TPS

As I told you quite some time back, there's a huge difference between Spain/Greece and the US--US issues a sovereign currency; Spain/Greece don't. Haven't you learned anything about the ability of the FED?

Yes, my point is that current extreme deficits are recession-driven. Once we're back near full employment, expenditures will be closer to the historical average of 19-20% of GDP, and revenues about 18-19%. The main issue regarding future liabilities is related to medicare/medicaid. Fix that, and most of the problem deficit problem is taken care of. As far as the growth in revenues and expenditures, if you take the period from 1960 to 2007 (to exclude the recession's distortion), nominal revenues have increased at a compound rate of 7.3%, while expenditures have increased by 7.5% annually. What, me worry?

What's clear is that it's currently a recession problem, which causes revenues to fall and spending to rise, and additional stimulus packages to save the financial system and building industries....

Wow! Big story! How high did the yield on the 10-year T-bond rise because of the S&P's statement? And T-Bills? Is all of this government borrowing driving the 3-month yield past 0.05% yet? Oh misery and woe, why are yields STILL so low?

This reminds me of me...

Ya gotta love the guy. Also, a good quote by Gailey in the same B-News article on Newton coming to town. B-News

Went 2 years ago, and had a great time. You have to try the Pierogi pizza!

If there is ever an area that is ripe for a flat tax, it's corporate America. Lump their payroll tax in with it...say 20% total? If I had time, I'd try to generate a quick estimate of the take...

As a former professional cook, and given that it will (most likely) be my last range--and definitely last kitchen renovation--ever, I decided to go for it. (I was leaning toward Capital initially because they have a rotisserie in the oven, which would've been cool.)

Just saying that he'll never please anyone who dislikes him no matter what. I agree with GG, same would happen when GW would take his vacations and people would piss on him. Btw, you will hopefully appreciate this, I have a 48 inch Blue Star arriving tomorrow....

And had he gone, the right would've jumped on it as exactly that, a photo op.

I think you could generalize that too--most people listen/watch to stations/channels that support their world views, yes?

I don't buy the "just bluffing" argument. They have more than enough to react to any short term dislocations, if they choose. Hmmm...peak oil...As price increases, it brings more expensive sources into play. If memory serves, I think the discovery off the coast of Brazil is supposed to be one of the largest sources in existent, and has yet to be tapped. Who knows what else lies around the globe?

Or the Saudis say they will make up for any disruptions...unless of course they are the next shoe to fall....which is what all of the fuss is about. That said, retailers do take advantage of the rapid swings. They are quick to adjust up, earning higher profits on their current inventory, and slow to adjust down.

The inventory build-up relates to the profits that can be made when the futures markets are in Contango. If the futures price is > the spot + cost of carry, then "players" can make an easy profit through buying spot and selling futures. This is why you read stories about JPMorgan leasing tankers, buying oil spot and selling futures.

I guess I should've simply said "Obama bad." Oil prices have doubled from the bottom of a severe economic collapse--even Magox could predict that one! Why are you now throwing in refinery capacity? Who's fault is that? Again, maybe you can explain why oil inventories are growing and prices are rising? It's Obama's fault, right?

Hmmm...so if we had increased domestic production does that mean the growing crude inventories at Cushing would be even higher? There's a glut of oil sitting in OK, yet prices are rising and it's Obama's fault...?

Stroud was set for a bonus if they kept him past March 1. Between that and what Carrington showed, he was expendable. For the Pats, he has enough left in the tank and the experience to fit into Belichek's hybrid defensive philosophy at a price much less than what STroud would've cost the Bills. I don't think this is a case of one side being smarter than the other. This is a non issue.

There doesn't necessarily have to be a person or some people who control the strings. Peter Dale Scott uses the term "deep politics." There are enough vested (money) interests in maintaining the status quo, not just domestically, but globally. The MIC is one vested institutional interest that wields significant power. There are other institutionalized interests whose interests often coincide with the MIC, so there is a vested institutional structure that benefits from a particular outcome. I think it's naive to believe there aren't machinations "behind the scenes." Asking JtSP to prove there IS a conspiracy is no different than asking anyone on the other side to prove there IS NOT. One can choose the view that (most) economic/political (significant) actions are somewhat random, or one can take the view that (most) things happen for a purpose. I choose to believe the latter, and use that perspective to both analyze and predict events. So far, the evidence supports my continued belief in utilizing that perspective.

Got to give the man credit for responding at least. I had a similar experience when he was in Buffalo during the 1992 prez campaign against Clinton. He was walking past after his speech and I said something about the flat tax he was pushing at the time. He stopped dead in his tracks and started debating me. I was impressed.

Brent is now the barometer of global demand-supply, yes, but you still seem to be missing the point made in that link. What's going on with WTI and inventories at Cushing are related to the financialization of oil (and commodities in general), the long positions that commodity ETFs take, and therefore the rollover. The "play" that she is suggesting is to take advantage of the ETF (USO) "rollover" which will drive prices of the expiring March futures contract down during the rollover period, hence she suggests shorting oil to take advantage of the fixed obligations by the ETFs. This is what I posted about in a previous link, that the smart players can take advantage of the ETFs that have known long obligations and will rollover their contracts over a specified period of time. [For those on the sidelines, this means that the largest ETF USO, first has to "liquidate" its long positions in the March contracts--selling March contracts next week so they don't have to take delivery, thus driving the price down; then they jump back in buying longer dated contracts to maintain their long-only position. As the ETFs grow, their influence during the roll period is growing too.] Her point also, as it relates to most of us, is that prices to US consumers are being jacked up based on what "might happen" in the ME and NAfrica (MENA), yet there is a glut and growing inventory of oil at the largest refinery point in the US. The price increase is not a current supply or demand issue; it's a what-if issue; but that's what speculators always do.

Yes, Brent is the world price standard now, but WTI and the inventory in Cushing relate to domestic prices. The price of gas in the US goes up while the supply of inventory at the main supply point is the highest it's ever been. Yes, speculation about political events is driving prices, that's the point she makes. As for rollover, from your comment ("yeah there is probably some of that going on"), it appears that you misunderstand her point.

With respect to the oil issue, here's a nice little blurb from one of my favorite sites: Seeking Alpha I don't think you need to register. At any rate, this is an interesting piece on the expiration of current futures and option contracts and possible impact. Also discusses the inventory thingy at Cushing.

Today I like Dareus. Yesterday I liked Fairley. The day before I liked Miller. Is Newton a fig leaf or does he have gravitas? Does Bowers fit as a 3-4 DE? Is Quinn the best of them all? It was much easier with Jauron--I'm sure we'd pick Peterson. My head hurts.

He looks like he has a body type that could shed a few lbs and fit in as a pretty good 3-4 end??