"License to Weekend" Economists December 25-27, 2010

[Demeter]

As part of our weekend getaway, we will turn to that epitome of escapism, the James Bond story.

James Bond is the current king of the classic hero: like Grendel, Odysseus, Aladin, Robin Hood, you name it, the hero finds a bad guy and finishes him off, or at least, stops the villain's evil plot.

There is something primeval about it. There are very few heroes in actual life, and they usually don't get happy endings, or even the girl. Real heroes usually end up dead or disabled at an early age, if they aren't corrupted by an offer to good to refuse.

To be a hero is to take an unpopular, unsupported stand, to work like a dog and get little recognition or reward. Most people think heroism is the essence of foolhardiness, and don't want their children to grow up to be heroes.

And yet this is a time that screams out for heroes. The people of this country were very disappointed in their last national candidate for herohood, because his heroism turned out to be a marketing tool, not a profession.

So, a little escapism, anyone?

[Demeter]

1. Looks like a Bunch of Men in Black Up There

Happy Christmas to our Brits, and Merry Christmas to the rest of us!

[burf]

2. First rec

Merry Christmas!

[Demeter]

4. Thanks, Burf!

I haave to go out for an hour...carry on in my absence, okay? Everybody's welcome!

[Demeter]

21. THIS IS RIOTOUS! JAMES BOND'S THEME (DID YOU KNOW IT HAD WORDS?)

http://www.youtube.com/watch?v=Xc17zmeMlSI

[Demeter]

30. EACH FILM FEATURED A THEME SONG OF ITS OWN, TOO

FEATURING THE POP SINGER OF THE DAY, LIKE

CARLY SIMON: THE SPY WHO LOVED ME

http://www.youtube.com/watch?v=iwUh0qJ7yH8

SHIRLEY BASSEY DID A NUMBER OF THEM:

MOONRAKER

http://www.youtube.com/watch?v=eR6k_2IVNVU&feature=related

GOLDFINGER

http://www.youtube.com/watch?v=MagCoUYvIXE

DIAMONDS ARE FOREVER

http://www.youtube.com/watch?v=to60kz18tiM

[Demeter]

32. MORE THEME SONGS

LIVE AND LET DIE--PAUL MCCARTNEY AND WINGS

http://www.youtube.com/watch?v=Og581xuiKNc

DIE ANOTHER DAY--MADONNA

http://www.youtube.com/watch?v=zu2tOPtpG-A

GOLDENEYE--TINA TURNER

http://www.youtube.com/watch?v=jJdx1tMcspo

WORLD IS NOT ENOUGH--GARBAGE

http://www.youtube.com/watch?v=WtceXbKIfd0&feature=related

[Demeter]

36. BOND, JAMES BOND From Wikipedia

James Bond 007 is a fictional character created in 1953 by writer Ian Fleming, who featured him in twelve novels and two short story collections. The character has also been used in the longest running and most financially successful English-language film franchise to date, starting in 1962 with Dr. No.

After Fleming's death in 1964, subsequent James Bond novels were written by Kingsley Amis, John Gardner, Raymond Benson and Sebastian Faulks. Moreover, Christopher Wood novelised two screenplays, Charlie Higson wrote a series on a young James Bond while other writers have authored unofficial versions of the character.

There have been 22 films in the EON Productions series to date, the most recent of which, Quantum of Solace, was released on 31 October 2008 (UK). In addition there has been an American television adaptation and two independent feature productions. Apart from movies and television, James Bond has also been adapted for many other media, including radio plays, comic strips and video games.

The EON Productions films are generally termed as "official" films originating with the purchase of the James Bond film rights by producer Harry Saltzman in the early 1960s.

Commander Sir James Bond, (KCMG, RNVR) is an officer of the British Secret Intelligence Service (SIS; commonly known as MI6). He was created in January 1952 by British journalist Ian Fleming while on holiday at his Jamaican estate, Goldeneye. The hero was named after the American ornithologist James Bond, a Caribbean bird expert and author of the definitive field guide book Birds of the West Indies. Fleming, a keen birdwatcher, had a copy of Bond's field guide at Goldeneye. Of the name, Fleming once said in a Reader's Digest interview, "I wanted the simplest, dullest, plainest-sounding name I could find, 'James Bond' was much better than something more interesting, like 'Peregrine Carruthers.' Exotic things would happen to and around him, but he would be a neutral figure — an anonymous, blunt instrument wielded by a government department."

Nevertheless, news sources speculated about real spies or other covert agents after whom James Bond might have been modelled or named, such as Sidney Reilly or William Stephenson, best-known by his wartime intelligence codename of Intrepid. Although they are similar to Bond, Fleming confirmed none as the source figure, nor did Ian Fleming Publications nor any of Fleming's biographers, such as John Pearson or Andrew Lycett. Historian Keith Jeffery speculates in his authorized history of MI6, that Bond may be modeled on Fleming's close friend, Bill "Biffy" Dunderdale, a MI6 agent whose sophisticated persona and penchant for pretty women and fast cars closely matches that of Bond.

James Bond's parents are Andrew Bond, a Scotsman, and Monique Delacroix, from Canton de Vaud, Switzerland. Their nationalities were established in On Her Majesty's Secret Service. Fleming emphasised Bond's Scottish heritage in admiration of Sean Connery's cinematic portrayal, whereas Bond's mother is named after a Swiss fiancée of Fleming's. A planned, but unwritten, novel would have portrayed Bond's mother as a Scot. Ian Fleming was a member of a prominent Scottish banking family. Although John Pearson's fictional biography of Bond gives him a birth date on 11 November (Armistice Day) 1920, the books themselves are inconsistent on the matter. In Casino Royale, he is said to have bought a car in 1933 and to have been an experienced gambler before the Second World War. Two books later, in Moonraker, he is said to be in his middle thirties; the setting of this book can be no earlier than 1954 as it refers to the South Goodwin Lightship, which was lost in that year. There is a further reference to Bond's age in You Only Live Twice, when Tanaka tells him he was born in the Year of the Rat (1924/25 or 1912/13).The books were written over a twelve-year period during which Bond's age, when mentioned, thus varies, but is usually around forty. In the novel On Her Majesty's Secret Service, Bond's family motto is found to be Orbis non sufficit ("The world is not enough"). The novel also states that the family that used this motto may not necessarily be the same Bond family from which James Bond came.


After completing the manuscript for Casino Royale, Fleming allowed his friend, later his editor, poet William Plomer to read it. Plomer liked it and submitted it to Jonathan Cape, who did not like it as much. Cape finally published it in 1953 on the recommendation of Fleming's older brother Peter, an established travel writer.

Most researchers agree that James Bond is a romanticised version of Ian Fleming, himself a jet-setting womaniser. Both Fleming and Bond attended the same schools, preferred the same foods (scrambled eggs, and coffee), maintained the same habits (drinking, smoking, wearing short-sleeve shirts), shared the same notions of the perfect woman in looks and style, and had similar naval career paths (both rising to the rank of naval Commander). They also shared similar height, hairstyle, and eye colour. Some suggest that Bond's suave and sophisticated persona is based on that of a young Hoagy Carmichael. In Casino Royale, the heroine Vesper Lynd remarks, "Bond reminds me rather of Hoagy Carmichael, but there is something cold and ruthless." Likewise, in Moonraker, Special Branch Officer Gala Brand thinks that Bond is "certainly good-looking . . . Rather like Hoagy Carmichael in a way. That black hair falling down over the right eyebrow. Much the same bones. But there was something a bit cruel in the mouth, and the eyes were cold."

Fleming did admit to being partly inspired by a story recounted to him which took place during his service in the Naval Intelligence Division of the Admiralty. The incident was depicted in Casino Royale, when Ralph Izzard found himself involved in a card game, playing poker against covert, Nazi intelligence agents at a casino in Pernambuco, Brazil.

