This American Life on the Crisis

355: The Giant Pool of Money

375: Bad Bank

A good joke

1949, only Socialism can save China;
1979, only Capitalism can save China;
1989, only China can save Socialism;
2009, only China can save Capitalism.

No U-turn in Columbus OHIO

It's probably allowed elsewhere in Ohio. Drive carefully in Columbus!

http://municipalcodes.lexisnexis.com/cgi-bin/hilite.pl/codes/columbus/_DATA/TITLE21/Chapter_2131_OPERATION_GENERAL.html#13

2131.12 “U” turns prohibited.

(a)No vehicle shall be turned so as to proceed in the opposite direction upon any street or highway. Turns commonly known as “U” turns are hereby prohibited.

(b)Except as otherwise provided in this division, whoever violates this section is guilty of a minor misdemeanor. If, within one (1) year of the offense, the offender previously has been convicted of or pleaded guilty to one (1) predicate motor vehicle or traffic offense, whoever violates this section is guilty of a misdemeanor of the fourth degree. If, within one (1) year of the offense, the offender previously has been convicted of two (2) or more predicate motor vehicle or traffic offenses, whoever violates this section is guilty of a misdemeanor of the third degree. (Ord. 1579-72: Ord. 2120-03 § 1 (part).)

http://www.bmv.ohio.gov/driver_license/rdh.htm#TURNING

To make a proper U-turn, follow these instructions:

• Use your turn signal at least 100 feet prior to turning

• Check traffic ahead, behind and beside you before turning

• If there's traffic in the area, don't make the U-turn; instead make other turns to reverse your direction

• Check traffic again before completing final half of turn

• Turn into the lane closest to the center line or median

Note:

It is illegal to make a U-turn on a curve, near the top of a hill, if your vehicle cannot be seen within five hundred feet by the driver of another vehicle approaching from either direction or when a sign prohibiting U-turns is posted.

Money or life, which is more important?

***************Boston Globe

Tensions ran high in the hearing yesterday when SEC officials Andy Vollmer, the agency's acting general counsel, and enforcement director Linda Thomsen, refused to respond to questions about the Madoff investigation posed by Representative Gary Ackerman, a New York Democrat.

"You've told us nothing," Ackerman shouted. "You have totally and thoroughly failed in your mission, don't you get it?"

***************Washington Post

"If anyone could make the case better than Mr. Markopolos, and I didn't think they could, about you people being completely inept, you have made the case better than him," Ackerman said.

***************

"... men more quickly forget the death of their father than the loss of their patrimony."

------ The Prince, Niccolò Machiavelli

I still vividly remember that after 9/11, a lady from the CIA straightforwardly refused "the finger pointing" in a television interview and there was certainly no law maker threw any harsh words like the above to CIA, FBI and USSS etc. (Some efforts are on the way.)

So, losing 50 billion dollars can get words out of the law makers but nearly 3000 lives gone, forget it.

Fun Pictures (Copy &Pasted)

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http://www.l99.com/202020/blog/view/40967

Received the following mail. i think it is cool

The 2008 crash is probably the most serious economic crisis we have faced after the Great Depression. Stock markets from around the world fell as much as 20% in a single week, dozens of banks either failed or were rescued by government and private instutitions, and companies started laying off employees as a consequence of the reduced demand.

We know how we entered into the crisis, but we don’t how, when, or how we will be getting out of it. Considering that issue, we decided to our little bit to help cheer everyone up by redoing the logos of some renowned companies …. after the crisis.

On Obama's Inaugural Address

"The question we ask today is not whether our government is too big or too small, but whether it works — whether it helps families find jobs at a decent wage, care they can afford, a retirement that is dignified."

I am glad that finally both Bush and Obama agreed on this point. Although we still have to wait and see how the new administration makes sure the government achieve administrative efficiency.

DeLong Bashing Fama

Determining which of these is most likely to happen would require a model of the economy of some sort--and Fama does not have one: all he has is an accounting identity that he does not understand.