By J.W. Powell, PH.D., LL.D., [more]
“It would be an affront to taxpayers and shareholders alike if Wall Street executives cashed in on the bailout. We must prevent bailout funds from being diverted directly or indirectly to bonuses and exorbitant compensation packages,” - Congressman Dennis Kucinich. [more]
was Proelite having moved up 150% today. I do not own it. My best gainer was Entravision. It moved up 161.98% today. I don't own it either. How come it wasn't on the homepage? Having seen my score drop over 289 points today it would have been nice to see todays top mover as one of my own.
Demand destruction. Back in June as gasoline was heading over $4.00/ gallon I could see it and hear it and read about it coming. I could hear it coming when my wife was calculating the cost of the gas to go to visit family. "It cost me $8.00 each way!" she would say. This from a woman who a year earlier would say "Who's got time to drive out of the way to save $.05 cents per gallon". I could hear it coming at the gas station when people I did not even know were striking up conversations with me about the cost of filling up their cars. I could read about it coming when blogs were discussing "hypermiling", the merits of hybrids and were they cost effective. I could see it comiing on the road when people were coasting to traffic lights, accelerating slowly, driving at slower speeds and generally not getting out of the way. [more]
Do you remember last spring during the commodities boom all the news reporting on food shortages? Google it. Look at the dates, March, April, May and June of 2008. Panic spread. Without enough food to go around there were food riots and shortages in 37 countries according to news reports. Haiti, Morrocco, Senecal, Cameroon, Mexico, Vietnam, India, Indonesia, Bangladesh and the Phillipines were all reported as facing food shortages last spring. The price of wheat, rice, corn all skyrocketed. The cause? Some said biofuels. The feeding of cars not people. We heard news reports of reduced crop levels due to droughts and floods. Without enough food to go around millions were facing starvation. Governments responded to the threat by curtailing exports to protect their own people from the coming shortage. Argentina, Kazakhstan, China, Vietnam and India all restricted exports. [more]
Or "move your losses". [more]
Hahahahahahahah. Hahahahaha. Oh my, thats rich.
Tonight CNBC is airing a one hour report on the potential for going forward with nuclear power in the USA. I am immediately skeptical because CNBC is a branch of GE which would do very well building nuclear power plants. [more]
GM share prices plummeted 17% today. There are 560mil shares of GM stock outstanding. In the space of 15min 2mil shares changed hands, and the price broke below $7.00. Below $7, 3mil shares were stopped out and sold and the price fell below $6.50. Below $6.50 4mil were stopped out and the price fell below $6.00. The final 4mil sold out and at $5.50 the price bounced. [more]
The price of gasoline in my area is "down" to $3.60/ gallon. The price of oil is "down" to $90/ barrel.
On the way "up" past $90.00/ barrel, with gasoline at $3.00/ gallon oil companys made profits. Lots of profit.
Seems to me there is more room for profit now, than there was then. Somebody is going to keep it.
Sometimes the best time to release news is late Friday afternoon when no one is looking. [more]
This story by the NY Times where the five biggest investment banks in the US lobby to reduce capital requirements of 10:1 in April of 2004? Page three has a link to the audio recording of that meeting. It was very friendly. [more]
With the S&P 500 down so much since June, many of you may have picks that you greenthumbed, that you can close out with 5+ positive scores, lock in the accuracy and reopen for larger gains when they go back up.
And I just listened to CNBC suggest that one of the reasons was an inability to arrange loans to customers. I went shopping and there were not extra car salesmen as compared to shoppers, at any of the different brands we shopped, on a Thursday. We settled down with a dealer (A story in itself available to all on the buying and maintaining a car board) and retired, fixed income, Grandma had no trouble getting a loan at 7.5% which we turned down and paid cash instead. On the wall inside the finance persons office was a big erasable board upon which he kept his schedule of appointments. Including Grandma, there were three appointments scheduled among 112 open half hour blocks of time. He did not have appointments for 30 people he had to turn down. At the most he had two. Now clearly cars are not selling, but I am doubting credit is the issue. We did not show up on Fords sales statistics by the way. We bought a one year old Focus. [more]