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The Fitzman
260 Comments
Government Bailouts Multiply as Paulson Prepares to Leave Washington
www.boingboing.net/200...
note the person they put in charge of the bailout out, Reuben Jeffrey III, is the same guy that lorded over Bremer;s "Coalition Provisional Authority" in Baghdad. some government officials (not many....) are still trying to find billions of dollars which mr. jeffrey handed out over there.
this is the main reason i contend bush is not, and never has been, a "conservative republican". fiscal discipline, long a tightly held belief of conservative republicans, is not an adjective that describes bush. yet, if you pay rush limbaugh and larry kudlow and the other hacks on CNBC enough money they will brainwash Americans into thinking bush IS a conservative republican. he is not. he is a fascist. and the US will be lucky to have survive his 8 years as "king george". how on earth the US dollar can be strong right now i have no idea. as jim rogers said in an interview the other day: "this is insanity. did they learn nothing from japan? this is the biggest transfer of wealth in history from the competent (the US tax-payer) to the incompetent (the Wall Streeters, bankers, insurance, and auto execs). captitalism isn't supposed to work that way. we are propping up institutions that should fail, just as japan did. it didn't work for them, it won't work for us. we have 9,000 banks...some of them need to fail, instead we are giving money to them which will go into the pockets of the executives who lent money irresponsibly". go figure. i am not surprised. but then again, after 8 years of bush, i am the biggest cynic on "capitalism" in the world today.
Demand More for Your Auto Bailout Dollar; Oil Patch Should Bounce Back Long Term
so, you are trying to tell me that the auto execs have been making the right decisions and turning the auto makers around for 10+ years? hmm...so, promoting hummer and SUV's and the such was a good thing right? so, how do you account for their huge drop in market share and the fact that they are both in near bankruptcy? perhaps they are making some good vehicles now...but you are right..when i think about a new car i think about a toyota or honda. i watched my dad lose thousands on crappy fords and gm's ... and that wasnt just the 80's that was in the 70's too. i finally convinced him to buy a toyota highlander and he loves it. never been in the shop and has 80k miles on, runs great. as i said, we need GM and Ford (as far as i am concerned the cerberus guys should just take the hit with chrysler...) to make fuel efficient nat gas and electric cars. my problem with the bailout is it will probably be more fascism (or, socialism for the rich), where the executives will take all the money, the firms will still end up in bankruptcy, and we will just have more debt on the middle class tax payer. however, if congress forced GM and Ford to use the money *exclusively* to build the infrastructure for nat gas and electric cars, we have a chance to not only save the companies, but help the US economically, wean ourselves off foreign oil, and save the US taxpayer. it's a win-win, which is probably why it wont happen (am i a cynic? you betcha....after 8 years of bush, is anyone anything else??)
fam62c: the US does have alot of natural gas reserves. futhermore, if we buildout the LNG terminals (as my energy policy suggests...) we will have the capability to readily import it as needed. also, the nat gas pipeline from alaska has loads of capacity and is why it should have been constructed years ago (as my energy policy suggests...) but it only will pay for itself if we put more of the transportation (private and mass) onto natural gas cars, trucks, and trains. all in my policy. NG is now under $7, that is cheap, and is a result of all the new capacity that has been brought online. everything are you are saying about solar, wind, etc. is in my energy policy. here is the link:
thefitzman.blogspot.co...
read it closely, give me feedback, and better yet, send it to your congressmen and senators. with respect to the middle east, please undersand that osama bin laden and sadam hussein were made by your own taxpayer dollars through the CIA. the US can be much more energy sufficient, but we just lost 8 years and time is running out. if you read my energy policy, the first step is for the governement, media, and US american public to ACKNOWLEDGE the problem and have it on their minds every single day. otherwise, we;ll never make it. totally agree with you that cheap oil is a terrible thing for the US right now.
