Recent comments by Rajesh

U.S. judge says Internet streaming service should be treated like cable
| Reuters

A U.S. judge ruled on Thursday that online television service FilmOn X LLC should be treated like a traditional cable system in order to transmit the programs of the nation's broadcasters over the Internet.

The ruling, coming as consumer TV-watching habits are increasingly migrating to the Internet, is the first to first to view a streaming service like a cable provider and could have major implications for broadcasters if it is upheld by higher courts.

Broadcasters have been aggressively litigating against such services, contending they violate their copyrights and threaten their ability to generate advertising and control subscription fees.

U.S. District Judge George Wu in Los Angeles said in his ruling that FilmOn X is entitled to a compulsory license under the Copyright Act to retransmit the broadcasters' programs if it meets the law's requirements.

Acknowledging the major commercial consequences of his decision, Wu said he would allow an immediate appeal to the 9th U.S. Circuit Court of Appeals.

He also left in place an injunction against FilmOn X's operations that the broadcasters had won in 2012, so FilmOn will still not able to stream their content pending the appeal.

"The broadcasters have been trying to keep their foot on the throat of innovation," said FilmOn X's lawyer, Ryan Baker, in an interview. "The court’s decision today is a win for technology and for the American public."

Texan suspected of hitting cyclist, driving off with victim in windshield
| Reuters

A 19-year-old man has been charged in a hit-and-run death of a cyclist he is suspected of having struck with his car and then driven for more than one mile with the victim embedded in his windshield, Dallas police said on Thursday.

Police said Silverio Alaniz struck the 54-year-old cyclist while making a turn on Wednesday evening in the Dallas area.

The unidentified cyclist was discovered in a nearby alley, where police said Alaniz apparently dislodged the victim and drove away without providing assistance.

Paramedics transported the victim to Baylor University Hospital, where he was pronounced dead.

Police were called to a nearby home where they arrested Alaniz.

He was charged with "accident involving death," a second-degree felony, punishable by up to 20 years in prison. He was in the Dallas County Jail on Thursday evening in lieu of $25,000 bail and no attorney was listed on his arrest report.

That was a month ago, dude.

Here's what happening now:
Greek debt crisis: EU agrees €7bn loan as Germany backs new bailout talks - live | Business | The Guardian

A former director at the International Monetary Fund has argued that it might be better for Germany, rather than Greece, to leave the eurozone. Ashoka Mody, a visiting professor at Princeton University and ex-deputy director at the IMF’s research and European departments, wrote:

The latest round of wrangling between Greece and its European creditors has demonstrated yet again that countries with such disparate economies should never have entered a currency union. It would be better for all involved, though, if Germany rather than Greece were the first to exit...

A German return to the deutsche mark would cause the value of the euro to fall immediately, giving countries in Europe’s periphery a much-needed boost in competitiveness. Italy and Portugal have about the same gross domestic product today as when the euro was introduced, and the Greek economy, having briefly soared, is now in danger of falling below its starting point. A weaker euro would give them a chance to jump-start growth. If, as would be likely, the Netherlands, Belgium, Austria and Finland followed Germany’s lead, perhaps to form a new currency bloc, the euro would depreciate even further.

The disruption from a German exit would be minor. Because a deutsche mark would buy more goods and services in Europe (and in the rest of the world) than does a euro today, the Germans would become richer in one stroke. Germany’s assets abroad would be worth less in terms of the pricier deutsche marks, but German debts would be easier to repay...

Perhaps the greatest gain would be political. Germany relishes the role of a hegemon in Europe, but it has proven unwilling to bear the cost. By playing the role of bully with a moral veneer, it is doing the region a disservice. Rather than building “an ever closer union” in Europe, the Germans are endangering its delicate fabric. To stay close, Europe’s nations may need to loosen the ties that bind them so tightly.

Lobbyist Ben Dover wrote:

If you lost your hair where would you get your stock tips?

China's bond issuance surges 50 percent in first half - People's Daily Online

The value of bonds issued in China in the first half of 2015 reached 8.3 trillion yuan (1.36 trillion U.S. dollars), up 50.3 percent from a year earlier, the central bank said on Friday.

