(Via Kevin Drum)
Hedge Funds Squeezed As Lenders Get Tougher
By CARRICK MOLLENKAMP and SERENA NG
March 7, 2008; Page A1
Wall Street Journal
The financial turmoil is taking on a new dimension: Banks that lent money to hedge funds and other big risk-takers are asking for some of it back.
Loans from banks and brokerages had allowed hedge funds, which manage some $1.9 trillion in clients' money, to amass many times that amount in investments. But as the value of mortgage-backed bonds and other investments has dropped in recent weeks, the lenders are demanding that borrowers put up more cash or assets.
In the early stages of the financial turmoil, the riskiest securities -- such as those backed by subprime mortgages to people with poor credit -- were hit by selling. Now, as margin calls intensify, hedge funds and others find they must unload even assets perceived as high-quality, such as bonds backed by the government-sponsored mortgage giants Fannie Mae and Freddie Mac.
Brad Alford, founder of Alpha Capital Management, an Atlanta investment-advisory firm, says such funds were exploiting "a lot of small mispricings in the debt markets and were levering up their returns significantly."
Now, says Mr. Alford, "they are facing that once-a-lifetime event that they thought would never happen."
Friday, March 07, 2008
McWAR IS A MANIAC!!!
That's the essence of what fellow GOP senator Thad Cochrane said about him last January.
Famed McCain temper is tamed
Calmer side now on display
By Michael Kranish
Boston Globe Staff / January 27, 2008
WASHINGTON - Senator Thad Cochran of Mississippi, who has known Senator John McCain for more than three decades, on Wednesday endorsed Mitt Romney for president.
Thad Cochran said in the past he has seen McCain's temper fly too often in committee hearings
or on the Senate floor.
Cochran said his choice was prompted partly by his fear of how McCain might behave in the Oval Office.
"The thought of his being president sends a cold chill down my spine," Cochran said about McCain by phone. "He is erratic. He is hotheaded. He loses his temper and he worries me."
Famed McCain temper is tamed
Calmer side now on display
By Michael Kranish
Boston Globe Staff / January 27, 2008
WASHINGTON - Senator Thad Cochran of Mississippi, who has known Senator John McCain for more than three decades, on Wednesday endorsed Mitt Romney for president.
Thad Cochran said in the past he has seen McCain's temper fly too often in committee hearings
or on the Senate floor.
Cochran said his choice was prompted partly by his fear of how McCain might behave in the Oval Office.
"The thought of his being president sends a cold chill down my spine," Cochran said about McCain by phone. "He is erratic. He is hotheaded. He loses his temper and he worries me."
UHM GENERAL RENUART, WHO'S BEEN SAYING THIS?
The head of Northern Command sounded just like a talk radio gasbag today:
WHO is talking about letting down our guard? Here Renuart seems to be echoing a line the wingnuts push: liberals don't get the war on terror.
Commander Warns of al-Qaida Threat to US
By LOLITA C. BALDOR – 7 hours ago
WASHINGTON (AP) — Al-Qaida terrorists may be plotting more urgently to attack the United States to maintain their credibility and ability to recruit followers, the U.S. military commander in charge of domestic defense said Thursday.
"I think it would be imprudent of us to let down our guard believing that if there's no credible threat that you know of today, there won't be something tomorrow."
WHO is talking about letting down our guard? Here Renuart seems to be echoing a line the wingnuts push: liberals don't get the war on terror.
MORE FROM HANNITY'S ECONOMY
Note from the last article that Fredo is approaching Raygun's record for delinquent loans.
Home equity below 50% level
By Sandra Block, USA TODAY
Home equity for the average American has dropped below 50% for the first time since World War II, reflecting a widespread decline in home values and relatively loose mortgage practices during much of this decade.
The average homeowners' equity — the mortgage balance as a proportion of the home's market value — fell to 47.9% at the end of 2007, the Federal Reserve reported Thursday. The Fed also issued revisions to earlier reports indicating that, for the first time in record keeping dating back to 1945, home equity was below 50% for the last nine months of 2007.
Foreclosure rate hits record high
More than 2% of all mortgages in the U.S. were in the process at the end of the fourth quarter. Home equity levels decline.
By Maura Reynolds, Los Angeles Times Staff Writer
March 7, 2008
Nationwide, nearly 6% of all mortgages were delinquent at the end of the fourth quarter and just over 2% were in foreclosure, the Mortgage Bankers Assn. reported. ... The number of foreclosures was at the highest level since the association began keeping records in the 1970s.
Although the current crisis began with sub-prime loans -- mortgages made to borrowers with low incomes or poor credit -- the mortgage bankers survey showed delinquencies and foreclosures on the rise for prime loans as well.
The number of prime mortgages in arrears or foreclosure reached 4.51% nationally and 4.43% in California. The rates were higher for adjustable rate mortgages, with 8.68% either delinquent or in foreclosure nationally and 8.48% in California.
About 6% of U.S. mortgages delinquent, report reveals
BY GRETA GUEST • FREE PRESS BUSINESS WRITER • March 7, 2008
Nearly 6% of all mortgages were delinquent nationwide in the fourth quarter and foreclosure starts were at the highest levels ever, according to a report issued Thursday by the Mortgage Bankers Association.
The total national delinquency rate of 5.82% is the highest in the mortgage bankers survey since it reached 6.07% in 1985, said Doug Duncan, chief economist for the mortgage bankers.
Home equity below 50% level
By Sandra Block, USA TODAY
Home equity for the average American has dropped below 50% for the first time since World War II, reflecting a widespread decline in home values and relatively loose mortgage practices during much of this decade.
The average homeowners' equity — the mortgage balance as a proportion of the home's market value — fell to 47.9% at the end of 2007, the Federal Reserve reported Thursday. The Fed also issued revisions to earlier reports indicating that, for the first time in record keeping dating back to 1945, home equity was below 50% for the last nine months of 2007.
