It's been sporadic but we've talked about someone doing a series pulling up the "best of the week" of other blog posts around the web, with links and quotes, highlights from the other posts.
Then also including a section of "best comments of the week" to link and quote from EP.
JV started to do this but didn't keep it up.
I'm already doing all of the admin, plus doing two series, the Friday Night Videos and the Sunday Morning Comics.
If you want to commit to such a post, say for Th-S time frame (pick a day) it would be nice.
I can also tell you the huge "reader days" are M-Th, 7-6 EST, so you probably want to post it for the more low read times and leave the "big read" times for the original blog posts that we all are writing here so they are top on the front page.
I can tell you for me, while the FNV and the SMC's seem fairly simple and trivial, I have to hunt high and low to find those plus watch them first to see if they are worth a damn. So, it's kind of a personal hunt of what I can dig up that takes all of the time.
I imagine it would be the same to do a "best of the week around the Internets" or whatever you catchy title would be for such a series, to do it.
If you want to take it on, I think it would be great.
I have always thought that the readers here at EP do a fine job of digging for the truth and exposing the frauds. And, true to its namesake, I think we are all populist by nature.
One of the things I like most about Naked Capitalism is the daily links that Yves provides. They are wide ranging, only sometimes graphical or analytical, but always apropros to the bigger picture.
So I was thinking if there is a way of doing something similar here at EP. Provide links to other reports, essays, analyses without paraphrasing and just invite general discussion or further original blog posts.
For instance, I came across this article by Mike Whitney at Counterpunch today, which presents a scathing argument that the efforts to fix the financial crisis, to date, have done nothing more than exacerbate the chasm between the Wall Street economy and the real economy. Please check it out, I think Mike makes a very compelling case and I doubt many of the readers here would disagree.
Likewise, I read this mesmerizing account of what is happening in Dubai right now, revealing all of its worts and accomplishments. This, I think, is Pulitzer Prize worthy stuff that causes one to reflect on the truth that surrounds them, no matter where they live. It is a microcosm of our domestic situation here, and a cautionary tale taken to the extreme.
I know that instapopulist is really set up to accomplish what I am suggesting here. I guess what I'm really proposing is some sort of mechanism for just quick posting links to articles that require no further explanation. It is another way for each of us to expose others to what we, individually, think is important. And from those individual suggestions, it is possible that collectively, we can actually create a narrative for others to ponder.
Anyway, its just a thought and I hope you can find the time to read and comment on the articles I have linked to.
Honestly I think how the media portrayed it versus what people are really pissed about are two different things. I also think they are trying to misdirect the rage building up with the people.
So, in other words, they do a rally about "high taxes", when people are really pissed about what they are doing with their money. They said it was about the Stimulus, when the real rage is over the TARP, PPIP, the Federal Reserve financial commitments.
So, in other words, our little neocons trying to funnel Populist outrage to their own agenda and since people want to speak out but the grassroots isn't effectively organizing, they get swayed to this instead.
The Tea Party, as an anti-tax demonstration, was innane. As an expression against huge deficit spending...yes, one could see its merit given our general concern and doubts. But these are doubts more aimed at Keynesian remedies than government or taxation itself. hence, the entire endeavor was a joke.
I think we are going to see more informal gatherings much like the flash mobbing flash pillow fight. The internet has allowed individuals to paste together real grass roots efforts and a central controlling figure is a thing of the past. Maybe there is an Acorn hiding in the Tea Party or a George Soros. The Tea Parties were so disjointed I don't see how there could be a kabal behind them.
Now people are prone to conspiracies and I'm ready to jump in with the best of them but I just don't see the concerted effort from some ka-zillionaire. There have been so many names floating on the internet that it should make the Snopes.com list.
I am in the 15% fed tax bracket. My property taxes (paid with after tax money) equals 16% of after tax annual pay; I am self employed so I pay the full social security and mediare; I pay a 1% local earned income tax and State tax is 2 percent. You add them all together and you get 49% in taxes. I am no were near the $250,000 earner that the government banters about, I am a little wage guy. I didn't even try to add in all the sales taxes and hidden taxes they call fees.
