Hugh McColl is probably wringing his hands

Hugh McColl, a South Carolina native and resident (Bennetsville, SC), the iron-fisted CEO who crafted juggernaut that is Bank of America is either wringing his hands in nervousness or joy.

The Wall Street Journal has announced that BOA has reached a deal to purchase Merrill Lynch.

CEO Ken Lewis took over BOA when McColl retired in 2001. In the years that have passed he's not wavered far from McColl's war like approach to finance though he has become more cavalier in efforts. As the WSJ article says:

The integration of Merrill, known for its proud, and sometimes testy, brokerage force, could turn out to be the biggest test of Mr. Lewis's career. Typically, the bank has made one big deal and then taken time to carefully merge the two institutions. But in recent years, acquisitions have come at a furious pace. In 2004, the bank bought FleetBoston Financial Corp. A year later, the bank agreed to buy MBNA Corp., the credit-card firm. In 2007, Bank of America bought Chicago's LaSalle Bank as part of the break-up of Dutch bank ABN-Amro Holding NV. Then came this year's purchase of Countrywide.

With great risk comes the possibility of great reward. As the article suggests, the merger would create an institution that has it's hands in the cookie jar of almost every aspect of the financial system, "from credit cards and auto loans to bond and stock underwriting, merger advice and wealth management," not to mention insurance services, mortgages, adn the other traditional banking services.

Unlike Bear Sterns which, retrospectively, the government should have left laissez-fair but didn't, and now Lehman Brothers which they are, the Charlotte based financial giant is moving percipitously further into the realm of "to big to allow to fail," much like Fannie Mae and Freddie Mac, the quasi-public-private mortgage giants that were nationalized.

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Buying Local is cheaper... for now

And how to prove it, look at the specialty food Lobster and the reason for 'food inflation' is

Food inflation derives from several sources. The price of food can be driven upward by consumer and commercial demand, by speculation in the futures markets, and by producers successfully passing on the higher costs they incur (for gas, fertilizer, labor, processing, packaging, distribution) to buyers. The longer and more complex the supply chain (i.e., olives that are picked in Tunisia, shipped to Italy to be turned into tapenade, and then shipped to Dean & DeLuca to be turned into hors d'oeuvres for yuppies), the greater the opportunities for marking up prices and passing along costs.

My own emphasis, but it's true statement about distance and cost. The downside is that if everyone began to buy local with such high demands you'd see increased scarcity as small farmers wouldn't be able to keep up.

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Oh Jimmy Boy's at it again

I'm an idiot, but I'm an idiot working for you.

(pic from Greenville Online)

The lede from a Greenville online article:

America is on an "unsustainable course as a country" with less than a decade before too much debt, too little energy and failure to deal with changing demographics collide catastrophically, Republican U.S. Sen. Jim DeMint said Thursday.

What does Jimmy boy mean by changing demographics, is he concerned about his status as a PWM? Or is it his disdain for our entitlement system, according to the article it's the latter, though I shouldn't be surprised if the former doesn't play a factor.

But what is Jimmy Boy's solution? Energy, rightly so is the crux of the equation. So what's his course of action?

Follow the Pickens plan or invest in alternative fuels?

No.

Push for higher CAFE standards and encourage conservation and less consumption not because of the current effect on the pocketbook but for the generally altruistic and moral responsibility of it?

Hell No.

If you guessed push for more off shore drilling you'd be correct. And what's even more staggering is to what length's he'll oppose the other to options and what intellectual and rhetorical acrobatics he uses to justify his staunchly 'drill here, drill now' position.

Instead of supporting the group of Senators (that includes SC's own Lindsey Graham) plan that would allow a mixture of off shore drilling and investment in alternative fuels by repealing many of the oil companies tax credits along with supplying royalties to the governments of the states and people for allowing drilling on their land

DeMint said the plan "is set up for failure" because it would open the door to regulatory delays and protracted environmental lawsuits, and if up for a floor vote, he would vote against it.

Way to go Senator DeDumbass. He calls it standing up for his principals when the question is, what principals does he stand for? Fiscal Conservatism, but accentuated by what? Fundamentalist Bigotry? Paying oil companies and screwing over those 'SC families living from paycheck to paycheck'?

