Monday, December 15, 2008

FEIGLIN GETS DROPPED

STORMS HURRICANES-TORNADOES

LUKE 21:25-26
25 And there shall be signs in the sun, and in the moon, and in the stars; and upon the earth distress of nations, with perplexity;(MASS CONFUSION) the sea and the waves roaring;(FIERCE WINDS)
26 Men’s hearts failing them for fear, and for looking after those things which are coming on the earth: for the powers of heaven shall be shaken.

Slow progress in restoring power to Northeast Mon Dec 15, 8:36 am ET

BOSTON – Utility crews worked around the clock to restore electricity Monday to more than 400,000 homes and businesses in six states still without power three days after the region's devastating ice storm.Many public schools, including those in Worcester — the state's second largest city — were closed with local emergency declarations still in effect in dozens of communities.James Mannion, spokesman for the Massachusetts Emergency Management Agency, said conditions in some of those areas made it too dangerous to hold school.Roads aren't safe to drive on and there might be power lines down. It isn't safe for kids to get around, Mannion said early Monday.Power companies in New Hampshire, Vermont, Massachusetts, Maine, Connecticut and upstate New York reported Sunday and early Monday a total of 423,200 customers were still without power. Crews from Canada and as far away as Virginia and Michigan were assisting in restoring power lines.While some took refuge in shelters, others have been checking in to hotels and motels, including the Howard Johnson Inn in Hadley.Half of our rooms have been taken by families coming with their kids and even some dogs, Rick Kim, guest services agent for the hotel, told The Republican newspaper of Springfield.President George W. Bush declared a state of emergency in New Hampshire and in nine of Massachusetts' 14 counties, directing the Federal Emergency Management Agency to provide relief assistance.

New Hampshire, Massachusetts, New York and Maine declared either limited or full states of emergency Friday. Crews across the region reported the ice had destroyed utility poles, wires and other equipment, but said the extent of damage was unclear because some roads still were impassable.As of 4 a.m., Mannion said there were approximately 118,500 electric customers in Massachusetts without power, down from a peak of 350,000 in the immediate aftermath of the storm on Friday.New Hampshire, the hardest-hit state, was down to about 168,000 customers without power Monday morning, compared to a peak of 430,000 on Friday, utilities reported. There was also 94,400 without power in New York; 35,000 in Maine; 6,195 in Vermont and 1,104 in Connecticut.Access to downed power lines and poles remains the biggest obstacle for workers. While the major roads are cleared, many secondary roads in rural areas remain blocked by fallen trees and tree limbs.The potential for high winds and rain over the next 24 to 36 hours is likely to affect efforts to restore power and may also create additional outages in Massachusetts, National Grid said in a statement.

Mannion said an estimated 2,200 residents without heat or electricity spent the night at 62 emergency shelters around Massachusetts.In Kennebunk, Maine, Holmes Tree Farm closed on Friday but reopened Saturday. Diane Holmes said people were getting antsy in their homes and needed fresh air. They also needed to return to their holiday traditions. By Sunday, several hundred trees had been sold.Holmes said the ice-laden balsam firs sparkled in the sunlight, but the ice made them heavy. I'm telling people, bring a lot of muscle, she said.In Vermont, Green Mountain Power President Mary Powell was touring affected areas and helping distribute lunches to the line crews. She said the damage caused by the storm rivaled or even exceeded the 1998 ice storm that hit northern Vermont.Whenever you get this kind of ice accumulation, there's just nothing from a utility perspective you can do to protect your customers from devastating damage, Powell said. Emergency management officials reported four storm-related deaths. A Danville man died of carbon monoxide poisoning from the generator he was using after his power went out Thursday night. Carbon monoxide from a gasoline-powered generator killed a couple in their 60s at Glenville, N.Y., police said Saturday. The body of a Marlborough, Mass., public works supervisor was recovered from a reservoir Saturday, a day after he went missing while checking on tree limbs downed by the ice. (This version CORRECTS the number of states from five to six.)

