Thursday, December 30, 2010

foreclosure list


A press release from LPS' Mortgage Monitor Report shows Foreclosure Inventory Rising for 5th Straight Month

The November Mortgage Monitor report released by Lender Processing Services, Inc. (LPS) shows that the volume of loans moving to REO continued to drop as moratoria further delayed foreclosure sales. While the 90+ delinquency category has steadily declined, the number of loans moving to seriously delinquent status beyond 90 days far outpaced the number of foreclosure starts. Nearly 2.2 million loans are 90 days or more delinquent but not yet in foreclosure.

Foreclosure inventories also continued to rise for the fifth straight month as delinquent accounts are referred for foreclosure, but the sale of foreclosure properties continued to decline. When compared to January 2008 levels, the foreclosure inventory of Jumbo Prime loans is nearly seven times higher; the inventory of Agency Prime loans is nearly six times higher; and the foreclosure inventory of Option ARM loans is approaching five times the inventory in January 2008.

The report also shows that one-third of loans that are 90 days or more delinquent have not made a payment in a year; however, the number of new problem loans declined nearly 5.4 percent from October, which is opposite of the seasonality trend that typically impacts new delinquencies this time of year. Self-cures for loans one to two months delinquent increased in November to a six-month high.

In the month of November, 261,153 loans were referred to foreclosure, which represents a 0.7% month-over-month decline. The total number of delinquent loans is nearly 2.1 times historical averages - and foreclosure inventory is currently at 7.7 times historical averages.

As reported in LPS' First Look release, other key results from LPS' latest Mortgage Monitor report include:

  • Total U.S. loan delinquency rate: 9.02 percent
  • Total U.S. foreclosure inventory rate: 4.08 percent
  • Total U.S. non-current* loan rate: 13.10 percent
  • States with most non-current* loans: Florida, Nevada, Mississippi, Georgia, New Jersey
  • States with fewest non-current* loans: North Dakota, South Dakota, Alaska, Wyoming, Montana
Charts From The Report

The report is 34 pages long. Inquiring minds may wish to give it a closer look. Here are a few select charts.

click on any chart for sharper image

Delinquent and Foreclosure Rates by Month



Total Delinquency Percent Excluding Foreclosures



Total Foreclosure Percent By Product



Foreclosure Increase Compared to January 2008



Loan Cures



Serious Delinquencies



Foreclosure Starts vs. Serious Delinquencies




While there are some welcome trends in direction, actual foreclosures are lagging. The pent-up need to foreclose is huge.

Moreover, mortgage rates have rising nearly a full percentage point in the last 45 days. This will put a damper on already depressed home sales, making it harder to unload inventory.

Look for months of inventory to soar in the upcoming months with continued declines in home prices. Contrary to what most think, falling prices are a good thing. Home prices need to fall to a point low enough where genuine demand kicks in.

Foreclosure moratoriums are counterproductive and exacerbate existing problems.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List







Jennifer Love Hewitt appears topless in the promotional material for her new television show, The Client List.


If this is the way of getting the attention of male viewers, I’d say that it might just work. What do you think?


The show is about a former beauty queen named Samantha Horton who takes a job at a massage parlor when her family faces foreclosure on their home. She has to help with the bills when her husband suffers an injury that keeps him from working.


She soon learns that her clients might just be looking for a happy ending….



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Kidney Donation Set as Condition of Miss. Sisters - AOL <b>News</b>

Gov. Haley Barbour has pardoned Gladys and Jamie Scott, who were each serving life sentences for an $11 armed robbery. But to be released, Gladys, 36, must donate a kidney to her 38-year-old sister, Jamie, who requires dialysis and ...

Fox <b>News</b> Channel&#39;s Kimberly Guilfoyle: Ignore CPAC boycotters <b>...</b>

Former first lady of San Francisco tells groups boycotting February convention to participate if they want to be heard.

HP wins $2.5 billion contract with NASA | Business Tech - CNET <b>News</b>

Beating out Lockheed Martin, HP will sell $2.5 billion worth of products and service to the space agency. Read this blog post by Lance Whitney on Business Tech.


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Tuesday, December 28, 2010

Making Money Uk

If you’re going to make an omelet, some egg-breaking is a sure bet, especially if that omelet is a contender for the crown of best online console multiplayer and content delivery service. Which would make the eggs your money, in a nutshell. Or egshell, ba-dum pish. You, in this scenario, being Sony laying the groundwork for their PSN, which incidentally, isn’t making all that much money right now. But it will, or at least Kaz Hirai thinks so.

“We’re shooting to get the PSN in the black in 2011,” he said to Reuters. How, might any one of the 60 million PSN registered users with a vested interest might ask? Well, apparently PSN sales have doubled over the past year and Sony are hoping that’s going to continue to be the case. Also, some awesome demos and an Android app to stoke the fires of interest can’t hurt. And as long as multiplayer stays free on PSN, we don;t see any reason for Sony to worry about potential growth.


The Office of Fair Trading (OFT) in the UK is making good on its threat to punish companies that purchase coverage online without public disclosure. The OFT says it has "received undertakings" from at least one company for violating the UK's fair trading laws—a warning to others that might pay for blog or Twitter posts without admitting to doing so.



Handpicked Media, a UK-based startup that provides "sponsored" posts to hundreds of blogs, got a public slap on the wrist from the OFT on Monday following the discovery that the company was not properly disclosing its paid online promotions. OFT noted that Handpicked Media cooperated with the investigation, but said that the company has now agreed not to engage in such activity without making it obvious that the posts had been paid for "in a manner unavoidable to the average consumer."



"The integrity of information published online is crucial so that people can make informed decisions on how to spend their money," OFT Consumer Group senior director Heather Clayton said in a statement. "We expect online advertising and marketing campaigns to be transparent so consumers can clearly tell when blogs, posts, and microblogs have been published in return for payment or payment in kind. We expect this to include promotions for products and services as well as editorial content."



Here in the US, the Federal Trade Commission has similar rules in place for sponsored blog posts, but it is not always easy to enforce since it's hard to confirm whether a writer has received payment or not. Still, there have been some results—Reverb Communications recently settled with the FTC over accusations that company employees posted positive reviews for the games the company was hired to promote.



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Phila. Gay <b>News</b> Editor On Elton John: &#39;Couldn&#39;t Find A Better <b>...</b>

After struggling to adopt for years, one of music's most influential men is now a dad. Sir Elton John and his partner, David Furnish, now have a son, born to a surrogate in California on Christmas Day.

Making <b>News</b> and Entertainment More Social in 2011 - Facebook <b>...</b>

In April, The Washington Post integrated Facebook Platform to create a social experience across the site with “Network News.” The Washington Post has seen more than 280% increase in referral traffic year-over-year, as news becomes ...

How Online <b>News</b> Evolved in 2010

News is changing – quickly. The way it's researched, the way it's reported and the way we access it are all evolving rapidly. 2010 could well be remembered as a key year in the history of online news. Here are the key reasons why. ...


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Phila. Gay <b>News</b> Editor On Elton John: &#39;Couldn&#39;t Find A Better <b>...</b>

After struggling to adopt for years, one of music's most influential men is now a dad. Sir Elton John and his partner, David Furnish, now have a son, born to a surrogate in California on Christmas Day.

Making <b>News</b> and Entertainment More Social in 2011 - Facebook <b>...</b>

In April, The Washington Post integrated Facebook Platform to create a social experience across the site with “Network News.” The Washington Post has seen more than 280% increase in referral traffic year-over-year, as news becomes ...

How Online <b>News</b> Evolved in 2010

News is changing – quickly. The way it's researched, the way it's reported and the way we access it are all evolving rapidly. 2010 could well be remembered as a key year in the history of online news. Here are the key reasons why. ...


