He really believed Nixon when he told him there was all that gold in the continental shelf.
I keed I keed! To be fair, this wouldn't be the first time they've sold off K-129 salvage gear. The Glomar Explorer herself is leased out and operated for commercial deep-sea oil drilling.
I'm not sure Time Machine tells mysqld to flush the cache, as a matter of fact I'm certain it doesn't, and of course even if it did, this means you're getting a new half-terabyte db file every hour, and Time Machine's Grandfather-Father-Son space recovery isn't customizable enough to handle this properly.
This is much more fine-grained and allows for significantly better research.
I also found that it took me probably 3 times as long to classify a single galaxy, because they've gone from an array of buttons to a tree of decisions for each picture. I hope it's worth it, but it's not as dead-simple to operate and it certainly takes longer.
And it makes perfect sense because governments securing loans only exists to encourage sub-prime lending in the first place.
This I will not contest, there's this unfortunate moral thing in the US about buying a house, but I think you'd find that if the government incentives to home-owning were removed that'd be the last act of that government. It a very popular aspect of our law and people in this country regard home ownership as basically an American tradition. They do this regardless of the economic consequences.
My original point was that when a rich person (or any person, class is irrelevant at this point in the debate) puts their money into a savings account the bank uses part of it to make loans. OK, so banks are insolvent.
You're right, but putting money in an insolvent bank is throwing bad money after good. There's nothing structurally different on the balance sheet, and it's not clear that people would be able to save the amount of money necessary to right the ship. This is tens of trillions of dollars were talking about. Thus...
They'll use the money to either pay off their debt or buy treasury bonds instead. If people (and banks) started saving their money and liquidating their debt, and government started cutting spending and liquidating it's debt, then the habits that got us into this mess in the first place will start to be undone.
You're right, but you have to get to the destination, and it's not clear to me that the road there, in time of contraction, leads through fiscal austerity. You can save all the dollars you want but if the banking system collapses, to wit "banks who make more bad loans than good SHOULD fail," and this happens to not merely cause a bunch of equity investors to have a bad day but for every depositor in the United States to find his checking account suddenly unavailable, this would, admittedly, be an organic part of the working of the free market, and people would make the rational decision of no longer using dollars, and would transition to bartering or foreign currencies, and onward we would trudge to a second dark ages as faith in any depository institution collapses. These things have a certain velocity, a dynamic characteristic to them, and I think where you believe people will reassess from day to day what they should do, I think they'd just panic and make a lot of destructive decisions.
Taxing everyone so that we can encourage banks that made bad loans to continue doing so and pump everyone's money into industries that the market is rejecting is only going to make things worse.
How does taxing people encourage banks to make bad loans?
With regards to the Mises institute web-site, I encourage you to at least read about it [mises.org] and who Ludwig Von Mises [wikipedia.org] was and what contributions he made to economics. I agree with your point about the silly pictures, but their contribution to the field of economics is immense and there is so much to learn from their publications.
I just don't like them calling me a reactionary dupe for respectfully disagreeing with them:)
Specter is a RINO. If it wasn't for him, the bill wouldn't have passed.
And Collins. Don't worry, you'll be able to primary them both out, get ideologues on the ticket, and see moderate dems defeat them in the general. If you want your party to actually be staffed by nothing but wingnuts, and to perpetually represent 40%, this is a very effective approach.
And this isn't a tax cut, it's a tax deferral.
By that standard the Bush Tax Cuts of '01 were a tax deferral. Nobody seriously cuts discretionary spending, I just belong to the party that's honest about it:P
Also, dumb question, is that chart of Debt Outstanding marking-to-market the value of the debt outstanding, because a lot of that debt is probably defaulted but the MBS shell is obscuring that.
I don't know if I can accept the total balance of commercial debt outstanding as a suitable proxy for amount lending. I'm also not very likely to take my econ information from a website that photoshops people's faces onto cereal boxes; this would tend to indicate they're in need of a distraction.
Your argument, essentially, is that there is no credit crisis, and that it's a conspiracy of government, bank, and media types. Yet for some bizarre reason, we had four bank failures yesterday, putting us at 13 for the year and 26 since late 2007. Home Equity lines of credit have been frozen by most banks since February '08. Mortgage insurance guidelines are getting stricter and Fannie/Freddie are larding on fees and points for anyone with credit score not in the 90th percentile. Credit card companies are reducing credit lines, which must go down as one of the biggest barn door closing after the cows leaving in history. Of course, now things have swung in the completely opposite direction from where we were in '06 and everyone in the banking industry is all conservative, just when we need growth the most! Have you tried to get a home loan recently? I have. You can get a good rate but you have to have over 800 FICO and the fees are ridiculous. Meanwhile the houses are usually a least 30-50% off their last sale prices, particularly if those were in the last 5 years, and short sales/REOs are something like half of all the places I'm seeing. These lenders are slowly drowning.
