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I thought you were kidding when you mentioned the other day that the current derivative situation has probably been engineered deliberatly. It seemed just too far fetched.
I have just read Fekete’s latest essay and he suggested the same kind of thing.
I put in a post yesterday about this, but somehow it got caught up somewhere.
It’s a disgrace that people could dream up something like this. A lot of peoples’ lives will be completely destroyed by it.
I believe that the people responsible should go to prison for a very long time. Except that there must be so many of them the prisons would be full to overflowing.
Bank of China to announce more subprime damage
HONG KONG (MarketWatch) — The Bank of China is expected to announce a large fourth-quarter write-down on investments backed by U.S. sub-prime mortgages when it releases full-year results in April, according to a published report Tuesday.
The Bank of China, one of China’s big four state-owned banks, is expected to lower the estimated value on $7.95 billion in subprime-backed securities and set aside additional funds to cover potential losses, the English-language South China Morning Post reported without citing its source.
The revision comes after a sharp downturn in financial markets in the September-to-December quarter that eroded the value of its subprime portfolio. To cover the losses, the bank likely will need to set aside an additional $300 million, according to BNP Paribas estimates.
In August, the bank revealed it had $9.65 billion in subprime securities, the most of any Asian financial institution. In September, the bank set aside $322 million to account for potential losses on the investments.
Shares of Bank of China were down 3.9% in early Monday trading in Hong Kong.
Fellow mainland banks Industrial and Commercial Bank of China and China Construction Bank are expected to increase write-downs on their subprime exposure following losses in the fourth quarter. Mainland media reports said ICBC would increase its provisions to 30% of its subprime portfolio, while CCB would lift its write-offs to 40%.
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The Giants win and are going to the big dance in Arizona to play the New England Patriots.
Pick ‘em - Patriots!
JBI
little something from George Carlin….
A Message by George Carlin:The
paradox of our time in history is that we have taller buildings butshorter tempers, wider Freeways, but narrower viewpoints. We spend more, but have less, we buy more, but enjoy less. We have bigger houses and smaller families, more conveniences, but less time. We have more degrees but less sense, more knowledge, but less judgment, more experts, yet more problems, more medicine, but less wellness.
We drink too much, smoke too much, spend too recklessly, laugh too little, drive too fast, get too angry, stay up too late, get up too tired, read too little, watch TV too much, and pray too seldom. < BR>
We have multiplied our possessions, but
reduced our values. We talk too much,
love too seldom, and hate too often.
We’ve learned how to make a living, but not a life. We’ve added years tolife not life to years. We’ve been all
the way to the moon and back, but
have trouble crossing the street to
meet a new neighbor. We conquered
outer space but not inner space. We’ve
done larger things, but not better
things.
We’ve cleaned up the air, but polluted
the soul. We’ve conquered the atom,
but not our prejudice. We write more,
but learn less. We plan more, but
accomplish less. We’ve learned to rush,
but not to wait. We build more
computers to hold more information, to
produce more copies than ever, but we
communicate less and less.
These are the times of fast foods and
slow digestion, big men and small
character, steep profits and shallow
relationships. These are the days of
two incomes but more divorce, fancier
houses, but broken homes. These are
days of quick trips, disposable diapers,
throwaway morality, one night stands,
overweight bodies, and pills that do
everything from cheer, to quiet, to kill.
It is a time when there is much in the
showroom window and nothing in the
stockroom. A time when technology can
bring this letter to you, and a time
when you can choose either to share
this insight, or to just hit delete…
Remember; spend some time with your
loved ones, because they are not going
to be around forever.
Remember, say a kind word to someone
who looks up to you in awe, because
that little person soon will grow up and
leave your side.
Remember, to give a warm hug to the
one next to you, because that is the
only treasure you can give with your
heart and it doesn’t cost a cent.
Remember, to say, ‘I love you’ to your
partner and your loved ones, but most
of all mean it. A kiss and an embrace
will mend hurt when it comes from deep
inside of you.
Remember to hold hands and cherish
the moment for someday that person
will not be there again.
Give time to love, give time to speak!
And give time to share the precious
thoughts in your mind.
