Morning Report – bank earnings 10/11/13

Vital Statistics:

Last Change Percent
S&P Futures 1684.0 -1.0 -0.06%
Eurostoxx Index 2966.3 -3.2 -0.11%
Oil (WTI) 101.7 -1.3 -1.24%
LIBOR 0.244 0.001 0.21%
US Dollar Index (DXY) 80.29 -0.124 -0.15%
10 Year Govt Bond Yield 2.66% -0.02%
Current Coupon Ginnie Mae TBA 105.5 0.1
Current Coupon Fannie Mae TBA 104.6 0.2
RPX Composite Real Estate Index 200.7 -0.2
BankRate 30 Year Fixed Rate Mortgage 4.3
Markets are flattish after yesterday’s rally on the possibility of a deal on the debt ceiling. Bonds and MBS are rallying.
John Boehner and Obama met to discuss a 6 week clean extension for the debt ceiling. The government “shutdown” would remain in place.Neither side agreed to anything.
Earnings season is upon us, and we heard from Wells Fargo and JP Morgan this morning. Wells reported residential mortgage originations were $80 billion for the third quarter, down 29% from the $112 billion in the second quarter. JP Morgan reported a loss due to legal expenses. Their origination volume decreased 18% from the prior quarter.
The government is re-thinking how it releases market-sensitive economic data. Under the current system, the government releases data to the media under an embargoed basis – the reporters have an hour to write their reports and then the data is released to the market. At issue is the fact that high frequency traders have paid for high speed transmission lines to media outlets and they get the raw data a few milliseconds before everyone else does. The idea would be for the government to release the data directly to the media so no one gets a jump on market moving reports.
Monday is a bank holiday and the bond market will be closed, although the equity market will be open. Should be a slow news day.

86 Responses

  1. Second!

    I’ve been experimenting with the whole shut down thing, just ignoring the news as completely as possible (I have read that the government shut down, and then that there’s some kind of deal to increase the debt ceiling or something on the TV at the gym . . . that’s has been the whole of my paying attention to politics over the past several months, pretty much).

    Interesting to observe how much effect the government shut down had on me as someone ignoring it completely. Oh, and I’ve seen some Facebook posts from Ezra Klein (haven’t read them, just the teaser). A neighbor who was deployed or about to be deployed was shipped back home, and isn’t collecting a paycheck. So far, that’s been the extent of it. If they didn’t have CNN on two of the big TVs at the gym, I don’t think I’d even know it was happening.

    Also, I could never see ESPN or any of the ESPN channels again in my life and I think my life would be better for it. But that’s a tangent.

    Like

    • Kevin:

      Also, I could never see ESPN or any of the ESPN channels again in my life and I think my life would be better for it. But that’s a tangent.

      So not a MNF fan, then.

      Like

  2. It’s on all over the Planet Fitness that is now my gym. Never been a big sports fan, and it’s on loud in the locker room in addition to the music feed, so there is always a battle going on . . . then I come in to change and there’s some guy with all his stuff over the bench in front of the locker I picked and instead of changing he’s dawdling like a toddler who should be getting ready for kindergarten but is watching Playhouse Disney, only his eyes are glued to the ESPN.

    Not necessarily the fault of ESPN. But still . . . over the past few months I’ve grown really tired of seeing it and hearing it. 😉

    Like

    • KW, same question as George – are you keeping the weight off? I hope you drop in more often, btw.

      Wait -that sounded like a scold from grandma. Forget it. Glad you came by, my son.

      Like

  3. I haven’t had cable in awhile. If it’s a must see game on MNF, friend or sports bar.
    i get hockey through their online package. mac mini plugged directly into my TV.

    also, to get internet into the house, they can’t filter out the first 20 or so cable channels. so I kind of get that

    Like

  4. Kevin, with your gym reference, are you keeping the weight off?

    Like

  5. Serious question, did anybody *really* believe that promise? If so, why?

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    • McWing:

      Serious question, did anybody *really* believe that promise? If so, why?

      I have to assume that many, many people truly and naively did believe it. Otherwise I would have to conclude that a huge number of Obama supporters are mendacious liars just like Obama, who most certainly knew it wasn’t true.

      Like

  6. Housekeeping item. Did we run off the non-conservatives/libertarians?

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    • Does the absence of the entire left make me the most liberal person here? I guess so.

      I participate in another mailgroup in which I am [often dismissed as] the most conservative person there.

