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Bitcoin is 'rat poison,' "I like it when my country steps hard on idiot booms instead of fanning the flame" - Berkshire's Munger
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Bitcoin is 'rat poison,' "I like it when my country steps hard on idiot booms instead of fanning the flame," Berkshire's Munger: interview on "Countdown to the Closing Bell."
Buffett, chairman and CEO of Berkshire Hathaway, described digital currency as a nonproductive asset.
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Image courtesy youbrandinc.com
Upside-down dream. Housing market wiped out $11 trillion household wealth. 8 mil lose homes to foreclosure, 12 mil "underwater"
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Upside-down dream: "my 10-Year Odyssey".
Housing market wiped out $11 trillion in household wealth. 8 million lose homes to foreclosure, 12 million "underwater"
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Image courtesy WSJ
Canada looks to ban US coal shipments as retaliation for a new US 24% tariff on Canadian softwood lumber
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April 26, 2017
24% tariffs on Canadian softwood lumber British Columbian Premier Christy Clark pressed Trudeau on Wednesday to enforce a trade ban on shipments of thermal coal, also called steam coal, at its terminal in Vancouver in response to the Trump administration's 24 percent tariffs on Canadian softwood lumber imposed Tuesday.
"I told British Columbians that I would use every tool at our disposal to ensure we get a fair deal on softwood lumber," Clark said in an open letter to Trudeau. "Friends and trading partners cooperate," but "clearly, the United States is taking a different approach," she said.
Clark said U.S. coal producers rely on the terminal in Vancouver to ship coal to Asia, with a record of more than 6 million tons shipped last year. The U.S. lacks the capacity to move its own coal on the Pacific coast, making the ban an effective retaliatory response to the lumber tariff.
On Friday Washington state will release an environmental impact statement on a proposed coal terminal for Asian shipments.
Clark also said that steam coal is one of the most carbon-dioxide producing fuels, and banning its shipment would help Canada and the province meet its commitments to reduce greenhouse gas emissions. Most scientists blame the emissions for raising the Earth's temperature, resulting in more severe weather, floods and drought.
Clark pointed out that over the past five years most of the U.S. proposals to build its own coal terminals have been rejected for environmental and ecological reasons. read more »
Yahoo, no more: sold. Mayer's gain: "$365 million, 5 years at Yahoo". Who said in 2012 "Fool's bargain"?
If someone's gain at anyone's loss: who is the fool if there's a fool's bargain?
July 07, 2012: "Mayer was making a fool's bargain
to choose Yahoo over Google as the ambitious executive
shocked the tech world by leaving Google to become Yahoo’s new CEO"
Dec 14, 2015: "If she stays on board for another year and a half,
Mayer will make $365 million for 5 years of work at Yahoo"
"The vast majority of her pay isn't tied to Yahoo's performance as a company"
Jan 10, 2017: Yahoo is sold to Verizon.
"Yahoo's board voted to alter its change-in-control provision
to include the sale of a major business unit as well; and with that,
Mayer's $123 million payday was created."
"Without that vote, Mayer would have walked away with "only" around $14 million."
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Dec 14, 2015
If she stays on board for another year and a half, Marissa Mayer will make $365 million for five years of work at Yahoo.
The vast majority of her pay isn't tied to Yahoo's performance as a company
- it's tied to Yahoo's stock price.
Jan 10, 2017 read more »
Crisis & solution: Japan cuts interest rates to zero; Italy & Greece receive stimulus package from China
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Bank of Japan surprised the world by cutting it's already low-interest rates to effectively zero.
The Japanese central bank is trying to boost its weak economy by making it cheaper for its businesses and citizens to borrow. It also hopes that the low-interest rates will cause the value of its currency, the yen, which has been rising recently, up 12% in the past six months alone, to fall. A weaker yen could boost exports by making Japanese goods cheaper to foreigners. read more »
Bailout logic? Ted Turner: "I've never asked for a bailout. Where does it end?" Big Three asks for $25 billion
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Time: “What did you think of the $700 billion bailout plan?”
Turner: “When I was running CNN we never had any money and I never asked for a bailout. Where does it end? AIG, you know, they need $40 billion more and we only gave them a hundred billion last week, didn't we? It's just ridiculous. And now General Motors. They said we're going to give them $25 billion to retool. Retool what? They'll run through that money so fast they'll be back wanting more. We can't keep every loser alive.”
Wall Street sputters on weak data, bailout doubts read more »
Now it's official: US in recession since 2007, one of the longest downturns since the Great Depression of 1930's
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The National Bureau of Economic Research said Monday that the U.S. has been in a recession since December 2007, making official what most Americans have already believed about the state of the economy.
The NBER is a private group of leading economists charged with dating the start and end of economic downturns. It typically takes a long time after the start of a recession to declare its start because of the need to look at final readings of various economic measures. The NBER said that the deterioration in the labor market throughout 2008 was one key reason why it decided to state that the recession began last year.
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