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From the Droid.
GMAC Financial Services is close to getting approximately $3.5 billion in additional aid from the U.S. government, on top of $12.5 billion already received since December 2008, according to people familiar with the situation.When you can print money and your budget deficit is $1.5T, what difference does another $3,500,000,000 make?
The announcement, expected within days, will coincide with GMAC taking additional steps to absorb losses related to its mortgage operations, these people said.
From deactivated Droid to photoblogging post in under 5 minutes.
I'm using blogaway to compose this. It's getting better all the time. The Droid keyboard isn't conducive to writing, but it's better than my old Blackberry . I'm finding I like the screen keyboard better than the pull out one, at least for this.
In any case, this will never take the place of a regular computer for longer blog posts.
I don't remember any period in my own longish life, even the Vietnam uproar, when the collective sense of purpose, intent, and self-confidence was so muddled in this country, so detached from reality.That's a good start. Let's see where it goes.
How dysfunctional is our nation? These days, we lie to ourselves perhaps as badly the Soviets did, and in a worse way, because where information is concerned we really are a freer people than they were, so our failure is far less excusable, far more disgraceful.Ouch! Is it as bad as all that?
2009 was the Year of the Zombie. The system for capital formation and allocation basically died but there was no funeral. A great national voodoo spell has kept the banks and related entities like Fannie Mae and the dead insurance giant AIG lurching around the graveyard with arms outstretched and yellowed eyes bugged out, howling for fresh infusions of blood... er, bailout cash, which is delivered in truckloads by the Federal Reserve, which is itself a zombie in the sense that it is probably insolvent. The government and the banks (including the Fed) have been playing very complicated games with each other, and the public, trying to pretend that they can all still function, shifting and shuffling losses, cooking their books, hiding losses, and doing everything possible to detach the relation of "money" to the reality of productive activity.Uh oh. I'm getting a bad feeling about this. How does it end?
The net result will be populations with less income, arguably impoverished, suffering, and perhaps very angry about it. Welcome to reality. Will Washington bail the states out, too? I wouldn't be surprised to see them pretend to do so, but not without immense collateral damage in everybody's legitimacy and surely an increase in US treasury interest rates.It gets worse. Violence and doom and economic chaos as far as the eye can see! Oh, please. Surely it can't be as bad as all that, can it? Err, how about this from the WSJ:
After two years of crashing banking systems and economic recession, the euro zone enters 2010 with a full-blown debt crisis.Gulp.
The European Commission warns that public finances in half of the 16 euro-zone nations are at high risk of becoming unsustainable. Governments will spend the next year and beyond balancing the urgent need to fix public-sector debt and deficits -- without imperiling what appears to be a feeble economic recovery. Even the staunchest optimists in Brussels and Frankfurt see a rocky process, with rating firms poised for more downgrades and bond markets meting out daily judgment over how governments are doing.
Just what solar energy companies don’t need—what could be an emerging risk that the existing national electricity grid isn’t up to the task of getting solar-generated electricity to consumers.This comes as no surprise to anyone familiar with Steven den Beste's posts on the topic of alternative energy sources. Here's a good summary of his thoughts.
First Solar’s (FSLR) December 22 cancellation of plans to build a 150-megawatt solar power plant in the high desert of Colorado points in that direction. In the company’s explanation for withdrawing its application to build the plant the company noted that it is reviewing all of its projects with an eye to factors like transmission capacity.
Could tranmission capacity–or the lack thereof–be emerging as the next bitg problem facing solar energy companies?
In order for "alternate energy" to become feasible, it has to satisfy all of the following criteria:The issue with concentration is the one mentioned by Jim Jubak. In order to make use of solar power, you need to build a massive web of transmission lines across a huge amount of land since the power generation is so diffuse. That'a a cost that would have to be paid by the government or imposed by the government on the utilities by law.
1. It has to be huge (in terms of both energy and power)
2. It has to be reliable (not intermittent or unschedulable)
3. It has to be concentrated (not diffuse)
4. It has to be possible to utilize it efficiently
5. The capital investment and operating cost to utilize it has to be comparable to existing energy sources (per gigawatt, and per terajoule).