      KW knows that group, too.

      It must be difficult to get a broad spectrum and keep it.

      Like

      • Scott, since Lms left, are you doing the financial housekeeping? Are there renewals that must be paid? Do we need to pass the hat?

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        • Mark:

          Scott, since Lms left, are you doing the financial housekeeping? Are there renewals that must be paid? Do we need to pass the hat?

          As lms mentioned, there is an annual cost for the upgraded software package. It’s auto-rollover on my credit card, sometime in January I think. (That was the month we moved from blogspot to wordpress.) Nothing huge, and I am too lazy to check to see what it is, so no need to pass the hat. The regulators haven’t put me out of a job quite yet (try as they might), so I can manage. As a greedy and lawless bankster, I feel I should probably give something back.

          Like

      • Mark:

        It must be difficult to get a broad spectrum and keep it.

        I’ve been thinking about this a lot, actually. It does seem notable that pretty much all the progressives are gone, or mostly gone. Obviously there can be all kinds of reasons why people left. But I wonder if it isn’t at least in part a function of the fact that we all originally met on PL, a highly partisan left-wing site, and us non-lefties, by going there, were actually intruders into the liberal world, a situation we were obviously happy to put ourselves in, otherwise we wouldn’t have done it. But it wasn’t what the liberals there were looking for. If you are a liberal you don’t go to PL to find and argue with conservatives (or libertarians). You go there to listen to what other lefties are saying. When you look at it that way, we non-lefties sort of imposed ourselves on the liberals, and for a while they indulged us, so much so that they joined us here. Perhaps they got tired of indulging us, and wanted more of what they went to PL for in the first place, which they aren’t gong to find here.

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  7. This is funny.

    @BenjySarlin: Ted Cruz: “Vice President Joe Biden” (pause) (hahahaha booooo) “You don’t even need a punch line!”

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  8. I dont think wordpress charges anything

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  9. yeah, wordpress is a right.

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  10. don’t give obama any ideas…he’ll use the fairness doctrine to shut us down…

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    • I am a big supporter of OPCW as y’all know – but it was ignored until we needed inspectors who haven’t done anything yet, so this prize is in the BHO category of undeserved. It is not in the upchuck category of Orwellian up-is-down like Arafat’s, but it is a waste.

      What did the Committee have against the Pakistani girl who got shot in the head?

      Like

  11. Actually there are a few costs involved. I have the domain name, which Sue transferred to me this year, but the cost is minimal per year. Scott upgraded so we could have this spiffy looking site and he’s now covered that cost alone the last two years. If I were him I’d ask for contributions but I’m not him.

    I’m working on a specific goal for the summer of 2015 that’s really eating up my time right now and so I am mostly gone. Once Yello left it seemed sort of silly and boring (sorry) to be essentially the only consistent liberal left. I know Michi and Geanie still check in occasionally but I’m an all or nothing girl and right now I don’t have time for all.

    I read what you guys write though once or twice a week. Right now I’m better off just checking in at the PL when I see something that might interest them.

    Yay for Fridays.

    Like

  12. best of luck with your 2015 goal!

    Like

  13. The questions Juicebox asks are very revealing and amusing. Short version: You’re Freaks! And Koch brothers!

    http://m.washingtonpost.com/blogs/wonkblog/wp/2013/10/11/the-war-between-the-tea-party-and-k-street/

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  14. Thanks Nova, I’ll try to check in occasionally to at least say Hi and make sure you guys are behaving yourselves.

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    • I expect to see your name in lights at ESPN after the senior olympics in 2015. LMSinCA!

      Also, this is the message from the federal healthcare site, which is not working:

      I am very sorry for any issues you may be having with our website. We have a lot of visitors trying to use our website right now, this is causing some glitches for some people trying to create accounts, log in, or apply. Please keep trying and thank you for your patience. You might have better success during off-peak hours, like later at night or early in the morning. We’ll continue working to improve the site so you can get covered! Keep in mind that as long as you are able to create an account, fill out the application, compare and enroll in a plan, and have your premium paid by December 15, 2013, your coverage will start no earlier than January 1, 2014. Open Enrollment ends March 31st if you do not need coverage right away so there is plenty of time to enroll. Again, we ask that you please be patient, as we are doing everything we can to get the glitches out considering we are still receiving a high volume of traffic on the site. If you are not willing to keep trying and prefer to have someone else enroll you, there is an option to call our call center and have someone help you over the phone. Our number is 1-800-318-2596. Again, I am very sorry for the inconvenience.

