Thursday, August 30, 2007

Jay and the Americans

Jay and the Americans were apart of the first Beatles Tour in America along with the Righteous Brothers in 1964. I had the opporunity to work with Jay Black at TTG during my engineer days . . . I've always thought he was one of the most talented crooner/tenors whoever sang a song. here's some more information . . . .

With the success of "She Cried," Jay and the Americans were booked on a continuous string of one nighter tours. The constant travel and failure of the next two singles caused Traynor to leave the group to go solo by mid-1963. The Americans without Traynor sang backup vocals on Bobby Goldsboro's "See the Funny Little Clown."

Early in 1963 The Drifters (produced by Leiber-Stoller since 1959) recorded a Mann/Weil composition called "Only In America." When Atlantic decided not to release it the vocals were erased and replaced by Jay and the Americans. "Only In America" was released in July, 1963 and became their first chart hit (#25) with Jay Black singing lead. Leiber and Stoller's work with the Drifters and the Coasters caused them to turn over production of the group's material over to Artie Ripp of Kama Sutra Productions (Later to be Kama Sutra Records). One year and two singles later they had their biggest hit with "Come a Little Bit Closer" (#3). "Let's Lock the Door (#11) and "Think of the Good Times" both charted in the summer of 1965. At this time they began the second phase of their career with "Cara Mia" (#4). Beginning with Cara Mia" the group began covering successful oldies. Their next release was "Some Enchanted Evening" (#13) followed by Neil Diamond's first songwriting success "Sunday and Me" (#18).

Sunday, August 26, 2007

Baseball retiring a number

Major League Baseball has only retired one number . . . 42, that of Jackie Robinson meaning no team can issue that number to a player. Many teams have retired numbers of players who played for the team though but only one number . . . . 42 is RETIRED. read more on the number retirement here

Wednesday, August 22, 2007

Honest Leadership and Open Government Act

The Honest Leadership and Open Government Act requires that special appropriations added by individual legislators be listed in an online database at least 48 hours before they come to a vote. Critics such as Sens. Jim DeMint (R-S.C.) and John McCain (R-Ariz.) complained bitterly about a loophole: Congressional leaders can certify that a bill contains no earmarks, and there's no way to challenge that determination.

read more about the Act from Reason Magazine here

Tuesday, August 14, 2007

BCCI and the Bushes and John Kerry

One of the greatest bank fraud scandals occurred back in the late 80's. It originated in Pakistan with the Bank of Credit and Commerce International. These guys ultimately snared the current President's dad and guess who brought the whole thing down . . . . John Kerry.

read more here

Thursday, August 09, 2007

Townes Van Zandt

from "High, Low and in Between"

All things at our life
are brothers in the soil
and in the sky
and I believe it
with my blood
if not my eyes
I don't know why we can't
be brothers here
I know we should be
answers don't seem easy
and I'm wonderin'
if they could be

Saturday, August 04, 2007

Earmarks . . . . . huh?

I'll bet you've heard about earmarks but aren't really sure what they are . . . . . here's some info

Earmarks are funds provided by the Congress for projects or programs where the congressional direction (in bill or report language) circumvents the merit-based or competitive allocation process, or specifies the location or recipient, or otherwise curtails the ability of the Executive Branch to properly manage funds. Congress includes earmarks in appropriation bills - the annual spending bills that Congress enacts to allocate discretionary spending - and also in authorization bills.

I think we should hear about all earmarks to bills. Will the media tell us ?. . . . . doubt it.

Even the imprisonment of lobbyist Jack Abramoff and former Rep. Duke Cunningham, R-Calif., on corruption charges that included earmark abuses has not dulled lawmakers' appetite for pet projects. One recent study found that earmarks in House legislation went from 3,000 in 1996 to 15,000 in 2005.

And Obey said earlier this year that House members had requested 32,000 earmarks in spending bills for fiscal 2007.

Thursday, August 02, 2007

Yesterday's Strong Close was due to . . .

"Error at the bell last night (clarification): This error at the bell last night really did contribute to the rally. Bottom line is that one of our competitors inadvertently sold 5346 too many of the SPX Sep 1450 calls and needed to cover them in a hurry. At the time the mkt was down 1% on the day.

In covering, it is likely the crowd front ran the order, exaggerating the move.

Once the move got going, the variance hedging phenomenon kicked in. Most dealers place MOC (Mark on Close) orders to hedge their daily delta risk.

If this theory holds, then they would have put in large sell orders yesterday MOC at around 3:40PM. Once the mkt started to run, their delta position would've changed from net long to net short and they would have needed to buy that much more SPX exposure into the bell. Our index trading desk predicts that for every 2 pt move up in the SPU, dealers needed to buy approx 500MM notional in delta.

With liquidity being lousy right now, that created the violent move."

this explanation came from one of the Big 5 brokers



Wednesday, August 01, 2007

Steve Forbes 2005 Oil Prediction was completely wrong

Steve Forbes, editor-in-chief of Forbes magazine, predicts that skyrocketing oil prices are just temporary - and a massive price collapse will dwarf the Dot-Com crash that began in 2000. In Sydney, Australia this week for a global conference of CEOs, the respected financial editor said that the price of oil has inflated into an unsustainable and speculative market bubble - and he says that when this bursts, it will make the Dot-Com crash "look like a picnic."

The paper quotes Forbes as saying that the price of oil (which rose above $70 this week) had been inflated by speculators and would soon begin a rapid slide. "While there is a lot of talk in my country, the U.S., about the housing bubble, I think the real bubble, to be blunt, is in the price of oil," he said. "It's a huge bubble. I don't know what's going to pop it, but eventually it will pop. The price has to be brought down to earth, and when it does there's going to be a lot of yelping from the hedge fund managers."

Forbes said that speculation on oil hitting $100 a barrel was misplaced. He also believes that the price of oil will decline significantly in 2006.

"I'll make a bold prediction: I think in 12 months, you're going to see oil down to $35, $40 a barrel," Forbes said. "In the meantime, it's a huge drain, more a psychological drain (on the economy), but it's not forever. This thing is not going to last." Forbes blames the oil price spike on rising inflation and aggressive buying on the part of burgeoning Pacific Rim countries. "China and India are buying more of the stuff. As the global economy expands, more energy will be consumed," he said. "But if you look at the price of oil three years ago, it was $20 or $25 a barrel. Supply and demand might have shot it up to $30, $35 a barrel. The rest of it is inflation."

Forbes spoke to The Australian just as news was drifting in regarding the damage sustained to the oil-rich Gulf of Mexico in the wake of Hurricane Katrina. Industry observers say that energy companies such as BP, Chevron and Shell have been forced to shut down offshore platforms, which account for 25% of U.S. domestic oil and gas output.

here's a link to another Steve Forbes interview click here