Former Managing Director of Goldman Sachs: Accounting Fraud of the Too Big to Fails May Be Worse Than Enron
Return of ClimateGate™: Moving Weather Posts!
US president battles criticism and recession - 23 Mar 09
Democracy and Prosperity
Commercial Real Estate Toronto - Office Space Financial Core July 2009
Censorship, thy name is copyright
Interesting how 6400 videos of political clips can be pulled –by force of law–by youtube and people stand around grumbling but essentially granting the rights of youtube to pull the material and the rights of C-Span and others to insist that it be pulled. In fact, this is the suppression of ideas and free speech through brute force, no different from any other censorship in the history of the history, but it is cleverly disguised in the form of this invention and modern myth born of legal positivism called “intellectual property,” a notion that is utterly foreign to actual property rights and actually attacks property rights..
ISM Non-Manufacturing Index Shows Contraction in July
From the Institute for Supply Management: July 2009 Non-Manufacturing ISM Report On Business® Economic activity in the non-manufacturing sector contracted in July, say the nation’s purchasing and supply executives in the latest Non-Manufacturing ISM Report On Business®. The NMI (Non-Manufacturing Index) registered 46.4 percent in July, 0.6 percentage point lower than the 47 percent registered in June, indicating contraction in the non-manufacturing sector for the 10th consecutive month, at a slightly faster rate . The Non-Manufacturing Business Activity Index decreased 3.7 percentage points to 46.1 percent.
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Analyzing business systems, processes data and information as well as working with users to improve business efficiency and productivity through the use of the Hydrocarbon Accounting System and other related systems … Develop and/or maintain service level agreement for the business application and its users, ensuring that the business system and interfaces are operated according to agreed procedures and the necessary checks and balances are continuously applied …
From HUD: FHA Suspends Taylor, Bean & Whitaker Mortgage Corp. and Proposes to Sanction Two Top Officials The Federal Housing Administration (FHA) today suspended Taylor, Bean and Whitaker Mortgage Corporation (TBW) of Ocala, Florida, thereby preventing the Company from originating and underwriting new FHA-insured mortgages. The Government National Mortgage Association (Ginnie Mae) is also defaulting and terminating TBW as an issuer in its Mortgage-Backed Securities (MBS) program and is ending TBW’s ability to continue to service Ginnie Mae securities.
Consumer Products: "No trend of increasing orders"
Brian sent me these comments from Multi-Color Corp. (this company makes labels mostly for consumer product companies: P&G was 19% of Q1 sales and Miller Beer was 13%.) Multi-Color: “While there is increasing evidence that the worst of the recession may be over, we remain cautious about sales volume for the remainder of the year. While you would expect inventories to be replenished as the economy stabilizes, we have not seen a trend of increasing orders to date
NMHC Quarterly Apartment Survey: Occupancy Continues to Decline, but Pace Slows
Note from NMHC: “Market Tightness Index reading above 50 indicates that, on balance, apartment markets around the country are getting tighter; a reading below 50 indicates that market conditions are getting looser; and a reading of 50 indicates that market conditions are unchanged.” So the increase in the index to 20 implies lower occupancy rates and lower rents – “looser” apartment conditions – but at a slower pace of contraction than the previous month.