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Phila. Gay <b>News</b> Editor On Elton John: &#39;Couldn&#39;t Find A Better <b>...</b>

After struggling to adopt for years, one of music's most influential men is now a dad. Sir Elton John and his partner, David Furnish, now have a son, born to a surrogate in California on Christmas Day.

Making <b>News</b> and Entertainment More Social in 2011 - Facebook <b>...</b>

In April, The Washington Post integrated Facebook Platform to create a social experience across the site with “Network News.” The Washington Post has seen more than 280% increase in referral traffic year-over-year, as news becomes ...

How Online <b>News</b> Evolved in 2010

News is changing – quickly. The way it's researched, the way it's reported and the way we access it are all evolving rapidly. 2010 could well be remembered as a key year in the history of online news. Here are the key reasons why. ...


bench craft company scam

Phila. Gay <b>News</b> Editor On Elton John: &#39;Couldn&#39;t Find A Better <b>...</b>

After struggling to adopt for years, one of music's most influential men is now a dad. Sir Elton John and his partner, David Furnish, now have a son, born to a surrogate in California on Christmas Day.

Making <b>News</b> and Entertainment More Social in 2011 - Facebook <b>...</b>

In April, The Washington Post integrated Facebook Platform to create a social experience across the site with “Network News.” The Washington Post has seen more than 280% increase in referral traffic year-over-year, as news becomes ...

How Online <b>News</b> Evolved in 2010

News is changing – quickly. The way it's researched, the way it's reported and the way we access it are all evolving rapidly. 2010 could well be remembered as a key year in the history of online news. Here are the key reasons why. ...


bench craft company scam

Phila. Gay <b>News</b> Editor On Elton John: &#39;Couldn&#39;t Find A Better <b>...</b>

After struggling to adopt for years, one of music's most influential men is now a dad. Sir Elton John and his partner, David Furnish, now have a son, born to a surrogate in California on Christmas Day.

Making <b>News</b> and Entertainment More Social in 2011 - Facebook <b>...</b>

In April, The Washington Post integrated Facebook Platform to create a social experience across the site with “Network News.” The Washington Post has seen more than 280% increase in referral traffic year-over-year, as news becomes ...

How Online <b>News</b> Evolved in 2010

News is changing – quickly. The way it's researched, the way it's reported and the way we access it are all evolving rapidly. 2010 could well be remembered as a key year in the history of online news. Here are the key reasons why. ...


bench craft company scam

Phila. Gay <b>News</b> Editor On Elton John: &#39;Couldn&#39;t Find A Better <b>...</b>

After struggling to adopt for years, one of music's most influential men is now a dad. Sir Elton John and his partner, David Furnish, now have a son, born to a surrogate in California on Christmas Day.

Making <b>News</b> and Entertainment More Social in 2011 - Facebook <b>...</b>

In April, The Washington Post integrated Facebook Platform to create a social experience across the site with “Network News.” The Washington Post has seen more than 280% increase in referral traffic year-over-year, as news becomes ...

How Online <b>News</b> Evolved in 2010

News is changing – quickly. The way it's researched, the way it's reported and the way we access it are all evolving rapidly. 2010 could well be remembered as a key year in the history of online news. Here are the key reasons why. ...


bench craft company scam

Phila. Gay <b>News</b> Editor On Elton John: &#39;Couldn&#39;t Find A Better <b>...</b>

After struggling to adopt for years, one of music's most influential men is now a dad. Sir Elton John and his partner, David Furnish, now have a son, born to a surrogate in California on Christmas Day.

Making <b>News</b> and Entertainment More Social in 2011 - Facebook <b>...</b>

In April, The Washington Post integrated Facebook Platform to create a social experience across the site with “Network News.” The Washington Post has seen more than 280% increase in referral traffic year-over-year, as news becomes ...

How Online <b>News</b> Evolved in 2010

News is changing – quickly. The way it's researched, the way it's reported and the way we access it are all evolving rapidly. 2010 could well be remembered as a key year in the history of online news. Here are the key reasons why. ...


bench craft company scam

Phila. Gay <b>News</b> Editor On Elton John: &#39;Couldn&#39;t Find A Better <b>...</b>

After struggling to adopt for years, one of music's most influential men is now a dad. Sir Elton John and his partner, David Furnish, now have a son, born to a surrogate in California on Christmas Day.

Making <b>News</b> and Entertainment More Social in 2011 - Facebook <b>...</b>

In April, The Washington Post integrated Facebook Platform to create a social experience across the site with “Network News.” The Washington Post has seen more than 280% increase in referral traffic year-over-year, as news becomes ...

How Online <b>News</b> Evolved in 2010

News is changing – quickly. The way it's researched, the way it's reported and the way we access it are all evolving rapidly. 2010 could well be remembered as a key year in the history of online news. Here are the key reasons why. ...


bench craft company scam

Phila. Gay <b>News</b> Editor On Elton John: &#39;Couldn&#39;t Find A Better <b>...</b>

After struggling to adopt for years, one of music's most influential men is now a dad. Sir Elton John and his partner, David Furnish, now have a son, born to a surrogate in California on Christmas Day.

Making <b>News</b> and Entertainment More Social in 2011 - Facebook <b>...</b>

In April, The Washington Post integrated Facebook Platform to create a social experience across the site with “Network News.” The Washington Post has seen more than 280% increase in referral traffic year-over-year, as news becomes ...

How Online <b>News</b> Evolved in 2010

News is changing – quickly. The way it's researched, the way it's reported and the way we access it are all evolving rapidly. 2010 could well be remembered as a key year in the history of online news. Here are the key reasons why. ...


bench craft company scam

Phila. Gay <b>News</b> Editor On Elton John: &#39;Couldn&#39;t Find A Better <b>...</b>

After struggling to adopt for years, one of music's most influential men is now a dad. Sir Elton John and his partner, David Furnish, now have a son, born to a surrogate in California on Christmas Day.

Making <b>News</b> and Entertainment More Social in 2011 - Facebook <b>...</b>

In April, The Washington Post integrated Facebook Platform to create a social experience across the site with “Network News.” The Washington Post has seen more than 280% increase in referral traffic year-over-year, as news becomes ...

How Online <b>News</b> Evolved in 2010

News is changing – quickly. The way it's researched, the way it's reported and the way we access it are all evolving rapidly. 2010 could well be remembered as a key year in the history of online news. Here are the key reasons why. ...


bench craft company scam

Phila. Gay <b>News</b> Editor On Elton John: &#39;Couldn&#39;t Find A Better <b>...</b>

After struggling to adopt for years, one of music's most influential men is now a dad. Sir Elton John and his partner, David Furnish, now have a son, born to a surrogate in California on Christmas Day.

Making <b>News</b> and Entertainment More Social in 2011 - Facebook <b>...</b>

In April, The Washington Post integrated Facebook Platform to create a social experience across the site with “Network News.” The Washington Post has seen more than 280% increase in referral traffic year-over-year, as news becomes ...

How Online <b>News</b> Evolved in 2010

News is changing – quickly. The way it's researched, the way it's reported and the way we access it are all evolving rapidly. 2010 could well be remembered as a key year in the history of online news. Here are the key reasons why. ...


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Thursday, December 23, 2010

Making Money




Don't Worry, Howard Stern's Still Making a Ludicrous Amount of Money





In your sunny Thursday media column: Howard Stern returns to Sirius, the NYT social media editor disappears, Brenda Starr dies, errors galore, and more!



