Showing posts with label bailout. Show all posts
Showing posts with label bailout. Show all posts

Thursday, March 21, 2024

Student loans: LWT w/John Oliver


(LastWeekTonight) With over 43 million Americans paying off student loans, John Oliver discusses how so many people have come to take on student loan debt, why it’s so hard to pay off, and what we can do about it, Mama. (Let's ask Snookie for sympathy).

Connect with Last Week Tonight online... Subscribe to YouTube channel for more almost news as it almost happens, Facebook like your mom would, Twitter for news about jokes and jokes about news, or visit official site for all that other stuff at once: hbo.com/lastweektonight
  • John Oliver, Last Week Tonight (HBO), March 21, 2024; Seth Auberon, Ashley Wells (eds.), Wisdom Quarterly

Friday, May 29, 2009

Why? Why are things the way they are?

(Gamerofall) - This a single segment of "The Ring of Power" which documents various "conspiracies" and secrets of American imperialism: banking, war, and wonder. This documentary searches for the truth behind appearances. The world we see -- the consensual reality -- is manufactured. We have long been asleep, so truths are difficult to process.

But once the entire picture is glimpsed, the mind will not allow one to believe the lies any longer. One begins to recognize what has been going on. More than the symbolism all around in movies, news stories, "myths," there is an actual "awakening" process.

Discomfiting at first, eventually one is healthier and saner and able to understand what is going on. The price of oil, the rise and fall of empires, deteriorating banks, the endless drumbeat of war...only add evidence to fill in the big picture. Investigate, inquire, question reality. The mundane truth of how the world works is at hand.

Saturday, October 18, 2008

Money: Stocks roll back-and-forth

Tim Paradis (AP)

NEW YORK – Wall Street ended a tumultuous two-week run relatively quietly Friday, finishing another back-and-forth session mixed as investors were cheered by signs of easing in the credit markets and managed to absorb lackluster economic news with equanimity. But while there was less volatility than during recent sessions, analysts warned that the market still faces rough times.

The expiration of options contracts helped tug stocks in different directions. Still, the Dow Jones industrial average traded within a narrower range than it had in much of the past two weeks and ended down 127. The market's big rallies on Monday and Thursday gave all the major indexes gains of well over 3 percent for the week — but that was just a partial recovery from the devastating double-digit drops of the previous week.

"The stock market has finally realized one thing — that the governments around the world have thrown in a lot of money and they're using all the tools that they possibly can" to restore order to the credit markets, said Peter Cardillo, chief market economist at Avalon Partners Inc., a New York brokerage house. "I'm sure we'll still have a strong bear grip to the market but I do believe the market was way oversold. I do believe we've made a bottom."

Wednesday, October 15, 2008

Monday: Terrible Tuesday tumble





World stock markets slip on recession fears
Pan Pylas (AP, 10/15/08)

World stock markets slip after 2-day rally as economic concerns mount

LONDON (AP) -- European and Asian markets mostly fell back Wednesday following a strong two-day rally amid concerns that the global efforts to restore confidence in the battered financial system will not be enough to stave off a deep recession. The FTSE 100 index of leading British shares was down 145.28 points, or 3.3 percent, at 4,248.93. Germany's DAX was 149.23 points, or 2.9 percent, lower at 5,049.96, while France's CAC-40 was 94.32 points, or 2.6 percent, down at 3,534.20.

The losses in Europe's follow similar declines in the U.S. and most Asian markets, except Japan. Wall Street is expected to start its session later lower, with Dow futures predicting a 33 point, or 0.04 point, decline to 9,239. "The rally in the global markets over the last 2 days has come to a speedy halt," said Sejal Patel, a trader at CMC Markets.

The hefty gains seen in the early part of the week were due to the unveiling of a series of bank rescue packages from governments around the world to restore confidence. On Tuesday, the U.S. government followed Europe's lead and announced it is to pump some US250 billion into shares of its leading banks, including JP Morgan Chase & Co., Bank of America Corp., Goldman Sachs Inc. and Citigroup Inc.

