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Analysts at Citigroup predict that Bank of America might record a$3.6 billion loss for fourth quarter 2008. It appears that Bank of America may have overreached in acquiring 2 troubled firms Countrywide and Merrill. WIth $25 billion in TARP funds already given to Bank of America, Bank of America has informed Treasury that without additional funding it may not be able to complete the acquisition of Merrill. Treasury and Bank of America are negotiating these additional funds. Meanwhile Goldman Sachs analysts estimate worsening losses from the credit and financial crisis. Losses says Goldman economists could reach $1.1 trillion from residential mortgages alone up from $780 billion earlier estimate. Adding in losses from commercial real estate, credit cards, auto and business debt could send this figure up to $ 2.1 trillion. And bad overseas loans of US institutions would be additional to this. Not surprisingly Fed Chairman Bernanker would like to see much of the second half tranche of $350 billion in TARP funds ging to stabilize the financial system....

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Heidi Moore calls the Merrill-Bank of America deal a Deal from Hell because it includes destruction of market value, financial instability, impaired strategic position, organizational weakness, damaged reputation, and violation of ethical norms and laws. But the speed with which this deal put together in 48 hours has cratered shows how everything went wrong. On January 22 Thain resigned abruptly from Merrill-Bank of America amid a culture clash between the 2 organizations. After the deal closed on January 1, 2009, there has been an additional $20 billion in Treasury support, $118 billion of government backstops, a $15 billion loss at Merrill for 2008, a devastated share price for Bank of America falling 78% since the bank agreed to acquire Merrill on September 15. Bank of America stock closed at $33.74 on the Friday before the deal closed, on January 21, 2009 its share price was $6.68. Merrill was acquired at $29 share price, value which has disappeared. And Thain's and Kenneth Lewis 's reputations are tattered, with even more writedowns expected on the Merrill bad assets. ...

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A Wall Street Journal/NBC poll conducted in September 2010 shows a big change in public opinion in the US towards outsourcing of production and on free trade agreements. Poll respondents were asked "Do you think free-trade agreements have helped or hurt the US?" The response in 1999 was close to 30% for those who said hurt and those saying helped. By 2005 the curves diverged seriously with more people saying that it hurt and fewer saying it helped. In 2010 this swing is sharp with about 50% saying it hurts the US and only about 10% saying it helps. When asked "Do you agree or disagree that outsourcing of production and manufacturing work to foreign countries is a reason the U.S. economy is struggling and more people are not being hired?" the response is overwhelmingly agreeing that this is bad for the U.S. job situation. The answers are the same across party affiliation, in fact higher for Republicans than Democrats 90% to 84%, higher by income level with 93% for those making over $75,000 agreeing and 86% for those making less than 75,000 agreeing, 93% of professionals and managers agree compared to 89% white collar and 83% blue collar agreeing. This shows all segments of society agree that that the manner in which free trade and outsourcing of production is taking place is not helping the U.S., and this time the highly educated segments are leading the way. Bill McInturff, the Republican pollster who helped do the survey points to the big change in the way well educated and upper income people perceive free trade agreements. In 1999 only 24% of this group making over $75,000 said free trade hurt the U.S., now 50% of this group says it hurts the US. This is sure to lead to big changes in U.S. trade and currency issues with China and other countries. ...

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In Argentina the Right and Left politics have failed for most of this century, the economy struggles again in 2026- Millei and Argentina as shown by the NYT's Cohen. Yet inflation is down and something different is being tried. Bloated bureaucracy is cut down to basics, investments in mining and oil, manufacturing weak and infrastructure investments lacking, no clear solutions. Mexico benefits from American reshoring of factories in automobiles yet is the place where drug trafficking is happening and this is a problem of major dimensions, Brazil benefits from its vast agricultural wealth in the Amazon region, Argentina is seeking a mining boom, Venezuela after a deep shock from Chavez ideas and hyperinflation only now recovering, much of Latin America and Africa have missed the economic and technological changes that are underway in Asia for the last 50 years.

