On Apr 3, 11:18 pm, Too_Many_Tools wrote:
On Apr 3, 12:34 am, F. George McDuffee gmcduf...@mcduffee-





associates.us wrote:
On Thu, 03 Apr 2008 01:14:52 GMT, "John R. Carroll"

wrote:
You can review SecTreas Paulson's executive summary and proposed
changes to the Federal oversight of the financial sector here
http://media.npr.org/documents/2008/..._factsheet.pdf
http://media.npr.org/documents/2008/..._blueprint.pdf

While I have not yet completely read his entire proposal,

"His" entire proposal has as much chance of being effective as your cat and
dog do of having offspring.
This cluster **** looks a lot like the Department of Homeland Security, an
ineffective and costly combination of Boondogle and Fiasco that has been so
incompetently staffed that instead of a joke, it's a nightmare and a costly
one at that.

=============
John:

If you read and understood all that "you done good!"

I got through the summary (7 pages, several 1/2 filled) and only
about the first 75 pages of the actual document [out of 212, most
pretty dense with foot notes]

What seems to be clear is that the regulatory agencies have been
largely captured by the regulated, and the Treasury Department
and the Fed have almost no knowledge of what's actually
occurring, nor what sort of liabilities exist. Case in point is
the huge [but largely unknown] amount of CDS [credit debt swaps]
overhanging the market. Bear Stearns by itself had created 10
trillion $US notational/face value of these.

I may have missed it, but I never saw the words felony, fine,
prison term, disgorgement, or conspiracy, in this document.

More of the same only better, smaller, lighter, cheaper, quicker,
yada-yada-yada...

Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).

We have had an Administration who believes that no regulation is best.

Food safety, airline safety, drug safety, finance ...all have
suffered..there are many more.



I may have missed it, but I never saw the words felony, fine,
prison term, disgorgement, or conspiracy, in this document.

Yeah...I have noticed that those words seem to be missing from the
media too.

But I hear them frequently from taxpayers on the street.

TMT- Hide quoted text -

- Show quoted text -

Another example of an Admistration who values profits above people.

And to give you a clue guys, those people are you and your family.

My family has been under orders for some time not to fly unless
absolutely necessary.

This is why.

TMT

Our view on air safety: Whistle-blowers reveal wider problems at FAA
Fri Apr 4, 12:22 AM ET



When charges began tumbling out last month that the government's
airline watchdog ignored safety violations at Southwest for years, the
Federal Aviation Administration downplayed the incident as a "high
profile event" involving a single carrier.


But events since then, and compelling testimony in Congress on
Thursday, portray an agency with broader problems. Lawmakers learned
of supervisors who blocked enforcement of safety rules at several
major airlines --and of tough inspectors and managers who were
intimidated and even punished when they tried to put safety first.


The allegations are the most devastating to be leveled against the FAA
since 1996, when the fiery crash of a ValuJet plane into the Florida
Everglades revealed a virtual collapse of safety regulation.


The ValuJet crash led to an overhaul of the FAA's mission and its
culture. Congress passed a new law, eliminating FAA's absurd dual
mandate to both oversee the airlines and "promote" air travel. It's no
coincidence that accidents declined after safety became the agency's
primary mission.


Yet Thursday's hearing before the House Transportation and
Infrastructure Committee was replete with evidence that the FAA has
fallen back on its old, dangerous habit of coddling airlines at the
public's expense, putting the industry's enviable safety record of
recent years at risk:


*

* FAA inspectors overseeing several top carriers --including Northwest,
United and Continental --reported being pressured by FAA supervisors to
soften findings against airlines or watching as reports of dangerous
conditions were ignored, the head of their union said in prepared
testimony.


*

* Inspectors Bobby Boutris and Douglas Peters became targets of
intimidation after repeatedly alerting higher-ups to lapses at
Southwest. During his testimony, Peters choked up as he told how a
supervisor issued a veiled threat -- while holding a family photo
Peters keeps in his office -- that Peters and his wife, also an FAA
employee, would jeopardize their careers if Peters continued to press
safety issues.


*

* Four other current and former inspectors -- some now in management --
corroborated the whistle-blowers' accounts and added damning details.
One said he was told by a manager to destroy investigative notes.


