Wall Street the day after..........

Scenes on Wall Street the day after Bush's financial bailout became law.

The bankers

Retirees, small investors and homebuyers

Graphics from Gooogle Images

Australian Government Treasury on climate change mitigation policy modelling

The preliminary Australian Government Treasury 33-page document modelling climate change mitigation policy was released on Friday.

The economic outlook has been G-cubed, GTEMed, MMRfed and generally subjected to a wide range of assumptions.

My favourite of which is:

Carbon capture and storage (CCS) technology combined with coal and gas electricity generation

is assumed to be available on a commercial scale from 2020 in both Australia and the world. The

approach to modelling CCS in MMA and GTEM differed, reflecting the level of detail in the

respective models and the inherent uncertainty surrounding a technology that has yet to be

demonstrated on a commercial scale.

Which leaves the Australian coal industry (and the rest of the world) just 12 years to solve all the problems associated with this proposed technology.
Has the domestic industry seriously started yet or is it waiting for Rudd's new taxpayer-funded body or an overseas mining company to produce the miracle?

'Mr. Plod' of the Crime Commission gets a bollocking

"AUSTRALIAN Crime Commission chief executive Alastair Milroy says the leaking of a "secret dossier" on Home Affairs Minister Bob Debus is part of a malicious campaign to destabilise the nation's peak criminal intelligence agency."

Wrong, Alastair! The ACC is doing a good job of wrecking its own credibility without any saboteurs being involved.

But I get the feeling that your little investigation of the matter will find in favour of management and its mates.

I can see the headline now - It was a one-off!

Even though the document has internal briefing paper figuratively written all over it.

C'mon! it was written by the ACC general manager.

See what happens when John Howard's leftovers remain at the helm of an intelligence gathering agency.

Bob Debus is just discovering a similar experience to those a previous Whitlam Labor Government had to contend with during its days in office.

Pic from The Age

Update on The Bow and Arrow Bill (or how to rescue a banker or two)

The Bow and Arrow Bill to rescue Wall Street and investment bankers from their own folly started its life in the US House of Representatives as H R 3997, a bill To amend the Internal Revenue Code of 1986 to provide earnings assistance and tax relief to members of the uniformed services, volunteer firefighters, and Peace Corps volunteers, and for other purposes.

After its ignominious defeat it again came before the House via the Senate as H R 1424, the Emergency Economic Stabilization Act of 2008

Title: A bill to provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes.
Sponsor: Rep Kennedy, Patrick J. [RI-1] (introduced 3/9/2007) Cosponsors (274)
Related Bills: H.RES.1014, H.RES.1525, H.R.493, H.R.1367, S.358
Latest Major Action: 10/1/2008 Passed/agreed to in Senate. Status: Passed Senate, pursuant to the order of September 30, 2008, having achieved the required 60 votes in the affirmative, with an amendment and an amendment to the Title by Yea-Nay Vote. 74 - 25. Record Vote Number: 213.
House Reports: 110-374 Part 1, 110-374 Part 2, 110-374 Part 3
Note: Emergency Economic Stabilization Act of 2008. On 10/1/2008, the Senate passed H.R.1424 as the vehicle for the economic rescue legislation. In the EAS version of the bill (Engrossed Amendment as Agreed to by the Senate), Division A (pp.1-110) is referred to as the Emergency Economic Stabilization Act of 2008; Division B (pp. 110-255) is referred to as the Energy Improvement and Extension Act of 2008; and Division C (pp. 255-441) is referred to as the Tax Extenders and Alternative Minimum Tax Relief Act of 2008. See also documents on the Senate Banking Committee and the House Rules Committee websites.

Its 451 pages now contain gems like:
Sec. 503. Exemption from excise tax for certain wooden arrows designed for use by children.

Sec. 504. Income averaging for amounts received in connection with the Exxon Valdez litigation.

According to the House Committee on Financial Services this is what the Act means in terms of the rescue bid.

The House is now debating as I write and progress can be followed at the Clerk's Floor Summary here.

Update:

The New York Times live blogged the debate.

1:25 p.m. Bill passes: The bill passed 263 to 171. The vast majority of Democrats voted in favor (172 yeas to 63 nays), while a slighter majority of Republicans voted against (91 yeas to 108 nays).
1:08 p.m. Voting begins: Representatives are entering their final votes on the bill. They have 15 minutes to do so.

Quote of the week

A successful career in a merchant bank has, in the space of about a week, suddenly become the political equivalent of a criminal conviction.

Bernard Keane writing in Crikey on Thursday 2 October 2008

It's time to look out for ticks on your cats and dogs

The warmer weather has increased tick numbers on the NSW North Coast and quite a few domestic pets are turning up at local vets with tick poisoning.

It is wise to check your pet daily, as poisoning symptoms have been known to occur within 48 hours and usually show within 4 days of the tick beginning to suck blood.

Head, ears, mouth, under jaw, shoulders/shoulder blades, elbows, flanks, tail, and anus are some of the common areas on dogs and cats where burrowing ticks are found.

Onset of symptoms vary and your pet may just appear off-colour, have a depressed appetite, a persistent cough, or experience laboured breathing, begin unexplained vomiting with unsteadiness in the hindquarters.
Dogs may produce an altered bark.

Death is likely to occur if the animal is not treated or poisoning is advanced, so be vigilant with your pets and consult the local vet.

If you can afford to do so, purchase a tick preventative treatment and apply according to instructions.

The Daily Examiner article this week on Clarence Valley tick season.

Chart found at Love My Pet

Whatever happened to the working class in that 2008 VP debate?

Watching the US Biden-Palin vice presidential debate was as riveting as watching paint dry, but one thing was strangely fascinating - neither candidate seem to acknowledge that there really was a working class in America.

Sarah Palin used the term "working class" twice and Joe Biden studiously ignored it.

In this election everyone on Main Street seems to spring Topsy-like straight from some idealised middle class.

I'm still wondering what is so socially taboo about belonging to the salt-of-the-earth working class in the good ol' US of A.

What was equally fascinating was Joe Biden's constant assertions that McCain was in bed with Exxon and that this example of Big Oil would get nothing from an Obama administration, especially not a $4 billion tax cut.

I'm sure that the Exxon board found that somewhat surprising as the company (which gives away nothing for free) is on record as donating $61,050 to Barack Obama - almost $16,000 more than the company gave John McCain.

The donation to Obama is the most it has given to any 2008 election cycle individual candidate.

So while Sarah Palin's dogged determination to stay on message rather than answer the adjudicator's questions showed just how little she was across many issues; Joe Biden's failure to be honest over Exxon meant that he came across as manipulative and cynical.

Can't see either getting a dance at the next B&S ball.

Transcript of the debate found here. It probably reads better than it sounded on the day.