Nothing really prepared for today's post but something I appear to have bookmarked weeks ago to share with the group. A short story on mass transit projects here in LA. I wanted to illustrate two things. First how some states and cities are very actively trying to push forward vital infrastructure costs. Second, this should help to dispel any impression that you may have left that the people of Los Angeles do not want mass transit. People here are screaming for these projects to go in. There is very little opposition to the re-laying of mass transit lines in the City of Angles. There was a time when Los Angeles had the best mass transit system in the country (a post for another day) and I can tell you from living here, and talking about these issues constantly with other frustrated commuters, that if the people of this city have anything to do with it, Los Angeles will once again lead the nation in mass transit.
On a personal level, there will be a light rail stop going in a block from my work in two years. I will be able to take the subway around the corner to my work. I can't wait, I'll never drive to work again!
Los Angeles Leads Full-Throttle Dash for U.S. Transit Cash
pened in 1990, Los Angeles County's modern-day rail system remains small. Five lines reach a sliver of this sprawling metropolis where 9.8 million people live. But a major expansion is under way, with hope that Congress might help accelerate the time table.
The Metropolitan Transportation Authority, the agency known as Metro, wants to build 12 projects over the next decade, compressing work that otherwise would occur over 30 years.
Goals include extending existing rail routes to Los Angeles International Airport and adding a line along part of the San Diego (I-405) Freeway. There is also the long-sought dream of building an underground "Subway to the Sea," which would start downtown, travel through heavily congested West Los Angeles and ideally end near the Pacific Ocean in Santa Monica.
Damn. Thorsday's up.
ReplyDeleteWhy are you so early? I was still pushing my comment numbers up.....
@Thor:
ReplyDeleteI hope you guys get your rail system, and that it proves so successful, they spring up around all metro areas.
I was wondering about a cross-country rail system that you could hook your car up to and go intra and interstate. I m not sure what the ratio of fuel consumption is, but I think the truckers are one of the biggest consumers of oil, and they whould be helped immesurably.
The mass transit system here is fantastic. If you're not in a big hurry, you can absolutely get anywhere on this island. Which is why I don't have a car. (the other reason is they drive on the wrong side of the road).
@Thor
ReplyDeleteFunny you posted the other day (was that yesterday?) about immigration.
Did you see this?
http://www.ft.com/intl/cms/s/0/a72f4636-9b61-11e0-bbc6-00144feabdc0.html#axzz1PvhXKSkJ
A report has crossed my desk indicating this may be the way of the future not just in Europe.
Wow! A million acres of farmland flodded in China! The media is saying food prices and inflation are headed to China because of this.
ReplyDeleteUm, lets see......1 million acres, that's about the size of Rhode Island. In a field of China.
I'm thinking that's not much of an event for the country, but is a sad event for the locals. It's funny the media is making such a big splash about this one.
Now I gotta go eat rat poison. Sigh.
ReplyDeleteI guess it's appropriate.
Holy market selloff batman! Yikes.
ReplyDeleteTee up some more QE please, Benny.
Rock - Isn't rice a main staple for most of the folks in China?
ReplyDeleteDon't rice paddies need to be flooded?
Does this mean that China now has a million acre rice paddy?
The questions I have is to what level of flooding and for how long will there be flooding and how did they determine it was 1 million acres?
Seems they are using this as an excuse for inflation
Mutt
Benny has no choice but to do more QE once this thing sells off in earnest. It's just a matter of time. And maybe that's what he's waiting for and wants here? Needs more of a pullback to justify it.
ReplyDelete@Mannwich:
ReplyDeleteAAPL's holding it's own, though.
And for some strange reason, so's RIMM.
bloomberg had a vignette on RIMM, and basically they said it was toast. And it's up .88% just now.
Go figure.
I would love to short RIMM again, Rock. Just a matter of when. Kicking myself for not adding to my C short yesterday. Hanging tough though.