Of the bonds issued during the period, 8 trillion yuan were issued through the inter-bank bond market, up 46.2 percent year on year, according to the People's Bank of China (PBOC).

Bonds issued in June alone hit 2.1 trillion yuan, up 105 percent year on year and up 31.5 percent from May.

ResistanceIsFeudal wrote:

So did the girls at the nail salon

Don't listen to them. You need to get your stock tips from your hairdresser. She knows the inside story.

A 10-percent rise in dollar cuts U.S. GDP by 0.5 percent: New York Fed
| Reuters

A 10 percent increase in the dollar in a quarter would reduce U.S. economic growth by half a percentage point over a year and by another 0.2 point the following year, according to a New York Federal Reserve blog post on Friday.

The greenback has gained 12 percent against other major currencies since mid-2014 on improving jobs conditions and in anticipation of a Federal Reserve rate increase by late 2015.

This has raised worries among Fed officials and economists about the impact of a sturdier dollar on U.S. exports.

U.S. gross domestic product contracted 0.2 percent in the first quarter, with exports falling 5.9 percent and imports rising 7.1 percent, the government said in June.

While a stronger dollar makes imports cheaper for consumers and domestic producers, it seems not enough to offset the drag for U.S. exporters, New York Fed analysts Mary Amiti and Tyler Bodine-Smith wrote in the blog post.

German parliament backs negotiations on new Greek bailout
| Reuters

Chancellor Angela Merkel called on German lawmakers on Friday to back negotiations for a third Greek bailout or face chaos, saying suggestions Athens might temporarily leave the euro wouldn't work.

Merkel was addressing parliament, which is expected to vote by a clear margin for the euro zone to start talks on the new aid program even though Finance Minister Wolfgang Schaeuble has questioned whether it will succeed.

Schaeuble himself has suggested that Greece might be better off taking a "time-out" from the euro zone to sort out its daunting economic problems.

But Merkel argued for negotiating a new deal with Greece to prevent the country's exit from the euro - the "Grexit" that might undermine the entire currency union.

"The alternative to this agreement would not be a 'time-out' from the euro ... but rather predictable chaos," she told the Bundestag lower house. "We would be grossly negligent, and act irresponsibly, if we didn’t at least attempt this way."


Breaking News: German parliament votes in favor of government starting negotiations on a third bailout for Greece

Hu Knows Bubble, Bubble, Toil and Trouble
Shanghai Rout Not Even Close to Done: Magnus Sees 35% Drop - Bloomberg Business

Chinese equities will extend their rout by as much as 35 percent, taking the Shanghai gauge to half of last month’s peak, according to George Magnus, a senior independent economic adviser to UBS Group AG.

“We’re going back to where we came from,” Magnus told Bloomberg TV from London on Thursday. “The Shanghai Composite is going to go all the way back down to around 2,500-2,800,” he said. The measure closed at 3,823.18 on Thursday, after tumbling 26 percent since June 12.

Magnus said he’s bearish on Chinese shares because their rally was never justified amid a weaker economic outlook. While the stock-market boom boosted growth in the six months through June, real estate languished and agriculture grew at about half the overall economy’s 7 percent pace. Ruchir Sharma, head of emerging markets at Morgan Stanley Investment Management, says China’s slowdown in the coming years may spur a world recession.

“What I suppose I’m worried about here is that as we look forward over the next six to 12 months, those processes will continue,” Magnus said. “In other words, the economy will continue to decelerate.”

Money managers from Bill Ackman to Jeffrey Gundlach and Paul Singer have said they’re concerned about the risks posed by China’s debt-fueled, volatile stock market. For BlackRock Inc. and Templeton Emerging Markets Group, mainland shares need to fall further before they’re worth buying.

Hugh Hendry, the hedge fund manager who profited by betting against banks in the financial crisis, is bullish because of unprecedented economic stimulus and the end of a rally in commodities.

Gee, This will probably make other countries eager to join the Eurozone so they can contribute to the next Greek bailout, in about six months.

arthur_dent wrote:

I'm reasonably sure that it is impossible to have a bubble and not have inflation.