The efforts of earlier political philosophers to explain the origins of the state either as an expression of “divine will” or as the product of an alleged “social contract” begin to melt away when confronted by Nock’s realism. He tells us that the state has its genesis not in some highly principled pursuit of a “common will” to resist some imagined perverse human nature, but in nothing more elevated than “conquest and confiscation.” He echoes Voltaire’s observation that “the art of government consists in taking as much money as possible from one class of the citizens to give to the other.” The Watergate-era mantra “follow the money” reverberates this more-prosaic theme. FULL ARTICLE
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From Bloomberg: Mortgage-Bond Rally May End on Housing Reality, Barclays Says (ht James) While an S&P/Case-Shiller index for May showed the first month-over-month price increase since 2006 and a 2 percent seasonally adjusted annualized drop, a more-accurate reading probably would have been an annualized decline of 10 percent to 15 percent, [Barclays' analysts Ajay Rajadhyaksha and Glenn Boyd] wrote. … seasonally adjusted home-price data has been skewed higher during the spring months of this year and last year by an “amplified” version of typical patterns, according to the analysts
Salerno: The Sociology of the Development of Austrian Economics
The recently-published Hoppe festschrift, Property, Freedom, and Society: Essays in Honor of Hans-Hermann Hoppe , contains a cornucopia of articles of interesting to Austrians and libertarians. A fascinating one is Chapter 14, Joe Salerno’s “The Sociology of the Development of Austrian Economics,” which is based on a speech presented at the Ludwig von Mises Institute’s First Annual Austrian Scholars Conference, Auburn University, Alabama, January 26-27, 1996, on a panel entitled “The Future of the Austrian School.” From Salerno’s introductory note: Although this paper was presented as a lecture in 1996, I have chosen to publish it in this volume in nearly its original manuscript form.[1] It was never previously published or posted electronically, but the paper achieved a limited circulation in manuscript form via copy and fax machines during the primitive days of the Internet. Despite its relatively restricted exposure, however, it generated a remarkably heated discussion in Austrian economics circles–much of it based on an inaccurate hearsay version of the paper–that lasted for a number of years.[2] So the first reason for publishing the paper now without major revision is to set the record straight regarding the actual claims and supporting arguments contained in it.
PMI at 48.9% up from 44.8% in June. Still contracting (below 50) but contracting at a slower pace. From the Institute for Supply Management: July 2009 Manufacturing ISM Report On Business® Economic activity in the manufacturing sector failed to grow in July for the 18th consecutive month , while the overall economy grew for the third consecutive month following seven months of decline, say the nation’s supply executives in the latest Manufacturing ISM Report On Business®.
Paul Graham, essayist, programmer and partner in the y-combinator talks with EconTalk host Russ Roberts about start-ups, innovation, and creativity. Graham draws on his experience as entrepreneur and investor to discuss the current state of the start-up world and how that world has changed due to improved technology that makes it easier to start a software company. Graham talks about his unusual venture firm, the y-combinator, and how he and his partners work with start-ups to get them ready for more advanced funding
A Blast from the Past – Movies @ The Devon! August 1, 2009 $5 SURPRISE DOUBLE FEATURES IN AUGUST “Oldies but Goodies” – Classic Movie Series Thursdays in August 1st Screening 11:00am 2nd Screening 1:00pm August 6th: On the Waterfront & A SURPRISE Double-Feature August 13th: My Fair Lady & A SURPRISE Double-Feature August 20th: From Here to Eternity & A SURPRISE Double-Feature “Family Fun Days” – Family Movie Series Fridays in August 1st Screening 4:00pm 2nd Screening 6:00pm-8:00pm August 7th: Kung Fu Panda & A SURPRISE Double-Feature August 14th: Madagascar 1 & A SURPRISE Double-Feature August 21st: Shrek 2 & A SURPRISE Double-Feature Step out of the heat and into the cinema! Tickets are just $5 and can be purchased at the door.
