patrick.net

let’s say the non-borrowed reserve stabilizes at the current level, what are the parameters you will be looking at to determine how long it will take for the banks’ non-borrowed reserve to return to positive territory?

That's a good question. At this point I am taking things one week at a time. The current H.4.1/H3 data does not yet include the +$25 billion from the latest TAF auction. Will be interesting to see if the non-borrowed reserves continues to improve.
Supposedly the TAF auction was a success:
London interbank offered rates (Libor) are gradually falling, and spreads over Overnight Index Swaps (OIS) -- a key gauge of money market stress -- aren't widening out to record levels, the British Bankers Association's daily fixing showed on Thursday.

"The Fed's upsizing of the TAF, the BoE's SLS and increased ceiling on bank reserves, and the cumulative impact of aggressive central bank innovation should allow further normalization."

That is, Bank of England's Special Liquidity Scheme (SLS) -- hey, at least the Brits are frank with their terminology. Other analysts are more skeptical:

But many analysts argue that any easing in money market strains is superficial. Libor rates and spreads remain extraordinarily high and wide despite all the central bank liquidity-boosting measures so far, which have been unprecedented both in size and scope. "We continue to believe that the underlying problem is not so much one of liquidity but one of excess leverage, and (liquidity injections) can only provide a temporary reprieve," Citigroup strategists said on Thursday.

Quotes are from the Reuters article Libor strains ease across the board, marginally.

Can we please elect a Democrat and get on with it! Democrat House plus Democrat Senate with Obama to seal the deals. You cannot BUY entertainment
like we're gonna get!

Oh, and by the way... We're not leaving IRAQ for a LLLOOONNNNGGGG time no
matter who's elected. But we'll give Obama a pass on that, he such a great orator.

I ordered a Nader yard sign last week.

I thought Truman won (and won big) with a revolutionary weapon.

Oh come on Peter P! Certainly we lucked out that FDR's successor had the resolve to do what was necessary, but I think it's fair to say FDR carried the ball to the 95 yrd line before he died. Truman still could've fumbled but it would've been tough.

The only alternative is to pretend that we can make the world better.

We can. The sentece I quote above - from you - proves it. Regardless if it was FDR or Popeye who won that hellish war, winning it was better than losing it as I'm sure you'll agree.

Monkframe

there are no such studies unless you are very "liberal" with your definition of peer reviewed. But let's say there are. What, in your estimation would be the "appropriate" number to kill? Since you object to the number, you must have one in mind yourself.

By the way, try calling a GI a mass murderer to his face. If I'm there, I'll hold you down for him you piece of shit.

Putin, becoming PM, pledges to cut taxes

Putin said in a speech to parliament focusing on the economy that he supported lower taxation of the oil industry, tax breaks for securities markets and better legislation on derivatives.

http://www.reuters.com/article/bondsNews/idUSL0888832420080508

All great world leaders are tax-cutters.

sriramgopalan Says:
The great thing about being an American citizen is that international travel is so much easier.

Like it did for Daniel Pearl?

Carrying an American passport is a huge liability in many places on this planet - especially islamic anarchies or leftist militia hellholes.

While I would not make this decision purely for tax reasons like OO suggested, it is worth considering some of these factors when weighing your options... By the way, OO, even green-card holders have to pay US income tax on _all_ income including foreign sources, so I don't know if that works as a legal tax shelter.

Peter P

I don't know about "great" but he's certainly better for the Russians than what came before him. Still, without the oil....

I wonder if the FT and the Economist will start writing nice things about him now that he's a tax cutter.

Certainly we lucked out that FDR’s successor had the resolve to do what was necessary, but I think it’s fair to say FDR carried the ball to the 95 yrd line before he died. Truman still could’ve fumbled but it would’ve been tough.

Truman made one of the best and most difficult military decisions in human history. The result is the end of all future world wars.

At the very least, Putin is one of the smartest politicians ever lived.

The result is the end of all world wars.

even you can't really believe that! That's like believing Obama will bring change which will necessarily be good. Or that only rational actors will ever control nukes. Ever heard of Pakistan?

Here is an only in the Bay Area story. What do you get when you combine anti-vaccinators with a school founded on principles from the same guy who gave us biodynamic farming? A whooping cough outbreak at the East Bay Waldorf School.

And speaking of scurrilous rumors, I'd like to retract this statement:
The high school was surrounded by police cars this morning but everyone was going about their business, so I assume they were “protecting” students from U.S. Immigration and Customs Enforcement (ICE) agents that had picked up a Berkeley family around 9:30 a.m. on Tuesday (not at school). Looks like that school really was in lockdown as Berkeley police searched the campus for a 17-year-old high school junior who was arrested for robbing a sophomore.