On the contrary, a bubble may actually push down the inflation rate, because the money is devoted to Non-GDP transactions instead of GDP transaction. The money supply is diverted to assets exchanges rather than consumption (some of the money leaks into commissions and production of ponzi assets but the bulk is in the assets trading back and forth at higher and higher prices.)

ResistanceIsFeudal wrote:

Would you let DSK manage a dog?

No. Well, maybe a male dog, that I didn't like all that much.

ResistanceIsFeudal wrote:

Why can't the individual be his or her own central bank?

Have you met these people? I wouldn't let them manage a dog, much less a currency.

Barclays to pay $800,000 fine for U.S. data reporting errors
| Reuters

Wall Street's self-funded watchdog fined a unit of Barclays PLC $800,000 for violations related to how the bank reported stock trades over a more than two-year period, hampering the regulator's ability to properly monitor the market.

The Financial Industry Regulatory Authority said late Wednesday that Barclays Capital did not properly update its electronic systems to comply with regulations from August 2009 that required that executing brokers report trades, as well as the name of the executing parties of the trades, to FINRA.

As a result, between Aug. 3, 2009 and Dec. 11, 2012, Barclays failed to identify the correct executing party on around 90 million reports with other broker dealers that were sent to FINRA's trade reporting facility.

Greece confirms banks will re-open on Monday
| Reuters

A senior Greek banker had told Reuters earlier on Thursday that the lenders, closed since June 29, would reopen after the European Central Bank decided to increase emergency funding.

Referring to the current daily withdrawal limit imposed as part of capital controls, Mardas said: "If someone doesn't want to take 60 euros on Monday and wants to take it on Tuesday, for instance, he can withdraw 120 euros, or 180 on Wednesday."

"This is a proposal we are processing and we think it's technically possible," he added.

I have a strong heart. I keep it in a freezer in my laboratory.

Comrade Scott wrote:

all the nominal Euros get forcibly confiscated by the government.

It's easy to confiscate the Euros that are in the banking system. The Euro notes that are hidden in safes and stuffed in mattresses are another story. The banks have collapsed because people figured it out and pulled as much out as possible (and will continue to pull money out as fast as the capital controls will allow.)

By waiting to impose capital controls, they've lost most of the benefit of leaving the Euro.

Comrade Scott wrote:

The advantage is they can gain control of their own currency reserves

You mean the half billion of Euros that they currently have? I'm sure that will last until lunch.
Greece Foreign Exchange Reserves | 2003-2015 | Data | Chart | Calendar

bearly wrote:

They get thrown out I presume.

There is no provision for throwing them out, all though the Germans endlessly talk as if it existed.

Lawmaker Asserts Gold Depository Will Kill Federal Reserve

Capriglione, meanwhile, is a rising member of the Republican establishment. He’s also a goldbug whose main accomplishment after two terms is the passage of a bill creating a Texas gold depository, which would allow gold owned by the University of Texas’ endowment fund to be returned from the heathen land, New York City. In 2013, it was one of the most colorfully ludicrous ideas before the Legislature, and Capriglione was reduced to passing out chocolate gold coins on the floor of the House to try to win support.

But this year, it passed the House and Senate with huge margins, and was granted a high-profile signing ceremony by Abbott. The proposal has won a good deal of press attention, mostly in the “news of the weird” category. But on Wiles’ show, Capriglione said the press had missed the point, interested only in what he called the “Die Hard 3 aspect.” His ambitions were much grander.

Wiles introduced Capriglione as “the man who spearheaded the Texas gold repatriation program,” a friend and ally. (As some have noted, repatriation, used commonly to describe Capriglione’s proposal, is a term used to refer to the return of something from a foreign country to its country of origin.) Capriglione’s outlook—a nation and world on the precipice—neatly complement Wiles’ own, and the two men grew more and more excited as they talked to each other.

