Business Making Money

No summary of 2010, visual or otherwise, would be complete without an extensive overview of what pundits call Monetary Stimulus, quantitative easing or Large Scale Asset Purchases, and the peasantry calls, just as correctly (with a few footnotes), the printing of money. If there are two words that define what we had an absence and an abundance of in the past year, those would be jobs, and money. As some of the key jobs-related charts were presented yesterday, below, once again courtesy of BusinessWeek, are the main charts that among other things demonstrate the various currency manipulation playbooks, the price of gas in bacon and other products, the annotated strength of the dollar through time, and what is actually printed when the Fed does print money.

The first chart shows the progression of dollar strength (and weakness) with an annotation for contemporaneous global events. What is ironic is that while everyone realizes the world is still in a very week position, the core debate over who is weaker - Europe or the US, is sure to provide many hours of entertainment in 2011. And as a bonus, the man whose policies, together with those of Bernanke, are instrumental in just how weak the dollar gets, is presented in his key natural states: from lying just every so slightly, to lying a lot, to lying profusely to save his life, to lying at such a rate, it would make those whose pants are burning, blush with envy. And now you will know how to distinguish the four... 

The next chart deals with the actual money printing, but not in an deeply philosophical manner, one in which hours of debate are wasted over whether trillions in excess reserves are actually printed money (even though the last time someone acquired USTs, MBS, and soon Munis and ETFs, with pixie dust, the legal consequences were not all that palatable). Of the just over $300 billion in actual currency printed in 2010, the vast majority was in $100 bills, next up was $20s, followed by $5s, $10s, and lastly, singles. Not a single $50 bill was printed. Also noted: the amount of cash in corporate America. Of particular interest: GM has more than half of its market value, or $27.5 billion sitting in cash. Lastly, and this not come as a surprise to many, the money multiplier: the money supply divided by the monetary base, is at near record lows, courtesy of the $1 trillion in excess reserves.

Another popular meme in 2010 was pricing X in Y, most often the stock market in gold, in which basis it is still down for the year, as gold (not to mention silver), despite the short memory of many, is by and far the best performing asset class of 2010. Those who followed our advice in early 2010 to avoid stocks and to invest in gold, are ahead of most. The chart below takes a comic approach to this relative performance, showing how much the price of gas changed when priced in other "currencies."

Last, and probably most interesting, is the graphic presentation of the currency manipulator playbook: in a world in which Ben Bernanke knows very well he has little competition when it comes to doing as he chooses with the world's reserve currency (for now), other sovereigns are forced to come up with their unique responses. The playbook below shows all the various defensive tactics adopted so far. Luckily, few offensive plays have been established to date. We doubt that will be the status quo for a long time.

And as John Taylor and many others have pointed out, now that the fiscal "stimulus" of the payroll tax has been exhausted in a few short weeks courtesy of the jump in crude oil, and any further fiscal intervention not likely to occur unless Congress wants another incumbent bloodbath next time around, as Americans are tired of subsidizing banker lifestyles, expect to see many additions to the FX manipulation playbook, as the year progresses and monetary intervention continues to be the only direct way of making sure every new banker bonus year is a record one is via the Fed and its ongoing dollar printing-cum-debasement. That said, should the bankrupt European house of cards continue to wave a white flag of surrender every 3 months, the race to the bottom may not have a clear winner well after 2011 is also history.

All charts courtesy of BusinessWeek

SMH at the pimp game getting all strategic and ish:

The FBI estimates that a mid-level trafficker can make more than $500,000 dollars a year by marketing just four girls. In our second part of Trafficked, Youth Radio finds that what used to be a local activity has gone global and more violent. With so much money being made through trafficking, police say long standing networks of gangs and drug dealers are starting to cross over because they see sex trafficking as an easier game. The potential prison sentences are much lower and the game is less dangerous if you are a pimp or a trafficker. Youth Radio obtained a hand-written business plan from a pimp (PDF below) during our investigation for Trafficked (obtained from a prosecutor.) The business plan titled Keep It Pimpin states how the pimp wants to expand his trafficking business locally as well as nationally. He also writes that he wants to discover girls “from all over”–especially girls in jail houses and in small cities.

Alameda County DA Sharmin Bock says the pimp business plan represents a larger pimp mentality. “He said ‘I’m going to take it from the concrete streets to the executive suites.’ And that means ultimately you do want to be in those executive suites,” Bock says. “Ultimately you do want to be doing the big ticket sales of children all over the country. And sadly today there is no better bang for your buck, no better investment on your money, no better return, than selling a child for sex.”

Wow. This is some straight random ridiculousness right chere…

Source

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Fox <b>News</b> Channel&#39;s Kimberly Guilfoyle: Ignore CPAC boycotters <b>...</b>

Former first lady of San Francisco tells groups boycotting February convention to participate if they want to be heard.

Fox <b>News</b>, Hypocrisy, And “Politically Correct” Journalism

My earlier post about Megyn Kelly's absurd equation of illegal immigration and rape in a discussion about changes to the Associated Press Style Guide.

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News.me, the stealthy social news project being developed by Betaworks in conjunction with The New York Times, has just started accepting invite requests. As part of the partnership deal, ...

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Making Easy Money

Ho! Ho! Ho! And a Merry Christmas to you all!

It's that time of year again and I've been so busy making Xboxes and E-readers and blankets with arms in them that I sometimes forget there are others like me doing good works but who are in need of some help.

These other "Santas" operate on a shoestring and need money to do their kind deeds. Unfortunately they can't do what I do to cover the cost of my operations. (I rent out my North Pole facilities to Superman eleven months of the year for him to use as his Fortress of Solitude.)

So Mrs. Claus, the elves, the reindeer and I are asking if you could make a last minute donation to one of the six worthy organizations I've listed below. Or do it as a gift in someone else's name and make that their Christmas present (thus fewer chimneys for me to go down. I know, I know, stop with the burgers in a donut bun.) These Santas will then turn around and use your money to create gifts greater than anything I could ever make in my workshop.

Here they are:

** The Innocence Project. Hundreds, if not thousands, of Americans sit in prison tonight having been wrongly convicted of a crime. They are 100 percent innocent and the system has the DNA samples to prove it. The Innocence Project is an amazing group that provides free attorneys and researchers who devote their time to freeing these innocent men and women. It's no mistake that human rights groups place the United States on their list of countries who throw the innocent behind bars. No country on earth (including China, with four times the population of the United States) has more people in prison than America. Please give to the Innocence Project so that those who've committed no crime do not spend another night in jail -- and so I don't have to spend so much time on Christmas Eve going through security when I make deliveries to them.

** The Bradley Manning Defense Fund. If I witness a crime while making my rounds on Christmas Eve, and I report it, I'm considered a hero. (Sometimes there's reward money!) Private Bradley Manning of the United States Army allegedly came across video of his fellow soldiers gunning down and killing in cold blood two reporters from Reuters and a group of Iraqis who were civilians. He apparently decided to report this crime to the American people. For this, he has been arrested and thrown into the brig -- where he has sat in tortuous solitary confinement for seven months. He is also believed to be the source of thousands of documents obtained by WikiLeaks which show the disgusting and immoral behavior of your government and Pentagon as they've prosecuted two illegal wars in Iraq and Afghanistan. This is a true travesty taking place and it's being done in your name. Please contribute to his legal defense fund and please send him a holiday card at:

Bradley Manning

c/o Courage to Resist

484 Lake Park Ave #41

Oakland CA 94610

USA

(See BradleyManning.org for how to mail things to him directly.)

** WikiLeaks. What more needs to be said? Frankly, in retrospect I'm GLAD they leaked my 2009 Naughty & Nice list -- especially the parts about the U.S. government. I know that may hurt a bit for those of you who are Americans, but trust me, it's good for you in the long run. What I do foresee in the coming year, though, is a battle for who controls the internet -- and those in power are going to find ways to clamp down and not make it so easy for all of us to share with each other so freely. (Another good group to give to that is helping to keep the internet free is Save the Internet.) From the Iraq War video to the proof that you're backing a corrupt government in Afghanistan to the fabricated cables sent to the Bush State Department from Havana about Mike's movie, WikiLeaks has performed an invaluable service. As long as they don't dig into what my elves do in the 11 months they're on vacation, I'm solidly behind WikiLeaks.

