I have been saving Thor's emails about his trip to London and Egypt and here is the 1st one:
Just a quick note to let everyone know that we made it!
Our flight was absolutely brutal. The LAX to London leg was only delayed about an hour, and we made that up with a tail wind, but the flight leaving Heathrow to Paris was delayed about an hour and a half as well. With the size of the airport, and the terminal change, which in London requires a ride on the tube to get from Terminal 1 to terminal 4, gave us just enough time for a quick lunch. Our flight to Paris was fairly uneventful, but there was heavy snow in both Paris and London so of course our flight was again delayed. We were put on the airplane via a bus ride out to the tarmac and then proceeded to sit on the plane on the runway for 4 hours.
The temperature on the airplane kept going from warm to freezing - no fun. We arrived in Cairo at close to 3:00am local time at which point our luggage was apparently lost with most everyone elses on our flight. Apparently the snow in Europe has flights so screwed up that most of the luggage that made it on to our flight was backed up luggage from previous flights that had been delayed earlier in the week. We didn't actually make it to our hotel and into our rooms until 5:00am, making our total door to door travel time 29 hours.
A couple of quick first impressions before I sign off. We're staying at the Ramses Hilton and I upgraded the room that was offered on the tour so in terms of comfort and amenities you would never know we left the states. Although I always love to experience local life in the places we visit I have learned the hard way that when it comes to where we stay, it's best for me, because of my sleep issues, to bite the bullet and pay a little extra for a decent hotel. Although we do miss out on more culturally authentic lodging, I not only get good nights sleep in these kinds of hotels so have more energy to explore, but a more modern hotel will always have internet provided so we don't have to spend extra time searching out internet cafes to send you all my updates.
Our hotel is literally right on The Nile across the street from the Cairo Museum. Because I slept so late today, we haven't really done too much today. Our day so far has amounted to a trip to the mall across the street to buy a couple of shirts, some underwear, and some socks. Hopefully our luggage will show up soon, otherwise it looks like we'll be buying a new wardrobe in Egypt. Luckily we're in the land of Egyptian Cotton so that might not necessarily be such a bad thing! Egyptians so far are a very warm and open people. As I've said on previous trips I think you can get a good idea of what locals are like by how easily and warmly they smile. A smile here is met with an even bigger smile in return.
It would appear from the maps that we're close to central Cairo and MAN what a massive city, officially there are over 10 million residents, but unofficially, and probably far more realistic, that number is closer to 20 million. Traffic is absolutely insane, right outside our window, along the Nile, we can see many thoroughfares and they are crammed full of cars, lanes are just a suggestion and with the window to our room open, all you can hear are car horns! The city is practically throbbing!
Tim is taking a nap at the moment, and Call to Prayer just went off so I'm going to head out to the balcony so I can get my fill of this beautiful sound!
More later.
John & Tim
@Thor,
ReplyDeleteThanks for sharing your experience. Asian cities are massive, dirty, chaotic, yet lively.
@Rock,
Citi looks good.
ICan
I just saw on Bloomberg that NVDA, one of the strongest performers right now, is being recommended because analysts like the new higher performance video chipsets they're rolling out.
ReplyDeleteSorry. Stay away from NVDA. The analysts don't know what they're talking about. First, the high perf chipsets are meant for gamers. You'll never get one in your computer.
Second, the controllers need to go into the panels. Panels are being integrated (ie, notebooks, iPads, Kindles) where the video controller doesn't need to be on the CPU bus but needs to be re-architected onto the display panel, where the controller can be modified to support the quirks of the panel.
And of course, we have Intel's video solutions moving into northbridge, and unless Microsoft decides to increase the number of CPUs supported, and unless people write multi-threaded drivers that support these multiple CPU architectures, it only makes sense that Intel will integrate video controllers directly into the CPU chip.
So I see NVDA's business shifting from mainstream high volume to gamers, and I think they'll lose out on the vertical integration unless they really pick up marketing operations here in Korea, China, and Japan, who're developing the panels.
@ICan:
ReplyDeleteyes, C is on the move. But have you seen F?
