- When a firm announces its intentions to buy out another company, the stock of the target company generally jumps in value, sometimes quite significantly. To entice companies to allow themselves to be acquired, the bidding company usually has to offer the target company and its shareholders a premium over the current stock price, leading to the rise in stock value.
- When a stock buyout is announced, there is always a risk that the deal will not be completed. Acquiring companies can rescind their offer, shareholders might not offer their support, or securities regulators might not allow the deal.
As a result, stocks rarely trade at the actual price where a deal is announced. The size of the discount to the announced buyout price reflects the market's assessment of the risk involved in the deal reaching completion. - In between the announcement of the buyout offer and the deal's completion, the stock price of the target company will move in relation to a number of non-financial factors. Oftentimes, rumors hit the stock market about the progress of or difficulties anticipated with the deal, and these rumors tend to move the stock price up or down. If the deal is a stock deal rather than a cash deal, the target company's stock will tend to trade in line with that of the acquiring company.
- If market participants anticipate that another buyer might emerge for the target company, the stock price can move above the price offered by the original suitor. If another buyer is indeed announced, the stock price then might move down, after having traded up in anticipation.
- At the completion of a stock buyout, the target company's stock is canceled and shareholders receive a proportionate number of shares of the purchasing company, per the terms of the deal.
In a cash buyout, shareholders receive a dollar amount per share of their stock, which is then canceled and worthless.
Monday, December 27, 2010
History of Palestine, Israel Year Book, 1950/51
http://www.ismi.emory.edu/PrimarySource/ZionistMovementHistoryto1948IsraelYearBook1950.pdf
History of Palestine, Israel Year Book, 1950/51
The Zionist Movement
The Zionist Movement, the unique instance in world history of a people without a land organizing itself for the rebuilding of its country which had been destroyed, is a comparatively recent growth. It dates its origin from the first Zionist Congress held on the initiative of Dr. Theodor Herzl in Basle, Switzerland, in August 1897. Its formal establishment, however was preceded by an unbroken tradition of Zionist sentiment which was always a conscious and living factor among the Jewish communities scattered throughout the world*.
*
The Constitution of the Organization has changed very little since 1897. The Organization comprises individual Jews all over the world above the age of 18 who become members by the payment of a membership fee known as the Shekel. They vote for delegates to the supreme body which is the Congress. Until 1901 the Congress used to meet each year and since then, except during the First and Second World Wars, it has met once every two years. The Congress elects a General Council or Actions Committee to run the Organization during the interval between Congresses, and a small Executive which is in charge of administration and of the implementation of Congress resolutions. At the first Congress, Herzl displayed considerable tact and ability I welding together diverse elements into a single organization. Jews had been attracted to the idea of Zionism along widely divergent paths. Religious and irreligious, capitalists and socialists, in fact a cross-section of the Jewish people as it was and is, met together to consider a program of joint action in the interest of the people as a whole it was Herzl’s purpose to fix attention on combined action and to divert discussion from issues which could have raised ideological conflict and division. He set a tradition which has been maintained for over half a century and which, with one or two exceptions, has kept the movement whole despite internal conflicts.
The Zionist program as formulated at Basle gave expression to Herzl’s view that the Jewish problem was an international concern. The movement aimed at a publicly recognized and internationally guaranteed national home for the Jews in Palestine.
History of Palestine, Israel Year Book, 1950/51
The Zionist Movement
The Zionist Movement, the unique instance in world history of a people without a land organizing itself for the rebuilding of its country which had been destroyed, is a comparatively recent growth. It dates its origin from the first Zionist Congress held on the initiative of Dr. Theodor Herzl in Basle, Switzerland, in August 1897. Its formal establishment, however was preceded by an unbroken tradition of Zionist sentiment which was always a conscious and living factor among the Jewish communities scattered throughout the world*.
*
The Constitution of the Organization has changed very little since 1897. The Organization comprises individual Jews all over the world above the age of 18 who become members by the payment of a membership fee known as the Shekel. They vote for delegates to the supreme body which is the Congress. Until 1901 the Congress used to meet each year and since then, except during the First and Second World Wars, it has met once every two years. The Congress elects a General Council or Actions Committee to run the Organization during the interval between Congresses, and a small Executive which is in charge of administration and of the implementation of Congress resolutions. At the first Congress, Herzl displayed considerable tact and ability I welding together diverse elements into a single organization. Jews had been attracted to the idea of Zionism along widely divergent paths. Religious and irreligious, capitalists and socialists, in fact a cross-section of the Jewish people as it was and is, met together to consider a program of joint action in the interest of the people as a whole it was Herzl’s purpose to fix attention on combined action and to divert discussion from issues which could have raised ideological conflict and division. He set a tradition which has been maintained for over half a century and which, with one or two exceptions, has kept the movement whole despite internal conflicts.
The Zionist program as formulated at Basle gave expression to Herzl’s view that the Jewish problem was an international concern. The movement aimed at a publicly recognized and internationally guaranteed national home for the Jews in Palestine.
A Return Trip to North Korea’s Yongbyon Nuclear Complex - by Sig Hecker
http://iis-db.stanford.edu/pubs/23035/HeckerYongbyon.pdf
A Return Trip to North Korea’s Yongbyon Nuclear Complex
Siegfried S. Hecker
Center for International Security and Cooperation, Stanford University
November 20, 2010
Summary
On November 12, during my most recent visit to the Yongbyon Nuclear Complex
with Stanford University colleagues John W. Lewis and Robert Carlin, we were shown a
25 to 30 megawatt-electric (MWe) experimental light-water reactor (LWR) in the early
stages of construction. It is North Korea’s first attempt at LWR technology and we were
told it is proceeding with strictly indigenous resources and talent. The target date for
operation was said to be 2012, which appears much too optimistic.
At the fuel fabrication site, we were taken to a new facility that contained a
modern, small industrial-scale uranium enrichment facility with 2,000 centrifuges that
was recently completed and said to be producing low enriched uranium (LEU) destined
for fuel for the new reactor. Unlike all previously visited Yongbyon nuclear facilities, the
uranium enrichment facility was ultra-modern and clean. We were also told that this
facility was constructed and operated strictly with indigenous resources and talent.
These facilities appear to be designed primarily for civilian nuclear power, not to
boost North Korea’s military capability. That can be accomplished much more
expeditiously by restarting the dormant 5 MWe gas-graphite reactor, constructing a new,
larger gas-graphite reactor and conducting additional nuclear tests; but we saw no
evidence of continued plutonium production at Yongbyon. Nevertheless, the uranium
enrichment facilities could be readily converted to produce highly-enriched uranium
(HEU) bomb fuel (or parallel facilities could exist elsewhere) and the LWR could be run
in a mode to produce plutonium potentially suitable for bombs, but much less suitable
than that from their current reactor.
A Return Trip to North Korea’s Yongbyon Nuclear Complex
Siegfried S. Hecker
Center for International Security and Cooperation, Stanford University
November 20, 2010
Summary
On November 12, during my most recent visit to the Yongbyon Nuclear Complex
with Stanford University colleagues John W. Lewis and Robert Carlin, we were shown a
25 to 30 megawatt-electric (MWe) experimental light-water reactor (LWR) in the early
stages of construction. It is North Korea’s first attempt at LWR technology and we were
told it is proceeding with strictly indigenous resources and talent. The target date for
operation was said to be 2012, which appears much too optimistic.
At the fuel fabrication site, we were taken to a new facility that contained a
modern, small industrial-scale uranium enrichment facility with 2,000 centrifuges that
was recently completed and said to be producing low enriched uranium (LEU) destined
for fuel for the new reactor. Unlike all previously visited Yongbyon nuclear facilities, the
uranium enrichment facility was ultra-modern and clean. We were also told that this
facility was constructed and operated strictly with indigenous resources and talent.
These facilities appear to be designed primarily for civilian nuclear power, not to
boost North Korea’s military capability. That can be accomplished much more
expeditiously by restarting the dormant 5 MWe gas-graphite reactor, constructing a new,
larger gas-graphite reactor and conducting additional nuclear tests; but we saw no
evidence of continued plutonium production at Yongbyon. Nevertheless, the uranium
enrichment facilities could be readily converted to produce highly-enriched uranium
(HEU) bomb fuel (or parallel facilities could exist elsewhere) and the LWR could be run
in a mode to produce plutonium potentially suitable for bombs, but much less suitable
than that from their current reactor.
Center for International Security and Cooperation - CISAC
http://cisac.stanford.edu/docs/about_cisac
CISAC's mission is to produce policy-relevant research on international security problems, to teach and train the next generation of security specialists, and to influence policymaking in international security.
The Center for International Security and Cooperation (CISAC), part of the Freeman Spogli Institute for International Studies (FSI), is an interdisciplinary university-based research and training center addressing some of the world's most difficult security problems with policy-relevant solutions. The Center is committed to scholarly research and to giving independent advice to governments and international organizations. In that effort, both parts of our name are crucial: we seek international security and we recognize that cooperation among peoples and governments is often the best way to achieve this.
CISAC is co-directed by Siegfried Hecker, professor (research) in the Department of Management Science and Engineering, and Scott Sagan, professor of political science.Wednesday, December 22, 2010
Stocks flat as GDP growth falls below estimates
Stocks flat after revised third quarter GDP growth comes in below analyst estimates
, On Wednesday December 22, 2010, 9:44 am
NEW YORK (AP) -- Stocks are essentially flat in early trading after a report said the U.S. economy did not grow as quickly during the summer as analysts predicted.The Commerce Department said the country's gross domestic product rose 2.6 percent between July and September, a small gain from its earlier estimate of 2.5 percent. Analysts hoped for a gain of 2.8 percent.
