This is now an obvious blog topic for later but it used to be corporations paid for training. Corporations in tech fields even paid for education. In China and in India, US corporations are paying for education and also training.
So, what we have here is a work of fiction and on top of it, dumping off onto the individual job skills which were primarily corporations responsibility and at least partnership with the government for access to higher education.
Nary a mention of the incredible rejection rates to get into college, although it's obvious they have dumped onto the individual the costs of higher education.
Retraining. But I have very bad news. Obama is pretty much saying the same thing. They are trying to claim the same bullshit, that Americans are just not trained and educated enough.
As far as I'm concerned if people want to blast both candidates and both parties for presenting this incredible bullshit generated by corporate lobbyists instead of giving the American people real policy change, analyzed by economists and experts that is going to work, which they repeatedly try to recommend and have given tons of testimony on the hill on....then, we can on this site blast both of them to holy hell and back for it.
I'm so sick of the Democrats being Republican lite and McCain man, he is so bought and paid for by these people. I mean come on, the queen of offshore outsourcing, Fiorina as an economic adviser?? Nuf said!
Forgive me, but I watched that speech yesterday night, and he said nothing new. If there were ever any proof that a McCain Administration would be a third Bush term, that speech did it. Retraining?!? Retraining?!? Are you kidding me?!? Tell that to a 50 year old engineer who had to plow into his retirement to make the mortgage payment and pay insurance premiums! What's he supposed to do? Training will take years, unless it's a low-skilled job that most likely will be sent overseas. Seriously, what is the average time it takes to retrain folks? Going back to that 50 year old, say you want to give him an IT degree, well that could take 2-4 years, depending on the type of IT degree. Do you really think a company will hire a 53 year old at some higher price compensatory for his overall experience and higher insurance costs, or that young turk out of college?
There is nothing to fear, a youtubed Underdog is here! Which is the better underdog?
Hey, I thought we are going to get a Palin boy to challenge Obama girl and they are going to duke it out on youtube and have a dance off to see who wins. Just like American idol...it will be oh....so cool.
Anybody notice that the foreclosure crisis and any solutions for the middle class are either non-existent or as Cindy McCain claimed...Americans just want government to get out of their way when people are losing their jobs, homeless and sick?
Right o! I can see a sea of people screaming holy bloody murder while in desperation...Get out of our Face you bad government! I don't want no stinkin' help! It's all your fault! Where are my bootstraps? Rotted? Oops! Still by God government if you help me I swear I'll shoot ya!.
On your right hand column on this site is a place to register. Once logged in you have access to a secure mail system of other site users and you can also track who replied to you in a tracking system on comments.
(see the user guide, listed on the right hand column).
Other folks, never put a raw email address on a blog, you will be guaranteed to be harvested by spammers and they will load up your email box with spam to the tune of 1000+ posts per day!
but there is some company doing massive scalable databases with AI engines who were predicting customer call behavior to determine which interest rate to offer and then there are news reports where credit card companies are lowering people's credit score based on purchase behavior.
I believe you in terms of the massive scalability of doing such a database, esp. in real time, but in terms of trying,
they appear to be!
I just read that IBM is now going to work on behavioral profiling on every single keystroke, movement, communication data point they collect.
So, the technology is advancing. Database structures optimized for queries is advancing as is plain CPU load (in super computers which they would have to use to run such a platform).
The categorization of purchases for tax purposes I believe is somewhat available akin to the user purchase profiles given on some accounts. I think that would not have to be real time and one could also do a Q&A similar to TurboTax online to help.
(I know I did stretch the claim in this post but it's more for sarcastic rhetoric, I guess I should correct that to state clearly advanced profiling on the level I allude to is in research, but doesn't exist yet in commercial applications).
Wouldn't that make a nice graph,the stock market in comparison to bankruptcy of largest investors.
