FANNIE - FREDDIE WAVE BYE BYE

HOARDING OF GOLD AND SILVER

DOCTOR DOCTORIAN FROM ANGEL OF GOD
then the angel said, Financial crisis will come to Asia. I will shake the world.

JAMES 5:1-3
1 Go to now, ye rich men, weep and howl for your miseries that shall come upon you.
2 Your riches are corrupted, and your garments are motheaten.
3 Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.

REVELATION 18:10,17,19
10 Standing afar off for the fear of her torment, saying, Alas, alas that great city Babylon, that mighty city! for in one hour is thy judgment come.
17 For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off,
19 And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas that great city, wherein were made rich all that had ships in the sea by reason of her costliness! for in one hour is she made desolate.

EZEKIEL 7:19
19 They shall cast their silver in the streets, and their gold shall be removed: their silver and their gold shall not be able to deliver them in the day of the wrath of the LORD: they shall not satisfy their souls, neither fill their bowels: because it is the stumblingblock of their iniquity.

REVELATION 13:16-18
16 And he(FALSE POPE) causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:(CHIP IMPLANT)
17 And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.
18 Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six.(6-6-6) A NUMBER SYSTEM

FEARS GROW OVER COLLAPSE OF MORTGAGE GIANTS
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ANXIETY RAISE AT FANNIE - FREDDIE
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Stocks end lower amid worries on Fannie, Freddie By TIM PARADIS, AP Business Writer JULY 11,08

NEW YORK - Wall Street's angst over the ongoing fallout from the credit crisis made for a turbulent end to a volatile week Friday — stocks tumbled, soared and then turned south again as investors tried to assess the dangers faced by the country's biggest mortgage financiers, Fannie Mae and Freddie Mac. The Dow Jones industrial average, which traded down more than 250 points in the session, briefly moved into positive territory Friday before ending down more than 125 points. The blue chips also traded below 11,000 for the first time in two years. And all the major indexes ended with another losing week.A new high for oil prices above $147 a barrel also weighed on stocks.The fate of the government-chartered companies was a focus of trading Friday as it had been earlier in the week. Shares of Fannie Mae and Freddie Mac fell sharply over several sessions on concerns about their stability. Wall Street is worried that a collapse of the two financiers would cause further shock to the financial system, and trigger more losses to banks and brokerages with significant holdings of mortgage-backed securities.

The well-being of Fannie Mae and Freddie Mac is crucial because they hold or guarantee about $5 trillion worth of mortgages, or about half the outstanding mortgages in the United States. Their troubles are just the latest depressing turn in a year-old credit crisis that shows no sign of ending, disappointing some stock traders who thought just months ago that the worst was perhaps over.

Stocks fluctuated late in the session amid varying reports that the Federal Reserve could aid Freddie Mac and Fannie Mae.Sen. Christopher Dodd, D-Conn., the Senate Banking Committee chairman, raised the prospect that the companies could be given access to emergency Federal Reserve lending. Dodd, who spoke Friday to Fed Chairman Ben Bernanke and Treasury Secretary Henry Paulson, said the two are looking at various options for propping up the firms if they ultimately need help. Those include giving them access to the Fed's emergency lending discount window, Dodd said.But a Fed spokeswoman said later the central bank had not talked with Fannie and Freddie about the emergency lending program. She declined to discuss any other options being considered.Earlier this year, the Federal Reserve took the unprecedented step of offering direct loans to investment banks from its discount window.Some observers noted that Freddie Mac and Fannie Mae weren't short of cash, but of access to capital.The issue is who is going to make good on the long-term debt, not who is going to provide them with short-term cash, said Jerry Webman, chief economist at Oppenheimer Funds Inc. in New York.It started with housing but it's now turning into this issue of availability of capital, he said of the overall problems in the financial sector.The concerns left the Dow down 128.48, or 1.14 percent, to end at 11,100.54 after having fallen to 10,977.68. It last traded below 11,000 on July 25, 2006.Broader stock indicators also logged declines. The Standard & Poor's 500 index fell 13.90, or 1.11 percent, to 1,239.49, and the Nasdaq composite index fell 18.77, or 0.83 percent, to 2,239.08.

