BUSINESS

It’s Time to Hit Snooze on the Alarm(ists)

Global Warming, Climate Change, Eco-disaster…whatever you call it, it’s a hoax. The Global Warming Alarmists have fooled the media, but they have not fooled me. I don’t believe Human Released CO2 is a major contributor to temperature change on this planet.  However, those with big egos are convinced that we evil humans, with our electricity, and horseless carriages, and domesticated cow farts, are irreversably changing our planet forever.  I don’t have a problem with this….I have MANY problems with this.

My argument against Anthropogenic Global Warming (AGW) is filled with common sense issues that any non-scientist should be able to understand.  I understand that it’s too much for a politician to follow, but anyone else with a 5th grade education should get it.

  1. The Climate has always “changed”. Never in recorded history has the climate remained constant.  30-40 years ago, some scientists were concerned about Global Cooling, the last few decades have seen that change to Global Warming…and now that it’s been cooling againg for 10 years, it’s Climate Change.  Fancy how they keep moving the target.  They’ve finally hit it on the head.  The climate will ALWAYS change, regardless if we act or not.  Again egos….how can one believe we can put a thermostat on our atmosphere when we can’t control the smallest of mother nature’s forces. Can anyone make a thunderstorm?  How about a rainstorm for droughts, or a dry spell for flooded regions.  Can anyone change direction of a tornado, or a hurricane?  Can you make it snow (And I don’t mean the resorts’ snow machines), or make it stop snowing?  Can you create Arctic Ice or stop a volcano?  Can you explain ALL facets of our environement which you so confidently think we can control?  The answer to ALL of these questions is NO! Why on earth is it possible to control temperature through CO2 control alone.  It’s a ridiculous argument.
  2. I don’t believe our temperature data is complete with all of the abnormalities in collecting the data. There are 1221 USHCN climate stations in the USA.  Anthony Watts created the project http://www.surfacestations.org to compile data on each of the weather stations throughout the US.  What he huas found is startling.  A HUGE number of these temperature devices have been placed in locations that could never give an accurate picture.  In Forest Grove, OR, you can see their weather station less than 10 ft from a building (that stores heat in it’s bricks, and releases it at night), it’s next to a window air conditioner unit that blows hot air on it all sunmmer long, and nearby parking lots that also store heat in the day and release at night.  Even more amazing are the examples when we have documented construction near a station.  Anthony DIRECTLY coorelates a new parking lot with temperature increase for that station.  BUT it’s being BLAMED on CO2!  The records are unreliable, and shouldn’t be trusted.
  3. CO2 is their only enemy. Wonderful carbon dioxide gets the blame for all of it.  Without it, all animal and plant life would cease.  With it, we all flourish.  History shows CO2 levels lagging behind temperature rises (by about 800 YEARS!).  But now we’re told it’s the CO2 that drive the temperature.  That’s bass ackwards.  There must be something else at work.  I believe the Marxist, anti capitalist, environmental (anti-human) movement has found their golden goose egg.  By controlling all forms of CO2, they can control ALL industry, driving, even exhaling….and hasn’t that been their goal from the beginning?
  4. Ice levels are at the same level as 30 years ago. Go back one year when the alarmists were saying the Arctic would be ice free in the summer of 2008.  Well, that didn’t happen (their scenarios never do), and instead the sea ice levels ROSE to 1979 levels when we started recording them!  Remember that the year of 2008 saw the Polar Bear put on the endangered species list due to the diminishing sea ice.  It’s back, so can we take them off the list?  OR, maybe we should put seals on the list since the bears can get to them easier now.  So, how did the alarmists get it wrong?  For one, they thought “new ice” would melt faster than old ice.  BUT, they neglected to consider the effect of snow cover on the ice.  Since the temperature dropped quickly at the end of 2008, the new ice formed much MORE new ice since it wasn’t insulated with snow.  Ice grew at the fastest rate EVER recorded. I guess NBC missed the scoop on that one.
  5. Speaking of NBC…the media is clueless. Their main goal is to get/keep viewers.  They’ve found the formula for success is to scare the pants off of everyone.  That makes people pay attention and watch the news.  To promote the iceless summer, and the impact of global warming, NBC News highlighted the penguins at the North Pole.  There’s only one ENORMOUS problem with this.  All 17 species of penguins live at the South Pole.  OOPS.  This could be brushed off as a simple error by an over zealous editor, or it represents the TOTAL lack of knowledge and responsiblity held by the media as it relates to our climate.  I believe the latter.
  6. There’s not enough man-made CO2 to make a difference! Carbon dioxide emissions worldwide each year total 3.2 billion tons. That equals about 0.0168 percent of the atmosphere’s CO2 concentration of about 19 trillion tons. This results in a 0.00064 percent increase in the absorption of the sun’s radiation. This is an insignificantly small number. The yearly increase is many orders of magnitude smaller than the standard deviation errors for CO2 concentration measurement.  97% of CO2 is from natural sources. Only 3% is produced from human activity. When you take into account that all CO2 makes up only .033% of the TOTAL atmosphere, you realize that our addition is minuscule at best.
  7. Computer models are not accurate. Not a single dire prediction made by James Hansen 20 years ago has come true.  The computer models have predicted it all wrong.  Remember the Hockey Stick that started it all?  It has been THOROUGHLY debunked.  We can’t predict weather more than a few days in advance, but the alarmists have some magical computer that can see 100 years into the future.  BS.
  8. Who decides where to set the thermostat? While some in Siberia might welcome some warming, those in the Middle East might prefer some cooling.  Who gets to decide the perfect global temperature?  Al Gore?  The UN?  The Marxists?  Greenpeace?  Silly rabbit, Mother Nature does.