This guy is a walking automaton of hubris and ineptitude masquerading in a facade of solipsistic moralism, and as such he's the heir apparent to Jesse Helms and the new 'conservative movement,' which is pseudonymous for a more calculated hyper capitalistic, ultra "patriotic, " religious right, all with it's roots in the South Carolina Upstate.

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SC is proud Jimmy boy

"Hi-yo, I'm a dumb ass"

Senator Jim DeMint Demented announced today that he's not afraid to shut down the federal government if the Democrats don't reconvene Congress and lift the ban on offshore drilling.

This guy really is a F*cktard folks, that's all I can say. Those comparisons to Jesse Helms don't go far enough.

DeMint of course is to drunk off the blood of his enemies to realize that South Carolina doesn't have any oil off the coast, or to paraphrase the geologists we don't even have a pot to piss in when it comes to prospects off our coast.

Oh and by the way, just to let everyone know remind them this D*ck-wad voted against PEPFAR (thankfully it passed anyway) and said that it's a waste of money to spend so much on AIDS research and prevention when we're in an economic crisis. Funny how he'd rather not spend money to save lives world around, but is more than fine with spending money intended to kill people and place our troops in harms way (Iraq).

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Breaking the Bank

After last weeks failure of IndyMac, the markets are all a fuss over what bank will be next. The Fed has said that 90 Institutions are on the verge of failing yet won't release names for fear of bank runs.

Already driven by fear of the obvious: a sagging economy, rising inflation, war weariness and administration that is in denial about it all and accountable to no one (yeah it all plays into the collective psychology of Americans) amongst a host of other concerns the public and the media are turning ever more scrutinizing eye upon our already lackluster Financial Institutions and they're government collaborators, perhaps due to the constant scandals arising from corporate governance of the past near decade.

This scrutiny doesn't come with just a little cynicism, if not a bit of schadenfreude.

To stem the tide of worry and woe, or at least to let the bottom fall out on the next Administration, neo-conservatives along with journalistic spin doctors, media patsies, and sycophants of these Ne'er-do-wells are doing everything they can to balm over and distract if not shift the blame* away from the failed policies and policy makers who brought on this crisis.

But it's not working.

Middle-class Americans, despite what many on the left and right would have us believe, are smarter than what we're given credit for by our elites.

An economic metaphor.

We recognize that markets are like cats - when you not only let the cat out of the bag, but out of the house the risk is substantially higher that your pet puss might get chased by a dog up a tree and get stuck, or worse yet get ran over by a car in the street.

We understand that there are simple steps that our leadership can take to get our cat out of the tree and usher it back into the house, after all there's nothing wrong with freeing up the market, but to leave it to its "own devices" (which has been the effect of the past decades spiraling deregulation into non regulation) discounts the effects of unknowns such collective and individual capacities to be altruistic and thoughtful or avaricious and full of caprice.

*In the case of IndyMac regulators in Treasury and at the Fed, along with the board of Directors at IndyMac say that Sen. Schumer of NY is responsible for the run (by himself mind you) because of a letter made public in which he asked regulators to beef up efforts on behalf and in light of Indy's current situation.

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What's the plan?

For once, someone at least has an idea what to do....



Click the photo link to go to pickensplan.com, the site and plan developed by T. Boone Pickens, originally an oilman now the head of BP Capital Management.

I remember Obama saying something about an Apollo Program for our energy consumption - well it looks like one wealthy American was listening, whilst the rest were buying up oil futures.

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Schadenfreude!

From National Geographic Channel

Apparently some coffee connoisseurs are taking delight from Starbuck's woes. This smug feeling will last slightly longer than a "true" machiato, or kopi luwak, while the contempt for the corporate and the mean (sorry Juan, Maxwell) is as foul as they are without that first cup in the morning.

Sidenote, how would you coffee fiends like to spend the rest of your life doing this

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Food prices aren't all that go up with the gas prices

GA town announces they'll tack a fuel 'surcharge' to offset fuel costs to speed violators and other ticketable offenses.

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No Immediate Effect

No immediate effect, that's what Obama and Environmentalists say about the potential of drilling for oil off California and Florida and what McCain's camp admits:

Douglas Holtz-Eakin, a senior advisor to McCain's campaign, acknowledged in a conference call to reporters that new offshore drilling would have no immediate effect on supplies or prices.