I won't invest in the financials, but I'd sure love to see F outperform....I owned a 1965 Mustang 2+2 and a 1970 Mustang Mach I 428 and have had a love affair with Ford for a long time.
First On Race Day.
@MAnnwich, Dastro
ReplyDeleteHave a look at
http://www.minyanville.com/businessmarkets/articles/jeffrey-cooper-daily-market-report-us/1/6/2011/id/32020?from=ameritrade&camp=syndication&medium=portals
This may kind of fall in line with the possible correction you guys were talking about. It's an interesting article, from my viewpoint.
Now the big question: if the Bucky drives up by the 10% that Cooper is suggesting, and the US economic news continues to be BTE, we we see a substantial downturn in the market, or are we more likely to see a consolidation?
Because of the nonfarm payrolls today, I'm thinking we might not see the correction. I can't wait till tomorrow when those numbers come out.
should be "will we see" not "we we see".
ReplyDeleteGreat update, Thor! Can't wait for the pics. I still need to share some of my CO pics in my next post. Will remember to do that.
ReplyDelete@Rock: As someone who rents UUP and TLT, I hope that's right.
@Rock,
ReplyDeleteThanks for the info on NVDA. It is nice to have our own tech analyst to give us the inside scoop.
Thor has another post coming tomorrow and then when he comes home he can decide how to post the rest.
@Rock: I think those that are waiting, no, pining, for the coming apocalypse are going to have to wait a bit longer. It's going to drive them crazy JUST like it drove the Bush-haters crazy when his fake recovery went on for much longer than most thought it could.
ReplyDeleteA slap of reality?
ReplyDeletehttp://www.nytimes.com/2011/01/06/opinion/06mclean.html?_r=1&hp
Strange we don't hear any mention of this from FAT blowhard Chris Christie?
ReplyDeletehttp://www.nakedcapitalism.com/2011/01/nj-public-pension-slugfest-reporting-omits-15-years-of-governors-stealing-from-workers.html
Or from Lou Mish for that matter. Lou, where are you on this issue? Nowhere? Oh, shocking.
ReplyDeleteMannwich - I agree with you, as with just about anything it almost always takes longer then we think we should.
ReplyDeleteMy 19 yo son has been working out and watching what he eats, yet he is frustrated he isn't seeing those 6 pack abs yet (His old man has kegger abs)
I am trying to explain to him it takes time and dedication to get the results he wants, at this point he does not quite grasp that.
The market today is in full blown party mode, so those who have been trying to do the right thing and not party are sitting there wondering why the things are not going their way (I am one of those)
Someday the party will end, but it is hard to say when and were.
Just my 2 pennies
Mutt
@Mutt: Tell him to stick with it and that the working out and eating well shouldn't just be for vanity purposes (I know, tough to tell you a young person that!)....
ReplyDeleteThe results will come and are probably already there. It's so slow it's hard to see every day but one day he'll wake up and really SEE it. He's just not seeing them yet.
Thks Thor. re correction: I'm not in this market (except for some FXP left, which I keep despite it being a big loser), but would be glad to see a meaningful move down today anyway. Just to accomplish the Jan 6th Dastro prophecy.
ReplyDeleteAs to what I think is going to happen, it's irrelevant. Like most mutilated bears these days, I don't think anything for the time being.
--
Thks Rock for yesterday post on HFT. Really fascinating stuff, enjoy reading your take from the tech savvy side of the trade.
And then there's this. Let the games (and breakdown of the social cohesion of this nation) begin!
ReplyDeletehttp://www.syracuse.com/news/index.ssf/2010/12/nyc_plow_drivers_admit_slow_re.html
This comment has been removed by the author.
ReplyDeleteI think Robert Reich has been lurking at this blog:
ReplyDeletehttp://www.huffingtonpost.com/robert-reich/the-shameful-attack-on-pu_b_805050.html
Where's the attribution? ;-)
@Manny,
ReplyDeleteGreat article by Reich. What I want to know is why no one on the left is taking up this fight. First it was guns, then religion, then gays, abortion, and false patriotism, now that the public caught on to their class warfare schtick they turn to public employees. The ultimate shell game. Lookee over here while we rob you blind!