Bonuses From Bailed Out Banks Bogus

600 get $1,600,000,000 averge $2.6 million each.

Six hundred executives at 116 banks that gobbled up $118 billions of dollars in taxpayer money that apparently can’t now even account for awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an Associated Press analysis reveals. The 600 hundred scarfed up cash bonuses, stock options, personal use of company jets and chauffeurs, home security, country club memberships and professional money management, the AP review of federal securities documents found.

China’s first mass-produced hybrid car goes on sale

Warren Buffet invests in car companies in China because he cannot afford the UAW$22,000 Chinese “Buffetmobile” Goes 100 Miles on Charge.

Beijing (AFP) Dec 15, 2008 — China’s first mass-produced hybrid electric car hit the market on Monday, its manufacturer BYD Auto said, in a move aimed at driving the nation to the cutting edge of the world’s green auto industry. BYD Auto is a Chinese company backed by American Warren Buffett owns 9.9 percent of the firm.

The F3DM is also the world’s first mass-produced plug-in hybrid car, meaning owners can charge it from powerpoints at home for the first time, as well as in specialised electric car charging stations, BYD says. Its president says BYD and China are “on their way to being world leaders in the fuel-efficient auto industry.”

BYD, which also specialises in making rechargeable batteries, only started making cars in 2003 when it bought a bankrupt state-owned auto company.

Its hybrid car is planned to first go on the market in 14 Chinese cities, and the firm is initially focusing on striking deals for company fleets rather than individuals, mycar168.com, another auto website, quoted BYD’s president as saying.

The United States, meanwhile, is currently examining the F3DM to see if it meets the necessary standards for its domestic market, a spokesperson for the firm was quoted as saying by pcauto.com.cn, another car-focused web portal.

Exports to the United States could begin from 2010, according to the report.

The Prius hybrid electric car, made by Japan’s Toyota, is currently sold in China, but the F3DM is the first locally made hybrid vehicle to hit the market.

BYD’s hybrid car, which can run 100 kilometres (62 miles) on a full battery, will cost just under 150,000 China lags behind Western companies in conventional car technologies, but were at a similar level when it comes to hybrids and can leap frog them into a lead.

Chevrolet continues to be best seller in China and GM is profitable there.

Most Oppose Bush Bailing Out Detroit 3 Automakers

Bush says he will not dodge the auto bailout and some expect $15 billion bailout before Christmas.