The long-term key is whether the flurry of activity can actually break the logjam in credit markets and the early indications are that there has been some easing in rates and spreads, with further declines Wednesday. The interbank lending rate for three-month dollar loans fell 0.09 percent to 4.55 percent, while the three-month Euro Interbank Offered Rate, or Euribor, fell almost 0.067 percentage points to 5.168 percent.

Though the rates are falling, the differential between the rate at which banks lend to each other and official central bank lending rates remain high, signalling a strong degree of mistrust still exists. In the U.S. the base central bank rate is 1.5 percent, in the euro area it is 3.75 percent and 4.50 percent in Britain. Even if lending rates between banks continue to respond to the packages announced by governments around the world -- Greece became the latest Wednesday when it unveiled a euro28 billion bank rescue plan -- they will do nothing to prevent a serious economic slowdown. "The global economy cannot realistically be expected to bounce back any time soon from the catastrophic shocks it has suffered over the past six weeks," said Stephen Lewis, an analyst at Monument Securities.

"Even if the authorities have fixed the banks so that there are no more systemic alarms, the attitudes to credit extension that prevailed before the shocks are unlikely to return," he added. The effect on the real economy was highlighted Wednesday in Britain with the news that unemployment rose by another 164,000 between June and August, to 1.79 million. The biggest rise since 1991 took the official unemployment rate up to 5.7 percent from 5.2 percent in the previous quarter.

And in Iceland, the central bank slashed its interest rates by 3.5 percent, bringing the policy rate down to 12 percent from a record high of 15.5 percent as the country struggles to deal with the impact of the global credit squeeze because of its heavyweight banking sector.


Concerns about the global economic outlook are clear also in the price of oil, which has fallen another $1.49 to $77.14, near the year lows recorded last Friday when stock markets around the world collapsed. Resource issues have also taken a hit on worries about slowing demand. Shares in Posco, the world's fourth-largest steelmaker, lost almost 8.7 percent in South Korea, while BHP Billiton Ltd, Australia's largest oil and gas producer, sank more than 4 percent.

A day after announcing billions in new spending to protect Australia's economy, Prime Minister Kevin Rudd accused Wall Street of "obscene failures" in corporate governance and blamed "extreme capitalism" for turmoil. Earlier in Asia, Hong Kong's Hang Seng Index lost 834.58 points, or nearly 5 percent, to close at 15,998.30 after rising more than 13 percent the previous two days. Markets in Australia, South Korea, China, India and Singapore also sank.

Japan's Nikkei 225 index bucked the trend, however, ending up 1.1 percent at 9,547.47. The benchmark soared 14 percent in the previous session -- its biggest single-day gain ever. In Hong Kong, Chief Executive Donald Tsang said the meltdown was even worse than the 1997 Asian financial crisis and would take a far bigger toll on the global economy.

Major exporters such as Japanese automakers slumped due to concerns over the U.S. economy, a vital market for Asian goods. Honda Motor Co. shed 5.23 percent, and Toyota Motor Corp. lost 1.88 percent. In the currency markets, the euro was stronger at $1.3645, while the dollar dipped against the yen for the first time in five days and is now trading above 101 yen.

Associated Press Business Writer Jeremiah Marquez in Hong Kong contributed to this article.

Saturday, October 11, 2008

How to be Rich, Beautiful, Famous

Rock E. Phillips

The media is taking no blame for the financial meltdown. Blame instead is being shifted to "consumer greed" for high risk financial instruments. See Wall Street was only obliging our insatiable need for fatter 401k returns, don't you know? (Sarcasm). And if you aren't beautiful, that only shows a lack of surgery. Fortunately, there are still distractions like Britney's new video and documentary. Despairing of misleading media reports feeding these very human and very deep seated desires, the Buddha gave advice on how to attain them. Many sutras were delivered to a multi-millionaire (maybe billionaire) of his day.

