Look at that new city built for 1mm in China that’s totally empty. Hell, look at most of the Gulf Coast, outside New Orleans. Detroit wouldn’t be the first.
“Think of the effect of hyper inflation, we can induce high inflation we can inflate the debt away. Not same effect?Still paying them in dollars..”
Yome, yes, inflation destroys the debt for us. We borrow at fixed rates at the full value of a dollar and then we pay back in 10, 20 or 30 years when that original dollar is only worth say 10-70 cents.
For this reason, too much inflation can cause our dollar to lose its value in the currency markets.
But inflation and fx are two different things with different effects on our govt debt. right now we have declining dollar but dont have much inflation. We are not destroying our debt just because the dollar is declining in the currency markets.
“Why doesn’t the mayor just declare Detroit uninhabitable, shut down the city and give everyone, say, 60 days to get out?”
shump, this seems harsh to uproot those people from their homes. maybe we just build a permanant electric fence around it instead?
shump, this seems harsh to uproot those people from their homes. maybe we just build a permanant electric fence around it instead?
They mostly stay inside the Invisible Fence (TM), anyway, as everything they need is delivered.
Generally, all the cities with minority supermajority spend much, much more than they take in taxes if they are even marginally viable. Unlike the NE states and CA, Michigan and OH provide only minimal assistance towards Detroit, Flint, Cleveland etc., so education, policing, infrastructure, etc. are no good, thus no jobs get there. OTOH, cash benefits (everything from the feds that is means-tested) do come in so the people stay put.
Veto.How much is paper and ink?That is basically what we are paying our debt right now.Too much dollar in circulation that is why it is going down in value.If another country printed so much of their currency it will be devalued and their currency will still be based on the value of the dollar.The dollar is not based on anything,we can print as much as we want as long as this countries buy our debt to bring up the value of our currency.To me that is debt destruction.So in this scenario why will i want the dollar be pegged to gold when all currency is based on the value of the dollar.
We have not seen taxes go up yet with all the money that was printed because foreign land paid for it.How did George W paid for the Iraq War?By devaluing the dollar.DXY Just reach that level during George W tenure.It’s not any much lower.
I must respectfuly disagree. I wonder how you draw your conclusin?
“How much is paper and ink?”
interesting that less than 1% of our dollars are printed at all. most of the new dollars are all numbers on computers created with loans.
i wouldnt say our dollar is not backed by anything. I know you were just making a point but fiat currencies are backed by their credit which is determined by economies, assets, natural resources, military, political influence etc.
Also, the devalue of the currency is not such a bad thing. It will help us balance our consumption and realign ourselves to produce more.
Re: Detroit – I’m wondering how comfortable the wealthy residents of the Grosse Pointes are feeling. The primary source of their wealth, the Big Three, have collapsed and they are wedged between Detroit to the west and the water to the east. But hey, they have a yacht club so everything will probably be fine.
Grosse Pointe?
I am drawing a complete blank.
Grosse Pointe?
I am drawing a complete blank.
Time to cue the Violent Femmes.
213.scribe says:
December 5, 2009 at 9:25 am
I was the rowdy one. Exited by knocking over a chair. Imagine what happens when I have a second beer! Great to meet ChiFi – finally – and to see PGC and Nom again!
Good seeing everyone. Two comments on the recession. #1 We walked into Authur’s at 7:45PM or so on a Friday; no wait for a table for 5. #2 At about 11PM downtown Washington Street was dead. Old geezer alert…I bought the last round….2 coffees at Dunkin’ Donuts….2nd Street garage was $30 to park for 4 hours…blow me…
NJ State Average student loan debt = $ 20,169
http://www.projectonstudentdebt.org/state_by_state-data.php
SAS
“Harvard ignored warnings about investments”
http://www.boston.com/news/local/massachusetts/articles/2009/11/29/harvard_ignored_warnings_about_investments/
Either the people controlling the US are incredibly stupid or incredibly smart. We keep borrowing money from China to finance wars and military bases around the country. We occupy the nations supplying China with oil and we installed military bases around every single point China has access to an ocean. We already have all of our chess pieces set for war with them. The second they get hostile, we can completely shut off their oil supply. Meanwhile, we still have the Atlantic & Pacific Oceans, Canada’s oil, and all that goodness from South America. We are doing this with their money. On the other hand, why even bother. We should have just kept our tariffs up and let them suffer in obscurity as they had for the 100 years prior.
its called global taxation.
and you think we are involved in war to “fight terror” and “protect freedom”
ha ha ha.. and the moon is made of cheese, and we never had zippo partys in nam.
here is a little remedy, you wanna stop terrorism, don’t engage in it. Till then, your just pumping tane.
SAS
and there ain’t now way in this green earth I’m buying anything made in China for xmas.
you think I want neurotoxic lead floating in my lungs?
its a recession xmas, you ain;t getting nothing.
China… yeah right…
SAS
I’m beginning to suspect that sas is Booyah Bob.
BIg CRE recovery:
“The “CRE-fail” news of the day comes from Chicago where Crains reports that Tishman Speyer has just defaulted on a major mezzanine loan, part of a $1.4 billion package of loans, in which the Federal Reserve is the the main lender via its Maiden Lane I program. Tishman-Speyer, whose 11 Chicago CRE holdings can be seen here, has allegedly defaulted on a mezz loan supporting 6 major commercial properties. The properties, 5.7 million sq. feet in total, represent roughly half of the CRE company’s 12.2 million sq. feet of Chicago real estate. And while Tishman has enough of a real estate empire that this won’t make a huge impact in the near term, what is notable about the portfolio is that the Fed itself is the holder of the mortgages, which it acquired as part of the Bear Stearns bailout and currently are part of the $26.4 billion in Maiden Lane I Assets. Even as this portfolio has been impaired by over $3.5 billion since inception, we fully expect the fully transparent Fed to have a public announcement as to just how much more value in ML 1 will be lost as a result of this default.”
http://www.zerohedge.com/article/half-tishman-speyer-chicago-properties-default-major-mezz-loan-feds-maiden-lane-holder-mortg
More, from article above. “Zombie buildings” enters the lexicon:
“Without a financial restructuring, the properties are likely to join a new trend—“zombie buildings,” which can’t compete for new tenants because they lack the money to cover brokers’ commissions and interior office reconstruction.
