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Bob (Janjuah) Is Back... And He Is Pissed Submitted by Tyler Durden on 11/02/2009 10:53 -0500 Asset Bubbles banking banks Ben Bernanke bernanke Bob Janjuah British Pound Bunds C China CPI Credit Debt Deflation Demographics earnings ECB economy Equities Euro European Central Bank Fail Failures Fiat FX GDP Gilts Gold greed Gross Domestic Product History IG Inflation ISM Japan Key money pay policy prices RBS Recession risk stocks Turkey Unemployment United Kingdom US USD USTs Volatility Bob's World: Happy Christmas, Cold Turkey Time There are 5 things that really matter now: There are 3 'players' - the Private Sector ('PS')...

“Free markets have failed us, and there’s no place else to turn other than the federal government,” seems to about sum up Washington’s approach over the past year.

Many people reading the op-ed piece in The New York Times co-authored by Sen. John Kerry (D-MA) and Sen. Lindsey Graham (R-SC) titled “Yes We Can (Pass Climate Change Legislation)” might scratch their head at this odd alliance of political personalities. Some would give up reading after a couple of paragraphs, since the article proceeds from the deeply flawed premise that man’s activities produce harmful air pollutants in sufficient quantities to negatively affect Earth’s environment. Those who listen to only one side of the climate change argument hold this position. They accept as fact a theory with at least as...

(snip) Before the Republican Party can make a comeback consistent with its principles, it needs help from the private sector. Specifically, it needs a private sector the public can believe in. The core selling point of a conservative political party is that the private sector is inherently more efficient, dynamic and ethical than the public sector. That’s a hard sell these days. There are too many examples of public-sector excess for the public to swallow free-market fundamentalism. It was the private sector, not the government, that got the bright idea to insure bundled mortgages. It’s a private-sector bureaucrat, not a...

As part of his drive to overhaul the nation's health-care system, President Obama has presented himself as a pragmatist who is more interested in creating the best possible plan than in rigidly adhering to a given ideology. "It's conceivable that there are other ideas out there that we have not thought of," he acknowledged at last Thursday's White House Health Care Summit. "If there is a way of getting this done where we're driving down costs and people are getting health insurance at an affordable rate and have choice of doctor, have flexibility in terms of their plans, and we...

NEW YORK (Reuters) – U.S. private sector job losses accelerated in February, according to a report by ADP Employer Services that suggests hefty employment declines are on the way in the government's payrolls report due on Friday. ADP said on Wednesday that private employers cut 697,000 jobs in February versus a revised 614,000 jobs lost in January. The January job cuts were originally reported at 522,000. It was the biggest job loss since the report's launch in 2001 and showed the misery of declining employment spreading broadly and evenly throughout the economy. The service sector, which often resists the grip...

Note: The following text is a quote: http://www.whitehouse.gov/the_press_office/AdvisorsToConductImmediateCyberSecurityReview/ Monday, February 9th, 2009 at 12:00 am President Obama Directs the National Security and Homeland Security Advisors to Conduct Immediate Cyber Security Review THE WHITE HOUSE Office of the Press Secretary _______________________________________________________________ For Immediate Release February 9, 2009 President Obama Directs the National Security and Homeland Security Advisors to Conduct Immediate Cyber Security Review Melissa Hathaway Selected to Lead the Review President Obama has directed the National Security and Homeland Security Advisors to conduct an immediate review of the plan, programs, and activities underway throughout the government dedicated to cyber security. This...

(CNSNews.com) - House Financial Services Chairman Barney Frank (D.-Mass.) said yesterday that an unregulated “private market” in the financial industry caused a lot of problems that the Democratic Congress now needs to fix. Frank also suggested that Americans now “hate” banks and that helping people stave off foreclosure on their mortgages, government scrutiny of executive compensation, higher taxes, and prodding banks to lend more money may all be part of the solution to what ails the U.S. economy. “Well, there is no very good approach because, frankly, a philosophy of let the private market do whatever it wants, don’t regulate...