Let's say you're right and the credit markets are returning to normal. Are you actually suggesting the banks are not insolvent? What evidence do you have that their MBS and loan assets have any value whatsoever, and they've simply become zombified and are only able to fulfill depositors withdrawals by getting TARP money? They have no positive NAV at this time in history aside from what TARP is handing them, and any lending they're doing right now is off those drafts, and grudgingly at that.
I think what you're also seeing on that chart you cited is interbank lending, not lending to any productive activity. The banks are all still pretending to each other they're holding good paper, just don't make them print any more of it by loaning out to deadbeat consumers or businesses!
You're going to need more than the Mises Institute (I'm sure they have no interest in proving some hobby-horse dogma!) to convince me there isn't a credit crisis:P
The money goes into a savings account and the banks keep a small percentage for reserves and lend out the rest.
The problem at this moment is that the banks aren't lending, because they're insolvent and are unwilling to cop to that fact. When a rich person puts their money in the bank today, the bank is turning around and buying Treasuries with it. They aren't lending it out because the assets they were using to back up their reserve, loans and derivatives of loans, are, in fact, worthless.
This theory you spell out requires banks working properly, and it all falls apart when banks conduct fraud on a scale that dwarfs the GDP of the actual country hosting the credit market.
Arlen Specter said as much to the press, you can hear the audio here. A lot of Republicans wanted the stimulus to pass, but were afraid to have their "fingerprints" on the legislation. The Republicans are simply to cowardly to face down the Club for Growth and Dear Leader Comrade Rush.
The bill is the biggest single tax cut in history and the Republicans still wouldn't vote for it. This is a party run by people who mail tire gauges and silly putty and bricks to their enemies and getting good soundbites on the news when they should be writing good laws. A party completely obsessed with appearances and run by media celebrities.
The concept of the thing was to get as many paychecks printed as physically possible in the next 18 months. I guess you could call that "pork," but I think your problem is with Keynesian theory and not waste-fraud-abuse.
Here's the current job losses, in absolute numbers and percentages. These people can work, but aren't being asked to essentially because banks aren't lending. Banks aren't lending because they're D-Bags who spent the last 5 years defrauding each other and calling shitpiles gold. Even if the gov nationalized the banks tomorrow, most of them are still insolvent and the shock of that fact would probably cause a run on the dollar. The bad paper has to be gotten rid of, and it's better people be paid doing something instead of getting welfare or starving to death while the banks straighten out the incompetent. fucking. house.
If it means breaking every window in the country, the gov is going to do it to keep people working, because intact windows are less important than starving kids.
Hollywood makes plenty of new movies too, not just remakes and ports of the old ones. In fact, I don't think that remakes are that big a part of their income.
In fact, other than Lucas, I can't think of anyone whose main business for years was re-releasing the same 10 year old movies, to the extent that Sega did lately.
While I cannot quote you figures right now, I can tell you most of the real revenue by the studios over the past decade has been generated by DVD sales, which is, in fact, nothing more than reselling the same product. Box Office is excellent right now, but nobody seems to notice as we all watch DVD and BD-ROM sales slowly shrink under the pressure of the consumer rollback in the recession.
It seems the future is flexible, expandable, customizable. The future is moving to interchangeable, physical modules of enterprise.
Yes, in the future, entrepreneurs won't simply be able to build a business model on plugging box A into plug B, marking-up the result 10%, and calling it a 'product,' or doing it once a week, marking up the labor 50% and calling it "consulting." The business concerns of the future will be free of this and limited only by the quality of their ideas.
What exactly is C# and.NET doing to add to MS's income? Has it significantly changed the dev business in MS's favor, or has it merely stanched the bleeding Java and LAMP was causing?
It's worth pointing out that though COOL may not have been out of Microsoft Research (the speech-recognizing Singularity-coders), it almost certainly was under the R&D bottom line in MS's accounting, and the size of the R&D bottomline is what has the investors pissed. I don't think these particular investors would know "Microsoft Research," that of Singularity and Speech Recognition, from Adam.
If you hate Auto-Tune, Melodyne will cause you to found a Butlerian jihad.
All of this is cumulative, and most produced studio albums in the next ten years may not even use actual musicians, aside from bringing them in for a few hours to lay down some bars for the producer to resequence. The artists and producers prefer this, and have been driving it to enhance their control over the work.
Slashdot Mirror
Thank you!
He really believed Nixon when he told him there was all that gold in the continental shelf.