[Demeter]

29. Aston Martin in talks to build new Maybachs

Daimler and the luxury carmaker are sounding out a partnership that would see the UK group design and build the next generation of the German company’s top-end Maybach marque

Read more >>
http://link.ft.com/r/G8OTZZ/YHQ4AH/OFBYP/WLI878/XTWJCF/LE/t?a1=2010&a2=12&a3=23



ASTON MARTIN HAS A CERTAIN REPUTATION TO UPHOLD...

[Demeter]

3. Last weekend we lost 6 more banks

and I didn't get to do them justice, so here it is:


The Bank of Miami, National Association, Coral Gables, Florida, was closed today by The Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with 1st United Bank, Boca Raton, Florida, to assume all of the deposits of The Bank of Miami, N.A.

The three branches of The Bank of Miami, N.A. will reopen on Monday as branches of 1st United Bank...As of September 30, 2010, The Bank of Miami, N.A. had approximately $448.2 million in total assets and $374.2 million in total deposits. 1st United Bank did not pay the FDIC a premium for the deposits of The Bank of Miami, N.A. In addition to assuming all of the deposits of the failed bank, 1st United Bank agreed to purchase approximately $442.3 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

The FDIC and 1st United Bank entered into a loss-share transaction on $313.5 million of The Bank of Miami, N.A.'s assets...The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $64.0 million. Compared to other alternatives, 1st United Bank's acquisition was the least costly resolution for the FDIC's DIF. The Bank of Miami, N.A. is the 152nd FDIC-insured institution to fail in the nation this year, and the 29th in Florida. The last FDIC-insured institution closed in the state was Gulf State Community Bank, Carrabelle, on November 19, 2010.


Chestatee State Bank, Dawsonville, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of the Ozarks, Little Rock, Arkansas, to assume all of the deposits of Chestatee State Bank.

The four branches of Chestatee State Bank will reopen during normal business hours beginning Saturday as branches of Bank of the Ozarks...As of September 30, 2010, Chestatee State Bank had approximately $244.4 million in total assets and $240.5 million in total deposits. Bank of the Ozarks did not pay the FDIC a premium for the deposits of Chestatee State Bank. In addition to assuming all of the deposits of the failed bank, Bank of the Ozarks agreed to purchase essentially all of the assets.

The FDIC and Bank of the Ozarks entered into a loss-share transaction on $195.3 million of Chestatee State Bank's assets...The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $75.3 million. Compared to other alternatives, Bank of the Ozarks's acquisition was the least costly resolution for the FDIC's DIF. Chestatee State Bank is the 153rd FDIC-insured institution to fail in the nation this year, and the 19th in Georgia. The last FDIC-insured institution closed in the state was Darby Bank & Trust, Vidalia, on November 12, 2010.


Appalachian Community Bank, F.S.B., McCaysville, Georgia, was closed today by The Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Peoples Bank of East Tennessee, Madisonville, Tennessee, to assume all of the deposits of Appalachian Community Bank, F.S.B., except for brokered deposits and certain out-of-state certificates of deposit (CD).

The three branches of Appalachian Community Bank, F.S.B. will reopen during normal business hours beginning Saturday as branches of Peoples Bank of East Tennessee...As of September 30, 2010, Appalachian Community Bank, F.S.B. had approximately $68.2 million in total assets and $76.4 million in total deposits. Peoples Bank of East Tennessee did not pay the FDIC a premium for the deposits of Appalachian Community Bank, F.S.B. In addition to assuming all of the deposits of the failed bank, Peoples Bank of East Tennessee agreed to purchase approximately $67.5 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

The FDIC and Peoples Bank of East Tennessee entered into a loss-share transaction on $46.4 million of Appalachian Community Bank, F.S.B.'s assets...The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $26.0 million. Compared to other alternatives, Peoples Bank of East Tennessee's acquisition was the least costly resolution for the FDIC's DIF. Appalachian Community Bank, F.S.B. is the 154th FDIC-insured institution to fail in the nation this year, and the 20th in Georgia. The last FDIC-insured institution closed in the state was Chestatee State Bank, Dawsonville, earlier today.


United Americas Bank, National Association, Atlanta, Georgia, was closed today by The Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with State Bank and Trust Company, Macon, Georgia, to assume all of the deposits of United Americas Bank, N.A.

The two branches of United Americas Bank, N.A. will reopen during normal business hours beginning Saturday as branches of State Bank and Trust Company...As of September 30, 2010, United Americas Bank, N.A. had approximately $242.3 million in total assets and $193.8 million in total deposits. State Bank and Trust Company did not pay the FDIC a premium for the deposits of United Americas Bank, N.A. In addition to assuming all of the deposits of the failed bank, State Bank and Trust Company agreed to purchase essentially all of the assets.

The FDIC and State Bank and Trust Company entered into a loss-share transaction on $195.8 million of United Americas Bank, N.A.'s assets...The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $75.8 million. Compared to other alternatives, State Bank and Trust Company's acquisition was the least costly resolution for the FDIC's DIF. United Americas Bank, N.A. is the 155th FDIC-insured institution to fail in the nation this year, and the 21st in Georgia. The last FDIC-insured institution closed in the state was Appalachian Community Bank, F.S.B., McCaysville, earlier today.


First Southern Bank, Batesville, Arkansas, was closed today by the Arkansas State Bank Department, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Southern Bank, Poplar Bluff, Missouri, to assume all of the deposits of First Southern Bank.

The two branches of First Southern Bank will reopen during normal business hours beginning Saturday as branches of Southern Bank...As of September 30, 2010, First Southern Bank had approximately $191.8 million in total assets and $155.8 million in total deposits. Southern Bank paid the FDIC a premium of 0.25 percent to assume all of the deposits of First Southern Bank. In addition to assuming all of the deposits of the failed bank, Southern Bank agreed to purchase approximately $152.8 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $22.8 million. Compared to other alternatives, Southern Bank's acquisition was the least costly resolution for the FDIC's DIF. First Southern Bank is the 156th FDIC-insured institution to fail in the nation this year, and the first in Arkansas. The last FDIC-insured institution closed in the state was ANB Financial, NA, Bentonville, on May 9, 2008.


Community National Bank, Lino Lakes, Minnesota, was closed today by The Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Farmers & Merchants Savings Bank, Manchester, Iowa, to assume all of the deposits of Community National Bank.

The two branches of Community National Bank will reopen on Saturday as branches of Farmers & Merchants Savings Bank...As of September 30, 2010, Community National Bank had approximately $31.6 million in total assets and $28.8 million in total deposits. Farmers & Merchants Savings Bank did not pay the FDIC a premium for the deposits of Community National Bank In addition to assuming all of the deposits of the failed bank, Farmers & Merchants Savings Bank agreed to purchase essentially all of the assets...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3.7 million. Compared to other alternatives, Farmers & Merchants Savings Bank's acquisition was the least costly resolution for the FDIC's DIF. Community National Bank is the 157th FDIC-insured institution to fail in the nation this year, and the eighth in Minnesota. The last FDIC-insured institution closed in the state was Community Security Bank, New Prague, on July 23, 2010.

{b] TOTAL LOSS LAST WEEK: $267.6 M.

[hamerfan]

6. Georgia banks?

Still?
Either there is no money left in Georgia or their banking laws are the most lax in the USA.

http://www.youtube.com/watch?v=Thls_tMuFkc

[Demeter]

9. Both

[Demeter]

31. Six regional banks repay Tarp funds

Six US banks have repaid funds the US Treasury supplied during the financial crisis, returning $2.7bn to taxpayers

Read more >>
http://link.ft.com/r/G8OTZZ/YHQ4AH/OFBYP/WLI878/NS0W1X/LE/t?a1=2010&a2=12&a3=23

http://dealbook.nytimes.com/2010/12/22/six-more-banks-repay-tarp-funds/

Six more banks have repaid the government bailout funds they received during the financial crisis, reaping $2.7 billion in proceeds for taxpayers, the Treasury Department announced Wednesday afternoon.