This is becoming the next round of pandering akin to the gas tax holiday scheme proposed earlier this election cycle due to the sky-rocketing energy prices, prices I might add that are still well below the average price of fuel in Europe from even two years ago.

As an American, I'm here to tell my compatriots to get over themselves, suck it up: by a more fuel efficient car, demand higher CAFE standards from your representatives, use public transit where available, carpool, and if you have to - walk or ride a bike, for the majority of us our doctors have been suggesting such exercise for years anyway.

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Are we standing on a precipice?

Kevin Phillips, noted political strategist and economics commentator has a new article in the Huffington Post that is tantamount to damning evidence about our current economic State of Affairs.

Billionaire California bond manager Bill Gross calls it "a haute con job." Bloomberg News columnist John Wasik describes it as "a testament to the art of economic spin." More and more shoppers and consumer simply disbelieve it.

The subject of this scorn is the federal government's vaunted Consumer Price Index or CPI. Americans are now beginning to understand that this indicator has its own share of gimmicks not unlike a sub-prime mortgage or the six pages of fine print that accompanies your credit card agreement.

Mr. Phillips argues that the Consumer Price Index (CPI) has been manipulated to the advantage of the Federal Government and large corporations for the past 25 years at the insistence of an Executive Branch (Republican and Democrat) as represented by the Federal Reserve that is so very faithful to the insufficient dual concepts of monetarist theory and efficient market hypothesis, that they're blind to the reality that many everyday Americans are waking up to, and which the rest of the World is already noting. Where Mr. Bernanke and other recipents of the system - financial economists and money mangers believed that inflation in America would be approximately 2.72%, according to Mr. Phillips, the rest of the world believes America's inflation rate is more correctly 6-9%.

How does Mr. Phillips say this? He says just at the price of commodities, Oil and food have skyrocketed - 80% and 40% respectively, and in my estimation yet wages are completely flat as well. He points to the financial press, such as Bloomberg amongst others who quietly point out how foreign investors are suspicious of the dollar.

But what can we do about it? In a perfect world Mr. Phillips suggests: In theory, a vigilant Congress might want to hold hearings, but in practice I suspect not. Democratic presidents (notably Bill Clinton) have been involved in the numbers game along with Republican administrations. Neither party has clean hands. Far more likely that any serious investigation will be mounted clandestinely by central banks or sovereign wealth funds in places like China, Singapore and Saudi Arabia as part of their ongoing study of just how much longer they can continue to support a deteriorating U.S. dollar. It is not a happy prospect.

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The Energy Crisis

As Hillary Clinton gears up to go on yet another pyrrich and vainglorious attack against Barack Obama over his non-support for a gas tax holiday, many journalists and even tempered economist are calling a spade a spade. One news paper in California calls it a bad idea "no matter whos it is."

CNBC even quotes Jerry Taylor of the Libertarian CATO institute as saying:

“If supply is fixed, it is very, very unlikely that the gasoline tax cut is going to produce lower prices at the pump,” says Jerry Taylor, senior fellow at the CATO Institute Not only that, but the Treasury would lose an estimated $10 billion in tax revenue over the three months, Taylor adds. Where would it go? To the oil and gas companies. “There is nothing necessarily wrong with that--I’m a libertarian," says Taylor. "But it would be rather odd to see Hillary Clinton champion a policy whose net effect it to take money from the taxpayers and give it to Exxon
Mobil."

Thomas Friedman of the NYTimes goes beyond this current mini-crisis which has these two politicians pandering to say this is a time for recalculated long term goals saying of both Clinton and McCain "The McCain-Clinton proposal is a reminder to me that the biggest energy crisis we have in our country today is the energy to be serious — the energy to do big things in a sustained, focused and intelligent way. We are in the midst of a national political brownout."


The only question is now if this generation of Americans can suck it up and endure, perhaps getting rid of those gas guzzling SUVs and stop trying to keep up with the Smiths. Is there enough gumption left in the American people to weather this storm and tighten the belt? Apparently the polls say no as the more these two candidates pander with these quick fixes the higher their numbers climb in the polls. Here's hoping the folks in North Carolina and Indiana as well as the rest of the country take note.

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A New Savings in Insurance?

