B4 The Bell Tuezelday September 14
231 replies to this topic
Posted 14 September 2004 - 08:55 AM
[quote name='machinehead' date='Sep 14 2004, 07:09 AM'] Let me quote another portion of the NY Times article that Hiding Bear linked above:
[QUOTE]In addition to charging companies premiums, the [PBGC] takes over the assets of pension funds when companies default, invests them, and uses the income to pay retirees. That means that every time a pension fund collapses, the agency gets an immediate infusion of money.
It also gets an even bigger burden of debt, but the debt is paid over the long term. Until the debts start coming due in large numbers, the tide of new money coming in gives the deceptive appearance that the agency is getting healthier every time another pension fund fails.
The longer a Ponzi scheme keeps going, however, the more unsustainable it becomes.
So the PBGC is, in miniature, exactly like the larger Social Security and Medicare programs.
Help me, I'm going to SCREAM ... [/quote]
It gets a lot worse. The PBGC takes the assets of the faild pension plans and invests them in guess what.....The same thing it invests Social Security Supluses!
You got that right boys, The portion of the Gov't debt NOT held by the public. Se Link:
Look at the entire Monthly statement (PDF) and one schedule details the current holdings of the assorted agencies.
As of Aug 31, of the total 7,350,950M in Public Debt, 3,052,458M is intergovernmental debt.
Federal Old-Age and Survivors Insurance Trust Fund (Soc Sec) 1,447,104M
Civil Service Retirement and Disability Fund, 608,277M
Department of Defense, Medicare Eligible Retiree Fund 35,788M
Department of Defense Military Retirement Fund 179,314M
Federal Disability Insurance Trust Fund 182,635M
Federal Hospital Insurance Trust Fund 263,003M
Unemployment Trust Fund 46,918M
Nuclear Waste Disposal Fund, Department of Energy 30,409M
Federal Supplementary Medical Insurance Trust Fund 24,077M
National Service Life Insurance Fund, Department of Veterans Affairs 11,053M
Pension Benefit Guaranty Corporation 12,997M
Saving Association Insurance Fund 11,942M
Posted 14 September 2004 - 08:57 AM
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Posted 14 September 2004 - 09:12 AM
Morning Crew- as I said at the close yesterday - the top is in, now it is a question of the velocity down, window is at the bell for 35 minutes, Helmets on, Buckle up!
Posted 14 September 2004 - 09:14 AM
Current account deficit widens to $166.2 billion in the 2nd qtr. The current account deficit is now 5.7% of GDP...
1.8 billion smackers of foreign investment needed per day to maintain level of the dollar...
Posted 14 September 2004 - 09:17 AM
Barclay's Capital put out an interesting note on speculative positions in commodities
"... regarding the massive liquidation of long positions generally in the commodity markets, the latest data shows that the total net long across all CFTC commodities is at its lowest level since July 2003. "
"...crude oil moved from a net short position of approximately 200,000 contracts in late 2001to a high of 800,000 net long position
earlier this year. Already that has moved back to a far more
normal net 175,000 net long position, falling more sharply
than at any time in the past four years."
Posted 14 September 2004 - 09:25 AM
Always give the expectation numbers because you know it's all that matters...
Posted 14 September 2004 - 09:29 AM
As trading has yet to begin...Dear Friends,
My wife Toni is fond of saying that my last words on this
earth will be something akin to, "hey y'all, hold my drink and watch this!"
Well, I have outdone myself once again. No doubt you will see this true story chronicled in a Life Time movie in the near future. Here goes,,,
Last weekend I spied something at Larry's Pistol and Pawn that tickled my fancy.
(Note: Keep in mind that my "fancy" is easily tickled).
I bought something really cool for Toni. The occasion was our 22nd anniversary and I was looking for a little something extra for my sweet girl.
What I came across was a 100,000-volt, pocket/purse-sized Tazer gun with a clip.
For those of you who are not familiar with this product, it is less-than-lethal stun gun with two metal prongs designed to incapacitate an assailant with a shock of high-voltage, low amperage electricity while you flee to safety.The effects are supposed to be short lived, with no long-term adverse affect on your assailant, but allowing you adequate time to retreat to safety.You simply jab the prongs into your 250 lb.Tattooed assailant, push the button, and it will render him a slobbering, goggle-eyed, muscle-twitching, whimpering, pencil-neck geek. If you've never seen one of these things in action, then you're truly missing out--way too cool!
Long story short, I bought the device and brought it home. I loaded two triple-a batteries in the darn thing and pushed the button.Nothing !
I was so disappointed. Upon reading the directions (we don't need no stinkin' directions), I found much to my chagrin that this particular model would not create an arch between the prongs. How disappointing! ,,,,,,,,,,I do love fire for effect.
I learned that if I pushed the button, however, and pressed it
against a metal surface that I'd get the blue arch of electricity darting back and forth between the prongs that I was so looking forward to.I did so. Awesome!!!