wizard: not surprised pickens is slowing down...funding has got to be a problem, he has lost his ass (as have i) in the energy markets, and i still dont know how he is going to get the wind energy in the plains to the markets that need them since the government is laggin on energy infrastructure work (i.e. transmission lines). also not surprised at all he voted for mccain - he is a lifelong republican and a billionaire - who has been better for billionaires then W? that said, buffet voted for obama cause buffet knows what is best for america in the long run. as far as the bailout goes..i dont like it either...and i hate it if it is done wrong (thus the article), however, as i said, if GM and Ford dont build nat gas and electric cars, toyota and honda will. we need them to succeed.
byforeclosures: well, in this market i think it is safe to assume you can buy everything cheaper later. the US could well end up in a depression. just because oil goes to $50 doesnt mean the world is awash in cheap and plentiful oil - it just means the economic disaster that 8 years of bush has given us will cause oil demand to fall off a cliff (short term). eventually, if the econonmy ever comes back, oil will roar even worse than this year. if the economy doesn't come back..well, we're all 6 feet under eventually anyway.
Demand More for Your Auto Bailout Dollar; Oil Patch Should Bounce Back Long Term
old wizard: of course the democrats have had a hand in the auto industry disaster. i already wrote how the clinton administration blew it on CAFE standards and caved to the lobbyist from GM and Ford and to the unions. the democrats have also had no spine and let bush do everything he wanted. so there is plenty of finger pointing in all directions. the article was more about what to do now. wrt oil imports, people shouldn't get hung up on exactly which countries we buy it from. oil is a global market. it doesn't matter much which country our dollars directly go to, when the price of oil goes up, it benefits the major producers the most: saudi, russia, iran, iraq, and venezuela. democrats dont agree with Pickens? Pickens is a republican, and he himself says that republicans won't give him the time of day. let's face it, the oil strangle hold on congress controls BOTH parties. pickens is making great in-roads with the american people and many govenors, but congress has been silent on the issue. it's very very sad. wrt obama, i think you are dead wrong. sure, he wants a stimulus policy right now, and i totally agree, and so do all the people standing behind him at the podium. why give all the bailout money to the millionaires he is saying. but, note what his agenda is once he gets into office: tax reform and an ENERGY POLICY. he gets energy (except for windfall profits) and wants to use energy policy related jobs to help pull us out of this economic funk. my bet is that obama will craft an energy policy that is a bit more sophisticated than simply "drill, drill, drill". it's our only hope.
definitely agree on electric mass transit and building out the natural gas infrastructure, first on the interstate highway system. also agree on solar, wind and nuclear energy feeding an updated and expanded electric grid.
Demand More for Your Auto Bailout Dollar; Oil Patch Should Bounce Back Long Term
thefitzman.blogspot.co...
it's just common sense!
midas1: yup, i have had 3 toyotas, and put over 200,000 miles on the first 2 and have close to 100k on this one. all i ever do is change the fluids and the plugs. oh, and buy and rotate tires.
mmarkk: yeah, at this point, wrt energy, yes, i think the government does need to tell us what to do. apparently, americans and the US automakers are too stupid to figure it out on their own.
oldwizard: well, i never said that GM and Ford didn't have hybrids, i know that they do. problem is they were late, and they never advertised, promoted, and marketed these vehicles until it finally dawned on them (duh!) that their SUV and big trucks sales were tanking. besides, do they have a hybrid to compete with the prius yet? i know they have hybrid caddilac escalades and hybrid SUVs....but do they have a 50 mpg hybrid yet? not sure. either way, their tardiness and overall ideology is, like the republican ideology, simply a result of compound ignorance.
Mmmarrkk: i agree completely. i hate to think what the manufacturing output of the US would be right now with toyota, honda, and bmw manufacturing based inside the US.
wrt buying oil from russia, saudi, and venezuela how in the world could the US survive if we did NOT buy their oil?? that is the point here. we are funding a war to "fight terrorism" yet we fund them by buying their oil. bush's "strategy" is to fight both sides of the same war! it is simply ludicrous. we must adopt a strategic, long-term, comprehensive energy policy and the US government must begin telling the american people the truth about what is going on. think about it, if it were not for Boone Pickens, most americans wouldn't even have a clue...check that..most still dont.
