Recent comments by Rajesh

Belmont wrote:

true story

You're about forty years late with that story but I appreciate the effort..

This is a better story

Yazoo Land Fraud | New Georgia Encyclopedia

Georgia was too weak after the Revolution to defend its vast western land claims, called the "Yazoo lands" for the river that flowed through the westernmost part. Consequently, the legislature listened eagerly to proposals from speculators willing to pay for the right to form settlements there. In the 1780s the state supported two unsuccessful speculative projects to establish counties in the western territory and in 1788 tried, again without success, to cede a portion of those lands to Congress. In 1789 the legislature sold about 25 million acres to three companies, only to torpedo the sale six months later by insisting that payment be made in gold and silver rather than in depreciated paper currency.

Pressure to act continued to build on legislators until, by mid-November 1794, a majority reportedly favored the sale of the western territory. On January 7, 1795, Georgia governor George Mathews signed the Yazoo Act, which transferred 35 million acres in present-day Alabama and Mississippi to four companies for $500,000. To bring off this speculative coup, the leader of the Yazooists, Georgia's Federalist U.S. senator James Gunn, had arranged the distribution of money and land to legislators, state officials, newspaper editors, and other influential Georgians. Cries of bribery and corruption accompanied the Yazoo Act as it made its way to final passage. Angry Georgians protested the sale in petitions and street demonstrations. Despite the swelling opposition, the Yazoo companies completed their purchases.

Learning of the circumstances surrounding passage of the Yazoo Act, Georgia's leading Jeffersonian Republican, U.S. senator James Jackson, resigned his seat and returned home, determined to overturn the sale. Making skillful use of county grand juries and newspapers, Jackson and his allies gained control of the legislature. After holding hearings that substantiated the corruption charges, Jackson dictated the terms of the 1796 Rescinding Act, which was signed by Governor Jared Irwin and nullified the Yazoo sale. He also arranged for the destruction of records connected with the sale; ensured that state officials tainted by Yazoo were denied reelection and replaced by his own anti-Yazoo, pro-Jefferson supporters; and in 1798 orchestrated a revision of the state constitution that included the substance of the Rescinding Act.

Hu Knows
Chinese Factory Gauge Rises as Economy Weathers Housing Slump - Bloomberg

The preliminary Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics was at 50.4, exceeding the median estimate of 50.2 in a Bloomberg News survey, which was also the level of September’s final reading. Numbers above 50 indicate expansion.

Outsider wrote:

Brevity is next to godliness.

I thought Brevity is next to Cleanliness which is next to Godliness.

Is White House fence jumping going to be the new Olympic event?

What can't be paid, won't be paid.

Cr wrote:

Rents can't keep rising this quickly without rising wages.

We're still waiting.

Political risk slowing foreign investment in Greece: think tank
| Reuters

Fears of a snap election and the government's plan to exit early from a bailout triggered a sell-off in Greek bonds last week, pushing the yield on 10-year government paper above 9 percent and pricing it out of international capital markets.

A presidential vote in February or March is seen as a likely trigger for early elections next year as Greece's coalition government does not have the backing of 180 lawmakers needed to push through its nominee for head of state.

Under Greek law, parliament must be dissolved if it fails to elect a president. Greece's main opposition, the anti-bailout Syriza party, which leads in opinion polls, has said it will not back any candidate put forward by the ruling coalition.

"Part of the electoral cycle uncertainty (after the European parliament elections in May) remains, continuing to dampen investment ventures from a portion of foreign investors," the think tank, IOBE, said in a report.

Nelson Bunker Hunt, 88, Oil Tycoon With a Texas-Size Presence, Dies - NY Times

“A billion dollars ain’t what it used to be,” he said in 1980 after silver stakes he amassed with two brothers, Herbert and Lamar, fell to $10.80 from $50.35 an ounce. In barely two months, their holdings and contracts for purchases — corralling a third to half the world’s deliverable silver — had plunged from a $7 billion value in January to a $1.7 billion loss in March.