NDD if you hit the reply button when responding to comments, they will be hierarchical. The comments are here are threaded but everyone needs to hit reply versus start a new comment thread attached to the post.
Can EP do quasi scientific polls on whether we need unions for 2.5 Million Tech Workers? The number comes from the BLS stats. 2.5 Million is a big union and even a trade group spokesperson would be incredibly powerful.
With polling someone can presume to speak for the 2.5 Million yet silent majority. Somebody besides the vampires of big tech.
Industrial Reconstruction is about factories and jobs, it is not about saving corporations or loaning money directly to corporations without industrial assets built and on the shop floor with American workers on those same lines.
All banks follow rules on Primary Capital under Basel II. The Bank of China is way under capitalized. I believe a meltdown is underway. The BOC is without doubt, holding a lot of flaky paper to many real estate and exporters.
The erosion of capital comes despite growth rates exceeding 10 percent. Adam Smith was clear in his prediction of the fall of all mercantile economies. China is a quintessential mercantile economy with a heavy reliance on exports and an accumulation of dollars. The meltdown is starting.
New York Times
"
Now the central bank needs an infusion of capital. Central banks can, of course, print more money, but that would stoke inflation. Instead, the People’s Bank of China has begun discussions with the finance ministry on ways to shore up its capital, said three people familiar with the discussions who insisted on anonymity because the subject is delicate in China. The central bank’s predicament has several repercussions.
For one, it makes it less likely that China will allow the yuan to continue rising against the dollar, say central banking experts. This could heighten trade tensions with the United States. The Bush administration and many Democrats in Congress have sought a stronger yuan to reduce the competitiveness of Chinese exports and trim the American trade deficit. The central bank has been the main advocate within China for a stronger yuan.
But it now finds itself increasingly beholden to the finance ministry, which has tended to oppose a stronger yuan. As the yuan slips in value, China’s exports gain an edge over the goods of other countries. The two bureaucracies have been ferocious rivals. Accepting an injection of capital from the finance ministry could reduce the independence of the central bank, said Eswar S. Prasad, the former division chief for China at the International Monetary Fund.
This so-called educator is a complete and utter moron, that doesn't understand a basic concept of economics. I'm sure that all of the parents of students that are paying tuition with the wages earned from their manufacturing jobs would love to hear that this is where some of their pay is going. They shouldn’t worry though because when their jobs get outsourced at least the parents of some kid overseas will be able to send their child to the U of R to be taught by this person while our kids are busy working the fast food circuit.
I’ve extracted three points from all of the idiocy that this person conveyed. One point was that foreigners have the same right to our jobs as we do. A second point is that it is good for us all when jobs do go to foreign countries. The third point is that nationalism is wrong.
I’ll do my best to respond to each of those items.
1. (Foreigners have the same right to our jobs as we do)
This is simply one of the most ignorant things I’ve heard in quite some time. The only way that this could be possible is if there was no such thing as foreign countries. But alas, there are, we have different belief systems, civil rights systems, economies, approaches toward foreign policy, and defense systems. People working and a strong economy is what enable any country to support whatever system they have. I happen to think that our way is probably not perfect but it is the best in the world. I’m not interested in helping to build the economic infrastructure of other countries that don’t share at least similar belief systems. There was a time when doing so would be considered treason. One last point here. If a foreign citizen wants a job that is in the US, they can go through the immigration process and come and get one, just like our grandparents and great grandparents did. Through that process they have a right to it, but then again they would no longer be foreign citizens would they?
2. (It is good for us all when jobs go to foreign countries)
This concept is more foolish than the first. The idea that we can buy things cheaper, balances for the lost jobs and makes us wealthier is something that can only be defined as bizarre.
What this associate professor person has failed to understand is that if your client base gradually can't afford, or doesn't possess the ability to purchase your product then demand will go down. As an example, we've all just seen this with something as essential to us all as gasoline. In the face of skyrocketing prices the demand in the US dropped. People simply cut back.