** The Water Project. Over a billion people on this planet have no access to clean drinking water. Approximately 2 million children under age 5 are killed each year worldwide by a water-related disease. This is insane considering we have the technology and the people power to fix this in a very short time period -- if we wanted. The money from just one year of the Iraq War would pretty much take care of it. Sad, isn't it, how we're capable of so much more, of being so much better. The Water Project is a hands-on, boots on the ground organization that's digging wells and getting clean drinking water to the Third World. This is one delivery -- water for a billion people -- that just doesn't fit in my sleigh.

** Park 51 Islamic Community Center ("The Ground Zero Mosque"). Here's a tip: if there's anything that will get you a lump of coal in your stocking, it's hating people based on their race or religion. And I'm sorry to say, folks like that were out in full force this year. They even won themselves an election. Soon they will hold congressional hearings to out America's Kenyan-born Muslim president. (My team's already getting extra coal ready for Christmas 2011.)

Meanwhile in lower Manhattan, a group of people who happen to be Muslim want to build a community center. They asked the Jewish Community Center in Manhattan for help. They helped them. It was so nice it made me think I should branch out into Hanukkah and Ramadan. Then the haters showed up. But I believe Park 51 will win this fight. Please help them.

** Democracy Now. This great daily show presents the news we never get to hear on mainstream radio or TV -- especially at the North Pole, where for some reason the cable system only runs the Hallmark channel and Spike. Amy Goodman and Co. do an incredible job bringing the truth to the American public every morning. I listen to them and I support them. (And I support all efforts for non-profit, community-based radio stations. You can learn more about that movement at Radio for All.)

So give if you can. I know these are tight times for most people and you've got yourselves and your families to take care of. I hope this time of the year is going well for you and if not, then please know that there are many -- including me -- who care about you and yours. Working together, it will get better for everyone.

Finally... those of you who don't have chimneys, could you possibly leave the door open this year? I don't like it any more than you do when I have to break in through your bathroom window.

Happy Christmas to all, and to all a good-night,

Santa (c/o Michael Moore)

The openness and transparency WikiLeaks has given us is invaluable—which is why I’m donating $20,000 to get its founder out of jail.

Yesterday, in the Westminster Magistrates Court in London, the lawyers for WikiLeaks co-founder Julian Assange presented to the judge a document from me stating that I have put up $20,000 of my own money to help bail Mr. Assange out of jail.

Furthermore, I am publicly offering the assistance of my website, my servers, my domain names and anything else I can do to keep WikiLeaks alive and thriving as it continues its work to expose the crimes that were concocted in secret and carried out in our name and with our tax dollars.

We were taken to war in Iraq on a lie. Hundreds of thousands are now dead. Just imagine if the men who planned this war crime back in 2002 had had a WikiLeaks to deal with. They might not have been able to pull it off. The only reason they thought they could get away with it was because they had a guaranteed cloak of secrecy. That guarantee has now been ripped from them, and I hope they are never able to operate in secret again.

So why is WikiLeaks, after performing such an important public service, under such vicious attack? Because they have outed and embarrassed those who have covered up the truth. The assault on them has been over the top:

**Sen. Joe Lieberman says WikiLeaks "has violated the Espionage Act."

**The New Yorker's George Packer calls Assange "super-secretive, thin-skinned, megalomaniacal."

**Sarah Palin claims he's "an anti-American operative with blood on his hands" whom we should pursue "with the same urgency we pursue al Qaeda and Taliban leaders."

**Democrat Bob Beckel (Walter Mondale's 1984 campaign manager) said about Assange on Fox: "A dead man can't leak stuff... there's only one way to do it: Illegally shoot the son of a bitch."

**Republican Mary Matalin says "he's a psychopath, a sociopath ... He's a terrorist."

**Rep. Peter A. King calls WikiLeaks a "terrorist organization."

And indeed they are! They exist to terrorize the liars and warmongers who have brought ruin to our nation and to others. Perhaps the next war won't be so easy because the tables have been turned—and now it's Big Brother who's being watched… by us!

WikiLeaks deserves our thanks for shining a huge spotlight on all this. But some in the corporate-owned press have dismissed the importance of WikiLeaks ("they've released little that's new!") or have painted them as simple anarchists ("WikiLeaks just releases everything without any editorial control!"). WikiLeaks exists, in part, because the mainstream media has failed to live up to its responsibility. The corporate owners have decimated newsrooms, making it impossible for good journalists to do their job. There's no time or money anymore for investigative journalism. Simply put, investors don't want those stories exposed. They like their secrets kept… as secrets.

I ask you to imagine how much different our world would be if WikiLeaks had existed 10 years ago. Take a look at this photo. That's Mr. Bush about to be handed a "secret" document on August 6th, 2001. Its heading read: "Bin Ladin Determined To Strike in US." And on those pages it said the FBI had discovered "patterns of suspicious activity in this country consistent with preparations for hijackings." Bush decided to ignore it and went fishing for the next four weeks.

Supporters of Wikileaks founder, Julian Assange, hold posters during a protest in front of the British Embassy in Madrid, Spain on Dec. 11, 2010. (Photo: Stringer / AP Photo)

But if that document had been leaked, how would you or I have reacted? What would Congress or the FAA have done? Was there not a greater chance that someone, somewhere would have done something if all of us knew about bin Laden's impending attack using hijacked planes?

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After struggling to adopt for years, one of music's most influential men is now a dad. Sir Elton John and his partner, David Furnish, now have a son, born to a surrogate in California on Christmas Day.

Making <b>News</b> and Entertainment More Social in 2011 - Facebook <b>...</b>

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foreclosure list

You know the administration is desperate when it creates a web page citing economists who support its capitulation on taxes.

The web page cites the support of five economists. Peter Cardillo, the Bank of America, Greg Mankiw, and Wells Fargo (are the second through fifth economists on Obama's list). Who are these supporters and why is the administration proud of their support? Cardillo is an economist for an investment firm, Avalon Partners. Avalon's web site states that it specializes in "wealth management" for "affluent investors...to meet the unique needs of high net worth individuals...." Yes, the wealthiest one-hundredth of one percent of Americans -- the truly, uniquely needy.

The administration's web site gives pride of placement to Avalon Partners' support of Obama's decision to support the extension of Bush's dramatic reduction in the taxes its ultra-wealthy clients will pay. That tax reduction will make Cardillo and his senior colleagues at Avalon Partners, themselves among the wealthiest Americans. Obama's capitulation on tax breaks for the richest one percent of Americans is worth tens of thousands of dollars personally to Cardillo and hundreds of millions of dollars to Avalon's clients. Mr. Cardillo does not support Obama's capitulation -- he rejoices in it.

Indeed, he has said in a recent interview that the reduction in taxes for the elites has helped fuel a "Santa Claus" rally in stocks. Obama played St. Nick for the wealthiest of Americans to the tune of tens of billions of dollars. The reasons that Cardillo supports the bill are obvious. The mystery is why Obama fails to realize that his support demonstrates why Obama's capitulation is so harmful to the nation. At a time when income inequality has reached record levels in modern America and crippled our democracy Obama has given in to bullies who made increased inequality their central goal.

Obama claims that he capitulated to the Republicans on taxes for the wealthiest in order to reduce unemployment. Here's what Cardillo said about Obama and unemployment just before the midterm elections:

"As far as corporate America hiring again it's basically dependent on what happens in Washington," says Peter Cardillo, chief economist at Avalon Partners in New York. "If the opposition party should gain enough seats to perhaps reverse the present administration's policies somewhat, then I think you'll see a big pickup in employment."

Obama has promoted the views of one of his most virulent opponents, who gloried in and profited from his and the Democrats' recent electoral and legislative defeats. Simultaneously, Obama launched another petulant attack on his strongest supporters. The administration's daily floggings will continue until morale improves among progressives. Generations of political scientists will marvel at this administration's self-destructive reflexes.

The Bank of America (BoA) is next on the administration's list of supporters. BoA's senior leadership will personally save millions of dollars in taxes and its wealthy clients will save billions of dollars in taxes because of Obama's decision to support the continuation of the Bush tax cuts for the wealthiest Americans. Their support for Obama's agreement to support extended tax cuts for the wealth should have warned Obama that he was making a mistake.