With the Hunts unable to cover enormous margin calls, the debacle endangered financial markets and brokerage houses, forcing federal regulators and the nation’s banks to step in with a $1 billion line of credit, a bailout that saved the system from a stampede and the Hunts from an immediate meltdown.

sm_landlord wrote:

Please remind me what happens at time T?

LIftoff. Monetary Policy Liftoff.

T minus thirteen months and counting...

A shortage of carpenters is probably bullish on random length lumber prices, right?

Construction workers in short supply - Sun Sentinel

Contractors are having difficulty finding craft workers such as carpenters and electricians, now that the industry is recovering from the downturn, the Associated General Contractors of America said Wednesday in a new report.

Only 11 contractors in Florida were represented in AGC's survey of about 1,000 contractors nationwide, but the problem is not a new one. The contractors association identified a growing shortage in 2013.

Carpenters are in most demand in Florida, followed by drywall installers, electricians, equipment operators and painters, according to the survey. Florida contractors also reported having trouble finding some professional workers, especially project managers.

South Florida contractors and industry groups also have said they are having trouble filling some specialty jobs, citing the loss of workers to the oil industry and others who left the business during the recession and housing crisis.

"I think the industry as a whole is still trying to gear up from the recession," said Jeff Spear, president of the Spear Group in Fort Lauderdale. He said many specialty construction workers moved out of the state or into other businesses — and haven't moved back.

Nationally, 83 percent said they're having a hard time filling craft worker positions including carpenters, equipment operators and laborers. Sixty-one percent are having a hard time filling professional positions including project supervisors, estimators and engineers.

Currency Wars Evolve With Goal of Avoiding Deflation - Bloomberg

Weak price growth is stifling economies from the euro region to Israel and Japan. Eight of the 10 currencies with the biggest forecasted declines through 2015 are from nations that are either in deflation or pursuing policies that weaken their exchange rates, data compiled by Bloomberg show.

“This beggar-thy-neighbor policy is not about rebalancing, not about growth,” David Bloom, the global head of currency strategy at London-based HSBC Holdings Plc, which does business in 74 countries and territories, said in an Oct. 17 interview. “This is about deflation, exporting your deflationary problems to someone else.”

South Africa to Sacrifice Growth to Avoid a ‘Debt Trap’ - Bloomberg

South Africa will sacrifice economic expansion in the next two years by limiting spending growth and raising more taxes as it seeks to avoid a debt trap.

The government will cut its expenditure limit by 25 billion rand ($2.3 billion) and plans 27 billion rand of “structural increases” in revenue in the period, the National Treasury said in the mid-term budget released in Cape Town today.

“We have reached the turning point,” Finance Minister Nhlanhla Nene told reporters before his budget speech to Parliament. “Fiscal consolidation can no longer be postponed.”

South Africa is cutting back on consumption spending as total debt approaches 50 percent of gross domestic product, a level the government considers unsustainable. Tighter fiscal policy at a time when the central bank is raising interest rates to curb inflation may limit economic output and delay efforts to slash a 25.5 percent jobless rate.

Vonbek777 wrote:

an atomic analogy

Be careful. I'm unstable.

Retirement Planner: Full Retirement Age

Age To Receive Full Social Security Benefits
(Called "full retirement age" or "normal retirement age.")
Year of Birth*  Full Retirement Age
  1955             66 and 2 months
  1956             66 and 4 months
  1957             66 and 6 months
  1958             66 and 8 months
  1959             66 and 10 months
  1960 and later      67

lawyerliz wrote:

If they raised hthe cpntrobution base to say 200k, and raised the date of retirement, say 3 month from where it's planned presently, wouldn't the problems be solved for quite a while?

No.

Doc Holiday wrote:

Big Al wanted debt to be more available

The debt was already created during the Revolutionary War (by the states and assumed by the Federal Government). Hamilton ran budget surpluses (from tariffs on imports) to pay the interest and to redeem part of the debt. The two parties that developed only disagreed about how quickly to pay off the national debt (until Thomas Jefferson went further into debt to fund the Louisiana purchase.)

Oji wrote:

it's retaining talent.

We're not going to find another bunch of Yahoo's with the same skill in destroying the economy. We better keep these.