ReplyDeleteMorning folks!
ReplyDeleteWow - hold on to your hats
@Rock: From the prior thread: I would argue that most stock prices now have very little to do with "P/E" values and other indicators so I'm not sure how you can argue that the market hasn't been inflated by the Fed's actions.
ReplyDeleteNC also posting on this strange story that I posted last night:
ReplyDeletehttp://www.nakedcapitalism.com/2011/06/sunny-sheu-murdered-for-investigating-ny-foreclosure-judge-joseph-golia.html
@MAnnwich:
ReplyDeleteI don't wanna argue.
I just want to point out that Benny did exactly what he said he would do, and exactly what he thought was right.
When the market was at 666, I bought 10000 shares of X. I delivered wood to those guys. I saw their operation (a very small piece of it) when I was a kid. I never in my wildest dreams ever thought I would be able to afford 10000 shares of US Steel.
I remember looking at the chart after I bought. I thought, My God, this country's going to get back on its feet again. This country's gonna happen again. And when the dynamite goes off and blows the door of the furnace open, and that fireworks goes off (all in my memory, of course) I knew US Steel would be at the heart of our country.
Well, Mannwich, times change. Now I short it.
But I still hope and pray that US Steel will be at the heart of our recovery, and I don't care if it's Benny or if it's Quad Daffy that leads the way, I want to see the recovery happen.
I don't see any recovery except what Benny put together, frankly. Our reps in Congress are worthless, and I think you, I and Benny all know that. I remember I almost came to blows with Craig Barrett because he wouldn't do the right thing for America, and he knew it. He still knows it, and when he goes on Bloomberg and lies and lies, he still knows who's right, every morning when he looks in the mirror and shaves, he knows who's right.
I can't figure out a man, who wants to call himself a man, can do that, I mean, look in the mirror and know what he's done, and shave, and go out and face people the next day and lie and lie and lie again. Barrett, if you ever read this, you be sure you know that I know what you did, not supporting your country in the name of taxes. You know that, and you look in the mirror every day, pal, and you shave. And you remember.
I look in the mirror, and shave. I feel good about trying to make America the best. I think Benny does too, except his razor seems a little dull.
I don't disagree with most of that, Rock, especially the fact that our Congress (disapproval rating almost 80%) is clueless and actually hurting our recovery chances. At least the Fed is TRYING to do some things, even if I don't believe that by itself is really helping most people in our economy and country, but mostly the people at the top (AGAIN), and largely many of the people who caused the very mess we're in now.
ReplyDeleteSpeaking of the nihilists in Congress "in action":
ReplyDeletehttp://www.huffingtonpost.com/2011/06/23/eric-cantor-debt-ceiling-talks_n_882897.html
@MAnnwich:
ReplyDeleteYour 9:56
If congress would get off its big fat bribed ass and do the right thing, Benny wouldn't have to try to kick the can down the road again.
I don't see anybody but Benny trying to get this thing going again. All I see is guys throwing up roadblocks--reasons why you can't.
I raised my son and daughters to remove and get around roadblocks. Not to put them up. Putting up a roadblock you won't get around guarantees you'll be a failure. Figuring out ways around roadblocks or how to remove them doesn't guarantee success, but it does guarantee progress.
Keep moving forward. Like Walt said. He was a great man.
I agree, Rock. It's quite a sad state of affairs. At least Benny is trying SOMETHING, a you say.
ReplyDeleteTaibbi on MN's own Bachmann. This is one frightening woman.
ReplyDeletehttp://www.huffingtonpost.com/2011/06/22/late-returns-taibbi-says-_n_882603.html
The full article:
ReplyDeletehttp://www.rollingstone.com/politics/news/michele-bachmanns-holy-war-20110622
About those "rising incomes" from our friend Tony yesterday:
ReplyDeletehttp://www.huffingtonpost.com/2011/06/23/americans-dont-expect-raises_n_882926.html
Must have Cheaper gas prices for the holiday driving season just about to start.
