Quote of the week
“I’m really concerned for Geithner and Bernanke lately. Someone needs to get them to a shrink, and soon – because these two seem to be suffering from delusional schizophrenia. One moment Geithner wants stronger exports and the next he wants a stronger dollar. The Fed engages in Money Printing II while Geithner promises to avoid dollar devaluation. I really think that they might be sick in the head.” – Vedran Vuk
by Thomas E. Woods, Jr.
“[I]t’s almost as if there’s some Mad Libs template for the arguments against nullification. Why, this violates the Supremacy Clause! Um, no, it doesn’t. Jefferson knew there was a Supremacy Clause, presumably. The Supremacy Clause nowhere says that unconstitutional laws are the supreme law of the land. Can you imagine anyone voting to ratify the Constitution if that clause had meant, ‘This Constitution, along with any old laws the federal government may pass, whether in line with this Constitution or not, shall be the supreme law of the land?'” more… [An irreverently entertaining and somewhat educational read. And, if you have not watched it, check out Interview with a Zombie.]
by Llewellyn H. Rockwell Jr.
“It is not enough to cut back or even end the welfare state; the imperial warfare state must also be dismantled. That means taking apart the national-security apparatus as surely as we end the economic intervention in domestic life. To oppose one while supporting the other — and this is the very essence of the Republican Pledge to America — is self-defeating if not deliberately deceitful. We know the results of this kind of intellectual incoherence because we’ve seen it so many times before.” more…
by Simon Black
“Perhaps the starkest example is what happened to Zimbabwe’s currency. And no, I’m not talking about the period of hyperinflation when a suitcase full of cash bought you the week’s groceries, I’m talking about what happened afterwards.” more… [Short and worth the read. There’s a nice history lesson on Zimbabwe here as well.]
- The Bain Report
- Six failed banks this week.
- Amazon Best Sellers: #1 Life by Keith Richards; #2 Diary of Wimpy Kid by Jeff Kinney; #3 The Heroes of Olympus by Ric Riordan
- Failure Friday is on hiatus this week. The Burning Platform is being moved I believe.
Politics and Such
- 2010 Reapportionment Study by Election Data Services. Projections: Michigan drops one seat to 14; New Mexico stays at three.
- China has placed a rare earth’s embargo on the United States. Paul Krugman actually has something useful to say about it too. China denies it all.
- Washington Post poll finds that the public is generally disdainful of federal employees.
- Fannie Mae and Freddie Mac bailouts could hit $363 billion, and thus doubling over the next three years.
- 11 state pension funds set to run out of money in the next 12 years.
- Pirate Party planning to shoot shoot a file sharing satellite into orbit.
- The Economist on California’s Proposition 19 (marijuana legalization).
And now the numbers…
DOW Jones Industrials – 11,132.56 (+69.78/0.63%)
S&P 500 – 1,183.08 (+6.89/0.59%)
VIX – 18.78 (-0.25/-1.31%)
CSI 300 (China) – 3,378.655 (+50.972/1.53%)
BSE 500 (India) – 8,119.06 (+32.71/0.40%)
MICEX (Russia) – 1,519.30 (+27.82/1.87%)
BOVESPA (Brazil) – 69,529.727 (-2,300.453/-3.20%)
Nikkei 225 (Japan) – 9,426.71 (-73.54/-0.77%)
RICI (Commodities) – 3,476.69 (+1.60/0.05%)
Gold/oz – 1,325.10 (-46.90/-3.42%)
Silver/oz – 23.118 (-1.17/-4.82%)
Copper/lb – 379.70 (-4.20/-1.09%)
Oil/bbl (Brent) – 82.96 (+0.51/0.62%)
Wheat/bu (CBT) – 670.75 (-33.75/-4.79%)
Corn/bu – 560.00 (-3.00/-0.53%)
Rough Rice (CBOT) – 14.515 (+0.925/6.81%)
EUR-USD – 1.3954 (-0.0023/-0.16%)
USD-JPY – 81.379 (-0.073/-0.09%)
USD-HKD – 7.7611 (+0.0041/0.05%)
USD-BRL – 1.7057 (+0.0406/2.44%)
NZD-USD – 0.7468 (-0.0094/-1.24%)
3 Month Treasury – 0.12 (-0.01/-7.69%)
2 Year Treasury – 0.35 (-0.01/-2.78%)
10 Year Treasury – 2.55 (-0.01/-0.39%)
30 Year Treasury – 3.93 (-0.05/-1.26%)
3 Month LIBOR – 0.29 (UNCHG)
U.S. Public Debt (official) – 13,667,983,325,978.30 (+61,036,231,876.40/0.45%)
Baltic Dry Index (BDIY:IND) – 2,727.00 (-35.00/-1.27%)
Well this week just flew by. Work, work, work. Class.
I’m reading The Tipping Point too. About 1/3 of the way through, and while the core information content is pretty low so far, but there have been a number of very interesting stories. Especially about Paul Revere and his social network and how that contributed to his ability to spread the word that the British were coming. Overall it has been pretty entertaining, but after 100 pages I have just 1 or 2 pages of notes.
Got some MATLAB programming to do this weekend. Plus I’m putting the final touches on a 64-bit port of my company’s product. Finally that’s over. What a frustrating time I have had with that today.
Meanwhile, we’ve got a Halloween party tomorrow. I’ve got to dig up a costume… The last swimming lesson for Baby Girl is tomorrow too. We’re going to take a break until spring, at least with the formal classes. Hopefully we can still get her to the pool though.
It’s starting to get chilly. We got a light frost last night. Time to start planning the summer travel I guess. I’m sure there is a New Mexico trip in that, and probably a loop from Ann Arbor that involves New York, Montreal, and Toronto. Basically we’re going to scout New Hampshire again… Ideally we’ll make it to Mackinac Island too. We shall see.
Meanwhile the highs look to be in the 50s next week and the 40s the week after. Winter is coming… It should be fun pulling Baby Girl around in a sled. Meanwhile, gotta soak up the good weather while it’s still here!
Have a nice weekend.