Foreclosure rate hits record high
More than 2% of all mortgages in the U.S. were in the process at the end of the fourth quarter. Home equity levels decline.
By Maura Reynolds, Los Angeles Times Staff Writer
March 7, 2008
Nationwide, nearly 6% of all mortgages were delinquent at the end of the fourth quarter and just over 2% were in foreclosure, the Mortgage Bankers Assn. reported. ... The number of foreclosures was at the highest level since the association began keeping records in the 1970s.
Although the current crisis began with sub-prime loans -- mortgages made to borrowers with low incomes or poor credit -- the mortgage bankers survey showed delinquencies and foreclosures on the rise for prime loans as well.
The number of prime mortgages in arrears or foreclosure reached 4.51% nationally and 4.43% in California. The rates were higher for adjustable rate mortgages, with 8.68% either delinquent or in foreclosure nationally and 8.48% in California.
About 6% of U.S. mortgages delinquent, report reveals
BY GRETA GUEST • FREE PRESS BUSINESS WRITER • March 7, 2008
Nearly 6% of all mortgages were delinquent nationwide in the fourth quarter and foreclosure starts were at the highest levels ever, according to a report issued Thursday by the Mortgage Bankers Association.
The total national delinquency rate of 5.82% is the highest in the mortgage bankers survey since it reached 6.07% in 1985, said Doug Duncan, chief economist for the mortgage bankers.
Thursday, March 06, 2008
ADMIRALS ON THE BLOCK???
(Via Amanda at ThinkProgress)
Admirals Fallon (CENTCOM) and Mullen (CJCS) have both expressed in the past serious reservations about the war whores' desire to attack Iran. Thomas P.M. Barnett in Esquire writes that Pres. Fredo may be sick of one of them:
Admirals Fallon (CENTCOM) and Mullen (CJCS) have both expressed in the past serious reservations about the war whores' desire to attack Iran. Thomas P.M. Barnett in Esquire writes that Pres. Fredo may be sick of one of them:
Last December, when the National Intelligence Estimate downgraded the immediate nuclear threat from Iran, it seemed as if Fallon's caution was justified. But still, well-placed observers now say that it will come as no surprise if Fallon is relieved of his command before his time is up next spring, maybe as early as this summer, in favor of a commander the White House considers to be more pliable. If that were to happen, it may well mean that the president and vice-president intend to take military action against Iran before the end of this year and don't want a commander standing in their way.
And so Fallon, the good cop, may soon be unemployed because he's doing what a generation of young officers in the U. S. military are now openly complaining that their leaders didn't do on their behalf in the run-up to the war in Iraq: He's standing up to the commander in chief, whom he thinks is contemplating a strategically unsound war.
RADIO TIDBITS
-Mark "Foamer" Levin is afraid of MediaMatters! I was listening to his show yesterday and in responding to a caller, he said he has to be careful about what he says because "nutjobs" were taping him.
- Mad Melanie Update: Spocko reminds us that Morgan's on-air hate speech cost KFSO some advertisers and that may be the reason her contract was not renewed.
- 5 letter synonym for "bitch" == "Laura" Nicole at Crooks & Liars has a clip of War Whore Ingraham getting all pissy because a guest admitted that she has never listened to Laura's show. Some excerpts: "She's completely out to lunch", "idiot", "screw off ... I'm going to frigging destroy her", "What else do we know about this woman?", "She's a big liberal"
- Mad Melanie Update: Spocko reminds us that Morgan's on-air hate speech cost KFSO some advertisers and that may be the reason her contract was not renewed.
- 5 letter synonym for "bitch" == "Laura" Nicole at Crooks & Liars has a clip of War Whore Ingraham getting all pissy because a guest admitted that she has never listened to Laura's show. Some excerpts: "She's completely out to lunch", "idiot", "screw off ... I'm going to frigging destroy her", "What else do we know about this woman?", "She's a big liberal"
THIS IS WHY WE WORRY ABOUT LEGALITY
It's not because we don't care about the "Islamo-fascist" threat, it's because we do care about the 4th Amendment.
FBI says warrantless wiretapping lasted until 2006
Director Robert S. Mueller says reforms intended to curb the use of national security letters to gather data have started working.
By Richard B. Schmitt, Los Angeles Times Staff Writer March 6, 2008
WASHINGTON -- -- The FBI indicated Wednesday that widespread irregularities in a program to gather confidential data on people in the United States after the Sept. 11 attacks continued into at least 2006. The bureau's use of national security letters to gather phone, Internet and credit records in terrorism and espionage investigations -- a power magnified by the Patriot Act -- first came under attack last March in a report by Justice Department
Inspector General Glenn A. Fine. In a study covering 2003 to 2005, Fine reported numerous instances of FBI personnel violating internal guidelines and procedures in how they obtained and used national security letters, which are a form of administrative subpoena.
FBI says warrantless wiretapping lasted until 2006
Director Robert S. Mueller says reforms intended to curb the use of national security letters to gather data have started working.
By Richard B. Schmitt, Los Angeles Times Staff Writer March 6, 2008
WASHINGTON -- -- The FBI indicated Wednesday that widespread irregularities in a program to gather confidential data on people in the United States after the Sept. 11 attacks continued into at least 2006. The bureau's use of national security letters to gather phone, Internet and credit records in terrorism and espionage investigations -- a power magnified by the Patriot Act -- first came under attack last March in a report by Justice Department
Inspector General Glenn A. Fine. In a study covering 2003 to 2005, Fine reported numerous instances of FBI personnel violating internal guidelines and procedures in how they obtained and used national security letters, which are a form of administrative subpoena.
Wednesday, March 05, 2008
OH NOES!!! TEH 6 MONFS AGIN!!!
(Via Atrios)
Jobs needed or Iraq troop pullout at risk: U.S. general
Wed Mar 5, 2008 7:38pm EST
By Michael Holden
TIKRIT, Iraq (Reuters) - The United States may be forced to halt planned troop withdrawals from Iraq unless Iraqi authorities move faster to create jobs and improve basic services, a top U.S. general said on Wednesday.
