BERNANKE TO SAVERS: We Don’t Owe You A Living

Mb50's "Liquid Mud" Rant

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Jeff Miller, A Dash of Insight

While we wait for the employment report, there was another big story yesterday — the Fed treatment of savers.

Fed Chair Bernanke testified before the House Budget Committee, responding to some illuminating questions from Committee Chair Paul Ryan (R. WI).  Joe Weisenthal, who is usually on the track of the biggest story, anticipated this one yesterday:

DEAR SAVERS AND RETIREES: Stop Whining About Those Lousy Rates You’re Getting From The Bank

Here is Joe’s conclusion:

And while we sympathize with people not getting returns on their money, the fact of the matter is that the big problem we have right now is that people have too much debt, not an abundance of cash that’s just sitting there not returning anything.

The bottom line is this: Yes, it sucks that pensioners and garden-variety savers aren’t getting returns, but it also sucks for…

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CHART: Why Savers Are Furious In America

Mb50's "Liquid Mud" Rant

Joe Weisenthal | Mar. 31, 2012, 7:38 AM

Combing through the personal income and spending data (which was released yesterday) reveals all kinds of interesting nuggets.

For example, we observed the big surge in rental income in America, thanks to a surge in both rent prices, and the number of people who are renting homes, rather than buying them.

And then also the data reveals that the savings rate is back to collapsing.

Anyway, here’s another fun one. Check out income earned from interest as a percentage of GDP.

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As rates have declined, interest income as a total share of the economy is back to levels not seen since the early 70s.

It’s interesting to compare this chart with 10-year yields.

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As you can see, interest income as a share of the total economy actually stayed pretty high throughout all of the 80s, even as rates dropped precipitously. And…

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The Anti-Energy President

Mb50's "Liquid Mud" Rant

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He really meant it when he said prices would “skyrocket.”

By PETE DU PONT

Our America today is very different from the America of some years ago. Government spending is greatly increased, as is the regulation of our economy. The growing size and reach of our government is sapping our nation’s strength and independence. And our current president’s policies have been quite different from our leaders of some years ago.

One of the best examples of these public policy changes is the huge increase in government regulation in how we generate and use energy, with its negative impact on supply, its focus on financing new and inefficient energy industries, and the resulting higher costs.

The policy of the Obama administration has been not to increase the energy supplies that are so critical to our nation’s economic health, but to limit them, to increase energy prices, and to make energy more…

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Happy Dragon Ships 8 Manifolds to Goliat Field Offshore Norway

Mb50's "Liquid Mud" Rant

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Aker Solutions has successfully completed the manufacturing and subsequent load-out of eight subsea manifolds and six riser bases for Eni Norge’s Goliat project in the Barents Sea.

On Tuesday 27 March the load-out commenced. This weekend, the heavy lift vessel Happy Dragon will sail away with her giant load.

”This is probably the largest single subsea delivery we have made from Egersund. I’m proud of my colleagues, and satisfied on behalf of our customer Eni Norge AS, that we are delivering this on schedule and on budget,” says Svein Oskar Nuland, head of Aker Solutions’ yard in Egersund, Norway.

“Our project team at Fornebu and here in Egersund has worked tirelessly to complete this important milestone”.

The delivery of the subsea manifolds and riser bases is the yard’s second hardware load-out for the Goliat subsea project. The first, consisting of eight subsea templates, was also delivered on schedule…

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