If it fails to satisfy any of those, then it can't scale enough to make any difference. Solar power fails #3, and currently it also fails #5.
The state's $3.3-billion solar subsidy program has become so popular that the state utilities are approaching the legal limit for how much power they can buy from customers.$3.3B is a lot of money for a state drowning in debt and that's just one subsidy at the state level. The Federal government has gobs more.
Data showed that China, the largest holder of U.S. Treasury securities, maintained its holdings at 798.9 billion dollars in October.Now check out this bit of info.
Japan, the second-largest holder of Treasury debt, decreased its holdings to 746.5 billion dollars in October from 751.5 billion dollars a month ago.
Next on the list, Britain decreased its holdings to 230.7 billion dollars from 249.5 billion dollars.
The Treasury auctions will start Monday with $44 billion of two-year notes, followed by $42 billion of five-year notes on Tuesday and $32 billion of seven-year paper scheduled for Wednesday.Political arguments will continue in the current vein until reality intrudes.
The volume matches records set in November, when demand was strong and sufficient to lower the government's cost of borrowing in each case.
The success of this next batch is less assured given the timing and longstanding concerns that the government's record-breaking debt issuance—which targets around $1.4 trillion in the fiscal year ending in September—is spoiling the appeal of U.S. assets.
Major health insurers, which decided early to support key aspects of President Barack Obama's health-care overhaul, are now picking through the Senate's version of the legislation and finding cause for concern.Wouldn't it be really cool if shoe stores went this way? Or maybe auto companies? Like this.
Big insurers are still hoping to influence some language in the legislation before Congress sends it to the president. But one thing is clear: The initiative is poised to change their industry more than any other sector of the U.S. health-care system, with huge potential to disrupt profitability.
Once a week, a group of Somali Bantu refugees drives 45 miles from the City Heights neighborhood of San Diego to this remote agricultural valley in North County.Someone is teaching Somalis organic farming?!? What kind of odd parallel universe is this? What do you think they did in Somalia, drive their John Deere tractors over to the local Dow fertilizer plant and then harvest the crops with robotic combines and threshers? They came from Somalia, for heaven's sake! All they have is organic farming.
Their mission is to learn local growing techniques and start an organic farming business that can help them support their families.
The battles in Nicaea in 325 were faith based, with no relation to science or reason. So were the premises of the Copenhagen summit, that the planet faces catastrophic warming caused by manmade CO2 buildup, and that human intervention - geoengineering - could avert the coming disaster. Properly speaking, it's a farce. In terms of distraction from cleaning up the pollutants that are actually killing people, it's a terrible tragedy.See also: China, massive pollution of.
BARSTOW, Calif. — California Sen. Dianne Feinstein introduced legislation Monday that would prohibit development on about 1 million acres of Southern California desert but allow construction of solar and wind farms on "suitable" desert land outside the protected area.The article linked above is much more generous to the Senator than the one in print today. The print one discusses a whole slew of alternative energy projects that will get the axe because of this. Senator Feinstein, the print article claims, is following the wishes of an independent conservation group that bought the land from private owners with the intent of preserving it as is. When I used to donate to conservation groups, this was the kind of thing I gave money to do.
Nebraskans will get new Medicaid mandates covered by the federal government, most other states will sink under the weight of new unfunded mandates.Second, hidden in this monstrosity are gems like this.
The health reform Christmas gifts for Sens. Mary Landrieu of Louisiana and Ben Nelson of Nebraska are well known. But somewhere out there is another good little legislator who got funding for a hospital in their state.After over a year of listening to the big financial companies get pilloried for being, well, big financial companies, we now have a bill which will funnel hundreds of billions of dollars into them while doctors get screwed.
But which senator? Which hospital? It is a health care whodunit.
Somewhere out there in the United States is a “Health Care Facility” “at a public research university in the United States that contains a State’s sole public academic medical and dental school.”
We know this because in the bill Democrats released Saturday morning is a $100,000,000 check for that hospital (presumably there is only one).
I’m a primary care doctor in YOUR state (Nebraska), and you sold me out. I didn’t slog through 4 years of college and 4 years of medical school and 3 years of residency just to have you hand my career and my patient/doctor relationships over to government lifers ...But those little tidbits are not what make it surreal. This image is what pushes it over the top.
