Video Friday

I thought we would have a video day.  It's almost the weekend, so no more reading...

Well, I will have a couple articles.

My dad sent me this the other day.  I might start watching CSPAN is members of Congress continue to bash each other.

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I got this video from the owner of Basil's.  If you haven't eaten there, make it a point to go.  The food is fantastic and reasonably priced.  I like anything that bashes Houston Clownshoes Nutt.

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These next two videos go together.  I'm not sure how much you have seen from Occupy Wall Street, but google it.  It's the first protest I've seen in NYC last for an extended period.  The first video shows the 0.1% drinking their champagne while mocking the protesters.  The second is illegal police brutality, plain and simple.

 

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It is really becoming easy for countries to just print, print, print.  I can't believe that amount of cash that is flocking to treasuries.

IMF Scrambles To Double Bail Out Capacity To $1.3 Trillion, May Issue Bonds

The scariest news out of the IMF overnight is not that the scandalized bailout agency telegraphed that the global sovereign debt crisis is about to get into even higher gear after the Dow Jones reported it is "exploring" ways to double its gross lending power to $1.3 trillion (which means that in addition to the EFSF's proposed $3 trillion expansion, global bailout capacity will soon hit $5 trillion), nor is it that the US middle class will soon be on the hook for tens of billions more in real European-facing exposure (over an above the hundreds of billions in USD FX swaps that the Chairman is about to unleash on the world), but that the IMF is in fact considering issuing its own bonds. The reason why this is disturbing to the G-7/8/20 is that such a move would take the SDR one step closer to being an alternative gold-backed reserve currency, an dilute the hegemony of the Western axis much to the delight of Russia and China (which however may be having problems of their own). Well, that's bad, but we take it back - just as bad is that the IMF is about to have $1.3 trillion in bailout power. And yes, they wouldn't scramble to get it if they didn't need it. What next: unlimited rescue capacity, and unlimited exposure for US taxpayers?

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Americans are soft according to Obama.  Maybe that competitive edge would be there if we didn't have a thousand laws hampering business.

 

 

Germany is Not Impressed

Precious metals made a nice comeback yesterday.  However, I think the biggest news was that Germany trashed Tiny Tim's plan to save the Euro.

Germany Slams "Stupid" US plan

Germany and America were on a collision course on Tuesday night over the handling of Europe's debt crisis after Berlin savaged plans to boost the EU rescue fund as a "stupid idea" and told the White House to sort out its own mess before giving gratuitous advice to others.

The comments risk irritating the White House Photo: AP

By Ambrose Evans-Pritchard

11:50PM BST 27 Sep 2011

1017 Comments

German finance minister Wolfgang Schauble said it would be a folly to boost the EU's bail-out machinery (EFSF) beyond its €440bn lending limit by deploying leverage to up to €2 trillion, perhaps by raising funds from the European Central Bank.

"I don't understand how anyone in the European Commission can have such a stupid idea. The result would be to endanger the AAA sovereign debt ratings of other member states. It makes no sense," he said.

Mr Schauble told Washington to mind its own businesss after President Barack Obama rebuked EU leaders for failing to recapitalise banks and allowing the debt crisis to escalate to the point where it is "scaring the world".

"It's always much easier to give advice to others than to decide for yourself. I am well prepared to give advice to the US government," he said.

The comments risk irritating the White House. US Treasury Secretary Tim Geithner has been a key driver of plans to give the EFSF enough firepower to shore up Italy and Spain, fearing a drift into "cascading default, bank runs and catastrophic risk" without dramatic action.

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For all those who don't think Ron Paul can win, he is gaining on Obama.

Paul trails Obama by 4 points

If you are looking for signs of President Obama’s vulnerability, there are plenty to be found in the latest CNN poll. But one number stands out: If that hypothetical election were held tomorrow, Obama would beat Ron Paul—yeah, that Ron Paul—by just four points.

While it may be a sign that some voters are adopting an anybody-but-Obama attitude, that same poll shows Obama handily stomping candidates such as Michele Bachmann and Sarah Palin.

And, truth be told, Obama still tops everyone in the GOP field with the exception of Mitt Romney, who runs even with the president. Obama would beat Rick Perry by five points, the poll said.

The CNN poll also showed that Perry’s poor debate performance Thursday has not seemed to have seriously jeopardized his status as the Republican front-runner. He holds a seven-point edge over Romney at 28%. (If Palin doesn’t run, Perry’s support jumps two more points.)

And while the survey showed Paul to be competitive with Obama in a head-to-head matchup, the libertarian-leaning Texan still didn't crack double digits in the Republican primary. (He's actually down six points from the last CNN poll.)


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Here is Ron Paul's interview with Jon Stewart.  He is the most "American" of all the candidates.  Normally, I would put the video on the blog but I couldn't get these to imbed.

Ron Paul Full Interview

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Check out this dumb Canadian reporter talk about gold.

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My daily funny...

Woman reportedly injured by exploding toilet at GSA building

WASHINGTON -- A toilet reportedly exploded Monday and injured a woman at the General Services Administration Building in D.C.
The D.C. Fire and EMS Department confirms a woman went to the hospital with serious but non-life-threatening injuries.
"The GSA National Capital Regional Office Building experienced a building mechanical incident, which we understand may have resulted in injuries," a GSA statement reads.
Channel 9 (WUSA) reports a memo made the rounds in the GSA building, warning people not to flush.
"Do NOT flush toilets or use any domestic water," Channel 9 quotes the memo as saying.
"Due to a mechanical failure, there is high air pressure in the domestic water system that resulted in damage to toilets ... There has been damage to flushed toilets that has resulted in injuries."
The GSA has refused to respond to specific questions, only referring to its statement.
"The restrooms are back in service, and mechanical systems are being monitored as we speak," the statement says.
The incident is not the first of its kind in the United States. A trial lawyer in Memphis, Tenn., Parke Morris, says he represented a client who was seriously injured when a urinal exploded in a GSA building.
Morris says the client told him he was working on a Saturday at the Federal Courthouse in Memphis when he used the sixth floor men's bathroom.
"This was an old, kind of primitive urinal that had almost like a gas pedal that you would press down when you were finished doing your business," Morris says. "And he pressed it, and it literally exploded. It was like a porcelain hand grenade went off."
Morris says the explosion blew the man backwards onto the floor and severely injured his knee. He required a surgery and seven months of rehab before he could return to work.
After the man was blown back, he called down to the security desk and had a guard come up to help him.
"I don't know if [the guard] didn't believe him, or couldn't believe what he saw, but he decided to flush the urinal next to the one that was now in pieces. That one exploded as well."
Morris said in total, four urinals exploded in that Memphis bathroom that day and it was later determined to be caused by a problem in the water pressure.