President Bush returns from Iraq and Afghanistan to the nettlesome problem of bailing out the Detroit 3 automakers and according to the Washington Post most Americans continue to oppose a government-backed rescue plan as majorities blame the industry for its own problems and are unconvinced failure would hurt the economy, according to a new Washington Post-ABC News poll. That poll reflects similar dislike for the bailout found by Rasmussen polls over the past weeks.

Overall, 55 percent of those polled oppose the latest plan that Chrysler, Ford and General Motors executives pitched to Congress last week, on par with public opposition to earlier, pricier efforts. Ford has sinmce said it doesn’t need taxpayer money right now. But with 42 percent support, the new request for up to $14 billion in emergency loans has more backers than previous proposals to secure up to $34 billion in loan guarantees.

But as with the earlier bids, those who strongly oppose the measure greatly outnumber those who are strongly supportive.

Opposition to the automaker bailout is fueled by the widespread perception that the companies themselves are responsible for their predicament, not the faltering economy. In the new poll, three-quarters of Americans said Detroit’s woes are mainly the fault of its own management decisions, and a sizable majority of those who blame the front office object to government help.

Nor have Detroit’s Big Three made significant progress persuading the public that bankruptcy proceedings would deepen the broader economic slowdown. Sixty percent said it would make no difference or would be good for the economy if one or more of the companies were forced to restructure under the protection of bankruptcy laws.

52 percent support it, up from 42 percent support for previous versions of the rescue bill. But they, too, are deeply critical of company managers — 72 percent fault Detroit’s strategies, not the overall economy.

Republican opposition has grown stronger, with 69 percent now against the bailout, an increase of 12 points since chief executives from General Motors, Chrysler and Ford last appeared on Capitol Hill to plead their case. Half of all Republicans polled now strongly oppose the plan.

Overall, independents continue to lean against the plan, with 57 percent opposing it and 41 percent supporting it.

The Washington Post-ABC poll either did not test or did not disclose how many blame the United Auto Workers for the situation. Other polls have shown a portion who put some of the blame on unfavorable labor contracts and inefficient work rules. The Washington Post did report that union household strongly support the bailout, and sharp regional difference with support higher the closer respondents are to Detroit. 56% in the Midwest and 61% in the northeast support a bailout. 51% in the south and 49% in the west oppose a bailout.

Ever wondered what a UAW contract looks like?

Take Detroit (please!) because it is buried in a welter of works rules, and regulations that make head-to-head competition impossible.This sort of nonsense is killing American industry.

Twenty-two pounds and hardly a scrap mentioning efficiency.

Here is all 22 pounds of it (in this case, Ford’s 2,215 page 2007 master contract. The Coke can is for scale. I’ll tell you this much, those 2,215 pages don’t include much regarding efficiency and competitiveness. What you’ll find are hundreds of rules, regulations, and letters of understanding that have hamstrung the auto companies for years.

Most of these rules are deliberately anti-efficiency. You can’t move a guy off the (say) window-installation line, where he’s not working because frames aren’t being put out quickly enough, to the frame-welding line. Because it’s the rule. So everything slows down for no good reason.These rules are mostly put in as coercive tools against management. Want to speed up that frame-welding line by diverting some window-installation workers to lend a hand? Well, maybe: But it will cost you. How much is it worth to you?

There are 15 foreign owned auto-light truck manufacturing plants in the USA making 54% of all the cars and trucks Americans buy and employing 134,000 workers to do that. By comparison the so-called Detroit 3 (newly retitled Big -3) use 234,000 workers to make the remaining 46% that Americans buy. Both groups of workers make about $28 @ hour and have comparable health and retirement benefits. But, if you are using almost twice as many workers to build roughly the same number of cars and light trucks you can see who wins.

Most of the difference is buried in a welter of works rules, and regulations that make head-to-head competition impossible.This sort of nonsense is killing American industry.

