Be Smarter Than Your Friends
Since (at least) 2005, Barclay’s has been manipulating LI(E)BOR, and their traders have been allegedly pocketing $40MM A DAY betting on interest rate derivatives. If the LIBOR, one of the most fundamental metrics of our banking system can be rigged, can you imagine what other elements of our financial system are a fraud?
We are loving the "There May Be More Accomplices" part.
Yeah, like for example The FED and the Bank of England just for starters.
Then of course you get your usual suspects.
From CNN Money who has been on a roll lately.
As always click on the photo below in order to link up to the entire piece.
The silent job killer: Our unemployment system
By Nina Easton, senior editor-at-large July 19, 2012: 9:56 AM ET
FORTUNE -- Hemingway Apparel, located in a rural former cotton town a hundred miles east of South Carolina's capitol, should be the kind of small business that government nurtures. In a county where the unemployment rate hovers near 12%, the factory employs low-skilled workers who don't have a lot of options.
Hemingway barely survived the drift of apparel production overseas. Today, company owner Jack L. Marsh benefits from the "Made in America" determination of top customer Angela Newnam. The Harvard Business School grad and former McKinsey consultant also happens to be a daughter of the Carolina textile mills who is putting her company, Knockout Panties, behind her stubborn belief in American manufacturing.
The Marsh-Newnam partnership has all the makings of a grassroots business story that -- stitched with thousands of others -- could aid an American jobs revival. Except for one thing: Marsh isn't hiring. He's being killed by unemployment taxes that are on their way to quadrupling since 2009. When new business comes calling, Marsh says, "I have to ask myself if there's another way to meet production needs without adding employees.'' He would rather pay overtime than shell out a per-worker tax of $900 (up from $270 three years ago) that is slated to rise to about $1,100 in 2014.
We've run a number of interviews with law professor and former federal government banking regulator Bill Black who has become one of our personal heroes having put a no kidding thousands of bankers in jail during the Savings and Loan fiasco.
We learn something every time we stumble across one.
The overall quality isn't as good as the couple we have posted previously, but it is no less educational.
If you'd like to know how it is that the banks in this country were able to effect another no kidding trillions of dollars in fraudulent mortgages while riding off into the sunset with a bailout on the losses leaving you with the bill, Professor Black has your answers.
At just under 14 minutes, you have the time.
Way super double highly recommended.
Our highest recomendation.
The share of long-term unemployment is at its highest level since the Great Depression (42%).
Fully 54% of college degree graduates under the age of 25 are either unemployed or underemployed.
45 million Americans are on food stamps — one in seven residents.
47% of Americans are on some form of government assistance.
The employment-to-population ratio for 25-54 year olds is now 75.7%, lower than it was when the recession supposedly ended in June 2009.
The number of people not in the labour force has swelled eight million since the recession ended; absent that effect, the unemployment rate would be 12% right now (about the same as President Obama's election chances would be).
The number of people confident enough to leave their jobs fell 11% in May for the second month in a row to 891k, the lowest since November 2010.
The ranks of the unemployed who have been looking fruitlessly for work for at least 27 weeks jumped 310k in May, the sharpest increase since May 2011.
The unemployment rate for males aged 16-19 is 27% and for males between 20 and 24 it is 13%. Draw your own conclusions from a social (in)stability standpoint.
One in seven Americans are either unemployed or underemployed.
Only one in six of the youth are working full-time and three-in-five are living with their folks or another relative (as per the NYT).
A mere 16% of the 2009-2011 graduating class has found full-time work, while 22% are working part-time. Even those hired from 2006-08, just 23% are working full-time.
Anybody wanna burger?
In about nine minutes Venus will begin it's pass between the earth and the Sun.
If you don't have a safe way to view the Sun by all means, don't stare at the thing, that's not a good activity.
As always, click on the photo for the entire story.
Rare Venus transit: A once-in-a-lifetime event
Astronomers around the world will train their telescopes on the skies Tuesday to watch Venus pass in front of the Sun, a once-in-a-lifetime event that will not be seen for another 105 years.
The nearly seven-hour passage of the planet between the Earth and the Sun will be seen as a black dot on the solar surface, but should only be viewed through approved solar filters to avoid the risk of blindness, experts warn.
On the evening of June 5, North America, Central America and the northern part of South America will get to see the start of the transit -- clear skies permitting -- beginning at 6:03 pm Eastern (2203 GMT).
All of the transit will be visible in East Asia and the Western Pacific.
Europe, the Middle East and South Asia will get to see the end stages of the eclipse as they go into sunrise on June 6.
Most of South America as well as west and southwest Africa will not get to see it except by broadcasts from other locations.
We've done some variations on the following issue a number of times now.
We believe it to be worth repeating.
To quote President Dwight D. Eisenhower one more time.
From Jess.net/Mint.com.blog which used to be WallStats.com and Jess Bachman who did the increasingly famous wall poster "Death and Taxes", here is a nice infographic that explains your credit card number, the validation process and offers an introduction to the "Luhn Algorithm.
Where, when and under what set of circumstances you would ever use this information I've no idea but you never know.