Wednesday, October 28, 2009

Black Liquor

"Paper companies may claim about $6.6 billion from a U.S. tax break meant to discourage use of fossil fuels, and they’ll burn more diesel to get it.

The tax credit is an incentive to mix an alternative energy source with carbon-based fuel. Papermakers already generate electricity by burning a wood byproduct from pulp-making called “black liquor.” To qualify for the windfall they are adding diesel fuel to the black liquor, following the letter of the law while violating its spirit, said Verle Sutton, editor of the Reel Time Report, a unit of Los Angeles-based Forestweb Inc., a provider of data on the paper industry.

'It’s an absolute government boondoggle,' Sutton said. 'These companies were not using fossil fuels. They only started because they needed it for the tax credit to work. So there’s a negative to the environment, not a positive.'" - Bloomberg

Nowhere near as delicious as Old English.

A shameful, evil, and covetous person

Francisca Villar
Running for New York City Mayor

Party for Socialism and Liberation

Party enrolled in: Party For Socialism And Liberation

Occupation: Student

Occupational background: Student

Educational background: AS Bronx Community College (CUNY); Currently Lehman College (Biology)

Organizational affiliations: PSL

Prior public experience: Founder and president of my buildings tenants association; Bronx Community College Student Government Association

Email: info@votepsl.org

Website: http://VotePSL.org

1. What is the most important issue in the city you would address if elected?

The billionaires must pay for the economic crisis. A 5 percent tax on all wealth over $100 million would alone raise over $8 billion a year from the city's 55 billionaires alone; if they try to leave the city, their property and wealth should be confiscated. The $5 billion that the city pays every year to the banks for "debt servicing" must go to people's needs.

2. What other important issues would you address if elected?

The NYPD top cops must face charges for the epidemic of racist police brutality.

Housing is a right; rents must be rolled back and New York City should be declared an eviction-free zone with no foreclosures or evictions. The Rent Guidelines Board must be elected by New York City residents, not appointed by the mayor.

CUNY should be free as it once was.

Every New Yorker should be guaranteed a union job with decent wages and benefits.

3. What makes you the best candidate for this office?

I am not a billionaire and I have never been a bank executive. I am the only candidate who has grown up poor in New York City. My candidacy is dedicated to building a movement of poor and working people to put our interests first--the movement we need for the society we deserve.

I marched with 1 million of my fellow immigrants on May Day 2006 to demand amnesty for all undocumented workers. I organized to demand an end to the wars in Iraq and Afghanistan and of the occupation of Palestine.

I was an organizer trying to push back the 2008 tuition increases at CUNY. I am a fighter for the interests of poor and working people.

Wednesday, October 21, 2009

Praise the Lord!

Lord Griffiths [vice-chairman of Goldman Sachs International] said the general public should “tolerate the inequality as a way to achieve greater prosperity for all”, saying also that “we should not ... be ashamed of offering compensation in an internationally competitive market which ensures the bank businesses here and employs British people”.

The Telegraph

Tuesday, October 20, 2009

Does your neighbor smell like hummus?


Alert the authorities!

Monday, October 19, 2009

Dork?



Yes, you won by 59 points. Yes, you just scored a touchdown. No, your Randy Moss impersonation is not acceptable.

Thursday, October 15, 2009

Bourdain on Sardinia



"Generally speaking, you don’t trust restaurants around here. It’s a sign of failure or desperation or ignorance to have to go to a restaurant. Laziness would be a marginally acceptable excuse I guess…"

Wednesday, October 14, 2009

Asset of the Decade?

Lew Rockwell, noted market timer, has declared gold "The Best-Performing Asset of the Decade." While gold has performed well, it would have taken quite a bit quite a bit of conviction to commit assets to a shiny metal that costs you money to own and had lost nearly half of its nominal value over the prior 20 years during the great bull market.

It would have taken a similar amount of conviction to buy dull, boring, metal pipelines that had managed to lose value in 1999 in the height of the tech bull (and they aren't even shiny). An oil or natural gas pipeline, how decidedly "old economy." Little did the investors purchasing these assets know, when they should have been listening to Prince, they were entering the competition for the best performing asset of the decade. Whether, smart, lucky, wisely conservative, or with a perfect view of the coming bull market for commodities, the buyers of both assets did well.

All I know is, buying into a group of businesses that will pay you nearly 11% to own would have been a lot easier decision for me than buying a shiny thing that I have to pay to store. But what do I know?



Data through 10/13/2009 Source: Alerian Capital Management and Kitco.com

Nichola P(L)EASE!

"Nichola Pease, deputy chairman and former chief executive of the division of Credit Suisse Group AG, said companies are scared away from hiring women because penalties for successful sex discrimination claims are unlimited and the U.K. offers 52 weeks of maternity leave compared with 12 weeks in the U.S.

'A year maternity leave is too long, and sex discrimination claims that run into 10s of millions of pounds are ridiculous,' Pease told the Treasury Committee, a cross- party panel of lawmakers overseeing economic policy.

'What I worry about is that legislation and protection turns this into a nightmare,' Pease said. 'We’ve got to be realistic and make sure the protection, which has very good motivation, doesn’t end up backfiring both at a female level and at a U.K. competitiveness level.'"

Bloomberg via stealing the whole quote from Dealbreaker