With the tremendous rate of outsourcing US jobs to foreign countries the same thing will occur and is occurring on an even grander scale. Unemployment is rising. People are already delaying the purchase of cars, trucks, couches, dishwashers, houses, and all of those other wonderful items we enjoy and which help to drive the US economy. Just look at what is happening to the big 3 automakers, and housing starts are at a 20 year low.
This is a vicious cycle with impact that has a compounding effect. Let's say that 200,000 people that make printer parts lose their jobs to overseas. Hey great, we all now get to buy cheaper printers (yes I'm being sarcastic). Those people are now on unemployment, which impacts the rest of the taxpayers, and reduces the amount of income tax revenue to our government. Where do you think they are going to make up the difference? That's right, tax increases. Back to those now unemployed people, they can't afford to buy cars, trucks, new houses, and all of the other things previously mentioned. With the drop in the demand for those items, guess what happens next. That's right, more job cutbacks = more unemployment = more of the above.
Plus, wouldn’t it be foolish to think that producers are sharing the majority of savings from foreign manufacturing with the US consumer?
3. (Nationalism is wrong)
All I have to say to this point is…what?
Some would say that to not be a practitioner of nationalism is to be treasonous. While that may be extreme, it does provide some prospective. Nationalism is not only correct it is an obligation of citizens living in whatever country they choose to live in. Not being loyal to, and not wanting to protect ones own country and the prosperity of the citizens of that country is a self-destructive mentality and indicates that you are probably living in the wrong place. See above reference on how so many immigrated to the US for jobs. I'm no professor of history but I'm sure some came because they didn’t have the same belief system as the country they lived in and decided to come to a place that did.
We’ve all heard that you have to love yourself first before you can love others. This is no different. We have to sustain the love (protect freedoms, jobs, and economic success and security) of our country first before we can share it with other countries and only those that share similar belief systems.
It is clear that trade reform is needed. Foreign countries in particular China and India are running all over us. Rules are being broken, copyrights are being infringed upon, and they operate with a clear agenda of protectionism. You can't play by one set of rules and ethics while others create their own. I admire the protective stance foreign countries have taken where jobs of their people are concerned. It is not 100% protectionism, but rather a metered approach insuring economic growth at home. The rate of economic expansion in China ranging about 10% isn’t because jobs are being sent to foreign countries.
Conclusion
I’m sure there are some points here, which I’ve either made poorly, and are made out of emotional response, or which may be able to be attacked. I am highly offended by the statements made by the professor. That position is one that is clearly anti-American and probably comes from someone that has never had to turn a screw to make a living. We can only hope that as the inevitable decline in student enrollment occurs as a result of rising unemployment, that the first job cut is his. Consider that this person is pumping this message into the heads of our youth who by the way have no choice. I’m guessing that they either will comply or will take the bad grade. I’ve heard of radio personalities coming under nationwide fire, losing their jobs, or getting suspended for substantially more benign statement they make. Hopefully as the video becomes more widespread and the faculty understands the negative impact this will have on the school, the good professor will in turn then understand what it is like to wonder how you are going to pay the mortgage. Better yet, however unlikely it would be great if they could outsource his job, after all that guy over in India deserves it as much as he does.
Should anyone wish to dialogue more on this topic simply reply to the message or post your email and I'll get back to you.
Having worked in the credit card division of Citi and having had American Express as a client, I can assure you that the state of their infrastructure is not conducive to the kind of consumer behavior analysis that privacy zealots are convinced is possible. Transaction data sits in disparate boxes in non-standard formats, and none of it resides in the hands of MasterCard or Visa (in response to an earlier comment).
Would I have liked it, when I was marketing for either of them, to have been able to upsell customer A with product B if we noticed a purchase of product C? Sure. But it's simply not feasible; the cost-benefit for building in the database requirements and business operations processes for that kind of stuff just isn't there.
And believe me, it wasn't for a lack of trying, but the numbers just didn't make sense.