"This is what the current Republican attack on public-sector workers is really all about. Their version of class warfare is to pit private-sector workers against public servants. They'd rather set average working people against one another -- comparing one group's modest incomes and benefits with another group's modest incomes and benefits -- than have Americans see that the top 1 percent is now raking in a bigger share of national income than at any time since 1928, and paying at a lower tax rate. And Republicans would rather you didn't know they want to cut taxes on the rich even more."
Mannwich (1:10)- Thanks. Yea I am trying to get it in his head he needs to do these things for himself, but needs to ask WHY he is doing them. And “To get girls” is pretty vain.
ReplyDeleteI am also trying to get him to understand goals, there is very little we can accomplish today, but what is it he wants a year from now and if he does a little today in a year he will have accomplished a lot.
But like most 19 year olds six month is like forevah – He has no patients....yet
Mutt
@Denise: I think I know why after reading Chris Hedges' book, "Death of the Liberal Class". He lays it out in terms that make a lot of sense. It's because most establishment liberals are now toothless elitist insiders that have been co-opted by, and sold out to, the elite establishment. They're behind the velvet rope now and are happy to play their token theatric "role" as the "Washington Generals". They're ineffectual for a reason. They've been bought of to be this way.
ReplyDeleteWe should call this market "No Fear". Tomorrow the unemployment numbers come out and there once again is no fear about what they are going to be. It is an amazing feat, month after month.
ReplyDeleteIt's all theater to the insitutional "liberal" who are on the inside only to put up a token fight to achieve mostly symbolic gains that further enrages the marginalized. Think Alan Colmes to Sean Hannity on a wider scale. It's one reason why most institutional liberals are loathed today by many lower to middle class folk. They know it's mostly bullshit in the end.
ReplyDeleteBeach ball, denise. How long can this go on though. This is the Greenie Put times at least ten.
ReplyDelete@Manny,
ReplyDeleteThere is a lot to be said for that. Like Obama, who is proving himself to be un-political with a definite rightward pro-business leaning (as evidenced by his two choices for CoS among other things).
The thing is that the country at large does not sit on the farthest extremist right that their representatives proclaim. But every year the power elite push more of the burden of the country from themselves and onto the backs of everyone who is not them.
@Denise: That's right but eventually they will break the camels back and push too far. It's going to happen, it's just a matter of when, not if. I think that's why they try to do it slowly hoping Americans don't notice they're being shafted if they still have access to bury themselves in debt with cheap credit (thereby further eroding any leverage to make big demands in their jobs) to keep up appearances they're "wealthier" than the really are.....
ReplyDeleteEventually that will backfire too when so many just decide to not pay it back. Already happening in some quarters. When enough have nothing left to lose, that's when it all comes apart. And it will be ugly. For everyone.
And that's why the public union peeps are the perfect scapegoat for institutional liberals as well. Many of these employees don't have college degrees and aren't part of the institutional liberals' "club", if you will. They're not in their more "educated", refined tribe.
ReplyDeleteThe worst thing that I see coming down the pike is the elections in 2012. Another huge fight over the tax cuts for the rich, only the economy will have improved just enough for the Republicans to say, see they worked! Don't want to derail the recovery. And Obama will roll over, once again, despite the crushing debt load.
ReplyDeleteHe will get re-elected but I think that America in 2016 will not be a very comfortable place to live as he will have sold out Social Security, Medicare and God knows what else if his choices to head the deficit commission, Bowles and Simpson have their way.
Erskine Bowles: Social Security's Enemy No. 1?
Very clever to have Bowles and Simpson, bi-partisans, to make the horribly unpopular recommendations as this takes the heat off Obama.
Denise - No Fear Market, No Kidding, but it seems like unless you are a saver, or prudent in your desition making, there is no risk.
ReplyDeleteThey will just keep putting the tax payers dollar into the market, because that will eventually kick start the whole process and everyone will have jobs and be happy.
I knew what QE was 2 years ago, I just did not understand it's effects. Oh well, why be afraid to stick your head in the lions mouth, it's well fed... It wont bite you know...