The bailout investments were made as part of the government’s $700 billion Troubled Asset Relief Program, instituted during the financial crisis to help stabilize the banking system.

TARP, which expired in October, is expected to cost far less than expected, according to estimates from both the Obama administration and the Congressional Budget Office.

The six institutions that repaid their TARP funds, along with the total proceeds, are:

Latest TARP Repayments

Bank Repaid Shares/AccruedDividends Total Taxpayer Proceeds

Huntington Bancshares $1.4 billion/$7.2 million $1.4 billion

First Horizon National $866.5 million/$4.5 million $871 million

Wintrust Financial $250 million/$1.3 million $251.3 million

Susquehanna Bancshares $100 million/$513,889 $100.5 million

Heritage Financial $24 million/$123,333 $24.1 million

Bank of Kentucky Financial* $17 million/$87,361 $17.1 million

*Treasury still holds $17 million in preferred shares.

Source: Treasury Department

[xchrom]

5. recommend -- merry christmas! nt

[burf]

7. It seems the news is now

that the recession is over. The headlines are the last minute shoppers were spending in a manner that would make drunken sailors blush. Then there is this startling piece of journalism over at MarketWatch that proclaims the recession thingie is history. (WARNING: Not for the weak of heart or for consumption after your holiday meal).

We shall overcome
Commentary: Real GDP now at pre-recession levels

The Great Recession has now been completely overcome: The United States economy is today back to where it stood at its peak prior to the Great Recession of 2008-2009.

http://www.marketwatch.com/story/real-gdp-now-at-pre-recession-levels-2010-12-24

To quote Tiny Tim: "God Bless Us Everyone!"

[hamerfan]

8. Local TV news here

is saying "shoppers may have spent a record amount this holiday season".
Happy days are here again! :sarcasm:
For the record, I work for a large retailer. We are way down on revenue this year, as are the other retailers in the area, an upper middle class shopping district.

[Po_d Mainiac]

68. Reality check

[Demeter]

10. US embassy cables: Mervyn King says in March 2008 bailout fund needed

http://www.guardian.co.uk/world/us-embassy-cables-documents/146196

CAN I ASK AS A POINT OF ORDER---WHY IS BANK GOSSIP GOING THROUGH THE DIPLOMATIC POUCH?


THIS IS A MUST-READ!

GET A CONCISE, DAILY SUMMARY AND INDEX TO WIKILEAKS HERE:

http://www.guardian.co.uk/world/series/us-embassy-cables-the-documents

[Demeter]

11. Put Your Christmas Cheer Here

Anything leftover or found under the tree, speaking of which:

The Tannenbaum Chronicles By GAIL COLLINS

http://www.nytimes.com/2010/12/25/opinion/25collins.html

[Demeter]

14. Dilbert and Dogbert Gift Exchange

My gift to readers---Death to Zombies!

[Demeter]

12. Want a Real Hero? Suffer the Little Children By CHARLES M. BLOW

http://www.nytimes.com/2010/12/25/opinion/25blow.html

...the British may have created a road map for us that dramatically reduces child poverty while not relying solely on handouts. A report released this month by Jane Waldfogel of Columbia University and the London School of Economics paints a fascinating portrait of how smart policies and targeted investments in that country have produced stellar results.

In 1994, about 30 percent of British children were below the country’s poverty threshold. Fifteen years later, that number has fallen to 12 percent. Over that same time, the number of American children below our poverty line slipped a bit then rose again as the economy turned sour. It is now approaching its 1994 level.

How did the British do it? It was a three-pronged attack.

First, they established a welfare-to-work program and a national minimum wage (which, at about $9, leaves ours wanting) and instituted tax reductions and credits for low-income workers. They made work more attractive, and people responded. The report said, “Lone-parent employment increased by 12 percentage points — from 45 percent to 57 percent — between 1997 and 2008.”

Second, they raised child welfare benefits, especially for families with small children, whether or not the parents worked.

Third, they invested directly in the lives of young children with things like doubling paid maternity leave, providing universal preschool, assisting with child care and allowing parents of young children to request flexible work schedules.

The British example shows that child poverty is not an intractable problem. If we can rise above the impulse to punish parents and focus on protecting children, we might replicate Britain’s success.

[Demeter]

13. Ernst & Young — Cuomo Initiates Settlement Talks With Filing

http://blogs.forbes.com/walterpavlo/2010/12/24/ernst-young-cuomo-initiates-settlement-talks-with-filing/?partner=yahoofpapp

...Anyone who thinks that E&Y and the state of New York are going to make it to a courtroom to settle this in front of a jury has got to be kidding. Last time I checked, there were four major accounting firms (The Big 4) and there have been numerous calls that a fifth is needed to take the place of the ill-fated Arthur Andersen. A guilty verdict for E&Y would mean we would have “The Big 3” (look how well that number worked out for the automotive industry). A settlement is imminent....

Interesting Rant!

[Demeter]

15. China raises interest rates

China’s central bank raised benchmark interest rates on Saturday, the second increase in just over two months, as the government stepped up its battle against persistent inflation.

The People’s Bank of China announced a 25 basis point rise in the one-year base lending and deposit rates, taking the lending rate to 5.81 per cent and the deposit rate to 2.75 per cent.

The Christmas Day rate hike came after the central bank raised rates on October 19 for the first time in nearly three years. Although Christmas is not a public holiday in China, the timing of the rate hike announcement
– late on Christmas Day and on a Saturday – was an apparent attempt not to unsettle global and domestic markets.

Read more >>
http://link.ft.com/r/J0VG55/V1YWJJ/B49CK/72UXFV/A737GV/HK/t?a1=2010&a2=12&a3=25

[Demeter]

51. Chinese IPOs fail to live up to hype (EIGHT (%) ISN'T ENOUGH)

http://www.usatoday.com/news/world/2010-12-23-chineseipos23_ST_N.htm?POE=click-refer

Chinese IPOs are turning into Wall Street's version of fireworks: They go up in a fantastic spectacle, then fizzle and fall to earth.

Initial public offerings of Chinese companies have been all the rage in the U.S. this year, and are accounting for roughly a quarter of all the year's deals. Investors have piled in, pushing the value of most Chinese IPOs up on their first days of trading.

But Chinese IPOs are crashing almost as dramatically. Consider that the year's 40 Chinese companies to go public in the U.S. are:

•Lagging the U.S. stock market. Chinese IPOs are up 8.1% on average from their first-day closing prices, say data from Renaissance Capital and Standard & Poor's Capital IQ. That means Chinese IPOs are lagging the 12.9% gain by the Standard & Poor's 500 and 18.1% for all IPOs.

•Posting losses more times than not. Nearly half the year's Chinese IPOs, 22, are down from their first-day close, the price at which most individual investors would have had a chance to buy in. And 19 of 2010's Chinese deals are below their actual IPO prices.

•Relying on a few success stories. Chinese IPOs' performance is even worse if you look past the two that have been big winners, HiSoft, up 184%, and Camelot Information, up 130%. Chinese IPOs are down 2.6% on a median basis, which factors out the effect of extreme returns...

[Demeter]

53. China reportedly sees trade surplus narrowing

http://www.marketwatch.com/story/china-reportedly-sees-trade-surplus-narrowing-2010-12-22?siteid=rss&mod=BOL_hpp_BOL2MW

Chinese officials believe the nation’s foreign trade will grow at a moderate pace next year, while China’s trade surplus will remain under pressure as the government bolsters efforts to buy more goods from the rest of the world, according to a report Thursday in the state-run China Daily.

The report cited Huo Jianguo, an official with a research academy at the Ministry of Finance, as saying that foreign trade will grow about 10% next year, easing from 30% growth this year...

[Demeter]

16. Investor rush for Facebook and Twitter

SO, IS THIS WHY TIME MAGAZINE PICKED ITS MAN OF THE YEAR?