U.S. Mint Makes Drastic Cuts to Its Collector Gold and Platinum Coin Offerings
Demand More for Your Auto Bailout Dollar; Oil Patch Should Bounce Back Long Term
baitshopbilly: the problem with you plan is it misses a very critical component: if the US doesn't make the alternative fueled vehicles that we need (i.e. non-gasoline powered), then either a) we won't have them or b) in addition to sending money overseas for gas, we'll now be sending even more overseas for transportation solutions. big problem.
paulk: agree with much of what you said. however, if american's can get quality, efficient transportation alternatives to gasoline powered vehicles i believe they will buy them. hell, i am looking for a good natural gas powered car right now and can't find it (or the re-fueling centers needed) in my state. that is a pathetic testament to how screwed up the automobile industry and congress are when it comes to the oil crisis.
art rimbaud: thanks for the compliment, but there is not alot of research needed in expressing an *opinion* on what to do with my tax-payer money.
Mmarrkk: thanks, however, wrt your exception: i think the market share losses that GM has suffered, and as a result of the success of toyota and honda in fuel efficient solutions means that someone has to point GM in the right direction. now that they are getting MY tax-payers dollars, yes, i do want the government to tell them what to build as their management teams obviously don't have a friggin clue. wrt mccain, mccain lost because he lost mccain: he caved on all his principles and became mini-bush (taxes, giving in to the religious freaks, etc. etc) not to mention that the american people *finally* figured out that perhaps bush style fascism isn't good for the middle class (ask the germans how it worked out over there). thanks for agreeing on NGV - it's a friggin no-brainer. if i were you, i'd sell those gas hogs now while oil and gasoline are low. in the nice oil price, which i expect to be much worse than the last, there will be no market for those vehicles whatsoever, save for scrap metal.
agree also on windfall with you. note the recent statements by chevron's CEO to the obama folks wrt energy. i have great hopes that obama will adopt a sane energy policy ... but i do fear the windfall profits tax issues. more likely, i believe he will be persuaded to merely cut back on the current tax breaks given to big oil as opposed to instituting actual profits taxes. he's too smart for that, and it was tried before and failed. wrt investments, i think you are going to see some big takeovers in the energy patch in the coming months. these temporary low energy prices, and the decimation of the energy stocks are reminiscent of 10 years ago which led to exxon buying mobil...chevron buying texaco...bp buying amoco. etc. etc. look for big deals in the natural gas market first...i think bp wants to regain its position of #1 natural gas producer in the US and buying CHK would do that...
Demand More for Your Auto Bailout Dollar; Oil Patch Should Bounce Back Long Term
joethecarbuyer: unfortunately, the US is in a situation where the failure of the "little 3" automakers would not only have negative far-reaching effects to the national economy, but also would deprive us of manufacturers of the natural gas, electric, and hybrid vehicles we so desparately need to wean us off of foreign oil. that is why congress must demand these solutions in exchange for middle tax-payer money.
Michael D. : in your competitive analysis, you left out the main one: manufacturing of non-oil (gasoline) based automobiles. without these solutions, not only will the US automakers not be competitive, but the US economy will simply sink into the abyss.
wilson: it is unfair to blame the oil companies for producing the energy the country so badly needs!! if you want to aim your angst at the right source, aim it at congress and the president for energy policy (or lack thereof...) which has done nothing but deepen our dependency on foreign oil and strengthen countries like saudi arabia, iran, iraq, and russia. don't blame the oil companies. you start putting windfall profits taxes on the oil company and they will simply cut back on exploration and production in order to keep their fiduciary shareholder responsibilities. windfall profits taxes on the oil companies would be a disaster as they would simply mean less oil from them.
Lazaris: the public wanted them, true - which is why this country so badly needs congress and the media to take a leadership role in explaining what the US energy situation is and craft intelligent strategic policy like this:
thefitzman.blogspot.co...