A top government investigator, Scott Bloch, nailed the breadth of the
FAA's dereliction: "Thousands of real passengers were put at very real
risk because of FAA breaches."


The FAA acknowledged a severe breakdown at the office that oversees
Southwest and announced changes to prevent a repeat at any airline.


It also launched a sweeping review of the industry's maintenance
practices --one completed just in time for Thursday's hearing.
Meanwhile, several airlines have grounded hundreds of flights to
address maintenance concerns.


All this raises the obvious question: If the FAA's system was working,
why the sudden need for so many inspections and grounded aircraft,
inconveniencing so many fliers?


The financial flameouts of Enron and other major corporations showed
what can happen when auditors grow too close to the companies whose
books they are supposed to be inspecting. Too much coziness between
the FAA and the airlines can contribute to a far more serious type of
crash.

"Too_Many_Tools" wrote in message
...
On Apr 2, 1:17 pm, "Ed Huntress" wrote:
"Too_Many_Tools" wrote in message

...





On Apr 2, 1:23 pm, F. George McDuffee gmcduf...@mcduffee-
associates.us wrote:
On Wed, 2 Apr 2008 13:10:00 -0400, "Ed Huntress"

wrote:
I haven't seen what
the Fed has been saying about it lately so I don't know what the
official
position is.

=============
In your opinion, how much credibility does the data from the Fed,
BLS, etc. now have?

Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).

April 2, 2008, 12:51PM EST text size: TT
What Bernanke Didn't Say
In his first congressional appearance since intervening to prop up
Bear Stearns, the Fed chief refused to call it a bailout--nor would he
say there's a recession
by Peter Coy

snip

And how is that Business Week article a response to George's question?

--
Ed Huntress- Hide quoted text -

- Show quoted text -

Did you read the article?

Yes. And it had nothing to do with the question. Want to try again?

--
Ed Huntress

TMT

On Thu, 03 Apr 2008 12:47:33 -0700, with neither quill nor qualm,
Gunner quickly quoth:

On Thu, 03 Apr 2008 06:36:56 -0700, Larry Jaques
wrote:
Speaking of military, I just finished John Ringo's _Hell's Faire_ and
am sure glad you pointed out the Sluggy Freelance cartoon to me when
you did. The references in that were absolutely hilarious. GREAT
book! BunBun did, indeed, ROCK!

Btw...there will occasionally show up in military scifi, reference to
March of Cambreath.

Yes, it was referred to and briefly described in _Hell's Faire_.
P.S: Don't forget the "d" in "Cambreadth".


Its a mp3. If you dont have it...Id be happy to send it to you..for
reference purposes only of course.

Yeah, when the fighting comes to me, that's the only way to fight.

I found the lyrics. Do I _have_ to listen to it?

I found Ringo's poems-to-start-chapters a bit tiring, but his writing
and humor were fabulous. I picked up a lot of 7 of his books and am
having a great time reading them.

--
Never tell people how to do things. Tell them what
to do and they will surprise you with their ingenuity.
-- George S. Patton

On Fri, 04 Apr 2008 06:47:21 -0700, Larry Jaques
wrote:

On Thu, 03 Apr 2008 12:47:33 -0700, with neither quill nor qualm,
Gunner quickly quoth:

On Thu, 03 Apr 2008 06:36:56 -0700, Larry Jaques
wrote:
Speaking of military, I just finished John Ringo's _Hell's Faire_ and
am sure glad you pointed out the Sluggy Freelance cartoon to me when
you did. The references in that were absolutely hilarious. GREAT
book! BunBun did, indeed, ROCK!

Btw...there will occasionally show up in military scifi, reference to
March of Cambreath.

Yes, it was referred to and briefly described in _Hell's Faire_.
P.S: Don't forget the "d" in "Cambreadth".


Its a mp3. If you dont have it...Id be happy to send it to you..for
reference purposes only of course.

Yeah, when the fighting comes to me, that's the only way to fight.

I found the lyrics. Do I _have_ to listen to it?

Of course! It puts fire in your blood, as all music with martial
pipes does. Plus Heather Alexander has a marvelous voice.