I keed I keed! To be fair, this wouldn't be the first time they've sold off K-129 salvage gear. The Glomar Explorer herself is leased out and operated for commercial deep-sea oil drilling.
All of the features in Safari 4 are available to you, the developer, by linking in the WebKit framework.
Now you're just trying to start a fight...
I'm not sure Time Machine tells mysqld to flush the cache, as a matter of fact I'm certain it doesn't, and of course even if it did, this means you're getting a new half-terabyte db file every hour, and Time Machine's Grandfather-Father-Son space recovery isn't customizable enough to handle this properly.
I also found that it took me probably 3 times as long to classify a single galaxy, because they've gone from an array of buttons to a tree of decisions for each picture. I hope it's worth it, but it's not as dead-simple to operate and it certainly takes longer.
People who are today 19 years old weren't born when Hunt came out in theaters.
Yes I feel old too.
And it makes perfect sense because governments securing loans only exists to encourage sub-prime lending in the first place.
This I will not contest, there's this unfortunate moral thing in the US about buying a house, but I think you'd find that if the government incentives to home-owning were removed that'd be the last act of that government. It a very popular aspect of our law and people in this country regard home ownership as basically an American tradition. They do this regardless of the economic consequences.
My original point was that when a rich person (or any person, class is irrelevant at this point in the debate) puts their money into a savings account the bank uses part of it to make loans. OK, so banks are insolvent.
You're right, but putting money in an insolvent bank is throwing bad money after good. There's nothing structurally different on the balance sheet, and it's not clear that people would be able to save the amount of money necessary to right the ship. This is tens of trillions of dollars were talking about. Thus...
They'll use the money to either pay off their debt or buy treasury bonds instead. If people (and banks) started saving their money and liquidating their debt, and government started cutting spending and liquidating it's debt, then the habits that got us into this mess in the first place will start to be undone.
You're right, but you have to get to the destination, and it's not clear to me that the road there, in time of contraction, leads through fiscal austerity. You can save all the dollars you want but if the banking system collapses, to wit "banks who make more bad loans than good SHOULD fail," and this happens to not merely cause a bunch of equity investors to have a bad day but for every depositor in the United States to find his checking account suddenly unavailable, this would, admittedly, be an organic part of the working of the free market, and people would make the rational decision of no longer using dollars, and would transition to bartering or foreign currencies, and onward we would trudge to a second dark ages as faith in any depository institution collapses. These things have a certain velocity, a dynamic characteristic to them, and I think where you believe people will reassess from day to day what they should do, I think they'd just panic and make a lot of destructive decisions.
Taxing everyone so that we can encourage banks that made bad loans to continue doing so and pump everyone's money into industries that the market is rejecting is only going to make things worse.
How does taxing people encourage banks to make bad loans?
With regards to the Mises institute web-site, I encourage you to at least read about it [mises.org] and who Ludwig Von Mises [wikipedia.org] was and what contributions he made to economics. I agree with your point about the silly pictures, but their contribution to the field of economics is immense and there is so much to learn from their publications.
I just don't like them calling me a reactionary dupe for respectfully disagreeing with them :)
Specter is a RINO. If it wasn't for him, the bill wouldn't have passed.
And Collins. Don't worry, you'll be able to primary them both out, get ideologues on the ticket, and see moderate dems defeat them in the general. If you want your party to actually be staffed by nothing but wingnuts, and to perpetually represent 40%, this is a very effective approach.
And this isn't a tax cut, it's a tax deferral.
By that standard the Bush Tax Cuts of '01 were a tax deferral. Nobody seriously cuts discretionary spending, I just belong to the party that's honest about it :P
Also, dumb question, is that chart of Debt Outstanding marking-to-market the value of the debt outstanding, because a lot of that debt is probably defaulted but the MBS shell is obscuring that.
I don't know if I can accept the total balance of commercial debt outstanding as a suitable proxy for amount lending. I'm also not very likely to take my econ information from a website that photoshops people's faces onto cereal boxes; this would tend to indicate they're in need of a distraction.
Your argument, essentially, is that there is no credit crisis, and that it's a conspiracy of government, bank, and media types. Yet for some bizarre reason, we had four bank failures yesterday, putting us at 13 for the year and 26 since late 2007. Home Equity lines of credit have been frozen by most banks since February '08. Mortgage insurance guidelines are getting stricter and Fannie/Freddie are larding on fees and points for anyone with credit score not in the 90th percentile. Credit card companies are reducing credit lines, which must go down as one of the biggest barn door closing after the cows leaving in history. Of course, now things have swung in the completely opposite direction from where we were in '06 and everyone in the banking industry is all conservative, just when we need growth the most! Have you tried to get a home loan recently? I have. You can get a good rate but you have to have over 800 FICO and the fees are ridiculous. Meanwhile the houses are usually a least 30-50% off their last sale prices, particularly if those were in the last 5 years, and short sales/REOs are something like half of all the places I'm seeing. These lenders are slowly drowning.
