Update first on my blogs. Now all 4 blogs hosted at this host company are down! Also includes the host company’s own website. No emails or calls yet from them, so have no idea of what is going on and when all will be right again. Got me thinking, once I can get those 4 blogs running correctly on that host? I will make backups and move to another web host!
First published online by Ian Stewart.
It was the holy grail of investors. The Black-Scholes equation, brainchild of economists Fischer Black and Myron Scholes, provided a rational way to price a financial contract when it still had time to run. It was like buying or selling a bet on a horse, halfway through the race. It opened up a new world of ever more complex investments, blossoming into a gigantic global industry. But when the sub-prime mortgage market turned sour, the darling of the financial markets became the Black Hole equation, sucking money out of the universe in an unending stream.
Anyone who has followed the crisis will understand that the real economy of businesses and commodities is being upstaged by complicated financial instruments known as derivatives. These are not money or goods. They are investments in investments, bets about bets. Derivatives created a booming global economy, but they also led to turbulent markets, the credit crunch, the near collapse of the banking system and the economic slump. And it was the Black-Scholes equation that opened up the world of derivatives.
The equation itself wasn’t the real problem. It was useful, it was precise, and its limitations were clearly stated. It provided an industry-standard method to assess the likely value of a financial derivative. So derivatives could be traded before they matured. The formula was fine if you used it sensibly and abandoned it when market conditions weren’t appropriate. The trouble was its potential for abuse. It allowed derivatives to become commodities that could be traded in their own right. The financial sector called it the Midas Formula and saw it as a recipe for making everything turn to gold. But the markets forgot how the story of King Midas ended.
Read it all HERE.
(what is wrong today. computers doing the trading, the trading not in money or goods but in paper that is really worthless)
FORTUNE — In 2009 a writer named Jon Meyers was hired to furnish a screenplay for what soon became the strangest movie project of his life. The film was to star a number of well-known actors — James Caan, Talia Shire, Mark Hamill, Ving Rhames — and it would chronicle the life of Barry Minkow.
Minkow (rhymes with Kinko) was the boy-wonder business phenom of the 1980s. In 1982, at age 16, he started ZZZZ Best, a carpet-cleaning company, from his parents’ garage in Reseda, Calif., in the San Fernando Valley. The business expanded rapidly and went public in 1986, making Minkow, at age 20, worth more than $100 million on paper. But it was a giant Ponzi scheme and collapsed in May 1987. Minkow was convicted of 57 federal felonies, sentenced to 25 years, and ordered to pay $26 million in restitution.
Though raised as a Jew, Minkow then became an evangelical Christian. In prison he also began giving seminars and shooting videos designed to help detectives and accountants catch fraudsters of the type he had been. Paroled in 1995, he became the pastor of a San Diego church, where membership would more than quintuple under his charismatic leadership. In 2001 he founded the Fraud Discovery Institute (FDI), which assisted the Federal Bureau of Investigation, the Securities and Exchange Commission, and others in shutting down at least 20 serious Ponzi schemes, including one that had swept up $500 million in investor money, and another whose ringleader was sentenced to 30 years.
FEMEN Protests Gazprom Moscow (NSFW as nudity)
WASHINGTON – The United States and Europe are considering unprecedented punishment against Iran that could immediately cripple the country’s financial lifeline. But it’s an extreme option in the banking world that would come with its own costs.
The Obama administration wants Iran evicted from SWIFT, an independent financial clearinghouse that is crucial to the country’s overseas oil sales. That would leapfrog the current slow-pressure campaign of sanctions aimed at persuading Iran to drop what the U.S. and its allies contend is a drive toward developing and building nuclear weapons. It also perhaps would buy time for the U.S. to persuade Israel not to launch a pre-emptive military strike on Iran this spring.
The last-resort financial effort suggests the U.S. and Europe are grasping for ways to show immediate results because economic sanctions have so far failed to force Iran back to nuclear talks.
President Eisenhower had three secret meetings with aliens, former Pentagon consultant claims
Former American President Dwight D. Eisenhower had three secret meetings with aliens, a former US government consultant has claimed.
The 34th President of the United States met the extra terrestrials at a remote air base in New Mexico in 1954, according to lecturer and author Timothy Good.
Eisenhower and other FBI officials are said to have organised the showdown with the space creatures by sending out ‘telepathic messages’.
Bizarre: Former American President Dwight D. Eisenhower had three secret meetings with aliens, a former US government consultant has claimedBizarre: Former American President Dwight D. Eisenhower had three secret meetings with aliens, a former US government consultant has claimed
The two parties finally met up on three separate occasions at the Holloman Air Force base and there were ‘many witnesses’.
Conspiracy theorists have circulated increased rumours in recent months that the meeting between the Commander-in-Chief and people from another planet took place.
But the claims from Mr Good, a former U.S. Congress and Pentagon consultant, are the first to be made publicly by a prominent academic.
Speaking on Frank Skinner’s BBC2 current affairs show Opinionated, he said that governments around the world have been in regular contact with aliens for many decades.
(wow, talk about some nut jobs! but then, it could explain how obama came about?)
CALGARY – TransCanada Corp.’s schedule for the controversial Keystone XL oil pipeline slipped further Tuesday, as the Calgary pipeline company said it now expects a start-up date in early 2015 rather than its previous expectation of 2014.
Earlier this year, the Obama Administration refused to grant the line a permit to cross the U.S. border, though the White House invited TransCanada to apply again. TransCanada executives say they still expect the line -envisioned to transport crude from Alberta to the U.S. Gulf Coast – to be approved eventually.