Should the government continue to fund NASA or should private companies take over the space industry? Vote here

There is rising criticism that the Machang Bridge, which opened in July at the cost of millions of won, is only enriching speculative capitalists with tax money. They say that throughout the country, roads built through private investment are becoming white elephants where investors eat tax money via rough traffic predictions and contracts with excessive profit guarantees. The province of South Gyeongsang spent 380 billion won (US$337 million) in budget outlays and 190 million won in private capital to build the Machang Bridge linking Changwon and Masan. For the next 30 years, the earnings from the bridge tolls will be...

In my recent letter to you concerning the TTC, I misquoted some information about the company known as Cintra. Mr. Patrick Rhodes of Cintra wrote in response to my mistake. Therefore, I stand corrected with the following: Fellow citizens, the company, Cintra, is not affiliated with ZAI-ACS. Cintra is partnered with Zachry on some TxDOT projects and ACS is partnered with Zachry on some other TxDOT projects. Therefore, I hope this clarifies the over-zealous statements in my letter. Cintra is a Spanish-owned company, and ACS is a larger Spanish-owned company. Zachry, a Texas company, is affiliated with each of them...

TEXARKANA — The company selected to design Interstate 69 has revealed plans to also implement the world’s first air rail freight system in the corridor, possibly starting in Texarkana, Texas. “You [Texarkana ] have railroads here, you already have an interstate, bringing I-69 is another interstate, you’ve got Oklahoma, you’ve got I-49,” said Gary Kuhn, senior project manager for Zachary American Infrastructure. “This is what the logistics world likes to see — that opportunity to go from one mode to another very efficiently.” In a presentation to the Wilbur Smith Rotary Club, Kuhn said the freight shuttle is a new...

NEW YORK (Reuters) - Public investment funds based in Texas could invest directly in transportation projects through a new corporation under a plan unveiled on Thursday by the state's legislative leaders and the governor. Texas has the nation's biggest road privatization plan but the legislature, reacting to criticisms that developers were enriching themselves at the expense of taxpayers, enacted a two-year moratorium. That has crimped road-building projects and led to a series of clashes between the governor and the legislature, who now have agreed on a compromise plan. Developers, including overseas companies, investment banks and private equity funds all vie...

A retreat from the Texas Department of Transportation's plan to build a new multi-lane toll road through East Texas is a clear victory for Angelina County and Diboll, local officials said last week. "I'm glad they went back to the original plan," Diboll Mayor Bill Brown said. Instead of a new Trans-Texas Corridor toll road paralleling U.S. 59, Tx- DOT now plans to widen 59 with a new bypass around Diboll and Lufkin. The planned 59 bypass, needed to avoid the signalized intersections in Diboll and Lufkin, provides in the original plan four exits for Diboll. That will be good...

State highway officials said Wednesday that the first step in carrying out their decision to build a controversial toll road along the present U.S. 59, and not through farm and ranch land, is to get federal approval. Although no federal funding has been sought for the Interstate 69/Trans-Texas Corridor, the Texas Department of Transportation is bound by federal environmental law. The project has generated thick volumes about its likely impact on the natural environment and the communities in its path. The Final Environmental Impact Statement (FEIS) is expected to undergo public review late this year and then get sent to...

The Texas Transportation Commission sounded the right notes last month in its first meeting under new leadership. Deirdre Delisi, recently appointed by Gov. Rick Perry to chair the commission, and her fellow commissioners finally seem to have gotten the message — the Texas Department of Transportation has lost the public's trust. For those with short memories, here are a few highlights that explain how that happened: •TxDOT fought to keep details of Perry's proposed Trans-Texas Corridor secret. It denied repeated requests from the media and landowners to let the public view a plan that calls for hundreds of miles of...

Many in the great state of Texas have a lot to say about a proposed network of toll roads and railway lines known as the Trans-Texas Corridor. The Texas Department of Transportation received more than 27,000 public comments during a three-month comment period on a proposed corridor project called the TTC-69, said TxDOT spokesman Mark Cross. Transportation officials had 47 public hearings in February and March and accepted written comments through April 18 on the environmental and social impact of the corridor. Comments ranged from flat-out opposition to the corridor to suggestions about how to lessen its impact, Cross told...

