If you don't believe Reggie, try this from Chris Whalen.
The Fed's Zero Rate Policy Is Destroying AmericaChristopher Whalen, Institutional Risk Analytics | Oct. 12, 2010, 9:55 AM | 9,401 | 33
"Crown of Thorns"?
Pearl Jam
Ament/Fairweather/Gilmore/Gossard/Wood
In this issue of The Institutional Risk Analyst, we turn the camera eye on two different perspectives on the continuing crisis affecting the U.S. economy, the Fed's deflationary monetary policy and the surging price of gold. We look at how the rapid changes now underway in how consumers and investors alike view the dollar will affect the risk picture facing banks, companies and individuals. BTW, tomorrow IRA cofounder Christopher Whalen will be travelling back to the heartland to visit our friends at Indiana State University. We will give a talk entitled: "Do Americans Need a New Deal?" More on this theme next week.
Last week The IRA traveled to Washington D.C. to participate in the latest event sponsored by our friend Alex Pollock at American Enterprise Institute, "Living in the Post-Bubble World: What's Next?" We received a great deal of media buzz before and after the event, but the most poignant comment came in this unexpected and very disturbing letter from Dianna in Rockford, IL:
"I have no way of knowing if this message will ever actually reach you. Nevertheless, I want to extend a most sincere message of appreciation for one of the comments you made during recent participation in an American Enterprise Institute symposium. You are the only financial guru /analyst whom I have heard make any reference to the devastating impact of extraordinary quantitative easing on "grandma" and her carefully laid financial plans. Many middle class retirees have no generous government or corporate pension. We have had to plan and save prudently for retirement. Now, as we watch returns on CD's plunge from an average 5% to an anemic 1.5%, we also experience a plunge from a comfortable retirement into a state of severe "penny-pinching". You were correct...not only do we have to cut back on gifts for the grandchildren, we are also drastically curtailing many discretionary purchases, travel to spend time with family and so forth. I have heard NO other analyst speak to this impact on responsible retirees who thought they had done all the right things to prepare for the "golden years". It just felt good to realize that there is at least one individual who has given any consideration to this fallout from "Fed" policies."
Now you know why we at IRA take time away from our business to engage in public debate about how the world of finance affects real people. And you also see the horrible damage that the Bernanke Fed is inflicting upon real American in order to bail out the large Wall Street banks. And the irony is that all of this damage and sacrifice by Dianna and tens of millions of American individuals and businesses who depend upon interest income to survive will be for naught. The Big Banks will have to be restrructured in any event using the resolution authority in the Dodd-Frank legislation.
We also heard from our friend Henry Smyth, proprietor of Granville Cooper Asset Management Ltd., which features a unique gold fund that is comprised solely of rolling forward positions in the noble metal. The fund is domiciled entirely out of reach of America's spendthrift government and settles via Julius Baer in Zurich. (Disclosure: IRA co-founder Chris Whalen is a neighbor of Smyth and an introducing party of GCAM.)
Smyth, who we know from our Mexico days, has been pestering us since the summer about a chart created by his colleague Zeke Brustkern that illustrates the growth of the demand for gold over the past decade and how the increased estimates each year understate the actual market performance. Click here to see the gold chart which Smyth explains below:
"What this graphic aims to elucidate is the evolution of parabolic estimates of the future of gold price over the last five years. Starting with five years of data, from Sept. 2000 through Sept. 2005, a growth projection is forecasted through Sept. 2012. Each subsequent year another projection is crafted adding the additional data points into the curve's slope estimate. Five curves are portrayed in all, representing data from Sept. 2000-Sept. 2010, all projecting through 2012. What becomes clear is that despite using estimation methods intended to represent rapid parabolic growth, the estimated values continue to fall short of the real asset value appreciation. With the exception of 2008/2009, each passing year has brought substantial upward revision of growth projections, and has continued to do so throughout 2010."
Consider these two data points: First, an American retiree named Dianna who has seen her retirement savings rendered worthless by the ill-considered policy actions of the Federal Open Market Committee. Second, the action of the gold market, which is likewise suggesting that fiat paper dollars have no value. If you take the two observations together, it suggests to us that the Fed's actions are feeding global deflation and that the next leg down in the U.S. financial markets could be particularly severe -- especially if the Fed resumes printing more funny money.
