Did the nation heave a sigh of relief when BP announced that their latest gambit to "cap" the Deepwater Horizon gusher will result in hosing up fifty percent of the leaking oil? If so, the nation may be sighing too soon since the other half of the oil will still collect in underwater plumes and hover all around the Gulf Coast like those baleful mother ships in the most recent generation of alien invasion movies. I shudder to imagine the tonnage of dead wildlife flotsam that will wash up with the tide for years to come. It will seem like a "necklace of death" for several states, though even that may not be enough to distract them from the more gratifying raptures of Nascar and NFL football.
For the moment we can only speculate on what the still-unresolved incident will mean for America’s oil supply. The zeal to prosecute BP for something like criminal negligence has bestirred a Department of Justice comatose during the rape-and-pillage of the US financial system. BP may be driven out of business, but then what? The net effect of the oil spill, one way or another, will be the gradual shut-down of oil drilling activity in the Gulf of Mexico. New government supervision will make operations very costly, if not non-viable, and the surviving companies will probably pack up for the west coast of Africa where supervision is almost non-existent. Anyway you cut it, the US will produce less oil and import more — and have to rely on the political stability of places like Angola and Nigeria, not to mention the simmering Middle East.
So far, also, the US has done nothing in the way of holding a serious national political discussion about the the most important part of the story: our pathological dependency on cars. I don’t know if this will ever happen, even right up to the moment when the lines form at the filling stations. For years, anyway, the few public figures such as Boone Pickens who give the appearance of concern about our oil problem, end up down the rabbit hole of denial when they get behind schemes to run the whole US car-and-truck fleet on something besides gasoline.
This unfortunate techno-narcissism shows that almost nobody wants to think about living…
Do me a favor…spare me the faux-populism and the sudden bouts of outrage, this garbage CDO factory stuff has been very widely known for a long time. When was Zuckerman’s Greatest Trade Ever book published? Last year. When did the New York Times start telling this story? January.
Now you’re angry? Now you’re outraged?
Here’s how it will all end for those unfamiliar with the process:
Goldman will hire the best lawyers in the history of the universe, making OJ’s Dream Team look like Ally McBeal.
They will make public statements about their "vigorous defense" while negotiating a settlement that will involve a large check and quite possibly the sacrifice of "Fabulous" Fabrice Tourre.
Upon the writing of this check, Goldman will admit no wrongdoing and the White House will claim victory.
Not one of you will be safer, more employed or in better shape as a result of any of this.
The lawyers and PR reps involved in the case will buy Maseratis and vacation homes. Lots of them.
Fabrice Tourre will be running his own hedge fund within 3 years.
Everyone connected to this case will still have more money in the bank, in real estate and in investments than you could ever dream of.
The sun will come up the next day, you will go to work, then pick up your kid at Karate, then pay the utility bill.
Having been shunned by all the major broadcast networks (unlike his predecessor 8 years ago), President Obama's 'prime time' address to the nation - which will be seen by dominant Spanish-language channel Univision viewers (and CNN and PBS) - will lay out the new steps he (and he alone in his executive order) is taking "to fix our broken immigration system." As Politico comments, Obama appears to be going all-in as he speaks from Las Vegas, as the cooperation talk has disappeared - “Make no mistake. When the newly elected representatives of th...
The number of Americans filing new claims for unemployment benefits fell less than expected last week, but continued to point to strengthening labor market conditions.
Initial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 291,000 for the week ended Nov. 15, the Labor Department said on Thursday.
The labor market continues to tighten up. Last week’s JOLTs report told us that there is a commensurate increase in worker confidence, as quit rates and switches pick up as well. Wage growth has not arrived yet as the better emp...
Another good day sent indices back to highs, but it was the Russell 2000 that probably came out best. Yesterday's losses in Small Caps were consumed by a bullish engulfing pattern. The index defended its 20-day MA, although stochastics weren't oversold,which would have strengthened the engulfing pattern.
The Nasdaq finished at handle resistance. Volume climbed to register an accumulation day, with support at a lows of 4,653.
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Investors in U.S. equities seem to have embraced a new market paradigm in which upside spikes come more swiftly than the downside selloffs. Remember when it used to be the other way around? When fear was stronger than greed? The market is consolidating its gains off the early-October V-bottom reversal, and no one seems to be in any hurry to unload shares this time around, with the holidays rapidly approaching and all. After all, there are bright blue skies directly overhead giving hope and respite from the early freeze blanketing the country.
In this weekly update, I give my view of the current market environment, offer...
If you would have supposed that Ukraine had enough problems to make banning bitcoins a backburner issue, you'd have been wrong. The rationale, "to protect consumers' rights" makes little to no sense... The other one, "to keep money in the country" makes more sense.
A four-year low for the spot price of gold has had a devastating impact on Yamana Gold (Ticker: AUY), with shares in the name down at the lowest price in six years. Some option traders were especially keen to sell premium and appear to see few signs of a lasting rebound within the next five months. The price of gold suffered again Wednesday as the dollar strengthened and stock prices advanced. The post price of gold fell to $1145 adding further pain to share prices of gold miners. Shares in Yamana Gold tumbled to $3.62 and the lowest price since 2008 as call option sellers used the April expiration contract to write premium at the $5.00 strike. That strike is now 38% above the price of the stock. Premium writers took in around 16-cents per contract o...
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Well PSW Subscribers....I am still here, barely. From my last post a few months ago to now, nothing has changed much, but there are a few bargins out there that as investors, should be put on the watch list (again) and if so desired....buy a small amount.
First, the media is on a tear against biotechs/pharma, ripping companies for their drug prices. Gilead's HepC drug, Sovaldi, is priced at $84K for the 12-week treatment. Pundits were screaming bloody murder that it was a total rip off, but when one investigates the other drugs out there, and the consequences of not taking Sovaldi vs. another drug combinations, then things become clearer. For instance, Olysio (JNJ) is about $66,000 for a 12-week treatment, but is approved for fewer types of patients AND...
This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible. Feel free to contact me directly at firstname.lastname@example.org with any questions.
Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts. After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.) Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.
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