Major-General Mark Hertling, commander of U.S. forces in northern Iraq, said both central and regional authorities had to take action if hard-won security gains were not to be reversed.
"I think we have six months to make a difference and this today is the start line," he said in an interview with Reuters and another agency at a conference where governors from seven northern provinces aired grievances with government ministers.
Jobs needed or Iraq troop pullout at risk: U.S. general
Wed Mar 5, 2008 7:38pm EST
By Michael Holden
TIKRIT, Iraq (Reuters) - The United States may be forced to halt planned troop withdrawals from Iraq unless Iraqi authorities move faster to create jobs and improve basic services, a top U.S. general said on Wednesday.
Major-General Mark Hertling, commander of U.S. forces in northern Iraq, said both central and regional authorities had to take action if hard-won security gains were not to be reversed.
"I think we have six months to make a difference and this today is the start line," he said in an interview with Reuters and another agency at a conference where governors from seven northern provinces aired grievances with government ministers.
LEVERAGE WITH A VENGEANCE
Because of losses in the sub-prime and other markets, banks and other lending institutions will have less money to lend. How much less is open to debate but one estimate is $400 billiion. If banks loan-to-reserve ratio is 10:1, then this represents a loss of $4 trillion in credit.
Banks' losses could put $900 billion squeeze on consumers
Troubled loans – from homes to cars – could trim economic growth by 1 percentage point, a new forecast says.
By Mark Trumbull
Staff writer of The Christian Science Monitor
from the March 5, 2008 edition
(excerpts)
With losses also rising on loans for everything from cars to commercial real estate, banks effectively will have less money available to make new loans – perhaps $900 billion less.
The most likely outcome is that mortgage losses in the current cycle will total $400 billion, concluded the four economists involved, Jan Hatzius of Goldman Sachs, David Greenlaw of Morgan Stanley, Anil Kashyap of the University of Chicago, and Hyun Song Shin of Princeton University.
When the stock market loses that much money (as can occur on a single bad day), it doesn't rattle the economy. But credit is a vital underpinning of much economic activity, and when banks lose that much money, it depletes the capital reserves that they rely on for making new loans.
Not all those losses will be borne by banks. But even nonbank financial firms often operate on the same principle of leverage: Each $1 of capital can fund perhaps $10 of loans.
Banks' losses could put $900 billion squeeze on consumers
Troubled loans – from homes to cars – could trim economic growth by 1 percentage point, a new forecast says.
By Mark Trumbull
Staff writer of The Christian Science Monitor
from the March 5, 2008 edition
(excerpts)
With losses also rising on loans for everything from cars to commercial real estate, banks effectively will have less money available to make new loans – perhaps $900 billion less.
The most likely outcome is that mortgage losses in the current cycle will total $400 billion, concluded the four economists involved, Jan Hatzius of Goldman Sachs, David Greenlaw of Morgan Stanley, Anil Kashyap of the University of Chicago, and Hyun Song Shin of Princeton University.
When the stock market loses that much money (as can occur on a single bad day), it doesn't rattle the economy. But credit is a vital underpinning of much economic activity, and when banks lose that much money, it depletes the capital reserves that they rely on for making new loans.
Not all those losses will be borne by banks. But even nonbank financial firms often operate on the same principle of leverage: Each $1 of capital can fund perhaps $10 of loans.
FATS & THE DITTOHEADS ARE FOOLS
Limbaugh took this call this Monday:
This is from biography.com:
CALLER: That's exactly right. Hey, listen, I just feel like, as Americans, we need to put this through the filter of these people who are interviewing for the presidential seat of the United States of America, the most powerful nation in the world, and this Barack Obama is not qualified. He's handed us a blank piece of paper for a résumé, and our finest companies here in the United States wouldn't even consider this guy. He has no qualifications.
RUSH: Well, but see, that's the thing. You're exactly right, but it doesn't matter, does it, to his supporters. See, he's not the educated choice, he's the liberal choice.
This is from biography.com:
After high school, Obama studied at Occidental College in Los Angeles for two years. He then transferred to Columbia University in New York, graduating in 1983 with a degree in political science.
After working at Business International Corporation (a company that provided international business information to corporate clients) and NYPIRG, Obama moved to Chicago in 1985. There, he worked as a community organizer with low-income residents in Chicago's Roseland community and the Altgeld Gardens public housing development on the city's South Side.
Obama entered Harvard Law School in 1988. In February 1990, he was elected the first African-American editor of the Harvard Law Review. Obama graduated magna cum laude in 1991.
After law school, Obama returned to Chicago to practice as a civil rights lawyer, joining the firm of Miner, Barnhill & Galland. He also taught at the University of Chicago Law School.
DID FATS AFFECT THE TEXAS PRIMARY?
Dave Weigel of Reason provides exit poll evidence that some conservatives voted for Clinton, just as Fats urged. This isn't strong proof because among the self-described "very conservative" voters in the Democratic primary, there wasn't a HUGE split (58% Clinton, 42% Obama), which is what one would expect if they were mostly dittoheads. By "huge" I mean something like 80% Clinton, 20% Obama, as Tom Bevan suggested in his analysis. (h/t Roy at Alicublog)
UNEMPLOYMENT PUZZLER
I live in a low-wage city in a low-wage state and I've been unimpressed with the local job market since I came here over 8 years ago. When I look at the unemployment statistics during the Bush Administration, I've been surprised at the disconnect between the low numbers and the local and national employment conditions. Wages have largely been stagnant and household debt has increased dramatically, indicating that many life styles are being supported by debt, not income.
Mark Thoma links to this NYT article that points out that percentage of men aged 25-54 not working in this decade is at a post-war high:
This graph shows both the unemployment rate and the non-paeticipation rate since 1978. Note the peak in 1983.
