Tag Archives: economy

Business/Economics, Opinion, U.S.

Maybe the Crazy Rich are Right? Then we’re Screwed!

A Fidelity Investments survey shows that 4 out of 10 rich people, with an average wealth of $3.5 million, say it’s not enough.  Maybe they’re right.  Most of those surveyed are thinking about being able to retire.   They say $7.5 million in assets is required to retire comfortably.

Is this proof of how bad our economy is?

If the rich are saying you need at least $7.5 million to retire, then the rest of us are truly in trouble. In fact why bother continuing to play the rat race game?  Why bother with the keeping up with the Joneses game?  Why bother throwing a good portion of your income at a 401k retirement plan?  It’s clear that the overwhelming majority of U.S. citizens, even those pumping money into retirement schemes, are never going to hit the magic $7.5 million mark that 42% of rich people say is needed just to retire.

I’m not even Middle Class. My income has steadily been going down since January 2000.  Now, my before tax deductions income is less than $20,000 per year.  I know people worse off than that.

Is this proof of how bad our economy is?  If it is, the rest of us are f**ked!

 

 

 

Business/Economics, Opinion, U.S.

Proof that the Rich are Insane, they think they’re poor

Fidelity Investments surveys a thousand of some of its richest clients, to find out how they feel about their wealth.  The survey involves clients with an average of  $3.5 million in investment assets.

For 2010, 42% said they do not feel rich.  In 2009 it was 46% that did not feel rich.  That’s about 4 out of 10 rich people who think they are still poor.

How much would they need to feel rich?  According to the survey, $7.5 million.

Fidelity Investments also said 55% of the wealth in the United States is held by only 5% of the people.  This backs up what the IRS (Internal Revenue Service) said in one of their recently released surveys.

Sounds like some of the rich are suffering from some kind of personality, or obsessive compulsive, disorder.  Perhaps some kind of factitious disorder.  But what about the rest of us? After all we’re letting them run our economy, and in effect our lives.

 

 

International

Concerns over volcano may unite North & South Korea

The 9.0 quake/tsunami has officials in North and South Korea concerned over possible eruption of the Baekdu volcano in North Korea.

The last time it erupted was in 1903.

The increase seismic activity in the area, including volcanic activity in Japan and Eastern Russia, has Korean officials worried so much that it has become part of their unification discussions.  However, both sides are downplaying it.

Korea is directly due west of the Japanese state of Honshu.

Fukushima

Russians trapped in Sendai, asking for air rescue

150 Russians, including rescue workers sent to help Japan, and Russian news reporters, are trapped in Sendai, dozens of kilometers from the Fukushima Daiichi plant.

They ran out of fuel for their vehicles, and where apparently left behind by rescue workers from other countries.  It sounds as if there was a panic to escape the area after the Japanese government order evacuations.

Fukushima

Workers fighting nuclear disaster in Japan expected to die, being called ‘Kesshitai’

A Japanese newspaper (Sankei Shimbun) has named the workers fighting the nuclear disaster ‘Kesshitai’. It means ‘unit that expects to die’.

A daughter of one of the workers says her father told the family that he will die.  The wife of another worker received a message that said: “Please continue to live well, I cannot be home for a while.”

So far, at least 20 people are confirmed to have radiation contamination.

Fukushima

Japan considers Chernobyl solution

Japanese engineers are considering the possibility they will have to bury some of the reactors, at the Fukushima Daiichi plant.  This was the final action taken by the Soviets with the 1986 Chernobyl disaster.

Sand and concrete would be the main ingredients. The Soviets also used boric acid.  South Korea has sent samples of boric acid to Japan to test for possible use on the reactors.  Japanese officials say they want to continue to attempt to cool down the reactors first.

Japan raised the level of seriousness of the disaster to 5 on the INES scale.  International observers had placed it at 6 last week.  Obviously there is a difference of opinion.  Three Mile Island is rated at 5.  Chernobyl is rated at 7, the highest, on the INES scale.

International

Libya agrees to ceasefire, U.K. & France preping for military action

Libyan Foreign Minister Moussa Koussa announced that Libya will accept a ceasefire with rebels.

Libyan officials believe the UN Security Council resolution allows the Libyan government to use force in order to protect civilians.

France and United Kingdom say they are preparing for military action. Spain and Norway announced they are prepared to join the enforcement of a no fly zone.

President Obama will make an announcement this afternoon.  It is expect that two Arab nations will be named as taking part in the no fly zone operation, Qatar is expected to be one of those countries.

The United States, United  Kingdom, France are members of the UN Security Council, and voted for the no fly zone.  China, Russia, Germany, India and Brazil are also members, but abstained, they will not help with the no fly zone.

Fukushima, U.S.

U.S. Nuclear Power Plants NOT required to have disaster plans

In the 1980’s the U.S. Court of Appeals ruled 5-4 that there was no reason to require nuclear plants to create earthquake disaster plans.

In 2003, an earthquake in California, prompted the Diablo Canyon plant officials to come up with a plan.  But, for some unknown reason, they have yet to publish that plan. The plant operators were not required to include earthquakes in its emergency response plan, when the plant was first licensed.

In fact according to the Nuclear Regulatory Commission, nuclear plants in the U.S. are required to have only a general emergency response plan.  In other words they don’t plan for specific types of disasters.

Some officials say no planning is needed because the plants were supposedly built to withstand earthquakes.  Tell that to the Japanese.  Two workers at the Fukushima Daiichi plant, who survived the 9.0 quake/tsunami, say the plant was falling apart.  One of those workers said he was surprised because everyone had been told the plant was earthquake proof.

Fukushima

Fire Truck water spraying to begin

An attempt to hit reactor 3 with the water cannon of fire truck was successful.

Plans are to rotate 6 to 7 fire trucks to spray 50 tons of water per day, on reactor 3 of the Fukushima Daiichi plant.

The initial attempt using a fire truck, by the Japanese Self Defense Forces, demonstrated that the reactor can be hit.  Now the Tokyo Fire Department will take over operations.