Economic reports will likely remain a focus of Wall Street. The National Association of Realtors will release its report on November sales of previously occupied homes later on Wednesday morning.
In early trading, the Dow Jones industrial average rose 8.5, or 0.1 percent, to 11,542. The S&P 500 rose 1, or 0.1 percent, to 1,256. The Nasdaq composite index rose 2, or 0.1 percent, to 2,669.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
Tuesday, December 21, 2010
Study finds probable carcinogen in tap water of 31 U.S. cities
http://www.washingtonpost.com/wp-dyn/content/article/2010/12/20/AR2010122002505.html
By Lyndsey Layton
Washington Post Staff Writer
Monday, December 20, 2010; 7:47 PM
Although basic water filters such as those made by Brita and PUR do not remove hexavalent chromium, several reverse-osmosis systems designed for home use can take the chemical out of water. Such systems are available for purchase online and at hardware stores.
Bottled water is not necessarily an alternative because it is often drawn from municipal water systems and can still contain hexavalent chromium or other contaminants.
By Lyndsey Layton
Washington Post Staff Writer
Monday, December 20, 2010; 7:47 PM
A new analysis showing the presence of a probable carcinogen in the tap water of 31 cities across the country has raised questions about possible risks posed to consumers in those communities and how they can reduce their exposure.
The chemical, hexavalent chromium, got public attention in the 2000 film "Erin Brockovich" and has been found to cause cancer in laboratory animals by the National Toxicology Program, part of the National Institutes of Health. Although basic water filters such as those made by Brita and PUR do not remove hexavalent chromium, several reverse-osmosis systems designed for home use can take the chemical out of water. Such systems are available for purchase online and at hardware stores.
Bottled water is not necessarily an alternative because it is often drawn from municipal water systems and can still contain hexavalent chromium or other contaminants.
The analysis, released Monday by the Environmental Working Group, is the first nationwide look at hexavalent chromium in drinking water to be made public. The advocacy group sampled tap water from 35 cities and detected hexavalent chromium in 31 of those communities. Of those, 25 had levels that were higher than a health goal proposed last year by the state of California.
Locally, Bethesda and Washington had levels of .19 parts per billion, more than three times the California goal. The Dream Act joins a shameful tradition - WaPo blog
http://voices.washingtonpost.com/postpartisan/2010/12/in_1830_congress_passed_the.html
In 1830, Congress passed the Indian Removal Act. It forced most Native Americans in the Deep South to move to Oklahoma in what became known as the "trail of tears and death."
Then in 1850, Congress passed the Fugitive Slave Law. It required federal law enforcement officials to arrest any black person in the North that a Southern slaveholder declared as his. Blacks were forcibly shipped south under the law.
In 1882, Congress turned international and passed two laws that called for the deportation of immigrants who were convicts, "lunatics" or "idiots"; one of the laws also targeted many Chinese. The Chinese helped build the railroads and open the West, but nativists had demanded their expulsion.
In the first decades of the 20th century, Congress passed another series of deportation laws, this time aimed at eastern and southern European immigrants who were suspected also of being socialists or anarchists. In 1919 and 1920, thousands were dragged from their homes in the two massive "Palmer Raids" and, often within hours, put on ships.
In 1952, Congress severely limited judicial review of deportation cases; after President Harry Truman objected that the law was too severe, Congress overrode his veto. Two years later, in what officials called "Operation Wetback," nearly 1 million Mexicans suspected of not having visas were summarily rounded up in the Southwest and sent across the border.
By Edward Schumacher-Matos
In 1830, Congress passed the Indian Removal Act. It forced most Native Americans in the Deep South to move to Oklahoma in what became known as the "trail of tears and death."
Then in 1850, Congress passed the Fugitive Slave Law. It required federal law enforcement officials to arrest any black person in the North that a Southern slaveholder declared as his. Blacks were forcibly shipped south under the law.
In 1882, Congress turned international and passed two laws that called for the deportation of immigrants who were convicts, "lunatics" or "idiots"; one of the laws also targeted many Chinese. The Chinese helped build the railroads and open the West, but nativists had demanded their expulsion.
In the first decades of the 20th century, Congress passed another series of deportation laws, this time aimed at eastern and southern European immigrants who were suspected also of being socialists or anarchists. In 1919 and 1920, thousands were dragged from their homes in the two massive "Palmer Raids" and, often within hours, put on ships.
In 1952, Congress severely limited judicial review of deportation cases; after President Harry Truman objected that the law was too severe, Congress overrode his veto. Two years later, in what officials called "Operation Wetback," nearly 1 million Mexicans suspected of not having visas were summarily rounded up in the Southwest and sent across the border.
When foreign policy realism isn't realistic - WaPo
http://www.washingtonpost.com/wp-dyn/content/article/2010/12/20/AR2010122003903.html
By Michael Gerson
Tuesday, December 21, 2010;
Early in his service as President Nixon's national security adviser, Henry Kissinger paid a visit to his homeland. The West German government suggested to the press that Kissinger intended to visit some relatives. "What the hell are they putting out?" Kissinger vented to his aides. "My relatives are soap."
Blunt, and true. Kissinger had left Germany in August 1938 as a 15-year-old refugee, three months before Kristallnacht. His granduncle, three aunts and other relatives were murdered in the Holocaust.
So it is appalling to hear Kissinger, an epic life later, telling Nixon on a scratchy recording from March 1, 1973: "Let's face it: The emigration of Jews from the Soviet Union is not an objective of American foreign policy. And if they put Jews into gas chambers in the Soviet Union, it is not an American concern. It may be a humanitarian concern."
By Michael Gerson
Tuesday, December 21, 2010;
Early in his service as President Nixon's national security adviser, Henry Kissinger paid a visit to his homeland. The West German government suggested to the press that Kissinger intended to visit some relatives. "What the hell are they putting out?" Kissinger vented to his aides. "My relatives are soap."
Blunt, and true. Kissinger had left Germany in August 1938 as a 15-year-old refugee, three months before Kristallnacht. His granduncle, three aunts and other relatives were murdered in the Holocaust.
So it is appalling to hear Kissinger, an epic life later, telling Nixon on a scratchy recording from March 1, 1973: "Let's face it: The emigration of Jews from the Soviet Union is not an objective of American foreign policy. And if they put Jews into gas chambers in the Soviet Union, it is not an American concern. It may be a humanitarian concern."
Thursday, December 16, 2010
Tuesday, December 14, 2010
Fed cites unemployment in sticking with bond plan - Fed maintains pace of $600 billion bond program, says recovery too slow to cut unemployment
On Tuesday December 14, 2010, 3:17 pm WASHINGTON (AP) -- The Federal Reserve said Tuesday it will maintain the pace of its $600 billion Treasury bond-buying program because a slowly improving economy is still too weak to bring down high unemployment.
Fed policymakers said they'll continue to monitor the bond-buying program. They left open the option of buying more bonds if the economy weakens, or less if it strengthens more than expected. The bond purchases are intended to lower long-term interest rates, lift stock prices and encourage higher spending.
But after the Fed issued its statement, Treasury prices sank, pushing their yields higher. The yield on the 10-year Treasury note jumped to 3.46 percent, its highest level since May and well above the 3.28 percent it traded at late Monday. The yield on the 10-year note helps set interest rates on many kinds of loans including mortgages.Bond yields have been rising over the past two months as investors have raised their expectations for growth and inflation.
Stock investors were more focused Tuesday on encouraging news that showed the fifth straight month for retail sales gains. Stocks maintained their gains, but were little changed after the Fed's statement was released.
Critics contend that the Fed's bond-purchase program would do little to help the economy and could hurt it by unleashing inflation and speculative buying in assets like stocks.
But the Fed, in its statement, said it sees no threat of inflation. The Fed once again left its key short-term interest rate near zero, where it has been since December 2008. It also repeated its pledge to hold rates at those ultra-low levels for an "extended period."
Stocks move higher as Fed continues stimulus plan - Stocks, bond yields rise on retail sales, business confidence gains; Fed leaves stimulus alone
On Tuesday December 14, 2010, 3:01 pm The Fed left interest rates alone after its one-day meeting but said it would keep up its $600 billion bond-buying program. The Fed said that while the economic recovery is continuing, it's proceeding "at a rate that has been insufficient to bring down unemployment."
Stock indexes rose early Tuesday after the Commerce Department reported that retail sales rose for the fifth straight month in November. Investors were also encouraged by a report that businesses in the U.S. increased their inventories for the 10th consecutive month, a sign they are feeling more confident about the economy.Separately, a survey from the Business Roundtable, an association of CEOs of big U.S. companies, showed that 45 percent of executives say they expect their companies to add more workers over the next six months. That's the highest percentage since the survey began in late 2002.
"The economy is beginning to feel more stable than it has been," said Anthony Conroy, managing director and head trader for BNY ConvergEx Group.
The Dow Jones industrial average rose 70.95, or 0.6 percent, to 11,499.51 in afternoon trading.
Monday, December 13, 2010
Tax-cut plan eases pressure on Bernanke and Fed - Tax-cut plan in Congress eases pressure on Fed's bond-purchase program to boost economy
, On Monday December 13, 2010, 2:24 pm EST WASHINGTON (AP) -- The Federal Reserve last month absorbed a wave of criticism for announcing it will buy $600 billion in Treasury bonds to try to revitalize the economy. It won't help, critics said.