If people were not such sheep they could add up the figures for themselves and I think they would start scratching their heads. Maybe it would be a soft scratch but at least they would start to go hm?
You don't need a $billionaire to figure out that 49% is a lot of tax to pay for someone earning the USA median wage. I have few doubts that to pay back the $trillions that GWB ran up and the $trillions that Obama is running up that taxes and fees will at some point in the future rise. The game politicians play is to keep the nasty stuff from hitting on their watch.
I no longer participate in the politician's games.
Have people forgotten about the September 25, 2008 protest outside Wallstreet against George bush?
Please stop and look at how IBM is hurting hard working American families by firing or force retiring or RA what ever the big fat fellow is calling it. At a time when we need jobs most either technical or non techical skilled or unskilled (they hired them so why fire them when they are making almost a living wage)These hard working people that have little education in some cases have helped that company grow by leaps and bounds now when unemployment is high they send their jobs to india that is cruel and discusting. I hope those of you who have a family member or friend or neighbor whos job has been shipped to india spreads the word around and not do business with IBM and help those poor laidoff employees get the CEO of IBM fired for treason in a time when these people needed their jobs most. I know of a family who are going to lose their home from this recent job shift to india and they worked for IBM for 20 years and just made about 50 thousand dollars that now they have to find jobs in the worst economy. This company is all about executive bonuses and retirement pay. If our leaders let this happen then they are really not leading us at all. If nothing gets done show your support at election time or join everyone else on unemployment and see if that get some attention. as the article is titled STOP DOING BUSINESS WITH IBM. Make a start in giving back the power to the people by not allowing American based companies to do what IBM is doing.
It will definitly help our economy rebound and help our children know they will have a chance at the American Dream.
with that said it ALL UP TO YOU.
trust me, there are traders...particularly of the institutional variety who would pounce on these guys if it put their holdings in jeopardy. Secondly, the government isn't that stupid, I suspect thats one of the hidden reasons for the stress tests. If they see that giving back the money will only mean costing them more money down the road, then they'll say no on any give backs. Last, but not least, any bank that gets "sick" in this environment will simply get gobbled up, and it would be Uncle Sam that will promote such actions.
It's time to give us taxpayers back our money. I want all the 700+ billion back.
Yes, I definitely want our money back. But my concern is that TARP recipients pay it back strictly because of the "strings" attached but really can't afford it. Then they linger on just being a drag on the economy and later basically try to blackmail us for more cheap capital with no strings attached.
my attitude is anything that stops this massive feed to these banks is probably good, so if they return the actual money that's positive despite whatever funky bookkeeping might be going on.
JPM investment banking division was the earner. JPM and GS are filling a vacuum left by BofA and Citi and Merrill and Lehman and Bear Stearns. The question is whether this level of earnings is sustainable.
Jamie Dimon on Thursday expressed JPMorgan Chase’s desire to be free from government intervention, calling the US Treasury’s toxic assets plan “irrelevant” to his bank and saying the lender could immediately repay $25bn in federal aid without raising new capital.
It appears JPMorgan Chase is also reporting amazing profits. Gee, how can that happen. The good news is that they are now reporting to return the $25 billion dollars, but what's going on here really with this sudden profits? It is funneling, mark-to-market, or simply the TARP funds themselves?
It seems also to me that these contract bidders, somehow have all of the right elements in place to obtain the contracts but inability to really execute.
I mean the medical and pharmaceutical companies are stuck with pathetic systems, clearly not designed on the best database back end, inflexibility and incompatibilities.
Same with the health insurance industry and then our government, lordy, lordy, they keep awarding these large contracts to companies like SAIC, Accenture, IBM, etc.
and can't even get a working line of code.
It's like they discount technical expertise 100% and are shocked with advanced skills actually matter.