Thank you, Ben, for forcing doctors like me to earn less than the repairmen who fix our appliances. Case in point: We recently had our dishwasher fixed. The repairman who came to our house charged $65 just to come and ‘diagnose’ the problem, then charged another $180 to ‘fix’ the problem. You and your fellow lawmakers have fixed MY going rate (Medicare) at $35 per-visit. Thank you for securing such a ‘lucrative’ rate for me! Thank you so much for making me–someone with 8 years of education!–make less than a mechanic or appliance repair technichian.
In the car biz we would observe salesmen's posture to get an idea how the deal was going. If we saw this we would send in a floor manager. Obama is trying very hard to sell a position that Wen is not buying. He's no longer looking at the customer but is immersed in his pitch.From Bruce:
Looking at the large version, it seems Wen is indignant and disgusted, but also having some sort of revelation, as if he's seeing something new (it's not good). And of course he's carefully trying to hide all this by portraying himself as in control.The surreal nature of all of this is that the decisions being made by the progressives are based on a fantasy view of the world while the money they borrow is being lent by very, very pragmatic entities. It's like watching adult con men take money from naive trust-fund kids who don't even know they're being taken. Meanwhile, we're jumping up and down, unsuccessfully trying to warn them.
I view this as a highly trained, very talented public official looking down at an undisciplined commoner who's making a long list of obvious mistakes and probably unintended insults. Eegads, he thinks: China talks about being run by ordinary people, but that place really is.
At this moment there was a loud ring at the bell, and I could hear Mrs. Hudson, our landlady, raising her voice in a wail of expostulation and dismay.We found the ring in record time and I ended up paying each of the little street Arabs a dollar. One tyke, a lad of no more than 7, his face smeared with whatever he had been lunching upon, was particularly keen on where he might find some treats to purchase. I left them in the care of the counselor who assured them that she could turn up something quite delicious while my daughter and I left with a decided air of triumph.
"By heavens, Holmes," I said, half rising, "I believe that they are really after us."
"No, it's not quite so bad as that. It is the unofficial force—the Baker Street irregulars."
As he spoke, there came a swift pattering of naked feet upon the stairs, a clatter of high voices, and in rushed a dozen dirty and ragged little street Arabs. There was some show of discipline among them, despite their tumultuous entry, for they instantly drew up in line and stood facing us with expectant faces. One of their number, taller and older than the others, stood forward with an air of lounging superiority which was very funny in such a disreputable little scarecrow.
Dec. 19 (Bloomberg) -- Eurostar Group Ltd., operator of high-speed trains between London, Paris and Brussels, canceled all services today due to severe weather conditions in France.Either that or the whole thing is just a load of manure designed to enrich hucksters like billionare Gore, ensure a steady stream of mammoth research grants to frauds in the Universities and to give the proto-fascists in the EPA a chance to control the economy.
“We are not going to be running any services today because of the continuing weather conditions in northern France,” Eurostar spokeswoman Emelle Mouhaddib said ...
“It’s absolutely unprecedented,” he said. “The knock- on effect on passenger shuttle services and freight shuttle services is huge.”
A Kent Police statement said “Operation Stack” has been implemented on the M20, where 2,300 trucks have been parked on the motorway ...
As much as 6 inches (15 centimeters) of snow fell in southeast England yesterday and temperatures dropped to as low as minus-2 Celsius (24 Fahrenheit) overnight, according to the U.K. Metrological Office’s Web site.
We are now in a great waiting game, as regional hegemons, wishing to redraw the existing landscape — whether China, Venezuela, Iran, North Korea, Pakistan, Syria, etc. — are just waiting to see who’s going to be the first to try Obama — and whether Obama really will be as tenuous as they expect. If he slips once, it will be 1979 redux, when we saw the rise of radical Islam, the Iranian hostage mess, the communist inroads in Central America, the Soviet invasion of Afghanistan, etc.Well, wait no more! Iran's made the first move.