      Like

  15. “markinaustin, on October 11, 2013 at 10:37 am said:

    I am a big supporter of OPCW as y’all know – but it was ignored until we needed inspectors who haven’t done anything yet, so this prize is in the BHO category of undeserved. It is not in the upchuck category of Orwellian up-is-down like Arafat’s, but it is a waste.

    What did the Committee have against the Pakistani girl who got shot in the head?”

    Actually for Syria, BHO deserved it more than OPCW. Obama and Putin as joint recipients would have been funny.

    And yes, the Pakistani girl was the most deserving of it.

    Like

  16. True?

    @SenMikeLee: The #shutdown is introducing us to the abusive, partisan, unaccountable bureaucracy that, will soon be running America’s health care system.

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  17. McWing, that was a good interview. Thanks for the link.

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  18. I just got something set to me with the title “Header Reaserch”

    I guess, I am, phonetically…

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  19. As a greedy and lawless bankster, I feel I should probably give something back.

    In other words, it’s Koch brothers money!

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    • I used to read Krugman pretty regularly (just as I used to read the whole NYT op-ed page regularly), but I have to confess that it has been a long time since I gave him anything but derivative attention, reading him only when he was referenced for one reason or another by someone else. Today Ace excerpts from a 3-part series by Niall Ferguson on Krugman, his predictions, and his method of interaction with others. The series is a good reminder of just why I stopped bothering with him.

      Like

  20. @ScottC: “As a greedy and lawless bankster, I feel I should probably give something back”

    A liberal would just argue that we needed to raise taxes on the rich, and sit back, content that they had done their part. 😉

    “Obviously there can be all kinds of reasons why people left.”

    I had greatly diminished engagement, in part due to other foci, but also as an effort to spend a little less time Internetting. This has, alas, mostly lead to other non-ideal wastes of time, but I was trying. Also, people’s interest in participating in certain discussions change . . . my interest in politics has waned as much as it ever has in my life. I can’t remember being this disinterested in politics. Perhaps it’s male menopause. I don’t know.

    ” If you are a liberal you don’t go to PL to find and argue with conservatives (or libertarians). You go there to listen to what other lefties are saying. ”

    And I think there is also an issue of knowing there are going to be dissenters, that many of them will make poor (or no) arguments and just name call, and those that do make cogent arguments can be heaped in with the others, and easily overwhelmed. If you are a liberal going to PL you’re like a conservative going to Ace of Spades. You know that your voice will always be in the majority.

    I think there is another issue, and one that’s hard to get around: people identify very personally with their political beliefs, especially hot button issues. This gets very emotional and complicated, so that issues like abortion or race become highly contentious because just trying to come up with a neutral hypothetical comparison about abortion becomes something akin to a personal attack on womanhood.

    Politics are often very personal, either because of personal experience or because we just emotionally identify so deeply with certain issues. This makes dispassionate consideration of opposing viewpoints very difficult, and it becomes insulting just to disagree with them on that issue.

    Also, many of us have issues that we don’t particularly want to hear people we generally like disagreeing with us on. When we’re arguing politics with anonymous avatars on the Internet it’s one thing, when we’ve become friends with them and know something of their personal lives and they just don’t understand this critical, emotionally-weighted issue from our point of view, the conversation ceases to be fun. Which is not really anybody’s fault and there’s not a lot you can do.

    I could go on, but enough rambling.

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    • Kevin:

      If you are a liberal going to PL you’re like a conservative going to Ace of Spades. You know that your voice will always be in the majority.

      Agreed. I read right-leaning sites all the time, but I rarely read the comments sections and I never bother to comment myself (except here…I guess it finally is true that ATiM is a right-leaning blog, at least for the moment.) My experiences on message boards and commenting on blogs have always been on liberal sites. My first commenting experience came on CNN’s old message boards in the mid to late ’90s, under the topic Race Relations. Almost every regular there was on the left. When CNN shut down its boards, I moved on to the NYT boards, aalso (obviously) filled with liberals. Then I moved on to the BBC (living in England) which (again obviously) was chok full of lefties. Finally I started my own blog, and while most of my commenters were on my side, even then the most interesting interaction I had was with people who disagreed with me (primarily a BBC journalist who somehow found my site and to his credit would regularly engage me in my criticisms, and even included me in an article he once wrote.) When I left the UK, I didn’t do much commenting for a couple years, and then accidentally stumbled upon PL. And the rest, well, you know!

