Tag Archives: wall street

Fukushima, Idaho

What Economic Recovery? Japanese nuclear disaster, dissapointing mine operations in Namibia, shutting down French company Areva. Idaho could lose jobs in 2012. Idaho leaders unrealistically optimistic

The ongoing nuclear disaster in Fukushima, Japan, and a bad mine operation deal in Africa, is bringing down a major player in international nuclear power; Areva.  The result will mean job losses all over the world, and possibly here in Idaho.

French government owned Areva recently announced that their revenues have crashed since the Japanese nuclear disaster began in March, and, since the French government opened an investigation into Areva’s purchase of a mining operation in Namibia, Africa.

On 13 December 2011, Areva officials unveiled a five year plan to reduce the size of the company.  This is because of a projected loss of U.S.$2.1 billion for just this year, and expected losses in the next few years.

Areva officials have already announced they will not replace French employees who retire, and they are laying off 1,500 German employees.

This is because of a negative backlash against nuclear power, as a result of the Japanese nuclear disaster.  In Germany, the government decided to end all reliance on nuclear power.  In Japan, the prefectural governments are refusing to allow nuclear power plants to start back up.  Both actions in Germany and Japan are at the demands of the majority of the citizens.

Areva’s loses also come from what is looking like a pig in a poke deal, from their purchase of uranium mines in Namibia, Africa.  Areva spent $2.5 billion on the mines, and the French government is now investigating because it turns out the mines have only half the projected uranium that Areva officials were told it had.

As part of their five year turn around plan Areva has suspended the construction of a uranium enrichment plant near Idaho Falls, Idaho.  State officials claim that Areva has agreed to keep on their payroll about 300 Idaho employees, but that’s only until the end of 2012.

The problem now is that Areva has stated that their continued operation depends on the sale of ten new generation EPR (European Pressurized Reactor) nuclear power units.  Those sales need to take place between 2012 to 2016.

 

Business/Economics, Idaho, U.S.

Bank Incompetence: As many as 28 million people in the U.S. refuse to open a bank account

“The bottomline is that about 7.7% of U.S. households have no account in an insured financial institution and an additional 17.9% are underbanked, meaning they have an account but they utilize high cost financial service providers.”– Martin Gruenberg, FDIC

According to the U.S. Census Bureau, 17 million people in the United States do not have bank accounts.  According to Tom Putnam with the Idaho non-profit group, Partners for Prosperity, that number could actually be as high as 28 million!

The reasons vary from just not understanding the concept of bank accounts to people who’re fed up with getting ripped off by the banks.  The FDIC (Federal Deposit Insurance Corporation) says at least half of the people who’ve stopped using banks have done so because of a bad experience.

Another factor is that with all the fees banks charge, and with declining incomes, many people say it just not worth it to put their hard earned money into a bank.

According to Tom Putnam, the percentage of people who don’t use banks here in Idaho is bout 7%.

Business/Economics, International, U.S.

Incompetence & What Economic Recovery? NAR says U.S. housing market is in worse shape, than first thought

The National Association of Realtors (NAR) is warning that the U.S. housing market collapse is even worse than first thought.  On December 21, NAR will release new/revised data on the housing collapse going back to 2007.

Lawrence Yun, chief economist for NAR, said that real estate analysts have made incorrect assumptions when they counted existing home sales in the Multiple Listing Service (MLS).  The assumptions in counting home sales made things look better than they really are: “For the real estate business, this means the housing market’s downturn was deeper than what was initially thought.”

Yu also said the MLS, and some of the other NAR counts, were done using data from 2000, not up to date data!

Another problem is that some real estate markets overlap in reporting their sales. This means a sale in one market could, on paper, look like two sales in two markets: “Colorado Springs has their own database, but because the Denver market is nearby they may also list that home in the Denver database, so when the home gets sold, both Denver and Colorado Springs will say sales rose, so that’s genuine double counting.”-Lawrence Yu

For some reason it took until a recent meeting of NAR officials, this year, to realize the reporting mistakes.

 

Business/Economics, U.S.

What Economic Recovery? U.S. Congress & Postal Service make delay deal; no closings until May 2012

“If you don’t like what the postal service has put forward (to cut costs) by closing processing facilities and post offices and eliminating jobs, then come up with a better approach. It’s a challenge we need to accept, and this agreement with the postal service gives us that opportunity.”-Richard Durbin, U.S. Senator for Illinois

The U.S. Congress and the Postal Service has reached an agreement, that will delay closing of hundreds of processing centers and thousands of post offices.  Instead of starting that shut down in March, the USPS will wait until May.

This is because members of Congress promise they will return to negotiations regarding how to make cuts, and minimize the effects on postal employees and the economy.  Back in November Congress indicated they were shelving any discussions about the Postal Service until after elections in November 2012.  However that’s far later than the December 16 default date set by President Barack Obama.  I suppose members of Congress got an earful, about the draconian cuts looming for the USPS, from their constituents.

The Postal Service operates on money that comes from you and me buying postal products, not taxes!

Business/Economics, International, U.S.

What Economic Recovery? It’s an official record, 6.3 million U.S. citizens left the United States. 40% of young adults want to leave!

“I don’t regret leaving the States one bit!”-Matt Landau, left the U.S. six years ago

The U.S. State Department is admitting that at least 6.3 million U.S. citizens have left the Untied States, officially to find jobs or go to cheaper universities!