So when Fed officials meet Tuesday, they're likely to feel a weight has been lifted: The White House and key Republicans have agreed on a tax-cut deal that's expected to do just what critics said the Fed's bond purchases wouldn't: Boost spending, spur hiring and speed economic growth.
Economists say they think the Fed will still carry out its full $600 billion bond-buying plan by the end of June as scheduled. Unemployment is 9.8 percent, and the economy needs all the help it can get.But the tax-cut plan does make the Fed less likely to buy even more than $600 billion in bonds -- something Chairman Ben Bernanke said it might do if the economy needed further help. No policy changes are expected at the Fed's meeting.
"The tax-cut plan reduces pressure on the Fed to have to buy more government securities," said Mark Zandi, chief economist at Moody's Analytics. "I think they are committed to $600 billion because they aren't certain how things will turn out. It's always possible the economy could rev up rapidly. But I think the odds are low the Fed will do less."
Zandi and other economists think the tax cuts will help stimulate growth over the next two years. And consequently, the Fed might have to raise record-low interest rates sooner than had been expected. That's because stronger growth increases the risk of high inflation, which the Fed fights by raising rates to cool the economy. The tax-cut plan will also swell the government's annual budget deficits, which are already running well over $1 trillion.
Zandi and others now think the Fed will start raising rates in late 2012, compared with early 2013 without the tax-cut plan.
QE2 Is the Right Fed Policy - Jeremy Siegel
Posted on Friday, December 10, 2010, 12:00AM
http://finance.yahoo.com/expert/article/futureinvest/294376
http://finance.yahoo.com/expert/article/futureinvest/294376
One of the most gratifying experiences of my career was being a colleague of Milton Friedman's at the University of Chicago. This was my first academic position after receiving my Ph.D. in economics from MIT. Not only had Professor Friedman's political philosophy attracted me but he was also the acknowledged expert in monetary policy, which was my specialty. Friedman's path-breaking analysis of the Federal Reserve's failure to provide liquidity to the banks as a cause of the Great Depression was cited as one of the reasons he was awarded the Nobel Prize in 1976. After Friedman retired from teaching and moved to San Francisco, I visited him and his wife, Rose, as often as I could. I particularly recall a meeting with him in 1997 at his summer home in Sea Ranch, about 100 miles north of San Francisco. I asked him what the Japanese could do to help their economy, given that the Bank of Japan had reached zero short-term interest rates.
He replied without hesitation, "Add more liquidity to the system -- create more reserves!" He reiterated a major theme of his monetary research -- that one should not look at interest rates when judging the stance of monetary policy but at liquidity, reserves, and the supply of money.
Friedman died in 2004, several years before the recent financial crisis. The absence of his perspective on the Fed's monetary policy is sorely missed, but I have no doubt that he would have stood foursquare in favor of the quantitative easing now pursued by Ben Bernanke.
He replied without hesitation, "Add more liquidity to the system -- create more reserves!" He reiterated a major theme of his monetary research -- that one should not look at interest rates when judging the stance of monetary policy but at liquidity, reserves, and the supply of money.
Friedman died in 2004, several years before the recent financial crisis. The absence of his perspective on the Fed's monetary policy is sorely missed, but I have no doubt that he would have stood foursquare in favor of the quantitative easing now pursued by Ben Bernanke.
What Do Rising Interest Rates Mean for the Economy?
Dec 13, 2010 02:18pm EST by Daniel Gross
In theory, bond investors are supposed to keep the behavior of governments and consumers in check by passing judgment on a nation's fiscal health. If things look bad, they sell, pushing up interest rates, and forcing policymakers and consumers to change course. From the outset of the financial crisis, critics warned that the combination of higher deficits (thanks to increased spending and collapsing tax revenues) and the Fed's easy money policies would ignite inflation, and act as a clarion call to the bond vigilantes.
But for two years, the bond vigilantes seemed to remain in hiding, as interest rates on U.S. government bonds generally fell, and then fell again. But in the past month, after laying waste to Greece and Ireland, the bond vigilantes have finally hit America's shores. In recent weeks, investors fearful about America's long-term financial future have pushed up the interest rate on the 10-year and 30-year bond. The yield on the 10-year bond has risen from 2.48 percent on November 4 to about 3.3 percent today -- an increase of 33 percent. Rates on other government debt have also drifted upward. SmartMoney.com's living yield curve provides an excellent month-by-month graphic on how interest rates move over time.
The swift movement raises several questions for consumers, borrowers, and policymakers.
But for two years, the bond vigilantes seemed to remain in hiding, as interest rates on U.S. government bonds generally fell, and then fell again. But in the past month, after laying waste to Greece and Ireland, the bond vigilantes have finally hit America's shores. In recent weeks, investors fearful about America's long-term financial future have pushed up the interest rate on the 10-year and 30-year bond. The yield on the 10-year bond has risen from 2.48 percent on November 4 to about 3.3 percent today -- an increase of 33 percent. Rates on other government debt have also drifted upward. SmartMoney.com's living yield curve provides an excellent month-by-month graphic on how interest rates move over time.
The swift movement raises several questions for consumers, borrowers, and policymakers.
Wednesday, November 24, 2010
'Lion Of Liberty': Patrick Henry's Fiery Life
"As this government stands," Patrick Henry thundered, "I despise and abhor it. . . . I speak as one poor individual — but when I speak, I speak the language of thousands. If I am asked what is to be done when a people feel themselves intolerably oppressed, my answer is . . . 'overturn the government!'"Henry's roar of exhortation was not aimed at Britain; it was aimed at the United States, as the thirteen former British colonies considered whether to adopt a new constitution. As he had done a decade earlier in his famed cry for "liberty or death," Henry once again roared for the rights of free men to govern themselves with as few restrictions from government as possible. His roar would reverberate through the ages of American history to this very day.
Known to generations of Americans for his stirring call to arms, "Give me liberty or give me death," Patrick Henry is all but forgotten as the first of the Founding Fathers to call for independence, for revolution against Britain, for a bill of rights, and for as much freedom as possible from government — American as well as British. If Washington was the "Sword of the Revolution" and Jefferson "the Pen," Patrick Henry more than earned his epithet as "the Trumpet" of the Revolution for rousing Americans to arms in the Revolutionary War.As first governor of Virginia — then the most important colony in America — Henry became the most important civilian leader of the Revolutionary War, ensuring troops and supplies for Washington's Continental Army and engineering the American victory over British and Indian forces in the West that brought present-day Illinois, Indiana, Ohio, and Kentucky into the Union. Without Patrick Henry, there might never have been a revolution, independence, or United States of America.
http://www.npr.org/2010/11/19/131444425/-lion-of-liberty-patrick-henry-s-fiery-life
Nuclear Power Plant Future - Diane Rehm Show
http://thedianerehmshow.org/shows/2010-11-09/nuclear-power-plant-future
The cooling towers of Three Mile Island's Unit 1 Nuclear Power Plant pour steam into the sky in Middletown, Pa., Tuesday, March 17, 2009. Three Mile Island's Unit 2 nuclear power plant was the scene of the nations worst commercial nuclear accident on March 28, 1979. More than three decades later, fears of an atomic catastrophe have been largely supplanted by fears about global warming, easing nuclear energy into the same sentence as wind and solar power. Dogged by price spikes and an environmental assault on carbon dioxide emissions, fossil fuels are the new clean-energy pariah.
AP Photo/Carolyn Kaster
Speakers:
Speakers:
Arjun Makhijani
President of the Institute for Energy and Environmental Research.
Matthew Wald
a reporter who covers nuclear power issues for the New York Times.
Scott Peterson
Vice President-Communications, Nuclear Energy Institute
CSPAN - North Korea Nuclear Facility - ( feature Sig Hecker )
http://www.c-spanvideo.org/program/296731-1
Siegfried S. Hecker is a professor (research) in the Department of Management Science and Engineering, a senior fellow at FSI, and co-director of CISAC. He is also an emeritus director of Los Alamos National Laboratory.
Hecker's research interests include plutonium science, nuclear weapon policy and international security, nuclear security (including nonproliferation and counter terrorism), and cooperative nuclear threat reduction. Over the past 18 years, he has fostered cooperation with the Russian nuclear laboratories to secure and safeguard the vast stockpile of ex-Soviet fissile materials.
His current interests include the challenges of nuclear India, Pakistan, North Korea, and the nuclear aspirations of Iran. Hecker works closely with the Russian Academy of Sciences and is actively involved with the U.S. National Academies, serving as a member of the National Academies Committee on International Security and Arms Control Nonproliferation Panel.
Siegfried S. Hecker is a professor (research) in the Department of Management Science and Engineering, a senior fellow at FSI, and co-director of CISAC. He is also an emeritus director of Los Alamos National Laboratory.Hecker's research interests include plutonium science, nuclear weapon policy and international security, nuclear security (including nonproliferation and counter terrorism), and cooperative nuclear threat reduction. Over the past 18 years, he has fostered cooperation with the Russian nuclear laboratories to secure and safeguard the vast stockpile of ex-Soviet fissile materials.
His current interests include the challenges of nuclear India, Pakistan, North Korea, and the nuclear aspirations of Iran. Hecker works closely with the Russian Academy of Sciences and is actively involved with the U.S. National Academies, serving as a member of the National Academies Committee on International Security and Arms Control Nonproliferation Panel.
Tuesday, November 23, 2010
China Props Up Foreign Students' Numbers in U.S. - the Chronicle of Higher Ed
When Li Zhou visited Washington last month, he didn't take in the sights. He stuffed envelopes, hundreds of them, addressed to college-admissions directors across the country.