McALLEN -- State senators on Tuesday ordered transportation officials to assess Texas' highway system and prioritize which regions are most in need of new roads. "We're expecting a full report, not some two-page letter," said state Sen. John Carona, R-Dallas, chairman of the Senate Committee on Transportation and Homeland Security. "You can't begin addressing the funding problems until you know when the roads are expected to come on line." The transportation committee, which met Tuesday morning at McAllen City Hall, has been at odds with the Texas Department of Transportation since earlier this year, when the agency announced the halt...

Texas Gov. Rick Perry wants to build a big highway through the Lone Star State. No, make that a really big highway, as in a monstrously big highway. The exact route hasn't been determined. The mega-highway would run roughly from Laredo on the Rio Grande River through the Hill Country and the Piney Woods and then through Texarkana in that tiny portion of the state that borders Arkansas. Imagine for a moment if that thoroughfare would be pointed in the other direction - from the Valley, through the South Plains and then through the heart of the Panhandle, right past...

In another expansion of its prescription drug program that has helped to increase its pharmacy sales, Wal-Mart Stores Inc. said it's adding a 90-day supply of its prescription drugs for $10, increasing additional medications for women, and unveiling $4 over-the-counter medicines. Wal-Mart and its Sam's Club pharmacies will fill prescriptions for as many as 350 generic drugs costing $10 for a 90-day supply, an expansion from the existing 30-day supplies that cost $4. Wal-Mart also is adding $9 women's generic prescription drugs for up to a 30-day supply that are used to treat osteoporosis, breast cancer, menopause and hormone deficiency,...

Each day, I make the dreaded drive down Interstate 35 to go to work in Fort Worth. Each day, I slug through the snarl and sludge of ceaseless traffic, which intensifies my growing desire to commit hari-kari, or at least incites a vehement curse of the highway gods. Certainly, we in Texas need more lanes, more roads, more rails, more something to deal with the ever-expanding urban population and growing international commerce. Yet how do we solve our transportation needs without carving up the countryside like some congratulatory cake? Or should the construction of a superhighway-rail-utility corridor even concern us?...

AUSTIN — Maybe Texas’ transportation problems are a lot simpler to understand than recent fights over toll roads make it seem, North Texas leaders told state senators Wednesday. “My first recommendation: You need to provide a lot more revenue for transportation,” Michael Morris, transportation director for the North Central Texas Council of Governments, told the Texas Senate transportation committee. That was hardly the only suggestion from Mr. Morris or the many others who spoke to the committee, which is seeking input as it readies an approach on toll roads, TxDOT and more for the next legislative session. But it might...

Cars have been a huge part of our lives. We use them to get around anywhere. It might have been the best invention mankind came up with, but we all hate several common things about cars, such as the cost of gas prices and traffic. We think sometimes in our imagination how awesome it would be if cars had wings, so maybe one day we will fly through terrific! We also despise accidents, high insurance and drunk driving. Sometimes, I feel that we need other alternative means of transportation, such as a subway system in the state of Texas; maybe...

Don’t Give Up on Toll Roads : The Private Sector Can Pave the Way Byron Schlomach. Goldwater Institute Daily Email. April 01, 2008 The Arizona Senate recently rejected bills that would have allowed new, state-owned roads to be constructed with private money as toll roads. Let’s hope the idea resurfaces soon. Toll roads make sense. They provide access to large sources of private capital – a real boon to a financially strapped state. Arizona could get several highways built today without spending a penny, if it would simply let the private sector help. Private companies tend to insist that roads...

SH 130 Concession Company LLC finalized the legal details of a financial close with Texas DOT on a $1,360m toll concession to build SH130 segments 5&6 Thursday and Friday last week in bankers' offices in New York City - at Orrick, 666 Fifth Avenue. The actual money flows should occur on Thursday or Friday (Mar 13 or 14) this week, Jose Maria Lopez de Fuentes, president of Cintra North America, told us this morning. Hundreds of documents and over 20 lawyers were involved last week representing TxDOT, private equity people, banks, mostly European, the TIFIA loan group from FHWA, and...