The implied value of Facebook has leapt by half in the past five months, while the value of Twitter more than doubled as secondary market investors bid up shares of Silicon Valley’s fastest growing private companies.

Overall, the value of the top 11 private internet companies has risen by 54 per cent since June 30, against a 19 per cent gain in the S&P 500 media index, the nearest public market equivalent, according to data from Nyppex, a securities firm that tracks the private markets.

The valuations, based on the price private investors are willing to pay for small stakes
on the secondary market, highlight the frenzied state of technology investing, as institutional investors and venture capitalists seek to gain exposure to a new generation of consumer internet companies.


Read more >>
http://link.ft.com/r/R5WAEE/PR5V3Y/IEP5S/LQA3T1/40QBGN/N9/t?a1=2010&a2=12&a3=23

[Demeter]

17. Equities rally points to 2011 cheer

A powerful end-of-year stock market rally has sent equities to their highest levels since the collapse of Lehman Brothers more than two years ago, with hopes for the US recovery encouraging investors to pull billions of dollars out of bonds.
US and European shares have seen their biggest December gains in a decade. The FTSE 100 index rose for the fourth straight day, pushing through the 6,000 level on Thursday for the first time since June 2008, though it later fell back to 5,996.07.

Read more >>
http://link.ft.com/r/A1TNOO/ZB9KOO/FDFZE/3OF775/A7NC0J/FW/t?a1=2010&a2=12&a3=23

[Demeter]

18. BATS and Chi-X Europe in exclusive talks

BATS Global Markets, operator of the third largest stock exchange in the US, is in exclusive talks with a group of banks to combine its business with Chi-X Europe and create the largest share trading venue in Europe by volume, two people familiar with the matter said.

The move signals the biggest shake-up in share trading in the region since competition was allowed against established national exchanges four years ago.

Read more >>
http://link.ft.com/r/6NPSBB/IYC12Z/IEP5S/0GS02W/18YNNP/50/t?a1=2010&a2=12&a3=22

CHICAGO--LAND OF CAPONE

[Demeter]

19. GE to set aside $500m for river clean-up

General Electric will set aside $500m to pay for the cleanup of toxic chemicals from the bottom of the Hudson River and end one of the longest-running environmental battles in the US

Read more >>
http://link.ft.com/r/H60H77/UUD5EW/CWSVD/V1Y6M0/8AR0S6/AZ/t?a1=2010&a2=12&a3=24

[Demeter]

20. Dublin injects €3.7bn into Allied Irish

Irish government takes a step towards dominant ownership of Allied Irish Banks as it injects €3.7bn into the bank, the country’s second largest general lender

Read more >>
http://link.ft.com/r/H60H77/UUD5EW/CWSVD/V1Y6M0/ZBK1WN/AZ/t?a1=2010&a2=12&a3=24

[Demeter]

45. Anglo Irish Bank wins restructuring support

The Irish lender wins a key vote of support for a debt restructuring that has been seen as a precedent for banks seeking to impose a sharing of the financial pain among their creditors in similar schemes

Read more >>
http://link.ft.com/r/2SRI11/UUDCZB/YGZ3O/D4GXBH/40QFID/GX/t?a1=2010&a2=12&a3=22

[Demeter]

66. Irish developers still living the high life

http://www.guardian.co.uk/business/ireland-business-blog-with-lisa-ocarroll/2010/dec/21/ireland


"A lot of these people have done an awful lot of damage to the country and they really should work for nothing for the country," he told Prime Time Investigates last night.

He described some of the developers as "greedy" or "in denial" but said some had shown they were willing to work with NAMA.

One developer, he revealed, wanted a €1.5m a year salary to continue running his property empire.

"I think it got about 20 seconds' consideration before it was thrown out," said Daly...

One developer in Cork, Michael O'Flynn, still flies to race meetings in a helicopter. The Augusta eight-seater helicopter costs about €3.5m second hand. He did not personally guarantee his loans and NAMA, this morning, suggested the helicopter was a "lifestyle asset" not funded by any of the five banks participating in NAMA.

Another, Gerry Gannon, the main focus of the investigation, legally transferred 29 properties to his wife Margaret in the last year, in effect moving them out of reach of NAMA should it need to foreclose on any of the loans now on its books...

[Demeter]

22. Dublin injects €3.7bn into Allied Irish

Irish government takes a step towards dominant ownership of Allied Irish Banks as it injects €3.7bn into the bank, the country’s second largest general lender

Read more >>
http://link.ft.com/r/H60H77/UUD5EW/CWSVD/V1Y6M0/ZBK1WN/AZ/t?a1=2010&a2=12&a3=24

[Demeter]

23. Fitch lowers Portugal’s credit rating

The decision, which follows two downgrade warnings by other rating agencies this month, will add to investor fears that Portugal could be forced to follow Greece and Ireland in seeking an international financial bail-out

Read more >>
http://link.ft.com/r/H60H77/EW8L0I/A5Q0X/18JAQM/A7NVKJ/AZ/t?a1=2010&a2=12&a3=24

[Demeter]

54. EU's Rehn says markets too pessimistic on Portugal, Spain

http://uk.reuters.com/article/idUKTRE6BM0MM20101223

Financial markets are underestimating Portugal's and Spain's ability to cope with their public debt and stimulate economic growth, the European Union's top economic officials was quoted as saying on Thursday...

[Demeter]

24. Claims for jobless benefits fall in US

A raft of economic data pointed to a solidifying US recovery as consumer confidence and spending picked up and the housing market showed signs of stabilising

Read more >>
http://link.ft.com/r/H60H77/EW8L0I/A5Q0X/18JAQM/6VS654/AZ/t?a1=2010&a2=12&a3=24


SOMEBODY PLEASE EXPLAIN TO ME HOW THROWING PEOPLE OFF UNEMPLOYMENT INTO DESTITUTION CONSTITUTES "STABILIZING" ANYTHING?

[Demeter]

33. AND YET--Slow US growth highlights fragility

The US economy grew slower than Wall Street analysts had expected in the third quarter, and the housing market continued to struggle, highlighting the challenges of sustaining a fragile recovery


Read more >>
http://link.ft.com/r/3JFELL/UUDZDK/9MEOW/OJMPGN/JIG7GK/82/t?a1=2010&a2=12&a3=23

[AnneD]

80. To paraphrase a Hollywood truism.....

Wall Street is starting to believe their own press clippings.

[Demeter]

25. Buffett’s ideas on giving find favour

Europeans support the idea of the super-rich giving away their wealth rather than being forced to pay higher taxes


Read more >>
http://link.ft.com/r/H60H77/EW8L0I/A5Q0X/18JAQM/ZBK1CI/AZ/t?a1=2010&a2=12&a3=24

BLATHERSKITE!

[Demeter]

26. Wall Street poised for earnings hit

Fourth-quarter results are set to be dogged by sluggish trading activity as Europe’s economic woes and rising competition deprived banks such as Goldman Sachs and Morgan Stanley of a key source of profits

POOR SWEET BABIES!