Mutt
And yet there are STILL some that claim the Fed cannot "control or influence the markets". Sorry, but that has been disproven in spades, IMO. They can, and HAVE, with their actions, controlled and influenced the markets since about March '09, so almost two years now. At least that's what "the herd" "believes" or "perceives" anyway, and has acted on in the markets.
ReplyDeleteYup, Manny, it is a question of when. The biggest danger I think to the elites is the Boomers themselves. 86 million strong, if enough of them have to eat cat food and are forced to live with their children just to survive in the next decade things could go very badly for the people in charge, no matter what their party.
ReplyDeleteOTOH, so many of that cohort have been voting against their own self interest so long that there might not be much left to salvage by the time they wake up.
Of course the Fed controls and influences the markets, they do so through interest rates, margin requirements, capital requirements, etc. and now they have expanded their role even further. Why waste a good crisis, as Rahm says.
ReplyDeleteInterest rates are a huge part of economic policy.
ReplyDeleteTotally agree, Denise. Kicking the can uber alles. The short term-ism cultural mantra of "IBGYBG" ("I'll be gone, you'll be gone") will come to a screeching halt. I pity the fool that's in charge when it does. Actually, I don't.
ReplyDelete@Denise: Then why do so many scoff at their influence? It seems to me that Benny's done a masterful job of carrying out his mission of propping up the equity markets and driving down rates at the same time.
ReplyDeleteIgnorance. They don't know or if they know they don't understand the real role of the fed.
ReplyDeleteLet's start with Greenspan. His almost 20 year reign at the Fed was a total disaster with the country reeling from one crisis to the next, mostly because of his embrace of the failed and totally discredited Libertarian policy of free markets and deregulation. He is an economic terrorist as far as I am concerned.
Bernanke was dealt a terrible hand and so far he has followed the script handed to him to the letter.
Poor Paul Volcker, the last Fed chief who had the guts to do the right thing has been ignored and shuffled off to pasture.
On the topic of the global "elite", here's a link for our friend the other day. Wonder if he's lurking?
ReplyDeletehttp://m.theatlantic.com/magazine/archive/2011/01/the-rise-of-the-new-global-elite/8343/
A rising stock market is obviously one of the tools they are using to reflate our economy. The wealth effect cannot be denied.
ReplyDelete@Manny,
ReplyDeleteHe lurks. But I doubt if he is open minded enough to actually read the article.
Besides, he wasn't really interested in a debate about the elites, he was only looking to make you/us look bad so he could run back to the other site and giggle.
Agree with you 100% on Greenspan. He's done far more to hurt this nation (while helping the uber-wealthy and powerful, perhaps as a devout Randian that was the point?) than ANY terrorist that I can think of.
ReplyDeleteThe interest rate control I can understand. Someone has to dictate the rate at which money can be leant.
ReplyDeleteIt is the TARP, housing credit, QE and constant whining of "Tanks in the street" that I do not understand.
Free market is just that, but when businesses become fascist (C, GM, FRE/FME - Not to mention many others) When a business is TBTF and a FED blank check is given to choosen business that is no longer free market.
If a business is not allowed to fail no matter how inept it is, that is not free market.
The Fed has been and will continue to control the market until it can't any more. When that day comes is anybodies guess. But it will come
Mutt
Mutt,
ReplyDeleteYou know the dynamic, free markets for us, socialism for TBTF entities. Come on, get with the program!
But pooping in your own pants and blaming the smell on others, doesn't seem like an effect way to win an arguement.
ReplyDeleteMaybe it is done only to get a giggle or two...
Oh well it is not my job to figure out why people do the things they do.
Mangy Mutt
I hear you, Mutt, and agree. The Fed's actions aren't designed to aid any of the little people.
ReplyDeleteExactly Denise! We get to deal with "free markets" as the little people, actually worse than that, since it's even tougher to compete with big powerful corporations who collude against our interests with big powerful politicians. So it's worse than "free markets" for the little people. Does that make you feel any better? ;-)
The free market and pro-business mentality is what gives them (by them I mean congress, business, the Fed, and the power elites) the cover to push deregulation and fail to enforce regulations that cannot be taken off the books.