Mark Thoma links to this NYT article that points out that percentage of men aged 25-54 not working in this decade is at a post-war high:
...the average unemployment rate in this decade, just above 5 percent, has been lower than in any decade since the 1960s. Yet the percentage of prime-age men (those 25 to 54 years old) who are not working has been higher than in any decade since World War II. In January, almost 13 percent of prime-age men did not hold a job, up from 11 percent in 1998, 11 percent in 1988, 9 percent in 1978 and just 6 percent in 1968.
This graph shows both the unemployment rate and the non-paeticipation rate since 1978. Note the peak in 1983.
FATS WILL GLOAT TODAY
Fatsv Limbaugh urged his listeners to vote for Hillary on Tuesday because the longer the Democrats are locked in a primary battle, the better for the GOP. This call has been noted by the media and I'm sure Fats will take credit for at least one of Hillary's wins.
STILL A PROBLEM....
The article mentions that some issuers want to be able to bid on their own bonds and I thought that was very odd until I remembered that if there aren't any bids, the bonds automatically reset to a MUCH higher interest rate.
Auction-Rate Bond Failures Approach 70%, Show No Sign of Easing
By Michael McDonald
March 5 (Bloomberg) -- Auction-rate bond failures show no sign of abating after investors abandoned the market for variable-rate municipal securities.
Almost 70 percent of the periodic auctions in the $330 billion market failed this week as investment banks stopped buying the securities investors didn't want. Yields on the debt averaged 6.52 percent as of Feb. 28, up from 3.63 percent before demand evaporated in January.
The market has collapsed because of subprime mortgage- linked losses investment banks face, not because municipalities will default, said Dexter Torres, a trader at fixed-income investment firm Samson Capital Advisors LLC in New York.
``It's still a liquidity issue, not a credit issue,'' Torres said.
Auction-Rate Bond Failures Approach 70%, Show No Sign of Easing
By Michael McDonald
March 5 (Bloomberg) -- Auction-rate bond failures show no sign of abating after investors abandoned the market for variable-rate municipal securities.
Almost 70 percent of the periodic auctions in the $330 billion market failed this week as investment banks stopped buying the securities investors didn't want. Yields on the debt averaged 6.52 percent as of Feb. 28, up from 3.63 percent before demand evaporated in January.
The market has collapsed because of subprime mortgage- linked losses investment banks face, not because municipalities will default, said Dexter Torres, a trader at fixed-income investment firm Samson Capital Advisors LLC in New York.
``It's still a liquidity issue, not a credit issue,'' Torres said.
ITEMS FOR A FUTURE "WHERE ARE THEY NOW?" POST
Maybe at the end this year, I'll Google the names of these Masters of the Universe who helped bring us the credit crunch to find out how they ended up.
Citigroup '07 Fees Led Banks Heading for Worst Year Since '01
By Lisa Kassenaar
March 3 (Bloomberg)
Since the beginning of 2007, banks around the world have written down a total of $181 billion in assets with exposure to subprime mortgages and leveraged loans.
``A year ago, everyone thought trees were going to grow to the moon,'' Jamie Dimon, chief executive officer of JPMorgan Chase & Co., said in an interview on Jan. 27 at the World Economic Forum in Davos, Switzerland. ``Obviously, 2007 was a much tougher year than expected, and 2008 is probably going to be the same.''
Out-of-Control Risk
On today's chastened Wall Street, the watchword is risk management. Four of Dimon's colleagues at top investment banks lost their jobs because they let risk get out of hand. UBS CEO Peter Wuffli was the first to go, in July. Then Merrill Lynch & Co.'s Stan O'Neal retired and was replaced by New York Stock Exchange CEO John Thain. Shortly after joining Merrill in December, the former Goldman Sachs Group Inc. president put himself in charge of risk management.
In November, Citigroup CEO Charles Prince was replaced by Vikram Pandit, a former Morgan Stanley president. Pandit says he's considering selling off pieces of the bank, which has $2.18 trillion in assets.
At Bear Stearns Cos., CEO James ``Jimmy'' Cayne ousted Co- President Warren Spector and then, in January, was forced out himself, giving up his CEO job while remaining chairman. Bear Stearns, which ranked No. 19 in the Bloomberg 20 in 2006, fell off the 2007 list after a series of setbacks that in the third quarter saw the company post its steepest profit decline in more than a decade.
Citigroup '07 Fees Led Banks Heading for Worst Year Since '01
By Lisa Kassenaar
March 3 (Bloomberg)
Since the beginning of 2007, banks around the world have written down a total of $181 billion in assets with exposure to subprime mortgages and leveraged loans.
``A year ago, everyone thought trees were going to grow to the moon,'' Jamie Dimon, chief executive officer of JPMorgan Chase & Co., said in an interview on Jan. 27 at the World Economic Forum in Davos, Switzerland. ``Obviously, 2007 was a much tougher year than expected, and 2008 is probably going to be the same.''
Out-of-Control Risk
On today's chastened Wall Street, the watchword is risk management. Four of Dimon's colleagues at top investment banks lost their jobs because they let risk get out of hand. UBS CEO Peter Wuffli was the first to go, in July. Then Merrill Lynch & Co.'s Stan O'Neal retired and was replaced by New York Stock Exchange CEO John Thain. Shortly after joining Merrill in December, the former Goldman Sachs Group Inc. president put himself in charge of risk management.
In November, Citigroup CEO Charles Prince was replaced by Vikram Pandit, a former Morgan Stanley president. Pandit says he's considering selling off pieces of the bank, which has $2.18 trillion in assets.
At Bear Stearns Cos., CEO James ``Jimmy'' Cayne ousted Co- President Warren Spector and then, in January, was forced out himself, giving up his CEO job while remaining chairman. Bear Stearns, which ranked No. 19 in the Bloomberg 20 in 2006, fell off the 2007 list after a series of setbacks that in the third quarter saw the company post its steepest profit decline in more than a decade.
