But through deep investigative reporting, CV can say the high price tag was used to make sure they had enough "asshats" to go around for all the attendees...
Let's do a knowledge exchange... If all you Americans out there can tell me who's winning "So You Think You Can Dance", or any "American Idol" contest, EVER, I'll share with you a few bullet points about the purpose of this meeting...
First... A quick glance at recent history...
A year ago, when the global financial meltdown threatened a corresponding economic collapse, the G-20 leaders gathered in London and pledged to work in concert to stimulate growth. That meant opening the taps for more than a trillion dollars in public spending and confidently predicting it would save jobs and increase output...
Result = FAIL (and one of the classmates just quit)
So, this time around, the BOSS of that class of clowns has decided that since the other strategy failed, then the idea is to double down on spending...
"Despite facing a political backlash over the rising debt, the Obama administration remains committed to a policy of spend now, cut the deficit later. And the administration has urged its G-20 partners to do the same."
On the other side of IDEAVILLE
"German Chancellor Angela Merkel explicitly said Friday that leaders should trim deficits, setting aside concerns that this would slow or reverse the economic recovery."
"We need to act in concert for a simple reason," Obama said Friday as he made his way to Ontario's lake country. "This crisis proved, and events continue to affirm, that our national economies are inextricably linked."
In English, that means...
"We are both heading for the cliff, who jumps first, is the Chicken".
In any case, whatever happens for the erstwhile messiah, the GOOD NEWS is that since he's running out of things to blame GWB for, due to the convenient location of this G-20, in the end he can just...
But CV is still wondering why they're all in Toronto??? I mean, why didn't they just send them over to Vancouver where the Olympics were just a few months ago...
They could have sent them all one by one down the luge track at Whistler Mountain and try their luck with "Deadman's Curve"... At minimum, a spectacle like that would have commanded top advertising revenue, and helped mitigate the cost for this fia(t)sco...
57 comments:
Idol Winners In Order:
1. Kelly Clarkson
2. Ruben Sutddard
3. Fantasia Barrino
4. Carrie Underwood
5. Taylor Hicks
6. Jordin Sparks
7. David Cook
8. Kris Allen
and Lee DeWyze won this year
:)
also, I hope Romer gets pantsed by someone at G20.
someone is going to have to let our "leaders" know that this new agency operated by the Fed has a mandate that might cause some confusion since it is “Protecting America’s Consumers.”
last I checked we already had this body called the Federal Trade Commission and their mandate: "protecting America's Consumers"
guess "they" forgot...
gonna be interesting watching all the holes get exposed in this "reform" bill over the next couple of years (months?)
and as one of my free daily's points out:
Federal takeover of the mortgage industry. Check.
Federal takeover of the healthcare industry. Check.
Federal takeover of the automotive sector. Check.
Federal takeover of the financial services sector. Check.
Federal takeover of the energy sector. Up next.
I guess this was the "change" you cold believe in.
Hahaha
I kid you not CV they spent a MILLION dollars building a fake lake in the city for the reporters to stand in front of when they do broadcasts. We have milions of lakes, why do we need another one downtown? The talking heads are all out of town in Muskoka anyway. Grrr
OK so what about this afternoon USA vs Ghana? Everyone excited? Anyone doing anything special for it?
Hearing bad stories about BP. Price now at 1996 lows before they merged with Amoco and picked up a bunch of US assets. Apparently they have burned through 40% of the cash & cash holding equivalents they had on hand end of 2009, only 5bln left and spil nowhere near over or cleaned up.
News that storm unlikely to hit might help.
An Australian view of the Gulf oil spill:
http://www.youtube.com/watch?v=f5YMHmn4CWA
Oh now he tells us...
June 25, 2010 5:52 PM
Biden: "We Can't Recover All the Jobs Lost"
"Vice President Joe Biden gave a stark assessment of the economy today, telling an audience of supporters, "there's no possibility to restore 8 million jobs lost in the Great Recession."
---
Tell us then Joe...
What was the purpose for...
- the 1.6 trillion you boys & cows blew last year?
- the 1.6 trillion you're in the process of blowing this year?
- the request (by your boss) at the g-20 summit for the leaders of the economic powers of the world to do the same?