Read more >>
http://link.ft.com/r/G8OTZZ/YHQ4AH/OFBYP/WLI878/WL4S0E/LE/t?a1=2010&a2=12&a3=23

[Demeter]

27. Google buys New York office building

Google has acquired one of the largest office buildings in New York, cementing its position as one of the city’s most significant tenants

Read more >>
http://link.ft.com/r/G8OTZZ/YHQ4AH/OFBYP/WLI878/XTWJ0U/LE/t?a1=2010&a2=12&a3=23

[Demeter]

28. Calpers pushes Apple over directors

Calpers has asked Aplle to change its rules for electing directors as part of a broad corporate governance drive

Read more >>
http://link.ft.com/r/G8OTZZ/YHQ4AH/OFBYP/WLI878/5C9L43/LE/t?a1=2010&a2=12&a3=23

[Demeter]

34. German business boosted by easier credit

German companies’ access to credit is better than at any time since the global financial crisis first erupted, helping to fuel a boom in domestic demand


Read more >>
http://link.ft.com/r/3JFELL/UUDZDK/9MEOW/OJMPGN/EW1CLX/82/t?a1=2010&a2=12&a3=23

BITTESEHEN, I'M SURE, SAYS AMERICA'S TAXPAYING PUBLIC

[Demeter]

41. Deutsche Bank agrees to US justice deal

The German lender agreed to pay $553m to avoid the filing of criminal charges for helping sell fraudulent tax shelters that cost the government billions in revenues

Read more >>
http://link.ft.com/r/2SRI11/UUDCZB/YGZ3O/D4GXBH/72JP9X/GX/t?a1=2010&a2=12&a3=22

[Demeter]

65. Deutsche Bank pays half a billion to escape US tax probe

http://www.dw-world.de/dw/article/0,,14731114,00.html?maca=en-rss-en-top-1022-rdf

Deutsche Bank has agreed to pay the United States' Department of Justice $553.6 million (421 million euros) to avoid criminal charges and end an investigation into the bank's sale of fraudulent tax shelters that cost the government billions in revenues.

The office of a New York district attorney general confirmed that the Frankfurt-based bank admitted taking part "in financial transactions which furthered fraudulent tax shelters that generated billions of dollars in US tax losses."

The deal will "resolve an investigation related to the bank's participation in various tax-oriented transactions for clients from approximately 1996 to 2002," Deutsche Bank said in a statement.

The multi-million dollar payment represents the total fees Deutsche Bank earned from its participation in the fraud, tax revenues lost by US authorities and a $149 million fine.

[Demeter]

35. Spain’s solar power subsidy cuts attacked

Investors in Spain’s €20bn photovoltaic solar power industry have protested against what they say is an illegal plan to cut subsidies by up to €3bn ($3.9bn)

Read more >>
http://link.ft.com/r/3JFELL/UUDZDK/9MEOW/OJMPGN/M9O40F/82/t?a1=2010&a2=12&a3=23

NOTHING LIKE SEED CORN FOR BREAKFAST, TO ENSURE THAT THERE'S NO LUNCH...

[Demeter]

37. China extends help to tackle euro crisis

China pledges further ‘concerted action’ to bolster European financial stabilisation, including continuing to buy the bonds of countries at the centre of the debt crisis

Read more >>
http://link.ft.com/r/H60H77/XTEAU5/IEP5S/ZB98IL/9ZF1FK/1G/t?a1=2010&a2=12&a3=22

[Demeter]

40. Fed extends central bank swap lines

The Federal Reserve has extended its currency swap lines with other central banks in a move that shows the continued uncertainty over Europe’s sovereign debt

Read more >>
http://link.ft.com/r/H60H77/XTEAU5/IEP5S/ZB98IL/5C9N9X/1G/t?a1=2010&a2=12&a3=22

[Demeter]

43. China’s State Grid in Brazil push

China’s State Grid, one of the world’s largest utility companies, is investing $989m in seven Brazilian power transmission groups in a deal that marks State Grid’s first venture into non-Asian market

Read more >>
http://link.ft.com/r/2SRI11/UUDCZB/YGZ3O/D4GXBH/C5PHNS/GX/t?a1=2010&a2=12&a3=22

[Demeter]

62. Fresh humiliation for eurozone as China says it will bail out debt-ridden nations

http://www.dailymail.co.uk/news/article-1341110/Fresh-humiliation-euro-zone-China-says-bail-debt-ridden-nations.html

...China's astonishing economic growth has put it on track to overtake America as the world's economic powerhouse within two years, a recent report claimed.

But experts believed still be some years before America's leadership role is really challenged - largely because Beijing has given no indication it is ready to take on the responsibility of shepherding the world' economy.
Protest: Strikers carrying placards demonstrate outside the Greek Parliament in Athens. Greece is among a number of EU countries struggling financially. This foray into the future of the euro could be a signal from Beijing that it is ready to change that perception.

The euro rose temporarily on the news of China's support - but was sinking again this morning to a three-week low against the dollar...


Read more: http://www.dailymail.co.uk/news/article-1341110/Fresh-humiliation-euro-zone-China-says-bail-debt-ridden-nations.html#ixzz19APAzcYK

[Demeter]

38. Bank of Moscow in embezzlement probe

Yuri Luzhkov has denied using his position as city mayor to help his wife, who rose to become Russia’s richest woman with a vast construction and property business

Read more >>
http://link.ft.com/r/H60H77/XTEAU5/IEP5S/ZB98IL/ZBKQKC/1G/t?a1=2010&a2=12&a3=22

[Demeter]

39. Medvedev joins scramble for India trade

Russia’s president strikes deals to supply New Delhi with energy and military equipment as developed nations seek to tap fast-growing economy

Read more >>
http://link.ft.com/r/H60H77/XTEAU5/IEP5S/ZB98IL/FXL8LN/1G/t?a1=2010&a2=12&a3=22

[Demeter]

42. Emerging markets deals lead 16% rise in M&A

Companies in developing countries struck 2,570 deals worth a total $502.6bn in the year to date, as groups move to spend their cash piles outside of their home markets

Read more >>
http://link.ft.com/r/2SRI11/UUDCZB/YGZ3O/D4GXBH/HDHOL1/GX/t?a1=2010&a2=12&a3=22

[Demeter]

44. Trafigura net income falls as oil trading hit

The world’s largest commodities trader suffers a 20% fall in annual net income after its oil trading business was hit by “challenging” conditions

Read more >>
http://link.ft.com/r/2SRI11/UUDCZB/YGZ3O/D4GXBH/5C9NEE/GX/t?a1=2010&a2=12&a3=22

[Demeter]

46. Denmark Gives Away $7B USD, or 2% of GDP to Carbon Credit Traders

http://www.zerohedge.com/article/denmark-gives-away-7b-usd-or-2-gdp-carbon-credit-traders

The Danish tax authority has been robbed blind by a carbon trading scandal that has rocked the market for carbon off sets: while the story saw some press a year ago, significantly higher losses have since been reported and the MSM has ignored the story.

The Danish Auditor General is on the case now as the scope of the crime has become obvious, and grown exponentially since it was first reported. Originally discussed as a quasi-small-time dollar scam, the reality a year later is a lot larger: Europol is estimating a value on the case of 38 Billion Kroners and the values seem to keep going up.

Connie Hedegaard, then the Climate & Energy Minister for Denmark, is now the EU Climate Commissioner. While she was with the Danish government, she helped set up and manage a system where there were no background checks on the listings of permitted traders. This removal of identification was done even though the EU requires at least passport. This helped a group of fake, rogue traders set up a program that looted the Danish economy of up to 2% of its gross GDP in lost VAT taxes.

Here's How:

The Denmark CO2 permit registry was setup with extremely lax rules and regulations, possibly intentionally. In 2007, Ms. Hedegaard removed the requirement for identification and in a very short period of time traders figured out the loopholes and started to back up the proverbial truck. How? To put it simply: you could round robin CO2 credits, booking the VAT as a bonus each time.

What is painfully obvious is that over 1,100 of the 1,256 (or about 88%) of the registered traders listed in their system were bogusly set up for fraudulent activity. The traders have since been delisted as the scope of the crime becomes obvious...

[Demeter]

47. A Cheery Holiday Message from Bankster: Death Eaters on Wall Street

http://www.banksterusa.org/content/cheery-holiday-message-bankster-death-eaters-wall-street

Wall Street Journal has a stunning expose on a publicly-traded company called Life Partners Holdings. Are you ready for this? Life Partners creeps around asking the unemployed, the elderly and the sick (especially people with HIV/AIDS) to sell them their life insurance policies for cash. Then they bundle these policies into securities and sell them to vultures -- oh, I am sorry, “investors.” Then the “investors” sit around and wait for people to die -- the sooner the better for the purchasers of these death bonds. The future of this industry “looks bright,” chirps National Underwriters...

