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The great interest rate ripp off part 2

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http://www.nytimes.com/2010/12/28/business/28shop.html?_r=1&ref=business

 

Americans are splurging as though it’s 2007 again.

 

Shoppers spent more money this holiday season than even before the recession, according to preliminary retail data released on Monday.

After a 6 percent free fall in 2008 and a 4 percent uptick last year, retail spending rose 5.5 percent in the 50 days before Christmas, exceeding even the more optimistic forecasts, according to MasterCard Advisors SpendingPulse, which tracks retail spending.

 

The rise was seen in just about every retail category. Apparel led the way, with an increase of 11.2 percent. Jewelry was up 8.4 percent, and luxury goods like handbags and expensive department-store clothes increased 6.7 percent. There was even a slight increase in purchases of home furniture, which had four consecutive years of declining sales. The figures include in-store and online sales, and exclude autos.

 

“For the past year or two, when I’ve seen growth in one area, it seems to come at the expense of another,” said Michael McNamara, vice president for research and analysis at SpendingPulse. “Here, things are actually all moving in the right direction.”

 

Of course, the broad increase was driven in part by higher spending on necessities like gas and food. And even with the across-the-board gains, some categories, like furniture and electronics, have still not climbed back to their prerecession levels.

 

Several retailers will report December sales in January, and they are trying to finish the month strong. A blizzard on the East Coast may have kept away shoppers on Dec. 26, when stores typically try to capitalize on store traffic for exchanges, returns and gift cards. But analysts said that the stores would not lose those sales — they would just be pushed later in the month, or into January.

 

The MasterCard data suggests that the pre-Christmas sales increase was the biggest in five years. Spending reached about $584.3 billion, compared with $566.3 billion in that period in 2007.

 

You see it's the recovery is alive and well, the data is all good, it's not like it's being driven up by inflation or by people buying essentials like food. A good solid report showing how great the US recovery really is.

 

Just keep buying folks the recovery needs you!


If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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http://www.nytimes.com/2010/12/28/us/28city.html?ref=business

 

HAMTRAMCK, Mich. — Leaders of this city met for more than seven hours on a Saturday not long ago, searching for something to cut from a budget that has already been cut, over and over.

 

This time they slashed money for boarding up abandoned houses — aside from circumstances like vagrants or obvious rats, said William J. Cooper, the city manager. They shrank money for trimming trees and cutting grass on hundreds of lots that have been left to the city. And Mr. Cooper is hoping that predictions of a ferocious snow season prove false; once state road money runs out, the city has set nothing aside to plow streets.

 

“We can make it until March 1 — maybe,” Mr. Cooper said of Hamtramck’s ability to pay its bills. Beyond that? The political leaders of this old working-class city almost surrounded by Detroit are pleading with the state to let them declare bankruptcy, a desperate move the state is not even willing to admit as an option under the current circumstances.

 

“The state is concerned that if they say yes to one, if that door is opened, they’ll have 30 more cities right behind us,” Mr. Cooper said, as flurries fell outside his City Hall window. “But anything else is just a stop gap. We’re going to continue to pursue bankruptcy until the door is shut, locked, barricaded, bolted.”

 

Bankruptcy, increasingly common among corporations and individuals, remains rare for municipalities. Local leaders who want to win elections find it unappealing and often have other choices for solving financial woes. Besides, states have a say in whether a municipality may pursue bankruptcy at all, and they have every reason to avoid such an outcome, not least of all for fear of a creating a ripple effect that could cripple the municipal bond market and drive up the cost of borrowing.

Yet with anemic property tax revenues and forecasts of more dire financial times ahead, some experts and elected leaders fear that more localities may have to at least consider bankruptcy.

 

“There could be many cities in this position next year,” said Summer Hallwood Minnick, director of state affairs for the Michigan Municipal League, who added that in this state, cities had already struggled with billions less than expected in state revenue sharing. “All our communities have done is cut, cut, cut. They’re down to four-day workweeks and the elimination of parks, senior centers, all of that. So if there’s anything else that happens, they will be over the edge.”

 

This recovery is getting better and better.

 

Perhaps we should run a CAG sweepstake on the first US city to declare bankruptcy or will the Ben Bernanke drop cash on the walking dead to stop that from happening.

 

Part of the problems in the Weimar was that tax revenues didn't match expenditure, something has to give and it appears unlikely that US cities are going to find the end of the rainbow. Globalisation has clearly destroyed small time America still at least the big corporations have done OK.


If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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http://www.independent.co.uk/environment/green-living/waste-crisis-means-80-giant-furnaces-set-for-goahead-in-2011-2170387.html

 

A grassroots revolt is growing over a new generation of controversial incinerators planned across the UK, which would see the amount of household waste sent to be burnt more than double. Incinerators are currently being planned on more than 80 sites under the so-called "dash for ash".

 

The Coalition must decide this summer whether to give its blessing to the £10bn roll-out of the new incinerator chimneys, which continue to meet fierce levels of local resistance from those who would live in their shadow. Concern over possible health risks and impact on property prices looks likely to make incineration one of the most toxic political issues of 2011.