 

Wizard of Id

Well the market continues to be a wild ride. I'm sure most of you would like an explanation to what has happened in the gold and silver market/stocks. I would love one as well. The Chinese Exchange and the CME once again raised margin requirements on gold and silver trading. They did this right as the stock markets were tanking. This caused a good deal of funds to liquidate their winning positions, gold and silver, to cover the losses in the stock market. The constant manipulation by the exchanges is maddening. Don't worry, everytime they have tried this, it has only caused a short term drop. I believe we will see gold and silver rebound shortly. Let's start today off with a cartoon.

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Since I was on the gold subject, has anyone ever seen a gold vending machine?  Pretty cool...

China 'launches gold vending machine'

China, already the world's second largest bullion consumer, has installed the country's first gold vending machine in a busy shopping district in Beijing, state media said on Sunday.
Shoppers in the popular Wangfujing Street can insert cash or use a bank card to withdraw gold bars or coins of various weights based on market prices, the People's Daily said on its website.

Each withdrawal is capped at 2.5 kilograms (5.5 pounds) or one million yuan (about $156,500) worth of gold, the report said.

Gold vending machines already exist in Britain, the United States, the Middle East and Europe.

The machine was launched Saturday by the Beijing Agricultural Commercial Bank and a gold trading company, the report said.

They plan to install an unspecified number of machines in secure locations such as gold shops and upmarket private clubs.

Gold is often used as a hedge against inflation and the machines could prove popular among Chinese consumers looking for a convenient way to safeguard their cash amid rising prices.

Chinese consumer demand for gold soared 27 percent year-on-year to 579.5 tonnes in 2010, according to the World Gold Council.

India, the world's top consumer, saw a 66 percent increase to 963.1 tonnes.

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Here is an article about the margin hikes.

Shanghai Gold Exchange Hikes Silver Margin By 20%

Wondering what caused the dramatic plunge in gold and silver earlier? Wonder no more: the CME's counterpart in China, the Shanghai Gold Exchange, decided to follow through with an identical, if more substantial, action to that undertaken by the CME on Friday, and announced an increase in the Silver T+D contract margin from 15% to 18%, a 20% bump; the SGE also noted an increase in the price range limit from 12% to 15%, which will be promptly fulfilled, as margin hikes traditionally tend to lead to a sudden spike in vol, contrary to well-meaning expectations. There was a second announcement, slightly more cryptic one, noting that if volatility were to persist, the SGE would outright halt silver trading (although the Google Translation of this previously unseen form announcement is a little sketchy). Expect to see more exchange intervention in precious metals today. Regardless, those who bought silver 15% lower a whopping, oh, two hours ago, courtesy of the out and out sheer panic, are quite grateful to the Chinese.

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This is just funny...

Patrons mistake ice cream shop mascot for KKK robes

Once and for all, people, it's an ice cream cone.

The owners of Ice Cream Family Corner and Sandwiches at the busy intersection of South Pine Avenue and Southwest 17th Street say their two-month-old business is getting creamed because passers-by have mistaken their white-hooded ice cream cone mascot for a KKK protester.

Co-owner Jose Cantres says rumors are swirling on Facebook about the exact nature of the little vanilla cone, and employees heard through word of mouth that potential customers have steered clear of the shop to avoid the character.

Liza Diaz, who manages the store for Cantres and co-owner Jesus Diaz, said an employee at the bank where she does business told her a co-worker was so frightened by the white dollop patrolling the street corner that she called her husband crying and refused to drive through the intersection.

"One (customer) told me, ‘I had to think twice before coming in here because I thought it was KKK,' " Diaz said.

Interestingly, Diaz, who is from Puerto Rico, had never heard of the KKK before this controversy. She can't even quite get her tongue around the name, referring to the white supremacist group as the "Ku Ku Klan" without a hint of irony or sarcasm.

Close up, the costume looks nothing like the white-hooded Klan garb that evokes such strong emotions. Its fluffy white top, flecked with colored sprinkles, curls slightly at its peak, and it sits atop a brown waffle cone.

 

TGIF

Well, we have seen one of the top 3 declines in a week on the Dow.  This rollercoaster does seem close to stopping.  The market isn't the only thing falling this week.  Everyone keep your head up and your eyes open.

Old NASA satellite to tumble to Earth on Friday

LOS ANGELES (AP) -- While North America appears to be off the hook, scientists are scrambling to pinpoint exactly where and when a dead NASA climate satellite will plummet back to Earth on Friday.

The 6-ton, bus-sized satellite is expected to break into more than a hundred pieces as it plunges through the atmosphere, most of it burning up.

But if you're hoping for a glimpse, the odds are slim. Most sightings occur by chance because the re-entry path can't be predicted early enough to alert people, said Canadian Ted Molczan, who tracks satellites for a hobby.

In all his years of monitoring, Molczan has witnessed only one tumble back to Earth - the 2004 return of a Russian communications satellite.

It "looked like a brilliant star with a long glowing tail," he said in an email.

The best guess so far is that the 20-year-old Upper Atmosphere Research Satellite will hit sometime Friday afternoon or early evening, Eastern time. The latest calculations indicate it will not be over the United States, Canada and Mexico during that time.

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I hope we get this job market turned around.  I don't want to have my kids living with until when they are 30.

Call it the recession's lost generation

In record-setting numbers, young adults struggling to find work are shunning long-distance moves to live with Mom and Dad, delaying marriage and buying fewer homes, often raising kids out of wedlock. They suffer from the highest unemployment since World War II and risk living in poverty more than others — nearly 1 in 5.

New 2010 census data released Thursday show the wrenching impact of a recession that officially ended in mid-2009. It highlights the missed opportunities and dim prospects for a generation of mostly 20-somethings and 30-somethings coming of age in a prolonged slump with high unemployment.

"We have a monster jobs problem, and young people are the biggest losers," said Andrew Sum, an economist and director of the Center for Labor Market Studies at Northeastern University. He noted that for recent college grads now getting by with waitressing, bartending and odd jobs, they will have to compete with new graduates for entry-level career positions when the job market eventually does improve.

"Their really high levels of underemployment and unemployment will haunt young people for at least another decade," Sum said.
Richard Freeman, an economist at Harvard University, added, "These people will be scarred, and they will be called the 'lost generation' — in that their careers would not be the same way if we had avoided this economic disaster."

Beyond the economy's impact, the new figures also show a rebound in the foreign-born population to 40 million, or 12.9 percent, the highest share since 1920. The 1.4 million increase from 2009 was the biggest since the mid-decade housing boom and could fuel debate in this election season about U.S. immigration strategy.

Most immigrants continue to be low-skilled workers from Latin America, with growing numbers from Asia also arriving on the bet that U.S. jobs await. An estimated 11.2 million immigrants are here illegally.

Seniors 65 and older tended to return to or stay put in their jobs, accounting for the few U.S. employment gains in recent months. About 1 in 6 older Americans is now in the labor force — the highest level since the 1960s, before more generous Social Security and Medicare benefits made it more attractive to retire.

