Misean Institute Advanced Coures

Dean Counterpointer has been kind enough to add to the course load:

“Rob Dawg's Misean Institute 401

Term IV : Blackbelt Applications

1. CERN, Black Holes, and AIG. Implications.

2. Introduction to eTrading OFC strategies. Papers courtesy Mrkopolis.

3. Applied Tinfoil Techniques : Guest Presentation from Deepcapture.

4. Where the bloody hell are ya? A How To session with the Australian Dept of Immigration(Wall St and CT Emigration Unit).

5. Hero to Zero to Hero to Zero. The psychopathology of Gordon Brown.

6. You first! No, you! Probabalistic modeling of an Eastern Europe banking failure vs Southern Europe sovereign default.

7. Private Security : A Forward Defense and Investment Thesis.

8. Mathematics and Moral Bankruptcy : The Gaussian Cupola Function. Videoconference with David Li from federal pen.

9. Carbonized wheat-products : The Long Bond and the Immanence of Toast.

10. Civilization : Open Discussion of Prospects and Risks.

11. The Ancient Mariner : Captains of Idle Ships Debrief.

12. Term Paper : So, It Finally Happened. Get Your Hands Off Me You Damned Dirty Apes. Discuss.

The Curriculum Board reminds participants that content does not necessarily entail sound uptake, implementation, or success in future endeavours. Further investments do not guarantee future upside returns.

You have been warned.

Counterpointer,

Dean
Rob Dawg's Misean Institute

Update: The RDMI is pleased to announce the mid-term appointment of Professor Ivana Testalot as lab supervisor for all fieldwork.

Good News Finally

Expect lots more of this. A German company locating here for reasons of political stability, cheap energy, infrastructure, tax breaks, etc.

Ecnmag.com - February 26, 2009
CLEVELAND, Tenn. (AP) — Wacker Chemie announced Thursday that it will build a $1 billion plant with 500 jobs in southeastern Tennessee to produce hyperpure polycrystalline silicon, a product used to make solar panels and semiconductors.
...
The Tennessee site was picked because of its size; proximity to a chlorine supplier, OLIN Corp.; power from the Tennessee Valley Authority and the transportation infrastructure, a company statement said.
...
Wacker Chemie is based in Munich, Germany, and is the second-largest producer of hyperpure polycrystalline silicon. It reported last month that its sales reached $5.5 billion in 2008.

In early December, Bradley County commissioners approved a $50 million incentives package for what they described as an unnamed international manufacturer that would create at least 500 jobs.

Hope wears a smile.

Any Bottom Calls?

Update: Rocky got thirsty:

Coraline

Dark and quirky. A technical and visual tour de force. Coraline is not for children. The story is on par with the darkest of the original Grimm's fairy tales.

Tim & Bobby

Please tell me I'm not the first to see the resemblance.

We Have A Budget

Yes, the petulant children have decided to pretend they have a budget but in reality they have merely tossed up a hail mary pass not actually scored the winning touchdown.
SacBee has one of the first stories.

As part of Maldonado's agreement, lawmakers approved constitutional amendments establishing an open primary system and banning legislative pay increases during deficit years. But legislative leaders refused to grant him his proposal to eliminate legislative pay altogether when the budget is late.

Leaders also agreed to Maldonado's demand to eliminate the 12-cent additional gas tax, which was estimated to bring in $2.1 billion through June 2010. The money will be replaced with a 0.25 percent increase in the state income tax, federal stimulus dollars and more than $600 million in line-item vetoes.

If I am adding this up correctly that puts the sales tax in LA County at 10%. Way to go fearless leaders.

Update1: AP has more:

The program cuts — some $15.1 billion, mostly to education — actually are higher than the proposed tax increases of $12 billion after Maldanado's last-minute changes. But many Republicans in the Legislature have signed a pledge against raising taxes and have decided to stick to it, even though they have not come up with a plan to close the entire deficit with cuts.
...
The tax hikes include an increase of 1 cent on the dollar in the state sales tax and a boost in vehicle licensing fees.
A 12-cent-a-gallon hike in the gasoline tax was removed along with a 5-percent income tax surcharge for taxpayers who owe money to the state at the end of 2009. Instead, lawmakers would impose a 0.25 percent income tax increase that would drop to 0.125 percent when California gets its expected share of money from the federal stimulus bill.

No mention yet when the voters get their say on the proposed increases in the sales tax.