Dr Deagle Show 073009 3/4 – HARLEY SCHLANGER / LYNDON LaROUCHE ECONOMIC ANALYSIS
www.nutrimedical.com NUTRIMEDICAL REPORT SHOW — THURSDAY, JULY 30TH 2009 — HOUR ONE TOP NEWS — HARLEY SCHLANGER — EIR — LaROUCHEPAC.COM — LYNDON LaROUCHE ECONOMIC ANALYSIS AND SOLUTIONS — Take Back The Bailout, Reorganize the System! — China Daily Gives Wide Circulation To LaRouche’s Four-Power Proposal — LaRouche Demands Bankruptcy Reorganization Now — Pelosi Fails Again, President Nero Continues Demanding Nazi Health Policy Passage larouchepac.com larouchepac.com larouchepac.com …
Two facts from the Wall Street Journal a few days ago : The prevalence of obesity rose 37% between 1998 and 2006….Obese people spent 42% more than people of normal weight on medical costs in 2006. This is consistent with what I said in a column on healthcare fallacies in the NY Times a couple years ago : Americans are also more likely to be obese, leading to heart disease and other medical problems. Among Americans, 31 percent of men and 33 percent of women have a body mass index of at least 30, a definition of obesity, versus 17 percent of men and 19 percent of women in Canada
Dr Deagle Show 073009 4/4 – HARLEY SCHLANGER / LYNDON LaROUCHE ECONOMIC ANALYSIS
www.nutrimedical.com NUTRIMEDICAL REPORT SHOW — THURSDAY, JULY 30TH 2009 — HOUR ONE TOP NEWS — HARLEY SCHLANGER — EIR — LaROUCHEPAC.COM — LYNDON LaROUCHE ECONOMIC ANALYSIS AND SOLUTIONS — Take Back The Bailout, Reorganize the System! — China Daily Gives Wide Circulation To LaRouche’s Four-Power Proposal — LaRouche Demands Bankruptcy Reorganization Now — Pelosi Fails Again, President Nero Continues Demanding Nazi Health Policy Passage larouchepac.com larouchepac.com larouchepac.com …
Dr Deagle Show 073009 2/4 – HARLEY SCHLANGER / LYNDON LaROUCHE ECONOMIC ANALYSIS
www.nutrimedical.com NUTRIMEDICAL REPORT SHOW — THURSDAY, JULY 30TH 2009 — HOUR ONE TOP NEWS — HARLEY SCHLANGER — EIR — LaROUCHEPAC.COM — LYNDON LaROUCHE ECONOMIC ANALYSIS AND SOLUTIONS — Take Back The Bailout, Reorganize the System! — China Daily Gives Wide Circulation To LaRouche’s Four-Power Proposal — LaRouche Demands Bankruptcy Reorganization Now — Pelosi Fails Again, President Nero Continues Demanding Nazi Health Policy Passage larouchepac.com larouchepac.com larouchepac.com …
From an SEC 8-K filed this morning: As of June 30, 2009, Corus’ subsidiary, Corus Bank N.A. (the “Bank”) had preliminary Tier 1 capital of negative $157 million with a ratio of (2.1)%, and preliminary Tier 1 risk-based capital and total risk-based capital of negative $157 million with a ratio of (3.1)%, as reported in its June 30, 2009 Report of Condition and Income (“Call Report”) filed on July 30, 2009. As of June 30, 2009, the Bank was considered “critically undercapitalized” under the regulatory framework for prompt corrective action (“PCA”).
From a classical-liberal, Austrian, and free-market perspective, many will agree with the general framework that the Pope has outlined above, particularly those who accept an Aristotelian, Thomistic, and Rothbardian approach to the ethical foundations of voluntary exchange. However, when Benedict transitions from a philosophical framework to specific economic analysis and policy recommendations, particularly as he tries to carefully maintain a “middle of the road” approach to the logic of the market and economic crises, many will take exception. FULL ARTICLE
Restaurants: 22nd Consecutive Month of Traffic Declines in June
Note: Any reading below 100 shows contraction for this index. From the National Restaurant Association (NRA): Restaurant Industry Outlook Remained Uncertain In June as Restaurant Performance Index Declined for Second Consecutive Month The restaurant industry’s economic challenges continued to persist in June, as the National Restaurant Association’s comprehensive index of restaurant activity declined for the second consecutive month. The Association’s Restaurant Performance Index (RPI) – a monthly composite index that tracks the health of and outlook for the U.S.
