New York Life is a Bucket Shop (VIDEO)

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What America is Thinking on Energy Issues

Washington, D.C., January 18, 2012 – Seventy percent of American voters favor increased access to U.S. oil and natural gas resources, and similar numbers believe more oil and natural gas development would provide major benefits to the nation, including more U.S. jobs, according to a new poll released today.

“Voters know developing more of America’s homegrown energy makes sense for our economy and our energy security,” said API President and CEO Jack Gerard. “Our economy will demand large amounts of oil and natural gas for at least several more decades even as the role of alternative energy increases. Common sense says we should have Americans producing that oil and gas here at home as much as possible.”

The recent API telephone poll, conducted by Harris Interactive, among 1,005 registered voters found that large majorities believe that more U.S. oil and natural gas development could lead to more American jobs (87 percent), help the U.S. economy and reduce consumer energy costs (83 percent), increase the nation’s energy security (82 percent), and deliver more revenue to the government (72 percent). Over two-thirds (70 percent) believe that some in Washington are intentionally delaying domestic oil and natural gas development, potentially hurting the economy and leading to higher energy costs for consumers.

Read the rest here.

Read the article and see the pretty graphs here.

Six House Democrats, led by Rep. Dennis Kucinich (D-Ohio), want to set up a “Reasonable Profits Board” to control gas profits.

The Democrats, worried about higher gas prices, want to set up a board that would apply a “windfall profit tax” as high as 100 percent on the sale of oil and gas, according to their legislation. The bill provides no specific guidance for how the board would determine what constitutes a reasonable profit.

The Gas Price Spike Act, H.R. 3784, would apply a windfall tax on the sale of oil and gas that ranges from 50 percent to 100 percent on all surplus earnings exceeding “a reasonable profit.” It would set up a Reasonable Profits Board made up of three presidential nominees that will serve three-year terms. Unlike other bills setting up advisory boards, the Reasonable Profits Board would not be made up of any nominees from Congress.

Read the rest here.

http://www.youtube.com/watch?v=zc4lnlDVW3o&feature=player_embedded

In mortgage-backed market segments, never securitize pooled LBOs.

by Carrick Mollenkamp, Special to ProPublica Jan. 19, 2012, 9:04 a.m.

At a time when mortgage-backed securities were imploding and customers were fleeing the market, a junior analyst at Deutsche Bank AG protested when he was asked to alter the numbers in a spreadsheet to make a Deutsche security look less risky to ratings agencies, according to a person with knowledge of the matter.

Read the rest here.

13 Signs of a Bull Market

Anonymous has sure been quiet lately, but today’s federal bust of Megauploadriled ’em up good: a retaliatory strike against DoJ.gov (and plenty of other foes) leaving them completely dead.

DownForEveryoneOrJustMe.com is reporting the department’s site as universally nuked, and an Anonymous-affiliated Twitter account is boasting success. This is almost certainly the result of a quickly-assembled DDoS attack—and easily the widest in scope and ferocity we’ve seen in some time. If you had any doubts Anonymous is still a hacker wrecking ball, doubt no more.

The combination of the hacking nebula’s SOPA animosity—they’ve been a vocal opponent of the bill since its inception—combined with today’s sudden Megaupload news has made the group bubble over: hundreds upon hundreds of Anon operatives are in a plotting frenzy, chatting about which site will go down next. In Anon’s eyes, the government and media interests are responsible for the undue destruction of Megaupload (and the arrest of four of its operators), so it’ll be exactly those entities that’re feeling the pain right now. Pretty much every company that makes movies, TV, or music, along with the entirety of the federal government, is in Anonymous’ crosshairs.

Read the rest here.

In response to government shut down of megaupload.com, hackers have flooded and taken down the following sites.

justice.gov universalmusic.com riaa.org mpaa.org copyright.gov hadopi.fr wmg.com usdoj.gov bmi.com fbi.gov

One final meal after he knew he screwed himself and everyone else…

(via  CNN)

_______________________

The captain of the Costa Concordia ordered dinner for himself and a woman after the ship struck rocks off Italy’s coast, a cook from the ship told a Filipino television station.

In an interview with GMA Network, cook Rogelio Barista said Capt. Francesco Schettino ordered dinner less than an hour after the accident.

“We wondered what was going on. … At that time, we really felt something was wrong. … The stuff in the kitchen was falling off shelves and we realized how grave the situation was,” Barista told GMA.

Schettino ordered dinner around 10:30 p.m. Friday, Barista said. Authorities say the ship struck the rocks at 9:41 p.m.

“I have had 12 years of experience as a cook on a cruise ship. … I have even witnessed fires, so I wasn’t that scared,” Barista said. “But I did wonder, though, what the captain was doing … why was he still there.”

The ship hit rocks off the coast of the Italian island of Giglio on Friday night.

At least 11 people are known to have died in the disaster, and 21 are still missing, according to the Italian Crisis Unit.

Criticism from both Costa Cruises and the authorities has focused so far on Schettino, who is under house arrest and facing possible charges of manslaughter, shipwreck and abandoning ship.

Coast guard records published Thursday by an Italian newspaper pile further pressure on the captain of the Concordia and his officers, suggesting that the authorities first became aware of the crash from a friend of the mother of a passenger about 15 minutes after the ship hit rocks.

Schettino’s brother-in-law defended him in an Italian newspaper Thursday.

Schettino “managed to avoid a tragedy — it could have been worse,” Maurilio Russo said in Corriere della Sera.

And he denied that the captain had abandoned ship.

“He was not running away, he came down (from the ship) to survey the damage,” Russo said.

By Marc Siegel

The final verdict may not be in yet, but some of the early returns on “ObamaCare” are not good. Indeed, many doctors are becoming wary of the law at a time when only one in three Americans support it.

In late December, a survey of 501 physicians was released by the Deloitte Center for Health Solutions research group, whose parent company serves clients in the health care industry. Nearly half (48%) expected health reform to hurt their incomes this year, while 73% said it would not reduce costs.

Though this isn’t a scientific survey, and other such surveys have and will show physicians’ support for the Affordable Care Act, the early glimpse of the law’s potential impact will likely lead to economic pain for doctors and a diminished system for their patients. Indeed, the Deloitte survey found that 69% of the physicians are “pessimistic about the future of medicine” because of the law.

I’m not here to judge doctors who back ObamaCare. But as a practicing physician, I simply need to look at the economics of medicine, apply my own experience and see the law as it unfolds to know that physicians across this country should be demanding if not a new system, at least a better one.

Read the rest here.

Earnings are up 12% yoy

Stock is trading higher in A.H.

Yawn as usual

IBM reports $4.71 vs $4.61

Earnings of $9.50 vs $10.49

What can one say other than the market is going higher for the moment. Seems like we rally right into the close lately.

Still like my prospects being short oil. The bears will have their moment….soon come.

DOW up 46

NASDAQ UP 18

S&P UP 6

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