The associate director of college counseling at a Beijing high school, Mr. Li needed to make sure his students were on the radar of American colleges. Among his current crop of 10th-grade advisees, 150 out of 500 already are planning to earn their college degree in America.The students from Beijing No. 4 High School are part of a flood of Chinese students attending American colleges. Enrollments from China shot up 30 percent in the 2009-10 academic year, according to the Institute of International Education's annual "Open Doors" report, which was released this week.
The rapid increase in the number of Chinese students, however, obscures the slowing overall growth in the number of foreign students at American colleges. International enrollments rose only 3 percent, to 690,923, in 2009-10, while first-time-student figures expanded even more anemically, by just 1 percent.The previous year, by contrast, total enrollments jumped 8 percent, while new-student numbers swelled 16 percent.
Wednesday, November 3, 2010
Bernanke Christens QE2: Fed "On a Very Dangerous Path," Axel Merk Says
Declaring "progress toward its objectives has been disappointingly slow," the Federal Reserve left rates at "exceptionally low" levels yet again and launched a second round of quantitative easing (QE2).
The FOMC announced plans Wednesday to buy $600 billion of Treasuries by the middle of 2011, at a pace of about $75 billion per month. That's not much in the grand scheme of the bond market, but the Fed will also continue to reinvest payments on its securities holdings; that could bring QE2's total to almost $1 trillion, a.k.a. "real money."
The Fed is on a "very dangerous path," says Axel Merk, president of Merk Mutual Funds. "The best case we can get is inflationary growth, but the downside risks are very high. [Bernanke] thinks a weaker dollar is going to stimulate the economy. Let's hope it's only a gradual decline, not a crash. "
The dollar hit a 9-month low vs. the euro in reaction to the Fed announcement but did rally vs. the Japanese yen.
Officially, the Fed's goal with QE2 is "to promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate."
The FOMC announced plans Wednesday to buy $600 billion of Treasuries by the middle of 2011, at a pace of about $75 billion per month. That's not much in the grand scheme of the bond market, but the Fed will also continue to reinvest payments on its securities holdings; that could bring QE2's total to almost $1 trillion, a.k.a. "real money."
The Fed is on a "very dangerous path," says Axel Merk, president of Merk Mutual Funds. "The best case we can get is inflationary growth, but the downside risks are very high. [Bernanke] thinks a weaker dollar is going to stimulate the economy. Let's hope it's only a gradual decline, not a crash. "
The dollar hit a 9-month low vs. the euro in reaction to the Fed announcement but did rally vs. the Japanese yen.
Officially, the Fed's goal with QE2 is "to promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate."
Dow hits new 2010 high after Fed details stimulus
NEW YORK (AP) -- The Dow Jones industrial average reached a new high for the year after the Federal Reserve announced that it plans to buy $600 billion in Treasurys to stimulate the economy. The aim is to drive interest rates lower in an effort to spark spending and lending.
The Dow Jones industrial average gained 26.41, or 0.2 percent, to 11,215.13, its highest close in two years. Its previous high for 2010 of 11,205 was reached on April 26. The Dow had traded above that level four other times in the past two weeks.
Broader indexes also rose. The Standard and Poor's 500 Index rose 4.39, or 0.4 percent, to 1,197.96, while the Nasdaq composite gained 6.75, or 0.3 percent, to 2,540.27.
The central bank had hinted for two months that it planned to buy bonds in an effort to boost the economy. The Fed made firmer commitments to buy bonds under the new program than many investors had been expecting, which helped push stock indexes and most Treasury prices higher.
Instead of reassessing its bond purchases every month given economic conditions, as many expected, the Fed pledged to buy $75 billion of Treasurys each month through the middle of next year.
Stocks initially swung lower after the announcement as traders absorbed the news but then pushed steadily higher in afternoon trading, giving all three indexes gains of about 0.3 percent on the day.
The Dow Jones industrial average gained 26.41, or 0.2 percent, to 11,215.13, its highest close in two years. Its previous high for 2010 of 11,205 was reached on April 26. The Dow had traded above that level four other times in the past two weeks.
Broader indexes also rose. The Standard and Poor's 500 Index rose 4.39, or 0.4 percent, to 1,197.96, while the Nasdaq composite gained 6.75, or 0.3 percent, to 2,540.27.
The central bank had hinted for two months that it planned to buy bonds in an effort to boost the economy. The Fed made firmer commitments to buy bonds under the new program than many investors had been expecting, which helped push stock indexes and most Treasury prices higher.
Instead of reassessing its bond purchases every month given economic conditions, as many expected, the Fed pledged to buy $75 billion of Treasurys each month through the middle of next year.
Stocks initially swung lower after the announcement as traders absorbed the news but then pushed steadily higher in afternoon trading, giving all three indexes gains of about 0.3 percent on the day.
Retail stocks dip; Fed injects fund to aid growth
By Andria Cheng, MarketWatch
NEW YORK (MarketWatch) — Retail stocks turned lower Wednesday afternoon after the U.S. central bank said the economic recovery has been “disappointingly slow.”
While leaving its benchmark interest rate unchanged, the Fed said it will start a new program to buy $600 billion in Treasurys through the end of June 2011 to lift the economic growth. Even though doubts persist about whether the plan will work, economists said they feel the Fed had little choice but to act. See story on the Fed action. Investors’ worries about the economy and the near-10% jobless rate were not quelled either earlier in the day by the latest ADP report, which showed higher-than-expected private-sector job growth in October. Read more about the ADP data.
The S&P Retail Index /quotes/comstock/10u!i:rlx (RLX 471.42, +6.25, +1.34%) fell 0.8% to 467.76.
Sector sentiment also was jittery ahead of retailers’ October same-store-sales reports, which will mostly be released Thursday. Halloween sales may not do the trick for retailers. Retail giant Wal-Mart Stores Inc. /quotes/comstock/13*!wmt/quotes/nls/wmt (WMT 54.67, -0.12, -0.22%) declined about 0.8%.
Among the gainers, shares of shoe retailer DSW Inc. /quotes/comstock/13*!dsw/quotes/nls/dsw (DSW 34.97, +1.39, +4.14%) jumped 4.2% after the company raised its outlook for the year after its third-quarter same-store sales jumped 10%.
Shares of Walgreen Co. /quotes/comstock/13*!wag/quotes/nls/wag (WAG 35.20, +0.71, +2.06%) rose 1.6% after the drugstore chain reported a 1.3% decline in October same-store sales, though its drop in nonpharmacy sales was smaller than Wall Street expected.
Stocks fall after Federal Reserve says it will buy $600 billion in Treasurys
NEW YORK (AP) -- Stocks are falling after the Federal Reserve said it plans to buy $600 billion in Treasurys to stimulate the economy.
Investors had been waiting throughout the day to see exactly how big the bond-buying program would be. The Fed's aim is to drive interest rates lower in an effort to spark spending and lending.
The spending program falls largely inline with analysts' expectations.
Stocks had been rallying over the past two months, in part, due to growing expectations the Fed would provide a lift to the sluggish economy.
The Dow Jones industrial average is down 66, or 0.6 percent, at 11,124. The S&P 500 is down 7, or 0.6 percent, at 1,186, while the Nasdaq composite is down 18, or 0.7 percent, at 2,516.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
NEW YORK (AP) -- Stocks traded in a tight range Wednesday as investors turned their attention to the Federal Reserve after there were few surprises in the midterm elections.
The Dow Jones industrial average fell 25 points in midday trading, but still near its highest closing level in more than two years. Broader indexes also fell slightly.
By the end of the day, investors will likely know exactly how much the Fed plans to spend to stimulate the economy. The central bank has hinted for two months it plans to buy Treasurys to drive interest rates lower in an attempt to spark lending and spending. However, there was still plenty of debate about the size and length of the program, particularly in the past few days.
Investors had been waiting throughout the day to see exactly how big the bond-buying program would be. The Fed's aim is to drive interest rates lower in an effort to spark spending and lending.
The spending program falls largely inline with analysts' expectations.
Stocks had been rallying over the past two months, in part, due to growing expectations the Fed would provide a lift to the sluggish economy.
The Dow Jones industrial average is down 66, or 0.6 percent, at 11,124. The S&P 500 is down 7, or 0.6 percent, at 1,186, while the Nasdaq composite is down 18, or 0.7 percent, at 2,516.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
NEW YORK (AP) -- Stocks traded in a tight range Wednesday as investors turned their attention to the Federal Reserve after there were few surprises in the midterm elections.
The Dow Jones industrial average fell 25 points in midday trading, but still near its highest closing level in more than two years. Broader indexes also fell slightly.
By the end of the day, investors will likely know exactly how much the Fed plans to spend to stimulate the economy. The central bank has hinted for two months it plans to buy Treasurys to drive interest rates lower in an attempt to spark lending and spending. However, there was still plenty of debate about the size and length of the program, particularly in the past few days.
Fed takes bold, risky step to bolster economy
By Pedro da Costa and Mark Felsenthal
WASHINGTON (Reuters) - The Federal Reserve launched a controversial new policy on Wednesday, committing to buy $600 billion more in government bonds by the middle of next year in an attempt to breathe new life into a struggling U.S. economy.
The decision, which takes the Fed into largely uncharted waters, is aimed at further lowering borrowing costs for consumers and businesses still suffering in the aftermath of the worst recession since the Great Depression.
The U.S. central bank said it would buy about $75 billion in longer-term Treasury bonds per month. It said it would regularly review the pace and size of the program and adjust it as needed depending on the path of the recovery.
In its post-meeting statement, the Fed described the economy as "slow", and said employers remained reluctant to add to payrolls. It said measures of inflation were "somewhat low."