 

Vehement opposition also comes from environmentalists, who claim that incinerators contribute to greenhouse gases and discourage councils from meeting more ambitious recycling goals.

 

According to the Environment Agency there are 21 facilities in the UK currently treating municipal waste, while a further eight have been given the go-ahead but are not yet operational. It is estimated that a further two dozen "energy from waste" schemes are still making their way through the planning process or awaiting a final decision from the Secretary of State.

 

And the waste industry is promising a "step change" in burning Britain's annual rubbish mountain. It believes that "many more" will still be needed in the medium term to meet the previous government's goal of turning 25 per cent of municipal waste into energy to heat homes and provide electricity over the next decade, and prevent Britain from paying millions of pounds in future EU landfill fines.

 

.........

 

"But when an incinerator is proposed they become alarmed at the health impact and this gets them to take to the internet. Then they realise they are very expensive and that there are other viable alternatives such as anerobic digestion which is renewable.

 

"No one is arguing that incinerators improve people's health. The debate is about how much local people's health will be depreciated.

 

I wonder how much of household waste can effectively be recycled and how much really is useless waste.

 

How many people are arguing that incinerators make no impact on peoples health, it's a ridiculous statement in a sense to make that they don't "improve" people's health. Although if the rubbish can't be dumped/burned and just gets left in the street I'm sure that burning it will "improve" health as leaving it on the streets will cause massive health problems.

 

Although I find it interesting that the article doesn't really offer any real alternative to burning, can any Greens on here offer an economically cost effect option to burning? I'm all for recycling and do as much as I can but we do still mostly end up with a full bin each week. Got a composter, two bins for recycling glass/tins and another for plastics that the council won't take which I take to the local supermarket for recycling, plus the paper/cardboard bin.

 

So what else can be done to reduce the amount of crap we bin? And of course more importantly stop incinerators being built which will affect house prices.


If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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http://www.thestar.co.uk/headlines/Incinerator-may-get-other-towns.6668317.jp

 

OPERATORS of Sheffield's waste incinerator have submitted an application to accept more rubbish from neighbouring areas – because the volume of waste generated in the city is falling.

 

Veolia Environmental Services claim the Sheffield Energy Recovery Facility on Bernard Road has started receiving less rubbish as the council's new kerbside recycling scheme kicks in.

 

Bosses say forecasts for the next six yeas show the £45 million plant, which was opened in 2006, will soon start operating at a shortfall – generating less electricity and less heat for the district energy network.

 

According to the terms of the facility's planning permission, Veolia can only accept 10 per cent of its rubbish from Rotherham and North East Derbyshire councils.

 

They now want to increase what they take from other authorities to 22 per cent – enabling them to accept waste from Barnsley, Doncaster and Bassetlaw – which will keep the site running at capacity.

 

Nigel Williams, Sheffield director of Veolia Environmental, said the proposals will not change the external appearance or capacity of the incinerator.

 

He said: "We want to be very transparent with the planning application and make sure everyone is fully aware of the proposals.

 

"The Energy Recovery Facility currently receives some waste from neighbouring areas and the proposed change is aimed at maintaining the facility to capacity so that, in turn, heat and electricity generation is optimised.

 

And if you do build more what happens when people recycle more and you run out of rubbish?


If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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http://www.independent.co.uk/news/business/news/25000-new-planes-needed-by-2029-2170710.html

 

Around 25,000 new passenger planes will be needed over the next 20 years, aircraft company Airbus has forecast.

 

These planes will have a value of around £1,880 billion, with 10,000 of the new planes replacing older and "less-green" aircraft.

 

The other 15,000 will be to accommodate passenger growth, said Airbus whose planes' wings are built in the UK.

 

Demand for ultra-large aircraft such as the Airbus A380 superjumbo is expected to account for 7% of the total number of new planes over the next 20 years.

 

Around 24% of the new aircraft will be twin-aisle planes, with 69% being single-aisle aircraft.

 

The world's passenger fleet amounts to more than 14,000 planes at the moment and this figure is expected to rise to 29,000 by 2029.

 

Airbus said the demand for new planes was being driven by replacement of aircraft for newer, more eco-efficient models in mature markets; dynamic growth in new emerging markets; low-cost carriers particularly in Asia; further market liberalisation and capacity growth on existing routes.

 

The company's forecast is 900 planes higher than its long-term prediction made at the end of 2009.

 

Airbus customer chief operating officer John Leahy said: "The recovery is stronger than predicted and reinforces both the resilience of the sector to downturns and that people want and need to fly."

 

The strength of extrapolation. Just like house prices demand can only ever go up.

 

Quick buy Airbus shares whilst you can still afford them....


If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Krugman - Still Proving PhDs Are Worthless

 

This is vomit-worthy material...

Oil is back above $90 a barrel. Copper and cotton have hit record highs. Wheat and corn prices are way up. Over all, world commodity prices have risen by a quarter in the past six months.

So what’s the meaning of this surge?

Paul gets so close to getting it right, then, of course, he falls right into the trap.