I found Ringo's poems-to-start-chapters a bit tiring, but his writing
and humor were fabulous. I picked up a lot of 7 of his books and am
having a great time reading them.

No poetry in your heart eh?

Gunner

On Fri, 04 Apr 2008 10:36:09 -0700, with neither quill nor qualm,
Gunner quickly quoth:

On Fri, 04 Apr 2008 06:47:21 -0700, Larry Jaques
wrote:

On Thu, 03 Apr 2008 12:47:33 -0700, with neither quill nor qualm,
Gunner quickly quoth:

On Thu, 03 Apr 2008 06:36:56 -0700, Larry Jaques
wrote:
Speaking of military, I just finished John Ringo's _Hell's Faire_ and
am sure glad you pointed out the Sluggy Freelance cartoon to me when
you did. The references in that were absolutely hilarious. GREAT
book! BunBun did, indeed, ROCK!

Btw...there will occasionally show up in military scifi, reference to
March of Cambreath.

Yes, it was referred to and briefly described in _Hell's Faire_.
P.S: Don't forget the "d" in "Cambreadth".


Its a mp3. If you dont have it...Id be happy to send it to you..for
reference purposes only of course.

Yeah, when the fighting comes to me, that's the only way to fight.

I found the lyrics. Do I _have_ to listen to it?

Of course! It puts fire in your blood, as all music with martial
pipes does. Plus Heather Alexander has a marvelous voice.

I did and found him, um, her when she recorded it, um, the voice OK.
http://www.library.beau.org/lib/eboo..._Alexander.htm
Yeah, the song does have a lilt to it with the pipes.

http://en.wikipedia.org/wiki/Heather_Alexander She wasn't bad (but
certainly -not- the supermodel type) as a girl, but she makes a truly
UGLY guy.



I found Ringo's poems-to-start-chapters a bit tiring, but his writing
and humor were fabulous. I picked up a lot of 7 of his books and am
having a great time reading them.

No poetry in your heart eh?

Only when I'm alone with a beautiful woman, and then only sparingly.
Other than that, I limit myself to alliteration and lymericks.

--
Never tell people how to do things. Tell them what
to do and they will surprise you with their ingenuity.
-- George S. Patton

"Too_Many_Tools" wrote in message
...
On Apr 4, 12:27 am, F. George McDuffee gmcduf...@mcduffee-
associates.us wrote:
On Thu, 3 Apr 2008 08:30:08 -0500, "David
wrote:

snip Food is as cheap as it's ever been in the history of man. An hour
of
work feeds the four of us for a day or two; which is ridiculous when you
stop and think about it.

snip
=========
I have already posted several links about the big upsurge in food
stamp usage and increases in demand on the "community pantries"
within the US.

You may wish to
reviewhttp://www.archive.org/download/linktv_globalpulse20080402/globalpuls.
...
which details the problems the speculation in food commodities is
causing outside the US. We are stepping on our lolly big time in
the geo-political/economic sense as these rapidly increasing food
prices are destabilizing not only much of the Mid-East and Africa
but also significant parts of Latin America, e.g. Chile. These
areas either supply or abut areas that supply the US with not
only petroleum, but also other strategic materials such as
chrome, nickel, and platinum. While the elite in the actual
petroleum producing countries such as Saudi or Dubai may not be
affected, the less affluent most definitely are, and telling them
to eat cake will not be any better received this time around.

If you need a mp4 viewer you can download one for free
hehttp://www.getmiro.com/

With a nod to John Carroll -- we just added a few more inches to
the snowpack...

Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).

I too have seen it personally that the locals are struggling with food
prices...and if you ask the employees at Walmart and Target (two
national chains) you will find that they will confirm this.

I believe the comments of the cashier who has direct interaction with
the man on the street over any that a damn politician makes.

Here is an article you might want to try reading....

http://news.yahoo.com/s/nm/20080404/...m_TpTV9tms0NUE

Please note the recommended status of this story located at the bottom
of the page....this value is determined by those who read the
story...note how high it is.

That is strong evidence that life is not good on Main Street.