CV
OT @McF - Don't forget to make your final round WC picks if you're still in. U.S. game at 2:30p E! 2s2b
McChrystal interview in Rolling Stone Magazine (not particularly interesting):
http://www.rollingstone.com/politics/news/17390/119236
CV-
don't you get it? that's what they are realizing- that's the stark reality that they have finally come to grips with-
all the money spent was for naught- thus Geithner's admission and advice to the world to not rely on us for growth and to grow their own economies instead-
better than blowing smoke up our ass about "future prosperity"-
maybe they are conceding that future economic data is not likely to be favorable
In terms of economics, I think the really ominous story was Peter Orszag quitting as WH budget director. That guy was actually a clear thinker type and pretty smart.
He was probably the lone shining star on that economic team....
@K (yesterday's thread) wolframalpha demo, WOW! Hoping for a Back to the Future Biff-like sports almanac, I plugged in "future price of S&P 12/31/2010". It actually produced a graph, but the variability among the options could be wealth unfriendly :-)
Only in Canada do we provide toilets for the protesters:
http://twitpic.com/2060nr
People ... It basically comes down to this (on a G-20 weekend) where the topic is about "stimulus or no") - then get back to soccer...
January 10, 2009
(Reuters) - President-elect Barack Obama said on Saturday an analysis of his stimulus proposals showed that up to 4 million U.S. jobs could be saved or created by 2010, nearly 90 percent of them in the private sector.
Here... Here's me looking stupid as I mouth these words off the teleprompter... and everyone was still drunk with my magnificence...
http://www.reuters.com/article/idUSTRE50701M20090110
Excerpt:
"Obama said previously his estimated $800 billion plan to lift the country out of a yearlong recession would create or save 3 million jobs, but the new analysis showed that number would range between 3 million and 4 million. (after some hardcore number crunching - by candlelight...
"The jobs we create will be in businesses large and small across a wide range of industries," Obama said on his weekly radio and Internet address. "And they'll be the kind of jobs that don't just put people to work in the short term, but position our economy to lead the world in the long-term."
The analysis was submitted by the head of Obama's council of economic advisers, Christina Romer, and Vice President-elect Joe Biden's chief economic adviser, Jared Bernstein.
It came just after official figures showed U.S. employers slashed more than half a million jobs in December, pushing the unemployment rate to 7.2 percent and bringing the number of jobs lost last year to 2.6 million -- the most since 1945.
Obama's top aides visited Capitol Hill on Friday to allay lawmakers' concerns about his proposal, which would combine tax cuts, aid to states and public works projects. He has faced opposition from Republican and Democratic lawmakers over the plan because of its high cost and proposed tax cuts.
"These made-in-America jobs building solar panels and wind turbines, developing fuel-efficient cars and new energy technologies pay well, and they can't be outsourced," he said. what he really meant was "Thank God it's 2010 and we have to do a census"
Obama repeated his warning a recovery would not happen overnight and that the situation was likely to get worse before getting better.
"Everybody's going to have (to) give," Obama said.
REPAIRING INFRASTRUCTURE
"Finally, we won't just create jobs, we'll also provide help for those who've lost theirs, and for states and families who've been hardest-hit by this recession," he said.
"That means bipartisan extensions of unemployment insurance and health care coverage; a $1,000 tax cut for 95 percent of working families; and assistance to help states avoid harmful budget cuts in essential services like police, fire, education and health care."
Obama has not put a price tag on his American Recovery and Reinvestment Plan, but in the report his advisers said they were using a figure of "just slightly over the $775 billion currently under discussion." it's ballooned to 3.2 trillion after all the Congressional PIGS stuffed goodies in it for themselves...
(Additional reporting by Susan Heavey; Editing by Peter Cooney)
FAST FORWARD 18 months (and 3.2 trillion later)... More than 10x the defecits Obama's predesessor managed to leave us with...
June 25, 2010 5:52 PM
Biden: "We Can't Recover All the Jobs Lost"
"Vice President Joe Biden gave a stark assessment of the economy today, telling an audience of supporters, "there's no possibility to restore 8 million jobs lost in the Great Recession"
Enjoy the game! :-)
CV
People ... It basically comes down to this (on a G-20 weekend) where the topic is about "stimulus or no") - then get back to soccer...