  • Howard Stern has signed a five year deal to keep his show on Sirius Radio. No exact monetary figure yet, but his last deal was $100 million a year, and he called this deal "very fair," so it has to be in the same ballpark. The good thing is it keeps Howard Stern fans all in one easily identifiable media ghetto.



  • The New York Times has quietly eliminated its useless (we say that with no prejudice) "Social Media Editor" position. Jennifer Preston, who held it, is returning to reporting. The paper will reportedly "shift social media responsibilities to Aron Pilhofer‘s interactive news team." Ah well. We'll always have the archives of Jennifer Preston's Twitter feed to remember this amazing time in history.



  • After 70 years, "Brenda Starr, Reporter" is ending as a daily comic strip. Brenda Starr will take over as the New York Times social media editor.



  • Regret The Error's "Year in Media Errors and Corrections" list is well worth reading tits.



  • Confidential to Joe Lieberman: keep talking all that shit about investigating the New York Times for Wikileaks. See how that works out for you.


[Photo: Getty]



Send an email to the author of this post at Hamilton@gawker.com.








"Being good in business is the most fascinating kind of art," Andy Warhol famously said. "Making money is art and working is art and good business is the best art." Having gotten his start as an immensely successful commercial artist selling product illustrations to advertisers and department stores, Warhol bent the American consumerist system to artistic ends throughout his career -- embracing capitalism at a time when many in the creative sphere viewed it skeptically, if not with outright hostility. Now a new exhibition at the Indianapolis Museum of Art called "Andy Warhol Enterprises" has seized upon a recent resurgence of interest in the artist's work to closely examine just how Warhol treated business, commerce, and, above all, money in his art and life.



At an economic moment when the art market is booming -- with a Warhol painting selling for $63.4 million at Phillips de Pury last month -- as the rest of the country struggles through a grueling recession, wealthy businessmen have been demonstrating extraordinary confidence in art as a liquid financial asset. Warhol, it could be said, took the opposite approach -- he saw business as a dependable artistic asset. To discuss the ways in which the Pop artist approached this sweeping subject, ARTINFO executive editor Andrew M. Goldstein spoke to the exhibition's co-curator Sarah Urist Green, who organized the show with art critic Allison Unruh.




Andy Warhol for Sony Beta cassette tapes, 1981 / © The Andy Warhol Foundation for the Visual Arts, Inc.




One of the interesting things about your exhibition is that it is sponsored by PNC Bank, which is in itself a commentary of a kind on the relationship between business and art.



When I got a call from Max Anderson, our director, asking if I would be interested in curating a show in conjunction with PNC bank and the Warhol Museum, my first reaction was a little bit hesitant. But I thought, "Warhol certainly wouldn't mind having a show sponsored by a bank. He would probably have really liked it." And I love the fact that Warhol had the corporation Andy Warhol Enterprises -- it has always stood out to me as a really fine example of Warhol as an entrepreneur -- and Andy loved money. So I though lets do a show about Andy loving money, but in a critical, engaged way.



Did they have any part in coming up with the show's conceit?



No, this is something that we pitched to them. And they loved it. I especially thought it was hilarious that for once we would be able to even flaunt a sponsor's name and logo in conjunction with the exhibition. Whenever we were creating collateral for the show I was able to say "don't forget the logo" and "make the logo bigger."



The exhibition catalogue shows Warhol as a shameless self-promoter, even appearing on Japanese film ads like the cliché of Bill Murray's character going to sell Japanese whiskey in "Lost in Translation."



That's perfect, right? But he was doing that from the beginning. Something we didn't have an image of in the catalogue but that was always in my mind in developing the show was the classified ad he put in the Village Voice in 1966 that said, "I will endorse with my name any of the following" and then it was just a list of all of the things he was happy to endorse, which included "anything." So he was a bit of a whore, as it were, from the beginning. One of the ideas that we have really tried to work against in this exhibition is that there was a turning point in Warhol's career -- this idea that before he was shot there was a certain integrity to his work and after a turning point it all dissipated and he became a servant to celebrities and society members. I don't believe that that is true. He even said later in his career, "I was always a commercial artist."



That is so interesting because that recent biography of him, Pop: The Genius of Andy Warhol, ends when he was shot in 1968, essentially condensing the last two decades of his career into a few paragraphs, largely dismissing it as commercial work.



I know. It's a great book, it's excellently researched, has great material, but it just ends! He was shot in 1968 but he didn't die until 1987. It is really incredible that that perception persists -- I mean, it is really prevalent, especially, of that generation. This exhibition is one of several in the past few years that is re-examining his later work including the "Last Decade" show and "Pop Life." These other exhibitions are looking at his later work in a fresh light. But I feel sometimes that the members of Warhol's own generation, or the people who were there, were sometimes clouded in their judgment and unable to see the irony of his later work.



I think it is so interesting your catalogue opens with a picture of Warhol sitting behind a desk. I can't think of another artist, like that, sitting behind a desk. Even Jeff Koons or Damien Hirst wouldn't take that picture.



Oh, no. You have seen pictures of them at their desk in their studios, maybe sitting with desks or papers or tables behind them, or maybe at a computer, but not this -- in such an officious role! I love that photo. It hasn't been published very much, and it was really important to us to include it. There is actually another version of this photo that is backed up a little more and it shows that, to the right of the telephone, there is a TV facing him.



The essays in the catalogue present Warhol as this businessman sitting behind a desk, running Warhol Enterprises, concocting a new moneymaking scheme every day, wearing a tie, and flying by Concorde. And it certainly worked: the final valuation of his estate was $228 million.



That's correct, though I'm not sure exactly how the Warhol Museum came to that figure. I am pretty sure that it is the valuation of his work at the time of his death plus all of the other art work he collected, because he had quite a collection of decorative art and some work by other artists, as well. Also, it includes his real estate holdings.



So, just like any other CEO.



Exactly. In the exhibition we have a portfolio that says "Andrew Warhol Enterprises Inc." on the front and it sort of goes through the value of his estate in 1965, and lists artworks that he owned -- some small Rauschenberg works and other items. But he did amass quite a bit of wealth in his days. Even in the 50s, in the first decade of his career, he did amazingly well as a commercial artist. So he was very well off even before he became famous.



What was he like as a boss?



As a boss? Well, we interviewed Vincent Fremont in the catalog and that is one account of many accounts, but at a certain point in my research it became unhelpful to read the accounts of everyone who worked for him. The people who were very close to him seemed to love him, like Pat Hackett [Warhol's secretary]. While they had not an uncomplicated relationship with Warhol, they certainly had extreme fondness for him. But then you read accounts like Bob Colacello's "Holy Terror" and you see a different side but one that is cited often, the flip side of Andy Warhol, where while he could be incredibly encouraging to other people, to other employees, other artists, he was also pretty cruel in certain regards as well.



What fascinates me is that while he presents this image as a business man -- "the business artist" -- his own management of his affairs was much more like an artist. He hardly paid anyone except with drugs, or parties, or the occasional lunch money.



Part of Warhol's brilliance at an early age was getting people to help him for free. In the 50s he would have these coloring parties where he would invite his friends to Serendipity 3 to help him hand-color his blotted line drawings, and he had his mother help him as well. He certainly had paid assistants, too. All of his films made it look like people in the factory were just sitting around, but he was certainly very good at getting people to work for him for free, and I'm sure it was mutually beneficial. It turned from the "Factory" into the "Office", and his staff members grew as his life progressed. But he certainly did know how to run a business and get the most out of his employees.



Did they have health care? Or anything like that?



I don't know, but there is a great Warhol quote: "Employees made the best dates. You don't have to pick them up and they are always tax deductible."



It is funny to think about how much of a chaotic mess his workplace was.