Why you're not Rich
Find out how you may be unknowingly preventing yourself from becoming a millionaire.
Engineering Beauty
A new computer program claims to optimize each individual's beauty.
Britney's Comeback Video
In "Womanizer," Britney Spears has some naughty fun flaunting her new svelte shape.

Buddhism on Beauty, Riches, and Fame
accesstoinsight

"There are, O householder, five desirable, pleasant, and agreeable things that are rare in the world. What are those five? They are long life, beauty, happiness, fame, and (rebirth in) a heaven. But of those five things, O householder, I do no teach that they are to be obtained by prayer or by vows. If one could obtain them by prayer or vows, who would not do it?


"For a noble disciple, O householder, who wishes to have long life, it is not befitting that one should pray for long life or take delight in so doing. One should rather follow a path of life that is conducive to longevity. By following such a path one will obtain long life, be it divine or human.


"For a noble disciple, O householder, who wishes to have beauty... happiness... fame...[or] (rebirth in) a heaven, it is not befitting that one should pray for them or take delight in so doing. One should rather follow a path of life that is conducive to beauty... happiness... fame... (rebirth in) a heaven. By following such a path one will obtain beauty, happiness, fame, and (rebirth in) a heaven."
(AN 5.43)

Riches

"Householder, there are five reasons for getting rich. What five?

"...A noble disciple with riches gotten by work and zeal, gathered by the strength of the arm, earned by the sweat of the brow, justly obtained in a lawful way, makes oneself happy, glad, and keeps that happiness; one makes parents happy, glad, and keeps them so; so likewise one's spouse and children and servants.

"...When riches are thus gotten, one makes friends and companions happy, glad, and keeps them so.

"...When riches are thus gotten, ill-luck...is warded off, and one keeps goods in safety.

"... When riches are thus gotten, one makes the five oblations to kin, guests, spirit-beings, kings, and deities.

"...When riches are thus gotten, the noble disciple institutes offerings of lofty aim, celestial, ripening in happiness, leading heavenward, for all those recluses and brahmins who abstain from pride and indolence, who bear all things in patience and humility, each mastering self, each calming self, each perfecting self.


"Now if the riches of that noble disciple, heeding these five reasons, come to destruction, let one consider: 'At least I've heeded those reasons for getting rich, but my wealth has gone!' — thus one is not upset. And if one's wealth increases, let one think: 'Truly, I've heeded those reasons and my wealth has grown!' — thus one is not upset in either case."
(AN 5.41)

The importance of the preceding discourses is further emphasized by the fact that the Buddha impressed them again on the multi-millionaire on another occasion in a slightly different form. On that occasion the Buddha said to him:

"Householder, there are these four conditions (to realize which is) desirable, dear, delightful, hard to win in the world. What four?


"(The wish:) 'Oh may wealth by lawful means come to me!'


"'Wealth being gotten by lawful means, may good report attend me along with my kin and teachers!'

"'...May I live long and reach great age!'

"'...When the body breaks up, on the other side of death, may I attain a heavenly world!'

"Now, householder, to the winning of these four conditions, four conditions conduce. What four?


"Perfection of faith, perfection of virtue, perfection of generosity, and perfection of wisdom."
(AN 4.61)

Many of the occasions when the Buddha gave instructions to the millionaire have been recorded in the Pali canon. They constitute a comprehensive code of conduct for the conscientious lay follower of the Buddha, so that a single multi-millionaire has also become a benefactor to all those in future times who are trying to follow the Teaching. These discourses, which are contained in the Numerical Discourses (Anguttara Nikaya) range from the simplest message to the most profound. A few are mentioned here, beginning with the most basic advice to the laypeople:

"Householder, possessed of four things, the noble disciple has entered on the householder's path of duty, a path which brings good repute and leads to the heavenly worlds. What are the four?

