The John Batchelor Show

Tuesday 17 July 2012

Air Date: 
July 17, 2012

John von Neumann, Institute for Advanced Study computer, Princeton, New Jersey (George Dyson's collection)

JOHN BATCHELOR SHOW podcast link:

Co-host: Larry Kudlow, The Kudlow Report, CNBC, and WABC Radio

Tuesday 905P Eastern Time:  Larry Kudlow, in re: "When Pres Obama says the word 'rich,' he says it with a snarl."—John Sununu.    LK: No acknowledgment of real entrepreneurs. JB:  Completely ahistorical.  LK: Imagine someone in the XVIII Century worrying about tunnels and highways. This reveals Obama's true feelings – Saul Alinsky, the Rev Wright. Romney gave a barnburner speech in Western PA, fighting back.  Mitt needs to build on his 3, 4 or 5 key points: taxes; ltd spending; energy (Keystone Pipeline); overregulation; rewarding success. Must explain in clear English how he can make the economy grow – at 4%, as he said; must communicate to all of the voters.

Mitt Romney in Pittsburgh, July 16.

Tuesday 920P Eastern Time: Sudeep Reddy, WSJ, in re: Federal Reserve; Bernanke Senate testimony on the US economy.  IMF cut its prediction for global growth to 3.5%PA.  [Sure. Fat chance.] IMF has rosier view than most.  If Europe does everything right, it might have milder rather than more severe recessions. Eke China, Brazil. US is gripped by political dysfunction.  BTW, Olivier Blanchard agreed that it'll be  "a few years" for Italy and Spain.  Greece, Italy Portugal Ireland Spain Cyprus -  all having real problems. Unless eurozone leaders step up to the plate quickly [when has that happened?] , this does not look good.  LK: US long-term investment?  SD: They'd laugh.

Tuesday 935P Eastern Time: Jon Hilsenrath, WSJ  Federal Reserve reporter, in re: Fed officials are seriously considering a new round of economic stimulus, but remain split over if or when the central bank should launch further action.  The lights kept flickering in the Dirksen Bldg, where the Fed chairman was testifying; dark setting corresponded with the testimony  Fed's management of the economy is not cutting it.  If they can’t fix, will be back in the markets fixing again.  Now: growth is <2% and unemployment is >8%.  Bernanke seems to be exhausted by his argument, now presenting it for three years.  In his mind, he can’t base his decisions on whether or not Congress will do the right thing; he's gotta do what he can. Volcker wouldn’t act till he saw Congress take action, first. The ECB has taken that approach.  "The Fed enables the govt not to address the budget deficits," said someone.  Why don’t they just top paying 25 bps interest? Banks get ¼ of a per cent just to hold cash in a vault. "To protect investors" - ?  So they'll buy mortgage-backed securities, not Treasurys, next time.

Tuesday 950P Eastern Time:  Larry Kudlow, in re: Tim Pawlenty or Marco Rubio looks to be the likely VP candidates for Romney, although it could be Portman.   What can Geithner do about the upcoming fiscal cliff?  He knows well how high the stakes are; dunno if he's talking to John Boehner; right now, nothing at all is happening.  Sen Murray of Washington gave a ridiculous speech at Brookings – "We'll just let all the tax cuts expire."  On straight financial matters, I think he's done a pretty good job. Geithner has been over there in Europe at all the big meetings, fighting for important issues: banking union, fiscal union, Euro FDIC.  "On the edge of a recession" – a repeat warning.

 

Tuesday 1005P (705P Pacific Time):   Mona Charen, NRO, in re:  Mona Charen, NRO, in re:  Pres Obama's illegal and risky welfare policy. To get welfare payments, it's no longer necessary to be looking for a job. Astounding. 

Tuesday 1020P (720P Pacific Time):  Salena Zito, Pittsburgh Tribune-review, in re: Romney's campaign. Ray Kroc, Steve Jobs, Henry Ford.

Tuesday 1035P (735P Pacific Time):  Bob Zimmerman, behindtheblack.com, in re: ISS resupply by Soyuz; commercial space awards contract to SpaceX;  Dream Chaser for ISS; trouble on Mars, waiting for Curiosity.

Tuesday 1050P (750P Pacific Time): Eric Trager, Washington Institute, in re: Tantawi unhappy with Clinton visit; battle between Muslim Brothers and the military; paradoxical drift in Egypt.

The Turing-Welchman Bombe at Bletchley Park, which was instrumental in breaking the German Enigma code during World War II

Tuesday 1105P (805P Pacific Time): Turing's Cathedral: The Origins of the Digital Universe by George B. Dyson, 1 of 4

Tuesday 1120P (820P Pacific Time): Turing's Cathedral: The Origins of the Digital Universe by George B. Dyson, 2 of 4

Tuesday 1135P (835P Pacific Time): Turing's Cathedral: The Origins of the Digital Universe by George B. Dyson, 3 of 4

Tuesday 1150P (850P Pacific Time): Turing's Cathedral: The Origins of the Digital Universe by George B. Dyson,  4 of 4

 

Tuesday/Wed 1205A (905 Pacific Time): Larry Kudlow, in re: "When Pres Obama says the word 'rich,' he says it with a snarl."—John Sununu.    LK: No acknowledgment of real entrepreneurs. JB:  Completely ahistorical.  LK: Imagine someone in the XVIII Century worrying about tunnels and highways. This reveals Obama's true feelings – Saul Alinsky, the Rev Wright. Romney gave a barnburner speech in Western PA, fighting back.  Mitt needs to build on his 3, 4 or 5 key points: taxes; ltd spending; energy (Keystone Pipeline); overregulation; rewarding success. Must explain in clear English how he can make the economy grow – at 4%, as he said; must communicate to all of the voters.

Tuesday/Wed  1220A (920 Pacific Time): Sudeep Reddy, WSJ, in re: Federal Reserve; Bernanke Senate testimony on the US economy.  IMF cut its prediction for global growth to 3.5%PA.  [Sure. Fat chance.] IMF has rosier view than most.  If Europe does everything right, it might have milder rather than more severe recessions. Eke China, Brazil. US is gripped by political dysfunction.  BTW, Olivier Blanchard agreed that it'll be  "a few years" for Italy and Spain.  Greece, Italy Portugal Ireland Spain Cyprus -  all having real problems. Unless eurozone leaders step up to the plate quickly [when has that happened?] , this does not look good.  LK: US long-term investment?  SD: They'd laugh.

Tuesday/Wed  1235A (935P Pacific Time): Jon Hilsenrath, WSJ  Federal Reserve reporter, in re: Fed officials are seriously considering a new round of economic stimulus, but remain split over if or when the central bank should launch further action.  The lights kept flickering in the Dirksen Bldg, where the Fed chairman was testifying; dark setting corresponded with the testimony  Fed's management of the economy is not cutting it.  If they can’t fix, will be back in the markets fixing again.  Now: growth is <2% and unemployment is >8%.  Bernanke seems to be exhausted by his argument, now presenting it for three years.  In his mind, he can’t base his decisions on whether or not Congress will do the right thing; he's gotta do what he can. Volcker wouldn’t act till he saw Congress take action, first. The ECB has taken that approach.  "The Fed enables the govt not to address the budget deficits," said someone.  Why don’t they just top paying 25 bps interest? Banks get ¼ of a percentage point just to hold cash in a vault. "To protect investors" - ?  So they'll buy mortgage-backed securities, not Treasurys, next time.

Tuesday/Wed  1250A  (950P Pacific Time): Exeunt. Francesco Guerrera, WSJ, in re: is banking at a turning point – is this the 1792 of the financial crisis?