Well, you see the time capsules, and you get a small glimpse of his business life because the time capsules were basically his sweeping off his desk every so often and putting it in a box. And if you go to the Warhol Museum archives and you take a peek in those time capsules, it is really astounding the amount of stuff that almost anyone would throw away that Warhol kept.



What stands out in your memory?



Ticket stubs, taxi receipts, small notes about his finances. If you look in his diaries, you will see that the "Andy Warhol Diaries" actually originated because his accountant wanted him to track his daily expenses, and then it expanded from there. But it will say "taxi, 3 dollars" and so on. That is in the "Andy Warhol Diaries" that Pat edited. He would call her in the mornings and she would transcribe his day-to-day activities for many years. And some of them... I mean, it's funny, but pretty tedious at a certain point. He will say who he went out with the night before, who was at Studio 54, et cetera. They also found in the time capsules over a thousand dollars in cash that he just stuck in one of the boxes. I tried to get that for the show, actually, but I think they gave it to the Warhol Foundation.



Continued...



--



Visit "The Business Artist: How Andy Warhol Turned a Love of Money Into a $228 Million Art Career" on ARTINFO for the rest of Andrew Goldstein's interview with IMA curator Sarah Urist Green about the themes in her probing exhibition, including a discussion of Warhol's role as Factory foreman, his money paintings, and his vulgarity, and to see a slide show of Andy Warhol's most famous money-making works.



--



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Visit ARTINFO to see some of Andy Warhol's most famous money-making works.







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Obama <b>news</b> conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

WikiLeaks documents leaked again : Views and <b>News</b> from Norway

“I have no comment on how we secured access to the documents,” Aftenposten's news editor Ole Erik Almlid told DN. “We never reveal our sources, not in this case either.” DN also reported that WikiLeaks spokesman Kristinn Hrafnsson had ...

Denver Broncos <b>News</b>: Horse Tracks - 12/23/10 - Mile High Report

Your daily cup of Orange and Blue Coffee -- Horse Tracks!


bench craft company scam

Obama <b>news</b> conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

WikiLeaks documents leaked again : Views and <b>News</b> from Norway

“I have no comment on how we secured access to the documents,” Aftenposten's news editor Ole Erik Almlid told DN. “We never reveal our sources, not in this case either.” DN also reported that WikiLeaks spokesman Kristinn Hrafnsson had ...

Denver Broncos <b>News</b>: Horse Tracks - 12/23/10 - Mile High Report

Your daily cup of Orange and Blue Coffee -- Horse Tracks!


bench craft company scam

Obama <b>news</b> conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

WikiLeaks documents leaked again : Views and <b>News</b> from Norway

“I have no comment on how we secured access to the documents,” Aftenposten's news editor Ole Erik Almlid told DN. “We never reveal our sources, not in this case either.” DN also reported that WikiLeaks spokesman Kristinn Hrafnsson had ...

Denver Broncos <b>News</b>: Horse Tracks - 12/23/10 - Mile High Report

Your daily cup of Orange and Blue Coffee -- Horse Tracks!


bench craft company scam

Obama <b>news</b> conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

WikiLeaks documents leaked again : Views and <b>News</b> from Norway

“I have no comment on how we secured access to the documents,” Aftenposten's news editor Ole Erik Almlid told DN. “We never reveal our sources, not in this case either.” DN also reported that WikiLeaks spokesman Kristinn Hrafnsson had ...

Denver Broncos <b>News</b>: Horse Tracks - 12/23/10 - Mile High Report

Your daily cup of Orange and Blue Coffee -- Horse Tracks!


bench craft company scam

Obama <b>news</b> conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

WikiLeaks documents leaked again : Views and <b>News</b> from Norway

“I have no comment on how we secured access to the documents,” Aftenposten's news editor Ole Erik Almlid told DN. “We never reveal our sources, not in this case either.” DN also reported that WikiLeaks spokesman Kristinn Hrafnsson had ...

Denver Broncos <b>News</b>: Horse Tracks - 12/23/10 - Mile High Report

Your daily cup of Orange and Blue Coffee -- Horse Tracks!


bench craft company scam

Obama <b>news</b> conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

WikiLeaks documents leaked again : Views and <b>News</b> from Norway

“I have no comment on how we secured access to the documents,” Aftenposten's news editor Ole Erik Almlid told DN. “We never reveal our sources, not in this case either.” DN also reported that WikiLeaks spokesman Kristinn Hrafnsson had ...

Denver Broncos <b>News</b>: Horse Tracks - 12/23/10 - Mile High Report

Your daily cup of Orange and Blue Coffee -- Horse Tracks!


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Obama <b>news</b> conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

WikiLeaks documents leaked again : Views and <b>News</b> from Norway

“I have no comment on how we secured access to the documents,” Aftenposten's news editor Ole Erik Almlid told DN. “We never reveal our sources, not in this case either.” DN also reported that WikiLeaks spokesman Kristinn Hrafnsson had ...

Denver Broncos <b>News</b>: Horse Tracks - 12/23/10 - Mile High Report

Your daily cup of Orange and Blue Coffee -- Horse Tracks!


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Obama <b>news</b> conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

WikiLeaks documents leaked again : Views and <b>News</b> from Norway

“I have no comment on how we secured access to the documents,” Aftenposten's news editor Ole Erik Almlid told DN. “We never reveal our sources, not in this case either.” DN also reported that WikiLeaks spokesman Kristinn Hrafnsson had ...

Denver Broncos <b>News</b>: Horse Tracks - 12/23/10 - Mile High Report

Your daily cup of Orange and Blue Coffee -- Horse Tracks!


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Obama <b>news</b> conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

WikiLeaks documents leaked again : Views and <b>News</b> from Norway

“I have no comment on how we secured access to the documents,” Aftenposten's news editor Ole Erik Almlid told DN. “We never reveal our sources, not in this case either.” DN also reported that WikiLeaks spokesman Kristinn Hrafnsson had ...

Denver Broncos <b>News</b>: Horse Tracks - 12/23/10 - Mile High Report

Your daily cup of Orange and Blue Coffee -- Horse Tracks!


bench craft company scam

Obama <b>news</b> conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

WikiLeaks documents leaked again : Views and <b>News</b> from Norway

“I have no comment on how we secured access to the documents,” Aftenposten's news editor Ole Erik Almlid told DN. “We never reveal our sources, not in this case either.” DN also reported that WikiLeaks spokesman Kristinn Hrafnsson had ...

Denver Broncos <b>News</b>: Horse Tracks - 12/23/10 - Mile High Report

Your daily cup of Orange and Blue Coffee -- Horse Tracks!


bench craft company scam

Obama <b>news</b> conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

WikiLeaks documents leaked again : Views and <b>News</b> from Norway

“I have no comment on how we secured access to the documents,” Aftenposten's news editor Ole Erik Almlid told DN. “We never reveal our sources, not in this case either.” DN also reported that WikiLeaks spokesman Kristinn Hrafnsson had ...

Denver Broncos <b>News</b>: Horse Tracks - 12/23/10 - Mile High Report

Your daily cup of Orange and Blue Coffee -- Horse Tracks!


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Wednesday, December 22, 2010

Making Money With Options

The Social Analyst is a column by Mashable Co-Editor Ben Parr, where he digs into social media trends and how they are affecting companies in the space.

When Google first announced Chrome OS, the questions surrounding it were numerous and the expectations were off the charts. Many wondered whether it was Google’s attempt to destroy Microsoft or if it would cannibalize Android instead.

It’s more than a year later, and Google has finally unveiled Chrome OS. While it’s not ready for prime time quite yet, the search giant has created a frenzy with the release of the CR-48 test notebook.

