Drove to CO for Christmas...
The carnage on I-80 was horrific. Ice and snow left the roads a total mess. At least 3 dozen cars in the ditch. A pair of tractor trailers on fire and flipped over. Numerous areas where you could see tracks where people had barreled across the road into the opposite lanes.
it was crazy. But we're here safe.
I wonder if Labrat is a dad yet...
Anyway, Friday was a brutally cold ride home in the 35 degree rain. i had the beginnings of frostbite on my feet...but it was nothing compared to the minus 10 degree weather in DesMoines. Brutal
NPR News Headlines
Tuesday, December 23, 2008
Friday, December 19, 2008
Food For Thought
Great Article in Politico about the whole financial mess we're in and the possible effects to our country. Really, the more i find out about this, the more i realize we're fucked.
The Bait Effect Terrorists, and al Qaeda in particular, are fascinated with the idea of destroying the U.S. economy. Rickards worries that the economic meltdown in the United States could serve as bait of sorts for a terrorist attack, as plotters calculate that a strike now could have a “force multiplier” effect because of the already skittish U.S. stock market.
The China Syndrome
The Chinese own more than $500 billion worth of U.S. Treasury bonds, and billons more in the debt of other U.S. entities such as those held by Freddie Mac and Fannie Mae. And a general sense of mutually assured financial destruction keeps them from wielding that debt like a weapon: if the Chinese dumped U.S. debt on the global market, their own holdings of U.S. debt would decline in value, the U.S. economy would be damaged, ultimately harming the Chinese economy by reducing American ability to buy more Chinese goods.They’d have to be crazy to try it. But Rickards points out that governments don’t always do the rational thing. And in the meantime, their holdings give the Chinese incredible power over American decision making.
The Existential Crash
A pessimist by nature, Rickards believes that many economic forecasters are wrong, and the recession will get far worse than predicted. He sees an epic disaster scenario in which the U.S. gross domestic product declines by a staggering 35 percent over the next six to seven years. Crippling deflation could take hold. Unemployment, he says, could approach 15 percent. That’s a calamitous rate, but it would not be an all-time high: unemployment hit 25 percent during the Great Depression....In this scenario, the possibilities for global unrest increase dramatically as a staggering United States retreats from foreign aid and global diplomacy and the list of dangerous failed states grows sharply. The Alternate-Dollar Nightmare “The Number One vulnerability is the dollar itself,” Rickards concluded. “We’re printing them and shoving them out the door, and the Fed is basically out of bullets. So why hasn’t the dollar collapsed? The short answer is, global investors don’t have any other choice.” That is, there simply aren’t enough Euro- or Yen-backed securities for investors to shift their money out of dollars and into some other currency. But what if some kind of global coalition – say a trillion-dollar sovereign wealth fund allied with several countries around the world – banded together to create a gold-backed alternative to the dollar?
The Effect to National Security??
Mr. Rickards explains:
“The national security community needs to be conversant with this,” Rickards said. “In defense, intelligence, and national security, you earn your money by preparing for things that may be remote, but pose an existential threat if they come to pass.”
The Bait Effect Terrorists, and al Qaeda in particular, are fascinated with the idea of destroying the U.S. economy. Rickards worries that the economic meltdown in the United States could serve as bait of sorts for a terrorist attack, as plotters calculate that a strike now could have a “force multiplier” effect because of the already skittish U.S. stock market.
The China Syndrome
The Chinese own more than $500 billion worth of U.S. Treasury bonds, and billons more in the debt of other U.S. entities such as those held by Freddie Mac and Fannie Mae. And a general sense of mutually assured financial destruction keeps them from wielding that debt like a weapon: if the Chinese dumped U.S. debt on the global market, their own holdings of U.S. debt would decline in value, the U.S. economy would be damaged, ultimately harming the Chinese economy by reducing American ability to buy more Chinese goods.They’d have to be crazy to try it. But Rickards points out that governments don’t always do the rational thing. And in the meantime, their holdings give the Chinese incredible power over American decision making.