Sparks, a blue arch of electricity, and a loud pop!!!
Yipeeeeee . . I'm easily amused, just for your information, but I have yet to explain to Toni what that burn spot is on the face of her microwave.
Okay, so I was home alone with this new toy, thinking to myself that it couldn't be all that bad with only two triple-a batteries, etc., etc.
There I sat in my recliner, my cat Gracie looking on intently(trusting little soul), reading the directions (that would be me, not Gracie) and thinking that I really needed to try this thing out on a flesh and blood target.
I must admit I thought about zapping Gracie for a fraction of a second and thought better of it. She is such a sweet kitty, after all.
But, if I was going to give this thing to Toni to protect herself against a mugger,
I did want some assurance that it would work as advertised. Am I wrong?
Was I wrong to think that? Seemed reasonable to me at! the time...
So, there I sat in a pair of shorts and a tank top with my reading glasses
perched delicately on the bridge of my nose, directions in one hand, Tazer in another. The directions said that a one-second burst would shock and disorient your assailant; a two-second burst was supposed to cause muscle spasms and a loss of bodily control; a three-second burst would purportedly make your assailant flop on the ground like a fish out of water. All the while I'm looking at this little device (measuring about 5" long, less than 1/4 inch in circumference, pretty cute really, and loaded with two itsy,bitsy triple-a batteries) thinking to myself, "no friggin' way!"
"Friggin' way--trust me", but I'm getting ahead of myself.
What happened next is almost beyond description, but I'll do my best.
Those of you who know me well have got a pretty good idea of what followed.
I'm sitting there alone, Gracie looking on with her head cocked to one side as to say,
"Don't do it buddy," reasoning that a one-second burst from such a tiny lil' ole thing couldn't hurt all that bad (sound, rational thinking under the circumstances, wouldn't you agree?). I decided to give myself a one-second burst just for the hell of it.
(Note:You know, a bad decision is like hindsight--always twenty-twenty.
It is so obvious that it was a bad decision after the fact, even though it seemed so right at the time. Don't ya hate that?)
I touched the prongs to my naked thigh, pushed the button, and
HOLY **************! DAaaaaaaaaaaMN!!!
I'm pretty sure that Jessie Ventura ran in through the front door, picked me up out of that recliner,then body slammed me on the carpet over and over again.
I vaguely recall waking up on my side in the fetal position, nipples on fire, testicles
nowhere to be found, soaking wet, with my left arm tucked under my body in the oddest position. Gracie was standing o! ver me making meowing sounds I had never
heard before, licking my face, undoubtedly thinking to herself,
"Do it again, do it again!" (Note: If you ever feel compelled to mug yourself with
a Tazer, one note of caution. There is no such thing as a one-second burst
when you zap yourself. You're not going to let go of that thing until it is dislodged from your hand by a violent thrashing about on the floor.
Then, if you're lucky, you won't dislodge one of the prongs 1/4" deep in your thigh
( like yours truly.) SON-OF-A-***** that hurt!
A minute or so later (I can't be sure, as time was a relative thing at this point),
I collected my wits(what little I had left), sat up and surveyed the landscape.
My reading glasses were on the mantel of the fireplace. How did they get there???
My triceps, right thigh and both titties were still twitching.
My face felt like it had been shot up with Novocain, as my bottom lip weighed 88 lbs. give or take an ounce or two, I'm pretty sure.
By the way, has anyone seen my testicles? I think they ran away. I'm offering a reward. Miss 'em . . . sure would like to get 'em back.
Posted 14 September 2004 - 09:31 AM
Applies to the back also.
A friend of mine just returned from up north. I was cleaning up his yard. We worked for about 40 minutes. He than had to quit. Just could not take the heat. I just continued to work. When I finished cleaning his yard he said. : I have not seen you this strong for over ten years."
Posted 14 September 2004 - 09:36 AM
I am ok, DOC
Thanks for the thought.
Posted 14 September 2004 - 09:51 AM
For Mozilla Firefart fans, the long-awaited release of v.1.0 is out this AM. I've installed it, and while some of the extensions aren't yet updated for it, it works just fine- flawless installation and it seems to load pages a little faster than v.92 did as well.
...A declining spenglerian carnival of Colossaalism united with Inflation where the numbers one through 10 are forever banished as worthless arithmetical detritus from a bygone age... - Beardrech
Posted 14 September 2004 - 09:54 AM
remember a while back thesun said he was buying treasuries. That was near the top of the interest rate in the last 3 months.
well, thesun has not bought any now for well over 3 or 4 weeks.
million of small guys a cross the nation are just like thesun.
if we are not buying, than who is buying.
and interest rate have to do only one thing now, go up.
thesun is also moving his money to CD's. that money was in treasuties, but is now gone. the treasury has a problem. that treasury was paying me 7% and now got rolled into a CD at 2 and change. A shame all around.
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