SoCal traffic snarled, evacuations during storm DEC 15,08

LOS ANGELES – A powerful storm slammed into the state Monday, producing heavy rain that snarled traffic all over Southern California and forced hundreds to flee homes in a suburb devastated by wildfires just last month.At higher elevations, heavy snow in a mountain pass east of Los Angeles closed the main route connecting Las Vegas to Southern California. North of the city, the main route to San Francisco was snarled by snow that forced the state Highway Patrol to shepherd motorists across another pass in caravans.In the San Diego area, at least one person was killed when an armored truck slid off a wet highway and rolled down an embankment, the Highway Patrol said.In Yorba Linda, where 100 homes were lost to a wildfire last month, hundreds of homes in canyon areas on the east end of town were ordered evacuated Monday morning because of the threat of mudslides. Residents had been advised to leave as early as Sunday night and an evacuation center was opened.It is mandatory now, unknown duration, said Brea police Lt. Jim Tibbetts.The storm was part of the same weather system that brought heavy snow to Portland, Ore., on Sunday, snarling traffic and delaying airline flights, said Steven Van Horn, a National Weather Service meteorologist.It's making it's way south down the West Coast, Van Horn said. It's going to be the cause for any sort of showers we will have now through Wednesday.Rainfall totals for Southern California on Monday morning ranged from 1 inch at Moorpark to nearly 2 inches at Glendale. Snow was falling in areas above 3,000 feet. The Lockwood Valley in the mountains of Ventura County had been hit with 8 inches by midmorning.The storm was expected to linger in the area through Wednesday, Van Horn said, although showers were expected to be scattered and lighter on Tuesday and Wednesday.

Russian navy: Russian warships to visit Cuba DEC 15,08

MOSCOW – Russian warships will visit U.S. foe Cuba for the first time since the Soviet era, the navy said Monday.The destroyer Admiral Chabanenko and two support ships from a squadron that has been on a lengthy visit to Latin America will put in at Havana on Friday for a five-day stay, navy spokesman Capt. Igor Dygalo said.It will be the first visit by Russian warships to the Communist-led island just 90 miles (145 kilometers) from the United States since the 1991 Soviet collapse, Dygalo said.The Admiral Chabanenko, the nuclear-powered cruiser Peter the Great and support ships arrived in the Caribbean last month in a deployment also unprecedented since Soviet times. The voyage is widely seen as a show of force close to U.S. shores and a response to the U.S. use of warships to deliver humanitarian aid to Russia's neighbor Georgia after their war in August.The ships' visit coincided with a Latin American tour by Russian President Dmitry Medvedev, who raised Russia's profile in the region and met with former Cuban leader Fidel Castro.The United States has maintained an economic embargo against Cuba since 1962, after a failed U.S. attempt to overthrow Castro's fledgling Cuban government. Later that year, the world came close to war when the Soviet Union placed nuclear missiles on Cuba. That crisis ended two weeks later after the Soviets agreed to remove the missiles for a U.S. pledge not to invade the island.From 1969 until the collapse of the Soviet Union, Soviet naval groups regularly called in Cuba, where there was a major intelligence collection station, says military analyst Nathan Hughes of Stratfor online intelligence service.

Several thousand Soviet soldiers and their families were stationed in Cuba, which once received $5 billion annually in Soviet largesse.Moscow's support for Cuba sharply decreased after the 1991 Soviet collapse, but Russia has moved to bolster ties to the island recently.The Russian ships in Latin America now have held joint exercises with the navy of Venezuela, whose President Hugo Chavez is a fierce U.S. critic, and the Admiral Chabanenko became the first Russian warship to sail through the Panama Canal since World War II.The destroyer and two support vessels left Nicaragua on Sunday after delivering $200,000 worth of medicine, computers and other humanitarian aid, Nicaraguan Lt. Col. Juan Morales said. Dygalo said, however, that the ships left Nicaragua on Monday. Their visit stirred heated political debate there.The Peter the Great remains in the Caribbean but will not visit Cuba, Dygalo said.

Feiglin to Supporters: I Will Not Crawl before Supreme Court by Gil Ronen DEC 14,08

(IsraelNN.com) Moshe Feiglin, who heads the Jewish Leadership faction in Likud, penned a message to his supporters Friday explaining why he has opted not to contest the Likud court's decision to demote him to the 36th slot in its Knesset list despite the fact that he was originally placed 20th. Feiglin hypothesized that Hashem had set up this 'test' for him and his supporters in order to eventually make it possible for them to lead the country sooner than anyone expected.At first glance it seems crazy, he wrote, and explained that his legal case against the decision to bump him from the 20th slot would have been a rock-solid one. All of the lawyers from both Right and Left were united in the opinion that one could not lose this motion,Feiglin added.However, he explained, we all feel that something bigger is going on here, something much much bigger than just a bid for the Knesset.