Let's say you're right and the credit markets are returning to normal. Are you actually suggesting the banks are not insolvent? What evidence do you have that their MBS and loan assets have any value whatsoever, and they've simply become zombified and are only able to fulfill depositors withdrawals by getting TARP money? They have no positive NAV at this time in history aside from what TARP is handing them, and any lending they're doing right now is off those drafts, and grudgingly at that.
I think what you're also seeing on that chart you cited is interbank lending, not lending to any productive activity. The banks are all still pretending to each other they're holding good paper, just don't make them print any more of it by loaning out to deadbeat consumers or businesses!
You're going to need more than the Mises Institute (I'm sure they have no interest in proving some hobby-horse dogma!) to convince me there isn't a credit crisis :P
The problem at this moment is that the banks aren't lending, because they're insolvent and are unwilling to cop to that fact. When a rich person puts their money in the bank today, the bank is turning around and buying Treasuries with it. They aren't lending it out because the assets they were using to back up their reserve, loans and derivatives of loans, are, in fact, worthless.
This theory you spell out requires banks working properly, and it all falls apart when banks conduct fraud on a scale that dwarfs the GDP of the actual country hosting the credit market.
Hey, be fair. We bought at least a trillion dollars worth of craters and tortured people in Iraq, too.
Arlen Specter said as much to the press, you can hear the audio here. A lot of Republicans wanted the stimulus to pass, but were afraid to have their "fingerprints" on the legislation. The Republicans are simply to cowardly to face down the Club for Growth and Dear Leader Comrade Rush.
The bill is the biggest single tax cut in history and the Republicans still wouldn't vote for it. This is a party run by people who mail tire gauges and silly putty and bricks to their enemies and getting good soundbites on the news when they should be writing good laws. A party completely obsessed with appearances and run by media celebrities.
So we're back where we started, which is to say, service providers in the driver's seat!
The concept of the thing was to get as many paychecks printed as physically possible in the next 18 months. I guess you could call that "pork," but I think your problem is with Keynesian theory and not waste-fraud-abuse.
Here's the current job losses, in absolute numbers and percentages. These people can work, but aren't being asked to essentially because banks aren't lending. Banks aren't lending because they're D-Bags who spent the last 5 years defrauding each other and calling shitpiles gold. Even if the gov nationalized the banks tomorrow, most of them are still insolvent and the shock of that fact would probably cause a run on the dollar. The bad paper has to be gotten rid of, and it's better people be paid doing something instead of getting welfare or starving to death while the banks straighten out the incompetent. fucking. house.
If it means breaking every window in the country, the gov is going to do it to keep people working, because intact windows are less important than starving kids.
God damn it John I want answers and I want 'em now!
While I cannot quote you figures right now, I can tell you most of the real revenue by the studios over the past decade has been generated by DVD sales, which is, in fact, nothing more than reselling the same product. Box Office is excellent right now, but nobody seems to notice as we all watch DVD and BD-ROM sales slowly shrink under the pressure of the consumer rollback in the recession.
I'd say "whoosh," but you'd accuse me of throwing a ball at your head.
Yes, in the future, entrepreneurs won't simply be able to build a business model on plugging box A into plug B, marking-up the result 10%, and calling it a 'product,' or doing it once a week, marking up the labor 50% and calling it "consulting." The business concerns of the future will be free of this and limited only by the quality of their ideas.
We're doomed.
What exactly is C# and .NET doing to add to MS's income? Has it significantly changed the dev business in MS's favor, or has it merely stanched the bleeding Java and LAMP was causing?
It's worth pointing out that though COOL may not have been out of Microsoft Research (the speech-recognizing Singularity-coders), it almost certainly was under the R&D bottom line in MS's accounting, and the size of the R&D bottomline is what has the investors pissed. I don't think these particular investors would know "Microsoft Research," that of Singularity and Speech Recognition, from Adam.
If you hate Auto-Tune, Melodyne will cause you to found a Butlerian jihad.
All of this is cumulative, and most produced studio albums in the next ten years may not even use actual musicians, aside from bringing them in for a few hours to lay down some bars for the producer to resequence. The artists and producers prefer this, and have been driving it to enhance their control over the work.
And like triggered drums and mpeg compression, you're hearing it a lot more than you think and you don't notice.
And most people are hearing it all the time and don't realize it exists.
I'll bet you're from Yorkshire :)