Hu Knows Im Lovin It!
China's Sept property investment slows further; sales, construction slump
| Reuters

Facing cash flow pressures and a tougher time getting credit, developers have been cutting prices and offering increasingly sweet promotions to entice home buyers and reduce the backlog of unsold units.

They have also been cutting back on land purchases, which is crimping revenues for local governments, many of which are saddled with high levels of debt.

"Many developers are controlling their gearing by buying less land and slowing construction," said Kim Eng Securities analyst Karen Kwan in Hong Kong.

"They're still waiting for a good time to buy, but this won't come until there's a change in financing signals."

U.S. Inflation
month   CPI     Core CPI   PCE   Core PCE Updated
September 2014   1.67   1.74       1.48     1.49

Whiskey wrote:

78-day moving average

Simple, exponential or hypercomplex

robj wrote:

It shocks me to learn that a volatility index is volatile.

The volatility of volatility is rising. That's a bad sign, maybe.

or maybe not:
CBOE - CBOE VIX of VIX (VVIX) Micro Site

Woorrrrmmmmmmmhhhhhhhhhhhhhhoooooooooooooolllllllllllllllllllllllllllllllllllllllllleeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee!

picosec wrote:

I gotta spend more time here.

Doubtful.

U.S. Agencies to Require CLO Managers to Retain 5% of Deals - Bloomberg

“The rule needlessly puts in place cumbersome requirements that will materially reduce the CLO market and puts in jeopardy a critical source of credit for job-creating American companies,” Bram Smith, executive director of the LSTA, wrote in an e-mailed statement today. The regulation “will negatively impact American credit markets and make financing for U.S. companies more expensive and scarce.”

After $175M Verdict, Questions About Guardrail Safety, Federal Oversight - ABC News

Monday a Texas jury found that Trinity Industries had defrauded the U.S. government by making modifications to the guardrail in 2005 but not disclosing those changes until questions were raised in 2012. Critics say the modifications made the guardrails more dangerous to motorists and are linked to severed limbs and deaths on the road.

Trinity was ordered to pay $175 million in damages -- a figure that’s expected to be tripled by statutory mandate -- but says it will appeal the decision.

U.S. Fed awards record amount of term deposits
| Reuters

The U.S. central bank allotted $171.86 billion of them to 66 banks which will receive an interest rate of 0.26 percent.

This compared with the $110.03 billion in deposits awarded a week earlier to 67 banks which received an interest rate of 0.26 percent.

The Fed has ramped up testing of its term deposit facility after the 2008 financial crisis to help policymakers drain cash from the banking system when they decide to tighten monetary policy.

On Sept. 4, the Fed said it plans to conduct a series of eight seven-day TDF operations starting in October. These tests will have an early withdrawal feature in which banks can enter into the TDF and pull the money out before the maturity date.

So, with a 2.8% unemployment rate, wages in North Dakota must be sky rocketing, right?

We're #1! We're #1!

Go Georgia!

Cleveland Fed Inflation Nowcast

Nowcast quarter   CPI Core CPI   PCE     Core PCE   Updated
2014:Q4             0.46     1.57   0.78       1.42     10/21/2014

Outsider wrote:

the MyRA program

Rebranding of the payroll savings bond program.

gab wrote:

That's hawkish, not dovish.

The doves believe we should raise interest rate in about a year. The hawks believe we should have raised interest rates a year ago and we need to raise them sharply to catch up with the natural interest rate.

Rosengreen is a dove.

Doves strike back:
Rosengren says Fed should end bond-purchasing program - Market Business News

President of the Federal Reserve Bank of Boston, Eric Rosengren, has said that the Fed should not let the recent financial market turmoil affect the upcoming policy meeting at the end of October.

In an interview on October 17, Rosengren said:

“Volatility by itself isn’t a bad thing, it’s just reflecting there’s a lot of uncertainty in the market,”

“Just because we’re seeing volatility in the last two weeks isn’t enough to have me fundamentally change my forecasts.”