Rick Wiles, a Christian talk show host with an apocalypse fetish, runs Trunews, which he unironically describes as an “anti-newscast.”
Capriglione says his interest in Texas gold started in 2008, with the global financial crisis. “It really kind of brought to bear the idea that we need some kind of Plan B,” he said, in case the Federal Reserve System and U.S. dollar collapsed. Texas needed to have its own economic survival bunker in the form of gold.
But Capriglione’s bank would be more than just a giant safety deposit box. “The really interesting part about this depository, which hasn’t been getting a lot of press,” he told Wiles, is that “with this depository, private individuals and entities will be able to purchase goods, and will be able to use assets in the vault the same way you’d be able to use cash.” They’d be able to conduct transactions backed by the gold stored in the bank, circumventing the Fed, Capriglione said.

Wiles marvels at Capriglione’s genius. “I think this is bigger than maybe you realize,” Wiles said. “I think you’re going to be overwhelmed by the response.” Capriglione replies: “I think so too.” He marvels at the ease with which his proposal became state policy this year: He seems incredulous the press hasn’t paid proper attention to what he accomplished.

Mook wrote:

The difference is that by leaving the Euro, Greece can default on those loans now.

Greece has already defaulted to IMF. They just have to sit on their hands to default to the ECB. Greece can default on its loans at any time it wants to. It doesn't have to leave the Euro to do that.

A default within the Euro is a better situation than defaulting outside the Euro.

Mook wrote:

Unless you're willing to believe six impossible things before breakfast, Greece would not be repaying those loans.

I actually believe eight impossible things before breakfast. Pretty much Greece wouldn't be repaying the loans in either case, but it would be broke and have a smaller income if it left Euro, instead of just broke.

There's no magic solution but clearly leaving the Euro doesn't have any benefits in the short or medium term. Ideally they should try to survive in the Euro without accepting the bailout. At a certain point, you have to think the unthinkable or you'll be locked into a conventional wisdom.

Mook wrote:

that's exactly what the Greeks would do as part of Grexit.

What was offered was to leave the Euro but still bear the burden of most of the debt. The private sector bonds have all been issued under English law, so they can't be redenominated into Drachmas. The bilateral government loans are in the same boat.

GrExit would mean converting income to Drachma while still repaying loans in Euros.

Austerity or (GrExit and Austerity)? Puzzled

Clearly a hard choice to make.

Greece braces for political shake-up after austerity vote - The Washington Post

In a potent sign the crisis was easing, the European Central Bank offered an addition $980 million in aid to Greek banks over the next week. That raised the possibility they may start to reopen. But the amount is not likely enough to fully ease the strict limits on withdrawals that have further strangled Greece’s economy.

ECB President Mario Draghi said he expected Greece would receive the emergency aid it needed to make a $3.8 billion debt payment on Monday. Missing the payment could have triggered Greece’s eventual ejection from the euro currency union.

“Our mandate is to act based on the assumption that Greece is and will be a member of the euro area,” Draghi said.

That should keep the Greek economy from collapsing before Monday. Probably.

justaskin wrote:

the intersection twixt London rate setting and Eurozone is?

There is a Euro Libor and there is Euribor.

sum luk wrote:

Finnish and Austrian parliaments

UPDATE 1-Finnish parliament approves new Greek bailout talks
| Reuters

Finland's parliament voted on Thursday for negotiations over a new bailout deal for Greece as well as talks on new bridge financing, Finance Minister Alexander Stubb said.

The vote came despite Finland having a reputation for being one of Europe's most hawkish countries over bailouts, with Prime Minister Juha Sipila depending on the euro sceptic Finns Party in his government coalition.

"From the beginning it was important for us to get tough conditionality. We feel that this has materialized in the deal (agreed by the EU and Greece)," Stubb told reporters.

The Grand Committee, which acts on behalf of the parliament's 200 MPs and is responsible for giving the government any mandate to negotiate on aid for Greece, approved the government's request.

Q: How many members does the Eurozone have?
A: Eighteen countries plus the Greek Protectorate.

Q: What's the capital of Greece?
A: Brussels.

Q: Who's the head of state of Greece?
A: Wolfgang Schaeuble

Q: When will Greece pay off its debt?
A: When the last German is buried.