"Although the committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, progress toward its objectives has been disappointingly slow," the Fed said.
The central bank repeated its vow to keep the federal funds rate on overnight loans ultra-low for an extended period. Some analysts had speculated the Fed might broaden this commitment.
Kansas City Fed President Thomas Hoenig continued his streak of dissents, saying the risk of additional securities purchases outweighed the benefits.
In a separate statement, the New York Fed said it would temporarily relax a rule limiting ownership of any particular security to 35 percent. It said holdings would be allowed to rise above that threshold "only in modest increments."
WASHINGTON (Reuters) - The Federal Reserve launched a controversial new policy on Wednesday, committing to buy $600 billion more in government bonds by the middle of next year in an attempt to breathe new life into a struggling U.S. economy.
The decision, which takes the Fed into largely uncharted waters, is aimed at further lowering borrowing costs for consumers and businesses still suffering in the aftermath of the worst recession since the Great Depression.
The U.S. central bank said it would buy about $75 billion in longer-term Treasury bonds per month. It said it would regularly review the pace and size of the program and adjust it as needed depending on the path of the recovery.
In its post-meeting statement, the Fed described the economy as "slow", and said employers remained reluctant to add to payrolls. It said measures of inflation were "somewhat low."
"Although the committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, progress toward its objectives has been disappointingly slow," the Fed said.
The central bank repeated its vow to keep the federal funds rate on overnight loans ultra-low for an extended period. Some analysts had speculated the Fed might broaden this commitment.
Kansas City Fed President Thomas Hoenig continued his streak of dissents, saying the risk of additional securities purchases outweighed the benefits.
In a separate statement, the New York Fed said it would temporarily relax a rule limiting ownership of any particular security to 35 percent. It said holdings would be allowed to rise above that threshold "only in modest increments."
Tuesday, October 19, 2010
Geithner Weak Dollar Seen as U.S. Recovery Route Versus BRICS - Bloomberg
For U.S. Treasury Secretary Timothy F. Geithner, a weaker dollar may now be in the national interest. The dollar has dropped more than 7 percent since Aug. 27, when Chairman Ben S. Bernanke signaled the Federal Reserve is prepared to ease monetary policy. Where once such a decline may have been met with resistance from the U.S., Geithner may now be tolerating it as a way of bolstering the recovery.
Companies from Costco Wholesale Corp. to Deere & Co. have credited the weaker dollar for giving their earnings a boost, and the currency’s slide has helped propel the Dow Jones Industrial Average above 11,000 for the first time since May. Higher stock prices in turn are bolstering consumer and business confidence. The danger is that the decline gets out of hand, fueling increases in the cost of living over the long term and prompting investors to avoid U.S debt.
“In an era where deflation pressures appear to be the greatest risk, growth is below trend and the U.S. wants to boost exports, why would they not want” a weaker dollar, Jim O’Neill, chairman of Goldman Sachs Asset Management in London, said in an interview. “The answer is when it becomes a problem for financial markets. Until then it’s a straightforward strategy.”
Companies from Costco Wholesale Corp. to Deere & Co. have credited the weaker dollar for giving their earnings a boost, and the currency’s slide has helped propel the Dow Jones Industrial Average above 11,000 for the first time since May. Higher stock prices in turn are bolstering consumer and business confidence. The danger is that the decline gets out of hand, fueling increases in the cost of living over the long term and prompting investors to avoid U.S debt.
“In an era where deflation pressures appear to be the greatest risk, growth is below trend and the U.S. wants to boost exports, why would they not want” a weaker dollar, Jim O’Neill, chairman of Goldman Sachs Asset Management in London, said in an interview. “The answer is when it becomes a problem for financial markets. Until then it’s a straightforward strategy.”
Will Apple’s Culture Hurt the iPhone? NYT
SAN FRANCISCO — If you want a smartphone powered by Google’s Android software, you could get Motorola’s Droid 2 or its cousin, the Droid X. Then there is the Droid Incredible from HTC, the Fascinate from Samsung and the Ally from LG. That’s just on Verizon Wireless. An additional 20 or so phones running Android are available in the United States, and there are about 90 worldwide.
But if your preference is an Apple-powered phone, you can buy — an iPhone.
That very short list explains in part why, for all its success in the phone business, Apple suddenly has a real fight on its hands. Americans now are buying more Android phones than iPhones. If that trend continues, analysts say that in little more than a year, Android will have erased the iPhone’s once enormous lead in the high end of the smartphone market. But this is not the first time Apple has found itself in this kind of fight, where its flagship product is under siege from a loose alliance of rivals selling dozens of competing gadgets.
But if your preference is an Apple-powered phone, you can buy — an iPhone.
That very short list explains in part why, for all its success in the phone business, Apple suddenly has a real fight on its hands. Americans now are buying more Android phones than iPhones. If that trend continues, analysts say that in little more than a year, Android will have erased the iPhone’s once enormous lead in the high end of the smartphone market. But this is not the first time Apple has found itself in this kind of fight, where its flagship product is under siege from a loose alliance of rivals selling dozens of competing gadgets.
Wall Street slides as mortgage worries hit banks
NEW YORK (Reuters) - U.S. stocks posted their biggest loss in two months on Tuesday on fears banks might be on the hook for billions of dollars in souring mortgage bonds. The afternoon selloff hit investors already reeling from an unexpected credit tightening by China and disappointing financial results from Apple (NasdaqGS:AAPL - News) and IBM (NYSE:IBM - News).
The biggest scare came on news that Bank of America (NYSE:BAC - News) and possibly others may be forced to take back billions of dollars in mortgages that should not have been bundled into bonds.
"It's reminding investors of what was the main impetus for the horrific selloff we had a few years ago," said Eric Kuby, chief investment officer at North Star Investment Management in Chicago. "If you were recently struck by lightning, you are a little skittish when there is a thunderstorm."
The biggest scare came on news that Bank of America (NYSE:BAC - News) and possibly others may be forced to take back billions of dollars in mortgages that should not have been bundled into bonds.
"It's reminding investors of what was the main impetus for the horrific selloff we had a few years ago," said Eric Kuby, chief investment officer at North Star Investment Management in Chicago. "If you were recently struck by lightning, you are a little skittish when there is a thunderstorm."
Tuesday, October 12, 2010
Fed minutes: Easing may be needed "before long"
WASHINGTON (Reuters) - Federal Reserve officials believed in September the struggling recovery might soon need more help, and they discussed several ways to provide support, including the possible adoption of a price-level target.Policy-makers had a "sense that (more) accommodation may be appropriate before long," the central bank said on Tuesday.
In minutes of the its last policy-setting session held September 21, the Fed said officials discussed several approaches to aiding the economy but focused on buying additional longer-term Treasury securities and ways to nudge the public into expecting higher levels of inflation in the future. On Wall Street, stocks trimmed their losses, with both the Dow Jones industrial average (DJI:^DJI - News) and the Standard & Poor's 500 Index (^SPX - News) briefly turning higher after the FOMC's minutes came out.
To help shift inflation expectations, policy-makers debated providing more detailed information about what rates of inflation they would prefer, or the possibility of making clear they would tolerate a higher level of inflation on a temporary basis, a policy approach known as price-level targeting. Monday, October 11, 2010
Krugman: The Reason Government Spending Hasn't Saved The Economy Is That There Hasn't Been Any Government Spending
Paul Krugman goes back on the attack, arguing that the reason the economy is sputtering despite the stimulus is that the stimulus didn't actually include a big surge in government spending. Ask yourself: What major new federal programs have started up since Mr. Obama took office? Health care reform, for the most part, hasn’t kicked in yet, so that can’t be it. So are there giant infrastructure projects under way? No. Are there huge new benefits for low-income workers or the poor? No. Where’s all that spending we keep hearing about? It never happened...
One compelling fact to back this up:
Since January 2009, the total number of government workers in the country has shrunk by 350,000, because state and local governments have been forced to cut back.
Government spending on goods and services, meanwhile, has only risen 3% per year for the past two years, less than it rose in the two preceding years.
So the reason the Keynesian approach hasn't worked, Krugman says, is because it hasn't been tried.
One compelling fact to back this up:
Since January 2009, the total number of government workers in the country has shrunk by 350,000, because state and local governments have been forced to cut back.
Government spending on goods and services, meanwhile, has only risen 3% per year for the past two years, less than it rose in the two preceding years.
So the reason the Keynesian approach hasn't worked, Krugman says, is because it hasn't been tried.
Tuesday, October 5, 2010
Services gain powers stocks higher; Dow up 200
World markets also rose after the central bank of Japan surprised investors by slashing interest rates to near zero. - NEW YORK (AP) -- Stocks surged to their highest level in five months Tuesday after activity in U.S. services companies powered ahead in September, a hopeful sign for the largest area of the economy and the main source of employment in the country.A surprise move by the Bank of Japan to slash interest rates also lifted stocks worldwide. The dollar fell as investors shed defensive assets, and a gauge of U.S. stock market volatility fell.
The Institute for Supply Management reported that the U.S. services industry grew slightly faster in September as demand from customers improved. It was the ninth straight month of expansion in services, which have been growing at a slower pace in the U.S. relative to the much smaller manufacturing sector.Thursday, September 30, 2010
The U.S. Can't Be the World's Court
May 27, 2009Wall Street Journal -
John B. Bellinger III, Adjunct Senior Fellow for International and National Security Law
A federal judge in New York recently allowed a lawsuit to proceed against General Motors, Ford and IBM for aiding and abetting crimes against humanity committed by the apartheid government in South Africa. And a lawsuit against Royal Dutch Shell for alleged human-rights abuses in Nigeria is scheduled to begin today in Manhattan. We may be on the verge of a new wave of legal actions against U.S. and foreign corporations in American courts.
