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An organization that's run on emergencies and reaction to incoming doesn't know what to do when there are no problems.
Instead of seeking out new ways to delight, they run around looking for new emergencies, and if they look hard enough, of course they'll find them.
(Two reasons for this: emergencies concentrate the mind and allow things to get done, and history).
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Mish's Global Economic Trend Analysis |
Debate Fact Check: Debate Filled With Half-Truths, Distortions, Outright Lies Posted: 17 Oct 2012 12:36 AM PDT If you did not particularly care for what the President and Mitt Romney had to say in the debate, perhaps it's because the entire debate was filled with half-truths, distortions, and outright lies. Then again, perhaps you liked what your candidate had to say for the precise reason that it was filled with half-truths, distortions, and outright lies. Regardless, Bloomberg offers this Political Fact-Finding Reality Check. What follows is my summation of the Bloomberg article.
Question of the Day Still feeling good about what your candidate had to say? I am sticking with my position stated earlier in Debate II: Did Obama Right a Sinking Ship? Call It a "Spirited" Tie Over half the time I did not particularly care for statements made by either candidate. Even if voters did hear what they wanted, they now need to ask "Was it accurate?" Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com 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. |
Debate II: Did Obama Right a Sinking Ship? Call It a "Spirited" Tie Posted: 16 Oct 2012 08:53 PM PDT I watched the debate once again and I thought it was a very spirited tie although an instant poll had Obama winning. The debate was certainly unlike any we have seen before, with heated discussion and interruptions from both candidates who freely wandered around on the stage, often moving close to each other. Politico offers a Debate Transcript. One thing is certain, Obama did much better in this debate than the first. He also delivered a solid close in contrast to a miserable flop last time. Romney did OK but not as good as last time. The instant poll of undecided voters had Obama winning 37% to 33% with 33% calling it a tie. Both candidates scored some points and it is likely that supporters of each candidate thought their candidate won. On some points I agreed with the president, on others I agreed with Romney. Questions were from an audience of supposedly undecided voters. I wonder how many of them really were. A "gotcha" question on Libya (from someone I believe is a closet Romney voter) turned out to be anything but "gotcha". Obama handled himself well, and the commentators after the debate noted that Republican strategists were likely to drop Libya as a talking point. Similarly, there were cream-puff questions on women's issues that seemed like they were from closet Obama supporters. I thought Romney generally did better on energy, but it was by no means a knockout. On jobs, people will probably believe what they want to believe. Neither candidate really made any specific job proposals. Romney kept repeating he knows what it takes to create jobs, but it must be a secret because he never offered any substantive details. Obama clearly doesn't have much of a plan either, but at least he did not keep pretending that he does. Both candidates are in favor of Pell Grants but I think they should be scrapped. Romney repeated his statement made at least twice previously, that he would label China a currency manipulator on day one. That is seriously wrong policy. For a detailed discussion, please see Fair Trade is Unfair; In Praise of Cheap Labor; Are Bad Jobs at Bad Wages Better than No Jobs at All? Are Paul Krugman and Mitt Romney On the Same Page? Over half the time I did not particularly care for statements made by either candidate. The instant survey showed Romney would be better for the economy, but Obama better for the middle class. If the election comes down to that distinction, my view is Obama will likely win. However, my view is not what is important. What the average undecided voter wanted to hear in the debate does matter. Yet, I do not know what that is, or whether the voters heard what they wanted. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com "Wine Country" Economic Conference Hosted By Mish Click on Image to Learn More 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. |
Canada Household Debt Approaches US Bubble Levels; Inane Housing Comments From Canadian Economist Posted: 16 Oct 2012 12:50 PM PDT Shortly after the peak in the US housing bubble, Americans' household debt-to-income ratio reached 170 per cent. For comparison purposes, Canadian household debt-to-income is now at 163 per cent, according to Statistics Canada. Canadians' debt-to-income ratio has soared to 163 per cent, much higher than previously believed, according to revised Statistics Canada figures.Inane Housing Comments From Wright Those comments from Wright are quite amazing. The more leverage one has in housing, the more susceptible personal finances and the economy will be to a sustained downturn in that area. What really takes the cake however, is Wright's "hope (the debt) ratio will stabilize" in spite of falling home prices. Good grief. In a recession (and one is on the way if not started), layoffs will increase and income will drop. Housing prices and the stock market will both take a hit as well. Thus, debt-to-income ratios will rise and net worth will plunge. Canadians should expect a double whammy. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com 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. |
Posted: 16 Oct 2012 09:35 AM PDT According to the Greek website Kathimerini, Troika talks break down. A second meeting between troika officials in Athens and Greece's Labor Minister Yiannis Vroutsis broke down on Tuesday, after the two sides hit a deadlock for the second time in the same day.About That Resumption in Talks From the Guardian Eurozone Crisis Running Blog ... 15:27 Back in Greece, there are reports that the latest meeting between the government and the troika of creditors has broken down.Greek Political and Economic Corruption Continues Virtually Unchecked Spiegel Online reports Corruption Continues Virtually Unchecked in Greece While Athens waits for more aid from the European Union, the country continues to be administered in the same old careless manner. Corrupt politicians and the rich continue to help themselves to Greece's funds, and little is being done about it.Question of the Day Who better than a mafia loan shark kingpin to get out the vote for the prime minister? Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com 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. |