ReplyDeleteIt was at the heart of the S&L debacle, the LTCM meltdown, and the ongoing housing, mortgage, TBTF, TARP, and it continues to this day. Greenspan following Randian philosophy said we didn't need a cop on the corner to keep businesses honest, (cough, Enron, WorldCom, Tyco, Countrywide, BP, Massey Coal, the list is endless) they would self police. We all know how this turned out.
It is in the businesses self interest to maximize their profits and they will do so at the expense of everyone if allowed to. Our economic policies gave them the keys to the kingdom, they have the kingdom, and we have been forced to pay up.
The wealth transfer is staggering and continues to this day.
But hey, lookee over here, it's the public unions who are to blame, I tell ya!
Yea, but they are going to poop in their pants I wish they would do it over there and leave us out of it.
ReplyDeleteFor Greenie to decry the very thing that his policies basically promoted almost makes me want to laugh. Or cry. Is he serious or just playing his role in the theatric production put on by the elites for our benefit?
ReplyDeleteIs he feeling guilty or is he totally unaware of this fact? Or is he just putting on a show? Bizarre.
ReplyDeleteHe is trying to save his legacy.
ReplyDeleteI'll do a post next week about Greenspan and his incredible boneheaded statements and positions.
ReplyDeleteThe article, much of which is rubbish, does illustrate just how much it really is a race to the top these days by the elite, which basically comes at the expense of everyone else and that most of them don't think there's anything wrong with it or even care about the "other half". Isn't that what I've been saying?
ReplyDelete"Meritocracy" my ass. The merits of gaming the system and then taking advantage, perhaps.
ReplyDeleteFrom the article:
ReplyDeleteHolly Peterson and I spoke several times about how the super-affluence of recent years has changed the meaning of wealth. “There’s so much money on the Upper East Side right now,” she said. “If you look at the original movie Wall Street, it was a phenomenon where there were men in their 30s and 40s making $2 and $3 million a year, and that was disgusting. But then you had the Internet age, and then globalization, and you had people in their 30s, through hedge funds and Goldman Sachs partner jobs, who were making $20, $30, $40 million a year. And there were a lot of them doing it. I think people making $5 million to $10 million definitely don’t think they are making enough money.”
As an example, she described a conversation with a couple at a Manhattan dinner party: “They started saying, ‘If you’re going to buy all this stuff, life starts getting really expensive. If you’re going to do the NetJet thing’”—this is a service offering “fractional aircraft ownership” for those who do not wish to buy outright—“‘and if you’re going to have four houses, and you’re going to run the four houses, it’s like you start spending some money.’”
The clincher, Peterson says, came from the wife: “She turns to me and she goes, ‘You know, the thing about 20’”—by this, she meant $20 million a year—“‘is 20 is only 10 after taxes.’ And everyone at the table is nodding.”
I think that the phrase "They were born on third base but thought they hit a triple" is an appropriate description.
ReplyDeleteThat article is nauseating.
ReplyDeleteAnd this kind of thing poking a stick at everyone outside of their inner-sanctum will someday backfire big-time:
ReplyDelete"Though typically more guarded in their choice of words, many American plutocrats suggest, as Khodorkovsky did, that the trials faced by the working and middle classes are generally their own fault. When I asked one of Wall Street’s most successful investment-bank CEOs if he felt guilty for his firm’s role in creating the financial crisis, he told me with evident sincerity that he did not. The real culprit, he explained, was his feckless cousin, who owned three cars and a home he could not afford. One of America’s top hedge-fund managers made a near-identical case to me—though this time the offenders were his in-laws and their subprime mortgage. And a private-equity baron who divides his time between New York and Palm Beach pinned blame for the collapse on a favorite golf caddy in Arizona, who had bought three condos as investment properties at the height of the bubble.
It is this not-our-fault mentality that accounts for the plutocrats’ profound sense of victimization in the Obama era. You might expect that American elites—and particularly those in the financial sector—would be feeling pretty good, and more than a little grateful, right now. Thanks to a $700 billion TARP bailout and hundreds of billions of dollars lent nearly free of charge by the Federal Reserve (a policy Soros himself told me was a “hidden gift” to the banks), Wall Street has surged back to pre-crisis levels of compensation even as Main Street continues to struggle. Yet many of America’s financial giants consider themselves under siege from the Obama administration—in some cases almost literally. Last summer, for example, Blackstone’s Schwarzman caused an uproar when he said an Obama proposal to raise taxes on private-equity-firm compensation—by treating “carried interest” as ordinary income—was “like when Hitler invaded Poland in 1939.”
