Stuff from Mike Gray
OSU's four living Heisman Trophy winners (Hop Cassady, Archie Griffin, Eddie George and Troy Smith, L-R) got together for the first time today at the Morning Sports Report annual breakfast at the Columbus Convention Center. We will have an interview with Eddie George and highlights from the event online later today.
Photo by Jim Davidson
What developers see here isn’t Apple managing its own brand. What developers see is that the App Store is a shaky foundation upon which to build a business. One day you’re prospering, the next day your app is gone. There are awesome iPhone OS apps that aren’t being built because developers don’t trust Apple not to yank the carpet out from underneath them.
The problem with Apple managing the contents of the App Store is the inconsistencies. These 3 sentences really highlight the problem of trying to create a business around the iPhone.
Proposed 28th Amendment to the United States Constitution
"Congress shall make no law that applies to the citizens of the
United States that does not apply equally to the Senators and/or
Representatives; and, Congress shall make no law that applies to the
Senators and/or Representatives that does not apply equally to the
citizens of the United States ".
Some really cool looking high speed photography captures. The "boxer" looks like my nose after getting it broken in high school.
Everyday, when you fire up your browser and type in some arbitrary URL in the browser’s address bar, you are taking the red pill.
I am not as paranoid, but an interesting take on the situation nonetheless.
Wall Street banks have had profitable quarters. JPMorgan Chase reported $3.6 billion in profit (more than $1 billion per month). Goldman Sachs was only slightly behind, at $3.2 billion. These profits supposedly came from “trading.” I asked a friend who has worked in the money business how this was possible. “For someone to make money trading, there has to be someone on the other side of every trade who is losing money. Where does each bank find someone who can lose $1 billion every month?”
He explained that “carry trade” would be a more accurate description of what they’re doing. Because of the Collapse of 2008 financial reforms, the big investment banks are able to borrow money from the U.S. government at 0 percent interest. Then they can turn around and buy short-term bonds that pay 2 or 3 percent annual interest. Now they’re making 2 percent on whatever they borrowed. They can use leverage to increase this number, by pledging some of the bonds that they’ve already bought as collateral on additional bonds.
I asked if they were taking any risk in order to earn this return. “If interest rates went up to 20 percent, even though the bonds are short-term, the price of the bond could fall enough to make the trade a money-loser.” (Though since the banks are too big to fail, they would simply be bailed out with additional taxpayer funds.)
What kind of bonds are they buying? Are they investing the money in American business? “No, they are mostly buying Treasuries.” So the money is just being shuffled from one Federal bank account to another, with each Wall Street bank skimming off $1 billion per month for itself? “Pretty much.”
[An more old-fashioned way of making supranormal returns is insider trading, which was perfectly legal until the Crash of 1929 (history). The New York Times ran a story yesterday on Raj Rajaratnam, a hedge fund manager who invested heavily in inside information. Rolling Stone published "Wall Street's Naked Swindle" on October 14. The story is much more sensational and entertaining than anything from the Times. It covers a guy who spent $1.7 million on out-of-the-money put options on Bear Stearns on March 11, 2008. The options would become worthless on March 20, just 9 days later, unless Bear Stearns basically went bust. Bear Stearns collapsed the next day and the guy made a $270 million profit. He has never been identified by the SEC.]
Dear President Obama and Congress, can I have this deal too? I believe that in borrowing money from the government for 0% interest, I too could help the economy recover. I could become "too big to fail" at some point, and would strive to do so as soon as possible.