"Herein, householder, the noble disciple waits upon the Order of monastics with the offer of a robe, almsfood, lodging...and medicines for use in sickness. These are the four things."
(AN 4.60)

"Householder, there are these four kinds of bliss to be won by the householder: ...the bliss of ownership, the bliss of wealth, the bliss of debtlessness, the bliss of blamelessness.


"...A person has wealth acquired by energetic striving, amassed by strength of arm, won by sweat, lawful and lawfully gotten. At the thought: 'Wealth is mine acquired by energetic striving...,' bliss comes to one, satisfaction comes to one. This, householder, is called, 'the bliss of ownership.'


"...A person by means of wealth acquired by energetic striving...both enjoys wealth and does meritorious deeds therewith. At the thought: 'By means of wealth acquired...I both enjoy my wealth and do meritorious deeds,' bliss comes to one, satisfaction comes to one. This, householder, is called 'the bliss of wealth.'


"...A person owes no debt great or small to anyone. At the thought: 'I owe no debt, great or small, to anyone,' bliss comes to one, satisfaction comes to one. This, householder, is called 'the bliss of debtlessness.'

"...The noble disciple is blessed with blameless action of body, blameless action of speech, blameless action of mind. At the thought: 'I am blessed with blameless action of body, speech, and mind,' bliss comes to one, satisfaction comes to one. This is called 'the bliss of blamelessness.'


"Such, householder, are the four kinds of bliss to be won by the householder..."
(AN 4.62)

Thursday, October 9, 2008

Trillions? Debt Clock Runs Out of Digits

Debt clock runs out of digits
The National Debt Clock has run out of digits to record the growing amount. » Debt total when it started

NYC National Debt Clock runs out of digits
NEW YORK, Oct. 8, 2008 -- One year ago today, the stock market reached an all-time high (14,164). In a sign of the times, the National Debt Clock in New York City has run out of digits to record the nation's growing debt.

As a short-term fix, the digital dollar sign on the billboard-style clock near Times Square has been switched to a figure — the "1" in $10 trillion. It's marking the federal government's current debt at about $10.2 trillion. The Durst Organization says it plans to update the sign next year by adding two digits. That will make it capable of tracking debt up to a quadrillion dollars. The late Manhattan real estate developer Seymour Durst put the sign up in 1989 to call attention to what was then a $2.7 trillion debt.

How Much is a "Trillion"?

Wikipedia/NPR/NASA/Carpe Diem

If you spent a $1,000 a day, how long would it take you to spend a trillion dollars? The answer may surprise you: 2.7 million years. If you took a stack of hundred dollar bills, a million of them would be four feet high. A billion would be three Sears Towers high. A trillion would be 789 miles high (or 144 Mt. Everests stacked on top of each other), to say nothing about the National Debt. We get closer to a Buddhist nahuta (a staggering number) or a kalpa (a bogglingly long aeon).

Technically it is either of the two numbers (see long and short scales for more detail):

But how much is it really?

Talk of the Nation, 2/8/08: The 2009 budget proposed this week by President Bush weighs in at $3.1 trillion [raising the national debt to $10.2 trillion]. But just how large is a trillion, anyway? It is a thousand, thousand, thousand, thousand, or a million million. To put it into perspective, current estimates put the number of stars in the Milky Way at somewhere between 100 and 400 billion. The U.S. population is slightly over 303 million, and the world population is around 6.6 billion. $1 trillion would be enough money to buy about a 1,000 boxes of Girl Scout cookies for every person in the United States.

Author David M. Schwartz talks about other ways to visualize a trillion, and how to wrap our heads around really big numbers. If we started counting from one to a trillion at the rate of one number per second, it would take 317 centuries before we were done.

A trillion seconds ago, no one on this planet [we know of] could read or write. Neither the Roman Empire nor the ancient Chinese dynasties had yet come into existence. None of the founders of the world's great religions today had yet been born.