Retail Bankruptcy Banner Bonanza Predicted In 2009

148,000 Stores Closed in 2008

 

It’s getting so you can’t tell the failures without a program. For instance: Wednesday Office Depot announced it will close 120 stores next year. Through the third quarter 15 major chains filed for bankruptcy including: Circuit City, Linens n’ Things, Mervyn’s and Whitehall Jewelry according to an Associated Press story. There was no breakdown on how many will reorganize and how many will liquidate.

 

Through the third quarter big chains closed 4,632 outlets. Retail groups project 148,000 store fronts will be shuttered this year. The Bureau of Labor Ststisctics points out that is the most since the Clinton recession of 1999-2001 when 151,000 closed in 2001.

 

There was more bad news for the beleagured retail auto sellers this week and signs increased that so-called floor plan money is quickly drying up. That is a fiancing scheme where car makers sell to retailers on a credit basis requiring interest to be paid on the wholesale value of the car until it is sold. Dealers are trying to empty their lots but many are under contract to accept specific numbers of car and trucks every month whether they can sell them or not, or lose their dealer franchise. Tight credit has dealt car dealers a one-two punch with as many as 40% of buyers unable to get a loan to buy a car.

All that has triggered a bankruptcy banner bonanza for sign printers and warnings for consumers that going out of business sales can be a opportunity to raise prices before lowering them, and in any case prices could be less than elsewhere, and to employ the age old admonition – caveat emptor (Latin – let the buyer beware).

An anaysis by a Sanford C. Bernstein & Co., retail specialist predicts as many as 10% of retail businesses of all sizes “could face significant restructuring,  bankruptcy or liquidation in 2009.” Once again it is not immediately clear how many will restructure and how many might liquidate. Regardless 2009 is showing no signs of being a year of reovery.

Skeptics are poitning out that president-elect Obama will not be able to fulfill anywhere near his 3.5 trillion he promised in programs and giveaways during his campaign. Certainly there will be a lot of high sounding rhetoric but the proof or at least the silver shilling is in the pudding.

Big 3 Bailout Bonanza or Bankruptcy

Worry About Parts and Service Pushing Buyers Away from Bankrupt Auto Makers

Would you buy a car made by an auto manufacturer that was in bankruptcy?  Fifty-one percent (51%) of voters say “No” in a new Rasmussen Reports national telephone survey. Thirty-one percent (31%) say they would, and 18% aren’t sure.

The financially beleaguered Big Three automakers, desperate to make sales, are making unprecedented offers to move cars off their dealers’ lots.

 

But 54% of women and 47% of men say they aren’t interested. Thirty-seven percent (37%) of men and 25% of women would buy a car made by a bankrupt company.

 

Dealers, take note: Far more than any other age group, 54% of men under the age of 40 say they’d buy a car from a company in bankruptcy.

 

Fifty-nine percent (59%) of African-Americans and 49% of whites wouldn’t buy such a car, though. Forty-nine percent (49%) of investors also say no, compared to 54% of non-investors.

 

If GM or Chrysler or both go bankrupt, consumers worry about continued access to parts, the availability of servicing for their vehicles and how long warranties would be honored. U.S. News & World report even says cars made by bankrupt companies depreciate in value faster.

 

Officials at General Motors have said the automaker will run out of cash this month and faces bankruptcy in the near future unless it gets government financial help. Chrysler is in similar straits. White House and congressional negotiators appear close to an agreement on a $15-billion taxpayer-backed loan package for GM and Chrysler, even though 53% of voters are opposed to such loans.

 

Ford says its cash flow is good through at least 2009 and is not seeking any loan money.

 

Thirty-nine percent (39%) say it is Very Likely that one of the major automakers will go out of business within the next year or two, with another 31% saying it is somewhat likely. Just three percent (3%) say it is not at all likely to happen.

 

Investors are even more sure that bankruptcy is in the offing for at least one of the automakers. Forty-five percent (45%) of investors say it is Very Likely, compared to 34% of non-investors.

Last Aftershock of 1990s .com fiasco?

Microsoft Wants Yahoo Search Engine To Go Head-to-head with Google.