TMT

Shoppers scrimp as food prices rise Thu Apr 3, 8:20 PM ET



Reuters sent reporters to three Wal-Mart stores this week to discover
how badly American consumers are being squeezed by the housing crisis,
job losses and rising food prices. They went on March 31 and April 1
to compare traffic before and after payday. Wal-Mart says many of its
customers are financially strapped toward the end of a pay period.
This is what we discovered:

By Nicole Maestri

SECAUCUS, New Jersey (Reuters) - Patricia Norris' family is feeling
the one-two punch of higher fuel and food prices.

Her husband works as messenger, driving around to deliver packages.
But the job is not as profitable as it once was because rising fuel
prices are eating into his earnings.

With money tight and food prices rising, Norris can no longer afford
to buy beef and chicken on a regular basis.

"We buy meat only for special occasions. Like for Easter, we had a
ham," she said after a shopping trip at her local Wal-Mart in
Romeoville, a mixed blue- and white-collar suburb of Chicago.

Norris must purchase only what is on her shopping list, to avoid
spending more than she can afford.

"Sometimes I cry," she said, when she passes items on store shelves
she can no longer buy.

Across the United States, consumers like Norris are finding that
grocery shopping has become a sobering experience as their budgets
fail to keep pace with food costs.

Reuters reporters visited Wal-Mart stores in Romeoville, Illinois,
Secaucus, New Jersey and Santa Clarita, California, on the last day of
March and the first day of April to find out how shoppers are
navigating the food aisles when they have payday cash in their
pockets.

Already squeezed by high gasoline prices, slumping home values, a
weakening job market and the possibility that the U.S. economy is in a
recession, consumers have adopted a no-nonsense approach to shopping,
passing over a trip to Target (TGT.N) or a local grocery store if they
can find lower prices at Wal-Mart

(WMT.N).

They are buying cheaper store-brand products, avoiding costly cuts of
meat, consolidating trips, clipping coupons, constructing well-
researched shopping lists and avoiding splurges to spend only the bare
minimum.

"I don't buy anything I don't have to," Norris said.

FOOD PRICES JUMP MOST IN 17 YEARS

U.S. consumer food prices normally rise by about 2.5 percent annually,
but they increased by 4 percent in 2007 -- the biggest increase in 17
years, according to U.S. Agriculture Department data.

Prices continue to rise. A survey conducted by the American Farm
Bureau Federation in February showed that in the beginning months of
this year, the cost of 16 grocery items, including flour and cheddar
cheese, was $45.03, up $3.42, or 8 percent, from the fourth quarter.

That has consumers like Laura Miller taking a calculated approach to
shopping, much of which she does at Wal-Mart in Santa Clarita,
California, a planned community on the outskirts of Los Angeles.

Married with three little girls, Miller said her food costs have
almost doubled to $300 every two weeks.

She plans meals two weeks in advance and shops with the daughter who
doesn't ask her to buy snacks. Miller's printed shopping list,
organized by item and place of purchase, shows that she does the bulk
of her buying at Wal-Mart.

"I won't pay $6 for a box of cereal when I can get it for $3" at Wal-
Mart, she said.

Karen Wikholm, a library worker from Romeoville, is another who does
her homework before heading to the store, sorting through newspaper
ads, hashing out which stores offer the best deals and figuring out
where her coupons can go farthest.

She then gets in her car and, in one day, goes to her local Wal-Mart,
Dominick's and Jewel grocery stores, buying only what is cheapest in
each store.

The three stores are located about a mile from each other on a stretch
of road that includes several strip malls interspersed with vacant
plots for planned housing developments.

"We're shopping as the paycheck comes," she said.

PAYDAY MEANS GROCERY DAY

Increasingly, shoppers like Wikholm must wait until payday to load up
on groceries and then hunker down until the next paycheck.

At all three Wal-Mart stores, that trend was visible.

The Wal-Mart in Secaucus, a few miles outside New York, operated at a
leisurely pace on the afternoon of Monday, March 31. Shoppers slowly
browsed store aisles or stopped at the in-store McDonald's (MCD.N) for
a snack.

But the store was bustling with activity at the same time the next
day, as shoppers pushed overflowing carts loaded with cereal, soda,
juice, frozen food and bread.