Dec. 18 (Bloomberg) -- Iranian forces yesterday entered Iraqi territory at dawn, and occupied well number 4 in the East Maysan oil field, Border Guard General Zafer Nazmi said.I recommend blaming Bush followed by an apology. If things get really serious, we should break out the big guns.
The Iranian forces positioned tanks around the well, which is in the al-Fakah region, 450 kilometers (280 miles) south of Baghdad. The two neighbors have disputed the border of southeast Iraq for decades.
“They positioned tanks around it and dug trenches,” General Nazmi said by phone from Basra. “They are still there, they raised the flag.”
Obama has put $100 billion in climate aid for developing nations on the table in Copenhagen.Typically, one makes loans to another entity with the intention of being paid back. This is like loaning someone money so they can go hand it out to the homeless junkies downtown. If I were Wen, I'd be pretty ticked off, too.
Dec. 18 (Bloomberg) -- President Barack Obama’s first closed-door meeting with world leaders in Copenhagen to forge an agreement to slow climate change had a notable absentee: Chinese Premier Wen Jiabao.The article referenced above says China is refusing to be monitored for compliance to the CO2 limits set in Copenhagen, but I would bet that a great deal of the irritation comes from a creeping sense of dread that all those dollars loaned to the US are going up in smoke.
President Chavez brought the house down.The time for talk is over. The time for action is now! Negotiations and voting don't apply during crises like these. It's time the EPA stepped in and did what Congress refuses to do.
When he said the process in Copenhagen was “not democratic, it is not inclusive, but isn’t that the reality of our world, the world is really and imperial dictatorship…down with imperial dictatorships” he got a rousing round of applause.
When he said there was a “silent and terrible ghost in the room” and that ghost was called capitalism, the applause was deafening.
The latest calculation of the National Debt as posted by the Treasury Department has - at least numerically - exceeded the statutory Debt Limit approved by Congress last February as part of the Recovery Act stimulus bill.So what? Who's going to do what, exactly, if they just blow off the law? Sort of the way they blew off bankruptcy laws when they stiffed the secured bondholders of GM and Chrysler.
The ceiling was set at $12.104 trillion dollars. The latest posting by Treasury shows the National Debt at nearly $12.135 trillion.
A senior Treasury official told CBS News that the department has some "extraordinary accounting tools" it can use to give the government breathing room in the range of $150-billion when the Debt exceeds the Debt Ceiling.
Were it not for those "tools," the U.S. Government would not have the statutory authority to borrow any more money. It might block issuance of Social Security checks and require a shutdown of some parts of the federal government.
Discuss or teach sexual fetish techniques to a 14 yr. old who isn’t related to you and you will get yourself some jail time and a flag on your home on the sex offender map. Approve the same as workshop curriculum when your name is Kevin Jennings and you get named as the Safe Schools Czar.There's a lot to this story and much of it is not safe for work. Hot Air has also been covering it as has Gateway Pundit.
In Oslo, his Nobel speech contained an admirable vein of realism. But he still dazzled with the obvious - war has been endemic to human history. He awed with the unconsciously egomaniacal - "I do not bring with me today a definitive solution to the problems of war." (Did he really think that disclaimer necessary?) ...Victor:
Obama seems to believe he's the first person to stumble on the concept of the "interconnected world." He often speaks in a professorial manner that treats his listeners as if they are all eager to be lectured in Obama 101, managing to sound thoughtful without any true depth or wisdom.
The president said some good things, but unfortunately, his long academic lecture on the nature of war itself had all the characteristics of what we have come to accept from an Obama sermon:No, there's no software that produces this. Just a guy and his coterie for whom the history of the human race begins on August 4, 1961.
1) Verbosity (4,000 words plus!) and extraneousness (he finally even referenced the world’s farmers); 2) I/me exhaustion (34 times) and the messianic cult of personality; ... 6) reference to his own unique personal story; 7) good-war/bad-war theory of Afghanistan and Iraq; 8) the hopey-changy rhetorical flourish.
Is there a Microsoft program somewhere that writes these things out?
As bankers demanded that new regulation should not stifle innovation, a clearly irritated Mr Volcker said that the biggest innovation in the industry over the past 20 years had been the cash machine. He went on to attack the rise of complex products such as credit default swaps (CDS).Of course, the same could be said for massive deficits and stimulus packages. It's almost like living within your means and simple loans made with basic return-on-investment caluclations are the best ways to economic growth.