The U.S. government can and should be a strong voice for redress of human-rights abuses around the world. But these lawsuits, which are being brought under the 200-year-old Alien Tort Statute, are likely to cause friction between foreign governments and the Obama administration. Congress should step in and clarify the types of human-rights cases that may be heard.
The Alien Tort Statute was part of the first Judiciary Act of 1789, and it gives federal courts jurisdiction to hear suits brought by non-U.S. nationals for offenses "committed in violation of the law of nations or a treaty of the United States." It was intended to promote diplomacy and international commerce by allowing foreigners to bring suit in federal courts for offenses not recognized by state law in the 18th century.The statute was virtually unused until 1980, when the Second Circuit permitted a suit by two Paraguayans against a former Paraguayan government official for the torture and murder of a family member in Paraguay. That landmark decision opened the door for international human-rights litigation, and the number of suits under the Alien Tort Statute has grown substantially in the last three decades.
In the 1980s, most of the cases involved suits by foreign nationals against officials of their own government for conduct that occurred in a foreign nation. By the 1990s, however, the focus had shifted, with plaintiffs bringing more suits against U.S. and foreign corporations -- not for direct abuses but primarily for aiding and abetting human-rights abuses by foreign governments.
Shell plans rapid North American growth - FT
By Ed Crooks in New York
Published: September 29 2010 00:21 | Last updated: September 29 2010 00:21
Royal Dutch Shell is planning a rapid expansion of its North American business to raise production by 40 per cent to 1m barrels equivalent per day in 2014, including gas, Canadian oil sands and deepwater oil.
The strategy, announced in Canada on Tuesday, is part of Europe’s largest oil company’s plan to meet its “aspiration” of producing 3.7m barrels per day in 2014, compared with 3.15m last year. The company had previously set an objective of producing 3.5m b/d by 2012.
BP’s Deepwater Horizon disaster and weak natural gas prices have raised concerns about the outlook for the industry in North America, but Shell intends to make the region the focus of its global expansion in the coming decade.
The Fed Makes And Mints Money
The most profitable bank in the United States of America isn't Jamie Dimon's JP Morgan Chase or the rejuvenated Bank of America. In fact, it doesn't have any ATMs, and it pays out almost all its earnings to you and your neighbors.
It's the Federal Reserve, which is expected to post another year of record profits in 2010.
In recent years, America's central bank has come under criticism — much of it justified. Under former Fed Chairman Alan Greenspan and his successor, Ben Bernanke, the Fed slept through the housing/subprime bubble, did a poor job of regulating banks and failed to forecast the deepest recession in 80 years.
It's the Federal Reserve, which is expected to post another year of record profits in 2010.
In recent years, America's central bank has come under criticism — much of it justified. Under former Fed Chairman Alan Greenspan and his successor, Ben Bernanke, the Fed slept through the housing/subprime bubble, did a poor job of regulating banks and failed to forecast the deepest recession in 80 years.
Wednesday, September 29, 2010
Flying saucers - the Economist
TRANSPORTING large, clunky bits of equipment has always posed a challenge. Roads and railways do not reach everywhere, and even if they did, many cumbersome and heavy constructions need to be hauled in pieces, only to be put together at the final destination. Aeroplane cargo faces even tighter restrictions on shape and size, not to mention the need for runways. Heavy-transport helicopters, such as the Mil Mi-26 or Sikorsky S-64 Skycrane, address some of these difficulties, but their payloads are limited to 20 and nine tonnes, respectively, and the huge rotors create a powerful downdraft that makes handling that payload rather tricky. So people have long been looking for other ways round the problem. Now, Skylifter, an Australian aeronautical firm, thinks it has found the perfect solution.
Tuesday, September 28, 2010
The makings of a trade war with China - WaPo
No one familiar with the Smoot-Hawley tariff of 1930 should relish the prospect of a trade war with China -- but that seems to be where we're headed and probably should be where we are headed. Although the Smoot-Hawley tariff did not cause the Great Depression, it contributed to its severity by provoking widespread retaliation. Confronting China's export subsidies risks a similar tit-for-tat cycle at a time when the global economic recovery is weak. This is a risk, unfortunately, we need to take.
In a decade, China has gone from a huge, poor nation to an economic colossus. Although its per capita income ($6,600 in 2009) is only one-seventh that of the United States ($46,400), the sheer size of its economy gives it a growing global influence. China passed Japan this year as the second-largest national economy. In 2009, it displaced Germany as the biggest exporter and also became the world's largest energy user.
Experts see gold price rising to $1,450 - FT
The price of gold will rise to $1,450 a troy ounce in the next year, according to a poll of bankers, producers and analysts attending the London Bullion Market Association conference in Berlin, the biggest gathering of the precious metal’s industry.
If realised, that would mark a 12.5 per cent increase from current record prices just above $1,300 an ounce. On Tuesday, spot gold traded at $1,289.50.
If realised, that would mark a 12.5 per cent increase from current record prices just above $1,300 an ounce. On Tuesday, spot gold traded at $1,289.50.
Why the revolution will not be tweeted - the New Yorker
At four-thirty in the afternoon on Monday, February 1, 1960, four college students sat down at the lunch counter at the Woolworth’s in downtown Greensboro, North Carolina. They were freshmen at North Carolina A. & T., a black college a mile or so away.
“I’d like a cup of coffee, please,” one of the four, Ezell Blair, said to the waitress.
“We don’t serve Negroes here,” she replied.
The Woolworth’s lunch counter was a long L-shaped bar that could seat sixty-six people, with a standup snack bar at one end. The seats were for whites. The snack bar was for blacks. Another employee, a black woman who worked at the steam table, approached the students and tried to warn them away. “You’re acting stupid, ignorant!” she said. They didn’t move. Read more http://www.newyorker.com/reporting/2010/10/04/101004fa_fact_gladwell?currentPage=all#ixzz10rDgGgUY
“I’d like a cup of coffee, please,” one of the four, Ezell Blair, said to the waitress.
“We don’t serve Negroes here,” she replied.
The Woolworth’s lunch counter was a long L-shaped bar that could seat sixty-six people, with a standup snack bar at one end. The seats were for whites. The snack bar was for blacks. Another employee, a black woman who worked at the steam table, approached the students and tried to warn them away. “You’re acting stupid, ignorant!” she said. They didn’t move. Read more http://www.newyorker.com/reporting/2010/10/04/101004fa_fact_gladwell?currentPage=all#ixzz10rDgGgUY
Economies and markets may be at the mercy of long-term forces - the Economist
THE financial world seems to be obsessed with the short term. Fund managers are usually judged on their performance over a three-month period. The television news highlights daily moves in stockmarkets. Lots of hedge funds think in terms of milliseconds.
But some commentators take the opposite tack, arguing that history is subject to “long waves” that cause economies and markets to change direction at regular intervals. Roger Babson, an investment adviser who predicted the 1929 crash, claimed the markets were driven by Newton’s third law of motion: every action has an equal and opposite reaction. Mind you, he also wrote a pamphlet entitled “Gravity—Our Number One Enemy”
But some commentators take the opposite tack, arguing that history is subject to “long waves” that cause economies and markets to change direction at regular intervals. Roger Babson, an investment adviser who predicted the 1929 crash, claimed the markets were driven by Newton’s third law of motion: every action has an equal and opposite reaction. Mind you, he also wrote a pamphlet entitled “Gravity—Our Number One Enemy”
U.S. Economy "Close to a Destructive Tipping Point," Glenn Hubbard Says
"America is very close to a destructive tipping point," co-authors Glenn Hubbard and Peter Navarro warn in their new book Seeds of Destruction. "We must change how we conduct our politics and economics...or we will inevitably go the way of all once-great nations and suffer an irreversible decline."
http://finance.yahoo.com/tech-ticker/u.s.-economy-%22close-to-a-destructive-tipping-point%22-glenn-hubbard-says-535457.html?tickers=%5EGPSC,%5EDJI,SPY,UUP,UDN,TBT,TLT&sec=topStories&pos=9&asset=&ccode=
http://finance.yahoo.com/tech-ticker/u.s.-economy-%22close-to-a-destructive-tipping-point%22-glenn-hubbard-says-535457.html?tickers=%5EGPSC,%5EDJI,SPY,UUP,UDN,TBT,TLT&sec=topStories&pos=9&asset=&ccode=
10 Signs The U.S. Is Losing Its Influence In The Western Hemisphere
Even if the U.S. hadn't crashed into a financial crisis, there are demographic, material, and political forces that have been spreading power around the Americas for decades. Brazil is first among the BRICs (Brazi, Russia, India, and China) -- four economies that are supposed to overtake the six largest Western economies by 2032. Mexico is first among the MAVINS (Mexico, Australia, Vietnam, Indonesia, Nigeria, and South Africa) -- six economies we expect to blow away expectations and become leading powers in their regions relatively soon.
Canada and Venezuela are oil powers of the distant future. Peru and Chile are sitting on a fortune of metals and minerals. All these countries are cranking up, while America faces plenty of fiscal and demographic problems at home.
Canada and Venezuela are oil powers of the distant future. Peru and Chile are sitting on a fortune of metals and minerals. All these countries are cranking up, while America faces plenty of fiscal and demographic problems at home.
and article in the Economist - http://www.economist.com/node/16990967?story_id=16990967
AP: Oil slides below $76 as traders eye US supplies ( so what ? day before it was at $77 )
Oil prices slid below $76 a barrel Tuesday as traders awaited the latest U.S. supply figures for clues about the strength of demand for crude.