A new regulation issued by the EEOC says that it's possible for employers to reduce or eliminate insurance benefits for retiree's who are Medicare eligible, according to an article in the NY Times. This is a two edged sword but makes complete sense. On the one hand it would cut the cost of insurance benefits across the board because it reduces the high risks associated with covering the elder segment of the population. On the otherhand it may cause a rise in payroll taxes to cover the cost of shifting people from private insurance (Medicare Secondary Payer?) to Medicare (as Primary). I found the following highly interesting:

In general, the commission observed, employers are not required by federal law to provide health benefits to either active or retired workers.

So it's more a practice than an actual policy.

Under the new rule, employers may, if they choose, provide retiree health benefits “only to those retirees who are not yet eligible for Medicare.” Likewise, the rule says, retiree health benefits can be “altered, reduced or eliminated” when a retiree becomes eligible for Medicare.

Further, employers will be able to reduce or eliminate health benefits provided to the spouse or dependents of a retired worker 65 or over, regardless of whether benefits for the retiree are changed.

Employers and some unions contend that retirees under 65 have a greater need for employer-sponsored health benefits because they are generally not Medicare-eligible. Large employers have often provided some health benefits to retirees 65 and older, to help cover costs not paid by Medicare. But employers have for years been trying to reduce retiree benefits or to shift more of the cost to retirees.

This really wouldn't be an issue if we had a paradigm shift when it came to fiduciary duty and fiscal responsibility. People aren't saving money as they should for retirement either because they can't or they don't know how. And that becomes a real problem when people look to entitlements either from their employer or to the Government. Although people are living longer lives ( a good thing ) they're not living healthier longer lives, meaning that even though you're living to be 100 you're having even more health problems.

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The Value of A Dollar

What’s the Value of a Dollar? Well these days the dollar is taking a tumble on a scale we haven’t seen in quite some time. And the world is surely taking note. Whether its OPEC talking about changing the base currency, or Jay Z flashing Euros in a music video based on a song for American Gangster, or Gisele the world’s richest model demanding in contracts to be paid in the Euro, the “image” of the almighty dollar is hurting. Pundits and Prognosticators are already decrying the cultural blips in reference to the dollar as baseless, but it leaves the average American wondering. Are we going to be left holding the bucket?

Thoughts from the Average American*

I’m inclined to hope not. But I’m no fiscal analyst, nor a high paid economist for a Think Tank. So with the rest of my “average American” compatriots I will be forced to take a wait and see approach. I’ll be forced to continue as my President would have me to do and spend my hard earned money and the money I’ve yet to earn, even if those products or the debt I’ll incur will kill me or my loved ones because somehow spending money ultimately puts more money in my pockets. I’ll continue to invest my money in a banking system that is over inflated, over valuated and under regulated which has in its vaults moneybags not stuffed with the bullion or silver my sweat and blood deposits but with paper IOUs from the mortgage markets, credit markets, and all the other markets.

And why?

Because as an average American I can do nothing else. I have Mortgage/Rent payments, Car payments, Gas payments (Because I’m lucky enough to have a car), Utility payments, I’ve got Insurance payments (I’m lucky enough to have Insurance), Doctor/Hospital payments (because my Insurance that I’m so lucky to have doesn’t pay it), Bank Loan payments & Credit Card payments (How else am I to make up the difference?). I’ve even got Government payments to pay for services I believe in and wars I do not.

But I get only one payment for the hardwork I put in day in, day out and I can do nothing else. And what do I have to show for it, what savings account what refinement? Sure there’s that pension plan that I thought was guaranteed, and sure there’s that 401(k) That may or may not be worth the money I’ve put into it. Sure I’ve got a nice car in the drive that I’m upside down on, and a house big enough for the kids and wife that we’re two months behind on. Sure I’ve got dinner on the table and medicine in the cabinet that may or may not be what the packaging says and may or may not do what I believe it should. Sure my kids have their toys that may or may not be tainted. But the fact is I’ve got them right? I’m living the American Dream right?

_________________________
*This is just conjecture and doesn't denote the reality of thought for all Americans but is only my perception, limited and biased as it may be.