      In short, I’ve never had a lot of interest in an echo chamber. I hope ATiM doesn’t become one. I suspect that, at the very least, jnc’s posture towards my industry is sure to guarantee that it won’t.

      Like

  21. ScottC: Agree on Krugman. Find him like the frustrating stopped clock. Don’t have a lot of specific examples, but can think of times where I think he’s been refreshingly candid about his positions (like saying that we needed so-called death panels, and saying they were bad was stupid) or where he seems to get the facts on the ground exactly right and then his conclusions are frustratingly and obviously wrong. And then proved wrong. And then excused, with basically a statement like his conclusions were clearly right, just reality was wrong. 😉

    Like

  22. @Troll: “In other words, it’s Koch brothers money!”

    Where is my Koch brothers money? If they are buying elections, then they totally need to be paying me.

    Like

  23. @novahockey: “yeah, wordpress is a right.”

    Funniest thing I’ve read on the Interwebz today.

    Funniest think I’ve heard is the audiobook I’m listening to, Adam Carolla’s Not Taco Bell Material. To paraphrase: the more money the federal government spends on a particular subsidized housing project, the worse it smells. But it was funnier listening to him say it. 😉

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  24. @Troll: “Kevin, with your gym reference, are you keeping the weight off?”

    Well, some of it came back on, I’m working to get it off again, but also to get in better shape. I actually got down to 185 for about 3 days! Then, vacations and Christmas and a lot of other stuff . . . put on 30 lbs (at 215) and I want to get back down to 195, having it be basically 185 with an extra 10 lbs of muscle.

    Also doing it to improve my brain. And stave off depression. Which, it turns out, keeping your heart rate elevated to between 60% and 80% of your maximum heart rate for 20+ minutes for 5 or 6 days a week really does seem to help a lot. For more on that topic, I highly recommend Spark by John J. Ratey and Eric Hagerman, or the audiobook version which is available on Audible.com.

    Like

  25. @Novahockey: “If you like your doctor, you can keep him/her”

    While not a fan of Obamacare, that was getting tough, anyway. My primary care physician went to join another practice because of consolidation (big hospitals buying small practices) and they didn’t like the particular big hospital buying their smaller practice, and it ain’t the first time that has happened recently . . . which apparently has something to do with what the insurance companies are doing? I dunno. But I do know it’s been happening for a while. Before the ACA, at least.

    Well, Obama got further with the ACA then Bush every did with SS reform. However, presidents should learn that trying to have signature pieces of domestic legislation is just a bad idea in this day and age. Much better to start a war, or have covert-ops teams kill bad guys in far away places.

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  26. Great work!

    My lowest was 183 and I stayed there a couple of months. I was able to put on about 15 lbs of muscle and was alternating lifting and running. In fact, I was up to 6 miles EOD. Last April however, I “rolled” my ankle and had to lay off running for much of the summer. I lost my ability to tolerate the heat and so it’s been really hard to get my stamina back..I also had to put my dog down over the summer and depression has really been hard to overcome. What I mean is that my motivation to exercise left me. I’ve been getting it back and have slowly started to build up stamina.

    I’m glad to hear, believe it or not. that we have similar experiences. To me, losing the weight was harder than quitting a 25 plus year smoking habit.

    Like

  27. Here’s the explanation of when and why Krugman became radicalized.

    http://www.newyorker.com/reporting/2010/03/01/100301fa_fact_macfarquhar?currentPage=all

    Like

    • jnc:

      Here’s the explanation of when and why Krugman became radicalized.

      He really does come across as an incredibly arrogant guy. I thought it was also notable (if indeed true and not an exaggeration) that his wife was so mad about Reagan’s election that she moved to the UK. You have to be extremely politicized to do something like that.

      Like

  28. I hope my critiques are a little more sophisticated than the usual PL “I hate capitalism”.

    Did you read the Dealbook piece on Goldman Sachs?

    Like

    • jnc:

      I hope my critiques are a little more sophisticated than the usual PL “I hate capitalism”.

      Always, and not just because I know that you don’t hate capitalism.

      Did you read the Dealbook piece on Goldman Sachs?

      Did you link to it here? If you did, then I read it.