Nationwide, employment among young adults 16-29 stood at 55.3 percent, down from 67.3 percent in 2000 and the lowest since the end of World War II. Young males who lacked a college degree — typically black and Hispanic — were most likely to lose jobs due to reduced demand for blue-collar jobs in construction, manufacturing and transportation during the downturn. Among teens, employment was less than 30 percent.

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This is awful.  This place had been open for almost 400 years,

1740's Tavern Becomes Victim of Recession

Since 1740, the Marlborough Tavern has been a fixture of this small town southeast of Hartford, but it will close this weekend.

The establishment, which has operated off and on as a tavern and restaurant, has been a host to presidents and even the French army during the Revolutionary War, but Saturday will be the tavern's last day until a new owner is found.

Jim Bradley took over the restaurant in 1985 with three friends. The building had been vacant since the previous owner closed the place in 1979. After a rough start, "the whole thing took off," Bradley said.

For nearly two decades, the Marlborough Tavern prospered near the center of town off Route 2. When gas prices spiked several summers ago, business took a big hit.

"It fell right off a cliff. It went down from June 2008 to July 2008," Bradley recalled.

He and a co-owner put money into the business to keep it afloat for the last three years, but with business down nearly a third, it became too much.

Bradley said losing food after Tropical Storm Irene disrupted his cash flow too much that he needed to shut the tavern's doors.

"Emotionally, it takes a toll after awhile when you realize you've been swimming hard against the tide," Bradley said.

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This falls under the "over-regulation' category.  Last I check the Constitution, it says you have freedom in America to practice your religion.

OC Couple Threatened With $500-Per-Meeting Fines For Home Bible Study

An Orange County couple has been ordered to stop holding a Bible study in their home on the grounds that the meeting violates a city ordinance as a “church” and not as a private gathering.

Homeowners Chuck and Stephanie Fromm, of San Juan Capistrano, were fined $300 earlier this month for holding what city officials called “a regular gathering of more than three people”.

That type of meeting would require a conditional use permit as defined by the city, according to Pacific Justice Institute (PJI), the couple’s legal representation.

The Fromms also reportedly face subsequent fines of $500 per meeting for any further “religious gatherings” in their home, according to PJI.

“We’re just gathering and enjoying each other’s company and fellowship. And we enjoy studying God’s word.” Stephanie Fromm told CBS2.

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As most of you know, I'm a big fan of Peter Schiff.  His book, Crashproof 2.0 is brilliant.  Here was his interview yesterday on CNBC.



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Clinton even thinks that Obama is confusing.  I never thought these words would come out of my mouth, but with the group we have running for President, bring the Ole Arkansas Governor back.

Not really, but he was way better than the bozos running right now.

Bill Clinton: Obama's Approach To The Deficit Is "A Little Confusing"

Fmr. President Bill Clinton in an interview with Newsmax (relevant part near 8-minute mark in the video): “In the speech that the president gave to Congress, he didn’t propose any new taxes. The speech was $250 billion in tax cuts, $250 billion in spending over a period of two to three years. It focused mostly on a rather innovative set of payroll tax cuts and incentives to hire people.

“I personally don’t believe we ought to be raising taxes or cutting spending until we get this economy off the ground. If we cut government spending, which I normally would be very inclined to do when the deficit’s this big, with interest rates already near zero you can’t get the benefits out of it.

“So what I’d like to see them do is come up with a bipartisan approach, starting with the payroll tax cuts because they have the biggest return."



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Word of the Day - Ponzi

The Daily Dirtnap is a great publication.  Mike Krieger passed this on to me yesterday and I thought you should see it.  We all know Greece has failed.  Heaven forbid the Euro nations just admit it.

But in the meantime, we are giving them free stuff! You see, the only reason that they are making loans to Greece is to (ponzi) conceal the fact (ponzi) that they cannot be paid back (ponzi), not under any circumstances ponzi ponzi ponzi. Loans on top of loans. The whole thing is just ridiculous. This is the world’s strongest can, because it has literally been kicked for thousands of miles.

See this chart? This should neverhappen. And it doesn’t happen, in a non-ponzi world. In a non-ponzi world, when interest rates get to 14%, there is a default. The only way interest rates get to 80% is if you ponzi the thing and shovel good money after bad. Think about it. Did you see charts like this in Argentina and Russia? No. They just gave you the bird and didn’t pay you back.

So Greece is basically a ward of the European Union, everyone else, principally Germany, is just going to pay money to keep them around, because the alternative, which is to admit that the euro was a bad idea, is too terrible. Remember what governments do: they save face, at all costs. They will go to war to save face. They will literally kill people to save face.

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One of the big stories this year has been Rare-Earth metals.  China holds almost all of them and they don't want to share with the rest of the world.  If I was China, I wouldn't sell them for worthless paper either.

Ways Around China's Rare-Earth Monopoly

China’s stranglehold on rare earth production is so severe that the U.S. House Committee on Foreign Affairs is having a hearing today addressing the issue.
China’s control of rare earths has been compared to the Middle East’s control of oil. The WTO has ruled against their export restrictions, but China appealed.
Now rare earths have become a major supply chain risk to the automobile, electronics, camera, medical equipment, and defense industries. They are crucial components in almost all "smart" technology and are essential for making batteries and magnets.
Then, what is the next step for businesses? There are three big options for most organizations that depend on rare earths:
Be like Toyota, and begin investing in innovations that do not rely on rare earths; new ideas take time to perfect so the earlier a business gets started, the better
Develop recycling technologies like Hitachi to extract and reuse the tons of rare earths that are being thrown away everyday in the form of used or out-dated products; or
Move to mainland China like Boston-Power Inc. to duck under a possible embargo. But be prepared for other interruptions as you take orders from Beijing.
Toyota has joined Tesla to reinvent their electric vehicle engine and battery to not use rare earths.  Hitachi spent $1.5 million on research project slashing open old compressors for reusable magnets and rare earths.  Boston-Power Inc., which manufactures batteries companies like Saab, has had to move all of their manufacturing operations to China, leaving only R&D and customer service stateside.  They may be the first, but soon Apple, GE, and even the U.S. Department of Defense as well as many others all need to reconsider their dependence on rare earths.
As our supply chain risk increases, it's about time we think about reinventing the wheel, or the battery in this case.  Otherwise, it may be time to go to the mattresses and prepare for the coming "Mineral War."
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I always figured Buffett was a conservative.  I don't know if he's always been this way or changed since he made a deal with the devil.  Did he really sell his soul for a bailout of Berkshire?  You know he thinks the "rich" should pay more taxes.  The last time I checked, nothing is stopping him from writing a big check to Uncle Barry.

Warren Buffett to host fundraiser for Obama in Chicago

Billionaire U.S. investor Warren Buffett will help raise money for President Barack Obama's re-election effort at a $35,800-a-ticket fundraiser next month in Chicago, an Obama campaign official said on Wednesday.

