Whenever you're bored the human clock will help you through every minute of the day with an interesting photo, changing every 60 secs.
http://www.humanclock.com/
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Whenever you're bored the human clock will help you through every minute of the day with an interesting photo, changing every 60 secs.
http://www.humanclock.com/
arco, it's the first thread on the NZX forum:)
But yes, we might intimidate the fundamentalists with our fibinachi and TA talk:D
apparently the ability to edit posts (for longer) has been replaced YAY.
testing edit works now
what a scathing attack on Greenspan and the Fed this is,
http://blogs.ft.com/maverecon/2008/0...rors/#more-179
and what a great blog.
http://blogs.ft.com/maverecon/
I'd never heard of Willem Buiter but I googled him after his name was
mentioned in an ABNAmro article, and found him on the FT.
Economic comment
High roller
Dario Perkins
The search for my next career is over. On Saturday I watched the film '21', about a group of
MIT students who used their maths brilliance to count cards in Las Vegas. Inspired, that
evening I visited the Rendezvous casino in Brighton marina and walked away with a cool
£60 profit. With easy winnings like this, I'm not sure they'll allow me back into that particular
establishment. They probably don't use the face-recognition equipment common on the
Strip, but there are plenty of other casinos I can hit in southern England (I'm not going to
venture up north - Robert tells me that would be too dangerous). But I'll need to learn from
Mr Greenspan's experience. He was the last great economist to be dealt a good hand and
his luck eventually ran out. In recent weeks, it seems everyone has turned against him.
The new consensus argues Mr Greenspan is entirely responsible for today's crisis in
financial markets. Willem Buiter issued the most scathing attack last week, calling the
Greenspan Fed a 'tragedy of errors'. He highlights a number of mistakes made by the
banker formally known as the 'Maestro'. First, the Fed kept rates too low for too long in 2003-
06, creating excessive liquidity in the global economy. Second, he claims the Fed has been
held captive by vested interests. This is the Greenspan-Bernanke put, where the Fed reacts
asymmetrically to asset prices. It ignores asset prices as long as they are rising, but then
targets them once they begin to fall. Taken together, many believe these policies created a
culture of excessive risk-taking in financial markets. To quote Buiter, the Fed acted like a
'moral hazard incubator'.
So how much of this criticism is fair? Well, it is certainly true Mr Greenspan failed to
appreciate the downside risks to securitization. Indeed, on several occasions before leaving
the Fed, he argued financial markets were distributing and reducing risk more efficiently than
ever before. In retrospect, this confidence now looks thoroughly misplaced, verging on
laughable. I also agree that the Fed's focus on core, rather than headline, inflation has been
a mistake. During a time of structurally rising oil prices, the Fed has consistently
underestimated 'true' inflation. Interest rates would probably have been higher had this error
been corrected earlier. In fact, ex-post, it's hard not to agree policy was too loose in the
period 2003-06. But I don't think it's fair to blame this situation entirely on Mr Greenspan.
The deflation scare turned out to be an overreaction to large relative price shocks. But, at
the time, the Fed was hardly fighting an overwhelming consensus for higher rates. Certainly,
most in this industry thought the US was close to outright deflation. Even reputable
institutions such as the IMF and OECD got sucked in. Then, when the economy recovered
in 2003, many economists believed the expansion would soon fade. Remember the 'jobless
recovery', created by temporary tax rebates and mortgage refinancing? Ironically, the
economists who today blame Mr Greenspan and claim they've accurately forecast this
recession, were the same people predicting deflation in 2003. Would they have raised rates
quickly? Personally I believe boom-bust asset-price cycles are inevitable, so perhaps Mr
Greenspan's biggest problem is that he was simply around for too long. Eventually, the
house always wins.
hi peat , just let me know if your ready for carney vol II
i can drop it off next time im in town
paul
Any of you chaps know of some ok free spyware ? .
Cheers
Miner
you can get as much spyware as you want from visiting porn sites miner :p but I'm guessing you mean you want anti-spyware software ?
I use Windows Defender which is free and tho reportedly not that good seems to work for me. For antivirus software I use CA Etrust but this is not free and I get license codes from work. For people who dont want to pay for antivirus software I recommend AVG.
The main thing to do to avoid infection of any nature (if you use Windows) is to always update your computer with the Microsoft monthly updates. You should have your computer configured to do this automatically - in Control Panel \ Automatic Updates select Automatic and amazingly enough everything will happen automatically though you will need to reboot once they are installed. They are released on the 2nd Wed of every month.
Also it pays not to look at dodgey websites the most notorious for delivering infection are porn and software hack/crack sites.
Hi Miner
Welcome back - trust you are feeling better.
I use AVG - I've got the paid version, - but you can get a free AVG version as well. I used the free one for many years, and I'm not sure how much difference there is between them. In the recent upgrade they now give a little symbol at the side of each site (when Googling) giving it a green tick for safe, or no tick and its dodgy. Also running your curser over the synbol explains the possible problems.
AdAware is another spyware finda I've used in the past, but I think the AVG picks them all up now.....its find them and removes them to a virtual vault.
Also as Peat says keep the Windows on auto-update.
arco
Just a reminder - its that time of the month again :(
National Farm Payrolls - could be a bit wild and woolly in the trenches tonight.
arco
Ta guys,and here I was thinking I was safe surfing porn sites by putting a rubber on my mouse,on the mend Arco just got to get my brain in gear again for FX.
Cheers
Miner