He goes to assert that this is all about "a finite world" and that "we're just running up against the limits of supply."

Oh really Paul?

One response has been a proliferation of conspiracy theories, of claims that the government is suppressing the truth about rising prices. But lately many on the right have seized on rising commodity prices as proof that they were right all along, as a sign of high overall inflation just around the corner.

Notice the immediate appeal to class-warfare and partisan garbage.

As for conspiracy theories may I ask where? You mean like the government's PPI numbers, right? Those are some grand conspiracy?

Or how about the regional Fed indices? They have consistently shown a widening spread between prices paid and prices received for the last year or so. That, of course, means that the economic conditions do not support passing through cost increases.

The markets, for their part, seem to think this is grand - for now. Yet increasing materials cost can only do two things - it can show up in final prices (price inflation) or it can be absorbed (margin destruction.) Those are the only two possibilities.

It cannot "disappear", no matter how much you would wish it be so. There are no candy-crapping Unicorns in the real world and balance sheets always balance.

In particular, today, as in 2007-2008, the primary driving force behind rising commodity prices isn’t demand from the United States. It’s demand from China and other emerging economies. As more and more people in formerly poor nations are entering the global middle class, they’re beginning to drive cars and eat meat, placing growing pressure on world oil and food supplies.

That's true, but irrelevant.

Again, rising input costs can only do two things - raise final prices or destroy margins.

Pick one.

And be careful which you pick, because whether you like it or not, rising prices is exactly what happens when you have a weak currency and import far more than you should, especially when it comes to energy.

The real problem with imports is in the energy area. See, oil is in (literally) everything. The computer on your desk? The monitor has plastic in it - made from oil. Your cellphone? Oil. Your coozie wrapping your drink? Oil. Your synthetic rubber shoe-sole? Oil. The food you eat? Oil, oil and oil (to till, to plant, to cultivate, to harvest, and to move from place of growth through to place of consumption.)

We have spent 30+ years denying that we must develop our own energy infrastructure. We have lots of oil, both as actual oil and as things convertible to it (specifically coal.) Getting it and putting it in usable form ****es off the greenies, which includes Krugman. But the fact is this - high prices solve high prices, and when headline "inflation" is running 10%+ a year due to the push-through of high energy prices into collapsing demand due to the inelasticity of incomes, we will suddenly develop the will to convert coal to oil, to build nuclear plants, and to drill for oil everywhere we have it.

Bet on that, because it will happen. I'm certain of it. The problem is that it's likely to happen only when people are hungry enough to eat all the "Greenies."

The real problem is the claims of "pumping liquidity" being a positive for the markets in the intermediate term, and indicating "economic recovery." They do no such thing. Krugman says "it still feels like a recession in America."

 

More at the link.

 

Part of the problem is the printing of money it reduces your purchasing power the majority of people don't understand this.


If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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http://www.dailymail.co.uk/news/article-1342218/Fraud-fears-banks-try-silence-student-exposed-fatal-flaw-chip-pin-cards.html

 

Britain's banks were accused of a cover-up today after they tried to silence a Cambridge University scientist who highlighted a fatal flaw in 'chip-and-pin' card security.

 

The UK Cards Association, which represents the country's biggest banks, objected to research that showed how a simple £20 hand-held device could be used by fraudsters to buy goods without entering a PIN code at the till.

 

Ex-Labour MP Melanie Johnson, a former Treasury minister who now works in the private sector as chair of the UKCA tried to stop the embarrassing research being published.

 

But in a blistering defence of academic freedom, Cambridge professor Ross Anderson warned the attempt to gag the scientists was 'a nasty piece of spin doctoring' and 'deeply offensive'.

 

The professor said that the university would not bow to external pressures and would continue to publish controversial research just as it had done in the past with famous Cambridge scientists such as Sir Isaac Newton and Charles Darwin.

 

The chip and PIN system, introduced in 2006, was intended to reduce card fraud as thieves would not be able to use stolen cards without knowing the PIN.

 

Scientists at Cambridge University, including Professor Anderson began to investigate whether there were flaws in the system after a number of card users said their cards' had been stolen and their PIN numbers had been used - something the banks still deny is happening.

 

The UKCA became incensed after Cambridge research student, Omar Choudary, described in a MPhil research project how to build a gadget that tricks chip-and-pin machines into accepting cards without a valid PIN.

 

Mr Choudary bought books and CDs worth £50 in Cambridge HMV using a card borrowed from a French journalist connected to the cigarette-packet sized gadget he was carrying.

 

Miss Johnson, on behalf of the UKCA, wrote to the university's communication department demanding that it remove all details of Mr Choudary's device from its website.

 

To be honest if your going to steal money your better off doing it via huge mortgage pimping and then getting the taxpayer to pick up the tab.

 

I'm surprised they haven't labelled the researcher a terrorist.


If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Breaking news

 

 

 

 

 

 


If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Let's Move Money From One Pocket To Another!

 

That will make it all ok, right?