Another example would be the immigration system. Ya know, the credit rating agencies know, pretty much in real time, exactly what kind of toilet paper you just bought or how many drinks in what bar you just had....
yet when it comes to contracts, they can't even get it together to validate social security numbers.
Walmart never outsourced their systems. The first thing you loose is you competitive advantage in reducing "time to market" products. Some of the companies are coming back because of telecommunications costs/infrastructure problems, and the costs of keeping onshore/offshore sites which are just duplication of personnel functions.
or is it possible shoppertrak wants to minimize a decline?
This drives me nuts actually with government. Of course they award contracts to their lobbyist pals who then cannot deliver on the software, infrastructure....but that aside,
why can't they get accurate solid real time data?
We have the banking industry, credit scoring companies, Google, even the grocery profiling our every move, in real time. Yet when it comes to economic stats they are stuck in the 1950's.
The only people I personally know buying homes are what could be termed "vultcher investors," buying up property when they're in a depressed situation. Most of the homes purchased where either in foreclosure or abandoned. Wait...I take that back, I know one couple who are looking for a home to live in, but she just gave birth to 3 kids so they need something bigger than the condo they're in now.
I personally don't see how feeding the zombie banks plus refusing to deal with trade policy, wages is going to not prolong a recession.
I need to write an update on trade policy with Obama but from the reports I've read (sorry to say) it's like he is just continuing on with Bush's agenda.
Mexican trucks, such an example, are a huge issue with the Teamsters and rightly so. They want to enable Mexican truckers to be in the U.S. so the Mexicans would be paid Mexican wages, Mexican safety standards in direct competition with U.S. truckers. Never mind the obvious problems with smuggling, security.
Well, Congress finally passed an amendment to stop Mexican trucks and now Obama is going to try to reinstate the program.
Was the chart inflation adjusted? Plus I think a longer view should be shown because from the research I've done wage stagnation has been strong since about 1970.
I also think that average wages are a bit skewed becasue the CEO type pay is included in the average. I prefer median wages. To me median wages is the 50/50 man. That person that in a crowd of 100 will have 49.5 people making more and 49.5 people making less.
These are average wages (couldn't find median for 1970)
In 1970 the average annual USA wage was $6,186.24.
The national average wage index (AWI) is based on compensation (wages, tips, and the like) subject to Federal income taxes, as reported by employers on Forms W-2. Beginning with the AWI for 1991, compensation includes contributions to deferred compensation plans, but excludes certain distributions from plans where the distributions are included in the reported compensation subject to income taxes. We call the result of including contributions, and excluding certain distributions, net compensation. The table below summarizes the components of net compensation for 2007.
The wage inflation issue isn't happening in a closed system. Without wage inflation there is no demand. Demand for production of capital goods will continue to fall as states and municipalities continue to increase budget forecasts, increase public employee/legislative salaries in light of falling revenue.
The entire economic system in the United States has been built upon mathematics that require everything to get more expensive year over year, for salaries to increase, and municipalities to take more and more to feed the system. Once the numbers go negative, it breaks down.
It's easy to look at the CPI/PPI index and say "we're coming out of this slump".
But malls are closing, commercial real estate is now taking a nosedive, people are not buying new cars anyway near current production. Energy demand, smothing we were told just a year ago would get more and more expensive, never come down etc...has fallen though the floor. Demand for production is just not there.
I do hope that I'm seeing things wrong, and end up being 100% wrong. But ever since the collapse of Bear Sterns and Lehman, things I was sure could never happen have happened at an unbelievable pace.
It's been sporadic but we've talked about someone doing a series pulling up the "best of the week" of other blog posts around the web, with links and quotes, highlights from the other posts.
Then also including a section of "best comments of the week" to link and quote from EP.
JV started to do this but didn't keep it up.
I'm already doing all of the admin, plus doing two series, the Friday Night Videos and the Sunday Morning Comics.
If you want to commit to such a post, say for Th-S time frame (pick a day) it would be nice.
