June 29, 2012 archive

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Bailing Out Europe

Cross posted from The Stars Hollow Gazette

The heads of state of the EuroZone countries met in Brussels today for a two day summit to  try to come to an agreement on how to bail out two of its biggest members, Italy and Spain:

The 27 government chiefs will discuss buying Spanish and Italian government bonds to bring down borrowing costs that are near euro-era records, Finnish Prime Minister Jyrki Katainen said. He also proposed that bailout funds buy collateralized government debt in primary markets.

“I’ve come for very rapid solutions to support countries in difficulty on the markets,” French President Francois Hollande told reporters as he arrived in Brussels. Without specifying Spain or Italy, he said they “have made considerable efforts to deal with their public accounts.”

Leaders will consider short-term measures to stem the sovereign debt turmoil as EU President Herman Van Rompuy’s road map to strengthen the bloc’s common currency and financial oversight ran into immediate opposition from Germany. German Chancellor Angela Merkel has become increasingly isolated as Hollande, Italian Prime Minister Mario Monti and Spanish Premier Mariano Rajoy unite to push for quicker action to ease the crisis that emerged in Greece in late 2009.

Apparently all did not go German Chancellor Merkel’s way as she canceled her scheduled evening press conference. Or maybe she was watching her country’s football team get trounced by the Italians.

Euro 2012 Live Blogging: Italy 2 Germany 0

On This Day In History June 29

Cross posted from The Stars Hollow Gazette

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

Click on images to enlarge.

June 29 is the 180th day of the year (181st in leap years) in the Gregorian calendar. There are 185 days remaining until the end of the year.

On this day in 1928, The Outerbridge Crossing and Goethals Bridge in Staten Island, New York are both opened.

The Outerbridge Crossing is a cantilever bridge which spans the Arthur Kill. The “Outerbridge”, as it is commonly known, connects Perth Amboy, New Jersey, with the New York City borough of Staten Island and carries NY-440 and NJ-440, each road ending at the respective state border.

The bridge was named for Eugenius Harvey Outerbridge (sometimes pronounced “ooterbridge”) the first chairman of the then-Port of New York Authority and a resident of Staten Island. Rather than call it the “Outerbridge Bridge” the span was labeled a “crossing”, but many New Yorkers and others mistakenly assume the name comes from the fact that it is the most remote bridge in New York City and the southernmost crossing in New York state.

It is a steel cantilever construction, designed by John Alexander Low Waddell and built under the auspices of the Port of New York Authority, now the Port Authority of New York and New Jersey, which currently operates it.

It opened simultaneously with the Goethals Bridge on June 29, 1928. Both spans have similar designs. Neither bridge saw high traffic counts until the opening of the Verrazano-Narrows Bridge in 1964. Traffic counts on both bridges were also depressed due to the effects of the Great Depression and World War II.

The Outerbridge Crossing carried 32,438,000 vehicles (both directions) in 2006, or approximately 90,000 each day. Tolls are collected in the eastbound direction only. In early 2009, the cash toll was $8 for passenger vehicles. Users of E-ZPass pay a toll of $6 during off-peak hours (outside of 6-9 am and 4-7 pm).

In 2003, the Port Authority raised the speed limit for the three inner E-ZPass lanes at the toll plaza from 15 mph to 25 mph, separating these lanes from the rest of the eight-lane toll plaza by a barrier. Two years later, the tollbooths adjacent to the 25 mph E-ZPass lanes were removed and overhead gantries were installed with electronic tag readers to permit E-ZPass vehicles to travel at 45 mph in special high-speed lanes.[9] Motorists using the high-speed E-ZPass lanes cannot use the Page Avenue exit, which is located immediately after the toll plaza.

In recent years, the bridge has undergone numerous repair jobs as a result of the high volume of traffic that crosses the bridge each day.

The Goethals Bridge connects Elizabeth, New Jersey to Staten Island (New York City), near the Howland Hook Marine Terminal, Staten Island, New York over the Arthur Kill. Operated by the Port Authority of New York and New Jersey, the span was one of the first structures built by the authority. On the New Jersey side it is located 2 exits south of the terminus for the New Jersey Turnpike-Newark Bay Extension. The primary use for this bridge is a connection for New York City to Newark Airport. The bridge has been grandfathered into Interstate 278, and named for Major General George Washington Goethals, who supervised construction of the Panama Canal and was the first consulting engineer of the Port Authority.

A steel truss cantilever design by John Alexander Low Waddell ], who also designed the [Outerbridge Crossing. The bridge is 672 ft (205 m) long central span, 7,109 feet (2,168 m) long in total, 62 feet (19 m) wide, has a clearance of 135 feet (41.1 m) and has four lanes for traffic. The Port Authority had $3 million of state money and raised $14 million in bonds to build the Goethals Bridge and the Outerbridge Crossing; the Goethals bridge construction began on September 1, 1925 and cost $7.2 million. It and the Outerbridge Crossing opened on June 29, 1928. The Goethals Bridge replaced three ferries and is the immediate neighbor of the Arthur Kill Rail Bridge. Its unusual mid-span height was a requirement of the New Jersey ports.