How to Use Methodological Individualism: A Dissent
In a Mises Daily Article entitled ” How to Use Methodological Individualism ,” Guido Huelsmann makes a provocative claim regarding this fundamental principle of social analysis. According to Huelsmann, “while methodological individualism is properly applied in history, it is not a method that we use in [economic] theory.” His argument is that methodological individualism, although indispensable for explaining the contingent and complex events of history, e.g., the causes and consequences of the Iraq War or of the bailout of the U.S. financial system, is unable to aid us in demonstrating the time-invariant and necessary propositions that constitute economic theory
WaPo: Foreclosures Frequently Best Alternative for Lenders
Note: I covered this research a few weeks ago: Researchers: “Few Preventable Foreclosures” , but this is worth repeating … From the WaPo: Foreclosures Are Often In Lenders’ Best Interest Government initiatives to stem the country’s mounting foreclosures are hampered because banks and other lenders in many cases have more financial incentive to let borrowers lose their homes than to work out settlements, some economists have concluded
A friend draws to my attention a new CBO report on the House healthcare reform effort. Noting that a reduction in the long-term fiscal imbalance was allegedly a prime motive for the bill, he thinks this paragraph from CBO will (and should) force the would-be reformers back to the drawing board: Looking ahead to the decade beyond 2019, CBO tries to evaluate the rate at which the budgetary impact of each of those broad categories would be likely to change over time. The net cost of the coverage provisions would be growing at a rate of more than 8 percent per year in nominal terms between 2017 and 2019; we would anticipate a similar trend in the subsequent decade
Gary Becker says the answer is no : A recent excellent unpublished study by Samuel Preston and Jessica Ho of the University of Pennsylvania compare mortality rates for breast and prostate cancer. These are two of the most common and deadly forms of cancer–in the United States prostate cancer is the second leading cause of male cancer deaths, and breast cancer is the leading cause of female cancer deaths. These forms of cancer also appear to be less sensitive to known attributes of diet and other kinds of non-medical behavior than are lung cancer and many other cancers
Prime Minister Kevin Rudd and Health Minister Nicola Roxon released a report on the nation’s hospitals today by the National Health and Hospitals Reform Commission (NHHRC) which recommends a $1.2 to 1.9 billion spend on e-health. (Credit: Surgeons at work, by salimfadhley , CC2.0 ) The report endorsed the recommendations of the National e-health strategy completed by Deloitte last year . Its figure for rolling out a National e-health agenda of $1185 to $1865 million roughly mirrored the consultant’s original reported amount for implementing its national strategy .
The good Powerful graphics card and quad-core CPU Full-sized keyboard 1680×1050 resolution Turbo mode allows for overclocking Plenty of ports and options The bad Poor mouse buttons Keyboard flexes a little Hot air vent on right-hand side 32-bit Windows can’t use the full 4GB RAM Battery obstructs power adapter movement You really don’t want to unplug this one from the wall Touchpad driver still not included or offered on MSI website Design The GT725 is most definitely a desktop replacement with an eye on budget-focused gamers.
FDR Chickened Out from Making REAL Economic Reform
Americans are taught that Franklin Delano Roosevelt instituted massive economic reforms and regulations which tamed the banking hooligans. True, FDR helped pass a boatload of legislation, including Glass-Steagal and many other laws which helped reign in some of the worst abuses of the robber barons of the day. But Ellen Brown points out that FDR chickened out from making the most important, most fundamental reform: taking the power to create credit and “print” new money away from the private banksters and give it back to the federal government, as the founding fathers intended
Virtually every large technology goods and services provider in Australia has thrown their hat in the ring as the Northern Territory Government prepares to overhaul its ICT contracts in an $80 million whole of government purchasing initiative. The list of companies that have downloaded the tender documents (posted online in the territory’s tendering system) reads like a who’s who of Australia’s technology industry. IBM, Hewlett-Packard, Fujitsu, Oracle, Dell, Cisco, Avaya, Telstra and Optus are just some of the names on the list.