DETROIT, Dec. 27, 2010 /PRNewswire/ -- Ally Financial Inc. (Ally) today announced that its mortgage unit, Residential Capital, LLC (ResCap), and certain ResCap subsidiaries have reached an agreement with Fannie Mae to resolve potential repurchase exposure for breaches of selling representations and warranties. The agreement covers loans serviced by GMAC Mortgage on behalf of Fannie Mae prior to June 30, 2010 and all mortgaged-backed securities that Fannie Mae purchased at various times prior to the settlement, including private label securities. The settlement was for approximately $462 million and releases ResCap and its subsidiaries from liability related to approximately $292 billion of original unpaid principal balance ($84 billion of current UPB) on these loans.

"Potential" exposure?

Uh huh.

Incidentally, what's this "mortgage-backed securities that Fannie Mae purchased?"

I thought Fannie took whole loans and bundled them into securities? Are we now seeing the soft underbelly of what Fannie (and Freddie) actually did during the bubble come out into the light of day?

See, it's not common knowledge that the GSEs were buying MBS on the market, but they in fact were. They were, like a lot of people, "reaching for yield" and buying crap. And whether that crap-buying happened because they were stupid or whether they were intentionally-deceived is an open question.

$462 million dollars to "release" them from liability on something that has less than 1/4 of the original exposure outstanding?

Where'd the other 3/4 go? Was it refinanced or defaulted? This is not a trivial matter and note that it is unaddressed in the press release.

"We are very encouraged to have reached this agreement with Fannie Mae," said ResCap Chief Executive Officer Thomas Marano. "They are a key counterparty to our mortgage business and we look forward to continuing our important and productive relationship. With our de-risking initiatives largely complete, the mortgage business will focus predominantly on the origination and servicing of conforming mortgages, which is where the company holds leadership positions."

I'm sure you are. After all, passing money from one pocket to the other (the Federal Government owns about half of Rescap, and all of Fan/Fred nowdays) has to be an interesting way of claiming you "fixed" a problem. The last time I checked there was no material difference between having a $20 in one pocket or in the other.

This sounds a lot like GM claiming they "paid" the government off - by taking a loan from the government. Or the various similar claims by AIG.

The obvious secondary question is of the part of Ally that is privately owned, why are we buying off the potential liability that those private entities still had, and who authorized what is an effective disbursement of taxpayer funds to these entities?

Update: In a conversation with Jim Olecki at Ally the firm was unable to provide more color on the current unpaid principal balances (how much of the decrease is from normal run-off and prepays .vs. defaults)

 

At least they've got uncle Ben to print.....


If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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European shares add to December gains in thin trade

 

?m=02&d=20101228&t=2&i=289026862&w=460&fh=&fw=&ll=&pl=&r=2010-12-28T171157Z_01_BTRE6BR0XXP00_RTROPTP_0_GERMANY

LONDON (Reuters) - European shares closed higher in thin holiday trade on Tuesday, bouncing from the previous session's selloff and adding modestly to the December rally.

Continue Reading

 

 

 

John Lewis post-Xmas sales had record day

 

LONDON (Reuters) - Retailer John Lewis said on Tuesday it had registered a record day of sales for a single day's trade earlier this week, as many retailers brace for a tough 2011.

3:24pm GMT

 

GM up after high marks from Wall Street

 

DETROIT (Reuters) - General Motors Co shares rose as much as 2.5 percent in midday trading on Tuesday after banks resumed coverage of the automaker with high marks for its North American sales and position in emerging markets.

5:01pm GMT

 

Heathrow snow chaos to impact BAA by £40 million - report

 

LONDON (Reuters) - Airports operator BAA is expecting at least 40 million pounds in lost trading as a result of disruption at Heathrow airport this month after heavy snowfall, the Financial Times reported on Tuesday.

UK 8:50am GMT

 

Euro zone reform does not go far enough - ECB's Mersch

 

BRUSSELS (Reuters) - Recent reforms of euro zone governance have not gone far enough, European Central Bank Governing Council member Yves Mersch said on Tuesday.

3:42pm GMT

 

China cuts rare earth export quotas and U.S. concerned

 

BEIJING (Reuters) - China announced on Tuesday it will cut its export quotas for rare earth minerals by more than 11 percent in the first half of 2011, further shrinking supplies of metals needed to make a range of high-tech products after Beijing slashed quotas for 2010.

5:31pm GMT

 

Oil maintains price rise to over $91

 

NEW YORK (Reuters) - Oil prices traded above the pivotal $91-a-barrel-level on Tuesday, hovering just below a 26-month high struck the previous session, as weakness in the dollar outweighed poor U.S. consumer confidence data.

6:11pm GMT

 

Japan output rises

 

TOKYO (Reuters) - Japanese factory output rose for the first time in six months in November and manufacturers expect to boost production in coming months, suggesting that firm demand in Asia will help the economy resume a recovery early next year.

12:18pm GMT

 

China relaxes rules for currency forwards

 

BEIJING (Reuters) - China will allow more banks to sell currency forwards to their clients to further develop demand and the nation's nascent derivatives market, the country's foreign exchange regulator said on Tuesday.