"‘You know, the thing about 20’”—by this, she meant $20 million a year—“‘is 20 is only 10 after taxes.’ And everyone at the table is nodding.”
ReplyDeleteThe problem is that they never deserved the 20, much less the 10 after taxes.
ReplyDeleteYep, it is nauseating.
ReplyDeleteMaybe the middle and lower classes should "go Galt" and see how things go?
ReplyDeleteWhat idiocy.
Exactly Denise, but the sychophantic Lou Mish's of the world would say THEY DESERVE every penny while the lowlifes that work in gov't jobs should feel lucky to get minimum wage.
ReplyDeleteWe as a nation and culture have completely lost our way (and our minds).
THIS is why the fake "liberals" in the elite class are not taken seriously by many people. It's mostly a show to show "they care about teh little people" and most people know it. The liberal establishment has gone the way of the do-do bird. They are irrelevant now.
ReplyDeleteThis is not going to end well. I feel for my kids and the rest of the younger people who are going to have to live in a world where they will be forced to fight over the scraps allowed to them.
ReplyDeleteEven more reason to really soak up what you have now. On that note, time to hit the gym. Cabin fever killing me lately.
ReplyDeleteThat's why I laugh at those who criticize Clinton's economic policies (there is a lot to criticize there but not that), Clinton was far, far, far, more conservative than Bush. Balanced budgets, reduced the size of government, free trade and free marketed us into oblivion, deregulated Wall Street, reduced and then eliminated the deficits, reformed Welfare.
ReplyDeleteThen Bush comes along and blows everything up. Gotta love them Republicans! Never saw a dollar they didn't spend and spend and spend. 5 trillion more during the Bush years. It's a joke.
Yup, time for dinner!
ReplyDelete"Food inflation soars to 18.32%". In India. http://www.tribuneindia.com/2011/20110107/biz.htm
ReplyDeleteThat's m-o-m.
"Finance Ministry said much of this inflation has been due to significant increase in the price of A FEW primary items like fruits, vegatables, milk, meat, poultry, eggs and fish".
What a joke - a "few primary items". Although the poor receive subsidies on basic foods such as wheat flour, lentils, sugar, cooking oil, and other living necesseties such as clothing,and toiletries.
Onions up 82%
Vegies up 58%
Fruits up 20%
Milk up 19%
Onions,garlic and ginger are a staple - used in every lentil/curry dish.
ICan
@I Can,
ReplyDeleteWow, that is amazing. And we thought we had it bad here. Plus how much of their income is devoted to purchasing food? I would guess it would be very high compared to us.
Although sugar is down from last year. In 2006 sugar was around Rs. 8/kg, 2010 it went up to Rs. 50/kg and now it's around 32/kg.
ReplyDeleteAfter a while people just adjust.
ICan
Key to the market today was that the Nasdaq was much stronger than the S&P.
ReplyDeleteNikkei was up 1.44% mostly because of the weakness in the yen.
MRK, one of the dividend payers I own has been strong and was up 1.37% today.
Russell 2000 was down .46% today, but is still closing in on it's 2007 high water mark.
ReplyDeleteDenise - Unfortunately I believe we will get the same type of food inflation over here.
ReplyDeleteExcept when we get it, it will be good for the economy.
Mutt
Wow I Can, incredible. Heard there were food riots in Algeria today over sugar?
ReplyDeleteYes, Denise.
ReplyDeleteI was talking to a cousin in India and he told me garlic is Rs. 300/kg. Onions at one point were over Rs. 100/kg.
Govt. did let traders import onions come from Pakistan for a few day. So the price moderated a bit. But now Pakistan is refusing.