Six trillion seconds equals 189,276 years.

  • One year of clock time = (60sec/min) x (60 min/hr) x (24 hr/da) x (365.25 da) = 3.16 x 107 sec
    One trillion seconds of ordinary clock time = ( 1012 sec)/( 3.16 x 107 sec/yr) = 31,546 years.

Along with the nearly six trillion miles in a light-year, there are nearly five trillion dollars in the current U.S. national debt [uh, make that 10 trillion and growing thanks to Bush]. Is it any wonder even Republicans in Washington are concerned?

If one were to count the National Debt at the rate of one dollar per second, one would have to use a mechanical counter to click off the digits. If the counting were done out loud -- "one, two, three..." -- there would be numbers whose names are so large, it would take more than a second of clock time to pronounce them. For example, "nine hundred and ninety nine billion, nine hundred and ninety nine million, nine hundred and ninety nine thousand, nine hundred and ninety nine" takes about 9 seconds to pronounce.

Friday, October 3, 2008

Rich and Poor have same economic views



LiveScience Staff

With the financial crisis weighing on everyone's minds, many debate whether our government's economic policies cater to the rich over the poor. But a new study finds it would be impossible to serve only one socioeconomic group, because people's preferences tend to be overwhelmingly similar when it comes to how the federal government should spend its money.

"Even if government wanted to respond only to the interests of the rich, it couldn't, because the rich and the poor tend to share similar political viewpoints -- at least on economic issues," said North Carolina State University political science researcher Chris Ellis.

Ellis and Joseph Ura, an assistant professor of political science at Texas A&M University, analyzed data from the General Social Survey on public opinion of government spending from 1973 to 2006. They found that, overall, the country would sway from being more fiscally conservative to more liberal, but that these trends occurred across all socioeconomics groups. In general, both rich and poor responded to changes in the nation's economic health, or the actions of the federal government, in broadly similar ways.

For example, the public's views of how the federal government should spend money on education, health care and the environment are similar regardless of socioeconomic level. Social issues, such as abortion, were not considered in the study. The researchers concluded that the federal government acts on the desires of all income groups either because it can't tell the difference between the preferences of the rich versus the poor, or because politicians wish to serve the public as a whole. The study was detailed in the Oct. 3 issue of the journal Political Science and Politics.

"This does not mean that the government is actually acting in the best interests of the poor, only that what the poor want is similar to what the rich want in terms of how the government appropriates its funds," Ellis said.

Thursday, September 25, 2008

Financial Armageddon

While U.S. President Bush asks taxpayers for 700 billion to save the U.S. financial system from collapse -- having already wasted 1,000 billion (i.e., a trillion) waging illegal wars in Iraq, Afghanistan, and posturing against Iran (North Korea, and anyone else he deems "evil") -- the Iranian leader has called him out.



Interestingly, much of the world now threatened by the U.S. (and England and Israel to be fair) was once Buddhist land [Gandhara and elsehwere], later overrun by Nagas and Islam and now Nagas again -- in the guise of democratic hegemony. But it's the same old drive for world dominance (be it physical or financial).

Iran leader says "American empire" near collapse
Slobodan Lekic (AP)

UNITED NATIONS -- Iran's president accused "a few bullying powers" of trying to thwart his country's peaceful nuclear program and declared in a speech Tuesday before the U.N. General Assembly that "the American empire" is nearing collapse.

Iranian President Mahmoud Ahmadinejad sharply attacked the United States and NATO, accusing them of acting as aggressors in Iraq and Afghanistan, and of starting those wars "in order to win votes in elections."

"American empire in the world is reaching the end of its road, and its next rulers must limit their interference to their own borders," Ahmadinejad said. In a highly rhetorical speech, the Iranian leader again criticized archenemy Israel and showed no sign of reaching out to Western powers at the U.N., where the United States and its European allies are seeking a new round of sanctions if no agreement is reached on limiting Iran's nuclear capabilities.