Does Mitt Romney Know What It Takes To Create Jobs? Did He Ever Create Any? Posted: 16 Oct 2012 01:03 AM PDT I have been (and continue to be) critical of both president Obama and Mitt Romney. As stated multiple times previously, I will not vote for either of them. Obamacare will be a disaster for jobs as noted in Prepping for Obamacare, Olive Garden and Red Lobster Cut Workers' Hours; Are Other Companies Doing the same? Tip Sharing Lowers Minimum Wage; Like One, Like All?. I still plan a followup on that post. Would Romneycare be any different? If so why? More importantly, as a businessman, does Romney have any history of creating jobs? If you think so, I invite you to read what Ronald Reagan's budget director, David Stockman, has to say about the claims. Please consider Mitt Romney: The Great Deformer. Bain Capital is a product of the Great Deformation. It has garnered fabulous winnings through leveraged speculation in financial markets that have been perverted and deformed by decades of money printing and Wall Street coddling by the Fed. So Bain's billions of profits were not rewards for capitalist creation; they were mainly windfalls collected from gambling in markets that were rigged to rise.No Debate There is no possible debate on what Stockman said above. He did not write anything above I would not have. However, Stockman has numerous details of exact transactions that I did not have. For example, Stockman points out Bain's returns on the overwhelming bulk of the deals — 67 out of 77 — were actually lower than what a passive S&P 500 indexer would have earned even without the risk of leverage or paying all the private-equity fees. Based on its average five-year holding period, the annual return would have computed to about 12 percent—well below the 17 percent average return on the S&P in this period. Loaded with debt, four of Bain's investments ended in bankruptcy. Bain however, got out at the top. Is any value created in that? There was for Bain and Romney but not for the employees of those companies. Counting bankruptcies, Bain and Romney destroyed jobs. The article is worth a good look from start to finish. Stockman concludes ... The Bain Capital investments here reviewed accounted for $1.4 billion or 60 percent of the fund's profits over 15 years, by my calculations. Four of them ended in bankruptcy; one was an inside job and fast flip; one was essentially a massive M&A brokerage fee; and the seventh and largest gain—the Italian Job—amounted to a veritable freak of financial nature.Piranha-Like Asset Stripping Results at Bain were made possible by fractional reserve lending and leverage to the extreme. As I have stated before, Fed policies are for the benefit of the banks and the already wealthy, in other words, the 1%, not the 99%. Indeed, close scrutiny of Romney's "job creation" track record shows it is nothing more than piranha-like asset stripping for the benefit of the piranhas. Everyone else involved was likely cleaned to the bones. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com "Wine Country" Economic Conference Hosted By Mish Click on Image to Learn More 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. |
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Damn Cool Pics |
Posted: 16 Oct 2012 07:13 PM PDT Famous photographer Lennart Nilsson captured incredible images of the first 26-weeks of a fetus. Some of these photos were taken with conventional cameras with macro lenses, while others were taken with the use of an endoscope. That's not all, scanning electron microscope technology enabled Nilsson to take pictures at a magnification of hundreds of thousands. |
DIY Fright Night Pumpkin This Halloween Posted: 16 Oct 2012 01:54 PM PDT |
Actors from Horror Movies Then and Now Posted: 16 Oct 2012 10:31 AM PDT Here are a few child actors that played in memorable scary films (some scarier than others) as they were in the movie and what they look like today. Linda Blair in "The Exorcist" in 1973 ... and now. Will Sandin as Young Michael Myers in 1978's "Halloween" ... and now. Harvey Stephens in "The Omen" in 1976 ... and now. Alex Vincent in "Child's Play" in 1988 ... and now. John Franklin in "Children of the Corn" in 1984 ... and now. Drew Barrymore in "Firestarter" in 1984 ... and now. Courtney Gaines in "Children of the Corn" in 1984 ... and now. Miko Hughes in "Pet Sematary" in 1989 ... and today. Oliver Robbins in "Poltergeist" in 1982 ... and now. Danny Pintauro in "Cujo" in 1983 ... and now. Corey Feldman in "Friday the 13th: The Final Chapter" in 1984 ... and now. Kirsten Dunst in "Interview with the Vampire" in 1994 ... and now. Thomas Dekker in 1995 remake of "Village of the Damned" ... and now. Macaulay Culkin in "The Good Son" in 1993 ... and today. Thora Birch in "Hocus Pocus" in 1993 ... and now. Christina Ricci in "The Addams Family" in 1991 ... and now. Twins Kaitlyn and Kristen Hooper in "The Addams Family" in 1993 ... and one of them now. Joshua Miller in "Near Dark" back in 1987 ... and today. Daveigh Chase in "The Ring" in 2002 ... and now. |
Red Bull Stratos & Felix Baumgartner [Infographic] Posted: 16 Oct 2012 09:40 AM PDT |
Behind The Scenes - Human Motorcycle Posted: 15 Oct 2012 09:21 PM PDT |
Skydiver Felix Baumgartner Breaks Sound Barrier with Free-Fall Jump from Space Posted: 15 Oct 2012 09:12 PM PDT Austrian skydiver Felix Baumgartner became the first man to break the sound barrier in a record-shattering, death-defying freefall jump Sunday from the edge of space. The 43-year-old leapt from a capsule more than 24 miles (39 kilometers) above the Earth, reaching a top speed of 833.9 miles per hour, or 1.24 times the speed of sound. The veteran skydiver was in freefall for four minutes and 20 seconds before opening his red and white parachute and floating down to the desert in the US state of New Mexico, said Red Bull Stratos mission record keeper Brian Utley. It wasn't completely smooth sailing as Felix describes spinning wildly mid-way during his four-minute free-fall, which could have knocked him unconscious. "I had a lot of pressure in my head," the former military parachutist said at a press conference. "But I didn't feel like was passing out." |
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