I can also tell you the huge "reader days" are M-Th, 7-6 EST, so you probably want to post it for the more low read times and leave the "big read" times for the original blog posts that we all are writing here so they are top on the front page.
I can tell you for me, while the FNV and the SMC's seem fairly simple and trivial, I have to hunt high and low to find those plus watch them first to see if they are worth a damn. So, it's kind of a personal hunt of what I can dig up that takes all of the time.
I imagine it would be the same to do a "best of the week around the Internets" or whatever you catchy title would be for such a series, to do it.
If you want to take it on, I think it would be great.
I have always thought that the readers here at EP do a fine job of digging for the truth and exposing the frauds. And, true to its namesake, I think we are all populist by nature.
One of the things I like most about Naked Capitalism is the daily links that Yves provides. They are wide ranging, only sometimes graphical or analytical, but always apropros to the bigger picture.
So I was thinking if there is a way of doing something similar here at EP. Provide links to other reports, essays, analyses without paraphrasing and just invite general discussion or further original blog posts.
For instance, I came across this article by Mike Whitney at Counterpunch today, which presents a scathing argument that the efforts to fix the financial crisis, to date, have done nothing more than exacerbate the chasm between the Wall Street economy and the real economy. Please check it out, I think Mike makes a very compelling case and I doubt many of the readers here would disagree.
Likewise, I read this mesmerizing account of what is happening in Dubai right now, revealing all of its worts and accomplishments. This, I think, is Pulitzer Prize worthy stuff that causes one to reflect on the truth that surrounds them, no matter where they live. It is a microcosm of our domestic situation here, and a cautionary tale taken to the extreme.
I know that instapopulist is really set up to accomplish what I am suggesting here. I guess what I'm really proposing is some sort of mechanism for just quick posting links to articles that require no further explanation. It is another way for each of us to expose others to what we, individually, think is important. And from those individual suggestions, it is possible that collectively, we can actually create a narrative for others to ponder.
Anyway, its just a thought and I hope you can find the time to read and comment on the articles I have linked to.
This explains why my wife's cousin in China has been getting rich buying e-scrap from the U.S.
Honestly I think how the media portrayed it versus what people are really pissed about are two different things. I also think they are trying to misdirect the rage building up with the people.
So, in other words, they do a rally about "high taxes", when people are really pissed about what they are doing with their money. They said it was about the Stimulus, when the real rage is over the TARP, PPIP, the Federal Reserve financial commitments.
So, in other words, our little neocons trying to funnel Populist outrage to their own agenda and since people want to speak out but the grassroots isn't effectively organizing, they get swayed to this instead.
The Tea Party, as an anti-tax demonstration, was innane. As an expression against huge deficit spending...yes, one could see its merit given our general concern and doubts. But these are doubts more aimed at Keynesian remedies than government or taxation itself. hence, the entire endeavor was a joke.
I think we are going to see more informal gatherings much like the flash mobbing flash pillow fight. The internet has allowed individuals to paste together real grass roots efforts and a central controlling figure is a thing of the past. Maybe there is an Acorn hiding in the Tea Party or a George Soros. The Tea Parties were so disjointed I don't see how there could be a kabal behind them.
Now people are prone to conspiracies and I'm ready to jump in with the best of them but I just don't see the concerted effort from some ka-zillionaire. There have been so many names floating on the internet that it should make the Snopes.com list.
I am in the 15% fed tax bracket. My property taxes (paid with after tax money) equals 16% of after tax annual pay; I am self employed so I pay the full social security and mediare; I pay a 1% local earned income tax and State tax is 2 percent. You add them all together and you get 49% in taxes. I am no were near the $250,000 earner that the government banters about, I am a little wage guy. I didn't even try to add in all the sales taxes and hidden taxes they call fees.
If people were not such sheep they could add up the figures for themselves and I think they would start scratching their heads. Maybe it would be a soft scratch but at least they would start to go hm?