12:19pm GMT

 

China vows lending control to tame inflation

 

BEIJING (Reuters) - China's central bank took aim at inflation once again on Monday by saying it will control lending and money growth in the world's second-biggest economy to head off price pressures and asset bubbles.


If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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28 December 2010 Last updated at 20:03

 

Swiss franc reaches all-time high_50599865_swissfrancdollar.jpg New

 

The Swiss currency hits an all-time high versus the dollar, driven by its safe haven status and the weak US recovery.

 

 

_50594393_alcatelsign.jpgAlcatel-Lucent settles bribe case

 

The telecoms equipment giant Alcatel-Lucent will pay $137m (£88.7m) to settle US charges that it paid bribes for contracts.

 

 

US stocks shrug off mediocre data

 

US stocks remain almost unchanged, despite new data showing worse-than-expected falls in house prices and consumer confidence.

 

 

 


If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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[/url]

 

 

Shock fall in US confidence weighs on Wall St, European stock markets

 

wallstreet_1644246g.jpg

World shares edged lower for a second day on Tuesday after an unexpected decline in a closely-watched gauge of US consumer confidence and a slow housing market in the world's biggest economy weighed on sentiment.

World markets fall as oil hits 26-month high

 

 

FTSE 100 shines in 2010 but trails Germany

 

 

Can the FTSE keep rising?

 

 

 

 

Retailers fearful as Boxing Day sales disappoint

 

salestoreClara_1792752g.jpg

Almost a quarter fewer shoppers turned out to grab a bargain in the traditional Boxing Day retail sales compared with last year, a survey by Synovate Retail Performance said on Monday.

Top 10 retail stories of 2010

 

 

Bargain hunters descend on the high street

 

 

 

Bankers face 'scorecard’ test to justify bonuses

 

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Bankers will be forced to prove they deserve their multi-million bonuses, under new proposals from global regulators.

 

Britain at risk of power cuts

 

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Electricity network companies are putting customers at an “unacceptable” risk of power cuts as they try to maintain Britain’s ageing pylons and wires, according to Ofgem.

Top 10 energy stories of 2010

 

 

 

Recession cut travel demand by a quarter

 

air-travel-tax_1627055g.jpg

Demand for business air travel fell by almost a quarter during the downturn and is unlikely to return to pre-recession levels on short-haul routes, a new report has found.

 

'I'll resign if we don't fix Heathrow problems'

 

 

 

 

Lehman 'prophet' fears second US crisis

 

 

 

 

Botham: No euro please

 

 

 

 

Nudge gets the elbow as economists favour 'N squared'

 

 

 

 

Sainsbury increases share of value fashion with TU line

 

 

What to do with unwanted presents

 

 

 

Petrol: why is it so expensive?

 

 

 

 

Average family has £174 a week to spend


If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Europe’s Economic Pain Awakens Old Arguments

 

By LANDON THOMAS Jr. 52 minutes ago

 

Critics of the euro warned that the currency would be hobbled by different economic policies across Europe.

29euro-span-sfSpan.jpg

Peter Morrison/Associated Press

 

A protest rally against government austerity measures in Dublin in November. After the bailouts of Ireland and Greece, anxiety in the euro region lingers.

 

 

 

29rarespan-cnd-thumbStandard.jpg

China to Tighten Limits on Rare Earth Exports in 2011

 

By KEITH BRADSHER 1:56 PM ET

 

The reduction in quotas is the latest in a series of measures by Beijing that has gradually curtailed much of the world’s supply of rare earth minerals.

 

 

U.S. Consumer Confidence Deteriorated in December

 

By REUTERS 1:23 PM ET

 

Separately, the latest housing report showed that prices in 20 major cities declined 1 percent in October, faster than the 0.6 percent drop expected.

 

Media Decoder Blog

 

Oprah Network and Cablevision Reach Deal

 

By BRIAN STELTER

 

With it's agreement with Cablevision bringing 3.5 million cable subscribers on board, OWN: The Oprah Winfrey Network is expected to be available in around 85 million homes on Jan. 1.

 

Shares Wander After Disappointing Economic Data

 

By THE ASSOCIATED PRESS 4 minutes ago

 

Reports on consumer confidence and home prices fell below analyst estimates.

 

Square Feet

 

Providence Project to Bring Health Care and Jobs to Poor Area

 

By ELIZABETH ABBOTT 2 minutes ago

 

The $38 million development in Upper South Providence will have 95,200 square feet of commercial and retail space, including a health center.

 

DealBook

 

dbpix-companies-twitter-thumbStandard-v2.jpg

Trading in Private Companies Draws Scrutiny

 

By PETER LATTMAN 10:10 AM ET

 

Buyers in so-called secondary trading markets are mostly wealthy speculators looking to snag an early piece of the next Apple, Microsoft or Google.

 

DISNEY-thumbStandard.jpg

Disney Tackles Major Theme Park Problem: Lines

 

By BROOKS BARNES

 

An underground high-tech nerve center at Disney World addresses the most low-tech of problems: long waits.

