« What Lola Wants, Lola Gets...No More | Main | DOW Fell Over 250 Pts Which Is Panic Limit »


Blunt Force Trauma

off topic....Nice shot of your "back yard".


“They are also very big and have lots of natural resouces so they won't collapse”

Heh… China, collapse, how appropriate. The Chinese are stoical alright, definitely when scraping up the battered remains of their dead. This is something they’re well versed at. I’ve commented previously about Chinese nationals brought into Ft. McMurray to work on Oilsands development projects, which brought about, remarkably, a roof section collapse


Why here’s a second non-fatal collapse 3 weeks later.


Word from a relative in Ft. McMurray is that the Chinese were in fact working to their standards not ours. It seems it’s prudent for them to save time and money by spot/tack welding structural elements where continuous bead is called for.

North American workers can breathe a sigh of relief, imported foreign nationals working on mega projects which potentially mixed with NAFTA provisions and corporate fiscal governance could have become widespread, have been nipped in the bud.

All the Chinese workers are gone and their work has been taken up by Canadian firms.

native american

Quick question: Why does your friend think BoA is not insured? Aren't all regular bank checking/savings accts and CDs insured by FDIC?

Elaine Meinel Supkis

I will check Bank of Americ out again.

Yes, welding: an art form that in Asia, isn't as strict as here but then, everyone is cutting corners, aren't they?

Elaine Meinel Supkis

OK, will write a bigger story about Bank of America. their CD are not FDIC but their smaller, more meaningless accounts that pay virtually no interest are FDIC. This is how most banks operate. You have to trust them if you buy the $10,000+ CDs.


Not to my knowledge around here.

Pressure vessels, compressors, pumps, pipelines, steam injection, valves, processes.

You name it, in abundance.

Failed systems, spills, extremely rare considering the amount of equipment in place.

Elaine Meinel Supkis

I'm glad to hear that. Out here in the US, it is a constant worry since everyone wants things to look good but aren't concerned about the inside stuff. Which is why Mattel didn't bother to test their own damn toys they imported into America.



The Fed lowering the Fed Funds rate is likely because there are so few counter gambits left. The dollar will go much lower and will accelerate the boycott on U.S. backed debt securities. But, it buys time - maybe. Sub prime mortgages as catalyst for all this sorrow is too convenient. It’s a red herring in my opinion. The media jumped all over the notion that undeserving people were greedy and lied in order to qualify for a mortgage. Think about it. This brings down a powerful economy? Think instead about derivatives with a notional value seven times as large as the world economy. When the Fed opened the door for emergency repos they took everything as collateral: sub prime mortgages, prime mortgages, and RV and boat loans. All financial assets are in trouble now. This dates back much before the Greenspan inspired Housing Bubble.

The panic over the so-called debt crisis is really a panic over undistributed inventory. The banks, broker-dealers and funds still have lots to sell to targeted bag holders. But, the bag holders got a "heads-up" this time. So, special terms are being cut to make it attractive again. The uninitiated better watch themselves and not assume they're buying a bottom. The financial players forgot about time. The arrogance of their position assumed they control the game clock too. Gann’s study of the relationship between time and price demonstrated that "when time and price coincide, change is imminent". The Fed and Wall Street are up against powerful forces that want to turn the markets down now.

Elaine Meinel Supkis

You are correct, Cato. Note that I never claimed mere homeowners are responsible for this mess. I have pointed out frequently that the sums sucked into the vortex in the form of take overs and buy outs dwarf our entire GNP.


Elaine, I agree you have been fair about the whole mortgage debacle and who has responsibility. Yes, sub prime home borrowers have to accept responsibility too. How are the terms of their mortgages much different than the high rate and penalty requirements imposed by credit card companies? What difference is there between a sub prime borrower and a prime mortgage borrower who also over reached, bought too much house and whose family is unexpectedly down one income?

What is most interesting is the spotlight remains trained on sub prime paper when, in fact, the Fed is taking prime mortgages just as fast as the banks can jettison them. This problem is not at all isolated to sub prime. It’s the designated scapegoat. Consider Sears 2nd quarter profits: down 40% due to declining sales. Bloomberg News talks about Sears’ plan to do interesting things with refrigerators and ovens that will turn it all around and restore them to glory. Naturally, Credit Suisse rates them “outperform”. Before the day is out the media will attribute all of Sears’ woes to sub prime mortgages.


"Turkey is turning Islamist as the Palestinians continue their Battle of the Warsaw Ghetto with the Israeli Jews playing 'Let's be a Nazi'..."

Elaine, your turn of phrase and selection of images bite like a lash but like a lash does tend to gather one's focus on what's occurring.

Do carry on and don't cut them any slack. Someone has to stand against the tide of misinformation and propaganda that's out there. In today's world every single voice that is raised against it is important. With your writing skills it is doubly important that you continue to speak out.

moncler jacket

HHH Yes, the design of national policy is important, how our economic development plans for the next five years, how the implementation, how to make our economy even faster. Are designed to advance our focus to invest money in what ways it should be carefully arranged.

The comments to this entry are closed.

Blog powered by Typepad