WHILE I WAS AWAY FROM THIS BLOG...
Pres. Fredo gutted another protector of our 4th Amendment rights, the Intelligence Oversight Board. Now, the DNI will handle many of its oversight functions.
GREAT NEWS!!!!
(Via Atrios)
Psycho-bitch Melanie Morgan didn't have her contract renewed at KSFO! This woman is so wacked she once called Fats Limbaugh "a truth teller."
Details here.
Psycho-bitch Melanie Morgan didn't have her contract renewed at KSFO! This woman is so wacked she once called Fats Limbaugh "a truth teller."
Details here.
Monday, March 03, 2008
STILL NO McWAR REPUDIATION OF HAGEE
And it doesn't seem to be getting enough traction in the MSM. In an analysis piece, the AP seems to insinuate that this would be less of an issue of the Dems weren't pushing it but how can the MSM ignore the endorsement of a bigot? Especially since McWar sought Hagee's endorsement!
WHEEEEE!!!!
(As Atrios would say)
Auction Supply `Tsunami' Foreshadows Deeper Municipal Losses
By Michael McDonald
March 3 (Bloomberg) -- U.S. states and local governments may extend the worst slump in municipal bonds on record as they replace as much as $166 billion of auction-rate securities.
California, Boston's biggest hospital and Duke Energy Corp. are converting their bonds to other types of tax-exempt debt after auction failures drove rates as high as 20 percent.
The higher borrowing costs are squeezing states and towns just as slowing growth threatens to cut revenue.
Auction Supply `Tsunami' Foreshadows Deeper Municipal Losses
By Michael McDonald
March 3 (Bloomberg) -- U.S. states and local governments may extend the worst slump in municipal bonds on record as they replace as much as $166 billion of auction-rate securities.
California, Boston's biggest hospital and Duke Energy Corp. are converting their bonds to other types of tax-exempt debt after auction failures drove rates as high as 20 percent.
The higher borrowing costs are squeezing states and towns just as slowing growth threatens to cut revenue.
SO ONE SIDED, ALMOST ONE-DIMENSIONAL
Wake Up America has a post by alee that tries to make it seem the only group challenging the new immigration law in Arizona is the ACLU. In fact, the main groups challenging the law were business interests.
IF IT MAKES SENSE FOR THEM, WHY NOT US?
I suspect this move is driven more by Peak Oil than Global Warming, but it's welcome nonetheless.
Oil giant Saudi to become solar power centre: minister
1 day ago
PARIS (AFP) — Saudi Arabia, the world's biggest oil exporter, plans to become an expert in another, cleaner field of energy by investing in solar power, the country's oil minister said in an interview released Sunday.
"For a country like Saudi Arabia ... one of the most important sources of energy to look at and to develop is solar energy," Ali al-Nuaimi told French oil newsletter Petrostrategies.
He added: "One of the research efforts that we are going to undertake is to see how we make Saudi Arabia a centre for solar energy research and hopefully over the next 30 to 50 years we will be a major megawatt exporter.
"In the same way we are an oil exporter, we can also be an exporter of power."
Nuaimi said that Saudi Arabia was also set to invest in carbon capture and storage programmes to develop technology allowing carbon dioxide to be extracted from the atmosphere and stored underground.
Oil giant Saudi to become solar power centre: minister
1 day ago
PARIS (AFP) — Saudi Arabia, the world's biggest oil exporter, plans to become an expert in another, cleaner field of energy by investing in solar power, the country's oil minister said in an interview released Sunday.
"For a country like Saudi Arabia ... one of the most important sources of energy to look at and to develop is solar energy," Ali al-Nuaimi told French oil newsletter Petrostrategies.
He added: "One of the research efforts that we are going to undertake is to see how we make Saudi Arabia a centre for solar energy research and hopefully over the next 30 to 50 years we will be a major megawatt exporter.
"In the same way we are an oil exporter, we can also be an exporter of power."
Nuaimi said that Saudi Arabia was also set to invest in carbon capture and storage programmes to develop technology allowing carbon dioxide to be extracted from the atmosphere and stored underground.
HILLARY GETS THE SUPPORT OF THE GENERALS
Taylor Marsh reports (cross-posted at HuffPo) that almost 30 generals and admirals have endorsed Hillary as CINC. Larry Johnson points out that at least 2 of them "have sons currently in combat in Afghanistan and Iraq."
I wonder how many McWAR will garner?
I wonder how many McWAR will garner?
ANOTHER ONE BITES THE DUST
One of the wingnut criticisms of the theory of man-made global warming is that scientists in the 70s told us that there would be global cooling, so there is no reason to take the current work seriously. Here's the truth:
Study debunks 'global cooling' concern of '70s
By Doyle Rice, USA TODAY
The supposed "global cooling" consensus among scientists in the 1970s — frequently offered by global-warming skeptics as proof that climatologists can't make up their minds — is a myth, according to a survey of the scientific literature of the era.
The '70s was an unusually cold decade. Newsweek, Time, The New York Times and National Geographic published articles at the time speculating on the causes of the unusual cold and about the possibility of a new ice age.
But Thomas Peterson of the National Climatic Data Center surveyed dozens of peer-reviewed scientific articles from 1965 to 1979 and found that only seven supported global cooling, while 44 predicted warming. Peterson says 20 others were neutral in their assessments of climate trends.
The study reports, "There was no scientific consensus in the 1970s that the Earth was headed into an imminent ice age.
"A review of the literature suggests that, to the contrary, greenhouse warming even then dominated scientists' thinking about the most important forces shaping Earth's climate on human time scales."
Study debunks 'global cooling' concern of '70s
By Doyle Rice, USA TODAY
The supposed "global cooling" consensus among scientists in the 1970s — frequently offered by global-warming skeptics as proof that climatologists can't make up their minds — is a myth, according to a survey of the scientific literature of the era.