Still, the questions remain. Who is class='blippr-nobr'>Googleclass="blippr-nobr">Google targeting with Chrome OS? Why does it have both Android and Chrome OS? What are the company’s strategic goals?

While some critics have been attacking the flaws in the OS (forgetting it’s still incomplete) or predicting its demise, they’re not addressing the bigger picture. Chrome OS is just one piece of a master plan focused on shifting the world even further onto the web and satisfying the Google Revenue Equation.

Google’s Strategy With Chrome OS

When Chrome OS was first announced, I argued that the cloud-based operating system didn’t need to outsell class='blippr-nobr'>Windowsclass="blippr-nobr">Windows in order to achieve its goals.

Here’s what I said back then:

“As long as you’re on the web, Google wins. So we need to stop framing the Google-Microsoft battle in the context of ‘Chrome OS vs. Windows,’ because Google will not win a straight up battle. And guess what? That’s not Google’s goal. We need to frame it in the larger context of the Google Revenue Equation and how much time we spend on the web.”

The Google Revenue Equation, as I defined it back then, is “Revenue = Amount of Time on the Web.” For every minute we spend on the web and every page we visit, Google makes more money from its vast advertising network.

A year later, I still believe I hit the nail on the head. Chrome OS completely eliminates the desktop and challenges you to only use the web to get things done. And you know what? In almost every case, there’s a web app to replace a program in your Windows Start Menu or Mac OS X Dock. I’ve been able to do almost everything on my CR-48 that I can on my PC or Macbook Pro. And for those few things I haven’t been able to accomplish, there will probably be an app in the Chrome Web Store that will eventually do it.

Chrome OS is an attempt to condition us to rely on the web rather than the desktop for our needs. But that’s just one of many avenues Google has for accomplishing its goals.

Getting Us on the Web, One Product at a Time

Chrome OS. The Chrome Web Store. Cloud Connect. Message Continuity. Google TV. Google Buzzclass="blippr-nobr">Google Buzz. Androidclass="blippr-nobr">Android. All of these Google products are designed to get people to use the web for longer each day. They are helping push people to the online cloud, where Google dominates.

Android is Google’s vision of a web-centric mobile world. Google TV is its attempt to get you to browse the web on the living room screen. And Chrome OS is about weaning you off the desktop and getting you to use the browser exclusively.

For the vast majority of people, Chrome OS will satisfy their needs. Need to edit a photo? There’s an app for that. Want to play Solitaire? There’s an app for that too. Eventually there will be plenty of options for watching your favorite movies as well.

Because the OS is free and open-source though, we bet that devices running it will be a great deal cheaper than their Windows counterparts, making them attractive buys for price-conscious consumers. Even if Chrome OS flops in the market when it debuts in mid-2011, it’s still a relatively small investment for an experiment that has big potential for the company’s bottom line.

Google’s entire business model is based on getting you to stay on the class='blippr-nobr'>Internetclass="blippr-nobr">Internet. If it can find a way to get you online for a minute longer every day, it’s a no-brainer for the company. Chrome OS is just a component of a bigger strategy to keep us eternally connected to the web.


After Taking Big Sugar Money, Florida Ag. Commissioner Adam Putnam Seeks To Halt Soda Ban In Schools


Rep. Adam Putnam (R-FL) has yet to take office in his new role as Florida Agriculture Commissioner, but he’s already making his Big Sugar contributors smile.


Throughout 2010, the State Board of Education has considered banning sugary drinks from Florida schools, including soft drinks, high-sugar juices, and chocolate milk. According to the Orlando Sentinel, Board member John Padget “has been pressing his colleagues for a year to cut out most beverages besides water, pure juice and white, low-fat milk.” Justifying such a move, Padget writes in a Key West Citizen op-ed, is the fact that “over one-third of America’s children are either overweight or obese,” leaving them “often less ready to learn in the classroom.”


A few weeks before the issue was to be considered, the state’s newly-elected Agriculture Commissioner, Adam Putnam, wrote a letter demanding that the Board of Education halt such a move. Putnam criticized the Board for choosing “to focus only on the nutrition content in beverages served in Florida schools,” rather than taking a more holistic approach:


One such area that I look forward to tackling is ensuring that Florida’s students have better nutrition options to reduce obesity and related long-term health risks. This is a topic your Board has discussed recently for possible policy recommendations. However, instead of looking at the entire nutrition intake of students, you have chosen to focus only on the nutrition content in beverages served in Florida schools. It is my belief that any nutrition improvement plan needs to be certain that students are receiving the best possible nutrition package, in concert with total wellness initiatives, to allow them to reach their optimum achievement potential.


First steps would be to take a comprehensive look at current school foodservice offerings, rather than making individual product recommendations that do not address the broader health picture. This comprehensive approach will need time to develop and I would appreciate your Board considering delaying any plans to address just a single component of the nutrition factors and instead allow time for a complete approach to building a healthier generation of Florida students.


As a result, “the Board of Education decided to put off any further discussion of the issue,” Deborah Higgins of the Board of Education’s communications department told ThinkProgress, “until the agriculture commissioner-elect Adam Putnam was sworn in.”


However, campaign finance records show that Putnam is less than an impartial figure in the matter. A ThinkProgress investigation has found that the incoming Agriculture Commissioner has been the benefactor of a significant amount of money from both the sugar and dairy lobby during the campaign – both of whom have a strong financial interest in keeping sugary drinks in schools. Despite Florida’s $500 contribution limit for both individuals and PACs, Putnam received at least $61,000 in campaign funds from sugar and dairy interests, including maxed-out contributions from Coca Cola’s lobbyist in Tallahassee Brian Ballard and a slew of maxed out contributions from the Sugar Barons of South Florida, the Fanjul family.


Following his victory on November 2, Putnam also made a wealthy sugar magnate one of his first appointments. Tracy Duda Chapman, Vice President and General Counsel for the corporate megafarm A. Duda & Sons, Inc., was appointed by Putnam as co-chair of his four-member transition team. Chapman is not just heavily invested in the sugar industry herself. She also serves on the leadership of the Florida Land Council trade association alongside the senior vice president of the US Sugar Corporation, Robert Coker, who also maxed out to Putnam.


There is little doubt that sugarmakers take comfort with Chapman sitting at Putnam’s right hand. Now that Putnam has moved to block a ban of sugary beverages in schools, that faith has been vindicated. In an instance of life imitating art, Florida sugarmakers are proving true the classic Simpsons quote, “In America, first you get the sugar, then you get the power.”


Padget, who has spearheaded this issue for over a year, remains cautiously optimistic. “I think we could have 4 votes for this issue,” Padget told ThinkProgress by phone, which would constitute a majority of the seven-member Board. “Still,” he said, “there is a lot of work to be done. I look forward to Commissioner-elect Putnam’s contributions to this effort.”





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WarioWare D.I.Y. games cover 2010 <b>news</b> | Joystiq

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The Central Intelligence Agency has launched a task force to investigate the impact of WikiLeaks and its massive release of U.S. diplomatic cables. Officially, the unit is called the WikiLeaks Task Force, or WTF, which, um, also happens ...


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WarioWare D.I.Y. games cover 2010 <b>news</b> | Joystiq

British mag NGamer put together a clever 2010 "year in review" of mainstream news using WarioWare DIY. Some of the referenced incidents may be obvious internationally, while others are quite UK specific, so we made a list of the ...

Lindsay Lohan accuser fired | <b>News</b> Briefs | EW.com

Dawn Holland, the Betty Ford Center employee who filed a criminal complaint against Lindsay Lohan after an alleged physical confrontation, has been fired for...