AND ALWAYS REMEMBER:
Life is not measured by the number of
breaths we take, but by the moments
that take our breath away.
George Carlin
Giants miss a field goal with practically no time remaining………..
…….and into OVERTIME go the Packers and the Giants, tied 20-20…..WOW! Great Game!
JBI
Farmboy.
Great words and thoughts..as usual. I do travel alot…which is unfortunate…but that will change in a few months (less travel).
5pm Honolulu, 80 F.
Just thought y’all would like to know… not everyone is chillin’ ! 
kolton @ 21:28 pm
Have to say something this evening. And while others may read, this note is to you, from me.
Once thought, there were more things important than even family. (Admitting here, in front of you, and God, and everyone…I was wrong)
Once thought, that doing something for ‘my Country’ took precedence (sp?), over personal things,….like daughters and sons even.
Asked my 31 year ole son for forgivenss in recent months. Seems, along the lines of the past…..I had sacrificed my duties as father…..in order to serve the Red, White, & Blue.
I missed a multitude of ballgames. I missed, surrendered, the chance to be a real father. At the time, seems I thought, what I was doing in Beirut, or El Salvador…..was more important. Thought once upon a time….I had a ‘Higher Calling’. With the benefit of years, time gone by….and mostly seeing my efforts in other lands…..I have come to understand….NONE was more important, than my sonl. Seems, …little I have done has made any REAL difference, in the American Way, or Freedom. Seems, to me, I have been played the fool,…at the cost of my time with my children. Seems….this ole Farmboy….has been dumber than dumb.
Just glad to know, happy to hear…that with you, success has not taken away, from you and your children. Heart happy to know tonight…that you dedicate time, effort, and all, to a son, and daughter. (Not to worry….you will no doubt ‘grow’, pay attention to her needs).
Carry on, Dad. Carry on…..and it brings great joy to my heart…..to see you still KNOW,….the things of value in this life.
Sons, and daughters….and Precious Time. And a little of Precious Metals, …and things simple like water. Seems to me….thier ‘Dad’, is most wise and astute. Seems to me, if one most endure the rear end accident….what better person than to speak of such things…share such things…as ‘Son’.
Best to you, and yours, Farmboy. (Who thinks…..that had I been a little more wise like you…I would not find myself asking foregiveness…..of those that trusted on/counted on, thier dad)
Carry on…..And best from this ole Farmboy
JBI…
Thanks for the great post and story! Fortunately…or unfortunately…my wife and I try to spend alot of quality time with our two children. I say unfortunately…because our first child passed away when he was 4 months old…he had a very rare medical condition that we found when he was 3 months old and he passed away during surgery to repair it……but needless to say..we cherish our little tikes alot…plus we were old parents when they were born…older than most parents…so we are extremely glad to have them!
Farmboy
Thanks for the kind words….you make a very large lasting impression on folks (understatement of the decade!). I still owe you dinner in Atlanta..if I make it there in the next couple of months.
At first it was a challenge finding things that my son and I would both enjoy doing…but once I put some thought to it…the list is long. I bought a metal detector..he loves shoveling while I search….he loves any kind of car race, etc. I take him to local Sprint car, midget cars, go karts, whatever races, etc…he loves it. This is something I had never done up until about a year ago. Now we run out of time before we run out of things to do!
When he was very small…..he would watch tv…which I hate to admit. More than we would have liked. Since he turned about 4 years old….he may go like many days without watching a single minute of tv. He is completely clueless on most of the fads of the day…power rangers, etc….as he is never exposed to it.. I tried putting him into soccer, basketball, t-ball, etc…but he is not that interested….he likes to race around on his bike. We just had our parent teacher conference at his school…and we were worried (like all parents)…but the teacher said he gets along great with the other kids…so he seems to be doing ok.
My daughter is 3…still trying to figure what the two of us can do together…but that is a work in progress…she usually just tags along with her brother and I.