The Bank of America is one on the major funders of the Chamber of Commerce's war on financial regulation, the administration, and Democrats. The Bank of America is a perfect example of why the "three strikes" laws never apply to corporations. The Bank of America has run a massively unlawful foreclosure system based on perjured affidavits. It purchased two notorious financial institutions (Countrywide and Merrill Lynch) that were destroyed by policies of deliberately making and purchasing fraudulent "liar's" loans. The Bank of America has recently admitted to a widespread policy of defrauding states and localities. It even has an openly racist senior advisor in Germany who claims that the U.S. mortgage crisis was caused by outlawing "red lining" -- refusing to loan to blacks. It's not often that senior bank officials openly stress their nostalgia for the good ole' days of open racism. I've repeatedly brought this racist to the attention of the administration and BoA in the U.S. and in Germany without ever prompting even a response. My colleague Randy Wray and I have explained why BoA should be placed in receivership for its serial crimes and unsafe and unsound practices. Instead, the Obama administration prominently displays its endorsement.

Professor Mankiw, Chairman of George W. Bush's Council of Economic Advisors, is the next supporter that the Obama administration highlights. Mankiw was a leading apologist for the Bush tax cuts for the wealthy. He even defends the wealthy when they become wealthy through fraud. He infamously responded to George Akerlof and Paul Romer's paper demonstrating the dominant role that "looting" by S&L CEOs (accounting control fraud) played in causing the debacle, by opining that "it would be irrational for operators of the savings and loans not to loot." Mankiw blamed the S&L debacle on excessive regulation and was one of the architects of the de-supervision that permitted the current crisis to occur.

The administration thinks it says good things that the Bush administration's principal apologist for its tax cuts for the wealthy supports Obama's agreement to extend those tax cuts. The mind boggles.

Wells Fargo is next on Obama's roll of honor. Wells Fargo's senior leaders, like BoA and Avalon Partners' senior leaders, have personal and professional interests in supporting tax cuts for the wealthy. Wells Fargo is overjoyed by Obama's agreement to extend tax cuts for the wealthy. All of these endorsements simply emphasize the extent to which Obama was taken to the cleaners. It's bad to be bullied, but it's pathetic to cite the testimonials of those that got even wealthier through the bullies' triumph as evidence of your success.

Bill Black is an associate professor of economics and law at the University of Missouri-Kansas City. He is a white-collar criminologist, a former senior financial regulator and the author of The Best Way to Rob a Bank is to Own One.

I, too, live in Modesto, CA, and was surprised but ultimately pleased to see our problems being discussed on a site with as wide a reach as Boing-Boing. So many other more fortunate places in the US are so bombarded with the message that the "recession" is over that any accurate descriptions of the conditions here and elsewhere in the Central Valley are usually dismissed as wild-eyed overstatement by anyone who hasn't seen it first-hand.

Another reason that so many of the foreclosures are or appear abandoned are the prevalence of "renter barons" in the area. For a while, it was a reasonably profitable business for Bay Area speculators and others to buy up a dozen houses or so in a neighborhood and rent them out to locals. However, when the bottom dropped out, many of these small businesses fell apart, or desperately sold off the homes to anyone who would buy them to cut their losses.

This resulted in a very large number of renters suddenly being forced out of their homes through no fault of their own. To make matters worse, many of those families were already in poor shape (thats over 15% unemployment poor - at one point nearly 20%) due to major labor cuts in the area, like the closing of the famous Hershey Plant in Oakdale, CA. So not only did the "refinance gamblers" get screwed in the collapse, but many responsible families were displaced and forced to make terrible compromises just to keep a roof over their already humble dinner tables. When three generations of a family are living under one roof not out of closeness but grim necessity, and the primary breadwinners make minimum wage, the "recession" is a full on depression.

Thats one of the main reasons that the Valley has so much anti-government sentiment right now - unfortunately, much of that has misguidedly lead the already conservative population to increasingly support the "Tea Party" movement's violent and disturbingly irrational rhetoric. They are, indeed, mad as hell, and not going to take it anymore; unfortunately, that only results in a sad, directionless rage, full of bitter soundbites and misinformed half-truths.

By the way, Guestimate Jones: There is no authority in the area dedicated to or responsible for mosquito abatement. The reason why? No budget money. Stanislaus County has a hard enough time fulfilling basic services due to the large tax losses; the roads in some places are comparable to the aftermath of minor earthquake sites, for example. Its so bad here that during certain years, we have even shut down our Animal Control services, despite this being a very rural county outside of Modesto. When you have a lost and frightened raccoon duking it out with your cat in your backyard at 2am, calling the cops results in a snickering reply of "well sorry sir, that's not our problem."

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Michelle Malkin » Complete Lack of Bias Causes CBS <b>News</b> to <b>...</b>

Complete Lack of Bias Causes CBS News to Accidentally Air Joke Cover of Bush Book.

Obama <b>news</b> conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

WarioWare D.I.Y. games cover 2010 <b>news</b> | Joystiq

British mag NGamer put together a clever 2010 "year in review" of mainstream news using WarioWare DIY. Some of the referenced incidents may be obvious internationally, while others are quite UK specific, so we made a list of the ...

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Michelle Malkin » Complete Lack of Bias Causes CBS <b>News</b> to <b>...</b>

Complete Lack of Bias Causes CBS News to Accidentally Air Joke Cover of Bush Book.

Obama <b>news</b> conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

WarioWare D.I.Y. games cover 2010 <b>news</b> | Joystiq

British mag NGamer put together a clever 2010 "year in review" of mainstream news using WarioWare DIY. Some of the referenced incidents may be obvious internationally, while others are quite UK specific, so we made a list of the ...

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Michelle Malkin » Complete Lack of Bias Causes CBS <b>News</b> to <b>...</b>

Complete Lack of Bias Causes CBS News to Accidentally Air Joke Cover of Bush Book.

Obama <b>news</b> conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

WarioWare D.I.Y. games cover 2010 <b>news</b> | Joystiq

British mag NGamer put together a clever 2010 "year in review" of mainstream news using WarioWare DIY. Some of the referenced incidents may be obvious internationally, while others are quite UK specific, so we made a list of the ...

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Michelle Malkin » Complete Lack of Bias Causes CBS <b>News</b> to <b>...</b>

Complete Lack of Bias Causes CBS News to Accidentally Air Joke Cover of Bush Book.

Obama <b>news</b> conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

WarioWare D.I.Y. games cover 2010 <b>news</b> | Joystiq

British mag NGamer put together a clever 2010 "year in review" of mainstream news using WarioWare DIY. Some of the referenced incidents may be obvious internationally, while others are quite UK specific, so we made a list of the ...

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Michelle Malkin » Complete Lack of Bias Causes CBS <b>News</b> to <b>...</b>

Complete Lack of Bias Causes CBS News to Accidentally Air Joke Cover of Bush Book.

Obama <b>news</b> conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

WarioWare D.I.Y. games cover 2010 <b>news</b> | Joystiq

British mag NGamer put together a clever 2010 "year in review" of mainstream news using WarioWare DIY. Some of the referenced incidents may be obvious internationally, while others are quite UK specific, so we made a list of the ...

bench craft company scam

Michelle Malkin » Complete Lack of Bias Causes CBS <b>News</b> to <b>...</b>

Complete Lack of Bias Causes CBS News to Accidentally Air Joke Cover of Bush Book.

Obama <b>news</b> conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

WarioWare D.I.Y. games cover 2010 <b>news</b> | Joystiq

British mag NGamer put together a clever 2010 "year in review" of mainstream news using WarioWare DIY. Some of the referenced incidents may be obvious internationally, while others are quite UK specific, so we made a list of the ...

bench craft company scam

Michelle Malkin » Complete Lack of Bias Causes CBS <b>News</b> to <b>...</b>

Complete Lack of Bias Causes CBS News to Accidentally Air Joke Cover of Bush Book.

Obama <b>news</b> conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

WarioWare D.I.Y. games cover 2010 <b>news</b> | Joystiq

British mag NGamer put together a clever 2010 "year in review" of mainstream news using WarioWare DIY. Some of the referenced incidents may be obvious internationally, while others are quite UK specific, so we made a list of the ...

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Michelle Malkin » Complete Lack of Bias Causes CBS <b>News</b> to <b>...</b>

Complete Lack of Bias Causes CBS News to Accidentally Air Joke Cover of Bush Book.