The '70s was an unusually cold decade. Newsweek, Time, The New York Times and National Geographic published articles at the time speculating on the causes of the unusual cold and about the possibility of a new ice age.
But Thomas Peterson of the National Climatic Data Center surveyed dozens of peer-reviewed scientific articles from 1965 to 1979 and found that only seven supported global cooling, while 44 predicted warming. Peterson says 20 others were neutral in their assessments of climate trends.
The study reports, "There was no scientific consensus in the 1970s that the Earth was headed into an imminent ice age.
"A review of the literature suggests that, to the contrary, greenhouse warming even then dominated scientists' thinking about the most important forces shaping Earth's climate on human time scales."
FATS IS STOOOPID!!!
In 2007, global temperature declined and last week, Fats Limbaugh crowed that this was solid proof there is no such thing as man-made global warming. Of course, one data point doesn't invalidate 100s or 1000s of others but Fats doesn't get that.
Fats also said the "drive-by media" won't cover this and that's another tiresome wingnut meme. In fact, the NYT did.
Fats also said the "drive-by media" won't cover this and that's another tiresome wingnut meme. In fact, the NYT did.
Sunday, March 02, 2008
WHAT'S THIS BIPARTISANSHIP CRAP?
David Ignatius worries that Obama may not really be able to "restore a working center in Washington. " Well, aas long as there are movement conservatives, there won't be a workign center in DC. The die hard extremists on the Right don't even like McCain. The only real question is if the Dems can get enough seats in the Senate to prevent GOP filibusters.
YES, THERE IS HARD EVIDENCE OF ILLEGAL WIRETAPPING
Court Rejects ACLU Challenge to Wiretaps
Feb 19, 2008
WASHINGTON (AP) — The Supreme Court dealt a setback Tuesday to civil rights and privacy advocates who oppose the Bush administration's warrantless wiretapping program. The justices, without comment, turned down an appeal from the American Civil Liberties Union to let it pursue a lawsuit against the program that began shortly after the Sept. 11 terror attacks.
ACLU officials described the situation as a "Catch-22" because the government says the identities of people whose communications have been intercepted is secret. But only people who know they have been wiretapped can sue over the program.
A lawsuit filed by an Islamic charity met a similar fate. The 9th U.S. Circuit Court of Appeals last year ruled against the Oregon-based U.S. arm of the Al-Haramain Islamic Foundation, concluding that a key piece of evidence is protected as a state secret.
In that case, the charity alleged the National Security Agency illegally listened to its calls. The charity had wanted to introduce as evidence a top-secret call log it received mistakenly from the Treasury Department.
Feb 19, 2008
WASHINGTON (AP) — The Supreme Court dealt a setback Tuesday to civil rights and privacy advocates who oppose the Bush administration's warrantless wiretapping program. The justices, without comment, turned down an appeal from the American Civil Liberties Union to let it pursue a lawsuit against the program that began shortly after the Sept. 11 terror attacks.
ACLU officials described the situation as a "Catch-22" because the government says the identities of people whose communications have been intercepted is secret. But only people who know they have been wiretapped can sue over the program.
A lawsuit filed by an Islamic charity met a similar fate. The 9th U.S. Circuit Court of Appeals last year ruled against the Oregon-based U.S. arm of the Al-Haramain Islamic Foundation, concluding that a key piece of evidence is protected as a state secret.
In that case, the charity alleged the National Security Agency illegally listened to its calls. The charity had wanted to introduce as evidence a top-secret call log it received mistakenly from the Treasury Department.
I DON'T THINK I'M A FUSSBUDGET BUT...
I don't think it's appropriate for political reporters to socialize with politicians.
UPDATE: The WaPo has a little more about this shooze-fest:
UPDATE II: Reporters from CBS News, the WSJ, and the Boston Globe also attended.
John McCain, grill master supreme
Posted at 7:32 PM
by Jill Zuckman
The Swamp
SEDONA, Ariz. – It was a busy weekend of socializing and tending to the grill for Sen. John McCain, the presumptive Republican nominee for president.
Today, he invited reporters covering his campaign to his cabin for a barbecue.
UPDATE: The WaPo has a little more about this shooze-fest:
For McCain, a Different Kind of Grilling
By Michael D. Shear
PAGE SPRINGS, Arizona -- If he loses the presidency, Sen. John McCain will have a career as a weekend barbecue chef to fall back on.
At his weekend cabin just outside Sedona on Sunday afternoon, McCain took a break from campaigning and grilled baby-back ribs and chicken for three dozen reporters, some staffers and a few friends from the Senate.
The afternoon barbecue for the press was on the record -- sort of.
Tape recorders were prohibited (though a few popped up.) Pictures were not allowed for publication. There were no television cameras. And McCain's aides kept urging reporters to put away the notebooks.
The idea, McCain said, was to allow reporters to get to know him and his staff under less stressful circumstances. (The fact that the press spent the weekend at a resort called "Enchantment" where many sipped wine and enjoyed lengthy deep-tissue massages probably contributed to that feeling.) In addition to the press, Sen. Lindsay Graham, McCain's best friend in the Senate, was there, as was former Texas Sen. Phil Gramm, Utah Gov. Jon Huntsman Jr. and Charlie Black, McCain's top political adviser.
UPDATE II: Reporters from CBS News, the WSJ, and the Boston Globe also attended.
