The Fourteenth Banker Blog

May 29, 2010

Top Kill Dead – Denial of Reality Continues

Filed under: Running Commentary — thefourteenthbanker @ 4:53 PM

Note that this post from Washington’s Blog is from yesterday, and references information from Thursday.   Yet only today is the general media reporting that Top Kill has failed.   Only today is BP admitting that this effort will not work and they will move on to plan what?   “F”?

Quite some time ago, May 19th, another blog site, Zero Hedge, reported that the flow of oil was much greater than the official reports. The government admitted the same about 8 days later.

We are in the unfortunate circumstance where the government and large corporations believe they should manage the news cycle and where the blogosphere is the best source for timely information and truthful, unbiased reporting.   Granted, readers must sift out what of the blogosphere stuff to believe because there is junk out there as well.  But the elites that run Washington and Multinational corporations have put the public in a place where they must go to alternative media, with its inherent risk of unreliability, to get real information in real time.

I am not an investor’s blog, but I find some of these sites provide much better information than you might find in the media and certainly much more depth than you will ever find on CNBC.   Here are three pieces you might want to read if you are an investor.

Hussman Letter

Mauldin Letter (you can go to site and subscribe to this by email)

Three

So where are we?  Government (Timmy G, Ben B, Larry S…) is telling us that all is sanguine.  Congress is patting themselves on the back for a FinReg bill that does not solve the major issues though it does help on some peripheral issues.  BP keeps saying there is a 60%-70% chance of such and such succeeding.  These are all unreliable sources.

The denial of reality is a symptom of a deeper illness.  Be skeptical.  Think for yourself.  Decide who to trust.  Make your leaders be real leaders or find new leaders.

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4 Comments »

  1. I am similarly saddened by these recent events, and the pathetic (if not downright evil) response by BP/USGovt.
    For further damning evidence of BP’s malpractice, see (14 here – interesting but full of F-bombs if not your sort of thing.) http://www.dailykos.com/story/2010/5/11/865387/-Fishgrease:-DKos-Booming-School (and other posts by http://fishgrease.dailykos.com/ )

    Comment by Foppe — May 29, 2010 @ 5:13 PM | Reply

  2. What is happening along the Louisiana coast and in the Gulf of Mexico is very sad. The marine life, the birds and the fishing industries dependent on this ecosystem are going to be damaged for a very, very long time. This did not need to happen.

    I was shocked to read there is a $75 million cap on damages that BP is liable for. There will be untold billions in damage caused by this oil spill. There will be damage to the economy, ecosystem and intangibles that can never be quantified. The $75 million cap means the costs of this spill are going to be socialized. It may take hundreds of years before nature can make the Gulf whole again.

    We are witnessing the results of an oxymoron. Imposed deregulation. Deep water drilling needs to be banned.

    Comment by Tippy Golden — May 29, 2010 @ 8:35 PM | Reply

  3. Why has the National Guard and the Navy not been called out to help deal with this environmental disaster?

    Comment by Tippy Golden — May 29, 2010 @ 9:17 PM | Reply

  4. I would add this link for information: http://www.whitehouse.gov/deepwater-bp-oil-spill/

    Having been on the wrong side of a 7×24 pager for too many years and as a technical crisis manager I can only say:
    . The focus right now should be on stopping the source and cleaning up the mess. There will be plenty of time later for finger pointing and fault finding…right now it only diverts focus.
    . Hysteria causes folks to take ill-advised actions. It is much easier to make things worse than to make things better. If you aren’t contributing to the solutions, stay out of the way.
    . Right now it looks like the solution to the source requires development of new technology which would probably take a year or more in real time, but will take (according to current estimates) about 3 months in the compressed time accorded to crises.
    . Too few people to do the job (spill and clean-up) prolongs the problem. Too many people doing the job prolongs the problem. Unfortunately, the right number of people to do the job will not be known until the end.
    . We will not know how to do it better until the situation is resolved and when a workable disaster recovery plan should be developed. Unfortunately this step is rarely done.

    That being said, I am shocked that none of the deep-ocean drilling firms have anything close to a viable disaster recovery plan.

    Comment by oldgal — May 31, 2010 @ 8:34 PM | Reply


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