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Showing posts with label Economy. Show all posts
Showing posts with label Economy. Show all posts
8.10.2010
5.27.2010
Economist James Galbraith Senate testimony: Economics a disgraced profession; blind to obvious fraud
Read entire article here:
" "There is nothing about money that cannot be understood by the person of reasonable curiosity, diligence and intelligence.... The study of money, above all other fields in economics, is the one in which complexity is used to disguise the truth, not to reveal it. Most things in life — automobiles, mistresses, cancer — are important principally to those who have them. Money, in contrast, is equally important to those who have it and to those who don't. Both, accordingly, have a concern for understanding it. Both should proceed in the full confidence that they can." – John Kenneth Galbraith, Money: Whence it came, where it went - 1975, p15. Galbraith wrote five best-selling books on economics, was President of the American Economic Association, economics professor at Harvard, and advisor to four US Presidents. James Galbraith is his son."
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Note: The opening paragraph is priceless
" "There is nothing about money that cannot be understood by the person of reasonable curiosity, diligence and intelligence.... The study of money, above all other fields in economics, is the one in which complexity is used to disguise the truth, not to reveal it. Most things in life — automobiles, mistresses, cancer — are important principally to those who have them. Money, in contrast, is equally important to those who have it and to those who don't. Both, accordingly, have a concern for understanding it. Both should proceed in the full confidence that they can." – John Kenneth Galbraith, Money: Whence it came, where it went - 1975, p15. Galbraith wrote five best-selling books on economics, was President of the American Economic Association, economics professor at Harvard, and advisor to four US Presidents. James Galbraith is his son."
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Note: The opening paragraph is priceless
5.12.2010
SEC: Regulators yet to determine cause of plunge
Read entire article here:
"SEC Chairman Mary Schapiro said her agency has yet to pinpoint the reason for the sell-off that sent the Dow Jones industrial average down nearly 1,000 points in less than half an hour, stunning Wall Street and Washington.
"We will move as quickly as we can but I can't give you a final date," Schapiro said at a hearing examining the historic market drop."
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Note: Who can take these people seriously?
"SEC Chairman Mary Schapiro said her agency has yet to pinpoint the reason for the sell-off that sent the Dow Jones industrial average down nearly 1,000 points in less than half an hour, stunning Wall Street and Washington.
"We will move as quickly as we can but I can't give you a final date," Schapiro said at a hearing examining the historic market drop."
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Note: Who can take these people seriously?
3.02.2010
D.C. hospital fires 11 nurses, 5 staffers for snowstorm absences
Read entire article here:
" "I see it as so unfair and uncaring," said Shirley Ricks, a 57-year-old nurse who has spent her entire career at the hospital. "That's it. You call in one day in the biggest snowstorm in history and you're out. No ifs, ands or buts about it. . . . You go from getting a salary every two weeks to nothing. It's scary.""
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Note: Reminds me of the time my friend Thom had a heart attack and they tried to fire him from his new job in a Northern Virginia hospital. I don't know if it's legal to mention their name - although they were in a an area that had a lot of fair oaks around the hospital.
" "I see it as so unfair and uncaring," said Shirley Ricks, a 57-year-old nurse who has spent her entire career at the hospital. "That's it. You call in one day in the biggest snowstorm in history and you're out. No ifs, ands or buts about it. . . . You go from getting a salary every two weeks to nothing. It's scary.""
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Note: Reminds me of the time my friend Thom had a heart attack and they tried to fire him from his new job in a Northern Virginia hospital. I don't know if it's legal to mention their name - although they were in a an area that had a lot of fair oaks around the hospital.
12.10.2009
Animation: Geography of a Recession
Watch animated map of the recession take hold by CLICKING here:
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NOTE: DC looks like they're escaping the worst of it so far.
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NOTE: DC looks like they're escaping the worst of it so far.
Percentage of GDP to External Debt: Default is Inevitable
Read more here:
" Recently I saw a list of the percentage of external debt to GDP on the CNBC website. Sadly, it is in a slide show presentation and a lot of people have missed these important numbers, so I am reproducing the figures here as listed on the CNBC site. ... 20. United States - 94.3 %
External debt (as % of GDP): 94.3%
External debt per capita: $43,793
Gross external debt: $13.454 trillion (2009 Q2)
2008 GDP (est): $14.26 trillion
And these are just the top twenty. Switzerland came as a big surprise to me."
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Note: I like the article linked because the author is not afraid to present educated guesses as to what might happen. Many authors seem afraid to state their positions - this one is not. We need to take a lesson and be not afraid.
" Recently I saw a list of the percentage of external debt to GDP on the CNBC website. Sadly, it is in a slide show presentation and a lot of people have missed these important numbers, so I am reproducing the figures here as listed on the CNBC site. ... 20. United States - 94.3 %
External debt (as % of GDP): 94.3%
External debt per capita: $43,793
Gross external debt: $13.454 trillion (2009 Q2)
2008 GDP (est): $14.26 trillion
And these are just the top twenty. Switzerland came as a big surprise to me."
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Note: I like the article linked because the author is not afraid to present educated guesses as to what might happen. Many authors seem afraid to state their positions - this one is not. We need to take a lesson and be not afraid.
2.28.2009
The Great A-Mexican Chocolate Bar
READ THIS story about the relocation of the Hershey factory from Reading, PA to Mexico. From the article:
"While declining to talk about the plant's operation, Hershey spokesman Kirk D. Saville did say the company appreciated the professionalism of its employees, The Patriot-News said.
"This change was difficult for all of us, but was necessary to ensure the long-term competitiveness of our company," Saville said. "
I wonder how "professional" all the unemployed workers feel now? I wonder if this change was equally "difficult" for all. I wonder if they will come out with a new jingle?
"While declining to talk about the plant's operation, Hershey spokesman Kirk D. Saville did say the company appreciated the professionalism of its employees, The Patriot-News said.
"This change was difficult for all of us, but was necessary to ensure the long-term competitiveness of our company," Saville said. "
I wonder how "professional" all the unemployed workers feel now? I wonder if this change was equally "difficult" for all. I wonder if they will come out with a new jingle?
1.30.2009
What's Wrong with this Picture?
Independent, Republican, or Democrat - please look at these two stories and contemplate our situation.
(CLICK) For record profits at Exxon - nothing wrong with that I agree but...
(CLICK) here to see life in Detroit - can we all at least agree that there has to be some middle ground here in America?
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UPDATE Feb 26, 09 Exxon sticks it to Alaskans like they do to everybody - except themselves
(CLICK) For record profits at Exxon - nothing wrong with that I agree but...
(CLICK) here to see life in Detroit - can we all at least agree that there has to be some middle ground here in America?
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UPDATE Feb 26, 09 Exxon sticks it to Alaskans like they do to everybody - except themselves
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