It's bigger than us
It's bigger than me, bigger than Bibi, bigger than the Likud. What is being decided here is not whe I must be elected only through your votes. I cannot lead this revolution when the chains of this evil dictatorship are upon my neck.ther Feiglin will be in the Knesset or how many Knesset seats the Likud will get. What is being decided is the question – will the State of Israel return to the hands of the People of Israel, or will it remain a captive of the invisible dictator who will cause it to crumble and bring it to an end, the candidate wrote.If I declared war on that hidden dictator and then, in a moment of truth, crawled to it and entered the Knesset through its help, then all of my talk would have been empty words, Feiglin explained. He has often used the term invisible dictator with regard to the High Court and other elites which he says are Israel's behind-the-scenes despots.In order to lead the necessary revolution I must be elected only through your votes, he went on. I cannot lead this revolution when the chains of this evil dictatorship are upon my neck.

Exceeding imagination
Feiglin predicted that soon after Netanyahu forms a government, a great crisis will occur and there will again be a contest for the leadership of the Likud. Already, the popular support I am receiving is exceeding all imagination, he added. The Creator of the World has brought us to a situation in which we constantly win, and this victory will only get bigger.Feiglin told his supporters that Netanyahu is a passing phenomenon and called on them to vote Likud, and vote me and my colleagues into the Knesset, so that with the grace of Hashem we will have a real Likud!.

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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

WORLD MARKET RESULTS
http://money.cnn.com/data/world_markets/

HALF HOUR DOW RESULTS MON DEC 15,2008

09:30 AM +17.05
10:00 AM -32.10
10:30 AM -40.26
11:00 AM -25.60
11:30 AM -54.25
12:00 PM -70.88
12:30 PM -41.18
01:00 PM -86.10
01:30 PM -82.91
02:00 PM -76.54
02:30 PM -97.33
03:00 PM -122.02
03:30 PM -137.39
04:00 PM -65.15 8564.53

S&P 500 868.57 -11.16

NASDAQ 1508.34 -32.38

GOLD 836.50 +15.00

OIL 44.75 -1.53

TSE 300 8461.83 -53.62

CDNX 716.81 -1.73

S&P/TSX/60 512.28 -3.48

MORNING,NEWS,STATS

Dow +38 points at 4 minutes of trading today.
Dow +40 points at high.
Dow -70 points at low.
MGM Mirage selling treasure Island for $775 MILLION.
JP MORGAN downgraded to underperform at Merrill.
AT&T downgraded to neutral from buy at Goldman.

Once again the Bible proven literal and truthful by Solomons Portfolio.

ECCLESIASTES 11:1-2
1 Cast thy bread upon the waters: for thou shalt find it after many days.
2 Give a portion to seven, and also to eight; for thou knowest not what evil shall be upon the earth.

THE SOLOMON PORTFOLIO (DIVIDE EQUALLY IN THESE 7 PORTIONS)
-Large-Cap US stocks
-Small-Cap US stocks
-Non-US stocks
-Commodities and Natural Resourses
-Real Estate Investment Trusts (REITS)
-Intermediate Bonds
-Cash

AFTERNOON,NEWS,STATS

Dow -100 at low today so far.
Dow +40 at high today so far.

WRAPUP,NEWS,STATS

Dow -180 at low today.
Dow +40 at high today.
Dow -0.7% today.
S&P -1.2% today.
Nasdaq -2.1% today.
Dow,S&P,Nasdaq on pace for 4th consecutive losing month.
Goldman cuts Apple.
Home builders amoung the days worst performing stock groups today.
Stocks fall after economic data highlights manufacturing slump.
Siemens to pay $1.3 BILLION to settle corruption probes in U.S and Germany.
Republicans,UAW blame each other for bailout failing.
Toyota sales -13.7% in 2008.
Oil was close to $50,closes at $44.75 today.

MARKET TODAY
-Testing resilience ahead of FED decision.
-Financials weigh:Concern over Banks Madoff exposure.
-Bracing for Goldman Sachs earnings.

COMMODITY COMEBACK
-Bear market Rallies=Trading opportunities.
-Short-covering Rallies=Key drivers.
-Even talk of production cuts will help.
-Inventories will rise again.