While some analysts are calling for a mild devaluation of the dollar, what we see forming ahead could be something far more dramatic and potentially disruptive to the world economy, namely a protracted period of deflation driven by the subserviant position of the Fed vis-a-vis the largest banks. This new shrinkage will not only see gold moving higher but will also see the dollar collapse a la the FDR dollar devaluation of the early 1930s. This crisis is being caused by Fed zero interest rate and quantitative easing ("QE") policies.
As we have said before and we'll say again, the FOMC's zero rate policies imply that the dollar and all assets denominated in dollars have no value. Stocks, bonds and other financial assets depend upon income to make these obligations money good. Without a positive return, there is no reason to hold dollar assets. When President Abraham Lincoln introduced fiat paper dollars backed by nothing to finance the Civil War, these pieces of debt originally were convertible into Treasury notes that paid interest. But the need of a growing nation for a means of exchange rendered such devices irrelevant.
Today the situation is reversed. Non-commercial demand for dollars is collapsing in much of the global economy, in part because the Fed is transferring something like three quarters of a trillion dollars annually from individual and corporate savers to the Wall Street banks. And even this vast subsidy will be insufficient to prevent the ultimate restructuring of the top three U.S. banks. What will Fed Chairman Ben Bernanke and the other members of the FOMC say to Dianna and the millions of other Americans impoverished by their policy errors when we have to break up the top-three U.S. banks anyway?
Forget more QE. If the FOMC does not soon allow interest rates to rise and thereby rebalance the policy equation between American savers and borrowers, then we fully expect to see gold prices climb further. Fed Chairman Ben Bernanke and the FOMC will hand the detractors of the central bank led by Rep Ron Paul (I-TX) the political issue they need to eliminate the Fed once and for all. And President Barack Obama will be wearing the concrete booties that once belonged to President Herbert Hoover. Unlike your worthless greenbacks, you can take that to the bank.
Read more: http://www.businessinsider.com/fed-zero-rate-policy-destroying-america-2010-10#ixzz12uaKHMFk
http://www.businessinsider.com/fed-zero-rate-policy-destroying-america-2010-10
'Morning Glory' Has Us Looking Back at Our Favorite Working Girls
Ever since Rosalind Russell and Cary Grant's newsroom shenanigans in "His Girl Friday," Hollywood has been fascinated by the Working Girl—that chic, career-driven leading lady who kicks ass, takes names and looks fabulous in a pencil skirt. Driven by pure professionalism, the Working Girl excels at the office, intimidates her male coworkers, sacrifices her personal life to work extra hours and, of course, would never, ever get caught using an office Xerox to make illicit photocopies of her butt.
The latest star to take on a working woman role is Rachel McAdams, who we'll get to see play a hotshot morning show producer when her latest film, "Morning Glory" premieres this week. And today, we're taking a look at all the ladies who paved the way before her, with a list of our favorite working girls throughout cinematic history. Which of these actresses would we most want to share a cubicle with?
1. Anne Hathaway in "The Devil Wears Prada"
Poor Anne sacrifices everything—her love life, her self-esteem, and even her deep, abiding love of onion bagels—in the service of an evil editor who in no way is based on Anna Wintour, at a magazine which in no way resembles Vogue. Her only solace? A closet full of stolen samples from fashion photo shoots.
2. Julia Roberts in "Erin Brockovich"
Julia won an Oscar for her excellent portrayal of real-life go-getter Erin Brockovich, who took down an environmentally-poisonous corporation using nothing but hard work, keen investigation...and her boobs.
3. Maggie Gyllenhaal in "Secretary"
This might be what people mean when they talk about a "hostile work environment." Maggie plays a secretary to the sadistic-but-weirdly-sexy James Spader, who punishes her proofreading errors by spanking her. Not exactly our recipe for workplace romance, but hey, whatever tickles you.