"There's no question that people are shopping when they have money in
their pocket," said Tracy Ferschweiler, the manager of the Secaucus
store.

Leslie Dach, executive vice president of corporate affairs and
government relations at Wal-Mart, said the cycle of shoppers running
out of money in between paychecks and then flocking to its stores on
payday is "more pronounced, more visible."

While many U.S. retailers are facing waning sales as shoppers cut back
on purchases of clothes, jewelry or home furnishings, Wal-Mart's vast
grocery business and its emphasis on low prices is spurring a
resurgence at its U.S. stores and in its stock price.

Its stock is up 15 percent this year, while Target, a more upmarket
discounter, is up 7 percent, and the Dow Jones industrial average
(.DJI) is down 5 percent. Wal-Mart's February sales at U.S. stores
open at least a year rose 2.6 percent, helped by strength in its
grocery business, while Target reported a 0.5 percent gain in its
February sales.

Annette Reilly was at the Wal-Mart in Secaucus on April 1 to buy
cereal for her 2-year-old grandson, who was sitting in her shopping
cart. She said she is now buying cereal at the discount retailer
because it charges $1 less per box than her local Stop & Shop.

"Why not?" she said of making the trip to Wal-Mart. "I can come here
and save $5."

Saving those extra dollars is becoming more crucial.

Mary Ann Doyle, a 75-year-old retired teacher browsing in the dairy
aisle at the Wal-Mart in Santa Clarita, said she is now buying food in
smaller quantities, like half a dozen eggs instead of a dozen, and
using more coupons.

"It needs to get better," she said of the economic situation. "I hope
we've hit rock bottom."


And to think after all this hardship it's people just like this who will
stand up and vote for John McCain for president. Seeing the results of
having republicans running the country for eight straight years, seeing
their lives decline, and then to have them again vote for more republicans
to do more of the same to them. It's sad really, really sad. I'm sure glad
I'm not in their boat. But then I know who to blame and who not to vote for.
Kind of makes me not feel sorry for their troubles. They put republicans in
power and even after they get reamed out they vote for more of the same.
Makes you shake your head.

Hawke

On Fri, 4 Apr 2008 22:55:40 -0800, "Hawke"
wrote:
snip
And to think after all this hardship it's people just like this who will
stand up and vote for John McCain for president. Seeing the results of
having republicans running the country for eight straight years, seeing
their lives decline, and then to have them again vote for more republicans
to do more of the same to them. It's sad really, really sad. I'm sure glad
I'm not in their boat. But then I know who to blame and who not to vote for.
Kind of makes me not feel sorry for their troubles. They put republicans in
power and even after they get reamed out they vote for more of the same.
Makes you shake your head.

Hawke

===============
You are young yet.

Go back an read history or talk to the people that were here [in
the US] in the 30s, 40s, 50s and 60s.

Both parties are solutions to problems that long ago were either
solved or disappeared, i.e. the great depression and the Soviet
Union. Like the Bourbon Kings of France after the restoration,
"they have forgotten nothing and they have learned nothing."
Demonizing one party and adulating the other will not change
this.

IMNSHO the foundational problems that neither major
party/candidate nor any of the think tanks are willing to
acknowledge, let alone address [by rollback and/or accommodation]
include, but are not limited to: (note these are not separate
items, and one overlaps/affects the other)

(1) Totally different and continually changing demographic/ethnic
make up of the country from anything we have seen in the past.
This includes the establishment and rapid growth of a permanent
under class. An under class has always existed in the United
States, but its members were not permanent, and were able with in
a generation to move into the lower middle or better paid blue
collar classes. What is different now is the permanence from one
generation to the next, the fall from white and blue collar
status to under class, and the direct migration of foreign under
class to domestic under class. History shows the existence of a
significant permanent under class is *VERY* destabilizing.

(2) A political structure [Constitution] designed as a
decentralized Federal system being forced to function as a
centralized monolithic entity. This was seriously sabotaged at
the state level by the Supremes [Earl Warren] with Reynolds v
Sims and Baker v Carr, which forced both state legislative houses
to be based on population, eliminating any checks on the urban
areas.