But the problem is common people don't understand the reason behind inflation. They take the good side of inflation - ie their property prices have gone through the roof and some of them have become millionaires from dirt- poverty depending on where they were living- ie farmers close to New Delhi - their land prices went to over 10 million/acre over night. Wages have trippled. Govt. employees are unionised and receive hefty salaries. A regular govt. teacher( ie not science or math) receives around Rs. 25,000/month plus lot of perks like medicare etc.
All govt. school children recieve mid meals free. Poor receive subsidised food and other necessities.
India was/is a socialist country. All most all "good" jobs are govt - state and federal. Lot of banks, schools, colleges, hospitals, mines, factories, transportation like railways, buses,refeneries, oil and gas, coal. even utilites like telephone, power,roads.
Although there are private business too like auto manf, cell phone providers, a few energy companies etc.
Bulk of essentials are still under govt. control
ICan
I Can,
ReplyDeleteHow does that translate into Canadian or US dollars?
Does anyone really think anything will come of this? The SEC is a joke.
ReplyDeletehttp://dealbook.nytimes.com/2011/01/06/s-e-c-questions-goldman-on-offering/?hp
@Denise,
ReplyDeleteWhat part of their salary goes toward food. I don't have a stat handy. People working as labourers in our village make Rs. 300/day. which is considered good by indian standards. Cheaper to live in a farming village.
They own their own homes. Basically no debt. No taxes - no property tax, no insurance(brick/cement homes). Children receive free education. Receive subsidised food and and free medicare.
Living in an farming village is much much cheaper. Fuel, food, milk and other basic neccesities are cheaper.
Living in a city, and being at the end of the totem pole would be pretty hard.
Opposition parties expliot the situation and start blaming the ruling parties for inflation.
ICan
NVDA is up 28.95% in the last week, 22.57% in the past two days.
ReplyDeleteThis about sums things up on Capitol Hill. Who cares about a quaint thing such as an oath? They're going to likely break it anyway on the first week. LOL.
ReplyDeletehttp://www.huffingtonpost.com/2011/01/06/two-house-republicans-vot_n_805423.html
@dss,
ReplyDelete1 U$D = 45.21 INR. Indian rupie. When writing, the symbol Rs preceeds the amount. As in Rs.45.21
Rs = Rupies.
ICan
@Manny,
ReplyDeletePro forma for Facebook & GS. The SEC needs to CYA.
@dss lot of money printed by Greenspan, BB, Japan, and Europeans has ended up in Ems.
ReplyDeleteGood for them.
But, my father always asks me this, "Why don't they ( the western countries), creat jobs locally instead of running there. And then almost immediately he says "they" will regret it for what they are doing". He thinks living standard of people in the West will decline.
ICan
@I can,
ReplyDeleteWe say the same thing, but this trend started 20 years ago and I do not think will stop because there is always some other cheaper wage market to go to. And the 3rd world has few of environmental, minimum wage or worker safety regs that we have. The West is definitely in decline and our nation will have a lower universal standard of living, unless you are a Wall Street robber baron.
Tomorrow Thor arrives home. Yay! His second travelogue installment will be posted tomorrow. I can't wait to see the photos and hear some more about his trip.
ReplyDeleteIf the Euro continues to fall I think we might finally make that trip to Italy this year. Or Spain!
@dss,
ReplyDeleteEms want western $, and know-how/technology. and want to export to them. They are not interested in sharing/opening their market to the western multinationals. Each emerging market is in a race againgst the the other to produce numbers like - X country grows 8% -10% blah blah. I wonder how much are those number cooked.
Take India for example - While India is facing huge food inflation, yet they imposed 60% tax on sugar imports a few days ago. Sometimes they impose tax on lentils, cooking oil etc. I think every country provides major subsidies to farmers
Canada is the same when it comes to food. Canada has a quota sytem for milk, eggs and poultry where supply of these products is controlled by a few farmers. Milk, egg, poultry producers are millionaires. Cost of production plus some profit is guarnteed to them. One quota unit for egg laying hen is $250/hen. That's not the cost of the hen, that's the right to own one hen. Original farmers got the quota free. Although everyone can freely own 100 hens, above that you pay $250/hen and buy from a farmer who is willing to sell it you. Milk price in Canada is $1.45/litere. Politics of farming.