Connecting onto the New Jersey Turnpike, it is one of the main routes for traffic between there and Brooklyn via the Staten Island Expressway and the Verrazano-Narrows Bridge. Until the Verrazano-Narrows Bridge was completed in 1964 the Goethals Bridge never turned a profit. The same happened to the Outerbridge Crossing. The total traffic in 2002 was 15.68 million vehicles.

Cartnoon

On Topic – Division of Power – The Press 5:11

Pretty soon you’re talking about real money.

Crossposted from The Stars Hollow Gazette

JP Morgan Managers Being Told Trade Loss is $9 Billion

Posted by Teri Buhl

Tue 26 Jun 2012

This morning the New York Times Dealbook rewrote my scoop about a possible $9bn loss for JPM and didn’t credit me for reporting this first. They’ve done journalism theft like this before when I was scooping them at the New York Post during the financial crisis. Times reporters like Andrew Ross Sorkin led the scoop stealing behavior during 08 and this morning I see him doing the same thing on CNBC. Scoops are assets for journalist and I don’t appreciate the New York Times taking my hard-earned research and sourcing and using it as their own without a mention or link to my original reporting. If you think this is wrong- write them, comment on their sites or tweet about it. Only together we can hold other journalist accountable and demand accuracy.

(h/t Dashiell Bennett @ Atlantic Wire)

JPMorgan Trading Loss May Reach $9 Billion

By JESSICA SILVER-GREENBERG and SUSANNE CRAIG, The New York Times

June 28, 2012, 2:30 am

To put the size of the loss in perspective, JPMorgan logged a first-quarter profit of $5.4 billion.



The chief investment office – which invests excess deposits for the bank and was created to hedge interest rate risk – brought in more than $4 billion in profits in the last three years, accounting for roughly 10 percent of the bank’s profit during that period.



More than profits are at stake. The growing fallout from the bank’s bad bet threatens to undercut the credibility of Mr. Dimon, who has been fighting major regulatory changes that could curtail the kind of risk-taking that led to the trading losses. The bank chief was considered a deft manager of risk after steering JPMorgan through the financial crisis in far better shape than its rivals.

“Essentially, JPMorgan has been operating a hedge fund with federal insured deposits within a bank,” said Mark Williams, a professor of finance at Boston University, who also served as a Federal Reserve bank examiner.

Late Night Karaoke

Today on The Stars Hollow Gazette

Our regular featured content-

These featured articles-

Follow us on Twitter @StarsHollowGzt

This is an Open Thread

The Stars Hollow Gazette

Corporate-care: Looking for Loss in all the Wrong Places

I’ll be honest.  I haven’t read the decision on “Obamacare” by the Supremes. I left that to my lawyer acquaintances. I read the spin with disgust and dismay. I usually read pending legislation before opining, but c’mon, so much has been made of this thus far that it doesn’t really take a rocket scientist to figure out what would, hence did happen.  The Supremes backed forced-purchase.  The decision pivoted on the idea that the mandate “was justified as a tax. Because people who don’t obtain insurance pay a tax to the IRS, the mandate was within Congress’s power to raise taxes for the general welfare. As a result, the Affordable Care Act was upheld.

Got that?  Its ok because its ALWAYS ok to tax the poor more.  If you can’t afford to directly pay the Insurance Companies, the Government will make you pay it as a tax and give it to the mother-fuckers anyway, dig?

That is the real problem.  But Duh-merica’s wee heads are exploding for all the wrong reasons.  And Liberaloi-duhs are celebrating against their own interests too.



Photobucket

Remind me why we whale again.

Japan’s appetite for whale meat wanes

Justin McCurry in Osaka, The Guardian

Thursday 14 June 2012 05.19 EDT

Junko Sakuma, a freelance journalist, said the body responsible for selling meat from Japan’s controversial “scientific” whaling programme had failed to sell 908 tonnes of the 1,211-tonne catch, despite holding 13 public auctions since last October.



Sakuma said the oversupply of whale meat, despite pockets of demand for the highest quality produce, had made Japan’s lethal research programme unsustainable.



Late last year, it was revealed the government used 2.28bn yen (£18.5m) from the 11 March earthquake recovery fund, on top of its existing $6m (£3.87m) annual subsidy, to pay for the most recent Antarctic hunt.

The fisheries agency said the use of the fund was justified because one of the towns destroyed by the tsunami was a whaling port.

This is about the 3rd year in a row of declining catches and failure to sell even a majority of the harvest.

Complex thinking goes beyond primates: Dolphins understand zero, elephants rescue each other

By Associated Press

June 24

Dolphins are so distantly related to humans that it’s been 95 million years since we had even a remotely common ancestor. Yet when it comes to intelligence, social behavior and communications, some researchers say dolphins come as close to humans as our ape and monkey cousins.

Maybe closer.

“They understand concepts like zero, abstract concepts. They do everything that chimpanzees do and bonobos can do,” said Lori Marino, a neuroscientist at Emory University who specializes in dolphin research. “The fact is that they are so different from us and so much like us at the same time.”