Buffett will attend the Oct. 27 event at a private home on Chicago's North Shore that is expected to include major donors to Obama's 2008 presidential run. The Democratic president, who is not expected to attend, is running for re-election in 2012.

Buffett, the legendary chairman of Berkshire Hathaway Inc., has landed in the center of a growing political battle over Obama's proposal to raise taxes on the wealthy by inspiring the so-called "Buffett Rule."

Buffett wrote a column for The New York Times in August saying rich people like him often pay less in taxes than those who work for them because of loopholes in the tax code, and can afford to pay more.

Obama cited Buffett on Monday in proposing a minimum tax rate for people earning more than $1 million a year. Republicans have condemned the plan as class warfare.

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This IHOP in the East Village has hired a bouncer.  Who knew pancakes could be so violent.

NEW YORK (CBSNewYork) — Here’s a sign of the times.

The new International House of Pancakes in the East Village has hired a bouncer.


He stands guard at the “24 hour” spot on East 14th Street from 11 p.m. until 7 a.m. He’s reportedly an off-duty police officer hired to keep intoxicated patrons under control.

The IHOP opened Tuesday.

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I hope all the parents out there, with kids old enough to have phones, are set up on the unlimited texting plan.  Check out this chart.

According to the Pew Internet project, people in the 18-24 year-old range are sending and receiving 110 texts per day on average. The median number of texts sent/received by that group is 50 per day.

The overall average for texting per day amongst cell phone users is 42, says Pew. That number is flat compared on a year over year basis. Pew interviewed 2,277 people 18 and over for its survey.



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It looks like the Fed disappointed the market with their announcement yesterday.  Stocks, Oil, Metals, everything is down.  I'm not sure where the money is going.  Maybe to the Euro... HA!

Twister and The Fifth

The big news of the day will be the results of the FOMC meeting.  I don't expect any surprises.  They will commence Operation Twist.  Which means they will sell the short term treasuries on their balance sheet and buy long term treasuries with those funds.  It is a way to force the banks to lend money instead of just making money off the spread.

Fed is expected to take new action to lift economy

By MARTIN CRUTSINGER

(AP) In this Sept. 30, 2010 file photo, Federal Reserve Chairman Ben Bernanke testifies on... Full Image

WASHINGTON (AP) - The Federal Reserve is running out of options to try to boost a slumping economy and lower unemployment. So policymakers are expected to reach 50 years back into their playbook for their next move.
Most economists expect the Fed to announce a plan Wednesday to shift money in its $1.7 trillion portfolio out of short-term securities and into longer-term holdings.
The plan could lower Treasury yields further. Ultimately, it could reduce rates on mortgages and other consumer and business loans, too.
Fed Chairman Ben Bernanke is expected to advocate the move despite criticism from within the Fed and from Republican lawmakers and presidential candidates.
On Monday, the four highest-ranking Republicans in Congress sent Bernanke a letter cautioning the Fed against taking further steps to lower interest rates. Their letter suggested that lower rates could escalate the risk of high inflation.
The plan the Fed is considered most likely to unveil Wednesday has been dubbed "Operation Twist" and dates to the early 1960s. The Fed used a similar program then to "twist" long-term rates lower relative to short-term rates.
Expectations that the Fed will do so again, along with renewed fears of another recession, have led investors to buy up U.S. Treasurys. Treasury yields have dropped in response.
The yield on the 10-year Treasury note last week touched a historic low of 1.87 percent. On Tuesday, it finished slightly higher, 1.93 percent.
Once the Fed announced last month that it would expand its September meeting from one to two days, most economists have predicted that policymakers would unveil some new step. Chairman Ben Bernanke has said that the Fed is considering a range of options.
The central bank is under pressure to revive an economy that has limped along for more than two years since the recession officially ended. In the first six months of this year, the economy grew at an annual rate of just 0.7 percent. In August, the economy didn't add any jobs, and consumers didn't increase their spending on retail goods.
Most economists foresee growth of less than 2 percent for the entire year. Many say the odds of another recession are about one in three.

 
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Finally, Obama is starting to feel the heat.  This Solyndra scandal isn't going away.  It's just another case of crony capitalism.


Solyndra-Gate


Executives from the bankrupt solar company Solyndra, the subject of multiple probes relating to a $535 million loan from the Obama administration, have backed out of a congressional hearing this Friday and are set to plead the Fifth instead of testifying.
The House Energy and Commerce committee received letters today from lawyers representing Solyndra CEO Brian Harrison and CFO W.G. Stover saying they would not testify. The two executives previously informed the committee that they would testify without invoking the Fifth amendment to the Constitution.
But Committee Chairman Fred Upton (R-MI) and Oversight and Investigations Subcommittee Chairman Cliff Stearns (R-FL) said in a statement that they would continue the probe without them.
“Our investigation has gotten this far without much cooperation from Solyndra, and it will continue with or without their voluntary testimony," they said.
Last week, officials from the White House Office of Management and Budget and the Department of Energy testified that the Obama administration did not speed up the review process for the loan as some assert. The loan was awarded weeks after the company's auditors raised alarm about the company's finances and future.
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Here is the second flame under Obama

Confidence Men


Pulitzer Prize-winning author Ron Suskind is out with a new book today on President Barack Obama's economic team that has the White House rattled.
The book, "Confidence Men: Wall Street, Washington, and the Education of a President," reveals a disorganized — and at times insubordinate — staff working under Obama, and an inexperienced president struggling to control them.
“The administration’s domestic policy was fast becoming a debate society run by Larry Summers,” Suskind writes. “Obama would sit on high, trying to judge if there was any shared ground between the competing debate teams that might coalesce into a policy.”
One of the more shocking revelations that leaked last week is that Treasury Secretary Tim Geithner is said to have disobeyed an order from Obama to plan to dissolve Citigroup in the aftermath of the financial crisis.
Geithner denied the allegations Monday, saying that while he hasn't read the book "I lived the reality. The book bears no resemblance to the reality — no resemblance."
Suskind was granted remarkable access to the West Wing — including a sit down interview with Obama in February, when the president explained why he continues to get dragged down into the weeds of policy debates.
"What I do think is that myself, Clinton and Carter all have sort of the disease of being policy wonks," Obama told Suskind. "And I think that if you get too consumed with that you lose sight of the importance of the larger message."
Another embarrassment comes from former White House Communications Director Anita Dunn, who told Suskind, that "if it weren’t for the president, this place would be in court for a hostile workplace. Because it actually fit all of the classic legal requirements for a genuinely hostile workplace to women."
The White House has launched an aggressive strategy to undermine the book's veracity by pointing out every minor factual and spelling error, for instance, Suskind misstated that Geithner served as 'Chairman' of the New York Fed instead of 'President.'
Press Secretary Jay Carney even accused Suskind of "lifting" a passage from Wikipedia — a particularly stunning accusation against a prominent journalist and author.
Suskind pushed back on the Today Show this morning, saying his book is "solid as a brick."
For the White House to get this defensive, it's clear they fear this book will have a deeply damaging impact on the President.
We'll bring you more from the book — and the fallout — later today.


