Wednesday, February 3, 2010

Awesome story of the week and some that are horrible

Astonishing Tales Of Insanity: The 23-Mile Parachute Jump vs. Rocket Sled (Deadspin) with Gasoline

Questions?
Why in the hell did someone make a spatula with holes in it. There is always leftover food stuck after cooking breakfast.


I have found a new favorite.
Cheesy bacon waffle fries is a gratuitous master piece of North American culture food. Its half of the food pyramid, and its just appetizer.

How can people want to cut food stamps for people who are starving, but where cheering for the taxpayer financed bailout before they realized how many bonuses those "bailed out once thought to big to fail companies" where giving to their executives that screwed these companies up in the first place? Congratulations for scamming the taxpayers out of their hard earned money then convince them the government is trying to set regulations for how much you can earn.
What I Learned at the AIG Meltdown [Wall Street Journal]
There are four key points to bear in mind:

"One, the insurance policyholders at AIG were protected by reserves that each of the insurance companies are required to hold by state regulation
Two, the unregulated use of credit default swaps and other high-risk instruments by AIG Financial Products,...caused AIG to stumble and threatened the financial system.
Three, in September 2008 the Federal Reserve acted to protect the financial system from what it believed to be an imminent risk of catastrophic damage from AIG Financial Products.
Four, in November 2008, when the Fed restructured its AIG financing..the Fed had over $70 billion already at risk with AIG and was appropriately considering the value and operations of AIG's insurance companies....
The essential lesson of AIG, and of the broader crisis, is the need to reform financial regulation. And that reform should learn from state insurance regulation. One major cause of the subprime disaster was that those who originated mortgages and derivatives could sell them and not worry about their risk or capitalization."[Eric Dinallo Wall Street Journal]
And once again, politicians act like their angry, but they know who owns them. NEW York Times

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