SP,

what I meant was because of Bush, I had to start thinking of the option of giving up US citizenship. I believe I am not the only one who thought this way throughout the last 8 years (thank god it's gonna be over soon), and if one does go down this path, it is a lot better to give up green card than giving up citizenship, because the former doesn't involve the 20% splitting fee with the IRS.

America is able to enjoy far more than proportional resources because we are able to induce both fear and admiration from the rest of the world. People see us as the epitome of human civilization, and everyone wants to "be like Americans", people from around the world believe in us so much that they hoard USD. That is the intangible asset *holding up* the USD with which we can enjoy a far better lifestyle with less effort. Our Gulf War I was executed with such a grace that the rest of the world not only admired the swiftness of the actions, but also the restraint Bush I applied. He chose not to kill when he could have, that was nobility. The reputation and adoration of America reached its height after that.

Now contrast this to Gulf War 2. We squandered all the sympathy and support from the world after 911, which we could have used completely to our own advantage to further cement US' global position. Instead, we went on a war we cannot afford and get nothing out of it. If Bush was a CEO, he would have been ousted many years ago for trashing the stock price of his company.

For the next election, I ardently wish for another Republican to be right in the hot seat when all the sh*t hit the fan. The GOP party has been hijacked by morons since Bush. So as a GOP supporter, I consider the best way to cleanse the party is to let it fail miserably so that the hijackers can be flushed down the toilet and we can go back to our roots of being real conservative. Let's at least start with being financially conservative.

EBGuy,

thanks for the explanation, now I can sleep tight for..., ok for now.

EBGuy
I'm not familiar with that school. Where do you get that this was anti-vaccinators at work? Is it an educated guess?

And - forgive the clueless idiot - but what is biodynamic farming?

biodynamic farming = organic farming + rotation farming, the whole idea is not to tire the soil out.

I don't think it is necessary in earthquake or volcano regions because our soil is still quite "fresh". However, biodynamic farming is most needed in countries with heavily depleted soil, which are usually developing countries with destitute farmers who lack both education and "luxury" to rotate crops.

Where do you get that this was anti-vaccinators at work? Is it an educated guess?
Yes, to be clear, it is a bit of rumor mongering. From the comments on the article, it appears that vaccinated children (and also teachers) came down with pertussis (whooping cough), as the vaccine is not 100% effective and wears off with age. So the outbreak could be a result of a vaccinated child contracting the disease, spreading it to adults, and then to other vaccinated children -- but I'd bet my Birkenstocks non-vacc. transmission vectors were involved.

We are on the same wavelength Patrick. When I read about the President's intent to veto the Frank bill, I felt the same sentiment. I logged in today for the first time in months to say so, and you had beat me to it.

IMO, President Bush has made so many wrong decisions for so long (too many foreign and domestic policy mistakes to list here). So when I felt some admiration for him on his intended veto, it felt perverse. I had the sudden urge to take a decontamination bath.

I do not believe however that President Bush is taking the free market approach, nor do I believe he is looking out for our best interest (our = renters and financially responsible citizens). I think he balks at Frank's bill because it requires lenders to take a 15% loss on each of these mortgages. It is more likely that Bush is protecting the lenders than anyone else.

My beef with Frank's bill is that it essentially resets the values of the properties to 85% of their original market value. When these properties were sold, no such discount was offered to any other potential buyers. It is inherently unfair on that point, not to mention that there is no such provision in the bill to guarantee future buyers the same discount.

I can only hope that our next President will let the market decide the value of a property (radical idea eh?), and not some do-gooder politicians. When our leaders start trying to "help" us with our debt management and household finances, then we're really in big trouble. We see how well they've done with our national budget. I say, no thank you. And a small, perverse side of me says thank you Mr. Bush (as I quietly throw-up in my mouth).

And - forgive the clueless idiot - but what is biodynamic farming?
To add to OO's comments, those who farm biodynamically care a lot for the land and about the food they produce. However, stict adherence to biodynamic principles (certified by the US Demeter Association) involves rituals and practices, that are, shall we say, off the beaten path. Here is a previous post which links to a Chron article talking about biodynamic farming.

OO and EBGuy

thanks for the biodynamic enlightenement.

EBGuy - that comment you linked to had some pretty hilarious parts....I guess there's nothing that can't be taken to such an extreme it becomes self-satirizing (if that's a word)

More heartache for Peter P (and maybe all of us) :-)

http://www.examiner.com/blogs-73-Yeas_and_Nays~y2008m5d9-McCain-planning-climate-change-tour

RE: More heartache

Sigh. Can we have Dick Cheney instead?