Stocks end lower as Madoff victim list grows DEC 15,08

F 3.18 +0.14
GM 4.08 +0.14
GS 66.46 -1.28
HBC 54.62 -0.17
HIG 13.97 -0.51
NEW YORK – Investors sent stocks lower Monday as anxiety over the growing list of firms affected by investment manager Bernard Madoff magnified Wall Street's concerns about the health of the financial sector.Stocks had traded mixed early on as investors were relieved to hear that President George W. Bush was working on providing short-term government help for the auto industry. The Senate's rejection of a $14 billion bailout for automakers last week had raised the possibility of a major bankruptcy, which some analysts say would result in as many as 3 million U.S. job losses next year.But as that fear eased somewhat, it gave way to concerns about companies' exposure to Madoff's fund. Well respected in the investment community after serving as chairman of the Nasdaq Stock Market, Madoff was arrested Thursday for orchestrating what prosecutors say was a $50 billion Ponzi scheme to defraud investors.Firms with exposure include HSBC Holdings PLC, Banco Santander, BNP Paribas, Royal Bank of Scotland Group PLC and hedge fund Man Group PLC. And the list of prominent investors keeps growing.This is a massive fraud taking down very intelligent people, very sophisticated investors and it just leaves you a little bit shaky in terms of who's really monitoring the store, said Jay Wong, principal and portfolio manager of Los Angeles-based money manager Payden & Rygel.The ordeal dealt another blow to investors' confidence in the market, analysts said.The investor psyche is already quite fragile. Scandals like this just add fuel to the fire, said Alan Gayle, senior investment strategist for RidgeWorth Capital Management.Investors also were nervous ahead of earnings reports later this week from the country's two largest investment banks, Goldman Sachs Group Inc. and Morgan Stanley.

Analysts are expecting Goldman Sachs to report a loss of $3.50 per share on Tuesday, according to a poll by Thomson Reuters. It would be the investment bank's first quarterly loss since it went public in 1999. Morgan Stanley reports results on Wednesday.According to preliminary calculations, the Dow Jones industrial average fell 65.15, or 0.75 percent, to 8,564.53. The Standard & Poor's 500 index lost 11.16, or 1.27 percent, to 868.57, while the Nasdaq composite index fell 32.38, or 2.10 percent, to 1,508.34.The Russell 2000 index of smaller companies fell 17.63, or 3.76 percent, to 450.80.Declining issues outnumbered advancers by about 3 to 1 on the New York Stock Exchange, where volume came to a light 1.21 billion shares.Volume is expected to remain light this week, the last full week of trading this year, ahead of the holidays. Analysts were quick to point out that light volume often skews the market's moves.There doesn't seem to be a whole lot of activity in the market right now, said Joe Keetle, senior wealth manager of Dawson Wealth Management. On small volume, the market can move dramatically one way or the other.Investors also seemed hesitant to make any major moves ahead of the Federal Reserve's decision Tuesday on interest rates. Some analysts anticipate policy makers will cut the key rate by a half-point to 0.5 percent, while others expect a three-quarter-point reduction to 0.25 percent — which would be the lowest key rate on records going back to 1954.

A Fed ease this week has long been anticipated by the market; the only news would be if the Fed did not cut, Gayle said. He added that the market will probably pay close attention to the statement the central bank releases about the economy and the possibility of future policy actions.Despite Monday's moderate decline, investors have been showing a greater tolerance for bad economic and corporate news in recent sessions, leading some analysts to believe that the market may be showing some stability after the horrific selling of the past three months.The Dow ended last week down 0.07 percent; the S&P 500 index finished the week up 0.42 percent; and the Nasdaq composite index ended the week up 2.08 percent. Still, the Dow is down about 35 percent for the year, while the S&P 500 and Nasdaq are down more than 40 percent.

