Rolling US Economy Into The Shitbin Thread

he was re-interviewed by another bbc outlet last night, and was if anything even more irritating/assholish. same basic points made tho.

it's definitely a "let them eat cake" moment

"you have savings in the bank you are worried about losing? you should be shorting stocks!"

This is where it comes in handy that goverments have reserved the use of force to their own province and people like this have no police or armies in place to back them up, unless a government loans them theirs. atm, the wall streeters feel smugly secure in their access to the US goverment's police powers for their protection. If they are not more careful, that reality could flip in a matter of weeks or months.

“Alessio Rastani, 33, is a London stock market trader of Italo-Iranian origin. He regularly visits his relatives in Tehran.”

http://observers.france24.com/content/20101006-iran-youth-flirting-tehran-cars-traffic-jam-boys-girls-iran-zamin

in the other interview he does a 2 minute rant on american consumerism, ignorance, and laziness. if anyone wanted to they could turn off the tv, spend a few weeks in the library, become a trader and protect their assets. kaufmann esque.

it's so easy, why doesn't everybody do it?

"poverty is voluntary"

im tryna find the audio, but i don't think it's posted. it was on bbc world overnight, the presenter was male. i was not aware of the earlier video interview, and dude blew my mind, by the end i was "lol, u trollin."

oh hey

http://www.leadingtrader.com/09/alessio-rastani-a-big-thank-you-from-alessio/

"I have had almost every major news television and radio station in the world wanting to interview me, plus offers for making films and documentaries. "

Just over the course of a couple of days? Quick, let's make a movie about this guy!!!!!!

What hath God wrought?

http://i.imgur.com/SYv4N.jpg

http://a5.sphotos.ak.fbcdn.net/hphotos-ak-snc7/s320x320/308598_2495395062907_1193746996_3031031_811265539_n.jpg

can someone link me to something that debunks this stupid 47% of americans don't pay income taxes thing?

47% of americans don't pay income taxes because they are poor and because of republicans cutting taxes

they pay payroll taxes, sales taxes, all kinds of user fees that often end up being a bigger % of their income than the amount paid by some hedge fund dude

rite

http://crooksandliars.com/jon-perr/republicans-resurrect-welfare-charge-for-tax-day

http://www.nytimes.com/2010/04/14/business/economy/14leonhardt.html

Notwithstanding repeated attempts at monetary and fiscal stimulus since 2009, the United States remains mired in what is by far its worst economic slump since that of the 1930s. More than 25 million working-age Americans remain unemployed or underemployed, the employment-to-population ratio lingers at an historic low of 58.3 percent, business investment continues at historically weak levels, and consumption expenditure remains weighed down by massive private sector debt overhang left by the bursting of the housing and credit bubble a bit over three years ago. Recovery from what already has been dubbed the “Great Recession” has been so weak thus far that real GDP has yet to surpass its previous peak. And yet, already there are signs of renewed recession.

It is not only the U.S. economy that is in peril right now. At this writing, Europe is struggling to prevent the sovereign debt problems of its peripheral Euro-zone economies from spiraling into a full-fledged banking crisis – an ominous development that would present an already weakening economy with yet another demand shock. Meanwhile, China and other large emerging economies--those best positioned to take up worsening slack in the global economy--are beginning to experience slowdowns of their own as earlier measures to contain domestic inflation and credit-creation kick in, and as weak growth in Europe and the United States dampen demand for their exports.

Nor is renewed recession the only threat we now face.

http://growth.newamerica.net/sites/newamerica.net/files/policydocs/NAF_The_Way_Forward_Alpert_Hockett_Roubini.pdf

nouriel roubini and bros otm

I lol'd:

http://www.theonion.com/articles/this-sure-is-a-spooky-time-for-the-economy,26442/

there isn't a rolling EU-economy thread is there?

http://www.nytimes.com/2011/10/27/world/europe/german-vote-backs-bailout-fund-as-rifts-remain-in-talks.html?hp

there's this -

rolling european politics thread 2011

though frankly it's too tempting to revive this one -

European Economic Union: where's it at?