“There’s a feeling among more entrepreneurial Americans that if you really want to get anything done, you have to get out of country and away from the depressing atmosphere. There’s a sense of lost direction, so more people are looking for locations that offer more hope about the future.”–Bob Adams, America Wave

Blame it on a bad economy, caused by outsourcing jobs: “We’ve pretty much outsourced everything else.”-Giovanni Pinzon, laidoff aerospace technician

The U.S. State Department said Russia, China and Latin American countries are the recipients of the brain drain from the United States.

“I connected the dots and decided that I should go somewhere different and learn something new, like Mandarin, to challenge myself. I picked China because it was growing so fast.”-Derek Capo, left Florida for China

According to Bob Adams, who’s been doing surveys of U.S. citizens leaving the country, 40% of 18 to 24 year olds now want to leave the U.S.! Adams says he’s been doing the surveys for the past nine years and said the latest numbers “…have shot through the ceiling…not something I anticipated.”

 

 

Business/Economics, U.S.

What Economic Recovery? Holiday season Movie revenues lowest in three years. Past two weekends took in less money than the weekends after September 11, 2001

‘Hollywood’ isn’t merry this holiday season. That’s ’cause the past two weekends have seen the least amount of revenues since the two weekends after September 11, 2001.

Also, this past weekend (December 10-11) was the lowest money making weekend since Labor Day in 2008.

The past two weekends combined saw only 19.8 million customers! To put it in perspective; the past two weekends saw the same amount of movie goers for all the movies that were playing, as that 19+ million people who saw Harry Potter and the Deathly Hallows: Part 2 on it’s opening weekend!

Happy Holidays, Hollywood!

Business/Economics, International, U.S.

What Economic Recovery? Comments out of Korea and Europe cast strong doubt on any EU recovery

“The leaders have not yet proposed fundamental solutions such as euro bond issuance or the European Central Bank’s intervention.”-Kwon Hyouk-se, Financial Supervisory Service, South Korea 

“The EU summit was widely seen as a new step in the right direction, but the summit deal has many obvious flaws and lacks operational details in many areas. It looks more like a comprehensive fix to the next crisis, rather than a final resolution to the current one.”-Luca Jellinek, Credit Agricole, France

Business/Economics, U.S.

World War 3 & United Police States of America: Obama to sign into law the very National Defense Authorization Act he said he would veto. People of the U.S. you are now enemies of your own state, welcome to NAZI-land.

“…the [Obama] administration asked us to remove the language which says that U.S. citizens and lawful residents would not be subject to this section.”-Carl Levin, U.S. Senator from Michigan

There is now speculation that President Barack Obama will sign into law S.1253.RS, a bill he said he would veto. The reasoning behind that is based on statements from Senator Carl Levin, who stressed many times that it was the Obama administration that cut any language from the bill, that would protect U.S. citizens from being detained indefinitely.

Watch Senator Levin’s statements from cspan2 here.

President Obama could sign the bill into law as soon as December 13. Happy Holidays!

 

Business/Economics, International, U.S.

OWS, What Economic Recovery? As promised, Occupiers shutting down busy U.S. West Coast shipping ports. Watch out, media reporting there are undercover cops amongst your ranks!

A video stream from the Port of Long Beach, in California, shows that it’s raining, and you can also hear what Occupiers say are police helicopters circling low.

California media reporting that Occupiers have moved onto several important shipping port; Los Angeles, Long Beach, Oakland, Portland in Oregon and Seattle in Washington.

Occupiers were hoping the port labor unions would join in, but one union official said there was not enough support from union members.

Bloomberg media says Goldman Sachs is the main target of the Occupiers.  Goldman Sachs owns the country’s largest port cargo operator: SSA Marine.

Reuters has confirmed that Los Angeles police sent in undercover officers prior to mass arrests last month.  The LA police said they used the info they got from spying on the occupiers to make the arrests.

 

International, Technology, U.S.

World War 3 & United Police States of America: Farming Family in North Dakota first in the U.S. to be arrested after being hunted down by Predator UAV. It happened months ago. U.S. Congresswoman resigns, warns the U.S. is becoming NAZI-land

“…in many areas around the country, not only for federal operators, but also for state and local law enforcement and emergency responders in times of crisis.”-Michael C. Kostelnik, retired Air Force general who heads the office that supervises the use of UAVs

It has been revealed that police in North Dakota have been using Predator UAVs since June 2011.  Now three men, who are accused of threatening a sheriff’s life, have become the first U.S. arrest victims of the drone.

It’s already been reported that the FBI and Border Patrol are using drones, but now local police!  Law enforcement officials in North Dakota admit they use them at least twice per month.

The men, supposedly from the same family, that were arrested are suspected of stealing cows.  The Nelson County Sheriff says his life was threatened by the family when he went on their property looking for the cows.  The sheriff responded by calling in an army of police and a Predator drone based at Grand Forks air base (the UAV officially being used by the Border Patrol).

It’s now December 12, the event is just now being reported in the U.S. media. It took place at the end of June!  I wonder if the family has also been accused of being terrorists.  Sure seems like a lot of taxpayer money was spent to arrest suspected cattle rustlers.

The use of UAVs against U.S. citizens caused one member of Congress to resign back in February.  Jane Harman, of California, who sat on the House Homeland Security Intelligence subcommittee from 2007 until she resigned, said no one ever discussed using Predators to help local police.

She also gave a dire warning: “There is no question that this could become something that people will regret.”

Harman’s father is a survivor of the NAZI concentration camps in World War 2.  Harman should know from her father’s first hand accounts what NAZI-land looks like!