“I wish someone would give me one shred of neutral evidence that financial innovation has led to economic growth — one shred of evidence,” said Mr Volcker, who ran the Fed from 1979 to 1987 and is now chairman of President Obama’s Economic Recovery Advisory Board.
This is the second time this week I have written you thereon, the first about giving space in your blog to the Pielkes.Over the past week, I've read plenty of examples of scientists who are now coming out of the woodwork to claim that they, too, have been suppressed. But what of it? Why stop? What is the underlying moral framework upon which you can call to stop the threats? There is none.
The vibe that I am getting from here, there and everywhere is that your reportage is very worrisome to most climate scientists.
Of course, your blog is your blog.
But, I sense that you are about to experience the 'Big Cutoff' from those of us who believe we can no longer trust you, me included.
Obama has decided to fight the war with the proper resourcing, or close to it. But what exactly is the purpose of the escalation? There was no sense of purpose in the speech, no grand sense of mission, save one: getting out...The only sense of real mission I get from this speech is that we’re going to send 30,000 more troops now so we can start evacuating all of them in the summer of 2011. It sounds like a slow-motion Dunkirk...Having quoted that, I still agree with the President's concepts, if only to get out of the place before all American will is sapped by the endless campaign.
This year's jellyfish swarm is one of the worst he has seen, Hamano said. Once considered a rarity occurring every 40 years, they are now an almost annual occurrence along several thousand miles of Japanese coast, and far beyond Japan.Finally, check out this video. I had no idea they were that huge.
Scientists believe climate change — the warming of oceans — has allowed some of the almost 2,000 jellyfish species to expand their ranges, appear earlier in the year and increase overall numbers, much as warming has helped ticks, bark beetles and other pests to spread to new latitudes.
Dubai, the second-biggest of seven emirates that make up the U.A.E., and its state-owned companies borrowed $80 billion to fund a boom in growth and diversify the economy. The global financial turmoil and a decline in property prices hurt companies such as Dubai World as they struggled to raise loans.Analysts saw this coming for some time and many had warned it would be the start of some kind of chain reaction of doom for the current stock market bubble. That hasn't happened at all.
The company received financing based on the “viability of its projects, not on government guarantees,” Al Saleh said.
Home prices in Dubai plummeted 47 percent in the second quarter from a year ago, the steepest drop of any market, according to Knight Frank LLC. Property prices may slide further, a survey by Colliers International showed Oct. 14.
A controversy over leaked e-mails exchanged among global warming scientists is part of a "smear campaign" to derail next month's United Nations climate summit in Copenhagen, one of the scientists, meteorologist Michael Mann, said Tuesday. Unknown hackers illegally broke into a server last week at the climate institute at Britain's University of East Anglia. The hackers then published hundreds of candid private messages in which top climate change specialists debate how to address recent data showing temperatures leveling off, the university says.The Anchoress said something to the effect of "The MSM will report on the story as soon as they have a counter narrative they can use to soften the blow." Looks like ABC found one. It's pretty thin stuff, if you ask me.
SCIENTISTS at the University of East Anglia (UEA) have admitted throwing away much of the raw temperature data on which their predictions of global warming are based.This is complete nonsense. The data could have been transcribed into computer files by grad students at $12 an hour and saved. In fact, they had to do that anyway to get the data into their models to adjust it in the first place! This is all lies! You never throw away your original data.
It means that other academics are not able to check basic calculations said to show a long-term rise in temperature over the past 150 years.
The UEA’s Climatic Research Unit (CRU) was forced to reveal the loss following requests for the data under Freedom of Information legislation.
The data were gathered from weather stations around the world and then adjusted to take account of variables in the way they were collected. The revised figures were kept, but the originals — stored on paper and magnetic tape — were dumped to save space when the CRU moved to a new building.
The cult's leaders are self-appointed, messianic persons who claim to have a special mission in life. For example, the flying saucer cult leaders claim that people from outer space have commissioned them to lead people to special places to await a space ship.Or global warming.