Daily Readings 08-08-2012

By: admin
Published: August 8th, 2012

Artificial Butter Linked to Alzheimer’s

A new study is raising concern about chronic exposure to an artificial butter flavoring ingredient used in some margarines, microwave popcorn, snack foods, candy, baked goods, pet foods and other products.

The study, published in the American Chemical Society journal Chemical Research in Toxicology, has found the ingredient – diacetyl (DA) – intensifies the damaging effects of an abnormal brain protein linked to Alzheimer’s disease.

Robert Arnott: Inflation Will Triple by 2017

While the U.S. economy will soon enter recession, if it hasn’t already, inflation represents the long-term worry, says Robert Arnott, founder of Research Affiliates, an investment management firm.

The inflation rate has “an 80 percent chance of topping 5 percent within five years,” he tells Smart Money. Consumer prices rose 1.7 percent in the year through June.

If a recession hasn’t already begun, a tax increase or government spending cuts – the “fiscal cliff” – would spark one, Arnott says. At that point, of course, the issue is deflation.

But toward the end of the next downturn, inflation will surge, he says. The government’s exploding debt burden, which now totals $16 trillion, will pave the way.

Germany and Italy near blows over euro

German politicians from across the spectrum have reacted furiously to warnings by Italy’s Mario Monti that Bundestag control over EU debt policies threatens to bring about the “disintegration” of the European project.

Emails: Geithner, Treasury drove cutoff of non-union Delphi workers’ pensions

Emails obtained by The Daily Caller show that the U.S. Treasury Department, led by Timothy Geithner, was the driving force behind terminating the pensions of 20,000 salaried retirees at the Delphi auto parts manufacturing company.

The move, made in 2009 while the Obama administration implemented its auto bailout plan, appears to have been made solely because those retirees were not members of labor unions.

OBAMA’S COLLEGE CLASSMATE: ‘THE OBAMA SCANDAL IS AT COLUMBIA’

If you could unseal Obama’s Columbia University records I believe you’d find that:

A)   He rarely ever attended class.

B)   His grades were not those typical of what we understand it takes to get into Harvard Law School.

C)   He attended Columbia as a foreign exchange student.

D)   He paid little for either undergraduate college or Harvard Law School because of foreign aid and scholarships given to a poor foreign students like this kid Barry Soetoro from Indonesia.

If you think I’m “fishing” then prove me wrong. Open up your records Mr. President. What are you afraid of?

Wait, the U.S. economy actually lost 1.2 million jobs in July?

The U.S. economy lost 1.2 million jobs between June and July. But that’s not how it got reported. When the Bureau of Labor Statistics (BLS) released its jobs figures for July, it said the economy gained 163,000 jobs. So what gives?

Obama Blames State and Local Governments, Congress for 14.1 Percent Black Unemployment

In an interview with Black Enterprise magazine, President Barack Obama blames state and local governments, as well as Congress, for over 14 percent black unemployment.

Take me down to the parasite city

Have you seen the latest jobs report? Major buzzkill: creeping unemployment, anemic growth, and the recovery’s totally stalled.

But not here: The District is booming! “Washington may have the healthiest economy of any major metropolitan area in the country,” says New York Times D.C. bureau chief David Leonhardt in Sunday’s Gray Lady. “You can actually see the prosperity”!

Generation Squeezed

 I worry about the future — not mine but that of my three children, all in their 20s. It is an axiom of American folklore that every generation should live better than its predecessors. But this is not a constitutional right or even an entitlement, and I am skeptical that today’s young will do so. Nor am I alone. A recent USA Today/Gallup poll finds that nearly 60 percent of Americans are also doubters. I meet many parents who fear the future that awaits their children.

The young (and I draw the line at 40 and under) face two threats to their living standards. The first is the adverse effect of the Great Recession on jobs and wages. Even if this fades with time, there’s the second threat: the costs of an aging America. It’s not just Social Security, Medicare and Medicaid — huge transfers from the young to the old — but also deferred maintenance on roads, bridges, water systems and power grids. Newsweek calls the young “generation screwed”; I prefer the milder “generation squeezed.”

Obama Administration Proposes Race-Based School Discipline System

The White House thinks that schools are providing too much discipline to black students, and it is proposing race-based quotas for school suspensions. That’s right, affirmative action for school discipline. Could Asian students be disciplined more to meet quota requirements? That’s what Trifecta thinks. Hear what race-based school discipline means for American education.

Taxpayers to Recover a Mere $24 Million From Solyndra; Networks Ignore

The three networks have, thus far, ignored the revelation that American taxpayers will only recover a mere $24 million of the $527 million lost on Solyndra, a new report by the Dow Jones newswire revealed last week. The evening newscasts and morning shows have skipped the announcement.

65 Outrageous Lies by President Obama

 Report: Cronyism, political donations likely behind Obama, Holder failure to charge any bankers after 2008 financial meltdown

A new report from the conservative Government Accountability Institute (GAI) finds that President Barack Obama’s and Attorney General Eric Holder’s failure to criminally charge any top Wall Street bankers is likely a result of cronyism inside the Department of Justice and political donations made to Obama’s campaign.

Solyndra CEO in 2009 email: ‘The Bank of Washington continues to help us!’

Solyndra CEO Chris Gronet referred to the federal government as “The Bank of Washington,” in a 2009 email released by the Republican National Committee Research blog Thursday.

Fed study says Bush and the banks didn’t cause the Great Recession. The Fed did

A book by Robert Hetzel, a senior economist at Federal Reserve Bank of Richmond, says it wasn’t Bushonomics or greedy bankers or broken markets that caused the Great Recession. InThe Great Recession: Market Failure or Policy Failure, Hetzel pins the blame squarely on the Federal Reserve and Team Bernanke.

Oh, the downturn first started with “correction of an excess in the housing stock and a sharp increase in energy prices” — the housing bust and the oil shock. Indeed, those two things were enough, in Hetzel’s view, to cause a “moderate recession” beginning in December 2007.

But only a moderate one. It was the Fed’s monetary policy miscues after the downturn began that turned a run-of-the-mill downturn into a once-in-a century disaster.

Bernanke Says Student Loans Won’t Cause Crisis – LOL

Federal Reserve Chairman Ben S. Bernanke said record U.S. student loan debt doesn’t put the financial system at risk the way mortgages did because most educational borrowing is backed by the government.

Chart of the day, HFT edition

This astonishing GIF comes from Nanex, and shows the amount of high-frequency trading in the stock market from January 2007 to January 2012. (Which means that the Knightmare craziness of last week is not included.)

The various colors, as identified in the legend on the right, are all the different US stock exchanges. You might think there are only two stock exchanges in the US, but you’d be wrong: there are only two exchanges where stocks are listed. There are many, many more exchanges where stocks are traded.

What we see here is relatively low levels of high-frequency trading through all of 2007. Then, in 2008, a pattern starts to emerge: a big spike right at the close, at 4pm, which is soon mirrored by another spike at the open. This is the era of traders going off to play golf in the middle of the day, because nothing interesting happens except at the beginning and the end of the trading day. But it doesn’t last long.

 

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