Hopefully, McCain is just "running center" to woo the liberals.

Even IF (big if) "global warming" is real, there are more important issues to solve. Sea-level rising? I say it is just hot air rising.

It is understandable that countries (e.g. Europe, Japan) with negative population growth and declining world influence want to believe in a theory that will dampen the growth of their competitions.

We need to ask ourselves this. How does believing in "global warming" serve us as a still-growing power?

Now, we pretend that we are compassionate. What would buying the hypothesis mean to developing nations that *need* and *deserve* growth.

BayAreaIdiot Says:
I wonder if the FT and the Economist will start writing nice things about [Putin]

Not much chance - FT and the Economist are a little anglo-centric, and if there is one thing the british hate more than the french, it is the russians.

Russian billionaires contribute much to London's economy.

"Global warming" is the ultimate "I've got mine so screw you" religion.

Peter P Says:
Russian billionaires contribute much to London’s economy.

Of course, the british are always happy to take your money - that was not my point. I was making a slightly flippant comment based on geopolitical history - the English have gone to great lengths for several centuries to contain and restrict Russian influence. However, I must also admit that the English are extremely even-handed in their xenophobia - they hate pretty much everyone else too. :-)

However, I must also admit that the English are extremely even-handed in their xenophobia - they hate pretty much everyone else too.

LOL! They love Americans, right? ;)

SP is correct. The English do hate everyone on the "wrong" side of the channel :-)
I think that includes Americans most of the time, although they may have a slight hate-deficit on that special case. Same goes for NZ, Australia and a couple of other places. I think.

Regarding Global Warming: Most times I'm not sure what to think Peter P. There is something about those who are ardent believers which repels me.

Whether or not it's related to "saving the planet" I don't know. But it is unquestionably related to limiting growth so I Imagine the fight will be over who's growth and in what way. I can't figure that one out. I don't really get what the balance of power is on the international rulemaking re: global warming.

RE: saving the planet

Earth is very sturdy. Humanity cannot even possibly ding the planet.

Most people who claim to be "saving the planet" are really trying to save themselves from lifestyle changes.

The truth is, Nature is constantly in flux. One cannot embrace Nature without accepting environmental changes. The causes of those changes are themselves irrelevant, because Nature is simply reacting to our existence.

Well-to-do Brits are all retiring overseas now, particularly in Spain and Australia. They are not the uber-rich types, just middle upper class who seek better weather (and death tax treatment) at the end of their lives.

But the funny thing is, I have met so many British retirees in Australia complaining about "brown" immigrants dirtying up the British Isles and taking advantage of the welfare system. I am like, dude, you have already left that place behind, so worry about your new abode please. Plus, if you don't notice, you are a Johny-come-lately "immigrant" yourself so quite bickering over immigrants.

Scientifically speaking, there is no conclusion about what we will experience after this "global warming" period. There may very well be a global cooling, a mini ice-age which happened around the time America was founded.

I am for limiting carbon output not because I want to save the planet, because the planet cannot be destroyed or saved by minuscule human activities. I just want to breathe better air. And our reliance on cheap fuel is simply unsustainable.

And our reliance on cheap fuel is simply unsustainable.

When fuel is no longer cheap, alternatives will look attractive. Regulation is completely unnecessary.

Most people who claim to be “saving the planet” are really trying to save themselves from lifestyle changes.

Well that doesn't make the effort automatically suspect, particularly if the lifestyle change in question is "death"!

Like I said, I can't tell if it's happening, if we're causing it, if we can reverse it or even if it is definitely a bad thing. I also kinda see a bit of a contradiction in a scientific theory which requires "belief", especially belief in models. Haven't we just learned models suck in modeling the real world? :-)

However, if someone can plausibly claim they'll "save the planet", without limiting (technological) growth, I'll agree to let them try.

Well that doesn’t make the effort automatically suspect, particularly if the lifestyle change in question is “death”!

I doubt that...

Haven’t we just learned models suck in modeling the real world?

Models, "peer-reviewed" studies, whatever. They can be be constructed to "prove" anything.

something about a virus at JavaOne Peter P - watch out!

I never eat anything there. But thanks! :)

Oh, try out Lark Creek Steak. It has the best sauteed calamari!

thanks for the recommendation Peter P. I Love steak. and calamari too!

gotta run now

The English do hate everyone on the “wrong” side of the channel.

The old British expression was "the wogs begin at Calais". :lol: