I have been having a hard time convincing myself that I have finished my homework on the markets. My answers seem right to me.
Terry MAGUIRE
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The Shifting Nature of News
“The Shifting Nature of News - http://nyti.ms/p9deWL”
ALAN COWELL Has been drinking the cool-aid at Faux.
I see that the editors have been working on him.
There is a long way to go to get his brain leached out.News is one of the few verities in the world.The convenient fictions and celebrity porn served upon television shift with the power of the press lords.The facts, the mobs in the streets, the droughts and storms,floods and recessions, the flows of materials, money and people.These are there and if we can see through the stories told about the details we can guess at what is next.This piece has more than its fair share of distortion and lies.
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alan wright
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Health Care Reform, at Last
The process was wrenching, and tainted to the 11th hour by narrow political obstructionism, but the year-long struggle over health care reform came to an end on Sunday night with a triumph for countless Americans who have been victimized or neglec...The Republican Party machinery has done its very best to keep this message from getting out. They have been very nearly successful.
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bkonash
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Does IMF Stand for Impressive Macroeconomic Flexibility?
So the IMF is holding a meeting on rethinking macroeconomic policy (I was invited but couldn’t make the timing work.) And the Fund’s chief economist has already made it clear that he’s open to some serious revision of the prevailing paradigm.This is about the best statement on the current situation:http://ftalphaville.ft.com/blog/2011/12/01/776361/so-much-for-a-grand-settlement/ That for foreclosure.http://www.nakedcapitalism.com/2011/12/does-anybody-who-gets-it-believe-central-banks-did-all-that-much-yesterday.html
http://ftalphaville.ft.com/blog/Draghi’s fiscal compact
Mario Draghi’s speech to the European parliament on Thursday wasn’t just notable for what he had to say about the scarcity of eligible collateral and the impaired transmission mechanism for monetary policy.
This also stood out.
(Emphasis ours)
What I believe our economic and monetary union needs is a new fiscal compact – a fundamental restatement of the fiscal rules together with the mutual fiscal commitments that euro area governments have made.
Other elements might follow, but sequencing matters.
Just as we effectively have a compact that describes the essence of monetary policy – an independent central bank with a single objective of maintaining price stability – so a fiscal compact would enshrine the essence of fiscal rules and the government commitments taken so far, and ensure that the latter become fully credible, individually and collectively.
We might be asked whether a new fiscal compact would be enough to stabilise markets and how a credible longer-term vision can be helpful in the short term.
Our answer is that it is definitely the most important element to start restoring credibility. Other elements might follow, but the sequencing matters. And it is first and foremost important to get a commonly shared fiscal compact right. Confidence works backwards: if there is an anchor in the long term, it is easier to maintain trust in the short term. After all, investors are themselves often taking decisions with a long time horizon, especially with regard to government bonds.
Hmm.
Is Draghi saying the ECB will go all out and produce its big bazooka if the Eurozone agrees to closer fiscal union and budgetary oversight from Brussels with a big stick to beat the non-compliant?
It certainly chimes with September’s paper from the ECB, ‘The Stability and Growth Pact – Crisis and Reform‘.
It should be clear by now why the ECB wants a new fiscal compact. Consider the following nightmare scenario, sketched out by Harvinder Sian at RBS:
The main reason is that ECB QE at this stage, without much tighter rules on budgets and other structural economic policies, would be a monumental error. Just think of Silvio Berlusconi returning to power after the ECB has bought huge size and then doing nothing for another decade and a half.
Yes, imagine that.
Of course, there are other factors that might bring about QE, says Sian, but like the return of Silvio, these really don’t bare thinking about.
The factors that would bring ECB QE earlier than a political deal on fiscal union are (a) deflation or (b) European bank runs. There were rumours that the central bank action yesterday owed to risk of a large European bank being under risk. We have no information here but think that markets will continue to worry over this and are a little concerned the Chief Secretary to the UK Treasury refused three times to answer a question on BBC radio this morning whether a large European bank was in trouble.
But the main hurdle to overcome is closer fiscal union and budget discipline.
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Anyway, all of this sets the scene for the December 9 Heads of States summit, which is shaping up to be one of the most important meetings in recent memory.
If there is a credible and timely plan to move budget parameters to a central oversight from Brussels, with binding rules then Germany’s objections on allowing the ECB bazooka in one form or another will weaken, reckons Sian.