Officials with the Spanish toll road operator Cintra have announced that the company has secured $430 million in loans from the U.S. government to build and operate two segments of a toll road in central Texas. Cintra officials announced the company’s financial plan for the $1.36 billion Highway 130 segments on Monday, March 10. OOIDA Senior Government Affairs Representative Mike Joyce told Land Line that the Association does raise red flags when federal dollars are used to subsidize private investors. Officials with the Owner-Operator Independent Drivers Association are not, however, categorically opposed to a state using future toll revenue to...

Driving down to Austin lately has become a real trip. I-35 is usually packed for most of the 185 miles, and what used to take three or four hours now can take five or six. Flying down can take almost as long, when you figure in airline security delays, more flight delays, and the time it takes getting into and out of crowded airports. But what if it took 45 minutes to travel from the Metroplex to Austin by train or an hour to make a trip to Houston? Advocates of high-speed rail lines are floating these ideas once again...

The debate in Texas over a proposed 4,000-mile network of toll roads that will parallel the state's existing highway system is heating up More than 10,000 people have attended public hearings across Texas to discuss the proposed Trans-Texas Corridor, which has also been dubbed the "NAFTA superhighway." It is a project that is expected to cost an estimated $183 billion over 50 years. (hear audio report) Terry Hall with the group Texans Uniting for Reform and Freedom warns the project will create widespread eminent domain abuse and involve foreign control of public infrastructure. "They're taking huge swaths of land, up...

A handful of Kendleton residents were among several dozen to speak out against the Trans-Texas Corridor at a public hearing Monday night in Rosenberg. “I personally think it's a slap in the face for Texas to take the land for pennies on the dollar, to put a road on it and to make you pay a toll for it,� said Jeremy West, one of the speakers from Kendleton. The Trans-Texas Corridor is a proposal for a network of highways, rail lines and utilities throughout Texas that would be financed by private interests who would seek to profit through tolls and...

One major concern I discussed a few weeks ago regarding the Trans Texas Corridor is where the land will come from. Another concern is where the money will come from. Official government websites for the TTC assure that public-private partnerships will shield the taxpayer from bearing too much of the cost burden, but a careful reading shows the door is definitely open to public funding sources, while at the same time there is no doubt of the intention to charge tolls on the road. Taxpayers already pay for their transportation system through hefty gasoline taxes, vehicle registration fees, and other...

AUSTIN - When it comes to road improvement and maintenance, by most accounts, the South Plains and Panhandle are fortunate. Despite a $1.1 billion accounting error, the Texas Department of Transportation recently reported no projects in the region have been canceled or delayed while cities like Dallas, Houston and Laredo had at least a half dozen highway projects delayed. But the $1.1 billion-error, which occurred because TxDOT inadvertently counted some bond money twice and consequently allocated more funding than it had, is just the latest problem plaguing the beleaguered agency. For months, TxDOT executive director Amadeo Saenz and other transportation...

ROBSTOWN, Tex. — Leon Little’s farm here near Corpus Christi would not be seized for Texas’s proposed $184-billion-plus superhighway project for 5 or 10 years, if ever. But Mr. Little was alarmed enough to show up Wednesday night with hundreds of his South Texas coastal neighbors to do what the Texas Department of Transportation has been urging: “Go ahead, don’t hold back.� Don’t worry. Texans have gotten the message, swamping hearings and town meetings across the state to grill and often excoriate agency officials about a colossal traffic makeover known as the Trans-Texas Corridor, a public-private partnership unrivaled in the...

Some Texans are afraid of losing their land to the Trans-Texas Corridor while others loathe the thought of a quarter-mile-wide swath of toll roads and railway lines transforming the countryside into a superhighway. People continue to turn out in droves at public meetings concerning the controversial Trans-Texas Corridor proposal, specifically the portion known as the TTC-69 proposed from Brownsville to Texarkana. A meeting Monday, Jan. 28, at the fairgrounds in Austin County was no exception, drawing more than 1,000 people. Opposition to the proposed corridor has come from people in all walks of life, said Chris Steinbach, chief of staff...