[Demeter]

48. Federal Reserve Blocks New Foreclosure Regulations

http://www.huffingtonpost.com/2010/12/21/federal-blocks-new-forecl_n_800010.html

Top policymakers at the Federal Reserve are fighting efforts to rein in widely reported bank abuses, sparking an inter-agency feud with the FDIC and the Treasury Department. The Fed, along with the more bank-friendly Office of the Comptroller of the Currency, is resisting moves to craft rules cracking down on banks that charge illegal fees and carry out improper foreclosures. The FDIC supports such rules, according to an FDIC official involved in the dispute.

The new regulations would rein in debt collection, loan modification and foreclosure proceedings at bank divisions called "mortgage servicers." Servicers have committed widespread fraud in the foreclosure process. While the recent robo-signing of fraudulent documents has received the most attention, consumer advocates have complained about improper fees and servicer mistakes that lead to foreclosure for years.

"Given that we've seen a massive failure in servicing practices and a massive failure to address servicing in an honest way, I think this is important," says Joshua Rosner, a managing director at Graham Fisher & Co., and longtime critic of the U.S. mortgage system.

Last week, the National Consumer Law Center and the National Association of Consumer Advocates published a survey of 96 foreclosure attorneys from around the country, attesting that servicers have pushed 2,500 of their clients into the foreclosure process, even as the borrowers were negotiating loan modifications with the same servicers...

[Demeter]

49. We Are Now Paying for the Destruction of the US Dollar and Economy… Literally

http://www.zerohedge.com/article/we-are-now-paying-destruction-us-dollar-and-economy%E2%80%A6-literally?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone

We just hit another milestone in insanity.

I’ve written before that thanks to its QE lite and QE 2 programs, the Fed is now officially the single, largest owner of US debt. However, even that nonsense pales in comparison to the Fed’s latest accomplishment, that of owning over $1 TRILLION in US debt.

That’s right, as of yesterday afternoon the Fed now owns over $1 trillion in US debt. This amounts of over 7% of the US’s total debt, own by our central bank.

Now, many commentators have pointed out the various ways in which this policy has endangered the US’s balance sheet, economic clout, and currency. However, there’s one element that NO ONE seems to have picked up on. That is…

You, me, and everyone else in the US, is now PAYING the Fed for its insane, anti-Middle class policies...

[some guy]

61. I'm thinking

since the Fed prints the money, and now owns the debt, they should be able to just write it off <poof> debt-be-gone.

I certainly don't *expect* the greedy fucks to do anything like that, but it does seem to be the only actual viable option. :)

[Demeter]

64. Wouldn't that be loverly?

The Rothschilds take a loss? The Smartest Guys in the room take their lumps?

[Demeter]

50. Pentagon’s Christmas Present: Largest Military Budget Since World War II

http://rickrozoff.wordpress.com/2010/12/23/pentagons-christmas-present-largest-military-budget-since-world-war-ii/

On December 22 both houses of the U.S. Congress unanimously passed a bill authorizing $725 billion for next year’s Defense Department budget. The bill, the National Defense Authorization Act for Fiscal Year 2011, was approved by all 100 senators as required and by a voice vote in the House. The House had approved the bill, now sent to President Barack Obama to sign into law, five days earlier in a 341-48 roll call, but needed to vote on it again after the Senate altered it in the interim.

The proposed figure for the Pentagon’s 2011 war chest includes, in addition to the base budget, $158.7 billion for what are now euphemistically referred to as overseas contingency operations: The military occupation of Iraq and the war in Afghanistan.

The $725 billion figure, although $17 billion more than the White House had requested, is not the final word on the subject, however, as supplements could be demanded as early as the beginning of next year, especially in regard to the Afghan war that will then be in its eleventh calendar year.

Even as it currently is, the amount is the highest in constant dollars (pegged at any given year’s dollar and adjusted for inflation) since 1945, the final year of the Second World War. With recent U.S. census figures at 308 million, next year the Pentagon will spend $2,354 for every citizen of the country at the $725 billion price tag alone.

Last year’s Pentagon budget, by way of comparison, was $680 billion, a base budget of $533.8 billion and the remainder for operations in Afghanistan and Iraq. In July of this year Congress approved the 2010 Supplemental Appropriations Act which contained an additional $37 billion for the wars in Afghanistan and Iraq....

[Demeter]

52. ARABIC COMMON MARKET? GCC monetary council to create executive body

http://www.emirates247.com/business/economy-finance/gcc-monetary-council-to-create-executive-body-2010-12-23-1.333046

The central bank governors from six Gulf Arab nations ended their sixth meeting in Riyadh late Wednesday with an agreement to pursue plans to set up an executive body ahead of the creation of the region’s first central bank.

In a statement published in Saudi newspapers on Thursday, the officials from Saudi Arabia, Kuwait, Qatar and Bahrain-members of the six-nation Gulf Cooperation Council (GCC)-said they had already approved the budget of the GCC Monetary Council (GMC) and would hold more talks through 2011 to establish an executive body that will carry out the GMC’s functions.

“The executive body is to be drawn from the four members and will be headed by a CEO, who will pick the administrative staff and devise plans of action,” the Saudi Arabic language daily Aleqtisadiah said.

“The GMC will assume a supervisory role while the executive body will chalk out plans and implement GMC’s decisions.”

[Demeter]

55. VIDEO STORE

Keiser Report: JP Morgue

http://vodpod.com/watch/5167540-keiser-report-jp-morgue?u=ampedstatuscom&c=ampedstatus

Foreclosured On, Never Missed a Payment | Yves Smith MUST SEE!

http://vodpod.com/watch/5166323-foreclosures-on-people-who-never-missed-a-payment?u=ampedstatuscom&c=ampedstatus

It's War: WikiLeaks vs. Bank of America

http://vodpod.com/watch/5161514-its-war-wikileaks-vs-bank-
of-america?u=ampedstatuscom&c=ampedstatus

JP Morgan Silver Manipulation Explained

http://www.youtube.com/watch?v=Gl47z2g2EvI

Part 2-JP Morgan Silver Manipulation Explained



http://www.youtube.com/watch?v=uPg4qTNTP-E&feature=player_embedded

[Demeter]

56. The JP Morgue Whistleblowers Are Back

Promptly after those two cuddly bears explained how the JP Morgue is manipulating the silver market, and the xtranormal video went viral, forcing the FT to release an indemnification that "according to sources" JPM had covered a major portion of its silver short (only to subsequently end up with 90% control of other metals markets), here they are back, explaining in Part 2 of the series just what the next steps in the unwind of the biggest metal manipulation scheme will look like.

http://www.zerohedge.com/article/jp-morgue-whitsleblowers-are-back-cuddly-bears-continue-expose-silver-manipulation-story

[Demeter]

57. WikiLeaks Vs. The Banks VIDEO

http://vodpod.com/watch/5154708-wikileaks-vs-the-banks?u=ampedstatuscom&c=ampedstatus

[Demeter]

58. I NEED A HERO

http://www.youtube.com/watch?v=OBwS66EBUcY


WAIT FOR IT.....

[Demeter]

67. Why do I have to do all the Cooking Around Here?

Cue the dinner---cheese steaks!

[Demeter]

59. THE BOND FILM FRANCHISE

The James Bond film series is a series of motion pictures, based on the fictional character of MI6 agent James Bond (code designation "007") appearing in the novels of Ian Fleming. Earlier films were based on Fleming's novels and short stories, followed later by films with original storylines. The franchise remains one of the longest continually running film series in history, having been in ongoing production from 1962 to 2010 with a six-year hiatus between 1989 and 1995. In that time EON Productions has produced 22 films, at an average of about one every two years, usually produced at Pinewood Studios. The films have grossed just over US$ 5 billion at the worldwide box office, being the second highest-grossing film series ever.<1> In addition, there are two independent productions and an American television adaptation of the first novel. Albert R. Broccoli and Harry Saltzman co-produced the EON films until 1975, when Broccoli became the sole producer. Since 1995, Broccoli's daughter Barbara and stepson Michael G. Wilson have co-produced them. Six actors have portrayed 007 in the official EON series so far (not counting stunt doubles, authorised video game voiceovers, etc.).