Obama <b>news</b> conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

WarioWare D.I.Y. games cover 2010 <b>news</b> | Joystiq

British mag NGamer put together a clever 2010 "year in review" of mainstream news using WarioWare DIY. Some of the referenced incidents may be obvious internationally, while others are quite UK specific, so we made a list of the ...

bench craft company scam

Michelle Malkin » Complete Lack of Bias Causes CBS <b>News</b> to <b>...</b>

Complete Lack of Bias Causes CBS News to Accidentally Air Joke Cover of Bush Book.

Obama <b>news</b> conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

WarioWare D.I.Y. games cover 2010 <b>news</b> | Joystiq

British mag NGamer put together a clever 2010 "year in review" of mainstream news using WarioWare DIY. Some of the referenced incidents may be obvious internationally, while others are quite UK specific, so we made a list of the ...

bench craft company scam

Michelle Malkin » Complete Lack of Bias Causes CBS <b>News</b> to <b>...</b>

Complete Lack of Bias Causes CBS News to Accidentally Air Joke Cover of Bush Book.

Obama <b>news</b> conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

WarioWare D.I.Y. games cover 2010 <b>news</b> | Joystiq

British mag NGamer put together a clever 2010 "year in review" of mainstream news using WarioWare DIY. Some of the referenced incidents may be obvious internationally, while others are quite UK specific, so we made a list of the ...

bench craft company scam

Michelle Malkin » Complete Lack of Bias Causes CBS <b>News</b> to <b>...</b>

Complete Lack of Bias Causes CBS News to Accidentally Air Joke Cover of Bush Book.

Obama <b>news</b> conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

WarioWare D.I.Y. games cover 2010 <b>news</b> | Joystiq

British mag NGamer put together a clever 2010 "year in review" of mainstream news using WarioWare DIY. Some of the referenced incidents may be obvious internationally, while others are quite UK specific, so we made a list of the ...

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budgeting personal finances

Automate Your Finances to Spend Less Time Managing Your Accounts

Despite how simple the process can be, most of us are terrible at saving and paying bills. Here's a strategy to effectively automate most of your finances to keep you saving and out of late fee trouble.

Ramit Sethi of I Will Teach You To Be Rich.com has put together a system for managing your personal finances that only takes about an hour of your time each week. The video above fully explains the process in detail, but here's the gist. First, you want to set up your bills and other payments so they're all happening on the day you get your first paycheck of the month (the first of the month for most people). Once you have that in place, you want to set up automatic savings plans (Sethi suggests using Ing Direct) with sub-savings accounts that let you organize your savings into specific categories (vacation, wedding, etc.). You'll also want to send a percentage of your paycheck to your 401k, and have all of this happen immediately so that the money you see when you get paid is the money left when everything has already been saved. From there, you automatically pay as many bills as you can with your credit card (and then pay the credit card bill on pay day). For the bills you can't pay with your credit card (like rent, in most cases), you can use your online banking to automatically issue a check. This will leave a little money leftover in your checking account that you can use to budget for guilt-free spending and cash withdrawals.

As someone who's often fallen victim to the faults of automatic payments systems (despite frequently using them), definitely do not forget to stay on top of your bills nonetheless. Make sure you set some time aside at least once a month to do a little maintenance and make sure there are no bugs causing your automated finance system to break down. Sethi isn't suggesting a set-it-and-forget-it automated finance system by any means, but as someone who hates paying bills I know how easy it can be to procrastinate and ignore the task. If you set up a good automated system like this one, you'll be at a point where all you have to do is watch and fix the occasional problem as the most important things are being taken care of for you.

Conduct a Financial Fire Drill to Assess Financial Health

We conduct fire drills to ensure fire warning systems are functional and that building occupants know what to do in the event of a fire-related emergency. Apply that same type of stress test to your money with a financial fire drill.

Photo by Steve Snodgrass.

Finance and frugality blog Frugal Dad urges us to take stock of our financial health by conducting a financial fire drill. Just like a real fire drill helps you run through a dangerous scenario without risk—"Who put the file cabinets in front of the fire exit?"—a financial fire drill shows you how effective your escape routes are and how big your safety net is.

You'll need to gather up all your bills, take stock of your savings and emergency fund, and head over the Frugal Dad to run through their financial fire drill checklist—which includes great tips like making a slash-and-burn list of non-essential services you can cancel the minute you get laid off or in other financial trouble.

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Shep Smith: Based On Today&#39;s Fox <b>News</b> Guests Obama May Not Get The <b>...</b>

Based on today's Fox News lineup Shep Smith is concerned Obama won't get the compromise his is expecting following this week's tax deal. From Shep: One of the things the President emphasized yesterday is, we've compromised here and now ...

Saudi Arabia - Fox <b>News</b> - David Letterman | Mediaite

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Shep Smith: Based On Today&#39;s Fox <b>News</b> Guests Obama May Not Get The <b>...</b>

Based on today's Fox News lineup Shep Smith is concerned Obama won't get the compromise his is expecting following this week's tax deal. From Shep: One of the things the President emphasized yesterday is, we've compromised here and now ...

Saudi Arabia - Fox <b>News</b> - David Letterman | Mediaite

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Shep Smith: Based On Today&#39;s Fox <b>News</b> Guests Obama May Not Get The <b>...</b>

Based on today's Fox News lineup Shep Smith is concerned Obama won't get the compromise his is expecting following this week's tax deal. From Shep: One of the things the President emphasized yesterday is, we've compromised here and now ...

Saudi Arabia - Fox <b>News</b> - David Letterman | Mediaite

Here's an interesting tidbit we can thank jailed WikiLeaks founder Julian Assange for: according to cables included in the recent WikiLeaks document drop, informants have told diplomats at the U.S. Embassy in Saudi Arabia that American ...

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Shep Smith: Based On Today&#39;s Fox <b>News</b> Guests Obama May Not Get The <b>...</b>

Based on today's Fox News lineup Shep Smith is concerned Obama won't get the compromise his is expecting following this week's tax deal. From Shep: One of the things the President emphasized yesterday is, we've compromised here and now ...

Saudi Arabia - Fox <b>News</b> - David Letterman | Mediaite

Here's an interesting tidbit we can thank jailed WikiLeaks founder Julian Assange for: according to cables included in the recent WikiLeaks document drop, informants have told diplomats at the U.S. Embassy in Saudi Arabia that American ...

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She and beau Jason Trawick escape a fake abuse scandal at a luxe resort in Mexico.

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Shep Smith: Based On Today&#39;s Fox <b>News</b> Guests Obama May Not Get The <b>...</b>

Based on today's Fox News lineup Shep Smith is concerned Obama won't get the compromise his is expecting following this week's tax deal. From Shep: One of the things the President emphasized yesterday is, we've compromised here and now ...

Saudi Arabia - Fox <b>News</b> - David Letterman | Mediaite

Here's an interesting tidbit we can thank jailed WikiLeaks founder Julian Assange for: according to cables included in the recent WikiLeaks document drop, informants have told diplomats at the U.S. Embassy in Saudi Arabia that American ...

<b>News</b> - Britney Spears Tells Us About &quot;Best Birthday of My Life <b>...</b>

She and beau Jason Trawick escape a fake abuse scandal at a luxe resort in Mexico.

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Shep Smith: Based On Today&#39;s Fox <b>News</b> Guests Obama May Not Get The <b>...</b>

Based on today's Fox News lineup Shep Smith is concerned Obama won't get the compromise his is expecting following this week's tax deal. From Shep: One of the things the President emphasized yesterday is, we've compromised here and now ...

Saudi Arabia - Fox <b>News</b> - David Letterman | Mediaite

Here's an interesting tidbit we can thank jailed WikiLeaks founder Julian Assange for: according to cables included in the recent WikiLeaks document drop, informants have told diplomats at the U.S. Embassy in Saudi Arabia that American ...

<b>News</b> - Britney Spears Tells Us About &quot;Best Birthday of My Life <b>...</b>

She and beau Jason Trawick escape a fake abuse scandal at a luxe resort in Mexico.

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Shep Smith: Based On Today&#39;s Fox <b>News</b> Guests Obama May Not Get The <b>...</b>

Based on today's Fox News lineup Shep Smith is concerned Obama won't get the compromise his is expecting following this week's tax deal. From Shep: One of the things the President emphasized yesterday is, we've compromised here and now ...