ReplyDeleteOR, big O can say goodbye to 2012 reelection.
What about food, eh?
ICan
NAZ going positive. Interesting day.
ReplyDeleteWowzers, quite a recovery!
ReplyDelete@Mannwich:
ReplyDeleteThanks, I read that, and ICan's info yesterday. I think we commented about your 1:54 before, and said Benny's looking for a 2% per year, and with 1000 applicants waiting to take your job, you for sure aren't going in to ask for your 2% raise.
ICan was right. I read 3 retail income statements this morning, and it seems the revenues are pretty evenly divided between offshore and domestic sales. I, being old, forgot that's possible. Just another senior moment.
I've talked to a few of the expats I know here, and they're saying "boy, are you lucky" when I tell them I've got a ticket to ride. One guy is a VP for Kraft, and he was saying that he thinks he will leave his family in the states this year, and commute. He's concerned over safety, and Singapore is one of the safest places.
With the visa/passport stuff going on in Europe and being proposed in the US, and the stuff I see going on here, well, it's time to get back to where I once belonged.
Remember CROX? Well, it's at a 52-week high today. 25.19. Do people still buy these crappy shoes?
ReplyDeleteQuite the little run for RIMM today. I might short that one again soon.
ReplyDelete‘Head-Scratcher’ Petroleum Release to Swell U.S. Crude Glut
ReplyDeleteI noticed that this was done through the IEA. I'm curious as to why.
@MAnnwich:
ReplyDeleteI have heel spurs from too much time on turf. It is inoperable.
When the pain gets excessive, I use crox, which has two effects for me:
1. It scares everybody away so I don't get bothered
2. It adjusts the pressure points of the bottom of my feet so the inflamed tissue from the spurs heals.
The disadvantage to crox is that it rains here nearly every day and you're taking your life in your hands when you wear these things out on wet pavement.
@emmy: Looming election year politics? I nibbled on some DIG earlier today. Let's see what happens.
ReplyDeleteLOL Rock! That's right. They're certainly not a fashion statement and I can see them being pretty useful for some people and kids but I can those things being dangerous on wet surfaces. They probably wouldn't work well here either lately. Everything just soaking wet.
ReplyDelete@emmy: Do they figure they can somehow do battle with the oil speculators by releasing even more oil onto the market?
ReplyDeleteA couple of sites have come to my attention in my search for reliable trading information. They are
ReplyDelete1. http://blog.themistrading.com/ where you will find this whitepaper:
http://blog.themistrading.com/wp-content/uploads/2011/06/THEM-White-Paper-Analysis-Phantom-Indexes-FINAL-06.22.11.pdf
2. The parent site http://www.themistrading.com/
and
3. http://www.thetradenews.com/tech-update
There are some interesting articles on these sites.
VXX ended up flat for the day after all that. Crazy. I smell a rally coming tomorrow. Zig-zag we go.
ReplyDeleteWish I had had time this afternoon to try and ride the wave back up. Thought it might cover half the ground not almost all of it. To many meetings to watch it like a hawk.
ReplyDeleteOh well got my 1% this morning riding that strong down wave.
I know in the past most negative reaction to the Fed comments is usually erased within a couple of days usually no more than a week. More up tomorrow?
That's what I'm thinking, Todd. Shouldn't the VIX be going up more with this back and forth action? Isn't that the very definition volatility? Or is it only applicable on big down days with big volume?
ReplyDeleteI wonder how many new shorts got trapped today and then stopped out late making the surge up even more pronounced?
ReplyDeletePaul Schott Stevens, an attorney from Investment Company Institute (Money market funds) says "trust me, the 1T$ investment in greek debt and banks that hold greek debt is no problem".
ReplyDeleteMakes me feel good. How bout you?