NPR & A FAUX NEWS DEMOCRAT
Today, Susan Estrich was interviewed on WESUN by Liane Hansen about Hillary's campaign and I was struck by the fact that NPW couldn't come up with someone better than a FAUX News Democrat. Estrich has a long history of being a closet conservative:
News Hounds: Susan Estrich Whores for the RNC
Last night (6/8) on Special Report, Brit Hume used his one-on-one interview segment to talk with alleged Dem Susan Estrich. Fox, like the rest of the ...www.newshounds.us/2005/05/09/susan_estrich_whores_for_the_rnc.php - Similar pages
News Hounds: Susan Estrich Hearts Sean Hannity
Feb 14, 2006 ... Susan Estrich, the Democratic “strategist” more interested in flirting with Republicans (especially Sean Hannity) than in arguing on behalf ...www.newshounds.us/2006/02/15/susan_estrich_hearts_sean_hannity.php - Similar pages
News Hounds: Susan Estrich, A FOX News Disgrace To Democrats (Updated)
Jan 24, 2006 ... Those who complain that Alan Colmes is a faux liberal (I don’t) ought to get a good look at Susan Estrich. She subbed for him on Hannity ...www.newshounds.us/2006/01/25/susan_estrich_a_fox_news_disgrace_to_democrats_updated.php - Similar pagesEstrich claimed Hume, Cameron, Fox News Live anchors "do their jobs every day without giving anyone a hint of who they support in their private lives" Wednesday, May 24, 2006
STILL FASCINATED WITH RAYGUN
The Myth of St. Ronnie still has a powerful hold on many conservative mouthpieces. Hannity, for example, has been calling himself a "Reagan conservative" for the last two years even though other movement conservatives have dispelled St. Ronnie's halo. NPR's Morning edition interviewed 4 movement conservatives last week and 2 of them still cling to The Myth.
GROVER NORQUIST:
GLENN BECK:
GROVER NORQUIST:
The president of Americans for Tax Reform says McCain's fiscal priorities are in line with classic Reagan principles that the party has stood for.
GLENN BECK:
"I think when I was really young, I considered myself a Republican because of Ronald Reagan," Beck says. "But the party of Ronald Reagan has been missing. It's kind of like the Republicans now are, 'Where did I put those values I used to believe in? Oh, I must have left them in my other jacket.' "
THE FREE MARKET FAIRY FAILS AGAIN
(h/t Mark Thoma)
Writing in the NYT, Robert Schiller mentions a mathematically sound description of herd behavior that contradicts Efficient Market Theory:
Even in a situation where each person has a 60% chance of being correct about an economic question (e.g., in a bubble or not?), there's a 37% chance that a bubble will form:
This theory assumes that people ARE rational, so if we include the clear findings from behavioral finance that people often aren't, we have a devastating rebuttal to a favorite Free Market Fairy delusion:
Writing in the NYT, Robert Schiller mentions a mathematically sound description of herd behavior that contradicts Efficient Market Theory:
Three economists, Sushil Bikhchandani, David Hirshleifer and Ivo Welch, in a classic 1992 article, defined what they call “information cascades” that can lead people into serious error. They found that these cascades can affect even perfectly rational people and cause bubblelike phenomena. Why? Ultimately, people sometimes need to rely on the judgment of others, and therein lies the problem.
Even in a situation where each person has a 60% chance of being correct about an economic question (e.g., in a bubble or not?), there's a 37% chance that a bubble will form:
The result is that even if houses are of low investment value, we may now have two people who make purchasing decisions that reveal their conclusion that houses are a good investment.
As others make purchases at rising prices, more and more people will conclude that these buyers’ information about the market outweighs their own.
Mr. Bikhchandani and his co-authors worked out this rational herding story carefully, and their results show that the probability of the cascade leading to an incorrect assumption is 37 percent. In other words, more than one-third of the time, rational individuals, each given information that is 60 percent accurate, will reach the wrong collective conclusion.
This theory assumes that people ARE rational, so if we include the clear findings from behavioral finance that people often aren't, we have a devastating rebuttal to a favorite Free Market Fairy delusion:
This theory poses a major challenge to the “efficient markets” view of the world, which assumes that investors are like independent-minded voters, relying only on their own information to make decisions. The efficient-markets view holds that the market is wiser than any individual: in aggregate, the market will come to the correct decision. But the theory is flawed because it does not recognize that people must rely on the judgments of others.
IRAQIS ON TEH SURGE
(h/t Holden at First Draft)
This study was done last November and confirms what most of us already knew or suspected.
All Iraqi Groups Blame U.S. Invasion for Discord, Study Shows
By Karen DeYoung
Washington Post Staff Writer
Wednesday, December 19, 2007; Page A14
Iraqis of all sectarian and ethnic groups believe that the U.S. military invasion is the primary root of the violent differences among them, and see the departure of "occupying forces" as the key to national reconciliation, according to focus groups conducted for the U.S. military last month.
Conducting the focus groups, in 19 separate sessions organized by outside contractors in five cities...Lincoln Group, which has conducted surveys for the military since shortly after the invasion, received a year-long contract in January to conduct focus groups.
Overall, the report said that "these findings may be expected to conclude that national reconciliation is neither anticipated nor possible. In reality, this survey provides very strong evidence that the opposite is true."
This study was done last November and confirms what most of us already knew or suspected.
All Iraqi Groups Blame U.S. Invasion for Discord, Study Shows
By Karen DeYoung
Washington Post Staff Writer
Wednesday, December 19, 2007; Page A14
Iraqis of all sectarian and ethnic groups believe that the U.S. military invasion is the primary root of the violent differences among them, and see the departure of "occupying forces" as the key to national reconciliation, according to focus groups conducted for the U.S. military last month.
Conducting the focus groups, in 19 separate sessions organized by outside contractors in five cities...Lincoln Group, which has conducted surveys for the military since shortly after the invasion, received a year-long contract in January to conduct focus groups.
Overall, the report said that "these findings may be expected to conclude that national reconciliation is neither anticipated nor possible. In reality, this survey provides very strong evidence that the opposite is true."
Saturday, March 01, 2008
MRS. GREENSPAN ON HILLARY
Dana Milbank clued us in last Fall that the press really dislikes Hillary and Mrs. Greenspan confirms that in this NYT article:
I don't know who started the "inevitability" meme but neither that nor some ruffled feathers ("arrogance") justifies slanted coverage. You can find other comments about this at Big Tent's post on TalkLeft.