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This makes me as mad as anything right now.  How about the government and banks reward the people who pay their mortgage, instead of bailing out the deadbeats.

The New Face of Foreclosure: Strategic Defaults          

Gene Kessler, 67, may be the new face of mortgage default. The tech industry retiree is in the process of walking away from the home he purchased for $166,000 in 2004 in a small town 75 miles southwest of Minneapolis.

Its value has plummeted to $111,000, wiping out Kessler's $45,000 down payment and leaving him with a mortgage that's more than the home is worth. He stopped paying the loan six months ago, and estimates he'll have to vacate by March 2012.

But Kessler isn't in financial trouble, and he could afford the monthly payments. He has no other debts and two pensions from former employers, as well as Social Security. He also has a woodworking hobby, and runs a small business selling the artisan lamps he makes in galleries. He's single now, and his two children are grown and gone.

"I was looking for a way to get back to a larger city, and this was the only way I could get out of this house," says Kessler, who paid $800 to YouWalkAway.com to help guide him through the process known as strategic default. He's anticipating a move to a warmer climate and a more active art and dating scene in Santa Fe, N.M.

First notices of default jumped 33% in August, a nine-month high and the biggest month-over-month increase since August 2007, according to figures by RealtyTrac released Wednesday.

"There are 3 million to 4 million seriously delinquent mortgages that under normal circumstances would be in foreclosure but have been kept out by procedural delays and paperwork problems," says Rick Sharga, RealtyTrac senior vice president. The recent spike in foreclosure starts suggests lenders are "hitting the restart button" on cases that were delayed by documentation problems such as robo-signing, he explains.

There's no data on the demographics or financial histories of the people receiving recent default notices. But among them are some homeowners who have never defaulted on a loan before, at least according to one poll. YouWalkAway.com surveyed several hundred of its clients earlier this year, and just 23% said they had previously shirked a financial obligation.

"The people we are now seeing are nearing retirement age, who never missed a payment on anything in their lives," says Jon Maddux, co-founder and CEO of the Carlsbad, Calif., firm. "They are trapped. They can't sell or get a modification and they need to downsize or move for a job."

Attitudes toward default have also shifted, Maddux says. "Back in 2008 people were very emotional, very scared, in disbelief or denial," he says. "Now they are simply fed up. It's a very calculated, black-and-white business decision. People feel very relieved."

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Now for the most important question of the day.  Will Mizzou come to the SEC?  We know the Big 12 is over.  I like the idea.  I think it fits geographically and the SEC could use another basketball school.

Mizzou Receives Offer to Join The SEC

The Southeastern Conference and the University of Missouri have informally agreed that, barring new developments, the school will join the league and that Auburn University will move to the SEC East Division, according to two people familiar with the discussions.
A majority of presidents has endorsed the informal agreement, the sources said.
Early Tuesday night, the SEC issued a statement: "The Southeastern Conference has not agreed formally or informally to accept any institution other than Texas A&M and there have not been conference discussions regarding changes in divisional alignment."
The league already plans to add Texas A&M as its 13th member, provided potential legal challenges from some remaining Big 12 members disappear. Missouri, also a member of the Big 12, would be the 14th member of the SEC.
A timetable for when Missouri would join the SEC, if the informal agreement becomes official, was not immediately known.
Earlier today, The Kansas City Star reported Missouri has an offer to join the SEC and that the league is willing to wait for an answer until the Big 12's future is decided.
SEC spokesman Charles Bloom said the SEC has not extended "any invitation" to any school other than Texas A&M. Bloom declined to say whether the SEC and Missouri have had any discussions.

Because both Missouri and Texas A&M are located to the western side of the SEC's basic footprint, that prompted discussions of moving a current West Division school to the East Division. Auburn is the easternmost school in the West Division. A third person familiar with the discussions confirmed that Auburn would move to the East if Missouri joins the league.
If Auburn moved to the SEC East, that could cause the Iron Bowl date to be changed. Moving Alabama-Auburn from the final week of the regular season would eliminate the possibility of a rematch the following week in the SEC Championship Game.

Auburn President Jay Gogue said Sept. 8 he would not be bothered if Auburn moved to the SEC East to accommodate a 14-team conference. Gogue said a benefit for Auburn would be renewing annual games against old rivals Florida and Tennessee, and that Auburn would pick Alabama to be an annual cross-division partner.
"If that's what it took, if you ever went to 14 and needed to make it work, that wouldn't be something I would be upset about," Gogue said.
In an interview last week, Auburn Athletics Director Jay Jacobs supported Gogue's position.
"We have so many students come from Florida, Tennessee, Georgia, they come on campus and say, 'Why aren't we playing Florida, Tennessee, Kentucky, South Carolina? ' " Jacobs said. "I think Dr. Gogue's point is, which is mine too, whatever is best for the league to make it work, we're willing to do that.
"We went through this a year ago. I just think until all that happens, until we know what the outcome is going to be, why spend a lot of time and energy concerned about who's going to play who?"
When the SEC added Arkansas and South Carolina for the 1992 season, the conference wanted competitive balance between the divisions. That's how Auburn landed in the West even though it is farther east than Vanderbilt, which plays in the East Division.
The SEC identified six traditional powers and divided them accordingly: Florida, Georgia and Tennessee in the East, and Alabama, Auburn and LSU in the West. If Auburn shifted divisions, four of the six traditional SEC powers would be in the East.
Adding Missouri to the SEC would bring two large television markets to the SEC. St. Louis has the nation's 21st-largest, and Kansas City is 31st. The state touches three SEC states: Arkansas, Tennessee and Kentucky.

"Missouri makes some sense," said Neal Pilson, a television consultant and former president of CBS Sports. "It's got some big markets. It's a prestigious academic institution. It would add a rather populous state to the SEC footprint. And it wouldn't leapfrog into another part of the country, which I don't think the SEC wants to do."
Discussions with Missouri have been sensitive on a number of fronts. The SEC agreed to accept Texas A&M on the condition that remaining Big 12 members waive their right to sue the SEC.
Also, Missouri Chancellor Brady Deaton is the chairman of the Big 12 Board of Directors and has said publicly he is working to keep the Big 12 together. He told The St. Louis Post-Dispatch last week there is no complication for him to serve as chairman of the Big 12 while also working in Missouri's best interests.

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The chart of the day has to do with all the photos EVER TAKEN.
   
Facebook hosts 140 billion photos, and will add 70 billion this year, according to the blog of photo-sharing site 1000memories.

Putting this in context, 1000memories made the following visualization which shows how big Facebook's library of photos are in comparison to other photo sharing sites, as well as the Library of Congress.

Incredibly, Facebook is hosting 4% of all photos ever taken, according to 1000memories. It estimates 3.5 trillion photos have been taken through history.