You don't need a $billionaire to figure out that 49% is a lot of tax to pay for someone earning the USA median wage. I have few doubts that to pay back the $trillions that GWB ran up and the $trillions that Obama is running up that taxes and fees will at some point in the future rise. The game politicians play is to keep the nasty stuff from hitting on their watch.
I no longer participate in the politician's games.
Have people forgotten about the September 25, 2008 protest outside Wallstreet against George bush?
Please stop and look at how IBM is hurting hard working American families by firing or force retiring or RA what ever the big fat fellow is calling it. At a time when we need jobs most either technical or non techical skilled or unskilled (they hired them so why fire them when they are making almost a living wage)These hard working people that have little education in some cases have helped that company grow by leaps and bounds now when unemployment is high they send their jobs to india that is cruel and discusting. I hope those of you who have a family member or friend or neighbor whos job has been shipped to india spreads the word around and not do business with IBM and help those poor laidoff employees get the CEO of IBM fired for treason in a time when these people needed their jobs most. I know of a family who are going to lose their home from this recent job shift to india and they worked for IBM for 20 years and just made about 50 thousand dollars that now they have to find jobs in the worst economy. This company is all about executive bonuses and retirement pay. If our leaders let this happen then they are really not leading us at all. If nothing gets done show your support at election time or join everyone else on unemployment and see if that get some attention. as the article is titled STOP DOING BUSINESS WITH IBM. Make a start in giving back the power to the people by not allowing American based companies to do what IBM is doing.
It will definitly help our economy rebound and help our children know they will have a chance at the American Dream.
with that said it ALL UP TO YOU.
trust me, there are traders...particularly of the institutional variety who would pounce on these guys if it put their holdings in jeopardy. Secondly, the government isn't that stupid, I suspect thats one of the hidden reasons for the stress tests. If they see that giving back the money will only mean costing them more money down the road, then they'll say no on any give backs. Last, but not least, any bank that gets "sick" in this environment will simply get gobbled up, and it would be Uncle Sam that will promote such actions.
It's time to give us taxpayers back our money. I want all the 700+ billion back.
Yes, I definitely want our money back. But my concern is that TARP recipients pay it back strictly because of the "strings" attached but really can't afford it. Then they linger on just being a drag on the economy and later basically try to blackmail us for more cheap capital with no strings attached.
I think Geithner boxed us in with his strategy.
my attitude is anything that stops this massive feed to these banks is probably good, so if they return the actual money that's positive despite whatever funky bookkeeping might be going on.
JPM investment banking division was the earner. JPM and GS are filling a vacuum left by BofA and Citi and Merrill and Lehman and Bear Stearns. The question is whether this level of earnings is sustainable.
ft:
It appears JPMorgan Chase is also reporting amazing profits. Gee, how can that happen. The good news is that they are now reporting to return the $25 billion dollars, but what's going on here really with this sudden profits? It is funneling, mark-to-market, or simply the TARP funds themselves?
It seems that Real Clear Markets, a financial site by the people who do Real Clear Politics, has picked up on some of our posts.
So has Seeking Alpha.
Congratulations New Deal Democrat and Midtowng. I always knew your analysis and writing was top notch and unique and it appears other sites agree.
It seems also to me that these contract bidders, somehow have all of the right elements in place to obtain the contracts but inability to really execute.
I mean the medical and pharmaceutical companies are stuck with pathetic systems, clearly not designed on the best database back end, inflexibility and incompatibilities.
Same with the health insurance industry and then our government, lordy, lordy, they keep awarding these large contracts to companies like SAIC, Accenture, IBM, etc.
and can't even get a working line of code.
It's like they discount technical expertise 100% and are shocked with advanced skills actually matter.
Another example would be the immigration system. Ya know, the credit rating agencies know, pretty much in real time, exactly what kind of toilet paper you just bought or how many drinks in what bar you just had....
yet when it comes to contracts, they can't even get it together to validate social security numbers.
Walmart never outsourced their systems. The first thing you loose is you competitive advantage in reducing "time to market" products. Some of the companies are coming back because of telecommunications costs/infrastructure problems, and the costs of keeping onshore/offshore sites which are just duplication of personnel functions.
or is it possible shoppertrak wants to minimize a decline?