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The Central Intelligence Agency has launched a task force to investigate the impact of WikiLeaks and its massive release of U.S. diplomatic cables. Officially, the unit is called the WikiLeaks Task Force, or WTF, which, um, also happens ...


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WarioWare D.I.Y. games cover 2010 <b>news</b> | Joystiq

British mag NGamer put together a clever 2010 "year in review" of mainstream news using WarioWare DIY. Some of the referenced incidents may be obvious internationally, while others are quite UK specific, so we made a list of the ...

Lindsay Lohan accuser fired | <b>News</b> Briefs | EW.com

Dawn Holland, the Betty Ford Center employee who filed a criminal complaint against Lindsay Lohan after an alleged physical confrontation, has been fired for...

Wait, WTF? CIA Forms WikiLeaks Task Force (Get It?) - AOL <b>News</b>

The Central Intelligence Agency has launched a task force to investigate the impact of WikiLeaks and its massive release of U.S. diplomatic cables. Officially, the unit is called the WikiLeaks Task Force, or WTF, which, um, also happens ...


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WarioWare D.I.Y. games cover 2010 <b>news</b> | Joystiq

British mag NGamer put together a clever 2010 "year in review" of mainstream news using WarioWare DIY. Some of the referenced incidents may be obvious internationally, while others are quite UK specific, so we made a list of the ...

Lindsay Lohan accuser fired | <b>News</b> Briefs | EW.com

Dawn Holland, the Betty Ford Center employee who filed a criminal complaint against Lindsay Lohan after an alleged physical confrontation, has been fired for...

Wait, WTF? CIA Forms WikiLeaks Task Force (Get It?) - AOL <b>News</b>

The Central Intelligence Agency has launched a task force to investigate the impact of WikiLeaks and its massive release of U.S. diplomatic cables. Officially, the unit is called the WikiLeaks Task Force, or WTF, which, um, also happens ...


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WarioWare D.I.Y. games cover 2010 <b>news</b> | Joystiq

British mag NGamer put together a clever 2010 "year in review" of mainstream news using WarioWare DIY. Some of the referenced incidents may be obvious internationally, while others are quite UK specific, so we made a list of the ...

Lindsay Lohan accuser fired | <b>News</b> Briefs | EW.com

Dawn Holland, the Betty Ford Center employee who filed a criminal complaint against Lindsay Lohan after an alleged physical confrontation, has been fired for...

Wait, WTF? CIA Forms WikiLeaks Task Force (Get It?) - AOL <b>News</b>

The Central Intelligence Agency has launched a task force to investigate the impact of WikiLeaks and its massive release of U.S. diplomatic cables. Officially, the unit is called the WikiLeaks Task Force, or WTF, which, um, also happens ...


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WarioWare D.I.Y. games cover 2010 <b>news</b> | Joystiq

British mag NGamer put together a clever 2010 "year in review" of mainstream news using WarioWare DIY. Some of the referenced incidents may be obvious internationally, while others are quite UK specific, so we made a list of the ...

Lindsay Lohan accuser fired | <b>News</b> Briefs | EW.com

Dawn Holland, the Betty Ford Center employee who filed a criminal complaint against Lindsay Lohan after an alleged physical confrontation, has been fired for...

Wait, WTF? CIA Forms WikiLeaks Task Force (Get It?) - AOL <b>News</b>

The Central Intelligence Agency has launched a task force to investigate the impact of WikiLeaks and its massive release of U.S. diplomatic cables. Officially, the unit is called the WikiLeaks Task Force, or WTF, which, um, also happens ...


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WarioWare D.I.Y. games cover 2010 <b>news</b> | Joystiq

British mag NGamer put together a clever 2010 "year in review" of mainstream news using WarioWare DIY. Some of the referenced incidents may be obvious internationally, while others are quite UK specific, so we made a list of the ...

Lindsay Lohan accuser fired | <b>News</b> Briefs | EW.com

Dawn Holland, the Betty Ford Center employee who filed a criminal complaint against Lindsay Lohan after an alleged physical confrontation, has been fired for...

Wait, WTF? CIA Forms WikiLeaks Task Force (Get It?) - AOL <b>News</b>

The Central Intelligence Agency has launched a task force to investigate the impact of WikiLeaks and its massive release of U.S. diplomatic cables. Officially, the unit is called the WikiLeaks Task Force, or WTF, which, um, also happens ...


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WarioWare D.I.Y. games cover 2010 <b>news</b> | Joystiq

British mag NGamer put together a clever 2010 "year in review" of mainstream news using WarioWare DIY. Some of the referenced incidents may be obvious internationally, while others are quite UK specific, so we made a list of the ...

Lindsay Lohan accuser fired | <b>News</b> Briefs | EW.com

Dawn Holland, the Betty Ford Center employee who filed a criminal complaint against Lindsay Lohan after an alleged physical confrontation, has been fired for...

Wait, WTF? CIA Forms WikiLeaks Task Force (Get It?) - AOL <b>News</b>

The Central Intelligence Agency has launched a task force to investigate the impact of WikiLeaks and its massive release of U.S. diplomatic cables. Officially, the unit is called the WikiLeaks Task Force, or WTF, which, um, also happens ...


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WarioWare D.I.Y. games cover 2010 <b>news</b> | Joystiq

British mag NGamer put together a clever 2010 "year in review" of mainstream news using WarioWare DIY. Some of the referenced incidents may be obvious internationally, while others are quite UK specific, so we made a list of the ...

Lindsay Lohan accuser fired | <b>News</b> Briefs | EW.com

Dawn Holland, the Betty Ford Center employee who filed a criminal complaint against Lindsay Lohan after an alleged physical confrontation, has been fired for...

Wait, WTF? CIA Forms WikiLeaks Task Force (Get It?) - AOL <b>News</b>

The Central Intelligence Agency has launched a task force to investigate the impact of WikiLeaks and its massive release of U.S. diplomatic cables. Officially, the unit is called the WikiLeaks Task Force, or WTF, which, um, also happens ...


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WarioWare D.I.Y. games cover 2010 <b>news</b> | Joystiq

British mag NGamer put together a clever 2010 "year in review" of mainstream news using WarioWare DIY. Some of the referenced incidents may be obvious internationally, while others are quite UK specific, so we made a list of the ...

Lindsay Lohan accuser fired | <b>News</b> Briefs | EW.com

Dawn Holland, the Betty Ford Center employee who filed a criminal complaint against Lindsay Lohan after an alleged physical confrontation, has been fired for...

Wait, WTF? CIA Forms WikiLeaks Task Force (Get It?) - AOL <b>News</b>

The Central Intelligence Agency has launched a task force to investigate the impact of WikiLeaks and its massive release of U.S. diplomatic cables. Officially, the unit is called the WikiLeaks Task Force, or WTF, which, um, also happens ...


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WarioWare D.I.Y. games cover 2010 <b>news</b> | Joystiq

British mag NGamer put together a clever 2010 "year in review" of mainstream news using WarioWare DIY. Some of the referenced incidents may be obvious internationally, while others are quite UK specific, so we made a list of the ...

Lindsay Lohan accuser fired | <b>News</b> Briefs | EW.com

Dawn Holland, the Betty Ford Center employee who filed a criminal complaint against Lindsay Lohan after an alleged physical confrontation, has been fired for...

Wait, WTF? CIA Forms WikiLeaks Task Force (Get It?) - AOL <b>News</b>

The Central Intelligence Agency has launched a task force to investigate the impact of WikiLeaks and its massive release of U.S. diplomatic cables. Officially, the unit is called the WikiLeaks Task Force, or WTF, which, um, also happens ...