From the NY Times today, 9/5/2008 the Bank of China reports that its Capital has eroded to $3.5 Billion, far less than 1 per cent of assets. The BOC is forced to raise capital but the Finance Ministry resists due to trade. Almost $1.5 Trillion is held in U.S. Treasuries. The likely place to get capital is to dump US Treasuries.
Were it not for these uncertainties, factors in the U.S. economy from employment, to trade, to commodities and housing, point to serious deflation. The effect of a BOC dollar dump would most likely be like 1987 in the fall, when BOJ dumped Treasuries. U.S. Fed bought back Treasuries but not without effects on equities. Monetization of a BOC dollar dump would be a reflation when Treasuries become monetized, but short term it is deflationary, and points to dollar losses and a spike in metals. No contradiction, consider the economy in 1872 to 1875 and 1932 to 1934.
Devaluation of a dollar in a deflation, revaluation of Gold or Silver.
Under the rules of Basel II, BOC must maintain primary and secondary capital standards, BOC is not compliant. A dollar asset conversion is inevitable.
Remember January when world markets tumbled, seemingly for no reason at all? There was a mini-panic, and Bernanke made an emergency cut in rates by .75%? It turned out that a French insurer was on the verge of insolvency and had to sell all of their positions in a hurry in a distress sale.
Since nothing that major happened yesterday by way of econ news, my guess is, another player is on the verge of going belly up, and had to liquidate their stock portfolio immediately to raise cash.
Her heart pours out to those people losing their homes, entire towns decimated by jobs leaving to go offshore, to those with no health care and she knows they cry:
If only our federal government would get under control and out of our way
This is now an obvious blog topic for later but it used to be corporations paid for training. Corporations in tech fields even paid for education. In China and in India, US corporations are paying for education and also training.
So, what we have here is a work of fiction and on top of it, dumping off onto the individual job skills which were primarily corporations responsibility and at least partnership with the government for access to higher education.
Nary a mention of the incredible rejection rates to get into college, although it's obvious they have dumped onto the individual the costs of higher education.
here
You realize that you can create a poll or write a blog post and attach a poll?
I will work on adding polls to forums too. (not available but soon will be).
Look on the left brleed and see create content.
Retraining. But I have very bad news. Obama is pretty much saying the same thing. They are trying to claim the same bullshit, that Americans are just not trained and educated enough.
As far as I'm concerned if people want to blast both candidates and both parties for presenting this incredible bullshit generated by corporate lobbyists instead of giving the American people real policy change, analyzed by economists and experts that is going to work, which they repeatedly try to recommend and have given tons of testimony on the hill on....then, we can on this site blast both of them to holy hell and back for it.
I'm so sick of the Democrats being Republican lite and McCain man, he is so bought and paid for by these people. I mean come on, the queen of offshore outsourcing, Fiorina as an economic adviser?? Nuf said!
Forgive me, but I watched that speech yesterday night, and he said nothing new. If there were ever any proof that a McCain Administration would be a third Bush term, that speech did it. Retraining?!? Retraining?!? Are you kidding me?!? Tell that to a 50 year old engineer who had to plow into his retirement to make the mortgage payment and pay insurance premiums! What's he supposed to do? Training will take years, unless it's a low-skilled job that most likely will be sent overseas. Seriously, what is the average time it takes to retrain folks? Going back to that 50 year old, say you want to give him an IT degree, well that could take 2-4 years, depending on the type of IT degree. Do you really think a company will hire a 53 year old at some higher price compensatory for his overall experience and higher insurance costs, or that young turk out of college?
There is nothing to fear, a youtubed Underdog is here! Which is the better underdog?
Hey, I thought we are going to get a Palin boy to challenge Obama girl and they are going to duke it out on youtube and have a dance off to see who wins. Just like American idol...it will be oh....so cool.
