It's the stupid, economy.
I'm no economist
, but I'm reminded of the underpants gnomes
business strategy when I read this
. Obviously there is a political component (to the story) but what the $!@(# are the nuts and bolts? Why is pressuring economic engine states (California, New York) a good thing?
(registration to the L.A. Times ... sry) Pretty much the same story here
this is the end as we know it. Aussie Bloke describes upcoming catastrophic meteor showers.
A mysterious Australian astronomer is ranting about something earth shattering in on the horizon, odd naval fleet movement
, strange economic activity
and interesting meteor activity. Truth
, What does it all mean?
A pattern map for a conservation economy
[Flash.] "The pattern map offers a visual guide to the sustainability patterns that provide a framework for developing a conservation economy." [Via WorldChanging
A little coffee shop in a little North Carolina town closes.
When I worked in Fuquay-Varina, N.C., the opening of the Hyphen
(get it? get it? the Hyphen in Fuquay-Varina?) was a miracle. There, in the midst of antique stores, clothiers, and the Bob Barker Co.
, was this hip, unique eatery owned and operated by two local artists. Owner Nina Fortmeyer partially cites that the little tobacco town has simply become "Wal-Mart-ized" in its growth, leading to a loss in downtown foot traffic, leading to lost business. This, methinks, is the greatest and most obvious consequence of globalization, the mom-and-pops being run out of town. If this is happening in Fuquay-Varina, it is absolutely happening everywhere. Very sad.
Monetary Policy in a Zero-Interest-Rate Economy [pdf]
This report written by the Dallas Fed
is amazing. Amongst other things, it outlines a plan to tax your savings
as a way to continue to stimulate consumption should rates
fall to zero. While opinions of the 'fed
range from worship to outrage, their actions raise some serious questions. Why does this unelected
group wield so much power? At what point are their actions (taxing savings) a violation of our property rights? If our economy is built on capitalism, why can we not be capitalists and embrace the opportunity presented by both boom and bust? At what point are we a command economy
Drowning the government in a bathtub
- "My goal is to cut government in half in twenty-five years, to get it down to the size where we can drown it in the bathtub."
Thus spoke Grover Norquist, of Americans for Tax Reform
. "The lunatics are now in charge of the asylum"
, quipped the conservative UK Financial Times
. Hardly, says Paul Krugman
. The strategy?: "Instead of challenging popular liberal programs directly, the Republicans are creating fiscal conditions that make those programs unsustainable." [lead post, Am. Prospect]. In other words, the 400 billion dollar deficit
, coupled with the Bush tax cuts, is designed to shift the obligations of the Fed onto the States
and, later, to cause a fiscal train wreck after Bush is out of office.
Quick, Hide The Body!
"...But the Bush administration chose to keep the findings out of the annual budget report for fiscal year 2004, published in February, as the White House campaigned for a tax-cut package that critics claim will expand future deficits.
The study asserts that sharp tax increases, massive spending cuts or a painful mix of both are unavoidable if the US is to meet benefit promises to future generations. It estimates that closing the gap would require the equivalent of an immediate and permanent 66 per cent across-the-board income tax increase."
The United States Is In Deep Doo doo!
In the end, there is no such thing as a free lunch. You cannot make money grow in value by shaking it back and forth from one bank to another. You cannot prosper a nation by doing each other's laundry, or filling out their government mandated and greatly obfuscated paperwork, or flinging stock certificates around which may have as little real worth as Federal Reserve Notes. To make money, to show a profit, you must make products that somebody else wants to buy, and sadly, that is a capability the United States has allowed to slip away in great measure.
Could he be right yet again? : Interview with Bob Prechter
(and another one
If he is, we're all in for a world of hurt.
In this three part interview, Elliott Wave International president Robert Prechter discusses his new book, “Conquer The Crash: How To Survive and Prosper in a Deflationary Depression.”
During the 1980s, Bob Prechter won numerous awards for market timing as well as the United States Trading Championship, culminating in Financial News Network (now CNBC) granting him the title, "Guru of the Decade." In 1990-1991, he was elected and served as president of the nation-al Market Technicians Association in its 21st year.
He has also published a seminal book on Elliott wave analysis titled, “Elliott Wave Principle – Key To Market Behavior,” three books on the major practitioners of wave analysis, and books on his own views in Prechter's Perspective and At the Crest of the Tidal Wave.
Ted Rall says that college loans are killing America.
I'm inclined to agree. At just $14,736, I'm on the lighter-side of college loan debt, but being a single father, I have a hard time making a dent. Ted makes some salient points about young adults who are struggling to make money in a recession. They don't work for the Peace Corps, they don't volunteer, etc. Even China criticizes America on our insistence that students endebt themselves to corporations just for education.(via fark
When it comes to the economy, President Bush is demonstrating genuine leadership. If you don't believe me, ask Kyle Klink
, Scott Herrin
, Michael Snyder
, John Pinckney
, or countless others
. But not Paul Boutin
Shooting the messenger.