Saudi Arabia - Fox <b>News</b> - David Letterman | Mediaite

Here's an interesting tidbit we can thank jailed WikiLeaks founder Julian Assange for: according to cables included in the recent WikiLeaks document drop, informants have told diplomats at the U.S. Embassy in Saudi Arabia that American ...

<b>News</b> - Britney Spears Tells Us About &quot;Best Birthday of My Life <b>...</b>

She and beau Jason Trawick escape a fake abuse scandal at a luxe resort in Mexico.

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Shep Smith: Based On Today&#39;s Fox <b>News</b> Guests Obama May Not Get The <b>...</b>

Based on today's Fox News lineup Shep Smith is concerned Obama won't get the compromise his is expecting following this week's tax deal. From Shep: One of the things the President emphasized yesterday is, we've compromised here and now ...

Saudi Arabia - Fox <b>News</b> - David Letterman | Mediaite

Here's an interesting tidbit we can thank jailed WikiLeaks founder Julian Assange for: according to cables included in the recent WikiLeaks document drop, informants have told diplomats at the U.S. Embassy in Saudi Arabia that American ...

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Shep Smith: Based On Today&#39;s Fox <b>News</b> Guests Obama May Not Get The <b>...</b>

Based on today's Fox News lineup Shep Smith is concerned Obama won't get the compromise his is expecting following this week's tax deal. From Shep: One of the things the President emphasized yesterday is, we've compromised here and now ...

Saudi Arabia - Fox <b>News</b> - David Letterman | Mediaite

Here's an interesting tidbit we can thank jailed WikiLeaks founder Julian Assange for: according to cables included in the recent WikiLeaks document drop, informants have told diplomats at the U.S. Embassy in Saudi Arabia that American ...

<b>News</b> - Britney Spears Tells Us About &quot;Best Birthday of My Life <b>...</b>

She and beau Jason Trawick escape a fake abuse scandal at a luxe resort in Mexico.

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Shep Smith: Based On Today&#39;s Fox <b>News</b> Guests Obama May Not Get The <b>...</b>

Based on today's Fox News lineup Shep Smith is concerned Obama won't get the compromise his is expecting following this week's tax deal. From Shep: One of the things the President emphasized yesterday is, we've compromised here and now ...

Saudi Arabia - Fox <b>News</b> - David Letterman | Mediaite

Here's an interesting tidbit we can thank jailed WikiLeaks founder Julian Assange for: according to cables included in the recent WikiLeaks document drop, informants have told diplomats at the U.S. Embassy in Saudi Arabia that American ...

<b>News</b> - Britney Spears Tells Us About &quot;Best Birthday of My Life <b>...</b>

She and beau Jason Trawick escape a fake abuse scandal at a luxe resort in Mexico.

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Shep Smith: Based On Today&#39;s Fox <b>News</b> Guests Obama May Not Get The <b>...</b>

Based on today's Fox News lineup Shep Smith is concerned Obama won't get the compromise his is expecting following this week's tax deal. From Shep: One of the things the President emphasized yesterday is, we've compromised here and now ...

Saudi Arabia - Fox <b>News</b> - David Letterman | Mediaite

Here's an interesting tidbit we can thank jailed WikiLeaks founder Julian Assange for: according to cables included in the recent WikiLeaks document drop, informants have told diplomats at the U.S. Embassy in Saudi Arabia that American ...

<b>News</b> - Britney Spears Tells Us About &quot;Best Birthday of My Life <b>...</b>

She and beau Jason Trawick escape a fake abuse scandal at a luxe resort in Mexico.

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Shep Smith: Based On Today&#39;s Fox <b>News</b> Guests Obama May Not Get The <b>...</b>

Based on today's Fox News lineup Shep Smith is concerned Obama won't get the compromise his is expecting following this week's tax deal. From Shep: One of the things the President emphasized yesterday is, we've compromised here and now ...

Saudi Arabia - Fox <b>News</b> - David Letterman | Mediaite

Here's an interesting tidbit we can thank jailed WikiLeaks founder Julian Assange for: according to cables included in the recent WikiLeaks document drop, informants have told diplomats at the U.S. Embassy in Saudi Arabia that American ...

<b>News</b> - Britney Spears Tells Us About &quot;Best Birthday of My Life <b>...</b>

She and beau Jason Trawick escape a fake abuse scandal at a luxe resort in Mexico.

bench craft company scam

Shep Smith: Based On Today&#39;s Fox <b>News</b> Guests Obama May Not Get The <b>...</b>

Based on today's Fox News lineup Shep Smith is concerned Obama won't get the compromise his is expecting following this week's tax deal. From Shep: One of the things the President emphasized yesterday is, we've compromised here and now ...

Saudi Arabia - Fox <b>News</b> - David Letterman | Mediaite

Here's an interesting tidbit we can thank jailed WikiLeaks founder Julian Assange for: according to cables included in the recent WikiLeaks document drop, informants have told diplomats at the U.S. Embassy in Saudi Arabia that American ...

<b>News</b> - Britney Spears Tells Us About &quot;Best Birthday of My Life <b>...</b>

She and beau Jason Trawick escape a fake abuse scandal at a luxe resort in Mexico.

bench craft company scam

Shep Smith: Based On Today&#39;s Fox <b>News</b> Guests Obama May Not Get The <b>...</b>

Based on today's Fox News lineup Shep Smith is concerned Obama won't get the compromise his is expecting following this week's tax deal. From Shep: One of the things the President emphasized yesterday is, we've compromised here and now ...

Saudi Arabia - Fox <b>News</b> - David Letterman | Mediaite

Here's an interesting tidbit we can thank jailed WikiLeaks founder Julian Assange for: according to cables included in the recent WikiLeaks document drop, informants have told diplomats at the U.S. Embassy in Saudi Arabia that American ...

<b>News</b> - Britney Spears Tells Us About &quot;Best Birthday of My Life <b>...</b>

She and beau Jason Trawick escape a fake abuse scandal at a luxe resort in Mexico.

bench craft company scam

Shep Smith: Based On Today&#39;s Fox <b>News</b> Guests Obama May Not Get The <b>...</b>

Based on today's Fox News lineup Shep Smith is concerned Obama won't get the compromise his is expecting following this week's tax deal. From Shep: One of the things the President emphasized yesterday is, we've compromised here and now ...

Saudi Arabia - Fox <b>News</b> - David Letterman | Mediaite

Here's an interesting tidbit we can thank jailed WikiLeaks founder Julian Assange for: according to cables included in the recent WikiLeaks document drop, informants have told diplomats at the U.S. Embassy in Saudi Arabia that American ...

<b>News</b> - Britney Spears Tells Us About &quot;Best Birthday of My Life <b>...</b>

She and beau Jason Trawick escape a fake abuse scandal at a luxe resort in Mexico.

bench craft company scam

Shep Smith: Based On Today&#39;s Fox <b>News</b> Guests Obama May Not Get The <b>...</b>

Based on today's Fox News lineup Shep Smith is concerned Obama won't get the compromise his is expecting following this week's tax deal. From Shep: One of the things the President emphasized yesterday is, we've compromised here and now ...

Saudi Arabia - Fox <b>News</b> - David Letterman | Mediaite

Here's an interesting tidbit we can thank jailed WikiLeaks founder Julian Assange for: according to cables included in the recent WikiLeaks document drop, informants have told diplomats at the U.S. Embassy in Saudi Arabia that American ...

<b>News</b> - Britney Spears Tells Us About &quot;Best Birthday of My Life <b>...</b>

She and beau Jason Trawick escape a fake abuse scandal at a luxe resort in Mexico.

bench craft company scam

Shep Smith: Based On Today&#39;s Fox <b>News</b> Guests Obama May Not Get The <b>...</b>

Based on today's Fox News lineup Shep Smith is concerned Obama won't get the compromise his is expecting following this week's tax deal. From Shep: One of the things the President emphasized yesterday is, we've compromised here and now ...

Saudi Arabia - Fox <b>News</b> - David Letterman | Mediaite

Here's an interesting tidbit we can thank jailed WikiLeaks founder Julian Assange for: according to cables included in the recent WikiLeaks document drop, informants have told diplomats at the U.S. Embassy in Saudi Arabia that American ...