At this stage, it is unrealistic for the 9th Dec EU meeting to be the final word on the terms of greater fiscal union, and we will probably be served with another string of Summits in 2012 as part of an iteration process for EMU policy harmonisation.
Good news then? In the short term, yes. In the longer term, no.
Second, will the ECB play ball, even if budgets are effectively outsourced? That depends on how watertight the agreement is, but my working assumption is that legal ambiguity will be put to one side and as long as Germany does not object vociferously (which is why we need fiscal handcuffs to mitigate this risk) then the ECB balance sheet will be available, if needed.
Sian says that if you diagnose the wrong disease then you will prescribe the wrong treatment. And Germany, as we know, thinks the cure is budget austerity, even it runs the risk of killing the patient.
Or as the Paul Krugman puts it:
It really is just like medieval doctor bleeding his patient, observing that the patient is getting sicker, not better, and deciding that this calls for even more bleeding.
A gruesome image, but one Sian agrees with:
Enhanced budget rules can not cure divergence between German trend growth at 2% and Italy at c.1/2%. In fact, budget austerity will lead to a long term depression in such low growth countries unless structural reforms are aggressive (and work) or there is a transfer union.
So what is the solution? If not austerity, what?
The IMF?
Sian again:
This is why I see the need for the IMF to enter EMU for the next 3 to 5-years, so that EMU countries can reform and grow at a more homogenous rate and then hope the region’s politics works over this timeframe too. The IMF obviously does not have the resources for this so the ECB will have to lend to a new IMF facility here or the Bundesbank will have to drop its intransigence over SDR pooling (which was evident at the G20). This is likely at some point but the politics of getting to this result moves slowly.
Very slowly. And time is one thing the Eurozone doesn’t have.
Confidence is unnecessary and unavailable.
All that is called for are resources and a plan of action.
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DreamsAmelia
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Come Again, Republicans?
Republicans, who claim to be worried about the deficit, are suddenly determined to overturn one of health care reform’s central cost-control mechanisms.The Republican party is worried about the power of faith.
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kathleenyano
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New Restaurants in Long Island City, Queens
“New Restaurants in Long Island City, Queens - http://nyti.ms/kXOr9l”No preference. I would use any one or ones you fancy.
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Coffee Pedalers in McCarren Park
Kickstand, a collapsible coffee stall that’s wheeled around on a pair of salvaged bikes, made its public debut last Saturday in Williamsburg, Brooklyn, at the Market in McCarren, the outdoor arm of Artists and Fleas. The brainchild of Aaron Davis ...Probably an excellent business.
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gustaf
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Online Video Start-Ups Seek Niche Beside YouTube
“Online Video Start-Ups Seek Niche Beside YouTube - http://nyti.ms/lsbODg " > kudos @mhudack @dinakaplan @bliptv”http://www.theregister.co.uk/2011/11/30/smartphone_spying_app/Blip TV is not a winner.
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JeffreySKlein
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The Shifting Nature of News
“The Shifting Nature of News - http://nyti.ms/p9deWL”News is stable. Fashion is variable. -
Counting Calories? Your Weight-Loss Plan May Be Outdated
“Counting Calories? Your Weight-Loss Plan May Be Outdated - http://nyti.ms/q2Ouf7”Worth your attention. Worth mine too. Bookmarked. -
In ‘Deal From Hell,’ Lessons for Newspapers - Review
In “The Deal From Hell,” James O’Shea argues that what’s killing newspapers isn’t the Internet and other forces, but rather the way some newspaper executives have responded to them.
If the old newsrooms won't, we can go to places that will.http://www.propublica.org/http://www.factcheck.org/
Partisan:http://www.nakedcapitalism.com/http://agonist.org/http://talkingpointsmemo.com/http://symbalitics.blogspot.com/http://www.ianwelsh.net/http://www.kunstler.com/index.phphttp://firedoglake.com/
http://www.truth-out.org/http://front.moveon.org/
http://agonist.org/newswire
Not primary sources.
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akhilleus
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Come Again, Republicans?
Republicans, who claim to be worried about the deficit, are suddenly determined to overturn one of health care reform’s central cost-control mechanisms.
It is not the program. It is the party.
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Anthony D'Agostino
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Desert Vistas vs. Solar Power
The solar developer BrightSource Energy has canceled one solar-energy project in the Mojave Desert, above, but is proceeding with several others.