By early afternoon in Europe, benchmark crude for November delivery was down 67 cents to $75.85 a barrel in electronic trading on the New York Mercantile Exchange. The contract added 3 cents to settle at $76.52 on Monday.
Crude inventories likely rose 2.2 million barrels last week, according to analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos. The American Petroleum Institute plans to announce its inventory numbers later Tuesday while the Energy Department's Energy Information Administration reports its weekly supply data -- the market benchmark -- Wednesday.
Oil prices have snaked around the $75 a barrel level for most of the last year as U.S. crude demand remains sluggish amid an uneven economic recovery. Brimming crude storage levels are also weighing on prices.
"The existing fundamentals could kick prices down to half or less of what they are right now," Cameron Hanover said in a report. "Many traders opt to keep their powder dry until more definitive signals are presented" about the economic outlook, it said. Investors will be closely watching the latest U.S. indicators due this week including gross domestic product, car sales and industrial production. "With prices still stuck in tight trading ranges, there is little indication that they will break out one way or another, at least for the time being," said Edward Meir at MF Global in New York. "We still suspect the eventual break will be to the downside once the hurricane season is over."
Oil production can be affected when oil rigs and refineries are in the path of hurricanes in the Gulf of Mexico. In other Nymex trading in October contracts, heating oil fell 1.51 cents to $2.1077 a gallon and gasoline dropped 0.70 cent to $1.9418 a gallon. Natural gas gained 3.0 cents to 3.830 per 1,000 cubic feet. In London, Brent crude fell 52 cents to $78.05 a barrel on the ICE Futures exchange.
By early afternoon in Europe, benchmark crude for November delivery was down 67 cents to $75.85 a barrel in electronic trading on the New York Mercantile Exchange. The contract added 3 cents to settle at $76.52 on Monday.
Crude inventories likely rose 2.2 million barrels last week, according to analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos. The American Petroleum Institute plans to announce its inventory numbers later Tuesday while the Energy Department's Energy Information Administration reports its weekly supply data -- the market benchmark -- Wednesday.
Oil prices have snaked around the $75 a barrel level for most of the last year as U.S. crude demand remains sluggish amid an uneven economic recovery. Brimming crude storage levels are also weighing on prices.
"The existing fundamentals could kick prices down to half or less of what they are right now," Cameron Hanover said in a report. "Many traders opt to keep their powder dry until more definitive signals are presented" about the economic outlook, it said. Investors will be closely watching the latest U.S. indicators due this week including gross domestic product, car sales and industrial production. "With prices still stuck in tight trading ranges, there is little indication that they will break out one way or another, at least for the time being," said Edward Meir at MF Global in New York. "We still suspect the eventual break will be to the downside once the hurricane season is over."
Oil production can be affected when oil rigs and refineries are in the path of hurricanes in the Gulf of Mexico. In other Nymex trading in October contracts, heating oil fell 1.51 cents to $2.1077 a gallon and gasoline dropped 0.70 cent to $1.9418 a gallon. Natural gas gained 3.0 cents to 3.830 per 1,000 cubic feet. In London, Brent crude fell 52 cents to $78.05 a barrel on the ICE Futures exchange.
Vanguard Mutual Funds - top 5
Founded by John C. Bogle in 1975, Vanguard is one of the world's largest investment management companies. With over $1.4 trillion of assets under management, the company offers nearly 160 domestic funds and 50 funds for foreign markets. It offers asset management and financial planning services to clients from over 80 countries. Vanguard stands apart from other mutual fund companies because it is owned by the funds themselves. The company believes that this structure helps management focus better on shareholder interests.
A Sound Strategy for an Uncertain Time - SmartMoney
We know the market anticipates economic activity, which is why it's pointless to buy stocks only after good news has been published. Stock prices are one of the leading economic indicators used by the government to forecast economic activity. The rule of thumb has always been that stocks anticipate the broad economy by about six months.
But now that it's official, and we know from the National Bureau of Economic Research that the Great Recession began in December 2007 and ended in June 2009, the market's crystal ball is looking a little cloudy.
But now that it's official, and we know from the National Bureau of Economic Research that the Great Recession began in December 2007 and ended in June 2009, the market's crystal ball is looking a little cloudy.
Monday, September 27, 2010
Did somebody say "Glycoscience" ?
In 2002, the base sequence of the human genome was decoded. This breakthrough has revealed that the number of human genes is only around 22,000. This was followed by progress in research targetting proteins in the field of life science, producing significant achievements, but there remains a question as to whether identifying proteins will explain all human physiological functions.
Dr. Hisashi Naramitsu, director of the Research Center for Medical Glycoscience (RCMG) at the national Institute of Advanced Industrial Science and Technology (AIST) is a poineer in glycoscience. In 1985 he became the first to discover a gene that produces glycosyltransferase, or an enzyme that transfers a sugar to a carbohydrate chain and extends it, while researching at the National Institutes of Science (NIH) in the US.
( check out AIST - http://www.aist.go.jp/aist_e/aist_laboratories/1lifescience/index.html )
Blaming China Won’t Help the Economy - NYT OpEd
IT is a safe bet that Asian currency intervention was not on the minds of Republican primary voters in Delaware this month when they selected a Tea Party favorite, Christine O’Donnell, as their Senate candidate. But the pendulum swings in American politics are a key concern of Wen Jiabao and Naoto Kan, the prime ministers of China and Japan, respectively, who both met with President Obama in New York on Thursday, with the loss of American jobs to Asian competition high on the agenda.
The Asian nations’ interest in American politics stems not just from America’s standing as the sole global superpower, but also from a growing belief among Asian leaders that the era of United States hegemony will soon be over, and that the polarization of its politics symbolizes America’s inability to adapt to the changing nature of global capitalism after the financial crisis.
The Asian nations’ interest in American politics stems not just from America’s standing as the sole global superpower, but also from a growing belief among Asian leaders that the era of United States hegemony will soon be over, and that the polarization of its politics symbolizes America’s inability to adapt to the changing nature of global capitalism after the financial crisis.
Your ETF Will Not Collapse - Morningstar Report
It's another autumn since the financial crisis of 2008. The air is getting brisk, children are returning to school, and financial pundits are fresh from their summer holiday and ready to identify the next innovation to destroy the global markets and economies. That can only mean one thing: a new crop of scare stories about exchange-traded funds. The most recent offender came out a little over a week ago, under the title "Can an ETF Collapse?" by investment firm Bogan Associates LLC. It quickly spread to the typically excellent FT Alphaville and even front page commentary on CNBC.com.
http://finance.yahoo.com/news/Your-ETF-Will-Not-ms-2838311577.html?x=0&.v=1
http://finance.yahoo.com/news/Your-ETF-Will-Not-ms-2838311577.html?x=0&.v=1
Saturday, September 25, 2010
Study: Victoria's Secret Bags Have Sexy Side Effect - AOL
(Sept. 23) -- Transporting thongs and push-up bras isn't the only purpose for a Victoria's Secret shopping bag. Some women turn theirs into a purse. Others store their lunch in them. And now new research hints at a universal rationale for the bags' second lives as accessories. Women feel sexy simply holding it.
The study, to be published in December, is the work of Deborah Roedder John, a professor of marketing at the University of Minnesota's Carlson School of Management. In one of four experiments, John and a colleague approached 85 women in a mall, asked them to fill out a survey -- embedded in which were questions about their self-perception -- then gave the women one of two shopping bags to walk around with for an hour. One of the bags was from Victoria's Secret. The women in that group reported to the researchers that they felt more sensual and glamorous simply for the carrying.
http://www.aolnews.com/nation/article/victorias-secret-bags-are-enough-to-make-some-women-feel-sexy-study-says/19642333
The study, to be published in December, is the work of Deborah Roedder John, a professor of marketing at the University of Minnesota's Carlson School of Management. In one of four experiments, John and a colleague approached 85 women in a mall, asked them to fill out a survey -- embedded in which were questions about their self-perception -- then gave the women one of two shopping bags to walk around with for an hour. One of the bags was from Victoria's Secret. The women in that group reported to the researchers that they felt more sensual and glamorous simply for the carrying.
http://www.aolnews.com/nation/article/victorias-secret-bags-are-enough-to-make-some-women-feel-sexy-study-says/19642333
Friday, September 24, 2010
General Mills changes palm oil policy - Yahoo
JAKARTA, Indonesia – Environmentalists on Friday praised a decision by U.S. food-maker General Mills to stop buying palm oil from companies accused of rain forest destruction — the latest in a string of multinationals to announce policy reversals.
The Minnesota-based maker of popular brands like Cheerios, Betty Crocker and Hamburger Helper said this week it would try to procure all of its palm oil from "responsible and sustainable sources" by 2015.
http://news.yahoo.com/s/ap/20100924/ap_on_bi_ge/as_indonesia_general_mills
The Minnesota-based maker of popular brands like Cheerios, Betty Crocker and Hamburger Helper said this week it would try to procure all of its palm oil from "responsible and sustainable sources" by 2015.
http://news.yahoo.com/s/ap/20100924/ap_on_bi_ge/as_indonesia_general_mills
Sewerage system for Philippine capital delayed by 20 years - Yahoo
MANILA (AFP) – Completion of a planned sewerage system for the Philippine capital, which has one of the world's most polluted waterways, is set to be delayed by over 20 years, the environment ministry said Friday.