I am not in any MM funds because after my friend got her haircut, I got out, and distribute over several banks. So the accounts stay insured. It's a pain in the ass, tho.
Republicans pulled out of budget talks - good. For once I agree with them. Where the hell is the PRESIDENT in these negations? MIA once again.
ReplyDeleteI think these idiots (all politicians) are actually going to allow this nation to default.
Mr. Toad's Wild Ride today. I stayed long my position as I felt that if they wanted to crash it they would have and the market did not go below the lows of last week.
ReplyDeleteThink about it, the market has been selling off since May 2 because everyone was afraid of no QE3. Is this the buying climax, bottom made on the news?
ReplyDeleteI have as wide of a stop as I ever have, and was sweating it today.
ReplyDeleteAlso I do not have my regular chart set up like I do at home. Sometimes less is more.
@Thor: As has been the president's hallmark, he won't get involved and put his neck on the line for anything or anyone. He's not a real leader.
ReplyDeleteNow we've been told by many astute people that the news, or no one single news item rarely drives the market but wouldn't today's Greece news serve as evidence that sometimes it does? Again, the key word is "sometimes"......
ReplyDeleteQ2 ends next week. Gotta close green? No?
ReplyDeleteICan
Price war! Gasoline $3.39 and across the street $3.49. The next best is $3.54 and up.
ReplyDeleteIsn't Turkey part of Nato alliance?
ReplyDeleteAl-Jazeera reported today that Gaddafi's frontline troops are fed Turkey military ration. Off course Turkey denied that.
http://blogs.aljazeera.net/liveblog/libya
Maumar's 177 ton gold is sure tempting(wonder how much of it's left?).
ICan
Very good role model and Asia's love with boys, which will come to haunt some cultures.
ReplyDelete"Hong Kong tycoon pays $2 million bonuses over baby boy joy". www.straittimes.com/Breaking News/Asia/story/STI_682636.html
"Lee Shau-Kee, chairman of the leading property group Henderson Land Development announced the windfall of HK$10,000(1285) for employees(1500) to celebrate the arrival of his grandson(the couple previously had 2 daughters). His eldest son Peter, has 3 triplet sons(surrogate birth)".
People just don't want to change with time.
ICan
Little Emprors.
ReplyDeleteThese ones are rich. They'll have no problem finding brides.
ICan
@dss(8:10)
ReplyDeleteYou've got cheaper gas.
CAD/USD = 1.0210
1 liter of regular in my hood(cheapest) = 1.20/liter.
Ofcourse, we get free healthcare.
ICan
@Emmanuel(3:59)
ReplyDeleteOriginally, I thought that may be political reasons - elections 2012.
But, ft.com has another take:
"Oil reserves release shocks markets". West aims warning shot at OPEC cartel. Hmm
ICan
ICan,
ReplyDeleteYou mean you don't come down to the US and pay for the best health care in the world? You could get cheaper gas while you were at it. :-)
I wonder how the market will react to this news?
ReplyDeleteIs China afraid of deflation in the west. We all know they bought PIIG's debt.
Now, Mr. Wen Jiabao himself writes in Ft.com
"Chinese Premier Declares Inflation Victory" -ft.com
Premier Wen writes that Beijing is beating inflation..China has made capping price rise the priority of macro-economic regulation and introduced a host of targeted policies. They have worked".
ICan
@dss,(9:23)
ReplyDeleteNot worth it.
ICan
@dss,
ReplyDeleteHope you got power.
ICan
@ICan
ReplyDeleteI don't think the US has the ammo for that kind of market fight.
""Chinese Premier Declares Inflation Victory" -ft.com"
I believe this calls for a Mission Accomplished banner.
(looks at noir.bloomberg.com)
ReplyDelete(cries at the ****tiness of the new layout)
It's like they decided to imitate the WSJ!
ICan,
ReplyDeleteI haven't been back home yet to see if they have repaired the wires, but our phone works again so that is a good start.