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A typical sovereign government can secure funds from three “legitimate” places.*What are these sources?

1. Taxes today.
2. Taxes tomorrow. In other words we can borrow money today in order to build our bridge and then use future tax revenues to pay for the debt tomorrow. By the way, if the government is in the business of actually producing valuable “public goods” then you can easily think of this as value enhancing.
3. Printing money. It’s not generally done this way, but in effect the monetary authorities can monetize the borrowing of a sovereign entity (how they do it is beyond the scope of this post). For simplicity, imagine instead that a central bank prints new bank notes from scratch, hands them to the Treasury, and then the Treasury spends them on goods and services. This is j

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He had been pressing the company for several months and faced opposition by the board of directors, who told shareholders to reject his offer.

The board of directors had called his offer “opportunistic,” expressing concern that he was trying to make the deal “at an inadequate price.”

But shareholders approved his offer of $30 per share, and following the acquisition, Icahn will own 69% of the company.

With this new stake in the company, Icahn will be able to replace more than half of the board of directors and sell the company, which he plans to do.

And if he can sell CVR, each shareholder could get up to $7 more per share.

Icahn said the deal will extend until May 18, giving him the possibility of obtaining 90% of the company.

The board of directors was planning a poison-pill provision to prevent the takeover even if shareholders were to agree, but this was waved last month.

In a statement, Carl Icahn said:

“We are pleased with the results of our tender offer and are excited to have CVR join the Icahn Enterprises family.  We look forward to working together with the CVR team.”

The purchase of the shares began on Monday and will extend for two weeks.

CVR refines and markets petroleum and is based in Sugar Land, Texas.

Shares were up 1.26% on Monday to $30.43.

That’s all for now,

Brianna

I dont often defend Conservatives but I will say that there is nothing much more useless to the public discourse that bullsh*t sociology studies trying to show that Conservatives are dumber or whatever (and remember, those same studies show libertarians the smartest, so ha ha).

In this general category of schadenfreude masquerading as academics is the recent finding that conservatives are increasingly anti-science or have lost trust in science.  But here is the actual interview question:

166. I am going to name some institutions in this country. Some people have complete confidence in the people running these institutions. Suppose these people are at one end of the scale at point number 1. Other people have no confidence at all in teh people running these institutions. Suppose these people are at the other end, at point 7. Where would you place yourself on this scale for: k. Scientific community?

A loss of trust in the scientific community is way, way different than a loss of trust in science.   Confus

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Before we get into the state’s last hope to turn its production curve around, let me remind you how dire the situation is on the North Slope…

In 1989, over 700 million barrels of crude flowed out of the Alaskan oil wells — 97% of which came from just the North Slope. Production was only surpassed (and just barely) that year by Texas fields.

It’s been downhill ever since.

In 2011, Alaskan oil producers averaged 563,000 barrels per day, or just a little over twenty million barrels for the entire year.

You also might notice that since production peaked in 1988, Alaska has only managed to increase year-over-year production twice — the last time being 2001.

What’s worse is that Alaska is still our second-largest producing state.

California is having even more trouble increasing production.

It looks like a race down the drain.

To add insult to injury, the USGS announced there was 90% less oil than previously thought in the National Petroleum Reserve in Alaska. The

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My feed reader today had a series of oddly-related articles stacked right in a row.

First, I watched bits from the 1903 Princeton-Yale football game, the oldest surviving college football film  (apparently it is just barely old enough not to have Keith Jackson doing the play-by-play).  It is amazing how much more this looked like rugby than modern football.  The formations look just like rugby scrums except that the players are not locked together.  Note there are no huddles, just power scrum after power scrum.  So

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The first thing we did when we decided to get out of debt was reevaluate our budget. We knew that we had to change the way we spent our money before our financial situation could change.

The amount of information out there on budgeting is overwhelming. There are lots of trite and obvious articles out there (like this one) that give such groundbreaking (and condescending) advice as “Incurring debt is easy but getting out of debt is not.” or “Reducing the luxuries will always be the best place to start for you to make some real savings with the least impact on your lifestyle.”

I’ve even read articles recently discouraging people from budgeting because, “You know you should budget, but you also know you’re not really going to do it.”

I vehemently disagree with this logic. The NUMBER ONE reason people are in so much financial trouble right now is that they are not willing to put in the work and sacrifice needed to save money, wait for purchases, or do without some things altogether. The simple act o

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This document basically outlines what you owe, to whom and why and how this debt will be settled. You will most likely be familiar with some of the contents from several forms you may have filled out for a personal or home loan or whatever type of credit.

This agreement is a sample template and is of a universal temperament.

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Debt consolidation is one way to simplify your debts if you have them with more than one lender. Credit cards, overdrafts, personal loans – many people borrow money at some point or another. However, having debt in too many places can be a real headache, as can dealing with lots of different lenders.

A debt consolidation loan consolidates all of your unsecured debts into one, leaving you with one monthly payment to make. It can be an ideal solution to the problem of complicated debt repayments if:

• Your credit record doesn’t prevent you from taking out a loan large enough to cover all your unsecured debts.

• Your debt consolidation loan has a lower APR (Annual Percentage Rate of interest) than your current debts.

• Your earnings are stable and you can afford the monthly repayments for the full length of the debt consolidation loan.

• You aren’t struggling to keep up with repayments at the moment.

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