Rosengren has expressed his belief that the Federal Open Market Committee should stop its bond purchasing program, as planned, at the end of the month. This would end the Fed’s policy of quantitative easing.
...
“We could stay at the zero lower bound for longer. We could decide to raise rates at a more gradual pace. It’s not clear to me that continuing QE would necessarily be the best way to address concern,”

Outsider wrote:

You pay $12,500 for shares in XYZ.

$12500 goes to the buyer plus you're out the commission on those shares. In a sense, you lost the $4,000 when you overpaid for the shares. But if the stock price goes up before you sell, then you never lost that $4,000.

The only prices that matter are the price you buy and the price you sell. Everything in between is for entertainment value only.

Outsider wrote:

Does it just vanish, or does someone on some other end get it?

It never really existed, merely an illusion that people stopped believing in.

Apple should buy Sony, especially if they can combine Sony Pictures with Pixar/Disney.

There's a certain smell of desperation in the air at Frankfurt.
Exclusive: ECB looking at corporate bond buys, could act as soon as December - sources
| Reuters

The European Central Bank is considering buying corporate bonds on the secondary market and may decide on the matter as soon as December with a view to begin purchases early next year, several sources familiar with the situation told Reuters.

European shares rallied on the news, led by banks and shares in peripheral countries. The euro fell more than half a cent against the dollar and credit indices tightened sharply.

Policymakers are desperate to revive the euro zone economy, which is barely growing and dogged by low inflation of 0.3 percent, far below the ECB's target of just below 2 percent.

The ECB has already carried out work on corporate bond buying, which would widen out the private-sector asset-buying program it began on Monday. It is hoping these measures will foster lending to businesses and thereby support the euro zone economy.

"The pressure in this direction is high," said one person familiar with the work inside the ECB, speaking on condition of anonymity.

The Australian news

CHIEF Executive Leung Chun-ying says if the government met student demands and allowed candidates to be nominated by the public, Hong Kong’s poor and working class could dominate the elections.

Speaking in an interview with foreign media, Mr Leung reiter­ated that the student demand for ­direct input from the public on candidates for the city’s top post was impossible. He said using a nominating committee as required by Beijing gives representation to a wide range of groups.

He warned that if candidates were nominated by the public, the population that earns less than the median monthly salary of $US1800 ($2057) could dominate the process. “If it’s entirely a numbers game and numeric representation, then obviously you’d be talking to the half of the people in Hong Kong who earn less than $US1800 a month,” Mr Leung said.

The leader of Hong Kong worries the 47% could end up running the city.

Belmont wrote:

we could never recover

I am not a doomer.
I'm just waiting for the second half recovery.

Second half of the decade.

BarleyReturns wrote:

Existing means used right?

Not necessarily used but depreciated.

Any easing of mortgage credit will only produce a one-off blip in home sales smaller but slight more long lasting than the first time home buyers tax credit.

Her condition has not changed but our understanding of her condition has improved, which is why we are downgrading her condition.

Kenny Rogers & The First Edition - Just Dropped In - YouTube

Take my wife, please.
IBM Paying Globalfoundries $1.5 Billion to Take Unit in Retreat From Chips - Bloomberg

After months of on-again, off-again talks, IBM Chief Executive Officer Ginni Rometty finally struck a deal to jettison the chipmaking unit, which has been a drag on earnings. Globalfoundries, owned by an investment arm of the government of Abu Dhabi, is taking on the unit to tap the expertise of its engineers in the fundamentals of semiconductor design and manufacturing.

In a 10-year partnership, Globalfoundries will supply IBM with Power processors in exchange for access to IBM’s intellectual property, the people said. That would allow Globalfoundries to access key chipmaking technology and guarantee supply of chips that IBM needs for its systems, like mainframe computers and its Watson data-analytics technology.

IBM will pay Globalfoundries the $1.5 billion over three years, the people said.

lawyerliz wrote:

A pet rock would be as useful.

But is it digital and connected?

emergency hotdog wrote:

really really really wanted to buy the stock.

You think there's a lot of profit potential in giving away free medicines?

emergency hotdog wrote:

treated for free

Has to be free because you can't get FDA approval for the treatment (You'd have to do safety and effectiveness studies for each virus that you printed.)

How else is the NSA going to track your pulse rate?