      Like

  29. Yes, it’s about the NY Fed regulator who was fired over the conflict of interest audit at Goldman.

    Like

  30. I do enjoy watching Krugman take on the MMT’ers though.

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  31. House is going to conference on the Farm bill

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  32. Nova, is it still split into two bills?

    Like

  33. This was good from Wonkblog:

    “Open-faced meat sandwiches are kept in check by the USDA whereas closed-faced meat sandwiches are handled by the FDA.”

    http://www.washingtonpost.com/blogs/wonkblog/wp/2013/10/10/the-best-sentences-we-read-today-147/

    Like

  34. Worth noting

    “China Passes U.S. as World’s Largest Oil Importer
    By Joshua Keating

    My colleague Will Oremus noted earlier this week that the United States recently overtook Russia to become the world’s largest oil and gas producer, but that isn’t the only recent major shift in world energy markets. According to the U.S. Energy Information Agency, “China passed the United States in September as the world’s biggest net oil importer, driven by faster economic growth and strong auto sales.”

    China’s consumption was 6.3 million barrels more than its production in September compared to 6.1 million in the United States. China’s imports are expected to rise to 9.2 million by 2020.”

    http://www.slate.com/blogs/the_world_/2013/10/11/china_now_world_s_largest_net_oil_importer_surpassing_united_states.html

    Like

  35. Since I’m the only liberal who’s been here since the beginning and never left, I think this blog still counts as bipartisan. I’ve just been busy.

    Like

    • Hi, Goose!

      JNC, that article explains a lot. I read a book of his on currency 20 years ago and he was a classic Paul Samuelson economist then – melding Keynes and Friedman, believing monetary tools were important. All that is left of that economist as a journalist is [as you say] that he shares the mid-20th century view that MMT is pure smoke and mirrors.

      Like

    • Mich:

      I think this blog still counts as bipartisan.

      I guess you have changed your mind.

      Like

  36. The only other sites I actually comment with any regularity are WaPo, HuffPo, NYT, and occasionally WSJ.. And my comments on WSJ are almost always business / trading related, not political.

    Like

  37. I stand corrected.

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  38. Did we run off the non-conservatives/libertarians?

    Let’s put it this way. I do post, because I feel like I should, but this blog is not somewhere that I feel welcome any more.

    Like

    • I’m with Mich, too often I see no welcome mat at all.

      I do receive all the comments via email and I do read them all, and most attachments… but commenting is something I seriously think about before I post because too many responses aren’t “debatable”. I mean, how are we to respond when responses include phrases like “huge number of Obama supporters are mendacious liars just like Obama”…. is there really a need or valid purpose for referring to Democrats as “mendacious liars”? And yet not a single word suggesting that the corporations backed off their employees HC plans, not because of the ACA, but because they had already been doing so for many years… yet instead of even considering that, we (Democrats) are labeled as “mendacious liars”. How about hold those guilty as guilty, the employers wanting to pass the buck on an employee benefit, which should actually make you happy, one more thing to cross off the corporate expense column.

      I looked at every email either last weekend or the weekend before… it was just Scott and McWing… the 2 were having so much fun with their very “unwelcome” comments there was no way I was going to jump into the fire.

      Like

      • Geanie:

        I mean, how are we to respond when responses include phrases like “huge number of Obama supporters are mendacious liars just like Obama”…. is there really a need or valid purpose for referring to Democrats as “mendacious liars”?

        Well, one way not to respond is to dowdify what I said. I didn’t refer to Democrats or Obama supporters as mendacious liars. In fact the precise implication of what I actually said is that I assume they are not mendacious liars.

        …yet instead of even considering that, we (Democrats) are labeled as “mendacious liars”.

        No, you weren’t.

        I looked at every email either last weekend or the weekend before… it was just Scott and McWing… the 2 were having so much fun with their very “unwelcome” comments there was no way I was going to jump into the fire.

        What comment of mine from that time was “very unwelcome”? Please be specific. A link would be useful.

        Like

        • Scott…. not going to get into any argument with you. Yesterday you replied to McWing:
          ————————————————————————————————————–
          Serious question, did anybody *really* believe that promise? If so, why?