Update2: The Central Valley Business Times has some of the sausage making details:

The logjam was breached with the votes of Sen. Abel Maldonado, R-Santa Maria, Sen. Roy Ashburn, R-Bakersfield and Sen. Dave. Cogdill, R-Modesto.
Mr. Cogdill had helped negotiate the complex deal and for his troubles was ousted by fellow Republicans as minority leader 24 hours earlier.
Mr. Maldonado was the swing vote in exchange for some of his pet ideas.
...
For his vote, Mr. Ashburn won approval for a state tax credit of up to $10,000 over three years for buyers of new homes.
To gain the support of Sen. Lou Correa, D-Santa Ana, who had threatened to be the lone Democrat holdout and thus kill the budget deal, Orange County will get $35 million more in tax revenue every year.

We are still screwed.

Update3: The LATimes proves once again how marginalized the press has become with this gem:

In an unusually strong statement, Mary D.Nichols, the chairman of the state's Air Resources Board and an appointee of Gov. Arnold Schwarzenegger, said, "There are people who will die because of this delay. ... It is sad in an era where most people understand that strong environmental standards actually help California's economy as well as public health. ... Anti-tax zealots were able to force a weakening of our anti-diesel pollution standards as the price of a balanced budget."

I hold this as a possible ray of sunshine on a smoggy day. Perhaps the State will be forced to roll back its draconian global warming initatives to save its business sector.

Corning Understands

Mike Thaman (Corning): "Obviously there is never a more expensive time to own a home as when prices are falling."

Amen brother Mike. His only shortcoming is that Kramer likes him.

Predailian Update

First, the pea sized hail was great. No damage and delighted offspring.


This one is for "w" who asked about my new neighbors in their 10,000 sf home. That's them in the corner.

Ramirez Nails It

Micheal Ramiriez is cartoonist for IBD. Fools rush in...

I hope she put down a towel. ;-)

Theme Song for Timmay

Who can take a mandate, sprinkle it with crap
Cover it with sub'sidies and a liquidity trap
The Timmay Man, oh the Timmay Man can
The Timmay Man can 'cause he mixes it with hope and makes the dollar seem safe

Who can take a bridge loan, wrap it in a TARP
Soak it in the Fed and play the taxpayer like a harp
The Timmay Man, the Timmay Man can
The Timmay Man can 'cause he pushes an agenda that makes the markets feel good

The Timmay Man says everything he speaks is satisfying and delicious
Now you talk about your entitlement wishes, you can even eat the dishes

Oh, who can take tomorrow's revenue, spend all now
Separate the sorrow and collect up all the bows
The Timmay Man, oh the Timmay Man can
The Timmay Man can 'cause he does what he's told to keep the world intact

a-Candy Man, a-Candy Man, a-Candy Man
Candy Man, a-Candy Man, a-Candy Man
Candy Man, a-Candy Man, a-Candy Man

Centimeter Hail

Cool. Global warming reigns. Centimeter hail coming down as we speak. Pics soon. Until then yesterday's photo of the poor Red Tailed Hawk in the rain.

Little Dubai

Seems the Simon Property Group's expansion to the Camarillo Premium Outlet Mall is getting closer. With about 8 weeks they've leased 23 of 45 storefronts:

Neiman Marcus Last Call, Aldo, Charlotte Russe, Columbia Sportswear Company, Converse, Crocs, DC Shoes, Ecco, Esprit, Etnies, Journeys, Karen Kane, Le Creuset, Loft Outlet, Michael Brandon, New Balance, Papaya, Rack Room Shoes, Robert Wayne Footwear, Skechers, Tommy Bahama, Vans and Zumiez.

Okay, I'm an old fuddy duddy. I haven't heard of half of these. It will be interesting to see how the other half gets leased. I just don't see how an Esprit can survive what must be crushing overhead.

Darwin is being cheated

The Obama Administration has tossed out another vaporware product to stem the great rebalancing. I just wish they'd act more like Apple and less like Microsoft. Timmay blew his last Tuesday "plan real soon now, and gee is it keen!" speech so this time Leader O himself will take to the podium. AP has the story.

WASHINGTON (AP) — JPMorgan Chase & Co. and Citigroup Inc. are expanding their efforts to halt home foreclosures while the Obama administration develops its plans to help the U.S. housing market.
JPMorgan Chief Executive Jamie Dimon said the New York company plans to halt new foreclosures for owner-occupied home loans through March 6. Dimon made the pledge in a letter to Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, who released it on Friday.
"This moratorium replicates the 90-day foreclosure freeze we announced on Oct. 31," Dimon wrote. "We believe three weeks is adequate time for the Treasury to announce — and for us to implement — a new plan."

Devolution will not be denied. Anybody with two brain cells and a synapse knows this is a save the bondholders delaying tactic.

She Stole My Idea!