<b>News</b> - Britney Spears Tells Us About &quot;Best Birthday of My Life <b>...</b>

She and beau Jason Trawick escape a fake abuse scandal at a luxe resort in Mexico.

bench craft company scam

Shep Smith: Based On Today&#39;s Fox <b>News</b> Guests Obama May Not Get The <b>...</b>

Based on today's Fox News lineup Shep Smith is concerned Obama won't get the compromise his is expecting following this week's tax deal. From Shep: One of the things the President emphasized yesterday is, we've compromised here and now ...

Saudi Arabia - Fox <b>News</b> - David Letterman | Mediaite

Here's an interesting tidbit we can thank jailed WikiLeaks founder Julian Assange for: according to cables included in the recent WikiLeaks document drop, informants have told diplomats at the U.S. Embassy in Saudi Arabia that American ...

<b>News</b> - Britney Spears Tells Us About &quot;Best Birthday of My Life <b>...</b>

She and beau Jason Trawick escape a fake abuse scandal at a luxe resort in Mexico.

bench craft company scam

Shep Smith: Based On Today&#39;s Fox <b>News</b> Guests Obama May Not Get The <b>...</b>

Based on today's Fox News lineup Shep Smith is concerned Obama won't get the compromise his is expecting following this week's tax deal. From Shep: One of the things the President emphasized yesterday is, we've compromised here and now ...

Saudi Arabia - Fox <b>News</b> - David Letterman | Mediaite

Here's an interesting tidbit we can thank jailed WikiLeaks founder Julian Assange for: according to cables included in the recent WikiLeaks document drop, informants have told diplomats at the U.S. Embassy in Saudi Arabia that American ...

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She and beau Jason Trawick escape a fake abuse scandal at a luxe resort in Mexico.

About Making Money

“You wanna know what the mother of all bubbles was? Us. The human race.”

That’s Gordon Gekko in the distinctly-mediocre Wall Street: Money Never Sleeps.

This weekend brought a rush of stories about a “bubble” that may or may not be re-inflating in Silicon Valley. The New York Times kicked it off, venture capitalist Fred Wilson (who is featured prominently in the story) quickly responded, and then Newsweek weighed in just to make sure the “Bubble 2.0″ moniker was secure. Uh oh, right? Not so fast.

One giant nugget of information in the NYT piece (co-written by TechCrunch alum Evelyn Rusli) is a bit buried:

For starters, this is not a stock market bubble. None of the companies are publicly traded.

In other words, if this “bubble” were to pop, it wouldn’t be the mothers and fathers of the world hoping to put their children through school who would be getting screwed. It would be the private investors. It would be a handful of (mostly) rich people who would be out of some of their money.

I suppose the employees of the collapsing startups could also be screwed somewhat. But they’d undoubtedly find work again quickly. And the founders would start new companies. Just like after the first bubble.

Business Insider has a good rundown of the actually public tech companies — you know, the kind mom and pop can and do actually invest in. The consensus there? Pretty wonderful, actually. Not over-the-top outrageous, just very solid for the most part.

Now, that doesn’t mean a “Bubble 2.0″ couldn’t pop and adversely affect the overall ecosystem. In fact, I’m sure it would to some extent, mainly because less money coming in would mean less innovation across the board. But it wouldn’t cause everything to collapse.

We all just lived through a very real bubble. The housing bubble. The results of it popping almost completely brought down not only our own economy, but much of the world’s economy as well. Real people lost their life savings. People went to jail. More people should have been locked up forever. It’s almost insulting to mention this supposed new web bubble in the same breath as that.

Again, this “Bubble 2.0″, if it does exist, is mainly just troublesome for investors. Smaller angel investors, in particular, are getting squeezed out of deals because early stage valuations are getting ridiculously high in some cases.

Undoubtedly it’s true that some of those startups should not be accepting so much money at such valuations, but that’s on them. If they fail, it will be a lesson to other startups. Maybe the motto is: go big and go home (at least in the early stage).

Another underlying current here is that many private investors aren’t comfortable with the state of the startup ecosystem. And yet many of them continue to do deals that they may not be comfortable with. Again, that’s on them. They’re all doing due diligence. If they don’t think a deal is worth it, they obviously shouldn’t do it. But some don’t seem to be able to turn down their name being attached to a high-profile investment — even if projections have it panning out to be a 2x exit. (The horror!)

Maybe some of them would actually be more comfortable investing in what Wilson calls “The Mess“. That is, startups in their awkward years. They’re neither new and sexy nor mature and money-making. Not surprisingly, no one seems to want to invest in those, besides current investors. But maybe those are where some deals are to be found.

In the press, there are two kinds of sexy stories to write: over-exuberance and death. We just got done with a week’s worth of over–exuberance surrounding the Google/Groupon deal. Holy shit, $6 billion dollars for a company that has only really been at it for a little over a year? That’s awesome! Let the good times roll.

The deal ultimately fell apart and in came the death stories. There needs to be balance in the world, after all. We know this just as well as anyone. The $6 billion Groupon deal made web investing as hot as the sun for a few days. And now it’s a bubble.

But wait. “Bubble 2.0″ has existed before. Here it is in 2005 — with Wilson worrying about some of the same things he’s still worried about. And here it is again in 2007 — with John Dvorak worrying that social media among other things would pop the bubble. And wasn’t it for sure a bubble later that year when Microsoft invested in Facebook at a $15 billion valuation? I was sure I heard that over and over and over again. Turns out, that was a pretty damn awesome investment, strategic or not.

There are dozens of other examples as well.

So maybe this is actually “Bubble 4.0″ or “Bubble 5.0″. Or maybe it’s not a big bubble at all. After all, if it pops and gum gets over only a few faces, will anyone do anything other than point and laugh, then go on with their lives?

[image: 20th Century Fox]

Every time I listen to NJ Chris Christie I want to stand up and salute. Today is no different.

Please watch this 4 minute video where Chris Christie blasts LeRoy Seitz, Superintendent of Schools for the Parsippany School District about Seitz's threat to leave the state if his salary is reduced to $175,000.



NorthJersey.com has more details in Governor sets sights on Seitz contract

Last week the Parsippany-Troy Hills Board of Education voted 6-2 to renew Superintendent LeRoy Seitz's contract, which included a 2 percent per year salary increase.

What made the contract noteworthy, aside from the dozens of people that spoke out against it and the tongue lashing the Board and the Superintendent received from Gov. Chris Christie was that the contract Seitz is currently working under doesn't expire until July 1, 2011.

The Board began contract negotiations during the summer, at about the same time the Christie administration released information about a plan to cap chief administrator's salaries and tying the numbers to the enrollment in the district.

By finalizing the contract now the Board effectively agreed to give Seitz a salary well above the governor's proposed cap for almost five years.

At the Board meeting Mark Tabakin, the Board attorney, told the gathering of about 90 people that the cap is still in the proposal form, that the contract was approved by the County Executive Superintendent Kathleen Serafino and that it is a legal action. "People are upset," he acknowledged, "but it's up to the will of the Board."

The controversial contract drew township residents and protesters from as far away as Clifton and Hackettstown, who were outraged over the Board's end run around the proposed cap.

At times the dissenters were so vocal Board President Anthony Mancuso, who remained calm and in control throughout the proceedings, had to call for a 10-minute recess to let the outbursts subside. The police were also called during one of the breaks though they never had the need to take action.

When the public was allowed to speak the floodgates opened. Taking a sarcastic tact the first speaker Roman Hoshovsky said, "How can anyone be expected to live on $200,000?" Then he produced an empty canister and proposed using it as a collection jar in businesses around town to raise money for Seitz.

Barbara Hackling pointed out the Board had laid off teachers and refused to negotiate with the paraprofessionals, "but found money for him."

Karen Blunt, a 36-year Parsippany resident and a paraprofessional in the district said, "He is looking out for his future. I haven't had a raise in 4 years who is looking out for my future?"

The day before the meeting Seitz is quoted in the Daily Record as saying, "Because of the proposed salary caps, I have to look at my future and the financial welfare of my family. I certainly would have options if I didn't feel the compensation in this district, or New Jersey, is appropriate."

The governor reacted to Seitz's veiled threats to leave New Jersey and go to a nearby state where there is no state salary. "I will say in response to Mr. Seitz, 'Let me help you pack.' We have real problems in our state that we have to fix and we don't have the time, nor the money, nor the patience any longer for people who put themselves before our citizens," Christie railed.