It... continues.

J Corzine takes over brokerage company, thinks "this gig small, could be big investment bank", takes risky positions, ???, not exactly profit.

Oh, and clients' money, required by law to be kept in accounts separate from those used for the company's own liabilities, may not have been so kept...

oh corzinepaws

Oil is spiking again to well over $100/bbl, even though there is no fundamental reason for it, like increased demand. Instead, my guess is that investors are spooked by the euro crisis, and all the money that is running away from eurozone bonds is getting parked in oil, causing a mini-bubble. This is just going to hasten the next recession. Eerie echoes of the summer of 2008 going on, imo. (shudders)

One thing I've been wondering for a while -- it seems like with ordinary oil futures contracts there's a limit to specultation since eventually someone has to take delivery. So have wall street geniuses developed exotic products that somehow avoid this problem or at least postpone it? I really know nothing about futures trading so no idea.

I think actual delivery of oil ("physical settlement") is rare in the oil futures market and that usually these contracts are "cash settled" - ie., the net value is paid in cash on expiry. Alternatively, the holder of the futures contract can always take an offsetting position before expiry to net their exposure to zero.

I guess I'm just wondering if the particularities of the commodities market make an "oil bubble" operate differently than bubbles in stock, real estate, etc. It kind of appears like they do, since we seem to get these relatively short oil bubbles and busts rather than one long runup.

And I guess the date/settlement aspect would affect that regardless of whether it involves "physical" delivery or not, since it just puts a time limit on holding without upping your investment in a sense, yes?

Well, it is different, I think, from stocks and other intangible assets. After all, at the end of the day, oil is a dark, smelly liquid that needs to be physically stored somewhere, like in a large tank, so that does seem to impose some limits on how far speculation can drive things, unless people are physically stockpiling large amounts of oil and/or producers are withholding output to wait for higher prices. Not sure exactly how much that dampens speculation - maybe it limits it to more short-term movements like you said.

Yeah and I also think there is some kind of tracking of oil stockpiles, how much is being left on tankers, etc., although I'm sure there are flaws in that system.

good news everyone
http://networkedblogs.com/snqxF

http://www.nytimes.com/2012/01/22/business/apple-america-and-a-squeezed-middle-class.html

terrific article. I'm struck by the tension between the claim that Americans lack the right education & skills for those jobs, & that it's the flexibility of those workers wrt hours & working conditions that matters. Or is there tension? Is it just that flexibility that's meant by education?

it's not 'education & skills' it's 'standard of working' which for americans means a humane standard

no that's what I'm wondering about! apple said Americans lack the right skills, something between hs & college, but I wondered if that meant anything besides "live in the company dorm & work 12hour shifts in shitty conditions without protesting"

I think that's exactly what is meant

I'm not sure if framing the question as a matter of 'supply-chain synergy' rather than low wages is putting the cart before the horse - you have to think that the whole reason supply chain synergy exists is because a bunch of tech companies decided it was cheaper to build all the factories in china

Take a lot of skill to wipe an iPad screen.

I guess I don't know; factory workers in the USA heyday often needed some fluency in algebra & trig, which is bw hs & college for the kinds of workers in question. Is iPad assembly like that? I haven't a clue.

no fucking way - it's p much all manual labor

I would say that the majority of foxconn factory workers are definitely not college educated

sorry, that should prob be high school education - and even if they were, I highly doubt they are doing a trig problem before inserting chip A into socket B

they have to do a trig problem every 15 minutes just to make sure they're not sleeping on the job

Or trying to kill themselves.

euler it's also important to note that when the supply of workers looks like this:

http://graphics8.nytimes.com/images/2012/01/22/business/apple/appple-articleLarge.jpg

the average education of a worker might be higher than the necessary education to do the work

see: american degree inflation

dont get the pic but I'm sure I'm inclined to agree with your conclusion re inflation