 

As GM and Chrysler continue their dash for cash — trendy, edgy internet icon Yahoo began dropping the axe on employees Wednesday to cut its workforce by at least 10 percent in an effort to right its financial list This is its second round of layoffs in 2008. It is also being urged by investors to sell it internet search engine to Microsoft.

 

 

Yahoo is searching for a turnaround expert to lead it out of the ditch someone to trim it to its core to get it growing again or package it for sale.” Earlier this year Yahoo’s executive suite and board rejected a 47.5-billion-dollar bid by Microsoft for the company, earning them the ire of many shareholders.

 

Ivory Investment Management that own 1.5% of Yahoo maintained that Yahoo could get 15 billion dollars up front for its search business from Microsoft, which is eager to better compete against Google in the lucrative arena. Such a deal would let Microsoft bear the cost of operating online search at Yahoo websites while Yahoo gets a share of advertising revenues that could bolster its annual cash flow by as much as 500 million dollars, Ivory argued.

 

 

“This deal would offer Microsoft the unique opportunity to immediately gain critical mass to better level the playing field with Google,” Ivory managing partner Curtis Macnguyen wrote in a letter to Yahoo’s board of directors.

 

 

“It would simultaneously allow Yahoo to both receive a sizable upfront cash payment and increase its prospective cash flow.”

 

 

Microsoft chief executive Steve Ballmer said last week that the software giant remains interested in acquiring Yahoo’s search business. Rather than keep its search engine many think Yahoo would be better off leveraging its hundreds of millions of users worldwide into a colossal social-networking community, according to analyst. “Yahoo is much better funded and bigger than Facebook or MySpace. That is more of a battle that Yahoo could probably win.”

 

 

For now there is no talk of Yahoo joining the queue for the taxpayer bailout bonanza money, and it wouldn’t be successful in any case.

Never Let Congress Watch Your Money Or Your Dog Watch Your Food

The Michael Moore Mandate solution to Detroit meltdown will fail as did communism back in the days when any country tried it other than with nominal pretense and as it will in Chavez's Venezuela. 67% Say Congress Can’t And Shouldn’t Run Detroit Car Makers

Come hell or high water Congress is determined to shovel money at Detroit automakers and install a so-called Czar to oversee the companies. Only 14% of U.S. voters think the Big Three automakers will run better if they are run by the federal government, according to a new Rasmussen Reports national telephone survey.

Two-thirds of voters (67%) say the companies will not run better. Nineteen percent (19%) aren’t sure. Just eight percent (8%) of investors believe the federal government will run the companies better, compared to 21% of non-investors. Seventy-nine percent (79%) of investors and 55% of non-investors say the companies will not be run better.

Seventy-one percent (71%) of men do not think the government will run the auto companies better versus 63% of women.

While 77% of Republicans and 72% of unaffiliated voters do not believe the government will do a better job with the auto companies, only 56% of Democrats agree. Twenty-one percent (21%) of Democratic voters think the government will run the companies better, a view shared by just nine percent (9%) of both GOP and unaffiliated voters.

Fifty-three percent (53%) of voters oppose taxpayer-funded loans to help keep General Motors, Ford and Chrysler in business.

When voters are asked if the federal government should go even further and buy the financially troubled automakers, 66% say no, 16% say yes, and 17% are undecided.

Seventy-four percent (74%) of Republicans and 71% of unaffiliateds are against the government buying the Big Three, compared to 57% of Democrats. Twenty-two percent (22%) of Democrats think it’s a good idea, although just 12% of Republicans and 13% of unaffiliated voters agree.

Using Michael Moore's Mandates as a solution to Detroits auto industry will play out negatively just as did communism when it was truly practiced and as it will in Chavez's Venezuela.

Seventy-four percent (74%) of investors oppose a government buyout of the automakers versus 59% of non-investors. Men under age 40 and women above that age are the least critical of a government takeover of the auto companies.

While 70% of whites are opposed to the government buying the Big Three, only 48% of African-Americans agree. Thirty-three percent (33%) of blacks support such an idea, but only 13% of whites agree.