On Monday, TransCanada spokesman Shawn Howard said the delay into 2015 is partly because the company is “still waiting for some answers” from the U.S. government about the process to refile its application.
The company needs to know how much material it will be allowed to refile from the previous application that was rejected by the Obama Administration early this year, Howard said. TransCanada is also continuing to gather information about a planned 100-mile re-route around an environmentally sensitive area in Nebraska, he said.
Late last year, the Obama Administration postponed a decision on the line until early 2013. U.S. Republicans then passed legislation forcing the State Department to make a decision on the line by the end of February. The White House, saying that deadline didn’t give it enough time to review the project, rejected it, but invited TransCanada to reapply.
Despite the setback, TransCanada believes it will be successful with its second application for the US$7.6 billion, 1,700-mile project that would send up to 830,000 barrels a day from Canada and the western U.S. to refineries on the Gulf Coast.
Earlier Tuesday, TransCanada posted C$422 million in earnings in its fourth quarter, a 33% increase from a year earlier. It also boosted its dividend by 5%.
Now this is freaking hilarious. Our DHS highlighting just how they protect us! By stopping hair dryers from entering the country. Geesh, how about doing your real job and stop damn illegals from entering our company?
Washington (Monday, February 13, 2012) — U.S. Customs and Border Protection (CBP) seized thousands of hair dryers recently that were determined to constitute a “substantial product hazard” under U.S. law, for failing to have adequate immersion protection. The potentially dangerous hair dryers were identified through a nationwide targeting operation by the CBP Import Safety Commercial Targeting and Analysis Center (CTAC).
As a result of the targeting operation, CBP officers in the port of Los Angeles seized an entire shipment of 9,768 hair dryers that lacked shock protection for consumers. Lack of proper shock protection could lead to an electrocution if contact is made with a water source. The port of Miami had a notable seizure of 3,614 hair dryers that also lacked proper shock protection for consumers. These two shipments, containing a total of 13,382 hair dryers, had an estimated domestic value of approximately $229,998 with a manufacturer’s suggested retail price of $2,506,517.
“Ensuring the safety of imported merchandise is a top priority for CBP,” said Allen Gina, CBP’s assistant commissioner for international trade. “The concerted targeting efforts of CTAC and the vigilance of CBP officers at our ports of entry will help ensure that products like hair dryers are safe for consumers and that substandard product from overseas does not reach store shelves.”
With $2.4 billion going to companies that Energy Department official Sanjay Wagle’s venture capital firm invested in prior to government funding.
(WaPo) — Sanjay Wagle was a venture capitalist and Barack Obama fundraiser in 2008, rallying support through a group he headed known as Clean Tech for Obama.
Shortly after Obama’s election, he left his California firm to join the Energy Department, just as the administration embarked on a massive program to stimulate the economy with federal investments in clean-technology firms.
Following an enduring Washington tradition, Wagle shifted from the private sector, where his firm hoped to profit from federal investments, to an insider’s seat in the administration’s $80 billion clean-energy investment program.
He was one of several players in venture capital, which was providing financial backing to start-up clean-tech companies, who moved into the Energy Department at a time when the agency was seeking outside expertise in the field. At the same time, their industry had a huge stake in decisions about which companies would receive government loans, grants and support.
During the next three years, the department provided $2.4 billion in public funding to clean-energy companies in which Wagle’s former firm, Vantage Point Venture Partners, had invested, a Washington Post analysis found. Overall, the Post found that $3.9 billion in federal grants and financing flowed to 21 companies backed by firms with connections to five Obama administration staffers and advisers.
(talk about breaking the law here! our congress has got to stop this damn asshole we have as president from doing shit like this! and arrest and throw in jail all his cronies involved in this)
(The Hill) — Rick Santorum continued to lambaste President Obama’s healthcare policy during a Tuesday night campaign stop in Boise, Idaho, labeling members of the administration as “elite snobs.”
“They don’t believe you can make these decisions,” Sanatorium said to a packed high school auditorium. “They need to makes these decisions for you because if you were left to make decisions you will obviously jump off a cliff. Don’t you see how they see you? How they look down their nose at the average American — these elite snobs.”
Now a front-runner in the GOP race for the nomination, Santorum has turned to healthcare as a rallying cry, as he campaigns through Idaho, painting himself as the only conservative candidate who can take on President Obama in the main election.
Speaking to a crowd of nearly 4,000, the former Pennsylvania senator targeted Obama’s Affordable Care Act set to take hold in 2014 as a pompous snub to the American people. Santorum instead praised Rep. Paul Ryan’s (R-Wis.) healthcare blueprint as the better alternative.
(see, he speaks the truth. you and I know that obama and his entire regime think and believe we are all idiots and they know it all)
President Obama wants tighter gun control laws, but he does appreciate that armed Secret Service agents protect his daughters every day on their way to school.
“It might come in handy to have these super locks,” Obama joked at Master Lock in Wisconsin, noting that he will soon have two teenage daughters. “For now, I’m just counting on the fact that when they go to school there are men with guns with them.”
(have you all noticed that those who want to take away our guns got to have men with guns to protect them? bloomberg in nyc has armed security 24/7 and he wants all guns removed from all people in nyc. same with those liberals in lala land)
Obama Pushes Global Minimum Tax In Milwaukee ( see, this nutcase wants ONE WORLD ORDER! with of course, islamics ruling the rest)
Obama Spends $47B on Fast Train to Nowhere Again, just wasting our tax dollars on his schemes!