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Already vaccination experts at the Baylor College of Medicine cited here say they foresee another wave of the coronavirus in the Southern US because of vaccine skepticism barriers to vaccination, and much of the population not being vaccinated. The percentage of the population in the Carolinas, Georgia, Georgia and Louisiana, that has both doses of vaccine is low. About 50% have had just one dose. In southern states Mississippi and Alabama the vaccination rates are much lower leaving large parts of the population unvaccinated. The widespread presence of the Delta variant in the UK and the R rate being between 1.00 and 1.2 in UK shows that the UK even with higher vaccination rates than the US is still facing a danger of another wave as it reopens.  The ominous aspect of this is that from just over 400,000 the vaccinations per day dropped to 316,000i n the US. This means there will be a period when vaccination drive is stalled while the reopening is fully underway with a new contagious variant twice as contagious as the original coronavirus. This leaves the US at risk of another wave, with the south and western US, younger people who are out more and unvaccinated, more at risk.  ...

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Weiner calls Franklin the "Least Dead" of the Founding Fathers of America. "Least Dead" for whom? Of pop cultures, TikTok, Facebook, social media and the rest? Benjamin Franklin is one of the founding fathers who was most revered, and who with his diplomatic activity secured French support for George Washington, Thomas Jefferson and the American cause in 1776. It was the French cannon, and the French Navy that made it possible for Washington to move his armies north and surround the British at Yorktown, Virginia ending the War of Independence. Weiner writes that Franklin is the most approachable one of the founding fathers, one you can talk with, one you would most likely want to have a beer with. Franklin is also the most interesting. Franklin's experiments with electricity are the earliest pioneering efforts of the scientific revolution of the 19th century that set Europe apart from Asia, and the scientific revolution of the 20th century that set America apart from the rest of the world. Franklin is not just a founding father, he is the founder of the US Post Office which was the radio and internet of its period making communication possible over long distances. Franklin was the first Postmaster General in 1775 and set up the US postal system. Franklin set up the first circulating library in 1731 and the University of Pennsylvania- the first fire department in Philadelphia. He was president of the state of Pennsylvania after Independence. There is a great deal of ignorance about the founding fathers no less in places like the entrance to the Smithsonian institution in Washington DC of all places, where no mention is made of Franklin as an Abolitionist, quite the reverse- Franklin's scientific mind and his modern thinking had no place for the European institution of slavery in the 1500-1800 period. Franklin was the president of the Pennsylvania Society for the Abolition of Slavery. Eric Weiner, is author of  "Ben and Me- In Search of a Founder's Formula for a Long and Useful Life." This is the second article in a series by NYT on America's 250th Anniversary for the Declaration of Independence. Weiner travels from Boston to London, and from Philadelphia to Paris along the sea route taken by Franklin to the Brittany coast in December 1776 with his 2 grandchildren, one of 7 voyages crossing the Atlantic. By 1781 Franklin had his first meeting with French King Louis XVI at Versailles. The US Mission and Franklin's home was located in the hillside village of Passy a few hours from Paris, where the clean country air and water helped revive him. He crosses the Atlantic again in 1783 when the Peace Treaty is signed by Franklin. Weiner is 70 in 2026 and writes that Franklin grew more serene with age even with some ailments, was loved in France, and returned to America for his final voyage home with his 2 grand children in 1785. A life well lived something for all Americans to aspire and emulate, and loved by his country. ...