The number of zombie buildings in the Chicago area is likely to grow in 2010, according to a forecast by California-based Grubb & Ellis. For landlords, the trend means even top-quality office properties are likely to divide themselves into “haves” and “have-nots,” with the latter seeing their vacancy rates worsen because of the lack of financing.
Even landlords that may have cash are hoarding it. Dallas-based Behringer Harvard REIT I Inc., which owns five downtown office buildings, says it is avoiding upfront costs by cutting rents on existing leases in exchange for lengthening the agreements. The “blend, extend and don’t spend strategy” is an effort to “conserve cash wherever possible to allow us to ride out this recession,” President Bob Aisner said at a presentation in August. An executive says the company is willing to spend money “for the right transaction for the right tenant.”
Never mind. Back to your stations, drones. All is well:
SYDNEY (AP) – Two stars of the “I’m a Celebrity … Get Me Out of Here” television show have been charged with animal cruelty after allegedly killing and cooking a rat to eat during filming.
Chef Gino D’Acampo, who won the viewer-feedback contest series, and actor Stuart Manning were charged after animal welfare activists lodged a complaint about a segment for the British TV program, which was filmed in Australia, the activists and British media reported Sunday.
Can anyone decipher Grim @ 224
“Eddie will go!”
Sovereign wealth funds are selling investments in financial stocks as they seek to reduce risk and address domestic criticism over investment priorities. The funds, fueled in part by oil revenue, had become sources of capital around the world for companies including Citigroup and Morgan Stanley, helping them to withstand the credit market seizure that followed the collapse of U.S. subprime mortgages.
http://bloomberg.com/apps/news?pid=20601087&sid=a15zye5r9w9Q&pos=2
Can anyone decipher Grim @ 224
“Eddie will go!”
30-50 foot waves forecast for the north shore tomorrow.
Any of those big hotels in Hawaii look like they’re in trouble, grim?
“30-50 foot waves forecast for the north shore tomorrow.”
don’t pet the turtles.
http://live.quiksilver.com/2009/eddie/news.php?btn_news=_over
260 – Grim…Eddie Aikau – Got it.
“Eddie would go….”
Grab a board Grim – Trial by fire. Hey, you only live once.
“I’m beginning to suspect that sas is Booyah Bob”
nope. There is one and only SAS.
but, i do miss Booyah’s commentary.
:)
SAS
I drove past the Short Hills Mall yesterday and saw something I thought I would never see, 2 sign spinners for some jewelry store closing down at the Short Hills mall.
265 – what a great photo op–pic of those store closing signs with the saks, nord, bloomies, or mall at sh, sign behind them.
Never pay full commission to the sharks.
Shaving real estate commissions can save sellers thousands
Some brokers are willing to lower their fees or help their clients save in other ways. But you have to ask.
http://www.latimes.com/business/la-fi-cover-homeselling6-2009dec06,0,6763088,full.story
Where’s the recession?? Buy a home, before prices shoot up.
Retail Sales Probably Rose in November: U.S. Economy Preview
http://www.bloomberg.com/apps/news?pid=20601087&sid=aqZcKdy.vSNI&pos=3
Existing inventory down this week in NJ and prices are up.
Where’s the RE recession??
“The Tax Foundation reported yesterday that 46.6 million people who filed tax returns in 2007 had a zero or negative tax liability — 32.6% of the 143.0 million tax returns filed. In about half of these cases, substantial additional money was “refunded” to the tax filer. 15 million people do not earn enough to file a tax return, so 61.6 million people do not pay federal income taxes.”
http://www.taxfoundation.org/files/ff202.pdf
Star Ledger
Home prices, sales decline by Stephen
Sterling
http://www.nj.com/news/ledger/somerset/index.ssf?/base/news-4/1259988308101860.xml&coll=1
Grab a board Grim – Trial by fire. Hey, you only live once.
It’ll be dangerous enough just to stand by and watch. They are warning of major damage on the north shore if waves come in higher than forecast. Some folks are saying that they are going to be closing down the roads into the area.
“In 2008 people were very worried about job security and that really paralyzed a large portion of the (housing) market,” Kessler said. “But people seem to be starting to feel more secure. It’s still a buyers’ market, and we’re starting to see signs of recovery.”
What a f*cking jerkoff. Yeah, real secure, Einstein. How about the new job models for the 21st Century? Were all 3rd country now, Pal! Benefits? Benefits? How about you’d be lucky just to have a job. I love the f*cking denial. How’s the 5 Series lease payments feeling, genius?
Were = we’re
267,8,9
All that typing and no mall report?
You’re fired.
Now shoo, flea.
sl
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best of your ability, but I’m not really sure about that statement.
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I believe in personal responsibility as well as helping others to the
best of your ability, but I’m not really sure about that statement.
What exactly is meant by “Each of us must learn to work not just for
oneself…but for the benefit of all humankind.”? What does working
for the benefit of all humankind really mean
http://www.onlineuniversalwork.com