Eat Better Today

When I sit and think about some of the biggest problems in our country, this is one of the first things that comes to mind, welfare.  It has become easier to do nothing than to be productive.  I know quite a few of you have never heard of Bone Thugs N Harmony, but when I was in High School they came out with a song called, "First of The Month".  It was the first welfare carol I'd heard.  This newest gem isn't as good but it maybe more disturbing.  There are a few curse words, so if that offends you, please don't watch it.

Swipe my EBT (Eat Better Today)

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I'm a big fan of Peter Schiff.  He has called the last 4 years on the number.  I wish I would have read his book when it first came out.  He testified on the Hill this week.  Click the link to watch his testimony.

Peter Schiff On Obamanomics: "There Are Not Enough Open Minds In The Capitol To Keep This Ship From Sinking"

Peter Schiff wraps his congressional testimony on the Obama jobs plan, which was one of the most memorable such Congressional hearings on the topic to date, with the following letter of caution to all Americans. To wit: "I don't think those few open minds in the Capitol are going to be enough to keep this ship from sinking. There just isn't enough time or a strong enough will for reform from the American people. That is why it is so important for you to act individually to protect yourself and your family from the new age of stagflation. Please take the time to view my testimony, understand the problems we face, and align your investments accordingly." We urge anyone who has not watched Peter's testimony yet to do so below.

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White House Pressure for a Donor?

The four-star Air Force general who oversees Air Force Space Command walked into a highly secured room on Capitol Hill a week ago to give a classified briefing to lawmakers and staff, and dropped a surprise. Pressed by members, Gen. William Shelton said the White House tried to pressure him to change his testimony to make it more favorable to a company tied to a large Democratic donor.

The episode —confirmed by The Daily Beast in interviews with administration officials and the chairman of a congressional oversight committee —is the latest in a string of incidents that have given Republicans sudden fodder for questions about whether the Obama administration is politically interfering in routine government matters that affect donors or fundraisers. Already, the FBI and a House committee are investigating a federal loan guarantee to a now failed solar firm called Solyndra that is tied to a large Obama fundraiser.

Now the Pentagon has been raising concerns about a new wireless project by a satellite broadband company in Virginia called LightSquared, whose majority owner is an investment fund run by Democratic donor Philip Falcone.

According to officials familiar with the situation, Shelton’s prepared testimony was leaked in advance to the company. And the White House asked the general to alter the testimony to add two points: that the general supported the White House policy to add more broadband for commercial use; and that the Pentagon would try to resolve the questions around LightSquared with testing in just 90 days. Shelton chafed at the intervention, which seemed to soften the Pentagon’s position and might be viewed as helping the company as it tries to get the project launched, officials said.

“There was an attempt to influence the text of the testimony and to engage LightSquared in the process in order to bias his testimony,” Rep. Mike Turner (R-OH) said in an interview. “The only people who were involved in the process in preparation for the hearing included the Department of Defense, the White House, and the Office Management and Budget.” 
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I think sharks are really cool creatures.  I've seen claims in the past that they could help fight human health problems.  This is very interesting.


Secret to shark health could fight human viruses

Sharks are primitive creatures but their bodies produce a sophisticated substance that shows promise in fighting a range of human viruses from hepatitis to yellow fever, researchers said Monday.
The compound, called squalamine, was discovered in 1993 but the study in the Proceedings of the National Academies of Sciences is the first to explore its potential use against human viruses.
Researchers tested squalamine -- manufactured from dogfish sharks' livers -- in lab dishes and in animal subjects and found it could inhibit or control viral infections, and in some cases appeared to cure animals of their ills.
The project began when lead investigator, Michael Zasloff, professor of surgery and pediatrics at Georgetown University Medical Center, sent samples of squalamine to a series of labs around the United States for testing.
Squalamine has been synthesized in a lab since 1995 and is no longer extracted directly from shark tissue.
Tissue cultures showed it could "inhibit the infection of human blood vessel cells by the dengue virus and human liver cells infected with hepatitis B and D," said the study.
Research on animals showed the compound controlled yellow fever, Eastern equine encephalitis virus, and murine cytomegalovirus, a type of herpes virus that afflicts rodents.
"It is clearly a promising drug, and is unlike, in its mechanism of action and chemical structure, any other substance currently being investigated to treat viral infections," said Zasloff.
"We have not yet optimized squalamine dosing in any of the animal models we have studied and as yet we do not know the maximum protective or therapeutic benefit that can be achieved in these systems," he added.
"But we are sufficiently convinced of the promise of squalamine as an antiviral agent that we intend to take this compound into humans."
Squalamine is safe for humans and has been considered a potential tool against cancer and eye diseases, and some clinical trials for those targets are ongoing.
"In several of the early trials squalamine has shown significant and promising activity... in both certain forms of cancer and in diabetic retinopathy," Zasloff told AFP in an email.
Zasloff discovered squalamine in 1993 and is also known for his research on the natural antibiotic properties of frog skin.
 

The Dutch, Red Heads, and a Valedictorian

Man it's hard to come up with catchy titles.  The news over the weekend was the same as the last month.  Greece, Greece, more Greece, and Obama's new plan.  Greece is broke and it's always going to be broke.  I saw where Strauss-Kahn came out and said Greece is done.  It's interesting that once you aren't part of the cover up, you decide to speak the truth.

Speaking of the truth, the Dutch want to know where there gold is at.  This is why Ron Paul has been asking for a Fort Knox audit.  However, the government refuses to do it.

Dutch Socialist Party has asked the Secretary of the Treasury for the whereabouts of the Dutch Central Bank’s gold

On Friday 16 September, the Dutch Socialists Party (SP)’s spokesman for financial affairs, Mr. Ewout Irrgang, has asked the Dutch Secretary of the Treasury 10 detailed questions about the gold supposedly held by the Dutch Central Bank. Questions vary from: where is the gold? why are gold and gold receivables one line item? how much gold is loaned out? All questions (in Dutch) can be found here and cpied below.

This is potentially a big breakthrough for global awareness on how central banks hide crucial info from the public and the disastrous effects central banks have on society. The society benefits from competitive currencies, chosen voluntarily by the people.

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This just made me laugh, so I had to post it.  Sperm banks can discriminate at will?

World's biggest sperm bank, Cryos, tells redheads: We don't want your semen

The world's largest sperm bank is telling redheads to keep their semen.
Demand for ginger-haired donors is so low that Cryos International says they needn't bother donating.
"There are too many redheads in relation to demand," Ole Schou, the director of Cryos, told the Danish newspaper, Ekstrabladet, according to London's Telegraph.
Men with scarlett manes sell "like hot cakes" in Ireland, Schou said, but that's about it.
"I do not think you choose a redhead, unless the partner - for example, the sterile male - has red hair, or because the lone woman has a preference for redheads," he said, the Telegraph reported. "And that's perhaps not so many, especially in the latter case."
Men with brown hair and brown eyes are very popular, Schou noted.
Cryos ships sperm to more than 65 countries around the world, and donors can score up to $500 for their semen.