Mook wrote:

since it was debt you accrued as a eurozone member even though you're not one any more.

"But since you're not a Eurozone member anymore, we're going to have to charge you a market rate on the debt."

A couple of months into this, I could see the Eurogroup telling Greece, "Now that you've given us control of your country, we've decided that leaving the Euro is best for you, so your Parliament should write up a law authorizing a new currency. Here's the text of that law, by the way."

Goldman profit halves on weak bond trading, legal provisions
| Reuters

Goldman Sachs Group Inc's (GS.N) profit more than halved in the second quarter as trading revenue weakened and litigation provisions soared.

The Wall Street bank said on Thursday its net income applicable to common shareholders fell to $916 million, or $1.98 per share, in the three months to June 30, from $1.95 billion, or $4.10 per share, a year earlier.

Goldman recorded $1.45 billion in net provisions for mortgage-related litigation and regulatory matters, up from $284 million a year earlier, reducing earnings by $2.77 per share.

Analysts on average had expected earnings of $3.89 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported figures were comparable.

Goldman, whose shares were down 1 percent in premarket trading, said its net revenue from fixed-income, currency and commodity trading fell 28 percent to $1.60 billion.

"While uncertainty in the EU weighed on investors' level of conviction, many of our businesses continued to benefit from generally improving economic conditions," Chief Executive Lloyd Blankfein said in a statement.

Relief? More like misery.

U.S. foreclosure activity in first half of 2015 fell to 10-year low
| Reuters

Foreclosure activity across the United States dropped to its lowest in a decade during the first half of 2015, according to data released Thursday.

A total of 597,589 properties were at some stage of the foreclosure process from January to June, said RealtyTrac, which tracks housing market trends.

Foreclosure activity, which includes foreclosure notices, scheduled auctions and bank repossessions, were down 13 percent from the second half of last year and down 3 percent from the same period of 2014.

Foreclosure starts fell 4 percent to 304,439 in the first half of this year, the lowest since RealtyTrac started tracking the data in 2006.

"U.S. foreclosure starts have not only returned to pre-housing crisis levels, they have fallen well below those pre-crisis levels and are still searching for a floor," said Daren Blomquist, RealtyTrac vice president.

Comrade Gibbon wrote:

Someone needs to get rid of the House of Saud before the entire Muslim world goes up in flames.

It's a little late for that, isn't it?

justaskin wrote:

what do we think "non WN" means?

non wing-nut.

Rickkk wrote:

Don't fault him for his candour and honesty, a rare virtue in politics.

I'm a little doubtful he's going to stay in politics very long.

T minus four months and counting...

Mike_PNW wrote:

they could stop loading tax refunds on untraceable debit cards to begin with.

How would that help the banks?

Greece crisis: Latest updates - BBC News

So, 229 Greek MPs backed the reforms, while 64 voted against.

However, more than 30 MPs from Mr Tsipras' Syriza party voted "No".

Just sickening.

Now the government and Troika can sit down together and negotiate the additional austerity measures required for the Greeks to get any money. It should take no more than two months.

Outsider wrote:

It's ovah.

The Greek Revolt is over. The #GreekResistance has just begun.

The Mortgage Broker manages to steer Greece into the 150-yr Subprime Option ARM Mortgage with Prepayment Penalties in order get the maximum Yield Spread Premium.

Greek Debt Crisis 2015 |

Greek parliament approves bailout prior measures package.

Greek Debt Crisis 2015 |

Voting to begin in Greek Parliament. Fasten your seat belts.

Greek Debt Crisis 2015 |

Greek PM Tsipras says - I don't believe the measures will benefit the economy.

There's your ringing endorsement.

Greek Debt Crisis 2015 |

Greek PM Tsipras says - 'I was never a politician who believed that foreigners were to blame for Greece's woes.'

Do you think the Tsipras is recreating the Colonel Nicholson (Alec Guinness) role in The Bridge on the River Kwai?

Stockholm Syndrome.

Greece crisis: Latest updates - BBC News

Live TV feed from Athens is now showing Ms Constantopoulo back in the parliament building, discussing the bailout offer.