Anybody notice that the foreclosure crisis and any solutions for the middle class are either non-existent or as Cindy McCain claimed...Americans just want government to get out of their way when people are losing their jobs, homeless and sick?
Right o! I can see a sea of people screaming holy bloody murder while in desperation...Get out of our Face you bad government! I don't want no stinkin' help! It's all your fault! Where are my bootstraps? Rotted? Oops! Still by God government if you help me I swear I'll shoot ya!.
And the politicians will save us! I know because I heard them say so.
On your right hand column on this site is a place to register. Once logged in you have access to a secure mail system of other site users and you can also track who replied to you in a tracking system on comments.
(see the user guide, listed on the right hand column).
Other folks, never put a raw email address on a blog, you will be guaranteed to be harvested by spammers and they will load up your email box with spam to the tune of 1000+ posts per day!
but there is some company doing massive scalable databases with AI engines who were predicting customer call behavior to determine which interest rate to offer and then there are news reports where credit card companies are lowering people's credit score based on purchase behavior.
I believe you in terms of the massive scalability of doing such a database, esp. in real time, but in terms of trying,
they appear to be!
I just read that IBM is now going to work on behavioral profiling on every single keystroke, movement, communication data point they collect.
So, the technology is advancing. Database structures optimized for queries is advancing as is plain CPU load (in super computers which they would have to use to run such a platform).
The categorization of purchases for tax purposes I believe is somewhat available akin to the user purchase profiles given on some accounts. I think that would not have to be real time and one could also do a Q&A similar to TurboTax online to help.
(I know I did stretch the claim in this post but it's more for sarcastic rhetoric, I guess I should correct that to state clearly advanced profiling on the level I allude to is in research, but doesn't exist yet in commercial applications).
This should be a Instapopulist. That's quite the dangerous story.
Wouldn't that make a nice graph,the stock market in comparison to bankruptcy of largest investors.
NDD if you hit the reply button when responding to comments, they will be hierarchical. The comments are here are threaded but everyone needs to hit reply versus start a new comment thread attached to the post.
Can EP do quasi scientific polls on whether we need unions for 2.5 Million Tech Workers? The number comes from the BLS stats. 2.5 Million is a big union and even a trade group spokesperson would be incredibly powerful.
With polling someone can presume to speak for the 2.5 Million yet silent majority. Somebody besides the vampires of big tech.
Industrial Reconstruction is about factories and jobs, it is not about saving corporations or loaning money directly to corporations without industrial assets built and on the shop floor with American workers on those same lines.
All banks follow rules on Primary Capital under Basel II. The Bank of China is way under capitalized. I believe a meltdown is underway. The BOC is without doubt, holding a lot of flaky paper to many real estate and exporters.
The erosion of capital comes despite growth rates exceeding 10 percent. Adam Smith was clear in his prediction of the fall of all mercantile economies. China is a quintessential mercantile economy with a heavy reliance on exports and an accumulation of dollars. The meltdown is starting.
New York Times
"
Now the central bank needs an infusion of capital. Central banks can, of course, print more money, but that would stoke inflation. Instead, the People’s Bank of China has begun discussions with the finance ministry on ways to shore up its capital, said three people familiar with the discussions who insisted on anonymity because the subject is delicate in China. The central bank’s predicament has several repercussions.
For one, it makes it less likely that China will allow the yuan to continue rising against the dollar, say central banking experts. This could heighten trade tensions with the United States. The Bush administration and many Democrats in Congress have sought a stronger yuan to reduce the competitiveness of Chinese exports and trim the American trade deficit. The central bank has been the main advocate within China for a stronger yuan.
But it now finds itself increasingly beholden to the finance ministry, which has tended to oppose a stronger yuan. As the yuan slips in value, China’s exports gain an edge over the goods of other countries. The two bureaucracies have been ferocious rivals. Accepting an injection of capital from the finance ministry could reduce the independence of the central bank, said Eswar S. Prasad, the former division chief for China at the International Monetary Fund.