Broccoli's (and until 1975, Saltzman's) family company, Danjaq, has held ownership of the James Bond film series through EON, and maintained co-ownership with United Artists since the mid-1970s. From the release of Dr. No (1962) up to For Your Eyes Only (1981), the films were distributed solely by UA. When Metro-Goldwyn-Mayer bought UA in 1981, MGM/UA Entertainment Co. was formed and distributed the films until 1995. MGM solely distributed three films from 1997 to 2002 after UA retired as a mainstream studio. From 2006 to present MGM and Columbia Pictures co-distribute the franchise, as Columbia's parent company, Sony Pictures Entertainment, (in a consortium including Sony, Comcast, TPG Capital, L.P. and Providence Equity Partners) bought MGM in 2005.

On November 3, 2010, MGM filed for bankruptcy. 5% of the company's assets are to be acquired by Spyglass Entertainment, but it is currently unknown if the James Bond rights are included in that deal.

http://en.wikipedia.org/wiki/James_Bond_%28film_series%29

[Demeter]

60. John Locke - (1632-1704) English philosopher and political theorist

"Tis a Mistake to think this Fault is proper only to Monarchies; other Forms of Government are liable to it, as well as that. For where-ever the Power that is put in any hands for the Government of the People, and the Preservation of their Properties, is applied to other ends, and made use of to impoverish, harass, or subdue them to the Arbitrary and Irregular Commands of those that have it: There it presently becomes Tyranny, whether those that thus use it are one or many."

-- John Locke - (1632-1704) English philosopher and political theorist. Considered the ideological progenitor of the American Revolution and who, by far, was the most often non-biblical writer quoted by the Founding Fathers of the USA.

[Demeter]

63. Some investors fear collapse of municipal bonds across nation

http://jacksonville.com/news/florida/2010-12-21/story/some-investors-fear-collapse-municipal-bonds-across-nation

Investors have fled municipal bonds in recent weeks, leading to rising fears about investments in state and local government debt and increasing the potential for higher rates for when governments look to borrow money.

But those involved in the bond market differ on how long the volatility will last and how much of an effect it might have on Florida, which has preserved its high credit rating throughout the economic downturn.

The market for municipal bonds, or munis, is pegged at around $2.8 trillion nationwide. It includes bonds sold for everything from sewer projects to college buildings to transportation infrastructure. Those investments have often been thought to be safer than other assets, largely because states cannot legally go bankrupt and because most governments do almost anything to avoid default.

No state has defaulted on its debts since the Great Depression, when Arkansas did so, and even in the midst of the current economic downturn, only three governments — Harrisburg, the state capital of Pennsylvania, a city in California and a transportation project in Las Vegas — have defaulted.

[Demeter]

69. Incompetent Economists, Not Pensions, Push Property Taxes Higher

http://www.cepr.net/index.php/blogs/beat-the-press/incompetent-economists-not-pensions-push-property-taxes-higher?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+beat_the_press+%28Beat+the+Press%29

The Wall Street Journal told readers today that "pensions push property taxes higher," in a headline of a news article. The article notes that large pension shortfalls, together with a loss of other tax revenue, are causing many local and county governments to raise property taxes.

Of course the reason that pensions face large shortfalls is that economists like Alan Greenspan and Ben Bernanke were not able to see the $8 trillion housing bubble, the collapse of which wrecked the economy. These pension funds also suffered because they listened to highly paid investment advisers who had no idea what they were doing. It is worth noting that almost all of these highly paid investment advisers still hold their high paying jobs.

[bread_and_roses]

70. A K and an R before it's too late

I'm too exhausted with the season to do more - we rather went all out - probably more than we should have - very unlike us. For me, probably some sort of "maybe the last good time" operating subconsciously. The grandchild is eight and it is such a joy to indulge her. One is only eight once. Still, we had the traditional "stocking gifts" of underwear and socks and new winter gloves (which none of us tend to get at the beginning of the season and which see some hard use around here, so by the Solstice Festival they are most welcome) - the practicals. Big dinner - only partly a success since I tried two new dishes which no one liked, ROFL - I should know better at my age. Still, there was plenty of good food that everyone did like, and treats galore. We listened to christmas choirs and watched the youtube of the "Random Acts of Culture" Hallelujah Chorus at a mall for something new.

When I was a child and we were poor, Christmas was joyous because there was always more abundance than at other times of the year - the gifts might have been mostly necessaries and often unwrapped, but the tree was always a delight, and there were always cookies - something we ordinarily did not have in the house.

I wish all you abundant joy this season. Will try to post something meaningful tomorrow, but no promises - I really am exhausted.

[some guy]

71. Thanks

for doing all this work on Christmas. I hope you get more responses on Sunday.

:hi:

:loveya:

[Demeter]

72. George Soros: Economics needs fixing

http://www.newscientist.com/article/mg20827915.600-george-soros-economics-needs-fixing.html

Why has the billionaire financier donated $50 million to rethink economics?

You have provided $50 million to set up the Institute for New Economic Thinking (INET) in New York City. What prompted you to do this?

It was the crash of 2008, which brought home the fact that there is something broken in economic theory. Two ideas - rational expectations theory and the efficient market hypothesis - have a monopoly of thought. Neither prepared us for the crash, yet other ideas don't have enough support. I talked to friends about how to address this and the idea of an institute emerged. Now it's running away with itself. I have never been involved in any initiative with this kind of self-generating interest before.

What does the institute aim to achieve?

A radical reorientation of economic theory. Exactly what shape it will take is impossible to predict, but I hope it will recognise the fundamental uncertainties in our economic system. These uncertainties have been ignored for the past 25 years....

[Demeter]

73. Buy vs. Rent: An Update By DAVID LEONHARDT

http://economix.blogs.nytimes.com/2010/12/22/buy-vs-rent-an-update/?ref=business

Below is an updated list of rent ratios — the price of a typical home divided by the annual cost of renting that home — for 55 metropolitan areas across the country.

We last covered this subject about eight months ago, and you’ll notice that most ratios have not changed much since then. A good rule of thumb is that you should often buy when the ratio is below 15 and rent when the ratio is above 20. If it’s between 15 and 20, lean toward renting — unless you find a home you really like and expect to stay there for many years.

Metro area Ratio

East Bay, Calif.    35.9
Honolulu    34.4
San Jose, Calif.    32.7
San Francisco    27.9
Seattle    27.3
Charlotte, N.C.    27
Orange County, CA   27
NYC (Manhattan)    26.7
Raleigh, N.C.    26.2
Portland, Ore.    25.9
NorthCentral NJ    25.2
Nashville    24
Denver    22.6
San Diego    22.1
Long Island, N.Y.   21.4
Milwaukee    21.4
Austin, Tex.    20.5
Norfolk, Va.    19.9
Richmond    19.7
Memphis    19.3
Bridgeport, Conn.   18.5
Hartford    18.4
Boston    18.4
DC–N Virginia–Maryland   18.3
Oklahoma City    18.2
Baltimore    17.6
Columbus, Ohio    17.6
Palm Beach County, Fla.   17.6
Salt Lake City    17.6
Sacramento    16.7
San Antonio    16.7
Chicago    16.6
New Orleans    16.2
Philadelphia    16.1
Houston    15.9
Fort Lauderdale, Fla.   15.7
Miami    15.6
New York    15.4
Los Angeles    15.4
Kansas City, Kan.   15.3
Inland Empire, Calif.   15.1
Nat;l ave. metro areas   15.1
Indianapolis    15.1
Jacksonville, Fla.   15
Minneapolis    14.9
St. Louis    14.6
Las Vegas    14.3
Atlanta    14.3
Orlando, Fla.    14.1
Tampa, Fla.    14
Cincinnati    13.9
Dallas – Fort Worth   13.8
Phoenix    13.3
Detroit    12.4
Cleveland    11.7
Pittsburgh    11.4

It’s pretty amazing when you think about it. The country has suffered through a terrible crash in home prices, yet buying a house remains an iffy proposition in many markets.