"The Bush administration, under fire for its handling of the economy, has quietly killed off a Labor Department program that tracked mass layoffs by U.S. companies." (via madamjujujive)
Post a great earnings quarter then
cut jobs and send them to India. Nice job Bank of AMERICA
Reality check from Swiss Re and UNEP
"The increasing frequency of severe climatic events...has the potential to stress insurers, reinsurers and banks to the point of impaired viability or even insolvency." "Climate Change and the Financial Services Industry"
, a UNEP report supported by 295 banks and insurance and investment companies around the world. The report concludes that, worldwide, loses from Climate related disasters are doubling every decade . NOAA
generally concurs. Dr. Bob Gagosian, Director of Woods Hole, has even worse news
. Should we take the scientific
mainstream seriously? Or is it all "Junk Science"
according to the industry funded
Steve Milloy or the CEI
, or even a New Age Pagan Conspiracy?
Play on little humans......play on.....
Sweden's faultering population.
Sweden has a population problem and it's effecting the economy. One women has come up with a brilliant solution.
Things you won't hear
at the Wacko dog and pony show today on the economy. Would some real discussion of these issues have been so bad? Isn't public discussion and consensus how our form of government is supposed to work? Isn't the keynote speaker a prime example of what is wrong in corporate America today?
J.K. Galbraith shocked at scale of corporate failures.
"I can only say I hadn't expected to see this problem on anything like the magnitude of the last few months – the separation of ownership from management, the monopolisation of control by irresponsible personal money-makers." Myself and chrispy
came to the same conclusion on the drive home from the resolutely un- (rather than anti-) corporate Glastonbury Festival
today. Profit is valued and rewarded by the vast majority of corporations above all else. As a consquence, people with the same values dominate executive positions, to the exclusion of those with more 'humanitarian' or longer-term outlooks. Where is the balance? Should we make hippie non-exec directors compulsory? Or should I just go back to bed and let the drugs wear off???
High Finance Run Amok
[latimes free reg req] is a Kevin Phillips editorial on the "financialization" of the US economy. "As the financial sector, in short, became too important to fail, the Fed and the Treasury abandoned market economics to embrace socialization of credit risk. No other sector of the U.S. economy, save possibly defense, received such governmental assistance."
The Saudis are about to deliver an ultimatum to Bush In a bleak assessment, he [Prince Abdullah] said there was talk within the Saudi royal family and in Arab capitals of using the "oil weapon" against the United States, and demanding that the United States leave strategic military bases in the region. Such measures, he said, would be a "strategic debacle for the United States." How should Bush respond?
isn't this exactly opposite of what we're being told? I'm always hearing the wealthy are benefitting somehow from GWB's new tax plan. I'm certainly no-where near the top 5%, and now I don't want to be.
The need for an economic stimulus bill
appears to have taken on new urgency, now that the recovery is already underway
. I'm glad both
parties found enough irrelevent stuff they wanted to pass anyway that they could get a bill through.
Emancipator or Oppressor?
E.J. Dionne talks about how the global economy may not be as evil or as good as its respective supporters and detractors make it out to be. It seems like a pretty balanced look at a subject that gets horribly slanted coverage.
Is The Economy Broken?
It was one thing when it was the tech/Internet sector
- the bubble burst, but now the wave continues with the 2002 recovery seeming like wishful thinking. If it's not layoffs
, companies are cutting their 401k plans
. Argentina's crisis
seems like it will have ripple effects as well. Then you have numbers saying people are confident
, so are we getting tanked by jittery Wall Street-ers
? Oh, there's also a war on.
"What is your name? Do you have a claim against me? Does anyone have a claim against me? I demand, or request, that the order of the court be released to me immediately."
(NYT link) 12 Michigan (natch) nutcases shout the same four questions over and over during their fraud, conspiracy, and tax evasion trial. Seems they believe the four questions shield them from government authority. They also believe the U.S. Constitution was invalidated when FDR took us off the gold standard, and the federal government has no power over them. I wonder if they'll come to feel differently after a few years in the federal penitentiary?
Support The Economy:
Capitalism at it's best. While I doubt it will generate much income, I wish I'd thought of it.
You know those exploited Nike workers in Indonesia we hear so much about?
Good news and bad news: the good news is, a bunch of 'em aren't being exploited anymore. The bad news is, it's because they were laid off.
Local manufacturers blame the soft economy on the WTC attacks, so yes, even this ends up being a WTC post. You cannot escape.
A sign of Global recession?
For the first time I can remember, it's cheaper to buy a console in the UK than it is the States. Over here, we're used to seeing straight dollar to pound conversions ($299 = £299), so this is a first.
Do you think it's sign of recession or just Sony developing a conscience?