"
This so-called educator is a complete and utter moron, that doesn't understand a basic concept of economics. I'm sure that all of the parents of students that are paying tuition with the wages earned from their manufacturing jobs would love to hear that this is where some of their pay is going. They shouldn’t worry though because when their jobs get outsourced at least the parents of some kid overseas will be able to send their child to the U of R to be taught by this person while our kids are busy working the fast food circuit.
I’ve extracted three points from all of the idiocy that this person conveyed. One point was that foreigners have the same right to our jobs as we do. A second point is that it is good for us all when jobs do go to foreign countries. The third point is that nationalism is wrong.
I’ll do my best to respond to each of those items.
1. (Foreigners have the same right to our jobs as we do)
This is simply one of the most ignorant things I’ve heard in quite some time. The only way that this could be possible is if there was no such thing as foreign countries. But alas, there are, we have different belief systems, civil rights systems, economies, approaches toward foreign policy, and defense systems. People working and a strong economy is what enable any country to support whatever system they have. I happen to think that our way is probably not perfect but it is the best in the world. I’m not interested in helping to build the economic infrastructure of other countries that don’t share at least similar belief systems. There was a time when doing so would be considered treason. One last point here. If a foreign citizen wants a job that is in the US, they can go through the immigration process and come and get one, just like our grandparents and great grandparents did. Through that process they have a right to it, but then again they would no longer be foreign citizens would they?
2. (It is good for us all when jobs go to foreign countries)
This concept is more foolish than the first. The idea that we can buy things cheaper, balances for the lost jobs and makes us wealthier is something that can only be defined as bizarre.
What this associate professor person has failed to understand is that if your client base gradually can't afford, or doesn't possess the ability to purchase your product then demand will go down. As an example, we've all just seen this with something as essential to us all as gasoline. In the face of skyrocketing prices the demand in the US dropped. People simply cut back.
With the tremendous rate of outsourcing US jobs to foreign countries the same thing will occur and is occurring on an even grander scale. Unemployment is rising. People are already delaying the purchase of cars, trucks, couches, dishwashers, houses, and all of those other wonderful items we enjoy and which help to drive the US economy. Just look at what is happening to the big 3 automakers, and housing starts are at a 20 year low.
This is a vicious cycle with impact that has a compounding effect. Let's say that 200,000 people that make printer parts lose their jobs to overseas. Hey great, we all now get to buy cheaper printers (yes I'm being sarcastic). Those people are now on unemployment, which impacts the rest of the taxpayers, and reduces the amount of income tax revenue to our government. Where do you think they are going to make up the difference? That's right, tax increases. Back to those now unemployed people, they can't afford to buy cars, trucks, new houses, and all of the other things previously mentioned. With the drop in the demand for those items, guess what happens next. That's right, more job cutbacks = more unemployment = more of the above.
Plus, wouldn’t it be foolish to think that producers are sharing the majority of savings from foreign manufacturing with the US consumer?
3. (Nationalism is wrong)
All I have to say to this point is…what?
Some would say that to not be a practitioner of nationalism is to be treasonous. While that may be extreme, it does provide some prospective. Nationalism is not only correct it is an obligation of citizens living in whatever country they choose to live in. Not being loyal to, and not wanting to protect ones own country and the prosperity of the citizens of that country is a self-destructive mentality and indicates that you are probably living in the wrong place. See above reference on how so many immigrated to the US for jobs. I'm no professor of history but I'm sure some came because they didn’t have the same belief system as the country they lived in and decided to come to a place that did.
We’ve all heard that you have to love yourself first before you can love others. This is no different. We have to sustain the love (protect freedoms, jobs, and economic success and security) of our country first before we can share it with other countries and only those that share similar belief systems.