I Applaud LeRoy Seitz

A tip of the hat goes to LeRoy Seitz for being such an arrogant SOB that that the meeting to discuss the new contract overflowed with citizens fed up with school board greed.

It is not easy standing up to thugs who want nothing more but to raise your taxes. But the voters did. That's how riled up they were.

I recommend voters in the Parsippany School District send a message to the ignoramuses who agreed to give LeRoy Seitz a new contract. Vote them off the school board.

Fortunately it takes approval from another level to agree to that raise, so the raise is not a done deal yet.

New Jersey taxpayers are fed up, and rightfully so. If LeRoy Seitz thinks he can get $212,000 elsewhere, more power to him. The same holds true for every public "servant". If you can get more in the private sector, shut up and do it.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

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As Peter Kafka at MediaMemo reports, Hulu is currently casting for a presenter for the show which will be published daily, taking a 'Daily Show'-style satirical approach to the latest entertainment news. Hulu (backed by US TV giants NBC ...

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Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. Stone, who's usually in films as a ...

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Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. Stone, who's usually in films as a ...

Hulu plans its own entertainment <b>news</b> show, but will anyone watch?

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“You wanna know what the mother of all bubbles was? Us. The human race.”

That’s Gordon Gekko in the distinctly-mediocre Wall Street: Money Never Sleeps.

This weekend brought a rush of stories about a “bubble” that may or may not be re-inflating in Silicon Valley. The New York Times kicked it off, venture capitalist Fred Wilson (who is featured prominently in the story) quickly responded, and then Newsweek weighed in just to make sure the “Bubble 2.0″ moniker was secure. Uh oh, right? Not so fast.

One giant nugget of information in the NYT piece (co-written by TechCrunch alum Evelyn Rusli) is a bit buried:

For starters, this is not a stock market bubble. None of the companies are publicly traded.

In other words, if this “bubble” were to pop, it wouldn’t be the mothers and fathers of the world hoping to put their children through school who would be getting screwed. It would be the private investors. It would be a handful of (mostly) rich people who would be out of some of their money.

I suppose the employees of the collapsing startups could also be screwed somewhat. But they’d undoubtedly find work again quickly. And the founders would start new companies. Just like after the first bubble.

Business Insider has a good rundown of the actually public tech companies — you know, the kind mom and pop can and do actually invest in. The consensus there? Pretty wonderful, actually. Not over-the-top outrageous, just very solid for the most part.

Now, that doesn’t mean a “Bubble 2.0″ couldn’t pop and adversely affect the overall ecosystem. In fact, I’m sure it would to some extent, mainly because less money coming in would mean less innovation across the board. But it wouldn’t cause everything to collapse.

We all just lived through a very real bubble. The housing bubble. The results of it popping almost completely brought down not only our own economy, but much of the world’s economy as well. Real people lost their life savings. People went to jail. More people should have been locked up forever. It’s almost insulting to mention this supposed new web bubble in the same breath as that.

Again, this “Bubble 2.0″, if it does exist, is mainly just troublesome for investors. Smaller angel investors, in particular, are getting squeezed out of deals because early stage valuations are getting ridiculously high in some cases.

Undoubtedly it’s true that some of those startups should not be accepting so much money at such valuations, but that’s on them. If they fail, it will be a lesson to other startups. Maybe the motto is: go big and go home (at least in the early stage).

Another underlying current here is that many private investors aren’t comfortable with the state of the startup ecosystem. And yet many of them continue to do deals that they may not be comfortable with. Again, that’s on them. They’re all doing due diligence. If they don’t think a deal is worth it, they obviously shouldn’t do it. But some don’t seem to be able to turn down their name being attached to a high-profile investment — even if projections have it panning out to be a 2x exit. (The horror!)

Maybe some of them would actually be more comfortable investing in what Wilson calls “The Mess“. That is, startups in their awkward years. They’re neither new and sexy nor mature and money-making. Not surprisingly, no one seems to want to invest in those, besides current investors. But maybe those are where some deals are to be found.

In the press, there are two kinds of sexy stories to write: over-exuberance and death. We just got done with a week’s worth of over–exuberance surrounding the Google/Groupon deal. Holy shit, $6 billion dollars for a company that has only really been at it for a little over a year? That’s awesome! Let the good times roll.

The deal ultimately fell apart and in came the death stories. There needs to be balance in the world, after all. We know this just as well as anyone. The $6 billion Groupon deal made web investing as hot as the sun for a few days. And now it’s a bubble.

But wait. “Bubble 2.0″ has existed before. Here it is in 2005 — with Wilson worrying about some of the same things he’s still worried about. And here it is again in 2007 — with John Dvorak worrying that social media among other things would pop the bubble. And wasn’t it for sure a bubble later that year when Microsoft invested in Facebook at a $15 billion valuation? I was sure I heard that over and over and over again. Turns out, that was a pretty damn awesome investment, strategic or not.

There are dozens of other examples as well.

So maybe this is actually “Bubble 4.0″ or “Bubble 5.0″. Or maybe it’s not a big bubble at all. After all, if it pops and gum gets over only a few faces, will anyone do anything other than point and laugh, then go on with their lives?

[image: 20th Century Fox]

Every time I listen to NJ Chris Christie I want to stand up and salute. Today is no different.

Please watch this 4 minute video where Chris Christie blasts LeRoy Seitz, Superintendent of Schools for the Parsippany School District about Seitz's threat to leave the state if his salary is reduced to $175,000.



NorthJersey.com has more details in Governor sets sights on Seitz contract

Last week the Parsippany-Troy Hills Board of Education voted 6-2 to renew Superintendent LeRoy Seitz's contract, which included a 2 percent per year salary increase.

What made the contract noteworthy, aside from the dozens of people that spoke out against it and the tongue lashing the Board and the Superintendent received from Gov. Chris Christie was that the contract Seitz is currently working under doesn't expire until July 1, 2011.

The Board began contract negotiations during the summer, at about the same time the Christie administration released information about a plan to cap chief administrator's salaries and tying the numbers to the enrollment in the district.

By finalizing the contract now the Board effectively agreed to give Seitz a salary well above the governor's proposed cap for almost five years.

At the Board meeting Mark Tabakin, the Board attorney, told the gathering of about 90 people that the cap is still in the proposal form, that the contract was approved by the County Executive Superintendent Kathleen Serafino and that it is a legal action. "People are upset," he acknowledged, "but it's up to the will of the Board."

The controversial contract drew township residents and protesters from as far away as Clifton and Hackettstown, who were outraged over the Board's end run around the proposed cap.

At times the dissenters were so vocal Board President Anthony Mancuso, who remained calm and in control throughout the proceedings, had to call for a 10-minute recess to let the outbursts subside. The police were also called during one of the breaks though they never had the need to take action.

When the public was allowed to speak the floodgates opened. Taking a sarcastic tact the first speaker Roman Hoshovsky said, "How can anyone be expected to live on $200,000?" Then he produced an empty canister and proposed using it as a collection jar in businesses around town to raise money for Seitz.

Barbara Hackling pointed out the Board had laid off teachers and refused to negotiate with the paraprofessionals, "but found money for him."

Karen Blunt, a 36-year Parsippany resident and a paraprofessional in the district said, "He is looking out for his future. I haven't had a raise in 4 years who is looking out for my future?"

The day before the meeting Seitz is quoted in the Daily Record as saying, "Because of the proposed salary caps, I have to look at my future and the financial welfare of my family. I certainly would have options if I didn't feel the compensation in this district, or New Jersey, is appropriate."

The governor reacted to Seitz's veiled threats to leave New Jersey and go to a nearby state where there is no state salary. "I will say in response to Mr. Seitz, 'Let me help you pack.' We have real problems in our state that we have to fix and we don't have the time, nor the money, nor the patience any longer for people who put themselves before our citizens," Christie railed.

I Applaud LeRoy Seitz

A tip of the hat goes to LeRoy Seitz for being such an arrogant SOB that that the meeting to discuss the new contract overflowed with citizens fed up with school board greed.

It is not easy standing up to thugs who want nothing more but to raise your taxes. But the voters did. That's how riled up they were.

I recommend voters in the Parsippany School District send a message to the ignoramuses who agreed to give LeRoy Seitz a new contract. Vote them off the school board.

Fortunately it takes approval from another level to agree to that raise, so the raise is not a done deal yet.