More and higher tolls won't be enough to pay for the nation's highway needs, a bipartisan study panel chaired by the U.S. Secretary of Transportation said today in a long-awaited report. Instead, Congress will need to raise the federal gas tax by 25 to 40 cents a gallon over five years, according to the National Surface Transportation Policy and Revenue Study Commission. The 12-member commission is a bipartisan panel formed by Congress in 2005 to rethink the way the nation builds and pays for its highways and transit systems. "There is no free lunch," Jack Schenendorf, vice chairman of the...

Saenz expands administration to reflect changing role of agency AUSTIN, Texas, Jan. 7 /PRNewswire-USNewswire/ -- The Texas Department of Transportation today announced selections for the final three members of Executive Director Amadeo Saenz's leadership team. The new Assistant Executive Director for Engineering Operations is John Barton of Beaumont. The newly-formed office of Assistant Executive Director for District Operations will be lead by David Casteel of San Antonio. The newly-formed office of Assistant Executive Director for Innovative Project Development will be lead by Phil Russell of Austin. "John, David and Phil are all outstanding professionals," said Saenz. "All of them understand...

At the front of a quiet, dimly-lit auditorium inside Weatherford High School Thursday, Gov. Rick Perry and other friends eulogized the late Ric Williamson. Perry borrowed a quote from author Jonathan Swift to describe Williamson, who, as chairman of the Texas Transportation Commission, was often at the center of controversy. “When a genius comes into the word, you will know him by this sign: that the dunces are all in confederacy against him,� Perry recited. “Jonathan Swift didn’t know Ric Williamson, but he pegged him.� Williamson, 55, was pronounced dead on Sunday after suffering an apparent heart attack while at...

2007 ended on a sad note for the family and friends of Ric Williamson, the chairman of the Texas Transportation Commission who died Sunday after a heart attack. Given his aggressive and often controversial role in reshaping Texas highway construction, his death leaves the state and Gov. Rick Perry with an important question about how to move forward after Williamson’s memorial service today. Williamson, 55, a successful business owner and former state representative from Weatherford, was appointed to the transportation commission in 2001 by his good friend Perry and was named chairman in 2004. He became a passionate advocate of...

Push for higher gas tax could follow chief's death The death of Ric Williamson, the fiery, whip-smart chairman of the state transportation commission, could upend the still-roiling debate over toll roads in Texas in the new year. Mr. Williamson died Saturday of a heart attack at age 55, sending shock waves through the nearly 15,000-employee department he led as well as the political and policy circles where his combative style and pro-toll-road agenda had engendered enormous change – and criticism. Always careful to credit Gov. Rick Perry, a close friend and former roommate, Mr. Williamson emerged as a lightning rod...

As chairman of the Texas Transportation Commission, Ric Williamson made major and often controversial decisions about the future of state roads. He died Sunday of a heart attack, at age 55, in his hometown of Weatherford, leaving a legacy as the hard-charging official that steered Gov. Rick Perry's divisive vision of toll roads across Texas into state policy. It was stressful work, and Mr. Williamson suffered two heart attacks while serving. He had known his health was fragile. "I'm trying to avoid the third one, which the doctors tell me will be fatal," he told Texas Monthly in a June...

DALLAS — Texas Transportation Commission Chairman Ric Williamson has died of an apparent heart attack, officials said Sunday. He was 55. Williamson, a former Texas House member, died at his home in Weatherford on Saturday, Texas Department of Transportation spokesman Chris Lippincott said.

French Prime Minister Georges Clemenceau is credited with the famous remark, "La guerre! C'est une chose trop grave pour la confier à des militaries" -- war is too serious a matter to be entrusted to the military. The idea that Clemenceau was trying to project through these words is that experts are often incapable of seeing beyond their profession and understanding the greater domains of necessity. Here in Hawaii, we are facing a transportation infrastructure crisis of the highest degree of peril. I assert to every single man, woman, and child of these Hawaiian Islands that our future is too...

The much touted — and disputed — Trans-Texas Corridor may be one step away from a pipe dream and one step closer to a reality. The group this week released its Tier 1 Environmental Impact study, a look at how building the highway, dubbed I-69, running from Texarkana to Laredo, would affect the 50 or so counties it would run through. Bryan Wood, district engineer for the Texas Department of Transportation in Bryan, said the first study only looks at how the many initially proposed component of the highway would impact the surrounding areas. “We’re still a long ways away...