CEOs Slash Jobs, but Not Their Pay
Too many cheifs and not enough indians. An article I found interesting.
Will the rich be nicer to the poor?
The way the stockmarket keeps plunging the rich might be asking the rest of us how to survive.
Kevin Phillips on the U.S. economy and the War Ahead.
Sobering historical context for where we're at now (short article via SmirkingChimp
Doggie-bag use is up
- Must be an economic downturn (via Fark
). Want to know what the Fed is up to before everyone else? Have a look at the Greenspan briefcase theory
. Takeout orders in Washington DC are up? Must be a war
Anyone know of other 'indicators' like these? No, Groundhog Day doesn't count.
This is truly awesome.
Awesome. Awesome. Awesome. Awesome. Awesome.
Just the best use of flash, collaborative model/data building and use of interactive interface to explain a complex issue... i.e. the interconnections of money, influence and power in boardrooms of the global economy.
Conceived designed and built by Josh ON and the FutureFarmers
I think it's going to move to a more permanent and snappier URL once it's fully ready for prime-time... I hope Josh and the gang don't mind me posting it here... but it's just too good not too... It genuinely deserves a lot of praise and attention, IMHO.
Was the bust really a Bust
(See below)? Douglas Rushkoff doesn't think so. But then, he's a pretty optimistic guy, if you ask me. (Warning, his article links to MetaFilter... Does that count as a self-link?)
the adventive report
"While many deadpool websites continue to monitor the failures of the high-profile flops, the aim of the Adventive Report is to highlight the companies that are persisting in the face of an Internet slump. Through testimonials, examples, and editorials, our newsletter showcases a myriad of achievements in an evolving industry."
Starbucks lays claim to 20% of all American cafes.
Does anybody in this lately conservatized land of ours care on who's backs our wealth rests upon? Virtually every vegetable, piece of fruit, bottled soda, cup of coffee we ingest is produced at rock bottom prices for the corporations that exploit our neighbors to the south. Our way of life in the States is directly tied to how miserable the living/working conditions of laborers in "developing" countries are. Developing countries--what a misnomer. The only thing developing are profits for select Americans and/or fear that the threat of recession will negate the purchase of that little luxury car I've had my eye on.
The House has passed the bankruptcy reform bill
that Clinton vetoed at the end of the last session. I'm mildly optimistic that it won't pass the Senate, given that the Democratic vote in the House was split. But should we be worried at all? At first glance
, it doesn't seem like a bad idea. But so many consumer groups are against it, and it seems to benefit credit card companies while hurting individuals, so I'm inclined to think we should leave things as-is. Especially since personal bankruptcies are down and credit card issuers' profits are up. Anyone know more about this?
Bad Subjects Interviews Howard Zinn.
I'm not sure I buy globalization as "a more sophisticated kind of imperialism," but given recent efforts to expand corporate welfare and manufacture enemies for a reinvigorated military-industrial complex I think parallels with 19th century robber-barons and the Great BBQ are apt. Lefties and libertarians unite!
The Layoff Binge
The last piece on the page gives a worker’s perspective on the recent attack in the Class War.
Montgomery Ward to Shut Down Stores.
It's sad to lose another retailer that you can count on for quality merchandise. It seems that the day on the department store is almost over.
I think they got a bargain.
A company which was in financial trouble let a kid come in for two weeks as an intern. He took a look at their business, immediately set up a web site for them to sell their product, and they promptly received an order for 70,000 pounds through that web site. It appears it will save their company.
One Year After Seattle
-- "A year has passed since the World Trade Organization's "Millennium Round" collapsed under clouds of tear gas in Seattle," writes Mark Weisbrot
, in this useful overview of what was -- and is -- at stake. "The debate over globalization has been altered, perhaps permanently, to include some of the concerns of civil society: poverty and inequality, economic instability, and the environmental costs of globalization...."
marchFirst circles the bowl...
Too bad. I thought it would be cool to work for them but now analyst are predicting the demise of the company. I wonder if they will have a great deals on Macs when they go bankrupt?
IKON's Website Ranked Among Top 200 Business Sites By BtoB, Advertising Age's Marketing Newspaper
Your stock's in the toilet, you're being slapped with a class action suit, and you've been put on CreditWatch with negative implications. But your web site
shore is purty!
Intel has a terrible quarter.
Is the PC industry in the toilet, or is it just Intel executing badly?
It's just Intel executing badly.
(Reports of the demise of the PC industry are greatly exaggerated.) AMD has another great
quarter and appears to be stealing Intel market share.
was created to help you decipher what the tax plans by both presidential candidates mean to you personally." Enter some information from your paycheck and find out how much you'd save using either Bush's or Gore's tax plans. via dandot.
The boo.com team is now available for hire.
If anyone wants to blow through another US$120M, you can now hire the boo.com web team at postboo.com. Oh yeah, Flash 4 required.