January 10, 2009
(Reuters) - President-elect Barack Obama said on Saturday an analysis of his stimulus proposals showed that up to 4 million U.S. jobs could be saved or created by 2010, nearly 90 percent of them in the private sector.
Here... Here's me looking stupid as I mouth these words off the teleprompter... and everyone was still drunk with my magnificence...
http://www.reuters.com/article/idUSTRE50701M20090110
Excerpt:
"Obama said previously his estimated $800 billion plan to lift the country out of a yearlong recession would create or save 3 million jobs, but the new analysis showed that number would range between 3 million and 4 million. (after some hardcore number crunching - by candlelight...
"The jobs we create will be in businesses large and small across a wide range of industries," Obama said on his weekly radio and Internet address. "And they'll be the kind of jobs that don't just put people to work in the short term, but position our economy to lead the world in the long-term."
The analysis was submitted by the head of Obama's council of economic advisers, Christina Romer, and Vice President-elect Joe Biden's chief economic adviser, Jared Bernstein.
It came just after official figures showed U.S. employers slashed more than half a million jobs in December, pushing the unemployment rate to 7.2 percent and bringing the number of jobs lost last year to 2.6 million -- the most since 1945.
Obama's top aides visited Capitol Hill on Friday to allay lawmakers' concerns about his proposal, which would combine tax cuts, aid to states and public works projects. He has faced opposition from Republican and Democratic lawmakers over the plan because of its high cost and proposed tax cuts.
"These made-in-America jobs building solar panels and wind turbines, developing fuel-efficient cars and new energy technologies pay well, and they can't be outsourced," he said. what he really meant was "Thank God it's 2010 and we have to do a census"
Obama repeated his warning a recovery would not happen overnight and that the situation was likely to get worse before getting better.
"Everybody's going to have (to) give," Obama said.
REPAIRING INFRASTRUCTURE
"Finally, we won't just create jobs, we'll also provide help for those who've lost theirs, and for states and families who've been hardest-hit by this recession," he said.
"That means bipartisan extensions of unemployment insurance and health care coverage; a $1,000 tax cut for 95 percent of working families; and assistance to help states avoid harmful budget cuts in essential services like police, fire, education and health care."
Obama has not put a price tag on his American Recovery and Reinvestment Plan, but in the report his advisers said they were using a figure of "just slightly over the $775 billion currently under discussion." it's ballooned to 3.2 trillion after all the Congressional PIGS stuffed goodies in it for themselves...
(Additional reporting by Susan Heavey; Editing by Peter Cooney)
FAST FORWARD 18 months (and 3.2 trillion later)... More than 10x the defecits Obama's predesessor managed to leave us with...
June 25, 2010 5:52 PM
Biden: "We Can't Recover All the Jobs Lost"
"Vice President Joe Biden gave a stark assessment of the economy today, telling an audience of supporters, "there's no possibility to restore 8 million jobs lost in the Great Recession"
CV
@2small2bail
LMAO...
Biff says... "butthead"
CV
We need more bailouts, people!
And BEFORE the midterm election.
@obama
"Bite me"
Does Bernoccio attend the G20? Any possibility that come Monday these guys announce trillions worldwide in new liquidity?
I think Bernoccio's probably looking at the political situation here in the US. What he sees is: anger over the bailouts and little likelihood that there's the political will to continue the deficit-spending necessary to bail out the states. So, he's likely to "step up to the plate", take matters into the Fed's hands, and print a lot more. He hasn't come this far -- hasn't relived 1929 through 1930 -- just to watch it all crash and burn again like in 1931. He'll go all in.
Right? Or am I crazy?
"Experts agree free money is the best kind."
- Juvenal Delinquent
In 2007, Christina Romer wrote the following (see page 37 of the following document):
http://www.econ.berkeley.edu/~cromer/RomerDraft307.pdf
“…we find that a tax increase of one percent of GDP lowers real GDP by about 3 percent, implying a substantial multiplier. An important part of that effect appears to be due to the procyclical behavior of investment”
Funny how Obama never mentions this.
I think I spoke too soon.