Los Angeles should never have been built.
It will not die gracefully.
It will die.
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Noah
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Health Care Reform, at Last
The process was wrenching, and tainted to the 11th hour by narrow political obstructionism, but the year-long struggle over health care reform came to an end on Sunday night with a triumph for countless Americans who have been victimized or neglec...
http://en.wikipedia.org/wiki/Health_care_reform_in_the_United_States
- 10 Further reading
- 11 External links
- HealthReform.gov official government site
- Health Insurance Reform Reality Check official White House rumor control site
- Health Care from WhiteHouse.gov
- Directory
- News media
- Health Care in America from CNN
- Health Care Hub from C-Span
- Health Care Reform & YouTube from Governing Dynamo, includes nearly all White House videos on health care reform
- Health Care Reform collected news coverage from The New York Times
- Prescriptions for Change collected news coverage from NPR
- Pros and cons of universal health care in the United States, Journalists collecting information about the pros and cons of universal health care
- Healthcare Reform collected news coverage from Reuters
- Health-Care Reform 2009 collected news coverage from The Washington Post
- In Search of Health Care Reform interactive overview
- Health Care Policymakers at WhoRunsGov at The Washington Post
- Health Systems and reform, a special program of the World Association for Medical Law
- Financial information
- Congressional Budget Office official government site
- Estimated Impact of Health Care Reform Proposals from the Centers for Medicare and Medicaid Services
- Office of Management and Budget official government site
- Kaiser Family Foundation: Health Reform Subsidy Calculator—Premium Assistance for Coverage in Exchanges/Gateways
Health Care Reform
Remedy And Reaction - The Peculiar American Struggle Over Health Care Reform - By Paul Starr - Book Review
Paul Starr examines the history behind the health policy choices of the Obama administration.November 20, 2011 -
U.S. Wiretapping of Limited Value, Officials Report
WASHINGTON — While the Bush administration had defended its program of wiretapping without warrants as a vital tool that saved lives, a new government review released Friday said the program’s effectiveness in fighting terrorism was unclear.
http://www.theregister.co.uk/2011/11/30/smartphone_spying_app/
Busted
Researcher says seeing is believingPosted in Security, 30th November 2011 02:34 GMTAn Android app developer has published what he says is conclusive proof that millions of smartphones are secretly monitoring the key presses, geographic locations, and received messages of its users.
In a YouTube video posted on Monday, Trevor Eckhart showed how software from a Silicon Valley company known as Carrier IQ recorded in real time the keys he pressed into a stock EVO handset, which he had reset to factory settings just prior to the demonstration. Usinga packet snifferAndroid debug options while his device was in airplane mode, he demonstrated how each numeric tap and every received text message is logged by the software.
Eckhart then connected the device to a Wi-Fi network and pointed his browser at Google. Even though he denied the search giant's request that he share his physical location, the Carrier IQ software recorded it. The secret app then recorded the precise input of his search query – again, “hello world” – even though he typed it into a page that uses the SSL, or secure sockets layer, protocol to encrypt data sent between the device and the servers.Ironically, he says, the Carrier IQ software recorded the “hello world” dispatch even before it was displayed on his handset.
This does not look good.
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annarobertson
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I Tweet, Therefore I Am
“how much are we shaping #Twitter versus #Twitter shaping us? great read: http://nyti.ms/9qrVxK”
I see you are using twitter.
Sooner is better. As soon as you can is best.
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Obama Says He Won’t Release Bin Laden Photos
The new details suggested that more than 20 Navy Seals quickly dispatched the handful of men protecting Osama Bin Laden, with only his trusted courier firing on U.S. forces.
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Bill Mitchell
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Prospective Catholic Priests Face Sexuality Hurdles
Many questions for potential priests are aimed at deciding whether gay applicants should be denied admission.
"Scientific studies have found no link between sexual orientation and abuse, and the church is careful to describe its two initiatives as more or less separate. One top adviser to American seminaries characterized them as “two circles that might overlap here and there.”
Still, since the abuse crisis erupted in 2002, curtailing the entry of gay men into the priesthood has become one the church’s highest priorities. And that task has fallen to seminary directors and a cadre of psychologists who say that culling candidates has become an arduous process of testing, interviewing and making decisions — based on social science, church dogma and gut instinct."
The Roman Church does not admit that it has a gay priesthood.
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