Not only that, but what does it say about the wisdom, strategy and even patriotism of GM when they don't take into account america's energy situation? what does it say when GM kills the electric car? their current economic situation speaks volumes about the intelligence and strategic planning at GM. ohh, but yeah, their execs have made millions while driving the company into the ground. you should be as angry as me.
fam62c: hell yes they can force the companies to build fuel efficient non-oil based cars - it's my damn money (and yours too) that they are handing over to them. i tell you what, they use my money to build more hummers and SUV's and you will see some pissed off middle class taxpayers the next time gas goes to $4 (and above, and it will...it's coming). 95% of the american public is completely ignorant of the country's energy crisis. they believe america is entitled to cheap gasoline and big luxurious ludicrous vehicles. this being the case, it is the job and the responsibility of the government to protect the american people from their ignorance and craft policy in the strategic long term economic interests of the country.
pipo: yes, oil is down because of the lack of demand due to the economic crisis. yet, the long-term supply demand situation has done nothing if any gotten worse since the low prices have new production projects delayed or cancelled. how soon people forget the $4.50 gasoline and the $145/barrel oil. its amazing. that is why i said current low prices are a dangerous threat to the american economy due to the vast majority of americans who feel like you do. it isnt only pickens and
rogers who believe oil will come back and skyrocket, listen to the executives of every major oil company in the world who understands the true long-term supply/demand dynamics!
retired/tired: yes, the blame needs to go where it belongs. and everyone is to blame: congress, the president, the lobbyist, the american buyer, and the US automakers. the article is about what to do now, and what to do now is build some hybrid, natural gas, electric fuel-efficient cars and trucks. this is even more so now that my tax money is going to a company that manufactures hummers, and that just pisses me off.
longoil: i am convinced GM and Ford won't make and mass distribute natural gas and electric vehicles unless congress demands it of them.
woodsey: if the US automakers go broke, we simply all keep buying toyotas, hondas, and nissans. then, in addition to our US dollars leaving the country to go to saudi, iraq, iran, russia, and venezuela for gasoline, we will also have more money leaving the country to foreign auto makers.
As Russia Tests the Waters, Oil and Gas Showdown Looms
1) it was the idiotic Bush policies of a) backing the puppet in Georgia and b) announcing missiles in Poland that have directly led to Russia's response. Russian "experts" in the administration such as Condo Rice should have known this.
2) the IEA has been consistently wrong in their long-term projection of oil prices, $200 by 2030? please. with any kind of decent economic activity, you will see $200 by 2015. that is the year that CEO's at conocophillips, hess, and shell see worldwide supply simply not keeping up with worldwide demand. the IEA is controlled by the oil companies to in order to keep the world addicted to oil. it is working, especially in the US because we have lost 8 years under bush.
3) the twin american time bombs (fiscal deficits and 70% addiction to foreign oil), long term must cause a weakening of the US dollar, which will push US dollar denominated oil higher
4) electric cars are not only viable now, if you add up the cost to the economy of not having them, they have been viable since GM killed the EV1.
5) natural gas powered transportation solutions are simply a no-brainer, and we must have them. see my related article SA published today: we should DEMAND nat gas powered vehicles in return for tax-payer subsidizing of the manufacturers of Hummers and SUV's who now want the middle class US taxpayer to bail them out.
Gold Coins Are in Short Supply, So Why Doesn't Their Price Rise?
*Gold Bar 400 oz (Please place order by phone) $304,000.00
In other words, the little guy is pretty much out of the market at Kitco. No coins, no 1 oz gold bars, nothing. Invisible hand is at work bigtime here.
comments on comments:
Sean: but if governments are selling gold to raise cash, wouldn't they want the highest price for the gold and, wouldn't their be canadian maples and american eagles aplenty? it's all private interbank manipulation i believe. they want to uphold the illusion that the paper dollars they are printing as quickly as possible are worth something...
jimmy46: yeah, you're right. i just like buying in quantity from a known commercial source a bit better than ebay.
jensen: actually, gold was $730/oz and you could buy it in the Kitco pool at that price. that said, i prefer to hold my gold in my grubby little hands and i prefer small gold coins if the barter system makes a comeback.