4. Gwyneth Paltrow in "Iron Man"
Tony Stark might be Iron Man, but he'd be nothing without the cool intellect and devoted assistance of Gwyneth's Pepper Potts.
5. Scarlett Johansson in "Scoop"
It's a credit to Scarlett's acting skills that despite being one of the most gorgeous women on the whole damn planet, she still managed to make us buy her performance as an overeager journalism student who stumbles onto an aristocratic scandal. (The doofy glasses helped.)
6. Sanaa Lathan in "Something New"
Sanaa plays a busy lawyer with a classic Working Girl conundrum: pursuing a career at the expense of her love life. Good thing she's got Simon Baker to, er, landscape her yard, if you know what we mean.
7. Christina Applegate in "Anchorman"
Starring opposite Will Ferrell as a plucky newscaster, Christina's go-getter role can best be summed up as follows: "Mr. Harken, this city needs its news. And you are going to deprive them of that because I have breasts? EXQUISITE BREASTS?"
8. Katherine Heigl in "Knocked Up"
Katherine is a struggling entertainment reporter when she has a one-night stand with a slacker played by Seth Rogen. The good news: It turns out that carrying Seth Rogen's babyspawn is great for your career.
9. Melanie Griffith in "Working Girl"
Despite being an under-appreciated secretary with blond hair and a breathy voice, Melanie's Tess McGill is the ultimate driven career girl: a secret finance whiz who uses duplicity to get her foot in the door on Wall Street, pitch a major merger between two companies, and—of course—seduce Harrison Ford while she's at it.
10. Zooey Deschanel in "(500) Days of Summer"
It's never really clear just what Zooey's professional role is at the greeting-card company where she meets Joseph Gordon-Levitt... but if we had to guess, it's probably something like "Senior Manager of Epic, Soul-Rending Heartbreak."
Just for fun, Rosalind Russell and her snazzy outfit in His Girl Friday:
Source
Good job MTV, I actually like this list. Are they missing anyone? (besides obviously Peggy and Joan if this included TV).
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Introduction - If you are still learning about search engine optimization (SEO), you are probably a bit confused about the difference between on-site and off-site SEO strategies. On-site tactics are more straight-forward for the beginner and are probably written about the most. I thought I would write an article and cover what I've learned. This pool of SEO knowledge comes from working with about 10 clients and another 10 personal web sites over an 18 month period.
To anyone with an SEO background, there are certain basic on-site SEO tasks that any web master, business owner, or Internet Marketer needs to be aware of. These include the following major components:
1) Title Tags - The title tag in your HTML meta code is the tag that tell the browser what to display in the title of the window at the very top of the screen. Because this text is so visible to the user, Google likes to rely heavily on this text as a clue as to what your page is about. As a result, it is a really important SEO strategy that your title tag be filled with keywords that are appropriate to the content of the web page. Furthermore, you really don't want the same title tag on every page. This is not good for SEO. Instead, you want to have different keyword phrases in your title tags that properly identify the theme of that particular page. Remember, you are trying to help the search engines easily digest your content. That's basically what SEO is. You want to aid them in their understanding of what this page is really about.
2) The first H1 tag - Similar to the title tag, Google will look at the first H1 text to appear on your page as a strong signal as to what the page is about. Use it wisely. Again, you want to place keyword phrases here that are thematically related to what the information on the page is conveying to the end-user.
3) The name of the page itself - As you name your pages in your web site, use plain English as much as possible for SEO. You will notice that WordPress uses this extensively in their blog software. This is no accident and WordPress is considered the best blog for SEO. For example, http://example.com/?On-Site-vs-Off-Site-SEO-tactics&AID=22 will perform much better for SEO than http://example.com/?AID=22. Why? Because there is descriptive text in the longer version of the page name that helps the search engine know what the page is about. Many people have written about issues around "dirty links" and SEO (links including system variable data such as AID=22 in the example above). I think it is better if you can design your system without any variable data at all. It just takes this SEO issue away. And it's just easier for the search engines. It's also easier for the end-user. However, there is no problem promoting pages via SEO with variable data in the links. I've been able to make both fly using the same SEO tactics with no problems. The search engines are smart enough by now to manage through that variable data. Just make sure your plain English is in there.