Friday's drop meant Wall Street moved squarely into a bear market, which is defined as a 20 percent drop from a recent peak. The Dow is down 21.6 percent from the record closing high of 14,164.53 it reached in October. The S&P 500 is down 20.8 percent and the Nasdaq is off 21.7 percent.For the week, the Dow fell 1.67 percent, the S&P 500 lost 1.85 percnet and the Nasdaq declined 0.28 percent. It was the fourth straight weekly decline for the Dow and the sixth consecutive weekly decline for the S&P 500 and the Nasdaq.The market's other trouble spot, oil, continued its ascent, rising to a trading record of $147.27 amid tensions between the West and Iran. Light, sweet crude for August delivery settled up $3.43 at $145.08, slightly below a record close of $145.29 a barrel set more than a week earlier.Bond prices fell sharply as investors worried a bailout of Fannie Mae and Freddie Mac could dent the government's credit rating. Ordinarily, bonds are seen as a safe haven during stock market pullbacks. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.96 percent from 3.80percent late Thursday. The dollar was mixed against other major currencies, while gold prices rose. Worries about financials dominated trading. Freddie Mac fell 25 cents, or 3.1 percent, at $7.75, after trading as low as $3.89 in the session. Fannie Mae tumbled $2.95, or 22 percent, to $10.25 after trading as low as $6.68. Lehman Brothers Holdings Inc. fell $2.87, or 16.6 percent, to $14.43 as traders fretted that the No. 4 investment bank will succumb to soured debt. Citigroup Inc., also struggling with the consequences of failed mortgages, announced it will sell its German retail banking operation to France's Credit Mutuel for $7.7 billion. Global banks and brokerages have scrambled to sell assets and raise capital in an effort to offset nearly $300 billion of write-downs linked to the credit crisis. Citi slipped 9 cents to $16.19.

Investors remain cautious about the entire financial sector, especially ahead of second-quarter reports due next week from major names like JPMorgan Chase & Co. and Merrill Lynch & Co. JPMorgan declined $1.35, or 3.9 percent, to $33.16 and Merrill fell $1.10, or 3.8 percent, to $27.61. I'm almost not worried about what they report, said Bill Stone, chief investment strategist for PNC Wealth Management, referring to Wall Street's already low expectations for the companies. How much can they punish these things? Friday's confluence of negative news offset a mostly positive quarterly report from General Electric Co. The industrial and financial conglomerate reported second-quarter profits that met analysts' expectations. The company said the forecast across its business lines was mixed. The stock rose 2 cents to $27.66. In economic news, the United States' trade deficit narrowed in May as exports — including industrial supplies and consumer goods — climbed to all-time highs. The Commerce Department said growing exports drove the trade gap down to $58.8 billion, a 1.2 percent decrease from April and the best showing since March. The good news did little to buoy investors' moods. I don't know if it can get much worse, Stone said of investor sentiment. Usually you get this horrible sentiment and you're due for at least a bounce out of it.Beyond earnings reports, economic figures are due next week on inflation, retail sales and the housing market. Declining issues outnumbered advancers in Friday's session by about 2 to 1 on the New York Stock Exchange, where consolidated volume came to a heavy 6.57 billion shares compared with 5.71 billion shares traded Thursday. The Russell 2000 index of smaller companies rose 4.51, or 0.67 percent, to 674.95.

Overseas, Japan's Nikkei stock average fell 0.21 percent. Britain's FTSE 100 fell 2.69 percent, Germany's DAX index declined 2.41 percent, and France's CAC-40 fell 3.09 percent. The Dow Jones industrial average ended the week down 188.00, or 1.67 percent, at 11,100.54. The Standard & Poor's 500 index finished down 23.41, or 1.85 percent, at 1,239.49. The Nasdaq composite index ended the week down 6.30, or 0.28 percent, at 2,239.08. The Russell 2000 index finished the week up 9.17, or 1.38 percent, at 674.95. The Dow Jones Wilshire 5000 Composite Index — a free-float weighted index that measures 5,000 U.S. based companies — ended Friday at 12,635.43, down 180.04 points, or 1.40 percent, for the week. A year ago, the index was at 15,382.73. On the Net: New York Stock Exchange: http://www.nyse.com Nasdaq Stock Market: http://www.nasdaq.com