(3) An economic/financial system designed around the gold
standard, or at least fixed exchange rates, assuming some minimal
standards of ethical behavior by the principals/functionaries,
and at most national level activity, attempting to function with
a floating exchange rate fiat currency in a totally transnational
environment, with no constraints, and no moral scruples. It is
also clear from the recent activities of both Bernanke and
Paulson, that neither the Fed not Treasury has more information
than what they read in the newspapers about the current status
and operations of this system. For example, how much and what
CDS [credit debt swaps] have been issued, by whom, and with what
backing. We don't know where we are, we don't know how we got
ther, but heres where we are going??????

(4) Diplomacy based on the continued assumption that the North
Atlantic American/European bloc of nations continue to be the
"masters of the universe," and the US is "first among equals" in
this bloc.

(5) A society that uncritically accepts and attempts to base its
actions and expectations on the ideals of the past (which were
most likely myths/legands even at that time), and are in any
event long gone, such as the frontier, small free holder
agriculture, and "rugged individualism." Daniel Boone, Davey
Crocket, Horatio Alger and John Wayne died years ago.

(6) A refusal to deal with, and in some cases an outright denial
of, the retirement and health care needs of increasing segments
of the population. (incombination with item 3) Privatized social
security anyone??

What do we get? Arguments about gay marrage....


Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).

On Wed, 2 Apr 2008 23:49:05 -0400, "Ed Huntress"
wrote:
snip
The increasingly skewed distribution of the GDP is another
factor. The metric for this is called the GINI coefficient or
index. I know its hard to understand, but no matter how much
money the CEO pays himself, the ungrateful employees still insist
on feeling poor....

Someone is going to have to clarify this for the general press, and soon. We
don't get clear explanations of how income distribution is measured and
compared in the economics world. All we get is this smoke and mirrors game
from the current administration, based on playing shell games with income
quintiles. It really covers up the facts very effectively, and the press has
been compliant in reporting their nonsense.

--
Ed Huntress
============
Looks like someone in the media is starting to semll a rat...

http://news.yahoo.com/s/nm/20080409/...z_zX08e yBhIF
Poor get poorer as recession threat looms: report
By Lisa Lambert Wed Apr 9, 12:32 AM ET (Reuters)
{== again not an American media article ==}

snip
Since the late 1990's average incomes have declined 2.5 percent
for families on the bottom fifth of the country's economic
ladder, while incomes have increased 9.1 percent for families on
the top fifth, said the report from the liberal-leaning Center on
Budget and Policy Priorities and Economic Policy Institute.

The result is that the average incomes of the top five percent of
families are 12 times the average incomes of the bottom 20
percent.

"The report's bottom line is that since the late 1980's income
gaps widened in 37 states and have not narrowed in any states,"
said Jared Bernstein, one of the report's authors. "In fact,
we've found that the trend toward growing inequality has
accelerated during this decade."

Meanwhile, the middle class has remained virtually stagnant, with
average incomes growing by just 1.3 percent in nearly eight
years, the report said.

The report drew from 20 years of U.S. Census Bureau data
collected from 1987 through 2006 on post-federal tax changes in
real incomes, and is one of the few to record income inequality
on a state-by-state basis.
snip
In Connecticut, incomes of the wealthiest 20 percent are eight
times those of the poorest 20 percent, according to the report.
New York has the greatest disparity, with incomes of the top 20
percent 8.7 times the bottom ones, followed by Alabama, where the
top are 8.5 times the bottom.
snip
=============


Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).

F. George McDuffee wrote:
On Wed, 2 Apr 2008 23:00:12 -0400, "Ed Huntress"
wrote:
snip
GDP is becoming a less reliable indicator
of how much people are feeling in general.
snip
===============
Indeed, as it is becoming increasingly evident that much of the
reported "profits" either never existed (as anyone in their right
mind would define a profit) or are were not (and never will be)
"repatriated" into the US economy, where they would be taxed.

Many of the "reported" profits seem to have been paper or book
only, i.e. trading a 5 billion dollar cat for 10 billion dollar
dog, and posting a 5 billion dollar "profit" on the transaction.
This goes a long way to "explaining" how the financial services
sector was able to generate 40% of all corporate profits.