SacBee reports on a bando scam:

The real estate agent implicated in an alleged scheme to rent out a home she had no legal right to was booked into the Sacramento County Jail this morning on criminal trespass charges, jail booking records show.
...
Powers and three others have been sought since Tuesday, when police issued trespass warrants in what they said was a "cash for keys" scheme in which the home was rented out to a couple about two weeks ago. Police believe the tenants and Powers, as well as the fourth suspect, are all related and had hoped to elicit a payment from the bank that owns the home in exchange for moving out.

I predicted this long ago but reiterated the concept when I found out recently Countrywide was offering up to $5000 to vacate. Just another moral hazard of changing the rules.

Records x2

Two records to report.

First and most important; Camarillo recorded a new record low of 33ºF yesterday breaking the old record of 36ºF. The kittehs (Gordy and Knuckles) wanted nothing to do with the outside this morning. This is particularly amazing given the significance of recent urbanization increasing the UHI effect. Details of the recent and impending weather at Wunderground. For new evidence of UHI see the recent Watts Up With That post.

Oh, yeah. The "other" record. CNN reports home prices fell at a record pace and amount:

NEW YORK (CNNMoney.com) -- Home prices fell 12.4% during the fourth quarter of 2008, the largest year-over-year decline since the National Association of Realtors began keeping comprehensive records in 1979.

New term; "Effective Mortgage". For years, more than a decade my home was appreciating at more the $12/hr. Every hour. Every day. Every month. Every year. For more than a decade.
La de da. Freakin' good for me. I must be a RE genius. Since then? $20/hour in equity evaporation. I must be an FB. I still have a net expense about 1/2 what a more modest rental living space would cost. But that's just me. The other 80% are staring at monthly expenditures more akin to owning a boat than a house.

This is also why "cheap" houses are the only ones selling. People are no longer including an investment component in their decisions. Anything above shelter needs is now a wild ass bet on long odds.

Fishnet Thursday

Stockings as allegory for the economy. Threadbare and worn but still holding together and full of interesting stuff.

Break In the Weather

White Ledge Peak, Carpenteria, CA.


Nordoff Peak, Wheeler Hot Springs, CA.


Chief Peak (to right) Upper Ojai, CA.

Yes, this is what I stare at all day long from my office.

Freeze! It's the bank!

Police said they believe the incident is part of a "cash for keys" scam in which the renters planned to stay in the bank-owned home until they received a payment from the bank in exchange for moving out.

The home was empty this morning, except for a few personal belongings and landscaping tools.

Being sought on criminal trespass charges are Phillis Powers, a real estate agent who police say rented the house out without legal authority to do so; Carver Barney, his wife Sandra, and her brother Dennis Eugene. Police believe the four suspects are related: Sandra Barney and Dennis Eugene are thought to be Powers' siblings. Police said Eugene has an outstanding warrant involving another matter, but provided no details this morning.

The raid on the home disrupted a peaceful neighborhood that is home to several influential Sacramentans, including members of the Maloof family, who own the Sacramento Kings, and Sacramento State President Alexander Gonzalez.

Read the rest at the SacBee.

James Bulger Strikes Again

Shasta Lake teachers hit $76 million lottery jackpot

SHASTA LAKE - A group of 15 teachers and administrators at Shasta Lake School, who've been playing the state lottery together for seven years, picked the winning numbers for a $76 million SuperLotto Plus jackpot that was drawn on Saturday.

IMO they've won the lottery every week for two decades.

Hothouse Politics

"Better never than late." - Rob Dawg on climate change legislation.

As you may have noticed lately the Congress and Federal government in general have been having a quiet period with not much happening to take up their attention. To address that dearth of pertinent events in need of their beneficence Ed Markey, chairman of the House energy and environment subcommittee has taken the lead.

From the FT:

Mr Markey said the debate in Congress was no longer focused on whether to pass climate change legislation but on how much to spend on it. His committee’s goal is to complete legislation by Memorial Day so it can go to the House floor.

“We know the G8 and the rest of the world is waiting for the United States to stop being the laggard and be the leader,” Mr Markey told CERA, a week-long energy conference that began on Monday. “There are potentially catastrophic consequences for the planet if we do not act.’’

Mr Markley said that neither the government or the private sector has invested enough in combating greenhouse gas emissions.

“The tools to solve these problems, in many instances, have not been invented yet,’’ Mr Markey said.

He urged Congress to set market-driven policies to give energy companies certainty and opportunities to participate in the “revolution” about to take place around climate change. He likened it to the developments that took place in telecommunications sector.

Where to begin? First, the US has been a leader. The rest of the world is fast adopting our positions vice AGW. Second, the entire AGW scheme is collapsing. Third, don't they have something better to do?

I'm getting tired of all this extraConstitutional meddling.