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I've been critical of the current college system for a while.  Students are getting loaded with debt to graduate and there be no jobs.  One high school Valedictorian has figured it out.

As Student Loans Hit All Time Record, One High School Valedictorian "Gets It"

This it NOT what you would expect from a traditional valedictorian speech. Hopefully people, especially young people, are starting to wake up to just how corrupt and broken at its core, the US educational system is. Alas, tangentially, as the following data from Stone McCarthy indicates, there is little danger that the revelations captured in this video are anywhere near widespread, courtesy of record after record rise in the next big bubble: student loan debt, which is nothing but even more voluntary indentured servitude in hopes that the latest piece of paper certifying one is "smart" will make one's resume more attractive to potential employers. Alas, if they only knew...

In this morning's Chart of the Day, we reexamine the rising trend of student loans outstanding. Back in late June, we highlighted the steady increase of student loans that has occurred since January 2009. In the most recent release of the Fed's Consumer Credit Outstanding report, student loans outstanding increased $15.66 billion on a non-seasonally adjusted basis in July, the largest month over month increase since January. In turn, nonrevolving credit outstanding (seasonally adjusted) rose a whopping $15.4 billion, the largest monthly increase since November 2001.

 However, we suspect the major reason is a struggling labor market and bleak outlook for jobs. As the economy continues to generate a less than ideal number of jobs, more people are heading back to school to enhance their education in order to make themselves more marketable to potential employers. The unemployment rate for people aged between 20 to 24 years was 24.5% in August, up from 23.1% in July. The unemployment rate for this population range averaged 15% from 2002 through the end of 2007. However, as the labor market continued to struggle, the unemployment rate for persons between 20 and 24 years of age rose to 25.7% in November 2009 and has remained elevated over the past two years. Not to mention that the unemployment rate for the civilian labor force has been above 9% since May 2009. Additionally we suspect the increased cost of tuition is forcing students to take out larger loans in order to pay for rising education costs. 

 

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A friend sent this to me over the weekend.  I love this kind of creativity.

Attack Watch - More Gold News

There will be a good bit of economic news out this morning.  The futures are up as of now.  I will start with our Teleprompter in Chief's attempt to hold off the attacks on his character.  Here is the article about how this has blown up in his face.

Attack Watch, new Obama campaign site to ‘fight smears,’ becomes laughing stock

By Elizabeth Flock

(Image via Twitter) As the 2012 presidential campaign heats up, President Obama’s campaign team has set up a new Web site, AttackWatch.com, to challenge negative statements about the president made by Republican presidential candidates and conservatives.
Obama for America national field director Jeremy Bird told ABC News that the site’s goal is to offer “resources to fight back” against attacks. Mostly, that means fact checking statements from the likes of GOP presidential contenders Mitt Romney and Rick Perry and conservative commentator Glenn Beck and offering evidence to the contrary. The site is designed in bold red and black colors, and uses statements like “support the truth” and “fight the smears.”

The response to the site has been less than stellar.

On Twitter, where the Web site has an account to help Obama supporters submit evidence of “attacks” on the president using the hashtag #attackwatch, nearly every tweet about the site — mostly from conservatives — has ridiculed it.

“There's a new Twitter account making President Obama look like a creepy, authoritarian nutjob,” an Arizonan tweeted. “In less than 24 hours, Attack Watch has become the biggest campaign joke in modern history,” a contributor to conservative blog The Right Sphere wrote. The contributor linked to the following parody commercial for Attack Watch:

Tommy Christoper of Mediaite noted sarcastically of the site, “Great. Sounds like a terrific content-generating resource for right-wing bloggers, too. Everybody wins!”

While the initiative is reminiscent of a similar online effort launched during the 2008 campaign, called Fight the Smears, the hysteria-inducing design and language of the new site seems to be what’s causing a bigger ruckus.

Fight the Smears looked and felt far less scary, quoting Obama at the top of its page in a classic hope-change statement: “What you won’t hear from this campaign or this party is the kind of politics that uses religion as a wedge, and patriotism as a bludgeon — that sees our opponents not as competitors to challenge but enemies to demonize.”

Attack Watch, on the other hand, used the shorter — and somewhat scaremongering — tag­line, “Get the Truth. Fight the Smears.”

It’s safe to say that in its 24 hours of existence, Attack Watch has already backfired, becoming a tool for conservatives to use against Obama 2012. A tweet by conservative author Brad Thor summed it up: “Wow, not only are Obama & Co. incredibly thin-skinned, they're paranoid.”

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I want to spend the rest of the day on Gold and Fiat money.  I have been saying for 2 years that I think fiat money is going away.  Inflation came out today and it was up .4% for the month of August.  I don't see this slowing down with the way the world has continued to debase their currencies.  If your money is worth less, it takes more of it to buy goods.  Austria is scared of their citizens owning too much gold.  Don't think this can't happen in the US.

Banks, Governments Move To Restrict Personal Gold Bullion Purchases

This week we returned from a trip to the Eurozone where we met with a host of different people across many countries and several industries. All of the indicators we’re seeing – construction starts, bank lending, personal borrowing habits, economic growth, and even the (lack of) items in grocery store carts – suggest that Europe is on the brink, though as is generally the case, the average European has no clue what’s coming their way.

The most alarming situation we identified is one relating to the purchase of gold coins and bullion – specifically in the country of Austria – but one that will likely make its way across the EU if it hasn’t already. Unlike the United States, where gold and silver can be purchased through traditional methods like visiting a local dealer directly, or even placing an order on the internet, it is much more difficult to find a gold/silver dealer outside of Germany or Switzerland. As a result, those individuals interested in acquiring gold are left with purchasing directly from local bank branches.

Had you visited an Austrian bank three months ago, you would have had absolutely no problem purchasing a large quantity of gold/silver from the bank. You’d simply call the bank about 24 – 48 hours in advance, let them know you’re coming and how much you needed, and you’d personally pick up your order within a couple days.

A new trend in Austrian (and perhaps the rest of Europe’s) banking policies suggests that certain interested parties are attempting to control the sale and personal acquisition of gold/silver as safe haven assets. What we experienced first hand should be a wake up call for not just Europeans, but Americans as well.

The policy change was quiet, has not been reported by any media outlets that we’re aware of, and no mention of the new policies is made on the web sites of Austria’s largest banking institutions (though it is clear they vehemently comply with U.S. anti-money laundering measures and the Patriot Act)

According to the bank representatives and manager we spoke with, Austrian banks have now been ordered to restrict the sale of gold and silver bullion purchases and are limiting personal acquisitions of precious metals to 15,000€ (approximately $20,700 USD) at a time, or 11 ounces of gold at today’s prices.

Upon further discussion we learned that these policies were implemented over the course of the last 30 days, and they are now standard operating procedure. The reason given was the banks had come under pressure from EU, Austrian and U.S. officials, with this particular manager specifically citing U.S. money laundering initiatives and the EU’s Third EU Money Laundering Directive which was implemented across the zone in December of 2007.