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Liz Goodwin and Riley Beggin report from Hillard Ohio where Amazon is building a large data center using land adjoining a school and a park for children. Parents are collecting signatures for a ban. About 70% of Americans are opposed to the data centers building in their local area, after an aggressive push with tax breaks and incentives provided by some states. Virginia, Georgia, Texas, and Ohio most aggressive data center builders in the US by 2026- construction jobs, and investment, as pros, electricity usage and use of farmland cons. Ohio's governor DeWine paused tax breaks after realizing that it cost the state $1 billion in lost revenue. Amazon says it has invested $70 billion in the state since 2016. Democrat politicians are not taking up the bans because of some unions supporting the data centers for jobs created in construction. Another reason is that politicians in general face attacks from the tech companies donating to campaigns against them if they call for a ban. Sherrod Brown Democrat in Ohio asks data centers to pay for their electricity but has not supported a ban-  “With data centers, we make sure the investors pay for electricity. Not the people who live in Zanesville or Coshocton or in Cambridge.” The big reason to support it from the jobs perspective is stated by the unions. Tim Burga of the AFL-CIO in Ohio says-  “These are creating good union jobs, both in the construction, but also in the keeping them secure and maintaining them."  Now you have a public frustrated particularly in quiet suburbs of America who see this as an intrusion into their lives, which means Republican and Democrat, Red State and Blue State, makes little difference. Construction workers and unions excited about the prospects for decent jobs after the Obama and Bush elites shipped 5 million jobs (Lighthizer USTR estimate) to China over 2000-2016, and transferred $20 trillion in American wealth to foreign countries by blindly accepting unfair trade with China, EU, Canada, Mexico. And see this as part of the MAGA effort to bring back the supply chains to America for all manufactured products in the interests of reliable supply, national security, and the promise of good paying jobs for the communities across America that depended on these jobs since the industrial revolution inthe US at the turn of the century in 1900. It took only 2 decades to wipe them out under what Lighthizer and Jamieson call "shortsighted leadership" of  Republican Bush and Democrat Obama and their corresponding elites. These communities were hit more than once, twice, thrice, four times in fact- in 2009 by the banker's aided and abetted financial crisis, by Bush starting and Obama continuing the Afghan Iraq wars on different pretexts (diverting trillions of dollars that otherwise go to job creation and manufacturing, new technologies), and then by Covid in 2019. This is the America in which the data center building spree is taking place- a plus if done right and with some carefully thought out plan for water/electricity usage costs and for AI guardrails, protection for farmland and areas near parks and schools, and residential suburbs.   ...

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Flooding moves inland in the US to areas never exposed to flooding, as shown in this WSJ report on areas in Kentucky. Climate scientists says this is a threat from climate change that is overlooked, the effects of flooding more inland, away from big rivers. Storms in the mountains of eastern Kentucky dumped 16 inches of rain over a 5 day period resulting in severe flooding and 44 deaths, homes swept away. Storms of this type are seen in other places such as Germany with fast floods.

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"Trees not Warehouses" read signs protesting the building of more warehouse space in the US as residents protest the bringing of more noise, pollution and heavy duty trucks to their neighborhoods.Companies added over 1.5 billion square feet of new industrial space across the US from 2017, says this report in WSJ. A similar wave of building industrial space is taking place in Europe for warehouses. Communities from Pittsburgh to Madison, Wisconsin and neighborhoods in expanding logistics regions in Southern California and eastern Pennsylvania. Many say their communities are under siege. To get goods to people faster companies are still planning but have not made the shift to bringing construction back home or closer to home so that this kind of huge warehousing space is no longer needed. Much of this warehousing space may no longer be needed as more sustainable, more reliable,  shorter supply chains take the place of current ones that have concentrated all manufacturing in one country, China, at the hidden costs to local communities and companies. Through many hidden costs that have not been fully quantified in terms of quality of living in communities, loss of jobs and infrastructure through loss of tax revenues, carbon footprint of products shipped over thousands of miles, hidden logistics costs, rampant inflation in logistics costs, and significant loss of manufacturing knowhow that cannot be easily replaced. This is a result of decades of building such supply chains that no longer fit the needs of today. ...

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Readers comment on the effects of social media and other influences today on spiritual side of our lives. This is more important than ever today during the pandemic with its effects on mental health and the power of the spirit, and of nature, in recovering this aspect of our lives. 

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US students in China in educational exchange were 11,000 before the pandemic. Today this has dropped to 1000 which is not good for the cultural and educational interaction that promotes understanding between the two large countries.

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Comparing the stock performance of Bank of America and Citgroup in 2011-2012.