The data comes from Mark Zandi of Moody’s Analytics and covers the second quarter of this year. Home prices haven’t changed very much since then, so I would expect ratios in most places to be quite close to the numbers you see here.

[Demeter]

74. My Holiday Wish This Year A Cooperative (Not Corporate) Economy

http://onthecommons.org/my-holiday-wish-year

[Demeter]

75. Vision: How a Better Future Is Being Made Right Now

http://www.alternet.org/story/149297/vision%3A_how_a_better_future_is_being_made_right_now?page=entire

...As 2010 ends, what really interests me aren’t the corrosions and failures of this system, but the way another system, another invisible hand, is always at work in what you could think of as the great, ongoing, Manichean arm-wrestling match that keeps our planet spinning. The invisible claw of the market may fail to comprehend how powerful the other hand -- the one that gives rather than takes -- is, but neither does that open hand know itself or its own power. It should. We all should.

The Iceberg Economy

Who wouldn’t agree that our society is capitalistic, based on competition and selfishness? As it happens, however, huge areas of our lives are also based on gift economies, barter, mutual aid, and giving without hope of return (principles that have little or nothing to do with competition, selfishness, or scarcity economics). Think of the relations between friends, between family members, the activities of volunteers or those who have chosen their vocation on principle rather than for profit.

Think of the acts of those -- from daycare worker to nursing home aide or the editor of TomDispatch.com -- who do more, and do it more passionately, than they are paid to do; think of the armies of the unpaid who are at “work” counterbalancing and cleaning up after the invisible hand and making every effort to loosen its grip on our collective throat. Such acts represent the relations of the great majority of us some of the time and a minority of us all the time. They are, as the two feminist economists who published together as J. K. Gibson-Graham noted, the nine-tenths of the economic iceberg that is below the waterline.

Capitalism is only kept going by this army of anti-capitalists, who constantly exert their powers to clean up after it, and at least partially compensate for its destructiveness. Behind the system we all know, in other words, is a shadow system of kindness, the other invisible hand. Much of its work now lies in simply undoing the depredations of the official system. Its achievements are often hard to see or grasp. How can you add up the foreclosures and evictions that don’t happen, the forests that aren’t leveled, the species that don’t go extinct, the discriminations that don’t occur?

The official economic arrangements and the laws that enforce them ensure that hungry and homeless people will be plentiful amid plenty. The shadow system provides soup kitchens, food pantries, and giveaways, takes in the unemployed, evicted, and foreclosed upon, defends the indigent, tutors the poorly schooled, comforts the neglected, provides loans, gifts, donations, and a thousand other forms of practical solidarity, as well as emotional support. In the meantime, others seek to reform or transform the system from the inside and out, and in this way, inch by inch, inroads have been made on many fronts over the past half century...

THERE MUST BE A WAY TO STOP ENABLING THE LOOTERS, STOP CLEANING UP AFTER THEM, AND PUTTING THEM OUT OF THE PIRACY BUSINESS ALTOGETHER.

[Demeter]

76. WikiLeaks: US Ambassador Planned "Retaliation" Against France Over Ban on Monsanto Corn

http://www.truth-out.org/wikileaks-us-ambassador-planned-retaliation-against-france-over-ban-monsanto-corn66131

OH, REALLY? MAYBE IT'S TIME FOR A STRICT SEPARATION BETWEEN CORPORATION AND STATE! AND REINFORCEMENT OF THAT WALL BETWEEN CHURCH AND STATE, WHILE WE ARE AT IT....

The former United States ambassador to France suggested "moving to retaliation" against France and the European Union (EU) in late 2007 to fight a French ban on Monsanto's genetically modified (GM) corn and changes in European policy toward biotech crops, according to a cable released by WikiLeaks on Sunday.

Former Ambassador Craig Stapleton was concerned about France's decision to suspend cultivation of Monsanto's MON-810 corn and warned that a new French environmental review standard could spread anti-biotech policy across the EU.

"Country team Paris recommends that we calibrate a target retaliation list that causes some pain across the EU since this is a collective responsibility, but that also focuses in part on the worst culprits," Stapleton wrote to diplomatic colleagues.

President George W. Bush appointed Stapleton as ambassador to France in 2005, and in 2009, Stapleton left the office and became an owner of the St. Louis Cardinals baseball team. Bush and Stapleton co-owned the Texas Rangers during the 1990s.

Monsanto is based in St. Louis...

I AM BEYOND DISGUSTED

[Demeter]

77. SEC Describes Possible Criminal Activity in Unprosecuted Hedge Fund Case

http://www.truth-out.org/sec-describes-possible-criminal-activity-unprosecuted-hedge-fund-case66233

The Obama administration has stated it will aggressively go after Wall Street criminals, but is the government letting two defendants off easy?

As part of a big crackdown on Wall Street fraud, Attorney General Eric Holder recently revealed an “investigation is ongoing” that is “very serious,” believed to involve hedge funds and insider trading. He also has announced “Operation Broken Trust,” a Department of Justice-led task force targeting hundreds of illicit investment schemes. One of Holder’s wingmen is Preet Bharara, U.S. Attorney for the Southern District of New York. Bharara has threatened to file criminal charges including perjury against those who mislead federal investigators looking into stock fraud.

But what neither Holder nor Bharara have highlighted is a major case involving Pequot Capital Management, once the world’s largest hedge fund, and alleged insider trading in shares of Microsoft. The target of a DOJ-Securities and Exchange Commission investigation stretching back to 2005, the Pequot case is only now wrapping up. Last month, the SEC held an administrative proceeding in New York where government lawyers detailed new and serious accusations of what appears to be criminal wrongdoing, yet experts say there is little indication that DOJ intends to follow up with a criminal prosecution.

Time may be running out. The criminal statute of limitations on insider trading, the underlying alleged crime, has already expired. The clock is ticking on any DOJ prosecution of the SEC’s latest accusations in the case...

[Demeter]

78. African Huts Far From the Grid Glow With Renewable Power

http://www.nytimes.com/2010/12/25/science/earth/25fossil.html?nl=todaysheadlines&emc=a2

For Sara Ruto, the desperate yearning for electricity began last year with the purchase of her first cellphone, a lifeline for receiving small money transfers, contacting relatives in the city or checking chicken prices at the nearest market.

Charging the phone was no simple matter in this farming village far from Kenya’s electric grid.

Every week, Ms. Ruto walked two miles to hire a motorcycle taxi for the three-hour ride to Mogotio, the nearest town with electricity. There, she dropped off her cellphone at a store that recharges phones for 30 cents. Yet the service was in such demand that she had to leave it behind for three full days before returning.

That wearying routine ended in February when the family sold some animals to buy a small Chinese-made solar power system for about $80. Now balanced precariously atop their tin roof, a lone solar panel provides enough electricity to charge the phone and run four bright overhead lights with switches....

I HAVE SEEN THE FUTURE, AND IT IS BRIGHT WITH PROMISE...AND WHY IS CHINA SELLING THIS AMERICAN TECHNOLOGY? BECAUSE AMERICAN CORPORATIONS ARE BLIND, GUTLESS, GREEDY....

[DemReadingDU]

79. Where's Daniel Craig?

Daniel Craig
http://en.wikipedia.org/wiki/Daniel_Craig


I just happened on this thread now, too late to recommend. Let me see if I can find something to post.

[AnneD]

81. The Power Of One...

is one of my fav films. He was deliciously evil.