The idea that these restrictions have been put in place as anti-money laundering measures is laughable. As we all know, if a drug cartel or other criminal organization wanted to launder money, they wouldn’t do it in person purchasing bullion coins at a local banking branch. They’d simply pick up the phone and contact a too-big-too-fail bank (video), as we’ve seen with the billions of dollars recently laundered through U.S. banks. You may remember there was very little reporting on this issue from mainstream media and it has been ignored by U.S. prosecutors.

As Austria is one of the more developed nations in the Euro Zone, there is a strong likelihood that they are not the sole country implementing these new policies – and that this has been, or soon will be, implemented across the entirety of EU nations.

To the average European and American this may not mean much. But if you’ve been paying attention to the events unfolding over the last several years, it’s becoming clear that the economies of the EU and US are under threat of a significant and potentially permanent financial collapse. This morning, IMF managing director Christine Lagarde was quoted as saying that the situation is so dire, “policymakers should stand ready, as needed, to take more action to support the recovery, including through unconventional measures.”

The new gold and silver purchasing limits would certainly qualify as unconventional, along with other recent proposed measures by EU officials and business leaders. One such proposal from Italian business leaders calls for all cash transactions over 300 Euro (About $400 USD) to be banned, and to be permitted only in electronic format.

The global trend across industrialized nations for the last twenty years has been to move towards a cashless society, but one that still utilizes centrally planned currencies. While central banks, large institutional funds and wealthy private investors across the world continue to buy up gold, governments seem to be moving quickly to restrict the ability of average people to do the same – and they are rapidly implementing policies to either restrict or track these types of transactions.

Many cities around the country, such as Houston, TX, have passed identification requirements that force sellers of precious metals to present a valid form of ID at the time of sale. Like Europe, the U.S. is expeditiously implementing direct methods of tracking these transactions, as well as indirect methods that target those who may be engaging in suspicious activities, namely using cash, as per FBI and Homeland Security bulletins issued last month.

The noose is tightening. Governments, large financial institutions and political chess players know exactly where real value exists. And it’s certainly not in the currencies that are being printed with reckless abandon.

Author: Mac Slavo
Date: September 9th, 2011

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Donald Trump is now accepting gold as a deposit on his property.

Trump's New Gold Standard


Instead of Cash, a Tenant Makes Deposit in Bullion; Tough on the Wallet
On Thursday, the newest tenant in Donald Trump's 40 Wall Street, a 70-story skyscraper in Manhattan's Financial District, will hand Mr. Trump a security deposit worth about $176,000. No money will change hands—just three 32-ounce bars of gold, each about the size of a television remote control.

The occasion will mark the first time the Trump Organization has accepted 99.9% pure gold bullion, rather than cash, as a deposit on a commercial lease. The tenant, precious-metals dealer Apmex, will sign a 10-year lease for 40 Wall's 50th floor at a leasing rate of about $50 a square foot, according to Apmex Chief Executive Michael R. Haynes. The company is promoting the use of gold as a replacement for cash in some situations.

"Gold has been a valuable asset class for the last 10,000 years, but the world has drifted away from it," Mr. Haynes says. "I figured, Trump is a smart guy, and he'll realize that taking gold is a better idea than taking cash."

Mr. Trump said he sees the deal as a repudiation of the Obama administration's economic policies, of which he has been a vocal critic.

"It's a sad day when a large property owner starts accepting gold instead of the dollar," Mr. Trump said in an interview. "The economy is bad, and Obama's not protecting the dollar at all....If I do this, other people are going to start doing it, and maybe we'll see some changes."

Mr. Trump said he has some gold in his personal portfolio, but declined to say how much.

Thursday's transaction was something Apmex suggested, Mr. Trump said.

—Robbie Whelan

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Is it just me or does the market seem to be acting the same way every day.  Heavy selling early, then rally late.  Day trading is hard but this sure looks like a pattern.

From Business Insider:
This is a testament to the buoyancy of the market right now.

In this incredibly news-filled, volatile week, we've now had three identical days that started off with heavy selling in the morning, followed by aggressive buying.

Today is looking like it's going to be the most extreme, with the Dow up over 220

Check out this 3-day chart of S&P futures via FinViz. Each day is identical.
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I would like to congratulate and thank the Epley family.  It's a great thing they have done for the U of A.

Epleys’ name set for UA site

FAYETTEVILLE — University of Arkansas officials plan to name a new building on the Fayetteville campus for a former UA trustee and his wife, in recognition of their donation to the project.

B. Alan Sugg, president of the University of Arkansas System, is seeking approval from trustees to rename the Center for Health Professions the Lewis and Donna Epley Center.

A resolution in the trustees’ agenda for a meeting Friday expresses “appreciation to Lewis and Donna Epley for their recent lead gift” for the $10.84 million health professions building, under construction on the former site of the university’s student health center.

UA would not reveal the gift amount Monday.

John Diamond, the university’s chief spokesman, said Wednesday the university was checking to make sure no information was released that was “protected from disclosure as spelled out under Arkansas law,” in response to an Arkansas Freedom of Information Act request from the Arkansas Democrat-Gazette.

The building is being financed through a combination of bond issue revenue and private gifts, according to a project description distributed to UA trustees in January.

It will house the Eleanor Mann School of Nursing and the university’s communication disorders program, which includes a speech and hearing clinic.

The project includes a 19,700-square-foot renovation of the former health center building and 24,300 square feet of new space. UA plans to complete the facility in December, campus officials have said.

Epley of Fayetteville is a retired attorney who serves on the board that oversees the University of Arkansas Foundation Inc., a charitable corporation that receives and invests private gifts made to the UA System.

He served on the steering committee for the Campaign for the 21st Century, a UA-Fayetteville fundraising effort that raised $1.046 bil-lion in gifts and pledges between July 1, 1998, and June 30, 2005.

He was a member of the UA board of trustees from 1989-99, including serving as chairman the last two years, and earned two degrees from UA-Fayetteville: a bachelor of science in public administration in 1954 and a juris doctorate in 1961.

He was born in Fort Smith, grew up in Springdale and practiced law for 40 years in Eureka Springs.

Donna Epley worked for 25 years as a nurse at Eureka Springs Memorial Hospital, according to a July 2001 Democrat-Gazette profile article on her husband.

Nobody answered a telephone call made Wednesday to a number listed for the Epleys’ Fayetteville residence.

From the mid-1950s to the early 1960s, Lewis Epley was known as the “Voice of the Razorback Band,” introducing the group at pre-game and halftime performances. After UA joined the Southeastern Conference in 1991, Epley lobbied to expand and improve the university’s band building. The result was the Lewis E. Epley Jr. Band Hall, dedicated in 1997.


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There was another big jump in jobless claims.  Welcome to the recovery...

If this country doesn't become more friendly to business, this is going to continue to happen.