The increasingly skewed distribution of the GDP is another
factor. The metric for this is called the GINI coefficient or
index. I know its hard to understand, but no matter how much
money the CEO pays himself, the ungrateful employees still insist
on feeling poor....


Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).

April 16, 2008
Wall Street Winners Get Billion-Dollar Paydays
By JENNY ANDERSON
Hedge fund managers, those masters of a secretive, sometimes volatile
financial universe, are making money on a scale that once seemed
unimaginable, even in Wall Street's rarefied realms.

One manager, John Paulson, made $3.7 billion last year. He reaped that
bounty, probably the richest in Wall Street history, by betting against
certain mortgages and complex financial products that held them.

Mr. Paulson, the founder of Paulson & Company, was not the only big winner.
The hedge fund managers James H. Simons and George Soros each earned almost
$3 billion last year, according to an annual ranking of top hedge fund
earners by Institutional Investor's Alpha magazine, which comes out
Wednesday.

Hedge fund managers have redefined notions of wealth in recent years. And
the richest among them are redefining those notions once again.

Their unprecedented and growing affluence underscores the gaping inequality
between the millions of Americans facing stagnating wages and rising home
foreclosures and an agile financial elite that seems to thrive in good times
and bad. Such profits may also prompt more calls for regulation of the
industry.

Even on Wall Street, where money is the ultimate measure of success, the
size of the winnings makes some uneasy. "There is nothing wrong with it - it
's not illegal," said William H. Gross, the chief investment officer of the
bond fund Pimco. "But it's ugly."

http://www.nytimes.com/2008/04/16/bu...hp&oref=slogin

--

John R. Carroll
www.machiningsolution.com

On Wed, 16 Apr 2008 07:26:33 -0700, "John R. Carroll"
wrote:




Even on Wall Street, where money is the ultimate measure of success, the
size of the winnings makes some uneasy. "There is nothing wrong with it - it
's not illegal," said William H. Gross, the chief investment officer of the
bond fund Pimco. "But it's ugly."

http://www.nytimes.com/2008/04/16/bu...hp&oref=slogin

I thought the US had fairly strong laws on gambling...


Mark Rand
RTFM

Mark Rand wrote:
On Wed, 16 Apr 2008 07:26:33 -0700, "John R. Carroll"
wrote:




Even on Wall Street, where money is the ultimate measure of success,
the size of the winnings makes some uneasy. "There is nothing wrong
with it - it 's not illegal," said William H. Gross, the chief
investment officer of the bond fund Pimco. "But it's ugly."


http://www.nytimes.com/2008/04/16/bu...hp&oref=slogin

I thought the US had fairly strong laws on gambling...


We do. Sort of.
You have to be an "Officially" sanctioned gambler to do so. LOL
The problem is that the sanctioner is highly beholden to the sanctueee, if
you will.
Also, it isn't illegal, as the article points out, until there is a law
against whatever specific behavior is involved.
That is an industry in and of itself.

--

John R. Carroll
www.machiningsolution.com

Mark Rand wrote in
:

I thought the US had fairly strong laws on gambling...

Gambling is a State issue rather than a Federal issue.

Nevada and New Jersey both permit (and profit from) Casino gambling.

The other States prohibit Casino gambling [Indian Casinos are on Tribal
Lands - ie. the States have no jurisdiction] but sponsor (and profit from)
various lotteries and scratch-offs.

Essentially, it's the old story of Government Monopolies.

On Sat, 19 Apr 2008 18:14:29 GMT, Eregon wrote:

Mark Rand wrote in
:

I thought the US had fairly strong laws on gambling...

Gambling is a State issue rather than a Federal issue.

Nevada and New Jersey both permit (and profit from) Casino gambling.

The other States prohibit Casino gambling [Indian Casinos are on Tribal
Lands - ie. the States have no jurisdiction] but sponsor (and profit from)
various lotteries and scratch-offs.

Essentially, it's the old story of Government Monopolies.


So NYSE is the home of a load of chiefs and Indians. Yes, I guess that fits
;-)



Mark Rand
RTFM