          I have to assume that many, many people truly and naively did believe it. Otherwise I would have to conclude that a huge number of Obama supporters are mendacious liars just like Obama, who most certainly knew it wasn’t true.
          —————————————————————————————————————-

          I, for one as a Democrat, believed it SHOULD be true, but knew the Corporations would do all they could to make it not true…. either way, it does not make me, or any other Democrat, a mendacious liar…. and it’s those terms that have prevented me from participating in debating issues…. I am neither naive nor a liar…. let alone the many other terms used to portray Democrats, liberals or whatever you prefer to call us… like lazy and “gimme gimme”.

          With the redistribution of wealth that has been occurring in our nation for decades, with it all going to the top, I find it insulting that WE are perceived as lazy takers and every other combination of insulting terms thrown around freely.

          As for the weekend of what I saw were quite insulting comments, you can find those… comment after comment were you and McWing only… unless someone finally got fed up and jumped in… I only know that’s all I saw for many hours that weekend. I am close to leaving ATiM as others have done. I appreciated ATiM when I first found it thinking I could participate in decent debates and possibly learn something (my intent was not to change someone else’s mind, but to learn), but over time, I no longer believe that to be true… too much name calling and slandering and not enough debate.

          Like

        • I have to admit it is extremely tedious that whenever I ask for examples of all of these horrible insults I am accused of flinging around, nothing is ever forthcoming.

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  39. I have been busier than a 1-legged man in an ass-kicking contest lately, with 2 jobs and 2 bands… gigging almost every weekend, cub scouts, hockey, and yard work during the day, plus running…

    Like

  40. Brent, what kind of music? Any links to YouTube of gigs? How far do you run? What kind of running routine do you follow?

    Like

  41. “Brent:

    Do your bands play in Stamford? If so, where?”

    Monster B’s Nov 2nd…

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  42. “Brent, what kind of music? Any links to YouTube of gigs? How far do you run? What kind of running routine do you follow?”

    My bands (I am lead guitar)

    https://www.facebook.com/pages/Roadside-Attraction/298308043534576
    https://www.facebook.com/cultofaphrodite

    My reverbnation page and you tube page:

    http://www.reverbnation.com/brentnyitray?profile_view_source=profile_box
    http://www.youtube.com/user/arbshredder/videos

    Re running, I try to do 20 miles a week. Mainly 5 mile runs.. just did a bitch of a 10K trail race up here in Westchester..

    Like

    • Brent,

      I took a peek at your “musical” links… WTG!! You and your band(s) sound great!

      My oldest son, Ernie (age 39), is also a musician. He plays just about any instrument, writes music and sings. I have 2 recordings by him; Unchained Melody and Silent Lucidity (actually have several, those are my 2 favs). He recorded Unchained Melody 20 years ago, in a Mall recording studio… you know, where you could pay $25 to record and there was a huge window where mall shoppers could see who was recording at the time… I wasn’t there, but was told that when he was recording Unchained Melody that no one could even get through the mall because of the massive crowd watching him record. He is quite talented, but, has never pursued a career in music because of his Juvenile Diabetes… it just left him physically unable to pursue such a physical (all the traveling) and demanding career. If I knew how to attach a recording here I would be more than happy to share either or both recordings with you, and everyone else here at ATiM.

      He’s also quite talented with art… he can sketch anything. I recall taking him, at age of 9, and a folder filled with his artwork, to see the art instructor at the Tulsa Philbrook Art Musem and hopefully enroll him in their exclusive art class… he was denied enrollment, with the following reason: There is nothing we can do for him. Your son has a God given talent and there is nothing I can teach him that he isn’t already exceeding….. yes, I am a very proud Mom 😀

      Like

    • Brent, thanx for the YouTube link. Will you be playing in Westchester County at all at the end of the month or early November?

      Like

  43. Sounds good! Ever try Ball and Chain?

    Like

  44. All right, I’ll start.

    Scott, you’re a damned dirty RINO!

    Like

  45. Too funny.

    http://mobile.reuters.com/article/idUSBRE99B09F20131012?irpc=932

    Why isn’t this win/win?

    If interst doesn’t get paid either nothing happens or the cost of borrowing shoots up. Why is one worse than the other?

    Like

  46. McWing, thanks, Never tried Ball and Chain. We are slowly pulling out the covers and substituting originals.

    And Scott, I don’t see the insults from last weekend either.. Unless interpreting the actions of a progressive president cynically constitutes an insult.

    Like

  47. Everything you think is true is fake.

    http://www.stripes.com/jpac-admits-to-phony-ceremonies-honoring-returning-remains-1.246322

    But trust us on the drop dead debt ceiling date.