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Recalls

Well I just got this list in the ole e-mail of things that are being recalled by the CPSC

3. Children's Metal Jewelry Recalled By WeGlow International Due to Risk of Lead Exposure

Description: This recall involves WeGlow children's flashing rings. The character-themed rings were sold in Shrek the Third(r) and Spiderman
3(r) designs. The rings have item number 920422 printed on back of the packaging.
Sold exclusively at: Dollar Tree, Dollar Bill$, Dollar Express, Greenbacks and Only $1 stores nationwide from December 2005 through August 2007 for $1.
Manufactured in: China

4. Dollar Tree Stores Inc. Recalls Children's Jewelry Due to Risk of Lead Exposure


Description: This recall involves the Beary Cute, Expressions, and Sassy & Chic children's jewelry with items number 855589, 873091, 873097, or 903950. The item number can be found on the reverse of the packaging.
Name - Type of Jewelry - Item Number
Beary Cute - Pierced earrings with jewelry like studs and hanging earrings with bears, hearts and flowers - 855589
Expressions - Necklaces with beads and pendants - 873091 or 873097
Sassy & Chic - Girl's bracelets and charms - 903950
Sold at: Dollar Tree, Dollar Bill$, Dollar Express, Greenbacks and Only
$1 stores nationwide from December 2005 through July 2007 for $1.
Manufactured in: China

6. Fisher Price Recalls Go Diego Go Boat Toys Due to Violation of Lead Paint Standard

Description: The toy is an orange and yellow boat that squirts water.
Cartoon character Diego is in the driver's seat. "Fisher Price," product number K3413, and a date code between 137-7HF and 223-7HF are marked on the toys.
Sold at: Retail stores nationwide from June 2007 through October 2007 for about $15.
Manufactured in: China

7. Jo-Ann Stores Expands Recall of Children's Toy Garden Tools Due to Violation of Lead in Paint Standard

Description: This recall involves the Robbie Ducky children's leaf rake, hoe, broom and spade. "Robbie Ducky(tm) Garden Collection" is printed on a tag attached to the handle. The rake has a yellow handle with the head of a tortoise and green prongs. The hoe has an orange handle with a caterpillar and a blue blade. The broom has a purple handle with a duck and an orange brush. The spade has a yellow handle with the head of a frog and a red blade. The tools measure between 27 and 29 inches long.
Sold at: Jo-Ann Fabric and Craft Stores nationwide from January 2007 through September 2007 for about $7.
Manufactured in: China

9. Family Dollar Stores Recalls Halloween Pails Due to Violation of Lead Paint Standard

Description: This recall involves purple Halloween pails with a picture of a witch figure silhouetted against a green moon. The pail measures about 6 1/2 inches high. "Distributed by Family Dollar, Inc," SKU number 1033953, and UPC number 017845000591 are printed on a label on the pail.
Orange Halloween pails with black jack-o-lantern decorations are not included in this recall.
Sold at: Family Dollar stores nationwide from August 2007 through October 2007 for about $1.
Manufactured in: China

All for unsafe amounts of lead, all made in China, all used by children, all available in SC stores, and some given out during Halloween festivals, or Hallelujah Festivals (if you're really that myopic). I'm reminded of the old Latin saying Caveat emptor, let the buyer beware.

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Abandon Hope All Ye Who Enter

Thus is inscribed on the gates of Hell - and thus should be inscribed on the Gates of the SC State Fair. Let me clarify.

I joined Pam, Sara, Zach and Karen for lunch today at the State Fair. The food was fantastic and fattening (could it be anything else?). I saw my cousin from Cheraw and her family who had taken the day off to come to the fair. She intimated to me the exorbitant cost of coming to the fair, and they'd only been there an hour....

Here's where my complaints come in. I bought an order of fried mushrooms, a corn dog and two sodas - total cost $16. That's the price of a meal at a reasonable restaurant here in town that wouldn't be nearly as unhealthy. Let's not forget that they charge $7 to get in (although since I was part of the lunch crowd I only had to pay, which I got back upon leaving). To top it off, here it is - Wednesday, mid-week, and the fair is causing such a traffic jam down town. It took nearly 15 minutes to get there. And welcome to SC - it was 85 degrees out, what joy!
The trip back to the office is what got me though.
I went out the wrong exit to get to the buses, and they wouldn't let me quickly go back through (I would have to get back in line) - so I walked around the parameter of the grounds. Only to be snapped at by deputy-dawg who was directing the mire that was the traffic because I began crossing the road before the car he was motioning to stop fully stopped... (whatever) then the bus was late - how late?? well the one I got on was 7 minutes late, the one I was waiting for??? 30 minutes. WOW.