The Existential Crash
A pessimist by nature, Rickards believes that many economic forecasters are wrong, and the recession will get far worse than predicted. He sees an epic disaster scenario in which the U.S. gross domestic product declines by a staggering 35 percent over the next six to seven years. Crippling deflation could take hold. Unemployment, he says, could approach 15 percent. That’s a calamitous rate, but it would not be an all-time high: unemployment hit 25 percent during the Great Depression....In this scenario, the possibilities for global unrest increase dramatically as a staggering United States retreats from foreign aid and global diplomacy and the list of dangerous failed states grows sharply. The Alternate-Dollar Nightmare “The Number One vulnerability is the dollar itself,” Rickards concluded. “We’re printing them and shoving them out the door, and the Fed is basically out of bullets. So why hasn’t the dollar collapsed? The short answer is, global investors don’t have any other choice.” That is, there simply aren’t enough Euro- or Yen-backed securities for investors to shift their money out of dollars and into some other currency. But what if some kind of global coalition – say a trillion-dollar sovereign wealth fund allied with several countries around the world – banded together to create a gold-backed alternative to the dollar?
The Effect to National Security??
Mr. Rickards explains:
“The national security community needs to be conversant with this,” Rickards said. “In defense, intelligence, and national security, you earn your money by preparing for things that may be remote, but pose an existential threat if they come to pass.”
Wednesday, December 17, 2008
Oil Production Cuts
Interesting article today about OPEC's supply cut. 4M fewer barrels of oil per day. Oil prices still don't budge and continue to trade at $43/barrel.
Nice.
The kicker for me was that King Abdullah of thatglorious democratic free nation hmmm (why do we send them billions again?) Feels that oil's "FAIR" price is $75/barrel...
Really? Tell me again why I should pay $0.02 for a barrel of oil! What exactly did you do to it to cause it to be worth $75? Did you process it? No. Did you undertake an expensive research and development project to produce it? No. Fair? Really? What a crock of shit.
I think the King needs a little help on this one. "Fair" is what we're willing to pay for it. And hopefully, our President elect will use all the ridiculous spending he's proposing to make sure we develop the technology so that we don't need it at any cost.
20 years from now, those dogs in Middle East will be left with nothing to show for their century of oppressing their people, stifling freedom, encouraging religious fanaticism, and preventing their people from being properly educated all in the name of keeping oil profits for themselves. 20 years from now the oil money will dry up, and our wind turbines, oil sands, coal, nuke plants and solar cells will happily support our great nation.
Until then, I hope oil prices never recover. They don't deserve our money. And until that day, keep in mind where your gas comes from as we can't ride bikes all the time.
Nice.
The kicker for me was that King Abdullah of that
Really? Tell me again why I should pay $0.02 for a barrel of oil! What exactly did you do to it to cause it to be worth $75? Did you process it? No. Did you undertake an expensive research and development project to produce it? No. Fair? Really? What a crock of shit.
I think the King needs a little help on this one. "Fair" is what we're willing to pay for it. And hopefully, our President elect will use all the ridiculous spending he's proposing to make sure we develop the technology so that we don't need it at any cost.
20 years from now, those dogs in Middle East will be left with nothing to show for their century of oppressing their people, stifling freedom, encouraging religious fanaticism, and preventing their people from being properly educated all in the name of keeping oil profits for themselves. 20 years from now the oil money will dry up, and our wind turbines, oil sands, coal, nuke plants and solar cells will happily support our great nation.
Until then, I hope oil prices never recover. They don't deserve our money. And until that day, keep in mind where your gas comes from as we can't ride bikes all the time.
Monday, December 15, 2008
OK, So I've definitely been doing some good reading over the past few weeks. I read "Hot Flat and Crowded" which is Friedman's latest book about the rise of globalism. My overall opinion is "meh." It's pretty straightforward. The world emulates us, and therefore there's a lot more pollution.