In a survey in mid-September, only 26% of adults were at least somewhat confident that U.S. policymakers know what they are doing when it comes to addressing the nation’s current economic problems.

The short-term loan plan being worked out in Washington calls for the creation of a federal “car czar” who will develop benchmarks by which to measure the automakers’ restructuring and who will have the power to push management, unions, shareholders and others to implement changes

.
A longer term bailout plan proposed by President-elect Obama goes even further. “It could mean that the government would mandate, or at least heavily influence, what kind of cars companies make, what mileage and environmental standards they must meet and what large investments they are permitted to make,” according to a report in the New York Times.

While voters display little confidence in government control of the automakers, 59% say senior managers of a company should be replaced if taxpayer funding is provided to keep the company afloat.

Seventeen percent (17%) say senior managers do not need to be replaced, but nearly one-quarter of voters (24%) are not sure.

Fifty-one percent (51%) of Republicans, 66% of Democrats and 60% of unaffiliated voters say the senior managers should be replaced in the event of a government bailout. Fifty-eight percent (58%) of investors and 63% of non-investors agree.

Voters Oppose Big-3 Bail Out-Loans Two To One

Salon.com.” href=”http://www.amazon.com/Bailout-Nation-Corrupted-Street-Economy/dp/0071609059%3FSubscriptionId%3D02E5W5871AJF7PMMMS82%26tag%3Dws%26linkCode%3Dxm2%26camp%3D2025%26creative%3D165953%26creativeASIN%3D0071609059″ target=”_blank”>Let's not reward failure, individuals say, after all I get fired when I fail.53% Say “No” To Loans; 26% Support It

Even as the White House and Congress put the finishing touches on a $15 billion rescue package for the Big Three automakers, 53% of U.S. voters say they oppose taxpayer-funded loans to help keep General Motors, Ford and Chrysler in business.

Twenty-eight percent (28%) of voters support loans for the automakers, and 19% are undecided, according to a Rasmussen Reports national telephone survey taken Saturday and Sunday nights.

Fifty-four percent (54%) of investors oppose the loans, while 29% favor them. The numbers are nearly identical for non-investors.

In mid-November, 48% said it was better for the economy to let companies like General Motors fail, while 35% said it was better for the federal government to provide subsidies to keep them in business. Seventeen percent (17%) were undecided.

Now voters are evenly divided on which is better for the economy – to let the companies fail (40%) or to provide them with federal subsidies (41%). Nearly one-out-of-five (19%) aren’t sure which is the best course to follow.

The rescue plan now begin negotiated would make $15 billion in taxpayer-backed loans available to the automakers at the discretion of a new “auto czar” named by President Bush in exchange for extensive federal oversight of their operations. Only General Motors and Chrysler are expected to take the loans since Ford says it doesn’t have short-term cash flow problems like the other two companies.

Thirty-one percent (31%) of male voters support loans to help the Big Three, compared to 24% of women. Men are more opposed to the loans than women, too, by three percentage points.

Opposition is highest among men over the age of 40 (58%) and women under 40 (61%).

With Bush and the Democratic congressional leadership working together on a bailout plan, it’s interesting to note that there is little partisan divide on the question of loans. Twenty-nine percent (29%) of Republicans support them, as do 33% of Democrats. Fifty-five percent (55%) of GOP voters and 49% of Democrats oppose the loans.

Among unaffiliated voters, the gap is far wider: 58% are against taxpayer-backed loans, while 19% favor them.

A plurality of male voters (48%) say it would be better for the economy to let companies like General Motors fail, compared to 32% of women. Forty-four percent (44%) of women say it would be better if the federal government provided subsidies to allow them to stay in business, and 38% of men agree.

The figures for men are largely unchanged from a month ago, but among women there’s been a dramatic turnaround. In mid-November, 45% of women favored letting the companies fail, while just 34% preferred subsidies.

On this question, the gap between the political parties is more evident. Forty-six percent (46%) of Republicans say it is better for the economy to let companies like GM fail, while 33% say subsidizing them is better. By contrast, only 30% of Democrats favor failure, and 57% prefer subsidies. Unaffiliated voters give failure the edge by 20 points.