One minute the G20 protest is like a family parade and now we have police cars on fire and cops in riot gear in downtown Toronto. Madness. Why did we want to host this?
Journalists are being arrested for filming police doing searches on people. I think McF's authoritarian state has already arrived here.
>> Journalists are being arrested for filming police doing searches on people. I think McF's authoritarian state has already arrived here.
See some of the posts on Naked Capitalism re same.
There's nothing to fear though, if we decide it's what we want and just embrace it. ;-)
http://www.studentsfororwell.org/
DL, I wonder whether that "3-1" ratio holds across the whole range from "0% taxes" to "100% taxes". And I wonder whether that study includes the period of time when the deficit/credit-card-bills come due or just the "party" period(s). And I wonder whether Romer studied the effects of economic stagnation and crappy living conditions for the lower classes once the income/wealth gap goes high enough. And I wonder whether "GDP" is the metric we should use, since a "build-the-pyramids / kill-the-slaves" economic system produces GDP, too.
There's a lot of Fed/rentier-sponsored economic literature. I suspect it's written with an objective in mind and a subconscious bias in fact selection.
Not to say there isn't some truth to it, which makes reading some of these studies a bit of a Rorschach test.
There's nothing to fear though, if we decide it's what we want and just embrace it
no doubt wunsacon- pretty soon we'll be saying-
"I love Big Brother"
@wunsacon
You wonder
To Romer (a piece of advice)
"Get out of the classroom - get off the chalkboard - get out of academia - get that effin donut out of your pie hole - pause - back away from it slowly - do an about face - and start applying some common street sense to your way of thinking - then go tell it to your boss who will probably fire you".
And please. do it on a treadmill for crying out loud.
Or do you want me to say what I really feel?
test
Wunsacon @ 5:03,
A lotta questions there, but I don't know what you're proposing. Higher taxes? Lower taxes?
More government spending?
My point is that if we're going to run deficits (and I'm not opposed to all deficits), we should think carefully about the composition of those deficits, and realize that they are generating a future tax liability. The phrase "tax liability" is one which will never pass through Obama's lips.
@wunsacon
The real scary thing is if "Bernocchio" ups the ante (and the markets respond by PLUMMETTING)...
Ever thought of that?
CV
Buy gold.
@Nic
And in Canada too. I am shocked, embarrassed, and ultimatley disgusted. Harper will go down as the worst Canadian PM EVERRRRRRR.
At least the government provided toilets for the protesters.
>> The real scary thing is if "Bernocchio" ups the ante (and the markets respond by PLUMMETTING)...
CV, well, that would surprise me. Look at how Mexican stocks fared when measured in their own currency:
http://paul.kedrosky.com/archives/2010/05/marc_faber_mirr.html
Not that I would buy stocks. (I'll stick mostly to commodity ETF's.) But, I'm merely saying I expect stocks to rise nominally. Just like the rise from 666 to where we are today.
By the way.... my disgust is not with the peaceful protesters but the very distinct feeling of Animal Farm we are currently living in.
I feel very bad for the peaceful anti-hunger marchers. There seems to be a hard core of anarchists that go to every meeting. I am not even sure of their message.
I have a feeling tomorrow might be worse.
DL, I can't disagree at all with your points there about deficit spending. We're deficit-spending on a lot of crap.
I'm going to be pissed if Obama, the Dems, or Bernanke bail out the states directly or indirectly. Private workers can't afford to keep paying public workers' these same salaries. Not while private workers have taken the brunt of the hurt. Time for a reset.
And, how much of a no-brainer should "school vouchers" be?
http://www.youtube.com/watch?v=Bx4pN-aiofw
wunsacon,
Yeah, I don't want to have to pay for some schoolteacher in California to retire at age 55 with 80% of salary and full medical/dental benefits.
Nic-
the anarchists are my favorites- no supposed "do good" nonsense- just acknowledgment that its all a big farce (especially these supranational organizations) and that it needs to be "laid bare" for all to see-
call me a cynic- but I find most of these "social causes" sophomoric-
I mean- c'mon- really- think about it- who is pro-hunger?
No-one
Well I thought the USA played a great game and put their heart into it right to the last second. No quitters on that team for sure.