This drives me nuts actually with government. Of course they award contracts to their lobbyist pals who then cannot deliver on the software, infrastructure....but that aside,
why can't they get accurate solid real time data?
We have the banking industry, credit scoring companies, Google, even the grocery profiling our every move, in real time. Yet when it comes to economic stats they are stuck in the 1950's.
The only people I personally know buying homes are what could be termed "vultcher investors," buying up property when they're in a depressed situation. Most of the homes purchased where either in foreclosure or abandoned. Wait...I take that back, I know one couple who are looking for a home to live in, but she just gave birth to 3 kids so they need something bigger than the condo they're in now.
I personally don't see how feeding the zombie banks plus refusing to deal with trade policy, wages is going to not prolong a recession.
I need to write an update on trade policy with Obama but from the reports I've read (sorry to say) it's like he is just continuing on with Bush's agenda.
Mexican trucks, such an example, are a huge issue with the Teamsters and rightly so. They want to enable Mexican truckers to be in the U.S. so the Mexicans would be paid Mexican wages, Mexican safety standards in direct competition with U.S. truckers. Never mind the obvious problems with smuggling, security.
Well, Congress finally passed an amendment to stop Mexican trucks and now Obama is going to try to reinstate the program.
Was the chart inflation adjusted? Plus I think a longer view should be shown because from the research I've done wage stagnation has been strong since about 1970.
I also think that average wages are a bit skewed becasue the CEO type pay is included in the average. I prefer median wages. To me median wages is the 50/50 man. That person that in a crowd of 100 will have 49.5 people making more and 49.5 people making less.
These are average wages (couldn't find median for 1970)
In 1970 the average annual USA wage was $6,186.24.
http://www.census.gov/const/uspricemon.pdf
In 1970 the median home price (unadjusted for inflation) was $22,300.
In 1970 it took about four years of total wages to buy a home.
In 2007 (latest year available)the average wage was $38,760.95.
The median wage was $25,737.20
http://www.ssa.gov/cgi-bin/netcomp.cgi?year=2009
In Dec 2007 the median price was $227,700 and the average housing price was $284,400.
http://www.census.gov/const/uspricemon.pdf
In 2007 it took around 8.84 years of median wages to buy a median priced house. The median 2007 home price has gone up 1000% since 1970.
Gasoline in 1970 averaged 34 cents. In 2007 gasoline was about $2.70 a gallon. An increase of over 800%.
Oops sorry gotta go....late for an employment. Sorry I can't finish.
http://www.ssa.gov/cgi-bin/netcomp.cgi?year=2009
The national average wage index (AWI) is based on compensation (wages, tips, and the like) subject to Federal income taxes, as reported by employers on Forms W-2. Beginning with the AWI for 1991, compensation includes contributions to deferred compensation plans, but excludes certain distributions from plans where the distributions are included in the reported compensation subject to income taxes. We call the result of including contributions, and excluding certain distributions, net compensation. The table below summarizes the components of net compensation for 2007.
The wage inflation issue isn't happening in a closed system. Without wage inflation there is no demand. Demand for production of capital goods will continue to fall as states and municipalities continue to increase budget forecasts, increase public employee/legislative salaries in light of falling revenue.
The entire economic system in the United States has been built upon mathematics that require everything to get more expensive year over year, for salaries to increase, and municipalities to take more and more to feed the system. Once the numbers go negative, it breaks down.
It's easy to look at the CPI/PPI index and say "we're coming out of this slump".
But malls are closing, commercial real estate is now taking a nosedive, people are not buying new cars anyway near current production. Energy demand, smothing we were told just a year ago would get more and more expensive, never come down etc...has fallen though the floor. Demand for production is just not there.
I do hope that I'm seeing things wrong, and end up being 100% wrong. But ever since the collapse of Bear Sterns and Lehman, things I was sure could never happen have happened at an unbelievable pace.
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