Daily Archives: September 20, 2011

Sikorsky Helicopter

NASA – In this image taken in 1944, one of Langley Research Center‘s Sikorsky YR-4B/HNS-1 helicopters is seen in the 30 x 60 Full Scale Tunnel. A technician sets up camera equipment for stop-action rotor-blade photos. The Sikorsky Company built hundreds of R-4 helicopters during World War II. It was the first mass-produced helicopter.

The ailing euro is part of a wider crisis

By Will Hutton – This entire financial edifice, underwritten by tiny amounts of capital, has been created over three decades backed by the theory that markets do not make mistakes. Capitalism is best conceived and practiced, runs the theory, by hunter-gatherer bankers and entrepreneurs owing no allegiance to the state or society.

This is nonsense. Business and the state co-generate wealth in a system of complex mutual dependence. Markets are beset by mood swings and uncertainty which, if not offset by government action, lead to violent oscillations. Capitalism without responsibility or proportionality degrades into racketeering and exploitation. The prospect of limitless pay is an open invitation to bad, or even criminal, behavior. Good capitalism cannot happen without referees to blow the whistle or robust frameworks in which markets can function; neither is reliably created by capitalism itself, hence the role of democratic government.

Yet the world is trying to solve the legacy of the last 30 years as if none of this were true and, instead, that the practice and theories that created the mess are still valid. more> http://is.gd/OTHRFm

related>

UBS loss exposes European trading loophole

By Douwe Miedema and Huw Jones – Exchange Trade Funds (ETFs) — the instruments at the heart of the alleged rogue trade debacle announced by UBS last week — are not covered by European financial markets law.

This leaves dealers free to book trades without confirmation from a counterparty and means a bank’s internal risk officers are essentially relying on the dealer’s word when checking if price and delivery dates have been entered accurately — and even whether a trade has actually been agreed or not.

“If (the alleged rogue trader) used some types of ETFs, currently there is no reporting obligation to regulators,” a regulatory source with knowledge of the rules said. more> http://is.gd/DxCozn

related>

AT&T to smaller carriers: buy our spectrum

By Matthew Lasar – It appears that AT&T’s $39 billion bid to purchase T-Mobile may have moved into the desperation phase of the transaction. Bloomberg reports that AT&T is now asking MetroPCS and Leap Wireless whether they’d like to buy any of the larger company’s spectrum. On top of that, AT&T has reportedly approached CenturyLink, Dish Network, and even arch merger foe Sprint Nextel about possible wireless purchases.

When AT&T filed its original public interest statement with the Federal Communications Commission in April, one of its principal arguments was that the telco faced a spectrum shortage, and needed T-Mobile licenses to fix the shortfall.

But the Department of Justice’s lawsuit, first filed on August 31 and amended on September 16, saw the matter very differently. The DoJ clearly views T-Mobile as the maverick in this scenario, particularly when it comes to the budget end of the market… more> http://is.gd/HZR9gj

related>

THOMAS Top Ten – compiled on Sep 11 2011

Congress watchLibrary of Congress –

  1. H.R. 1249 [112th]
    Leahy-Smith America Invents Act
  2. H.R. 1351 [112th]
    United States Postal Service Pension Obligation Recalculation and Restoration Act of 2011
  3. H.R. 4646 [111th]
    Debt Free America Act
  4. H.Res. 365 [112th]
    Expressing the sense of the House of Representatives that Congress should cut the United States’ true debt burden by reducing home mortgage balances, forgiving student loans, and bringing down overall personal debt
  5. H.R. 2587 [112th]
    Protecting Jobs From Government Interference Act
  6. H.R. 2887 [112th]
    Surface and Air Transportation Programs Extension Act of 2011
  7. H.R. 822 [112th]
    National Right-to-Carry Reciprocity Act of 2011
  8. S. 1549 [112th]
    American Jobs Act of 2011
  9. S. 365 [112th]
    Budget Control Act of 2011
  10. H.R. 2219 [112th]
    Department of Defense Appropriations Act, 2012
Aside

CONGRESS WATCH McCaul Subcommittee News, US Congress FIELD HEARING: Ten Years After 9/11: Assessing Airport Security and Preventing a Future Terrorist Attack, US Congress Wildfire Information and Updates, US Congress Panel says weaknesses remain in airport security, Bob Salsberg, Associated … Continue reading

Aside

CONGRESS WATCH Government as a Venture Capitalist, US Congress

Aside

CONGRESS WATCH Greg Walden asks for Dollar Lake Fire answers, US Congress Greg Walden says rules and regulations stand in the way of job creation, YouTube [VIDEO 5:38]

Aside

CONGRESS WATCH Sanders Introduces Bill to Strengthen Social Security, [VIDEO 4:03] US Senate

Aside

CONGRESS WATCH Boxer Introduces the Beauty Mountain and Agua Tibia Act of 2011, US Senate