OIL TRADING
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Oil sets new trading record above $147 a barrel By MADLEN READ, AP Business Writer JULY 11,08

NEW YORK - It's only July, but it might be time to start loading up on blankets and sweaters. Oil spiked to a new trading record as hostilities rise between the West and Iran — raising the likelihood that this winter's heating bills will be the priciest yet. Crude oil's brief jump past $147 a barrel Friday arrived not only as the United States and Israel view Iran as a growing threat, but also as the U.S. dollar fell and worries erupted over possible supply disruptions in two other major oil-producing nations: Nigeria and Brazil.Those factors contributed to new all-time trading highs in crude, gasoline and heating oil. It looks like $4-a-gallon gasoline might be here to stay, and that heating oil costs might cause further problems for consumers as the weather gets colder. Futures prices for natural gas turned lower Friday, but are still about twice as high as a year ago.If you think your gasoline bills are expensive now, wait till you get your home heating bill this winter, said Stephen Schork, an analyst and trader in Villanova, Pa.

Heating oil is used mostly in the Northeast United States; homes in most other parts of the country use natural gas. It's possible for people to cut back on heating as they do on driving, but it's not easy to slash the bill significantly.We've been building these ridiculous McMansions over the past few years. It's harder to trade in a McMansion than it is an SUV, Schork said. But you can turn your thermostat down and throw on a sweater.Political unrest in oil-producing regions — along with production cutbacks by refineries and fairly resilient demand for diesel fuel — have been keeping energy costs high.Iran, which has long been under U.N. scrutiny for its uranium enrichment program, has been testing missiles this week, including a new missile capable of reaching Israel. On Thursday, Secretary of State Condoleezza Rice warned the oil-producing nation that the United States will defend its allies, and Iran responded with another missile launch. Neither the United States nor Israel has ruled out a military strike on Iran.

Then on Friday, there were rumors of Israeli military exercises taking place in Iraqi air space. The rumors were reportedly denied by Israeli officials.The war of words is quite heated, said Michael Lynch, president of Strategic Energy & Economic Research Inc. in Winchester, Mass. And it raises the possibility of some serious problems in the area — either the cutoff of Iranian exports, or Iranian strikes on tankers in the Strait of Hormuz.About 40 percent of the world's tanker traffic passes through the Strait of Hormuz.

Meanwhile, Brazilian oil workers were threatening to go on a five-day strike next week unless the state-run oil firm Petrobras gives them an extra day off at the end of their 14-day shift. Those supply worries added to those sparked Thursday when Nigeria's main militant group said it would resume attacks in the oil-rich region.

Light, sweet crude for August delivery soared to an all-time high of $147.27 a barrel before settling at $145.08, up $3.43. That's slightly below last Thursday's settlement record of $145.29 a barrel.Meanwhile, the dollar weakened against other major currencies Friday. Because oil is bought and sold in dollars, oil's rise has not been as severe for countries with stronger currencies; meanwhile, traders have been using commodities as a hedge against the tumbling dollar.In Nymex trading, heating oil futures rose to a trading record of $4.1586 before settling at $4.0766 a gallon, up 3.92 cents.Gasoline futures also rose to a new trading record of $3.631 a gallon before finishing at $3.5632, up 5.23 cents.The average U.S. retail price for gasoline was at $4.096 a gallon, down slightly from the record $4.108 a gallon reached on Monday, according to auto club AAA, the Oil Price Information Service and Wright Express.Natural gas futures fell 39.6 cents to $11.904 per 1,000 cubic feet, but only after rising as high as $13.694. On London's ICE futures exchange, Brent crude settled at $144.49, up $2.46. Associated Press Writers Pablo Gorondi in Budapest, Hungary, and Eileen Ng in Kuala Lumpur, Malaysia, contributed to this report.