From Linda Beale's guess post at NakedCapitalism.com:
What does the lead-in admit to, then (if it still thinks economic and free market theory are worth defending)? It acknowledgs that the discipline is subject to three critiques:1) it helped cause the current economic crisis
2) It failed to see it coming
3) It doesn't know how to fix it.
...the company decided to prohibit the sale of leveraged ETFs that seek more than two times the long or short performance of the target index, said spokesman Joseph Kuo.Don't know what a leveraged ETF is but would still "invest" in them? I have an idea for an investment fund that simply "invests" in lottery tickets. When you "retire", you find out how much $$$ you have.
“In a financial crisis, if you let the big firms collapse in a disorderly way, it will bring down the whole system,” Bernanke said yesterday at a town-hall-style meeting in Kansas City, Missouri, taped for broadcast this week on PBS television. “I was not going to be the Federal Reserve chairman who presided over the second Great Depression.”There are those who think everything is fixed now. Yeah, right.
Hahahahaha. Ahem. From Bloomberg:
Costlier for investors to hedge their stakes! Costlier? Does this moron mean costlier than the worlds financial system melting down?The legislation Frank plans to release next week might disrupt the flow of capital to companies by making it costlier for investors to hedge their stakes, said Robert Pickel, chief executive officer of the International Swaps and Derivatives Association, a New York-based industry group that sets rules and guidelines for the market.
‘Liquidity and Depth’
“Having people who are in there speculating adds liquidity and depth to the market so that anybody who is a pure hedger, they can tap that market and know they have a deep and liquid market to turn to,” Pickel said in an interview yesterday.
Reading the book from Gapingvoid.com.
Recommend getting or at least reading his story at his blog.
His back of business card cartoons are addictive.
From Public Surplus, a web based auction site for institutions to sell stuff & you to buy it. From their History page:
Intrigued, we decided to do some research in Utah, as well as other States. It would be important to asses the level of need other public agencies may have for a complete surplus inventory management system. Ninety-four agencies, (cities, counties, school districts and colleges), were contacted during this research. It was determined that none of these agencies were in full compliance with their State's regulations or policies. Problems were found relating to record keeping, reallocation and/or collusion avoidance. Moreover, the processes for managing surplus inventory operations were generally disorganized.
Simplenote rocks. More than worth the $1.99!
Crushes Apple's included Notepad, syncs over WiFi to their website. Just works. Beautiful.
Found the app thanks to DaringFireBall.net.
He details his ideas on Prices, Mean Reversion, Employment & Wages, Foreclosures, Inventory of which there is a substantial part of Shadow Inventory, Psychology, Debt Service/Down Payment & finally Deleveraging.There are more reasons I expect the Real Estate market to remain punk for many years, but these are a good place to start when considering the question.
The Housing Boom & Bust, and the 2002-07 credit bubble created massive excesses. More than anything, it is going to take time to resolve them.
My colleagues and I believe that accommodative policies will likely be warranted for an extended period. At some point, however, as economic recovery takes hold, we will need to tighten monetary policy to prevent the emergence of an inflation problem down the road. The Federal Open Market Committee, which is responsible for setting U.S. monetary policy, has devoted considerable time to issues relating to an exit strategy. We are confident we have the necessary tools to withdraw policy accommodation, when that becomes appropriate, in a smooth and timely manner.Good luck with that red part.
Super awesome cool from kottke:
...I've built a page where you can watch the CBS News coverage of Walter Cronkite reporting on the Moon landing and the first moon walk, 40 years to the second after it originally happened.His post explaining it including "live schedule".
4 pics in Flickr set.
Showed up yesterday with a huge web from one of our live oaks, to a statue, to our garden table.
Luckily the web had "little tufts of silk" so it was easier to see. I gently moved the web out of the path we had to work in. Link at Wikipedia. Unfortunately she was gone today.
This coming Sunday July 26th be at Kokoamos by 8am to ride Tour de Virginia Beach.
More info at ShareShoreDriveDay.net.
Hat tip to VCOG about NYTimes article:
Through his spokeswoman, Mr. Colbert cheekily responded on Wednesday to questions about his e-mail message to the governor. “I have a comment, but I am sending it to Mark Sanford’s office, so you can get it through the Freedom of Information Act,” he said.About the Virginia Coalition for Open Government:
We are a nonprofit alliance formed to promote expanded access to government records, meetings and other proceedings at the state and local level. Our efforts are focused solely on local/state information access. While we do some lobbying (within limits imposed by IRS rules), our primary work is educational.
More pressure to balance risk vs. reward while investing.
Taleb's latest article FT.com:
The core of the problem, the unavoidable truth, is that our economic system is laden with debt, about triple the amount relative to gross domestic product that we had in the 1980s. This does not sit well with globalisation. Our view is that government policies worldwide are causing more instability rather than curing the trouble in the system. The only solution is the immediate, forcible and systematic conversion of debt to equity. There is no other option.Financial Times is free to join & it's worth it to view a entire articles that are sometimes blocked with membership.
From Music Business & Trend Mongering I saw Soundcloud:
lets you move music fast & easy. The platform takes the daily hassle out of receiving, sending & distributing music for artists, record labels & other music professionals.More:
We love audio. And we don't discriminate against big files in strange formats, we welcome anything and everything audio. We've made it damn fast to upload and choose who you're sending to, no matter if they're on SoundCloud or not.
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