Forty-six percent (46%) of investors say letting the companies fail is better for the economy, compared to 35% of non-investors. Subsidies for the automakers are more important for 40% of investors and 42% of non-investors. Last month 53% of investors felt failure was the better option for the economy.

Voters have far less sympathy for companies like Citigroup, the huge financial services group that was rescued with a major government bailout plan just before Thanksgiving. Sixty-nine percent (69%) of voters oppose taxpayer-backed loans to rescue other companies like Citigroup, while 15% support them. Sixteen percent (16%) are undecided.

Seventy-two percent (72%) of investors oppose loans to companies like Citigroup, but 15% disagree. Thirteen percent (13%) aren’t sure.

Merrill-Lynch CEO Wants $10 Million Bonus

Thain! You dog, you!CEO Gets Big Slice of Chutzpah Topped Hypocrisy Pie.

Claiming he deserves a $10 million bonus Merrill Lynch & Co Chief Executive John Thain has suggested to directors that he get a 2008 because he helped “Mother Merrill” avert what could have been a much larger crisis at the firm the WSJ is reporting. In September the company agreed to a merger with Bank of America that was just approved by shareholders last Friday. Merrill-Lynch agreed to be bought by B of A an hour before Lehman Brothers Holdings filed for bankruptcy.

WSJ is saying the battered company’s compensation committee is resisting Thain’s request. The compensation committee has not reached a decision, but is leaning toward denying Thain and other senior executives bonuses for this year, people told the paper.

The fear was that Merrill could be next if shareholders and trading partners fled, as many did at Lehman and the former Bear Stearns Cos both of whom collapsed.

Thain, became Merrill’s chief executive after losses in mortgage-related investments led to the October 2007 ouster of Stanley O’Neal, has also run NYSE Euronext, after a long career at Goldman.

Dow Jones is reporting Senate Majority Leader Harry Reid, D-Nev.,immediately chimed in demanding Thain’s request be rejected saying Merrill-Lynch is benefiting from the bank bailout meaning he’d be benefiting from taxpayer money.

If nothing else you have to award Thain a giant slice of chutzpah topped Hypocrisy pie for making his demand.

Automakers to get $15 billion loan with as many strings and bureaucrats to pull them.

..”auto board” of bureaucratic geniuses with a chairman to be appointed by President Bush to oversee both the short-term loans and a long-term effort to restore the faltering industry to profitability.

Congressional Democrats are drafting legislation that would give Detroit automakers at least $15 billion in emergency loans early next week and grant the federal government broad authority to manage a massive restructuring of their operations. The bill would establish a seven-member “auto board” of bureaucratic geniuses with a chairman to be appointed by President Bush to oversee both the short-term loans and a long-term effort to restore the faltering industry to profitability. If the companies take the cash, and apparently they have no choice except somes sort of bankruptcy, they would be accountable to the government for nearly every move, and for every transaction of $25 million or more. To get the money the “Big – 3” may have to fire their top dogs as a penalty for running their car companies into the ditch.

Senator Chris Dodd (D) Conn. chimed in with all of his business expertise posing and posturing with president-elect Obama, neither of whom have run so much as a sidewalk newspaper kiosk. The whole bail out-loan is nothing more than a Congressional charade.

The simple fact is that America’s auto companies have been pushed around by unions and their federal henchmen who have together designed the failure that they now have the temerity to insist only they are somehow wise enough to correct.

If OK’d the Detroit Three would be eligible for low-interest loans to be disbursed by the Treasury on Dec. 15. The seven-year loans would carry a 5 percent interest rate for the first five years, and 9 percent thereafter — the same terms offered to financial firms under the Treasury program.

As long as the loans are outstanding, the auto companies would be barred from paying dividends to their shareholders or bonuses to their top executives. And they would be required to submit a long-term restructuring plan to the auto board by March 31.

This continues to feel like a bad idea only getting worse hurtling down an ever narrowing road to oblivion.