>> I mean- c'mon- really- think about it- who is pro-hunger?
No one *says* they're pro-hunger. But, giving $1-2 trillion in bailout funds to institutions means that 30% of $1-2 trillion bails out the top 1%, since they own 30% of those institutions. With the bonus, the Squid's employees buy a Porsche. But, had the money been given elsewhere, you wouldn't see stuff like this:
http://www.washingtonpost.com/wp-dyn/content/article/2008/11/23/AR2008112302364_pf.html
And god knows what we don't see, because that would destroy that "confidence" TPTB work oh-so-hard at restoring.
So, yes, some people are pro-hunger. It's not what they say. But, it's in their policies.
@CV
Looks like Gary will get his answer on July 5th.
wunsacon-
I guess my point is let's be real about what we are protesting-
saying you are anti-hunger has zero meaning-
because no-one truly wants hunger-
contrary to what you have posted- reality is- in the USA-
the poorest people are also the most obese- no-one is starving in this country- regardless of your link that some folks are descending on a farm to get free vegetables- most likely the most middle of middle class Americans are snapping up that great deal- because the poorest people have no way to get there-
so should we be talking nutrition instead of hunger- if we are indeed talking about this country?
let's be specific on who the plea is for and for what purpose-
such as "Stop Hunger in The Sudan" or something along those lines.
how's that sound?
@McHappy -- Gary (and the rest of us) will have to wait until the 6th -- the 5th is a holiday! I do like Gary's analysis usually though, and Tim Knight has a good game plan for the next week or two at Slope today, Alphahorn has some nice EW charts that have been playing out really well and there is always Evil Speculator for nonstop EW analysis.
Interesting perspective-
Today, 2 to 3 cop cars burned, could be by the cops themselves, canada is very good at using agent provocateurs.
http://www.youtube.com/watch?v=St1-WTc1kow
As a comparison, a hockey riot 16 cop cars gone.
http://www.cbc.ca/canada/story/2008/04/22/mtl-habs.html
It's all senseless, but what about the math, 10,000 estimated protesters. Why not find out who the "true believers" are and offer each $100,000 to go home?
It would still only cost a billion.
@Anon
I'm not a Gary fan. I just cannot wrap my head around any inflationist argument. I do like to check his site from time to time though for another perspective.
The other sites are much appreciated. I have not found many 'good' EW sites. I'll start following these. Thank you.
Note-
In that first video, in the background, you can clearly see the tall masked man against the wall carrying on a conversation with the riot police.
Vancouver real estate story:
http://ht.ly/23Juv
There is no way there are 10,000 violent protesters. The numbers are in the hundreds. Crazy night.
Dead serious about the provocateurs.
It justifies the horrendous money spent.
It stops everyone talking about how the G8 are talking about another 5 years in Afghanistan.
Etc
Pitchforks bitchez :-)
A little Northwoods for us, eh Nic? ;-)
Here is how some of world's major newspapers are reporting the riots in Toronto:
www.theglobeandmail.com/news/world/g8-g20/news/
"World media on Canada. Big plastic bullets, kissing in the streets, 'agog' at costs".
Notice how the Times of India and Arab news are reporting. In Indian news no mention of police car burning. India are very sensitive to this. In case people get any ideas at home. They are spending major dough - around Rs 34000 crores at security to keep the communists at bay( call them Nexels - from a state close to China's borders).
Canada(India).
I-Man: Catching up a little late, much has been said, but this may add to the quality of your pot, How to Use a Press Pot. I have not sprung for the grinder though, blade works fine.
Funny, if you switch the first letters of the reporter's name in 'I have a sign' pic, you have the president Jon Stewart said got things done.
Tear gas again in downtown Toronto today.
I don't understand why they had the G20 downtown Toronto. The G8 was quiet and in the middle of nowhere (the picture above was G8)
So did Germany and UK agree to slow down deficit reduction and continue stimulus spending?
No everyone agreed to:
Half deficits by 2013
No new trade barriers or tariffs for 3 years
Urged to end subsidies on fossil fuels
Tighten bank controls (each country its own way)
Spookily no mention of the yuan AT CHINA'S REQUEST. I suspect someone did a deal with China to get their cooperation on N Korea.
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