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Sunday, December 19, 2010

Making Money Without




We talked about Christmas in the Stars: Star Wars Christmas Album last week. It’s where the gem “What Can You Get a Wookiee for Christmas (When He Already Owns a Comb)” comes from. There’s also a weird-yet-true event sandwiched between “Wookiee” and “Sleigh Ride” – the musical debut of one Jon Bon Jovi.


John Bongiovi, as he was known as back in 1980, was making some extra money sweeping floors at his cousin’s music studio. Tony Bongiovi was working with Meco Monardo on the Star Wars Christmas album and couldn’t get “R2-D2 We Wish You A Merry Christmas” to sound the way he wanted it to. Tony asked Meco to give his cousin a shot and the rest is history: Bon Jovi’s first professional recording. Check it out:



* * * * *


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Matt Yglesias argues that, rather than set up massive charities and encourage other rich people to give away a large portion of their money, rich people who want to help the poor should “just identify some poor people and give them some money.”  He reasons, “It sounds banal when you say it, but one of the main obstacles to people being less poor is that they don’t have enough money. If you give them money, they’ll have more of it. Will this be optimal in all cases? Of course not. But in the vast majority of cases, you’ll do some good.”


The most amusing comment on the thread thus far is from a J. Doe who snarks, “This post has been brought to you by the Center for the Enrichment of American Liquor Stores.”  The most salient observation comes from “Nate.”


Lao Tzu would have made a fantastic tweeter: “Give a man a fish, feed him for a day. Teach a man to fish, feed him for a lifetime.” I would say there are fairly simple, straightforward, underfunded solutions (e.g., education) that lie somewhere between “here take a $20 bill” and “fancy social revolution”.


A goodly portion of the homeless and panhandling populations are addicts and/or mentally ill.  Handing them some money is unlikely to transform their situation for the better.  Aside from some sort of institutionalization, there’s not much hope for most of them.


On the other extreme, there are people who were quite successful and suffered financial ruin through some combination of bad luck or poor decisions.  A few thousand bucks may well tide them over and give them the opportunity to get back on their feet again.


But most poor people suffer are in another category entirely.  Through whatever misfortune, they’ve found themselves without the means to cope with an incredibly complex economy.   Giving them a few thousand dollars might indeed help them substantially.  But probably not for long.   They’re likely not very competent at managing money and, in any case, they’ll be needing more of it and will have no more means of doing so than they had to begin with.


Now, Matt’s right that most massive charities are very inefficient, absorbing most of the money intended to help the given cause with administrative overhead and otherwise achieving too little bang for the buck.   Some government programs have been helpful, but they too often create a culture of dependency and spawn a vicious cycle where people remain in the system generation after generation.


We do seem to be getting better at these things at the margins.  The Bill and Melinda Gates Foundation, for example, seems to be making real headway by identifying existing programs that work and then scaling them up through massive funding.   But, for the most part, poverty seems to be an intractable problem.






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The Tools of Ignorance: Sunday <b>News</b> - Pinstripe Alley

A breakdown of the Greinke trade, if the Yankees could have beat it, and what to do now.

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ISLAMABAD: With 13 agreements already signed, Pakistan and China were expected to ink additional economic deals worth billions more Saturday, the second day.

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(AllHipHop News) Former Bad Boy rapper G-Dep is being held without bail in a New York jail, after admitting to murdering a man during a robbery attempt in October of 1993. The extraordinary tale began on Wednesday (December 15th), ...



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The Tools of Ignorance: Sunday <b>News</b> - Pinstripe Alley

A breakdown of the Greinke trade, if the Yankees could have beat it, and what to do now.

Latest Pakistani <b>News</b>, Breaking <b>News</b>, China, Pakistan ink trade <b>...</b>

ISLAMABAD: With 13 agreements already signed, Pakistan and China were expected to ink additional economic deals worth billions more Saturday, the second day.

AllHipHop.com Daily <b>News</b> - : Breaking <b>News</b>: Former Bad Boy Rapper <b>...</b>

(AllHipHop News) Former Bad Boy rapper G-Dep is being held without bail in a New York jail, after admitting to murdering a man during a robbery attempt in October of 1993. The extraordinary tale began on Wednesday (December 15th), ...



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The Tools of Ignorance: Sunday <b>News</b> - Pinstripe Alley

A breakdown of the Greinke trade, if the Yankees could have beat it, and what to do now.

Latest Pakistani <b>News</b>, Breaking <b>News</b>, China, Pakistan ink trade <b>...</b>

ISLAMABAD: With 13 agreements already signed, Pakistan and China were expected to ink additional economic deals worth billions more Saturday, the second day.

AllHipHop.com Daily <b>News</b> - : Breaking <b>News</b>: Former Bad Boy Rapper <b>...</b>

(AllHipHop News) Former Bad Boy rapper G-Dep is being held without bail in a New York jail, after admitting to murdering a man during a robbery attempt in October of 1993. The extraordinary tale began on Wednesday (December 15th), ...



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The Tools of Ignorance: Sunday <b>News</b> - Pinstripe Alley

A breakdown of the Greinke trade, if the Yankees could have beat it, and what to do now.

Latest Pakistani <b>News</b>, Breaking <b>News</b>, China, Pakistan ink trade <b>...</b>

ISLAMABAD: With 13 agreements already signed, Pakistan and China were expected to ink additional economic deals worth billions more Saturday, the second day.

AllHipHop.com Daily <b>News</b> - : Breaking <b>News</b>: Former Bad Boy Rapper <b>...</b>

(AllHipHop News) Former Bad Boy rapper G-Dep is being held without bail in a New York jail, after admitting to murdering a man during a robbery attempt in October of 1993. The extraordinary tale began on Wednesday (December 15th), ...



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The Tools of Ignorance: Sunday <b>News</b> - Pinstripe Alley

A breakdown of the Greinke trade, if the Yankees could have beat it, and what to do now.

Latest Pakistani <b>News</b>, Breaking <b>News</b>, China, Pakistan ink trade <b>...</b>

ISLAMABAD: With 13 agreements already signed, Pakistan and China were expected to ink additional economic deals worth billions more Saturday, the second day.

AllHipHop.com Daily <b>News</b> - : Breaking <b>News</b>: Former Bad Boy Rapper <b>...</b>

(AllHipHop News) Former Bad Boy rapper G-Dep is being held without bail in a New York jail, after admitting to murdering a man during a robbery attempt in October of 1993. The extraordinary tale began on Wednesday (December 15th), ...



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The Tools of Ignorance: Sunday <b>News</b> - Pinstripe Alley

A breakdown of the Greinke trade, if the Yankees could have beat it, and what to do now.

Latest Pakistani <b>News</b>, Breaking <b>News</b>, China, Pakistan ink trade <b>...</b>

ISLAMABAD: With 13 agreements already signed, Pakistan and China were expected to ink additional economic deals worth billions more Saturday, the second day.

AllHipHop.com Daily <b>News</b> - : Breaking <b>News</b>: Former Bad Boy Rapper <b>...</b>

(AllHipHop News) Former Bad Boy rapper G-Dep is being held without bail in a New York jail, after admitting to murdering a man during a robbery attempt in October of 1993. The extraordinary tale began on Wednesday (December 15th), ...



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The Tools of Ignorance: Sunday <b>News</b> - Pinstripe Alley

A breakdown of the Greinke trade, if the Yankees could have beat it, and what to do now.

Latest Pakistani <b>News</b>, Breaking <b>News</b>, China, Pakistan ink trade <b>...</b>

ISLAMABAD: With 13 agreements already signed, Pakistan and China were expected to ink additional economic deals worth billions more Saturday, the second day.