“Part of it is her campaign’s fault,” Andrea Mitchell, the longtime NBC political correspondent, said backstage at the MSNBC debate in Cleveland in Tuesday. “They started with this notion of inevitability. And they were very arrogant.”
I don't know who started the "inevitability" meme but neither that nor some ruffled feathers ("arrogance") justifies slanted coverage. You can find other comments about this at Big Tent's post on TalkLeft.
A GREAT QUESTION
Joe Klein is pretty much your typical MSM hackster (see here) but Josh points out that he asks a great question of St. McWAR:
My guess is McWar continues to pander to Fats and Hagee but the real issue is when will this get some real traction in the MSM?
A McCain rejection of Hagee's support would be seen as another sign of weakness by Rush and such. An acceptance of Hagee's support would spell trouble for McCain with catholics and sane people everywhere. So, what's it to be, Senator?
My guess is McWar continues to pander to Fats and Hagee but the real issue is when will this get some real traction in the MSM?
WHEN GASBAGS COLLIDE
For those of you not familiar with Sean Hannity's radio show, for months he has been calling it "The Stop Hillary Express." His brother gasbag, Fats Limbaugh, has a different take (via NewsHounds):
Last night, 2/29, Rush Limbaugh, speaking by phone to Laura Ingraham. urged people to vote for Hillary just to " sustain the soap opera" adding " we need Barack Obama bloodied up politically".
HOLY JOE ON HAGEE
This is a reminder that for some people, Israel is the MOST important issue. Caught by Hesiod, Holy Joe Lieberman gave an address to Hagee's group, Christians United for Israel, last year and has this to say about the maniac Hagee:
And what has Israel been up to lately?
FOR IMMEDIATE RELEASE
July 16, 2007
Contact: Marshall Wittmann, 202-224-4041
Lieberman Address to Christians United for Israel
I begin by thanking your founder, Pastor John Hagee. I would describe Pastor Hagee with the words the Torah uses to describe Moses, he is an "Eesh Elo Kim," a man of God because those words fit him; and, like Moses he has become the leader of a mighty multitude in pursuit of and defense of Israel.
And what has Israel been up to lately?
Israel Takes Gaza Fight to Next Level in a Day of Strikes
By STEVEN ERLANGER and TAGHREED EL-KHODARY
Published: March 2, 2008
GAZA — Israeli aircraft and troops attacked Palestinian positions in northern Gaza on Saturday, killing at least 54 people and wounding more than 100 in the deadliest day of fighting in more than a year.
Half the dead were reported to be Hamas gunmen or those belonging to affiliated groups like Islamic Jihad. But at least 19 Palestinian civilians also died in the heavily populated area, including four children, according to Dr. Moawiya Hassanain of the Gazan Health Ministry.
"VISTA CAPABLE"?
Not so much. MS, aka The real Great Satan, tried to appease Intel by falsely claiming Intel's 915 graphic chip set was compatible with VISTA. The good news? Some MS honchos were fooled:
Microsoft's own most senior executives were completely bamboozled by the "Vista capable" labelling scheme. "I personally got burned by the Intel 915 chipset on a laptop that I PERSONALLY (e.g. with my own $$$) [bought]", said Mike Nash, Corporate Vice President, Windows Product Management, who bought a "Vista capable" laptop, only to find it couldn't run the Aero interface. "I now have a $2100 email machine," he concluded.
WHO DO THEY LIKE MORE?
Pres. Fredo or nutbag Ahmadinejad? I think the answer is obvious:
REUTERS:
AP:
REUTERS:
And unlike the strict secrecy that surrounds visits by U.S. President George W. Bush to reduce the risk of an insurgent attack, Ahmadinejad's trip has been well-flagged. Also, unlike Bush, he will be spending the night.
AP:
President Bush's last trip to Iraq was kept secret until he arrived at a U.S. military base. Eight hours later he left, after Iraq's leaders traveled to meet him there.
In sharp contrast, President Mahmoud Ahmadinejad's visit — the first ever by an Iranian leader to Iraq — was announced in advance. He plans to spend the night here, and Iranian TV will broadcast his departure ceremony live.
PUMPKINHEAD RUSSERT HAS FAILED US
Jamie Foster at MediaMatters has a nice roundup of Russert's hackery and for me, this tells you all you need to now about Timmeh:
If Russert thinks the biggest gasbag of our era is honorable, he has no moral sense.
At the beginning of Russert's June 2004 appearance on Rush Limbaugh's radio show, Limbaugh noted: "We don't have guests on this program, but we made an exception here for our friend Tim Russert of NBC News." Russert replied, "It's an honor to be here, Rush. Thank you very much. "
If Russert thinks the biggest gasbag of our era is honorable, he has no moral sense.
THE GENIUSES HAVE FAILED US AGAIN
The wizards at the hedge funds made some bad bets and that means 3rd parties will suffer from their mistakes. In this case, the 3rd parties are municipalities who use bonds to raise money for various projects. The hedge funds had to sell their bonds at pani prices and that means that the interest rates for municipal bonds has risen dramatically. Here's what the WSJ wrote:
Hedge funds not only operate in private, they also are involved with securities that can be kept "off balance sheet," thus provide 2 sources of opacity in the market.
Hedge Funds' Fire Sales Send Muni-Bond Yields To Historic High Levels
By Michael Aneiro, Tom Lauricella and Liz Rappaport
Months of turmoil in the municipal-bond market, long a placid haven for individual investors, reached a boiling point Friday -- as hedge funds were forced to unwind complicated bets and in the process dump billions of dollars of the securities.
As a result of that surprising forced selling, yields on debt from municipalities and other tax-exempt issuers jumped to their highest levels in history, when compared with safe debt issued by the U.S. government. The average AAA-rated, 30-year municipal bond yielded 5.14% Friday afternoon, compared with 4.42% on a U.S. Treasury 30-year bond.
Hedge funds not only operate in private, they also are involved with securities that can be kept "off balance sheet," thus provide 2 sources of opacity in the market.
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