Some worry that Israel or the U.S. might resort to military strikes if they believe all diplomatic options have been exhausted. While the U.S. and its allies allege Iran wants to develop its uranium enrichment program to make nuclear weapons, Tehran insists it is designed to produce electricity for civilian use — a position Ahmadinejad reiterated Tuesday.

"A few bullying powers have sought to put hurdles in the way of the peaceful nuclear activities of the Iranian nation by exerting political and economic pressures against Iran and also through threatening and pressuring the IAEA," the U.N. nuclear watchdog. Iran already is under three sets of sanctions by the U.N. Security Council for refusing to suspend uranium enrichment. Washington and its Western allies are pushing for quick passage of a fourth set of sanctions to underline the international community's resolve, but are likely to face opposition from Russia.
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A protester wears an anti-Mahmoud Ahmadinejad badge at a rally on 9/22/08 in New York. Barack Obama has condemned the Iranian president's anti-Zionist and anti-US remarks in his speech at the UN General Assembly (AFP/Getty Images/Mario Tama).

As in past years, the United States only had a low-level note-taker sitting in a rear seat reserved for the U.S. delegation, said Richard Grenell, spokesman for the U.S. Mission to the United Nations. On Tuesday, Ahmadinejad also lashed out at Israel, saying "the Zionist regime is on a definite slope to collapse, and there is no way for it to get out of the cesspool created by itself and its supporters." The Iranian president is feared and reviled in Israel because of his repeated calls to wipe the Jewish state off the map, and his aggressive pursuit of nuclear technology has only fueled Israel's fears. He said that six years after Saddam Hussein's regime was ousted in Iraq, "the occupiers are still there."

"Millions have been killed or displaced, and the occupiers, without a sense of shame, are still seeking to solidify their position in the ... region and to dominate oil resources," Ahmadinejad said. In Afghanistan, terrorism is spreading quickly and the presence of NATO forces has contributed to a huge increase in the production of narcotics, Ahmadinejad said.

Ahmadinejad's speech came just hours after President Bush made his eighth and final speech to the U.N. General Assembly, urging the international community to stand firm against the nuclear ambitions of Iran and North Korea.

"A few nations, regimes like Syria and Iran, continue to sponsor terror," Bush said. "Yet their numbers are growing fewer, and they're growing more isolated from the world. As the 21st century unfolds, some may be tempted to assume that the threat has receded. This would be comforting. It would be wrong. The terrorists believe time is on their side, so they've made waiting out civilized nations part of their strategy. We must not allow them to succeed."

At one point during Bush's 22-minute speech, Ahmadinejad turned to Iranian Foreign Minister Manouchehr Mottaki and gave a thumb's down. During interviews ahead of his speech Tuesday, Ahmadinejad blamed U.S. military interventions around the world in part for the collapse of global financial markets. He said the campaign against his country's nuclear program was solely due to the Bush administration "and a couple of their European friends."

"The U.S. government has made a series of mistakes in the past few decades," Ahmadinejad said an interview with the Los Angeles Times. "The imposition on the U.S. economy of the years of heavy military engagement and involvement around the world ... the war in Iraq, for example. These are heavy costs imposed on the U.S. economy. "The world economy can no longer tolerate the budgetary deficit and the financial pressures occurring from markets here in the United States, and by the U.S. government," he added.

In a separate interview with National Public Radio, Ahmadinejad claimed vast international support for his position and said the campaign consisted "of only three or four countries, led by the United States and with a couple of their European friends."
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Iran's President Mahmoud Ahmadinejad (R) speaks as Rabbi Moshe Ber Beck of Neturei Karta, an Ultra-Orthodox movement within the anti-Zionist bloc, listens during a meeting in New York, 9/24/08 (Reuters/Brendan McDermid).
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Associated Press Writer Edith M. Lederer contributed to this report.