    Seriously.

    Like

  48. There is a lot in here but why would a rational person believe this:

    The serious technical problems threaten to obscure what some see as a nationwide demonstration of a desire for more affordable health insurance.

    Given this:

    Marilyn B. Tavenner, the administrator of the Centers for Medicare and Medicaid Services, and Kathleen Sebelius, the secretary of health and human services, both insisted in July that the project was not in trouble. Last month, Gary M. Cohen, the federal official in charge of health insurance exchanges, promised federal legislators that on Oct. 1, “consumers will be able to go online, they’ll be able to get a determination of what tax subsidies they are eligible for, they’ll be able to see the premium net of subsidy,” and they will be able to sign up.

    Which is worse, that the above officials lied? Or that they believed it was on track and would work?

    http://www.nytimes.com/2013/10/13/us/politics/from-the-start-signs-of-trouble-at-health-portal.html?_r=2&

    Like

  49. Never forget, Tea Partyers = AstroTurf, Kochtopus Anarchists.

    When government gets more involved in our lives, the guys with the best lobbyists fare the best – and that’s not Mom & Pop or the Little Sisters of the Poor.

    Americans increasingly realize the game is rigged in America, and that big government is doing the rigging. The Tea Party-infused GOP has an opportunity to tap into this frustration, and begin unrigging the game.

    http://washingtonexaminer.com/ending-medical-device-tax-a-win-for-k-street-a-loss-for-tea-party/article/2536996?utm_source=Tim%20Carney%20Reoccurring%20-%2010/13/2013&utm_medium=email&utm_campaign=Washington%20Examiner:%20Timothy%20P%20Carney

    Better to leave this to bureaucrats and the new regulations they’ll write to “fix it.”

    Like

  50. McWing (from the link):

    The serious technical problems threaten to obscure what some see as…

    Ah, the classic journalist weasel words, “some see”. I really wonder if they teach this at journalism schools across the country. Want to inject your own opinion into what is ostensibly a straight news story? Just talks about how “some see” or “some people say” exactly what it is that you want to say but can’t if you want to maintain the pretense of objectivity.

    Like

  51. Thanks for the kind words, Geanie. Good thing your son didn’t go into music.. With music now worthless, it is almost impossible to make a living at it.

    Like

  52. “With music now worthless, it is almost impossible to make a living at it.”

    No it’s not. The business model has simply shifted back to live performances and merchandising instead of recorded distribution.

    Mick Jagger put it best:

    “But I have a take on that – people only made money out of records for a very, very small time. When The Rolling Stones started out, we didn’t make any money out of records because record companies wouldn’t pay you! They didn’t pay anyone!

    Then, there was a small period from 1970 to 1997, where people did get paid, and they got paid very handsomely and everyone made money. But now that period has gone.

    So if you look at the history of recorded music from 1900 to now, there was a 25 year period where artists did very well, but the rest of the time they didn’t. ”

    http://news.bbc.co.uk/2/hi/8681410.stm

    Like

  53. “Troll McWingnut or George, whichever, on October 13, 2013 at 1:51 pm said:

    Obamacare literally destroys wealth.”

    That’s not wealth destruction. That’s just the usual games with shifting or re-characterizing income based on tax consequences that have been around since income taxation was enacted. It is interesting how much of a jump there is from 400% of poverty level to 401%. My impression was that the PPACA subsidies were more granular than that.

    Like

  54. Mark, will be playing Monster B’s in Stamford November 2nd with one band (stone’s throw away from Westchester County

    On Nov 9, will be playing at Austin’s in New City (Rockland County)

    Like

    • We shall see if we can do an audience visitation while Rosanne and I are in Mamaroneck 11-2. Probably not, unless I can convince two other families to see y’all play, and Satuday night is likely to be arranged for me at an Italian restaurant in Larchmont. We are cleaning out Rosanne’s mother’s home along with her sis and bro and their spouses.

      Like

    • Brent, what time is your Saturday night gig in Stamford? Turns out I will be with my bride and both of my sisters-in-law only [my brothers-in-law both have business out of town]. So the chances of herding these 4 are better than the chances of herding all six, as one of brothers in law is not amenable to blues/rock. What is the approximate cover? Does Monster B’s have sufficient parking?

      Happy Halloween, all.

      George, do you favor an asset backed currency over fiat currency?

      Like

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