 

28bank1-thumbStandard.jpg

U.S. Entices Big Banks in Canada

 

By IAN AUSTEN

 

Some of Canada’s five big banks, which have plenty of money to expand, have their eyes on the American banks despite lackluster investments so far.

 

jpCITY1-thumbStandard.jpg

Michigan Town Is Left Pleading for Bankruptcy

 

By MONICA DAVEY

 

Leaders of Hamtramck, a working-class city near Detroit, are looking for something to cut from a budget that’s already been cut, over and over.

 

In NBC’s Shadow, Comcast Must Ponder Taking Olympic Plunge

 

By RICHARD SANDOMIR 12:59 PM ET

 

Comcast, which is poised to buy control of NBC, may be more cautious than the network’s current owner, General Electric.

 

 

 


If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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http://www.nytimes.com/2010/12/29/business/29kahn.html?_r=1&ref=business

 

Alfred E. Kahn, a Cornell University economist best known as the chief architect and promoter of deregulating the nation’s airlines, despite opposition from industry executives and unions alike, died Monday at his home in Ithaca, N.Y. He was 93.

 

.........

 

But Mr. Kahn proved virtually helpless when, as the Consumer Price Index jumped in 1978 to 8 percent, President Jimmy Carter persuaded him to become inflation “czar” and to serve as chairman of the ill-fated Council on Wage and Price Stability, a job described by a sympathetic friend as serving as fire chief to a pyromaniac.

 

Before long in his new post, the voluble Mr. Kahn, shunning “recession” as a euphemism, warned of a “very serious depression” if inflation were not tamed, prompting a private rebuke by the president’s chief domestic policy adviser, Stuart E. Eizenstat.

 

So instead, Mr. Kahn began referring in public to a possible economic downturn as a “banana,” only to be chided by the president of the United Fruit Company and induced to shift once again to a different euphemism, “kumquat.”

 

Mr. Kahn, operating without staff of his own and with inflation accelerating to above 10 percent, became so frustrated in late 1979 that he asked to be relieved of the job. “I can’t figure out why the president doesn’t fire me,” he joked grimly at the time. “Actually, I do know,” he added. “Nobody would be foolish enough to take this job.”

 

An economist with a sense of humour, how we could do with a few more like this people might actually get interested in this subject, instead we get dullards.


If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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http://www.zerohedge.com/article/shanghai-drops-two-month-low-chinese-stocks-are-sp500-ytd-mirror-image

 

Even though news of the Chinese rate hike have so far spared the US stock markets, the Shanghai Composite, the SHCOMP, is now down 5 days in a row, and is back to a level last seen in October 2010, at 2,733, following a 1.7% overnight decline. What is more peculiar is that the main Chinese index is now down almost 15% from the highs reached in the recent upswing, specifically the 3,160 close from November 8. Yet during this entire time, the US stock market continues to melt up on ever lower volumes, and if futures are any indication, last night's latest drop in Chinese stocks will be ignored yet again, as the reverse decoupling thesis is now the prevalent paradigm, 4 short months after it was China's turn to "grow" the world out of the re-recession.

 

More at the link.


If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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http://www.telegraph.co.uk/finance/economics/8229465/Homeowners-cut-mortgage-debt-by-the-most-in-over-a-year.html

 

The figure was the biggest net injection of equity people have made into their homes since the first quarter of 2009.

 

The £6.1bn figure compares with an injection of around £5.8bn in the second quarter - revised down from £6.2bn - and £5.3bn in the first, according to the Bank of England, and is the equivalent of 2.4pc of homeowners' post-tax income.

 

A total of £49.7bn has been paid down on home loans since the second quarter of 2008.

 

Earlier in the decade many people extended their mortgages to finance other spending, such on cars, holidays and extensions.

 

This trend that came to an abrupt end in 2007 as the global economy was gripped by the worst recession since the Depression era.

 

No punches pulled with the Telegraph on this one.

 

Is the figure accurate that nearly £50bn has been paid back?

 

http://www.integrity-debt-solutions.co.uk/debt-facts-and-figures-compiled-june-2010-total-uk-personal-debt/

 

Total secured lending on dwellings at the end of April 2010 stood at £1,239bn. The twelve-month growth rate fell to 0.9%.

 

Is this figure total mortgage debt? If it is £50bn isn't making much of a dent.


If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Breaking news

 

 

 

 

 

 


If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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FTSE ends lower, dragged by banks, defensives

 

?m=02&d=20101229&t=2&i=289765794&w=460&fh=&fw=&ll=&pl=&r=2010-12-29T112744Z_01_BTRE6BS0VUK00_RTROPTP_0_MARKETS-BRITAIN

LONDON (Reuters) - Defensive stocks and banks pulled top shares slightly lower by close of trade on Wednesday, offsetting gains from miners and energy stocks pushed higher by buoyant commodity prices.

Continue Reading

 

 

 

Oil dips on profit taking and awaits U.S. inventory data

 

NEW YORK (Reuters) - U.S. crude oil prices fell in light trade on Wednesday but stayed close to recent 26-month highs, pulled down by profit-taking as markets awaited the release of U.S. inventory data.