In the U.S. it's cotton farmers and Corn/ ethnol producers.
ICan
Bears -
ReplyDeleteRobert Prechter via Moneytalks.net
Doug Kass - Cnbc - video- why Doug Kass is in cash.
Denis Gartman - Cnbc video - why bond market is over
ICan
dss said...
ReplyDeleteI'll do a post next week about Greenspan and his incredible boneheaded statements and positions.
January 6, 2011 5:56 PM
Unnecessary and redundant. If you're looking for "incredible boneheaded statements and positions", just cut and paste this entire thread.
@Mr. Mentor,
ReplyDeleteYou flatter us too much!
Obviously, you relished every single word as you read it, your eyes caressing every letter, every syllable, committing them to memory!
It must be such a guilty pleasure for you, having to read each and every comment, savoring the pearls of wisdom we here at Anonymous Traders love to post. We are truly honored with your continued presence.
We know how much you love us by how much you visit us, you just can't stay away, you bad little boy!
Now I know this will be very difficult for you as your longing for us is unmistakable, but tear yourself away and scoot your little behind back to where you belong...
Until next time...
Pssst, come back tomorrow for Thor's travelogue!
ReplyDeleteYou know you won't be able to stay away, even for one day!
funny comment on Republicans reading Constitution:
ReplyDelete"glad to see Constitution being read aloud on US House floor. too much to expect lawmakers to have read it before being elected, i guess."
(11:51)
ReplyDeleteRelish isn't quite the word. Prefer onions & mustard on the hot dog. But I'll leave you to your beliefs which you'll naturally take me up on. Frankly - I don't blame you for that and it's one of the singular things that I'd probably agree with you on.
As for frequent visits, I wouldn't be ashamed to admit that I drop by (drop by more places than I'd like to count). But would you care to understand why? It's definitely not to improve tape reading skills (though that's not a criticism - because I could say the same about 99% of the others as well).
It has more to do with chemistry. Chemists and mettalurgists understand that certain acids dissolve certain metals (such as nitric acid dissolving copper).
Similarly, I believe it's important to get the brain trained on the the methods of what sort of argumentative process is needed when faced with a 'one sided' adversary.
My brain could not begin to construct one sided arguments in a way that is presented on this blog. Therefore, this blog serves a purpose as somewhat of a 'scenario creator'. To present one with a fortress of knotted collusion that one would never come up with on their own, or have a chance to practice against. While it's been explained that it's not useful or welcome to present dissenting arguments here, it's incredibly useful in open forums.
As for the occasional 'travelogues'? Not really interested in those. That's not a criticism either, just a polite 'no' to your RSVP. It would probably require another decade of a whole groups worth of presentations before I wouldn't be able to say "been there - done that" anymore.
http://www.youtube.com/watch?v=XAOaLbFFZUQ
Ma' Alsalam مع السلامة
John E Cash (6:16) - Are you any relation to Wile E Coyote? I was just wonder cuz your middle names are the same.
ReplyDeleteThank you for you above post, I can and do respect that, it is not a matter of agreeing with others, it is a matter of getting a different perspective and if it helps you gain a better perspective on things in your life great.
There are several blogs that I read not because I agree 100% with the author, but it helps me to sharpen who I am and gain insight in areas I normally wont be exposed.
With your above post and the way you articulated your possition, I do respect that and enjoy the insight.
All I ask (And I believe that is the case for all others here)is to keep it respectful.
When you put school age kids together they run around calling each other meaningless names and as an adult you sit there thinking WHY do they act that way, well they do it cuz they are kids.
By the time these kids grow up and enter the business world they still might feel the same way about people but the normally have learned to hold their tongue, especially in open social settings. As the others sitting around hearing the name calling are thinking WHY are they acting that way, it's not cuz they are kids anymore - Even though they sound like one.
If you have a condensending view or caustic remarks about a particular person or group, PLEASE keep it to yourself. If you have a differing view or opinion on a subject matter, PLEASE share it.
I would post this on Travellog II but it does not sound like you will be reading it and it is probably off topic, but I hope you read this.
Mangy Mutt
John E. Cash,
ReplyDeleteI am so glad that you took the bait!