Citi’s Rubin and Prince Face Federal Lawsuit For Misdeeds

Rubin and Prince should be in the Jail House audience to see visiting musicians76% says bank big wigs, like Rubin and Prince allegedly did, who knowingly manipulated their bank’s condition should go to jail.

Wall Street sources say Robert Rubin, the Clinton-era Treasury chief who as a director at Citigroup is credited with the bank’s move into higher-risk investments, will step down. A Rubin spokesman denied it.

The New York Post reports that a federal lawsuit against Rubin and former Citi CEO Chuck Prince accuses the two of orchestrating nothing less than a Ponzi-style scheme to defraud shareholders. The lawsuit says the pair took on trillions in collateralized toxic debt and then, failing to sell them to outside investors, forced them on Citi itself. Then, shareholders argue they cashed out tens of millions in stock in advance of the Citibank stock collapse which wiped out tens of billions in shareholder value.

Citi stock has lost 75 percent of its value since the beginning of 2008. Citi trades now at $7.40. It began the year at almost $30 and in recent years traded as high as $55 a share.

The complaint also names Vice Chairman Lewis Kaden, ex-CFO Sallie Krawcheck (who has since departed the firm), and her successor CFO Gary Crittenden, reported the Post.

Citi denied the allegations.

In a Friday. December 5, 2008 Rasmussen Report 76% says bank big wigs. Like Rubin and Prince who knowingly manipulated their bank’s conidition should go to jail. Twenty-two banks have failed so-far in 2008. So far the allegations against Citi’s executives are only civil in nature.

Greed Is Still Good

Democrat Warren Buffet says now is a great time to be greedy and buy houses and stocksI recently saw a number of articles which all had the same theme -America’s economic problems are partly caused by greed - that people are too materialistic, spend too much money, buy things they don’t need and are still trying to keep up with the Jones’s. My first reaction was “Damn right!”. You bet we want more. That is who we are and what made America so great and we should stop being ashamed of it.

People have been brainwashed into believing that wealth is bad and that the wealthier the person (or business) the more evil they are. Yes there are some corrupt rich people but there are an equal number, if not more, corrupt poor people, it’s just that you don’t hear about them in the evening news. People are also told that it is wrong to want more and that they should be satisfied with what they have. Of course you should be grateful for what you have but there is nothing wrong with wanting more money, more goods. I would even argue the opposite; that it is wrong not to aspire for a better life. In fact I believe that this need for more is hard wired into our genes, it is what separates men from beasts and without it we would be living in a very different world.

People laughed at President Bush for once asking everyone to support the war by shopping but he wasn’t that far off from the truth. Think about it. What if everybody decided they were satisfied with what they had and stopped buying? You think the economy is bad now just imagine what it would happen if starting January 1 the stores were empty of customers. Imagine the impact of closing just one clothes store; first the store’s employees would be out of work which would hurt their town’s economy as these unemployed people would stop buying things and perhaps even default on their mortgages, the truckers used to haul the clothes would be the next to hit unemployment, then add in the thousands of people needed to make the clothes plus the companies who produce the material, sewing machines etc etc who all would now be out of work. This hasn’t even taken into account the stock market which is easily affected by a company’s downward trend and all the stockholders, pension funds, 401k’s etc. which would be impacted and lose their life savings. And all because you decided not to buy that new jacket.

Greed not only keeps our economy going but it also has been the main motive for man improving himself and his world.  It is our desire for better, faster and more improved products that has fueled mankind’s innovations, experiments, and progress and took us from caves to the moon. People don’t realize just how much they benefit from somebody else’s greed. Think about it. Everything you touch is the result of somebody coming up with a better way of making that object or because somebody figured out a way to make more money producing it. In either case greed is the dominant factor: I want a better product or I want to make more money producing this product, or both.

If you think that you are not greedy then you are either a hypocrite or a saint. And disguised in this contempt for greed is the liberal’s need to “equalize” the world by making the poor wealthier and the wealthy poorer. But that is a discussion for another day. As for our current problems, if you really want to turn the economy around then we all need to stand up and loudly proclaim the famous line from Oliver Twist “Please sir, I want some more.”