In case you haven’t seen their ads everywhere online and TV, yes, they are in the middle of an ad blitz.

What caught my eye though is that Google’s AdSense controls don’t seem to be working, so publishers are unable to turn them off!

Advertisements

You heard about the Arizona state senator talking about earth being 6000 years old?  Yeah, but did you catch this?

The irony, of course — and there’s always irony when creationism is involved — is that she’s talking about uranium mining, and it’s through the radioactive decay of uranium that we know the Earth is billions of years old. And she also praises technological achievements!

via Andrew

Rents going down too

July 9, 2009

As I suspected, rents are going down, same as home prices, although at a slower rate.

The Fed is right to worry about deflation.

I argued three months ago that China couldn’t possibly dump their treasuries, even as pundits and analysts in the financial channels kept scaring the bejesus out of everyone.

So I was very happy to hear Roger Altman last night say that:

CHARLIE ROSE: Pete Peterson … also talked about the fact that the Chinese hold so much of our debt. Is that going to change, and are they going to change it?

ROGER ALTMAN: A, they’re clearly concerned about it, about the
concentration risk that they have. B, their options for changing it are relatively few, and there’s no scenario in which they can change it quickly. There just isn’t.

CHARLIE ROSE: They’d have to take that money and find another place
to invest it as well, without destroying the American economy.

ROGER ALTMAN: It would be self-defeating to act quickly. Therefore,
any diversification which the Chinese pursue — and they will — will be
slow and gradual. And the risk that so many people talk about, I think
very loosely, you know, the Chinese may, quote, dump the dollar or flee the
dollar. That’s misguided, I think.

CHARLIE ROSE: Because it’s not in their interest.

ROGER ALTMAN: It’s not in their interest and it’s not possible to do
it. So, it’s not a good thing for over the long term, as President Obama
himself said, for China to be — for us to be the consumer and China to be
the lender and have it exponentially grow as it’s been. We have to stop
that. But China’s not going to make — take self-destructive action, and
dumping the dollar or quickly trying to exit the dollar would be very self-
destructive, and they’re way too smart for that.

Now Elizabeth Warren and the C.O.P is piling on:

The Congressional Oversight Panel, which is charged with overseeing the Troubled Asset Relief Program, or TARP, said in a report that a group of 11 small banks that have repurchased government warrants in exchange for taxpayer-funded assistance, have bought-out the stakes at 66% of their face value.

The report argues that liquidity discounts are a key factor for why the warrants were purchased at such low prices. Should a similar discount be a major factor for warrant repurchases at larger institutions buying out government stakes, the shortfall to taxpayers could be as much as $2.1 billion, the report said.

The report said the C.O.P. is exploring the possibility that Treasury consider selling the TARP warrants in an open, public auction, as an alternative that could possibly give taxpayers a better valuation for the stakes.

“This has the benefit of stopping any speculation about whether Treasury has been too tough or too easy on the banks that want to repurchase their own warrants. It also permits the banks to bid for their own warrants — in direct competition with outsiders,” the report said.

This open market is the same thing Simon Johnson and others have been advocating.  I hope everyone continues applying pressure.  It’s not too late to change the approach.