sâmbătă, 4 februarie 2012

Mish's Global Economic Trend Analysis

Mish's Global Economic Trend Analysis

Groundhog Day: Allegedly "Only One Day Left" to Save Greece; LAOS Party Leader Rejects Ultimatum, Hands Out Drachma Coins to Fondly Recall Greece's Pre-Euro Days

Posted: 04 Feb 2012 01:54 PM PST

Greek default drama is much like the movie Groundhog Day. If you prefer a quote from Yogi Berra instead, then please consider It's déjà vu all over again.

Every day for weeks we have heard a "deal is close". Moreover, on multiple occasions at the end of the week we were informed Greece "had" to reach agreement over the weekend or Greece would default. Let's hope this time someone really means it.

Once again, Greece says faces 24-hour deadline to clinch rescue.
Greece has just one day left to strike a deal with impatient lenders and reluctant political party leaders on a 130 billion rescue plan before the country is pushed towards a chaotic default, its finance minister warned on Saturday.

In an apparent warning to Greek political leaders opposing key reforms, Finance Minister Evangelos Venizelos said the patience of European partners and the International Monetary Fund footing the bill for Greece's bailout was wearing thin.

Technocrat Prime Minister Lucas Papademos was due to continue talks with lenders on Saturday in a bid to clinch agreement before calling in the socialist, conservative and far-right party leaders in his coalition to seek their blessing.

That meeting of party chiefs, initially scheduled for Saturday, has now been put off until early Sunday afternoon, a government source said.

NOT BACKING DOWN

Athens' talks with its international lenders have stumbled over their demands, which include cutting labor costs by axing holiday bonuses and lowering the minimum wage - proposals vehemently opposed by Greek political party chiefs.

Greek officials have described the negotiations as tough, with the troika of European Central Bank, European Union and IMF lenders unwilling to yield an inch from their demands. Marathon negotiations ended without a deal on Friday.

"The troika is not backing down on wages, holiday bonuses and supplementary pensions," a Greek government official said.

"None of these issues have been resolved. They are all open and the onus is on political leaders."

The bond swap talks were now the easier part of the overall process to save Greece, Venizelos said earlier. Representatives for the banks and insurers were expected to continue talks in Athens over the weekend.

Increasingly frustrated with Athens' inability to enact the reforms needed to reshape the recession-hit Greek economy, foreign lenders have demanded proof of the country's commitment to spending cuts before doling out any more funds.

They have demanded extra spending cuts worth about 1 percent of GDP - or just above 2 billion euros - this year, including big cuts in defense and health spending.

They want all Greek political leaders - who are keen not to be linked directly with the painful reforms as they gear up for elections expected in April - to endorse the measures, irrespective of the outcome at the polls.

"Greek political leaders must offer their commitment to the program," said a source close to the lenders. "No more loans will be approved if they don't."

In the latest sign that coaxing political leaders into backing the reforms will be anything but easy, the leader of the far-right LAOS party, George Karatzaferis, rejected Venizelos' "ultimatum" to strike a deal by Sunday.

"We must go through every letter, every comma of the lenders' proposals and see whether they help the country and boost growth," he said at a Greek ceremony to celebrate the new year. "If the bailout doesn't suit us, we will not accept it."

At the traditional "pie-cutting" ceremony, Karatzaferis also gave away drachma coins to fondly recall Greece's pre-euro days -- a return to which many Greeks fear.
Please stop the madness. Bailouts to Greece cannot possibly work. Moreover, the world will not end on Monday if Greece exits the Euro, nor will the world end if Portugal and Spain do the same later this year or next.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

Cost for Doing God's Work Declines from $13.2 Million to $9 Million

Posted: 04 Feb 2012 02:45 AM PST

Inquiring minds note a stunning drop in the price for doing God's Work. Last year Goldman Sachs CEO Lloyd Blankfein received a salary of a $600,000 as well as a stock bonus worth $12.6 million.

This year the base salary for doing God's work rose to $2 million, however, bonuses fell to a shockingly-low $7 million. The net effect is a decline from $13.2 million to $9 million.

That is a 30% reduction in the overall cost of doing God's work. Said Blankfein "Now I know how those in Greece feel".

For additional details, please see Goldman's Blankfein Awarded $7 Million in Stock for '11. Here is one key fact from the article.
The filings don't include how much any of the executives have been awarded in cash bonuses. Blankfein received a $5.4 million cash bonus for 2010, his first since getting about $27 million in cash bonuses for each of 2007 and 2006.
Mercy!

How can the man survive a cut like that?

Inquiring minds just may be interested in the performance that merited $9 million (plus undisclosed cash compensation, if any).