It is clear that trade reform is needed. Foreign countries in particular China and India are running all over us. Rules are being broken, copyrights are being infringed upon, and they operate with a clear agenda of protectionism. You can't play by one set of rules and ethics while others create their own. I admire the protective stance foreign countries have taken where jobs of their people are concerned. It is not 100% protectionism, but rather a metered approach insuring economic growth at home. The rate of economic expansion in China ranging about 10% isn’t because jobs are being sent to foreign countries.
Conclusion
I’m sure there are some points here, which I’ve either made poorly, and are made out of emotional response, or which may be able to be attacked. I am highly offended by the statements made by the professor. That position is one that is clearly anti-American and probably comes from someone that has never had to turn a screw to make a living. We can only hope that as the inevitable decline in student enrollment occurs as a result of rising unemployment, that the first job cut is his. Consider that this person is pumping this message into the heads of our youth who by the way have no choice. I’m guessing that they either will comply or will take the bad grade. I’ve heard of radio personalities coming under nationwide fire, losing their jobs, or getting suspended for substantially more benign statement they make. Hopefully as the video becomes more widespread and the faculty understands the negative impact this will have on the school, the good professor will in turn then understand what it is like to wonder how you are going to pay the mortgage. Better yet, however unlikely it would be great if they could outsource his job, after all that guy over in India deserves it as much as he does.
Should anyone wish to dialogue more on this topic simply reply to the message or post your email and I'll get back to you.
Having worked in the credit card division of Citi and having had American Express as a client, I can assure you that the state of their infrastructure is not conducive to the kind of consumer behavior analysis that privacy zealots are convinced is possible. Transaction data sits in disparate boxes in non-standard formats, and none of it resides in the hands of MasterCard or Visa (in response to an earlier comment).
Would I have liked it, when I was marketing for either of them, to have been able to upsell customer A with product B if we noticed a purchase of product C? Sure. But it's simply not feasible; the cost-benefit for building in the database requirements and business operations processes for that kind of stuff just isn't there.
And believe me, it wasn't for a lack of trying, but the numbers just didn't make sense.
From the NY Times today, 9/5/2008 the Bank of China reports that its Capital has eroded to $3.5 Billion, far less than 1 per cent of assets. The BOC is forced to raise capital but the Finance Ministry resists due to trade. Almost $1.5 Trillion is held in U.S. Treasuries. The likely place to get capital is to dump US Treasuries.
Were it not for these uncertainties, factors in the U.S. economy from employment, to trade, to commodities and housing, point to serious deflation. The effect of a BOC dollar dump would most likely be like 1987 in the fall, when BOJ dumped Treasuries. U.S. Fed bought back Treasuries but not without effects on equities. Monetization of a BOC dollar dump would be a reflation when Treasuries become monetized, but short term it is deflationary, and points to dollar losses and a spike in metals. No contradiction, consider the economy in 1872 to 1875 and 1932 to 1934.
Devaluation of a dollar in a deflation, revaluation of Gold or Silver.
Under the rules of Basel II, BOC must maintain primary and secondary capital standards, BOC is not compliant. A dollar asset conversion is inevitable.
Remember January when world markets tumbled, seemingly for no reason at all? There was a mini-panic, and Bernanke made an emergency cut in rates by .75%? It turned out that a French insurer was on the verge of insolvency and had to sell all of their positions in a hurry in a distress sale.
Since nothing that major happened yesterday by way of econ news, my guess is, another player is on the verge of going belly up, and had to liquidate their stock portfolio immediately to raise cash.
Right up in front was Elaine Chao, the ultimate anti-labor labor secretary probably in history.
Does McCain mean he will clean up Washington except for that person and this person and that lobbyist and this one?
Blogging Stocks has the best analysis I've ever read on why the stock market dramatically dropped today.
They have no idea
Awesome! Who says blogs are not helping in getting some more objective reporting.
Her heart pours out to those people losing their homes, entire towns decimated by jobs leaving to go offshore, to those with no health care and she knows they cry:
Good God.
Pages