And I wonder why I've not been to the fair since I was a kid (oh and if you're wondering, after only being in the fair for an hour - my cousin's family had already shelled out $80 - in one hour!!!)

Don't get me wrong, I've been to the fair during the evenings and enjoyed it, I enjoyed seeing all the beautiful artwork as I walked through the Canty Building. I enjoyed my company and seeing some family - so I'm trying not to let the heat, the cost, and the time expended over my allotted lunch hour dampen the experience over all. I just had to rant.

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Would you like some Cheese to go with your Whine?

I was reading the latest edition of the Economist when I came across an add by a consortium of wine growers, lovers, and experts centered around the dastardly practice of mislabeling and therefore misguiding consumers. After all it can only be Champagne if it's from Champagne France right?

Well apparently - according to the advertisement - some US trade laws allow for Appalachian Champagne... Check out the website if you'd like to sign the petition.

On the site you can learn about Terroir which "refers to all aspects of climate including temperature range, sunlight, rainfall and wind, as well as all aspects of the soil..." I never realized there was such a study of condition.

They even give the etymology of Appellation. It is from the Middle English appelacion, from Old French appelation, from Latin appellti, appelltin-, from appelltus, past participle of appellre, which means to entreat?

There is a section on pairings for Champagne. One interestingly name recipe is Eggs in Purgatory. With a name like that it's time to quote the family guy:

Peter: [on taking a family vacation] "We could always go to Purgatory like we did last year."

{flash back}

Lois: "This isn't bad. It's not good, but it isn't bad."

Brian: "So So"

Peter: "More or less"

All of this of course over wine - seems like someone or somebodies have a lot of free time to be ever so snobby - oh wait, it's the French who started this.

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Witticism of the Day

Headline from the Telegraph:

Light bulbs held up as green beacon

Well if that's not enough to get your attention here's the meat and potatoes:

The cost of "green" regulations and subsidies can vastly outweigh their economic benefit, Lehman Brothers will claim today in a report on the financial impact of climate change.

The US investment bank's research shows that the humble low-energy light bulb is a much more cost-effective way of reducing carbon in the atmosphere than expensive wind and solar power projects or bureaucratic diktats on car emissions.

Well of course it's going to be über expensive when the efficiency of our appliances hasn't been increased in umpteen years. We can reduce gas mileage on a car, but we can't reduce the amount energy it takes to operate a microwave. BUT we are beginning to make efficient switches, like to CFL, see my earlier post on my cost savings of changing just two bulbs!

Right now, and I will admit, most green power technologies are feel good productions, we make them and invest in them because it makes us feel good that we're doing something for the environment. But just imagine if the appliances we used were as efficient today as our automobiles - and boy have they come a long way, then the reality would fit that green power technologies would be feasible and profitable.

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Hot Spots in Cola

Click here. It's a link to Forbes Magazine, and you can see where in Columbia, SC you can find a FREE hot spot for wireless internet, you can also back out and see where else in the world, yes world, you can sit and enjoy free wireless internet.

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Slim your waistline, while fattening your wallet

Apparently some folkes believe that as the price at the pump increases, it could cajole Americans into excersising more and spending less. It's a possibility but probably not a sure bet. Never, after all, underestimate two things - the drive to want more (which involves spending money) and the desire to do less (like anyone will actually walk to the bank around the corner in South Carolina in July/August). Only time will tell on this one...

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$$ Big Savings? $$

... this is from an e-mail I sent to some friends, and thought I'd share.

My air condition the past two months have been running a constant 75-78 degrees – and yet my power bill dropped by $30, so what’s different? I still use my dishwasher on a regular basis (even more so now that I’m cooking more at home!), my tv is still on practically always, so what’s different? I did just two things, 1) I had Jonathan drop my hot water tempertature like 5 degrees and 2) My light bulbs, I changed out two lights that I always use with the CFL and I got rid of a third lamp by bringing it to the office. Now I’m thinking I might just change out one or two more bulbs – I’m amazed!!!!! . In one month!!!!

And here’s a disclaimer that our Utility company advocates about summer costs…

Factors that affect your energy bill:
There was 4° change in temperature. Please note that a change in temperature could result in increased seasonal related charges on your bill.

It only cost me $11 to buy those two bulbs and in a month I’ve recouped my money and then some, how bizarre!!

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