5:30pm GMT

 

China's rare earths export cut raises trade concerns

 

SYDNEY (Reuters) - China's move to slash export quotas on rare earth minerals -- vital in a slew of high-tech products -- has raised fresh international trade concerns, and Japan's Sony Corp vowed on Wednesday to reduce its reliance on the minerals.

7:20pm GMT

 

U.S. blizzard delays $1 billion in holiday sales

 

NEW YORK (Reuters) - A blizzard in the U.S. Northeast this weekend postponed about $1 billion (£645 million) in holiday retail sales by keeping shoppers out of stores in the days after Christmas, research firm ShopperTrak said on Wednesday.

6:30pm GMT

 

Microsoft co-founder relaunches tech patent suit

 

SEATTLE (Reuters) - Microsoft Corp co-founder Paul Allen relaunched a wide-ranging patent lawsuit against Apple Inc , Google Inc , Facebook and others with specific allegations that the companies are illegally using technology owned by his company.

4:24pm GMT

 

Euro zone lending to firms improves

 

LONDON (Reuters) - The long-running year-on-year decline in lending to euro zone firms nearly ground to a halt in November, bolstering hopes that a rise in credit will aid the region's economic recovery.

11:33am GMT

 

Plaza Centres joint venture to buy seven U.S. malls

 

LONDON (Reuters) - Property developer Plaza Centres N.V. said its U.S. joint venture has signed an agreement to acquire seven U.S. shopping centres for $75 million (48 million pounds) from affiliates of Charter Hall Retail real estate investment trust.

9:16am GMT

 

Britons inject £6 billion in housing equity in Q3

 

LONDON (Reuters) - Britons put just over 6 billion pounds of equity into their homes in the third quarter of the year as record low interest rates encouraged homeowners to pay down debt.

UK, 9:50am GMT

 

World stocks rise on growth expectations

 

NEW YORK (Reuters) - World stocks climbed to their highest levels in more than 27 months on Wednesday as investors seized on indications of stronger growth in 2011.

6:05pm GMT

 

Ohio, New York state pensions named plaintiffs in BP case

 

NEW YORK (Reuters) - State pension funds in Ohio and New York were named lead plaintiffs in a shareholder suit against BP Plc that alleges losses due to the Gulf Coast oil spill, according to a U.S. district court ruling.


If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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http://www.telegraph.co.uk/topics/weather/8229699/Northern-Ireland-water-shortage-could-become-major-health-emergency.html

 

Tens of thousands of homes and businesses are still without supplies as engineers struggle to plug burst pipes. Some families have not had fresh running water for eight days.

 

Scotland has offered to supply bottled water in a bid to ease the emergency.

 

Northern Ireland Water (NIW), the company at the centre of the crisis, said it was unable to say when supplies would be fully restored.

 

Northern Ireland Regional Development Minister Conor Murphy is having talks with officials later today to consider ongoing operations and the sort of swift action needed to deal with the situation.

 

 

It would appear that in some parts of the country the infrastructure is collapsing.


If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Austerity may not be enough to save the EU's weakest links

 

Sean O'Grady: Analysts at the credit ratings agency Moody's have issued a stark warning that even with budget deficit programmes and savage cuts in public spending across the eurozone some of the weaker peripheral nations will still default on their debts, requiring a "restructuring".

 

 

 

Stephen King: Even if in one's fond imagination there was a golden age, life expectancy has never been greater

 

Outlook Many of you have by now discovered that surfing the internet can conjure up all sorts of interesting material. Being an economist, I try to ignore the more obvious temptations and focus instead on facts and figures.

 

 

 

Why Mongolia and Sri Lanka are top of the stock markets

 

One exchange is the world's smallest, the other is in a country recovering from war, but they're both thriving

 

 


If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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To be honest if your going to steal money your better off doing it via huge mortgage pimping and then getting the taxpayer to pick up the tab.

 

I'm surprised they haven't labelled the researcher a terrorist.

 

Your not wrong.

 

I came across this video which, in my opinion gives one of the best history lessons that simply is not taught in schools today. It's called "The Money Masters" and made in 1995.

 

It is lengthy (available via YouTube in chunks if you google), but it explains very well how 'the financial' system is run (controlled) buy private companies and not government, showing how it's specifically designed to get the masses to pay great sums to 'the few'! - It is not a conspiracy theory video, but a factual statement of events going back hundreds of years till the current day, well 1995.

 

What is interesting, is that it forecasts the current financial crisis and suggests that it was caused deliberately by private corporations as it was in 1929. It also suggests what we still have to look forward to - not good!