Ever wish you weren't right? In 1997, the notion of selling off publicly owned infrastructure to private sector operators was coming into its own. After the city hired a consultant to determine the value of the publicly owned CPS Energy, it raised red flags. CPS consistently charges some of Texas' lowest utility rates while providing a significant chunk of the city's revenue, I argued. Profit motives can produce wondrous results. But uncontrolled, they can also produce costly disasters. Some things — especially those that efficiently deliver services that are essential — are best kept in the public sector to assure...

Coin trays in Texas cars may actually get to see the faces of dead presidents. The much-discussed and controversial Trans-Texas Corridor, or TTC, has breathed life into the debate of toll roads in Texas. Plans for the Trans-Texas Corridor include TTC-Instate 35, which starts in Laredo and extends north to Gainesville, running along the eastern part of Texas; and Interstate 69/TCC, which has three openings in Laredo, McAllen and Brownsville and follows the coast to Texarkana. Much of the TTC will be privately operated toll roads, run by the Spanish firm Cintra. The TTC will not run through San Antonio,...

During this year's legislative session, Texas had an "oh, wait, hold on, don't do that" moment on privately funded tollways. Fair enough, but now it's time to figure out what the state should do, including how to pay for what the state's highway czar calls a $100 billion shortfall in money needed for essential highway projects. Ric Williamson, the Weatherford businessman who is chairman of the Texas Transportation Commission, says "the entire future of the state transportation system" depends on potential revenue from private toll road investors. Without it, staffers with the Texas Department of Transportation told commission members at...

Three private groups are now in the hunt to build U.S. 281 toll lanes, but two big foreign companies competing just a short while ago to build and lease a larger toll network here have dropped out. The Alamo Regional Mobility Authority board voted Wednesday to let all three teams submit plans to rebuild U.S. 281 north of Loop 1604 into a tollway with free access roads by 2012. It's the fledging agency's first project. "Goodness knows we have been two and a half years getting here," board member Bob Thompson said. "Maybe it's even more important to see the...

Some readers have asked me to re-visit a few of my concerns regarding the Trans-Texas Corridor or TTC, because I have mentioned the project in my last two columns. Recently, I introduced what I like to call Nosygate. I think that is an appropriate name for the advertising campaign and subsequent information gathering effort, by a private company, on behalf of the Texas Department of Transportation or TxDOT. A brief re-cap is probably in order. Unsuspecting motorists had their license tag numbers photographed while traveling and minding their own business. Their tag numbers were then traced to their home address.Their...

Toll road contract in Texas allows state to lower speed limits on nearby interstate freeway to avoid paying penalties to a private company. The Texas Department of Transportation (TxDOT) has agreed to consider lowering the maximum speed limit on a stretch of interstate highway that competes with a planned toll road. Cintra-Zachary, a joint Spanish-US venture, paid TxDOT $1.3 billion for the right to collect tolls on 40-miles of State Highway 130 set for construction beginning in 2009. Although TxDOT suggested that free market competition was part of the goal of using a public-private partnerships to construct and operate roads,...

Road plans in Texas have conspiracy theorists in an uproar I am driving along a mostly empty road in rural Fayette County, Texas, about an hour east of Austin, looking for the NAFTA superhighway -- the one that Stephen Harper, George W. Bush and Felipe Calderón mocked as a conspiracy theory when they were asked about it at their trilateral meeting in Montebello, Que., in August. Critics, who say that behind the leaders' denials lurks a larger, nefarious plan to unite North America, fear that such a roadway will eventually be a four-football-stadium-wide artery connecting Mexico, the U.S. and Canada,...

The Texas Department of Transportation is installing traffic signals designed to increase congestion and drive toll road traffic. The Texas Department of Transportation (TxDOT) is using traffic signals to create the level of frustration to a point where the public is forced to accept toll roads. Earlier this month in Austin, TxDOT added an extra traffic signal on State Highway 71 to coincide with the opening of the third segment of the State Highway 130 toll road. Residents interviewed by News 8 Austin complained that the change made already bad traffic much worse on nearby free roads. "At its worst...