4) Keyword meta tag - This tag used to get a ton of play for SEO, but is now largely ignored by the search engines. I believe it fell out of favor due to manipulation and misuse. It is a tag that is not seen by the end-user, so unscrupulous web masters abused it and it became less-and-less important for SEO. Real SEO tactics don't abuse or deceive. I still populate my keyword tags because I believe they are still looked at, but I don't believe they are very critical. If nothing else, it's another instance of your keywords. They all help SEO.
5) Description meta tag - This tag is still useful, but probably more for Yahoo and MSN. Since you will be in this part of your web site anyway to get the Title right, you might as well make this variable-driven as well and make the description appropriate to the page. Again, it can't hurt SEO.
6) Keyword Density - This is very important for SEO. Keep in mind that the search engines are just large computer programs digesting your site and trying to figure out what it is about. One of the simplest things they do is to count up all the words and look for repeats. They then calculate percentages, or densities, of specific 1-word, 2-word and 3-word phrases that are found in your text. By looking at the most popular keyword phrases, their programs understand the important themes of your page. If you observe your own writing on a specific subject, you will see the patterns as well. I don't recommend that you write solely with keyword density in mind as it will result in lower quality content. However, I also don't recommend that you completely ignore keyword density in your content creation. My preferred approach is to write content straight-up for the first draft. Then, as you edit for grammar, consistency, and clarity, also edit for density. Run your content through a density checker and see what phrases are used the most. Make adjustments accordingly so that your top themes / keyword phrases are showing up between 2-4% of the time. But don't do this to the extent that anything reads as unnatural. You need to always keep your audience in mind.
7) Outbound links - What your page links to matters, in terms of both the quality and quantity of links. As you build links out of your page, be specific about where they go. Don't link to low-quality or bad-neighborhood sites. Also watch your number of links. Generally, the less the better. However, having no outbound links is not always good. I believe Google uses your outbound links as a way to position your site in the vast weave that is the Internet. Often times, Google can get a good feeling about what your site is about just by looking at who you link to. So again, select these links wisely understanding they will actually impact your SEO.
8) High-quality, original, content - I probably should have put this first because it can't be stressed enough for SEO. Your site needs to provide high-quality and original content. You will read this maybe a hundred times as you research SEO. Content is king. And I firmly believe this to be true. If you are under the impression that the internet is so big that search engines can't identify content as really unique, guess again. One afternoon spent playing with CopyScape will convince you that there is technology available today that is able to tell you if any given sentence has been repeated anywhere on the Internet. It's staggering, actually, when you really think about that. The volumes of data are just outrageous. But if CopyScape can do it, I'm betting that Google can do it also. And I firmly believe that your site receives a positive bump when Google determines that the content is original. Many people have asked me if using content that is repeated on other sites will penalize the site. I believe the answer is no, you will not be penalized by Google (copyright infringement is a completely different and very serious legal topic that I won't go into today). But I also believe that you won't get where you want to be by using content that already has high mileage. The other hot debate related to how sites using duplicate content can actually rank higher than the site where the content originated from. Yes - This has been demonstrated empirically a bunch of times. But you don't need to be too concerned with that for reasons we will get into later. Just keep your eye on the ball. Put in the time, energy and creativity it takes to create unique content and you will be rewarded. Plain and simple.
9) Appropriate amounts of content - Somewhat different from #8 is the issue of how much content to put on your site for good SEO. I don't believe there is a single magic answer as each site has a different objective. But as far as SEO goes, I generally believe the more the better (assuming you are following #8). Give those hungry spiders as much food for thought as you possibly can. But let me also qualify that statement. You need ensure that your content doesn't stray too far from the core message of your site. If it does, this can create confusion around what your site is really about. Tightly focused sites perform much better than more generically focused sites. For example, a site selling used Honda Civics that uses appropriate SEO strategies will probably get ranked higher and faster than a more generalized site selling all types of used cars. This is a generic statement, and there are many exceptions, but it's a reasonable place to start your thinking about niches and themes.
For more on SEO, visit HubShout.com. Article Source: |
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