swaps: i like your theme. unfortunately, i bought a house in a regular subdivision and i cannot own what i really want: a few cows, goats, chickens, and a pond with fish. i should have bought a small farm for all the money i lost in the market! so, now i want to protect myself by having some gold coins that i could trade to the farmer for a chicken...or a cow...or.. you get the picture.
capt bomblast: upstate new york huh? every hear of alleghany? interesting that your local economy is trading metals...i dont suppose you'd like to tell me where you are?
longoil: oh yeah, i like dividends too and own some oil and nat gas trusts. i dont put everything in any one asset... i just feel the need to own some gold coins as an insurance policy against a complete financial meltdown. also, even if things dont meltdown, how can inflation not pick up again when all the cheap money primes the pump, and then we see oil skyrocket again? when that happens, i want enough gold to keep some, and sell some for a profit.
Gold Coins Are in Short Supply, So Why Doesn't Their Price Rise?
bosun.j: oh, ok, thailand. yes, it is interesting that many asian countries, who have lived through many financial ups-and-downs have so many efficient gold trading options. plus thought thai-sticks.... ;)
kelly: zow-eee, what a comparison.
SWRichmond: i agree. isn't it interesting that bush, a so-called "conservative republican" (i think he is a radical fascist) presided over the biggest fiscal deficits and debts in american history as well as the government takeover of the national mortgage, banking, insurance, and automobile industry. wait, that is the definition of fascism isn't it?
MikeLovesGold: is that true? i did not know that. thanks.
wrt confiscation of gold, i think they will have as much trouble prying gold out of peoples' hands as they will confiscating their guns. there would be a huge black market, and those moves would cause much social unrest. not sure the military is ready to handle 250 million pissed off and armed americans...they can't even deal with iraq....
huanglin: sure, i understand gold coins are a unique product, and i understand that hedge funds and other institutions need to delever and are selling gold "paper" investments and that can cause gold to go down. no problem there. but where did i say "credit isn't money" or were you referring to someone else's comment? i certainly never said that, and in fact have opined exactly the opposite. i also agree, as the article says, that we are in full-on deflation at the current time. however, whenever anyone says cash is king, i immediately think for how long? as far as understanding what is happening, hey, conspiracy theories are as valid as anything else as nothing is making sense anymore and when a government such as the US makes such a strong move toward fascism (see my above comments), anything is possible. as far as gambling and not investing...i would agree totally. when fascism takes over, there is no such thing as investing....it is ALL gambling. so, sure, i am out there gambling with everyone else ... trying to figure out what the future will hold...and wondering why in the world oil producers are trading with PE's close to their dividend yields. yup, it's all gambling.
Asset Class Performance during the Bush Years
thefitzman.blogspot.co...
signed: The "real conservative republican" Fitzman
Gold Coins Are in Short Supply, So Why Doesn't Their Price Rise?
chistletoe: money supply goes to zero? did you perhaps mean the value of the money go to zero like the weimar republic? the latter is well documented - the populace burned the currency to stay warm in the winter and the rich exited the country with their gold for switzerland.
bosun.j: thank you. yes, just as the saudi's can control the price of oil (at least on the downside, they won't be able to control the price on the upside in the future) because they have the majority of it, so too can the central bankers control the price of gold because they control the majority of it. however, in this case we have an interesting scenario where they are articificially keeping the price down (in concert). but you watch, when they come back out with the gold coins from the mint...i betcha the price will go back up some. btw, where are you? gold is used as a currency where you live? i'm not aware of such a place...please tell me. yeah, i'd like to move to new zealand...big trout there.
Market for Electric Vehicle Batteries Is Heating Up
however, as someone earlier pointed out, these electric transportation solutions need charging, and a back of the envelop calculation on replacting just 25% of our foreign imports used for gasoline is one tremendous energy challenge. that is why the *only* economically viable solution for a country as energy challenged as the US is a strategic, long-term, comprehensive energy policy like this one:
thefitzman.blogspot.co...
Cheap Crude: A Flash in the (Oil) Pan
Cheap Crude: A Flash in the (Oil) Pan