New Jersey taxpayers are fed up, and rightfully so. If LeRoy Seitz thinks he can get $212,000 elsewhere, more power to him. The same holds true for every public "servant". If you can get more in the private sector, shut up and do it.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

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As Peter Kafka at MediaMemo reports, Hulu is currently casting for a presenter for the show which will be published daily, taking a 'Daily Show'-style satirical approach to the latest entertainment news. Hulu (backed by US TV giants NBC ...

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Senior White House Official: &#39;We Wanted a Fight,&#39; too <b>...</b>

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Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. Stone, who's usually in films as a ...

Hulu plans its own entertainment <b>news</b> show, but will anyone watch?

As Peter Kafka at MediaMemo reports, Hulu is currently casting for a presenter for the show which will be published daily, taking a 'Daily Show'-style satirical approach to the latest entertainment news. Hulu (backed by US TV giants NBC ...

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“You wanna know what the mother of all bubbles was? Us. The human race.”

That’s Gordon Gekko in the distinctly-mediocre Wall Street: Money Never Sleeps.

This weekend brought a rush of stories about a “bubble” that may or may not be re-inflating in Silicon Valley. The New York Times kicked it off, venture capitalist Fred Wilson (who is featured prominently in the story) quickly responded, and then Newsweek weighed in just to make sure the “Bubble 2.0″ moniker was secure. Uh oh, right? Not so fast.

One giant nugget of information in the NYT piece (co-written by TechCrunch alum Evelyn Rusli) is a bit buried:

For starters, this is not a stock market bubble. None of the companies are publicly traded.

In other words, if this “bubble” were to pop, it wouldn’t be the mothers and fathers of the world hoping to put their children through school who would be getting screwed. It would be the private investors. It would be a handful of (mostly) rich people who would be out of some of their money.

I suppose the employees of the collapsing startups could also be screwed somewhat. But they’d undoubtedly find work again quickly. And the founders would start new companies. Just like after the first bubble.

Business Insider has a good rundown of the actually public tech companies — you know, the kind mom and pop can and do actually invest in. The consensus there? Pretty wonderful, actually. Not over-the-top outrageous, just very solid for the most part.

Now, that doesn’t mean a “Bubble 2.0″ couldn’t pop and adversely affect the overall ecosystem. In fact, I’m sure it would to some extent, mainly because less money coming in would mean less innovation across the board. But it wouldn’t cause everything to collapse.

We all just lived through a very real bubble. The housing bubble. The results of it popping almost completely brought down not only our own economy, but much of the world’s economy as well. Real people lost their life savings. People went to jail. More people should have been locked up forever. It’s almost insulting to mention this supposed new web bubble in the same breath as that.

Again, this “Bubble 2.0″, if it does exist, is mainly just troublesome for investors. Smaller angel investors, in particular, are getting squeezed out of deals because early stage valuations are getting ridiculously high in some cases.

Undoubtedly it’s true that some of those startups should not be accepting so much money at such valuations, but that’s on them. If they fail, it will be a lesson to other startups. Maybe the motto is: go big and go home (at least in the early stage).

Another underlying current here is that many private investors aren’t comfortable with the state of the startup ecosystem. And yet many of them continue to do deals that they may not be comfortable with. Again, that’s on them. They’re all doing due diligence. If they don’t think a deal is worth it, they obviously shouldn’t do it. But some don’t seem to be able to turn down their name being attached to a high-profile investment — even if projections have it panning out to be a 2x exit. (The horror!)

Maybe some of them would actually be more comfortable investing in what Wilson calls “The Mess“. That is, startups in their awkward years. They’re neither new and sexy nor mature and money-making. Not surprisingly, no one seems to want to invest in those, besides current investors. But maybe those are where some deals are to be found.

In the press, there are two kinds of sexy stories to write: over-exuberance and death. We just got done with a week’s worth of over–exuberance surrounding the Google/Groupon deal. Holy shit, $6 billion dollars for a company that has only really been at it for a little over a year? That’s awesome! Let the good times roll.

The deal ultimately fell apart and in came the death stories. There needs to be balance in the world, after all. We know this just as well as anyone. The $6 billion Groupon deal made web investing as hot as the sun for a few days. And now it’s a bubble.

But wait. “Bubble 2.0″ has existed before. Here it is in 2005 — with Wilson worrying about some of the same things he’s still worried about. And here it is again in 2007 — with John Dvorak worrying that social media among other things would pop the bubble. And wasn’t it for sure a bubble later that year when Microsoft invested in Facebook at a $15 billion valuation? I was sure I heard that over and over and over again. Turns out, that was a pretty damn awesome investment, strategic or not.

There are dozens of other examples as well.

So maybe this is actually “Bubble 4.0″ or “Bubble 5.0″. Or maybe it’s not a big bubble at all. After all, if it pops and gum gets over only a few faces, will anyone do anything other than point and laugh, then go on with their lives?

[image: 20th Century Fox]

Every time I listen to NJ Chris Christie I want to stand up and salute. Today is no different.

Please watch this 4 minute video where Chris Christie blasts LeRoy Seitz, Superintendent of Schools for the Parsippany School District about Seitz's threat to leave the state if his salary is reduced to $175,000.



NorthJersey.com has more details in Governor sets sights on Seitz contract

Last week the Parsippany-Troy Hills Board of Education voted 6-2 to renew Superintendent LeRoy Seitz's contract, which included a 2 percent per year salary increase.

What made the contract noteworthy, aside from the dozens of people that spoke out against it and the tongue lashing the Board and the Superintendent received from Gov. Chris Christie was that the contract Seitz is currently working under doesn't expire until July 1, 2011.

The Board began contract negotiations during the summer, at about the same time the Christie administration released information about a plan to cap chief administrator's salaries and tying the numbers to the enrollment in the district.

By finalizing the contract now the Board effectively agreed to give Seitz a salary well above the governor's proposed cap for almost five years.

At the Board meeting Mark Tabakin, the Board attorney, told the gathering of about 90 people that the cap is still in the proposal form, that the contract was approved by the County Executive Superintendent Kathleen Serafino and that it is a legal action. "People are upset," he acknowledged, "but it's up to the will of the Board."

The controversial contract drew township residents and protesters from as far away as Clifton and Hackettstown, who were outraged over the Board's end run around the proposed cap.

At times the dissenters were so vocal Board President Anthony Mancuso, who remained calm and in control throughout the proceedings, had to call for a 10-minute recess to let the outbursts subside. The police were also called during one of the breaks though they never had the need to take action.

When the public was allowed to speak the floodgates opened. Taking a sarcastic tact the first speaker Roman Hoshovsky said, "How can anyone be expected to live on $200,000?" Then he produced an empty canister and proposed using it as a collection jar in businesses around town to raise money for Seitz.

Barbara Hackling pointed out the Board had laid off teachers and refused to negotiate with the paraprofessionals, "but found money for him."

Karen Blunt, a 36-year Parsippany resident and a paraprofessional in the district said, "He is looking out for his future. I haven't had a raise in 4 years who is looking out for my future?"

The day before the meeting Seitz is quoted in the Daily Record as saying, "Because of the proposed salary caps, I have to look at my future and the financial welfare of my family. I certainly would have options if I didn't feel the compensation in this district, or New Jersey, is appropriate."

The governor reacted to Seitz's veiled threats to leave New Jersey and go to a nearby state where there is no state salary. "I will say in response to Mr. Seitz, 'Let me help you pack.' We have real problems in our state that we have to fix and we don't have the time, nor the money, nor the patience any longer for people who put themselves before our citizens," Christie railed.

I Applaud LeRoy Seitz

A tip of the hat goes to LeRoy Seitz for being such an arrogant SOB that that the meeting to discuss the new contract overflowed with citizens fed up with school board greed.

It is not easy standing up to thugs who want nothing more but to raise your taxes. But the voters did. That's how riled up they were.

I recommend voters in the Parsippany School District send a message to the ignoramuses who agreed to give LeRoy Seitz a new contract. Vote them off the school board.

Fortunately it takes approval from another level to agree to that raise, so the raise is not a done deal yet.

New Jersey taxpayers are fed up, and rightfully so. If LeRoy Seitz thinks he can get $212,000 elsewhere, more power to him. The same holds true for every public "servant". If you can get more in the private sector, shut up and do it.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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