Two weekends ago…my son and I were at a local go cart track…both in a two seater. We stopped our car at the end of the time period..and you are supposed to sit in your car until all cars are in…so we were…and the kid behind us (he was probably too young to be driving by himself)…slammed into us from behind going full speed. My son and I were strapped in…but it was a heck of a jolt. The car in front of us..we bumped…they went flying about 30 feet. I learned something from this….get out of the way and go to the Pit last… wait for others to go in first. What irritated me was the kid’s mom was standing there..and neither the kid or her mom said sorry or anything….or did not think they said anything (they were speaking Spanish). These are not exactly go carts..slightly bigger.. little nascar replicas and hold 2 adults. I was sore for a couple of days.
Then….two nights ago…I was sitting on a major street/blvd in Arizona…traffic slowed as I was in the right turn lane getting on a freeway…..and three or four cars back…someone was not paying attention and slammed into another car. The car they hit…hit is so hard the driver got knocked around and hit the gas instead of the brake…big suburban…which hit a cadillac escalade…which hit me…and I hit a ford explorer in front of me. I have a truck..and all it did was destroy my rear bumper…but the person who started it all was a 20 year old girl driving her moms large mid-1980s american car…and she never hit the brakes before slamming into the Suburban…her car was completely totalled.
After going thru paperwork for an hour and a half…I get a copy of the accident report…and they the police tell me I can leave…I get in my car…everyone else was leaving..I look at the accident report..and the darn thing is 1/2 blank. I go to the police group…2 women and two men….and say: Hey…you guys/gals left off some info…like the name of the owner of the car, the license number, the VIN of the car that caused it, etc etc… They are like..oh…and they fill out my form correctly and I make them all initial it (my copy). Kind of pissed them off…but after standing around for an hour and a half..no one was injured..and one car was towed..you would think they would have got some of the form right… So..been a rough couple of weeks…I have never been in accident in my life..and now two in short order. Not sure what this all means!
Vent over….just a small minor bump in the road compared to what alot of folks are going thru!
floridagold @ 20:57 pm
Well, cant match your 11 degrees. But 19 on the ole mercury was enough cold for me. (grin)
Had to help a few chickens pry themselves off the roost this morning. Had to light a firecracker under ole Taterhead to get him off the porch. (grin)
Got one of those navy blue skull caps under the straw hat this evening. Yeah, things are just a bit too cold for this ole boy. But hey! The ole Ford Diesel truck started up…..and somedays, that is the best a man can hope for if you know what I mean.
You must grow weary of my saying thanks. Thanks for keeping this tent informed, with current events and news. But I tell you true, I appreaciate it. Thanks for keeping a heads up…and for letting us all know.
Gonna make you a promise tonight. Gonna promise you, one day, I will plant one of those ‘Pink Flamingos’ in my front yard….wherever that might be. Promise will do it in your honor, and memory, and to think of, say a prayer even,…every time I look at the stupid thing. (grin)
Best to you, and yours, Always, Farmboy (who sez…..anyman with a pink Flamingo in his front yard….is either just plain nuts…..or has a reason for doing such a dumb thing…..lol)
Japan’s Nikkei ends morning session 3.4% down at 13,395.28
And Hong Kong’s H share index tumbles 2.8% in early minutes.
finance.yahoo.com/intlindices?e=asia
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Aussie GOLD stocks……….
JBI
PS - Packers 20 - Giants 20, now……..great game! 10:50 remaining in the game.
Wanka
Try a humble 19 degrees in Atlanta, and throw in a few inches of snow, a little ice around the farm. Beginning to think more like you, anything below 70 degrees is just too cold. LOL
Hope all is well on the reef, and with Supergirl. Hope, you have once again, survived the challenges of ‘bachlorhood’. (grin) Best I can figure, Life aint never been easy from the get go….but we ole ones hang on/hang in…..and hold to see another sunrise. Yep, thats about the best I can come up with evening. But then…..seems….there have been times worse than these. (grin)
Stay warm, and dont ever give up my ‘place’…..between the two palms. Best, Farmboy
Just_Buy_It @ 21:06 pm
Wise indeed, is the man, who understands, what his time(life) is worth.
Thanks for the comments. The timely reminder.
And thanks a million for what you bring to these pages.
Best, Farmboy
farmboy .. how do pard
you gata be gettin some weather up there since its 62 ouch moan pain groan here! 
wj