My latest read which is shaping up to be much better. "The Age of American Unreason" concerns the steady decline of America. MTV, Constant Entertainment, Instant Gratification, and of course the attitude that being smart isn't cool is all contributing to the steady decline of the American culture. It's a great read.
Anyway, today's NY Times headline really got me hot this morning. Here's the gist:
"ALBANY — Gov. David A. Paterson will propose a $4 billion package of taxes and fees on a range of items, from sugary soft drinks made by Coca-Cola and Pepsi to luxury items like furs and boats, when he unveils his plan to close a deficit that has ballooned to $15 billion, people with knowledge of the plan said on Sunday.
Higher taxes will also be imposed on health insurers and a sales tax exemption on clothing and footwear under $115 will be eliminated, though the administration will propose a two-week holiday for goods under $500, under the budget the governor will introduce on Tuesday."
Why doesn't anyone think that the best way to balance the budget is to spend less? How much money is the government going to piss away before someone with two cents takes control and starts cutting some of these ridiculous spending programs? Ugghhh...
Anyway...until someone starts giving me a check every month to sit around all day and smoke crack, I'll keep working two jobs and responsibly paying my bills.
My favorite line that pretty much sums up how freakin retarded people are came last night on, I believe, "60 Minutes." The host asked a Nurse in FL who purchased 6 homes as an investment and now can't pay the mortages why she shouldn't be held responsible and should be relieved of her debt...get this...replied that investing wasn't her full time job so she can't be held responsible...
Hmmm...seems that if I'm not good at something I don't take big risks in it...
What a freakin great time I have the pleasure of living during.
My latest read which is shaping up to be much better. "The Age of American Unreason" concerns the steady decline of America. MTV, Constant Entertainment, Instant Gratification, and of course the attitude that being smart isn't cool is all contributing to the steady decline of the American culture. It's a great read.
Anyway, today's NY Times headline really got me hot this morning. Here's the gist:
"ALBANY — Gov. David A. Paterson will propose a $4 billion package of taxes and fees on a range of items, from sugary soft drinks made by Coca-Cola and Pepsi to luxury items like furs and boats, when he unveils his plan to close a deficit that has ballooned to $15 billion, people with knowledge of the plan said on Sunday.
Higher taxes will also be imposed on health insurers and a sales tax exemption on clothing and footwear under $115 will be eliminated, though the administration will propose a two-week holiday for goods under $500, under the budget the governor will introduce on Tuesday."
Why doesn't anyone think that the best way to balance the budget is to spend less? How much money is the government going to piss away before someone with two cents takes control and starts cutting some of these ridiculous spending programs? Ugghhh...
Anyway...until someone starts giving me a check every month to sit around all day and smoke crack, I'll keep working two jobs and responsibly paying my bills.
My favorite line that pretty much sums up how freakin retarded people are came last night on, I believe, "60 Minutes." The host asked a Nurse in FL who purchased 6 homes as an investment and now can't pay the mortages why she shouldn't be held responsible and should be relieved of her debt...get this...replied that investing wasn't her full time job so she can't be held responsible...
Hmmm...seems that if I'm not good at something I don't take big risks in it...
What a freakin great time I have the pleasure of living during.
Thursday, December 11, 2008
You Must Listen
To This American Life. Which fully explains the credit crisis and the whole Credit Default Swap.
Quick Overview: If I barrow from you and you barrow from me and we both make 20 million dollars, where does the 40 million dollars come from? Good question, enter financial crisis...
Seriously though, it's a great listen and highly informative!
Ok, back to work, still on travel...
Quick Overview: If I barrow from you and you barrow from me and we both make 20 million dollars, where does the 40 million dollars come from? Good question, enter financial crisis...
Seriously though, it's a great listen and highly informative!
Ok, back to work, still on travel...
Wednesday, December 3, 2008
Too Busy
I have been way to busy to post anything. That coupled with the fact that there is so much BS going on right now in the world to cover in a short post. I would need to do this full time...which I have neither the desire nor time to do. Instead, I leave you with this. A wonderful blogger who does set the record straight for a living.
Happy reading.
Happy reading.
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