You know where I stand, I hate the very concept of a transaction tax, but if we were to have one, then let me go the "lesser evil" route. Because as it stands, what's been proposed will not work. First the guy who posted about financial markets was spot on. You'll kill what's good about the markets along with bad. Companies need capital, hell the government now needs a stock market because it owns so much stock (as citizens, it would be nice if Uncle Sam made a profit on that stock so it could redeploy that capital to say infrastructure, I'm just saying.). Robert challenged me to come up with an alternative to meet his objections, so I will give it a go.

Hello everyone, happy Monday to you all on Economic Populist. Today marks the return of a series I had put off for health reasons (actually this is the second attempt, sorry). On this inaugural I would like to focus on the foreign investor. As many readers of my past columns know, Manufacturing Monday has been a staunch advocate of building products here. Primarily focusing on promoting our current captains of industry to open up a shop here instead of say Asia or Mexico. Or in getting new (green) industries going. If they (being foreign countries) are "taking" our jobs, how about us getting some from their companies?

A smart kid and KIA

I’m a sucker for barbeques, especially good ones.  Normally I’m not a “family” person, but I am a people person.  When it comes to barbeques, though I tend to even go to the ones my family puts out.  This year I hosted, unfortunately the weather was not on my side and being someone into risk management I decided to hold an “indoor bbq.”  The food, as always, was good, but my other type of appetite was also satisfied, my hunger for news and tid bits. 

WASHINGTON (Reuters) - Bank of America has been deemed to need an additional $34 billion in capital, according to the results of a government stress test, a source familiar with the results said on Tuesday.

A Bank of America spokesman declined comment.

The amount is far higher than published reports had speculated the largest bank might need. It is certain to increase the pressure on Chief Executive Kenneth Lewis, whom shareholders ousted as chairman last week.

BofA to need $34 billion in capital: source | Reuters

Yesterday I read about how the folks at AIG will be getting their bonuses. Like many of you, this infuriated me to no end. Once more, failed business people gaining reward for their bad decisions. The shareholder has lost most of the value in the equity in the company. The taxpayer (and also now a shareholder) has actually gotten two punches in the gut, including diminishing share value they've also had to put up billions of dollars. Frankly enough is enough.

Greetings everyone, and welcome to a new edition of the Manufacturing series! Been ill again, so haven't kept up. Rest assured, I'm in somewhat top form now. But enough about me, we got manufacturing stuff to talk about! Some interesting news out there, but first, of course the Numbers!

The Numbers

Times have been tough for manufacturing, we all know this. And the current business cycle has been especially cruel. Month after month of job losses, plant closures, the pairing down of work hours, you name it. In some places, this has sadly been old hat, just ask the folks around Detroit. It's as if you could amalgamate this country's industrial base as a very large person, say back to the middle of the last century, and is now looking like one of those sickly persons one sees in a famine. But could we start seeing a bottoming?

Today I was watching Federal Reserve Chairman, Ben Bernanke testify before Congress. One of the committeemen brought up the uptick rule to him, and whether we should bring it back. He gave one of those cryptic answers where one wondered whether we should or shouldn't have it.

(As reported from Bloomberg, on the 25th of February, 2009.)

A primer on the uptick rule

While recovering from another illness I read an interesting piece on Daily Kos. I originally was writing this up as a response to Billmon's excellent article today, Chocolate Covered Cotton. For the record, he makes some very valid points. The whole system is now burnt, and we the average citizen has to pay for what really is fraud on a massive scale. Saying all this, I have to take issue on the idea on the concept of CDOs, Swaps and the entire idea of securitization of loans being total junk. That isn't to say that whats out there isn't toxic, but I'm looking forward.

Greetings folks, beginning of the week and that means the latest edition in the Manufacturing series. I do hope everyone is doing better than our economy. The President was on television talking about jobs. He had visited a town in Indiana where the unemployment rate had reached 18%. The stimulus plan being laid before us, President Obama hopes, will eventually lead to several million jobs. But before we get to the latest on jobs and manufacturing, let's look at this week's Numbers.

The Numbers

Last Thursday, on the 5th of February, we saw the release of the latest Factory Orders figure. Now this indicator, for you newcomers, measures the growth (or shrinkage)from month-to-month in new orders for durable and non-durable goods from our nation's factories.

Greetings, I do hope everyone’s been having a good weekend so far.  As is the weekend, it’s time for another edition of Econ’ Notables & Quotable.  For the newcomers, every weekend I try and find quotes from various people and article snippets that really stick out regarding the economy.  This week, though, lets try something new.  No, we’re still on the economy, I just want to make a format change of sorts from the previous versions. 

Greetings everyone to another new installment in the Manufacturing series. Now this was intended to be released yesterday, but some emergency family issues came up that needed to be resolved (this seems to be happening a lot to me on these days lately!). So, please accept my apologies on the delay. Saying that, though there is a silver lining, I'm going to go ahead and basically give you a more "fresher" version of what was planned for yesterday (I normally write these up on Saturday and Sunday). So without further adieu....

The Numbers

Yesterday we got the latest ISM Manufacturing Survey Index figures for the month of January. The patient is recovering, but is still in critical condition!

Greetings everyone to the second edition of Econ’ Notables & Quotable.  We’re still trying to get the kinks out of this, get the format right and what have you.  As always, I look forward to your comments and critique.  If you have any ideas on how to improve EN&Q, don’t hesitate to let me know.  Well, without further adieu, let’s begin the show!

Hello everyone, sorry I’ve been away.  I do wish everyone is doing well in these economic hard times.  If it pleases this court, I would like to start something new today.  Talking to our esteemed Mister Oak, he noted that something would be nice to fill in the weekend shift.  Well, today I would like to submit “Econ’ Notables & Quotable”.

It's the start of the new calendar year, the start of a new Presidential administration (well on the 20th actually), and of course the start of the first business quarter. We got in some disturbing, ok that's putting it mildly, some crappy manufacturing news from the gang at ISM. The steel industry, in hopes of restoring some business, initiates a new campaign. Arizona & Michigan are starting a green jobs plans. All this, but first...

The Numbers!

This week's Numbers section actually will also be one our leader story. The latest from the Institute of Supply Management's Manufacturing Survey came in at below what folks were figuring. Now to those new to all this, the ISM Manufacturing Survey is a study of 300 manufacturing firms; the numbers are registered as an index, anything above 50 means expansion in manufacturing, below 50 the opposite.