AllHipHop.com Daily <b>News</b> - : Breaking <b>News</b>: Former Bad Boy Rapper <b>...</b>

(AllHipHop News) Former Bad Boy rapper G-Dep is being held without bail in a New York jail, after admitting to murdering a man during a robbery attempt in October of 1993. The extraordinary tale began on Wednesday (December 15th), ...



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The Tools of Ignorance: Sunday <b>News</b> - Pinstripe Alley

A breakdown of the Greinke trade, if the Yankees could have beat it, and what to do now.

Latest Pakistani <b>News</b>, Breaking <b>News</b>, China, Pakistan ink trade <b>...</b>

ISLAMABAD: With 13 agreements already signed, Pakistan and China were expected to ink additional economic deals worth billions more Saturday, the second day.

AllHipHop.com Daily <b>News</b> - : Breaking <b>News</b>: Former Bad Boy Rapper <b>...</b>

(AllHipHop News) Former Bad Boy rapper G-Dep is being held without bail in a New York jail, after admitting to murdering a man during a robbery attempt in October of 1993. The extraordinary tale began on Wednesday (December 15th), ...



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The Tools of Ignorance: Sunday <b>News</b> - Pinstripe Alley

A breakdown of the Greinke trade, if the Yankees could have beat it, and what to do now.

Latest Pakistani <b>News</b>, Breaking <b>News</b>, China, Pakistan ink trade <b>...</b>

ISLAMABAD: With 13 agreements already signed, Pakistan and China were expected to ink additional economic deals worth billions more Saturday, the second day.

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The Tools of Ignorance: Sunday <b>News</b> - Pinstripe Alley

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ISLAMABAD: With 13 agreements already signed, Pakistan and China were expected to ink additional economic deals worth billions more Saturday, the second day.

AllHipHop.com Daily <b>News</b> - : Breaking <b>News</b>: Former Bad Boy Rapper <b>...</b>

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The Tools of Ignorance: Sunday <b>News</b> - Pinstripe Alley

A breakdown of the Greinke trade, if the Yankees could have beat it, and what to do now.

Latest Pakistani <b>News</b>, Breaking <b>News</b>, China, Pakistan ink trade <b>...</b>

ISLAMABAD: With 13 agreements already signed, Pakistan and China were expected to ink additional economic deals worth billions more Saturday, the second day.

AllHipHop.com Daily <b>News</b> - : Breaking <b>News</b>: Former Bad Boy Rapper <b>...</b>

(AllHipHop News) Former Bad Boy rapper G-Dep is being held without bail in a New York jail, after admitting to murdering a man during a robbery attempt in October of 1993. The extraordinary tale began on Wednesday (December 15th), ...



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Thursday, December 9, 2010

Making Money Cash


Rethinking Money: Breaking Up Currencies

from the different-purposes dept

I remember when I was quite young, my father predicted to me that we'd probably see the end of cash within our lifetimes, as all money would move to electronic money in the form of credit cards (or credit card-like interfaces). Every so often this idea has been discussed, but it usually gets shot down by those who like the anonymity of cash (which is one reason why some governments don't like it). So it's interesting to hear via Slashdot that an Estonian economist is recommending that the country go completely electronic as it adopts the Euro. I would imagine there are some issues with doing so (including the fact that cash and coins from other Eurozone countries would inevitably bleed in).



That said, there have been a few other stories lately that have me thinking about the future of money, and I actually could see a way that countries could move in this general direction without actually getting rid of cash entirely. Last year, we wrote about the question of whether or not the world would move to a single world currency, while simultaneously considering whether or not we'd actually start to see growth in very localized currencies, which are increasingly common in various cities to encourage people to shop locally. Again, neither situation seemed ideal, but were definitely interesting to think about.



Recently, however, Umair Haque wrote up an interesting post, positing that money could be split into three types of currencies which serve three separate functions. The idea is not to break them up by region -- as described above -- but by function. Umair's writeup is a bit opaque, but he notes that currency is used as a store of value, as a medium of exchange and as a unit of account, but those functions can be separated. The end result, would be as follows:


You have three kinds of notes in your wallet. The first you use at the grocery store. The second, at the bank and in the financial markets. The third, between your employer, the state, and public services. Each has very different volatilities and trajectories, because each has very different levels of supply, demand which are, crucially, independent from one another--but interdependent on real wealth, long-run productivity, etc.

Now, this may be difficult to comprehend in the abstract. How would that actually work and why would each have different volatilities and trajectories? Well, the good news is that we actually have a real world example of this. A few weeks back the always excellent Planet Money team at NPR did a wonderful episode on how "fake money" saved Brazil from rampant inflation. The story is fascinating, and I highly recommend listening to it. But, it was basically a simplified version of what Haque is suggesting. Brazil had crazy inflation, so crazy that every day, stores had to remark their entire stock to raise prices, and people would rush ahead of the clerk with the price stickers to get "yesterday's" prices.



The way Brazil "solved" the issue was to effectively issue a made up new currency to handle some functions of money: mainly the unit of account. You couldn't actually get paid in it, or pay with it, but all the goods in all the stores were suddenly priced with it. Then, rather than having to change the prices every day, each day, the government would put out a rate card with the exchange rate, and people would work off of that. Now, you might say this shouldn't make a difference, but it actually did. It got people thinking in terms of the new "stable" rates, and got them past their general distrust of monetary value. (One side note: this upset some of the wealthy, who were simply making a ton in interest -- and they complained about how this new system meant they actually had to innovate and invest to make money -- which reminded me of certain industries in the US who like to avoid innovating and investing themselves...).



Either way, you had a situation where the currency for prices was perfectly stable at the same time the other currency was still dealing with massive inflation. As Haque points out, you have different currencies with different volatility. Eventually, Brazil switched entirely over to this new currency and made the fake currency a real currency, but there's no reason why you couldn't keep multiple currencies, and break them up into a third bucket as well, as Haque suggests.



I can definitely see how there could be some value in doing so, providing a lot more flexibility, and removing certain risk elements. However, I do wonder if the greater level of confusion might be a problem for many, and lead to huge potential arbitrage opportunities, where the more financially sophisticated folks took advantage of much less financially sophisticated individuals, to swap these different levels of currency around. I'm not convinced either way on this, but it does seem fun to think about the possibilities...



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The next few years in the mobile industry are going to be interesting not only because Google and Apple are competing with each other at making the most advanced mobile operating system, or because Nokia, for the first time in their 145 year old corporate history, have a non-Finnish citizen running the ship, but because the fundamental way we interact with each other and the world around us is going to change thanks to near field communication.

Man used to carry cash until roughly 50 years ago when the first credit card with a magnetic stripe was released. It brought about a huge change in people’s spending habits, not only because they could actually borrow money and pay it back at a later point in time, but because the visual artifact of slips of paper and coins was removed from our understanding of how money really works and how much it’s actually worth. Now, with the recent announcement of Isis, a collaboration between Verizon, AT&T and T-Mobile aimed at making your mobile phone the only thing you need to take with you when leaving you home, the world is set to change yet again.

How does that make Visa, one of the ancestors of plastic cash, feel about their role in the future of the daily transactions that make our world economy go round and round? I’m not going to copy and paste the entire article, which I recommend you read, but here is the main argument:

“It might be easy to build an iPhone app that lets you enter in the phone number of a co-worker you want to pay back for lunch, a common promise in the new mobile-payments world. But then someone has to do the intricate behind-the-scenes data processing that makes sure the card isn’t stolen, the people involved aren’t scammers, the payer’s account has the necessary funds and the actual money transfer happens quickly and without a glitch.”

They’re on the defensive, citing their experience with handling mobile payments, but just like Visa killed cashed half a century ago, maybe the little NFC chip inside your next smartphone will the beginning of something new and exciting?

[Via: NFC World]


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