GS 2011 Stock Market Performance



Said Blankfein when questioned about plunge in share price "This just goes to show you how difficult it is to do God's work. I earned every penny."

Mish note: the quotes of course are fictional, the rest of the story unfortunately is not.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.
Publicat de 1 la 23:12 0 comentarii

Seth's Blog : Will energy consumption stay private?

Will energy consumption stay private?

It's clear that the consumption of energy has external effects that impact more than just the person who is paying for it. Geopolitical, health and economic issues come to the neighbors and nearby citizens of entities that are using a lot of power.

It was always straightforward to see who was burning a lot of wood or drove a huge car. It's easy to see when a company has a huge smokestake belching carbon. What happens when sensors make it easy to see how efficient a machine is, how much of a resource is being consumed and how much exhaust is being spewed? What happens when Google maps shows you the block or the building that consumes the most electricity, or makes it easy to compare across industries?

When we have the opportunity to rank consumption by industry or by neighborhood, will we? We already watch our neighbors litter or have loud parties or paint (or fail to paint) their house...

A significant byproduct of the connection revolution is that things that were private because they were difficult to measure will no longer be private. When devices can talk to each other, the information rarely remains private. It's not going to stop with energy, of course. Just about all our buying decisions are going to be shared, and that changes the marketers job.

In a world of horizontal marketing, where tribes are aware of what their members are up to, I think it's going to happen quicker than most people expect.

 

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Weekly Address: It’s Time for Congress to Act to Help Responsible Homeowners

The White House Your Daily Snapshot for
Saturday, February 4, 2012
 

Weekly Address: It’s Time for Congress to Act to Help Responsible Homeowners

President Obama continues his call for a return to American values, including fairness and equality, as part of his blueprint for an economy built to last.

Watch the video:

The Weekly Address

President Barack Obama delivers his weekly taping in the Library of the White House, Feb. 3, 2012.  (Official White House Photo by Chuck Kennedy)

In Case You Missed It

Talking Tuition with the Wolverines: Shortly after delivering his State of the Union address, the President took his Blueprint for making college more affordable straight to the people at the frontlines of the issue—students. Speaking from the University of Michigan in Ann Arbor, the President noted that a college degree “will be the best tool you have to achieve that basic American promise.”

A Georgian Visitor: Georgian President Mikheil Saakashvili met with the President in the Oval Office on Monday, discussing relations between our two countries—including Georgia’s contributions to the military operation in Afghanistan and the potential for a free trade agreement between the United States and Geogia—and marked the 20th anniversary of diplomatic relations between both countries.

Hanging Out on Google+: The President participated in the first-ever virtual interview from the White House on Monday from the Roosevelt Room. After more than 227,000 people submitted questions or voted for their favorites, the President sat down for a discussion with a group of Americans from across the country in a Google+ Hangout. In case you missed it, you can watch the full video here.

The Cabinet Convenes: On Tuesday, the President held a Cabinet meeting in the Cabinet Room of the White House to discuss the ideas he laid out in the State of the Union. A top priority mentioned by the President during the State of the Union was the need to promote small business throughout the country, which was echoed in the meeting, where a new Cabinet member and the head of the Small Business Administration, Karen Mills, joined the discussion and ensured that entrepreneurs were represented.

In the Showroom: With Detroit’s newest vehicles on display at the Washington Auto Show, the President took a trip across town to get a glimpse of the outstanding work produced within the U.S. auto industry. He was impressed by what he saw, saying, “Because of folks coming together, we are now back in a place where we can compete with any car company in the world.”

Fairness, Responsibility and Housing: One way the President plans to achieve his Blueprint for an America Built to Last is by taking action to help responsible borrowers and support a housing market recovery. On Wednesday, he expanded on the ideas he presented in the State of the Union—including a proposal for a Homeowners Bill of Rights—at the James Lee Community Center in Falls Church, Virginia, where home values have fallen by about a quarter from their peak.

The National Prayer Breakfast: At the annual National Prayer Breakfast in Washington, D.C., the President spoke about how his faith and values guide the difficult decisions he makes as he leads the country.

West Wing Week: Your guide to everything at 1600 Pennsylvania Avenue. Check out the video.

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Seth's Blog : Rightsizing your passion

Rightsizing your passion

Excitement about goals is often diminished by our fear of failure or the drudgery of work.

If you're short on passion, it might be because your goals are too small or the fear is too big.

Do a job for a long time and achieve what you set out to achieve, and suddenly, the dream job becomes a trudge instead. The job hasn't changed--your dreams have.

Mostly, though, it's about our fear. Fear is the dream killer, the silent voice that pushes us to lose our passion in a vain attempt to seek safety.

While you can work hard to dream smaller dreams, I think it's better to embrace the fear and find bigger goals instead.

 

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