 

Link is here:

http://freedocumentaries.org/teatro.php?filmID=243&lan=en&size=big

Description:

The Money Masters is a 1995 documentary, produced by Patrick S. J. Carmack and directed and narrated by William T. Still. It discusses the concepts of money, debt, and taxes, and describes their development from biblical times onward. It covers the history of fractional-reserve banking, central banking, monetary policy, the bond system, and the Federal Reserve System. It explains how throughout the history of the United States important politicans have been bribed, conned and even assassinated (including Abraham Lincoln) due to banking related policies. This documentary argues that the profit from issuing money is currently being used in the United States to benefit a few wealthy individuals. It goes further and argues that this situation should be remedied, so that the profit benefits the public good, as during four periods in the history of the United States. Finally it presents a bill, the Monetary Reform Act, to implement such a remedy. As support, the film provides many quotations from notable figures including economists, members of the financial system, kings of England and United States presidents

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[/url]

 

 

Homeowners cut mortgage debt by the most in over a year

 

PF-mortgage-fix_1650716g.jpg

Bank of England figures show people braced for austerity Britain by paying down £6.1bn on their home loans in the three months to the end of September - the most since the first quarter of 2009.

Austerity to widen North-South divide

 

 

House prices will fall, says analysts, but how much?

 

 

 

 

Italy's debt costs approach red zone

 

italy_1794167g.jpg

Italy's borrowing costs have jumped to the highest level since the financial crisis two years ago, raising concerns that Europe's biggest debtor may slip from the eurozone's stable core.

 

G20 and EU risking future 'meltdowns'

 

london_1789733g.jpg

The efforts of the G20 and European Union to overhaul financial regulations have been lambasted for being "disingenuous political posturing" that could exacerbate future banking crises.

 

Australian floods send coal prices soaring

 

flood_1794143g.jpg

The wettest Australian summer since records began has resulted in the price of coal rising as fast as the stock of the English cricket team.

Commodities in 2010: Gold glittered but silver was shinier

 

 

 

Desire finds no oil in new Falklands well

 

desire_1779384g.jpg

British oil and gas explorer's shares tumble after it delivered further bad news to investors, saying the latest well in its Falklands drilling campaign has failed to find hydrocarbons.

Another day, another Falklands oil duster

 

 

 

UK unemployment to hit 17-year high

 

 

 

 

Record John Lewis sales as retailers brace

 

 

 

 

Standard Chartered talks to US over Iran links

 

 

 

 

Brazil to replace oil rigs with 'underwater cities'

 

 

House prices will fall, says analysts, but how much?

 

estate_1730111g.jpg

House prices will drop in 2011, the majority of forecasters agree – but by how much is another matter, with predictions ranging from slight movements to a dramatic 10pc plunge.

Nudge gets the elbow as economists favour 'N squared'

 

 

A better deal for credit card holders

 

Britain’s 30 million credit card holders will get a better deal in the New Year. A number of changes in the rules will give them greater control over their credit card accounts.

 

Austerity to widen North-South divide

 

 

 

Falkland Islands oil: false dawns and rollercoaster share rides


If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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China Cracks Down on Illegal Mining of Rare Earth Metals

 

By KEITH BRADSHER 12:46 PM ET

 

 

Rogue mining operations in southern China produce an estimated half of the world’s supply of the most valuable rare earth minerals.

 

 

 

 

30smuggle-span-sfSpan.jpg

Christie Johnston for The New York Times

 

Song Zuokai, 81, says an illegal rare-earth mine is polluting his village’s fields and streams.

 

 

 

 

 

 

30auto-span-thumbStandard.jpg

For Auto Industry, Questions About Beijing’s Road Ahead

 

By KEITH BRADSHER 11:42 AM ET

 

One uncertainty in the global auto industry is how much longer Beijing will allow China’s remarkable sales boom to continue.

 

DealBook

 

California Woman Charged in Insider Trading Inquiry

 

By DEALBOOK 3 minutes ago

 

Federal authorities charged Winifred Jiau of California with conspiracy and securities fraud for providing hedge fund managers with confidential information about Marvell Technology and Nvidia.

 

Wall Street Indexes Gain in Lackluster Trading

 

By THE ASSOCIATED PRESS 50 minutes ago

 

Trading volumes are expected to be light throughout the week as many investors have closed their books for the year.

 

dbpix-mark-zuckerberg-facebook2-thumbStandard.jpg

Share Rules Could Push Facebook Offering

 

By PETER LATTMAN

 

A surging shadow market in the privately held shares of Facebook could spur the company to go public.

 

29WIFI-thumbStandard.jpg

Wi-Fi Overload at High-Tech Meetings

 

By VERNE G. KOPYTOFF

 

Technology conferences would seem to be a natural for great Wi-Fi access, but the technology was not intended for large rooms and crowds.

 

jp-FAMILIES-1-thumbStandard.jpg

‘Doubling Up’ in Recession-Strained Quarters

 

By MICHAEL LUO

 

The recession is causing a surge in households where relatives and friends live together as a last resort.

 

 

DealBook

 

DB-pog-75.jpg

G.M. Shares Get a Boost As Analysts Look Ahead

 

By NICK BUNKLEY

 

After raising more than $23 billion in its initial public offering, analysts believe that G.M. shares could rise 21 percent.

 

Square Feet

 

chicago-1-thumbStandard.jpg

Chicago to Redevelop U.S. Steel Site on Lakefront

 

By ROBERT SHAROFF

 

The city envisions a retail and residential complex on hundreds of acres on the old South Works site.


If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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