Two private companies had been contracted to build sewerage and treatment plants for the 11-million-strong Metro Manila area, but a planned completion date of 2009 was set to be delayed until about 2031, said Jonas Leones, assistant director of the Environmental Management Bureau.
http://news.yahoo.com/s/afp/20100924/sc_afp/philippinespollutionriver
Two private companies had been contracted to build sewerage and treatment plants for the 11-million-strong Metro Manila area, but a planned completion date of 2009 was set to be delayed until about 2031, said Jonas Leones, assistant director of the Environmental Management Bureau.
http://news.yahoo.com/s/afp/20100924/sc_afp/philippinespollutionriver
Genetically altered salmon? It doesn't stop there - Yahoo
WASHINGTON – We've always played with our food — even before we knew about genes or how to change them.
For thousands of years, humans have practiced selective breeding — pairing the beefiest bull with the healthiest heifers to start a new herd. That concept was refined to develop plant hybridization and artificial insemination. Today we've got tastier corn on sturdier stalks, bigger turkeys and meatier cattle.
http://news.yahoo.com/s/ap/20100922/ap_on_sc/us_sci_food_tinkering
For thousands of years, humans have practiced selective breeding — pairing the beefiest bull with the healthiest heifers to start a new herd. That concept was refined to develop plant hybridization and artificial insemination. Today we've got tastier corn on sturdier stalks, bigger turkeys and meatier cattle.
http://news.yahoo.com/s/ap/20100922/ap_on_sc/us_sci_food_tinkering
WaPo - China increasing economic leverage by limiting 'rare earths' exports
China increasing economic leverage by limiting 'rare earths' exports
Video: China warns Japan over sea row
China's government cancels high-level talks with Japan, following Japan's announcement that it will hold a Chinese fishing boat captain for another ten days.
, September 23, 2010; 10:36 PM
http://www.washingtonpost.com/wp-dyn/content/article/2010/09/23/AR2010092300756.html?hpid=topnews
Video: China warns Japan over sea row
China's government cancels high-level talks with Japan, following Japan's announcement that it will hold a Chinese fishing boat captain for another ten days.
, September 23, 2010; 10:36 PM
http://www.washingtonpost.com/wp-dyn/content/article/2010/09/23/AR2010092300756.html?hpid=topnews
the Trilateral Commission
Welcome to the web site of the Trilateral Commission. The Commission was originally created in 1973 to bring together experienced leaders within the private sector to discuss issues of global concern at a time when communication and cooperation between Europe, North America, and Asia were lacking. The Commission has grown since its early days to include members from more countries in these regions, and it continues to find that study and dialogue about the pressing problems facing our planet remain as important today as in 1973. Problems and threats have changed, but their importance has only increased due to the more interconnected and interdependent world in which we now live.
http://www.trilateral.org/
http://www.trilateral.org/
Environmental Studies at UCSB
The ES major is designed to provide students with the scholarly background and intellectual skills necessary to understand complex environmental problems and formulate decisions that are environmentally sound. The academic process is multidisciplinary, drawing upon the diversity of environmentally related departments and disciplines throughout UCSB and allows a student to explore a wide variety of environmental issues, including: the social and human environment, the physical environment, and the biological environment.
http://www.es.ucsb.edu/curriculum_info/es_major.php
http://www.es.ucsb.edu/curriculum_info/es_major.php
and see this
Thursday, September 23, 2010
WSJ - Business as Usual With Burma: U.S. policy ahead of elections isn't working.
The State Department's top official for Asia scored points for honesty and U.S. political leadership last week when he admitted Burma's upcoming elections "will be without international legitimacy." Too bad he ruined the moment by continuing to push for "dialogue" as "among all the difficult options, the best way forward."
Kurt Campbell is an astute diplomat who has pressed for closer engagement with Japan, Australia and other U.S. allies in the region. Yet he's also one of the architects of State's policy of "pragmatic engagement" with Burma that has manifestly failed.
http://www.facebook.com/#!/notes/csis-southeast-asia-program/wsj-business-as-usual-with-burma-us-policy-ahead-of-elections-isnt-working/466833359746
Kurt Campbell is an astute diplomat who has pressed for closer engagement with Japan, Australia and other U.S. allies in the region. Yet he's also one of the architects of State's policy of "pragmatic engagement" with Burma that has manifestly failed.
http://www.facebook.com/#!/notes/csis-southeast-asia-program/wsj-business-as-usual-with-burma-us-policy-ahead-of-elections-isnt-working/466833359746
Don't Replace Larry Summers With a CEO - by Derek Thompson, the Atlantic
White House economic adviser Larry Summers will resign from the National Economic Council at the end of the year. Many observers see the opening as an opportunity for the president to bring on one of two underrepresented groups: women and corporate executives.
In fact, the top pick for Summers' replacement is both: Anne Mulcahy, former Xerox (NYSE: XRX - News) chief executive.Those calling for Obama to pick a CEO aren't necessarily wrong, but their reasoning is: CEOs are not uniquely smart about the economy.
http://finance.yahoo.com/career-work/article/110772/dont-replace-larry-summers-with-a-ceo
In fact, the top pick for Summers' replacement is both: Anne Mulcahy, former Xerox (NYSE: XRX - News) chief executive.Those calling for Obama to pick a CEO aren't necessarily wrong, but their reasoning is: CEOs are not uniquely smart about the economy.
http://finance.yahoo.com/career-work/article/110772/dont-replace-larry-summers-with-a-ceo
Reuters - U.S. commercial paper market rises in week - Fed
The U.S. commercial paper market expanded after four weeks of contraction, but remains about half the size it was before the global credit crisis, Federal Reserve data showed on Thursday.
For the week ended Sept. 22, the size of the U.S. commercial paper market, a vital source of short-term funding for companies' day-to-day operations, rose by $27.8 billion to $1.064 trillion outstanding, up from $1.036 trillion the previous week.
http://www.reuters.com/article/idINWNA034820100923?rpc=44
For the week ended Sept. 22, the size of the U.S. commercial paper market, a vital source of short-term funding for companies' day-to-day operations, rose by $27.8 billion to $1.064 trillion outstanding, up from $1.036 trillion the previous week.
http://www.reuters.com/article/idINWNA034820100923?rpc=44
Newark, NJ, schools to get $100M Facebook donation - AP News
NEWARK, N.J. (AP) -- Mark Zuckerberg, the 26-year-old wunderkind behind Facebook is making a move to become a player in philanthropy just before the opening of a film that portrays him as less than charitable.
The recipient of his $100 million donation -- thought to be the biggest of his young life -- is the Newark public schools, a long-struggling district that could use the money to become a laboratory for reforms.
The donation is being announced Friday on Oprah Winfrey's TV show in an arrangement that brings together the young Internet tycoon, Newark's celebrated Democratic mayor and a governor who has quickly become a star of the Republican party.
The unusual coalition is more evidence of the growing cache of the cause of remaking urban public schools, an issue that has long confounded educators and advocates.
http://finance.yahoo.com/news/Newark-NJ-schools-to-get-100M-apf-1298287169.html?x=0&sec=topStories&pos=5&asset=&ccode=
The recipient of his $100 million donation -- thought to be the biggest of his young life -- is the Newark public schools, a long-struggling district that could use the money to become a laboratory for reforms.
The donation is being announced Friday on Oprah Winfrey's TV show in an arrangement that brings together the young Internet tycoon, Newark's celebrated Democratic mayor and a governor who has quickly become a star of the Republican party.
The unusual coalition is more evidence of the growing cache of the cause of remaking urban public schools, an issue that has long confounded educators and advocates.
http://finance.yahoo.com/news/Newark-NJ-schools-to-get-100M-apf-1298287169.html?x=0&sec=topStories&pos=5&asset=&ccode=
Fed's Hint at Further Easing Leaves Wall Street Guessing - CNBC
The Fed's FOMC statement Tuesday managed to disappoint, confuse and surprise more than a few Wall Street analysts.
"It's being inconsistent, not transparent and not truthful," said FAO Economics chief economist Robert Brusca. "What's really going on here?"
Depending on whom you asked, the central bank either said too much, too little or said it poorly in the follow-up statement to its August release when the FOMC got Wall Street's attention by saying it was prepared to buy more long-term Treasurys to support a languid economic recovery.
"They have to do a better job of communicating," said Wells Fargo senior economist Scott Anderson. "The markets abhor the vacuum of uncertainty around QE2," he added, referring to the cute market acronym for a second stage of quantitative easing, which the Fed opened the door to a month ago.
"The market wanted to hear more," added longtime fed watcher David Jones, of DMJ Advisors. "The market jumped to the conclusion the Fed was going to do another massive quantitative easing."
In that context, if the August statement was a success, the September is a failure.
http://finance.yahoo.com/news/Feds-Hint-at-Further-Easing-cnbc-1971914915.html?x=0
"It's being inconsistent, not transparent and not truthful," said FAO Economics chief economist Robert Brusca. "What's really going on here?"
Depending on whom you asked, the central bank either said too much, too little or said it poorly in the follow-up statement to its August release when the FOMC got Wall Street's attention by saying it was prepared to buy more long-term Treasurys to support a languid economic recovery.
"They have to do a better job of communicating," said Wells Fargo senior economist Scott Anderson. "The markets abhor the vacuum of uncertainty around QE2," he added, referring to the cute market acronym for a second stage of quantitative easing, which the Fed opened the door to a month ago.
"The market wanted to hear more," added longtime fed watcher David Jones, of DMJ Advisors. "The market jumped to the conclusion the Fed was going to do another massive quantitative easing."
In that context, if the August statement was a success, the September is a failure.
http://finance.yahoo.com/news/Feds-Hint-at-Further-Easing-cnbc-1971914915.html?x=0
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