The market has recently done a very good job with absorbing bad news, said Quincy Krosby, chief investment strategist at The Hartford Financial Services Group Inc. The key is no major surprises for the market.In addition to a rate cut, investors are anticipating some sort of resolution for the auto industry this week. Following the legislative defeat on Thursday, the administration said it was considering several options. Bush reiterated Monday that he remains open to tapping the $700 billion financial bailout fund to help the companies. General Motors Corp. and Chrysler LLC are seeking the funding, while Ford Motor Co. has said it has enough cash to survive 2009. GM was the biggest gainer among the 30 stocks that make up the Dow, rising 14 cents, or 3.6 percent, to close at $4.08. The biggest loser Monday was JPMorgan Chase & Co., which fell $2.31, or 7.5 percent, to $28.63, alongside other declining financial stocks. The Madoff scandal only added to investors' growing fears about the financial sector — namely that banks will report more losses in the fourth quarter due to the major market turmoil throughout the period. Goldman Sachs fell $1.28 to $66.46, while Morgan Stanley lost 21 cents to $13.64. In economic data, the Fed reported a decline in November industrial production, while the New York Fed reported a massive contraction in regional manufacturing activity.

Bond prices edged higher Monday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.50 percent late Monday from 2.58 percent late Friday. The yield on the three-month T-bill — a safe short-term asset that's in very high demand — dipped to 0.02 percent late Monday from 0.04 percent late Friday.

The dollar fell against the euro and the British pound, but rose against the Japanese yen. Gold prices rose. Light, sweet crude for January delivery peaked briefly above $50 early Monday, but then fell $1.77 from Friday's level to settle at $44.51 a barrel on the New York Mercantile Exchange. Markets overseas were mixed. Japan's Nikkei stock average rose 5.21 percent, while Hong Kong's Hang Seng index rose 1.96 percent. Britain's FTSE 100 slipped 0.07 percent, Germany's DAX index fell 0.18 percent, and France's CAC-40 fell 0.87 percent. On the Net: New York Stock Exchange: http://www.nyse.com Nasdaq Stock Market: http://www.nasdaq.com

Berlin plans stimulus package 2.0
VALENTINA POP Today DEC 15,08 @ 09:27 CET


The German government is working on a second stimulus package worth at least €30 billion, but no decision will be taken until the end of January, when US president-elect Barack Obama is sworn in.Economy minister Michael Glos discussed a second package during a seven-hour meeting on Sunday between cabinet members and around 30 representatives of industry, trade unions and banks.Chancellor Angela Merkel, for a long time under fire for not having responded swiftly enough to the financial crisis, pledged to oversee stronger collaboration between all actors involved. Germany was a strong country and these measures would help it to weather the storm, she said.Two working groups, one on labour markets and the other on financial markets, would be immediately formed, finance minister Peer Steinbruck has said.

However, no decision would be taken before 20 January, when US president Barack Obama takes office. When the US government puts something on the table, the German government will also have something ready, Bert Rurup, head of the economic mediation council within the German government said after the Sunday meeting.Berlin would also maintain its line on not cutting VAT rates, as the UK has done recently, but would take its own measures, Mr Steinbruck said.According to a draft seen by the Wirtschafts Woche weekly, the second stimulus package would be a mix of different measures worth at least €30 billion.Its main aim will be to break the vicious cycle of inflation and pay raises. Another measure will be to lower the medical insurance contributions by beefing up the health care fund. A second infrastructure programme, as well as tax cuts for the socially disadvantaged have also been included in the draft.The package would be mostly funded by external loans.Meanwhile, Berlin has to failed to revive the inter-bank lending market and might soon be forced to modify its €500 billion bank rescue package, adopted in October.

Politicians led by Ms Merkel and Mr Steinbruck have lambasted the banks for parking their cash with the European Central Bank at very low interest rates instead of lending it to each other or to companies. Speaking to Der Spiegel, American Nobel economics laureate Paul Krugman has accused both Chancellor Merkel and her finance minister, Mr Steinbruck, of still viewing the world as it was a year or two ago, when inflation and deficits were the main economic threats.

Trichet warns on fiscal indiscipline

Meanwhile, fiscal indiscipline in European rescue packages is not to be tolerated, as it could threaten the fragile economic confidence, president of the European Central Bank, Jean-Claude Trichet has told the Financial Times.But he argued that the European Union's stability and growth pact, which sets rules on public deficits and debt, offers flexibility to countries with stronger finances. We would destroy confidence if we blew up the stability and growth pact, he said. Mr Trichet said the global financial crisis poses a serious threat to industrialised economies. We cannot afford in the future to put the concept of the market economy at risk as we did.

Home values seen losing over $2 trillion during 2008 Mon Dec 15, 7:19 am ET

NEW YORK (Reuters) – Homes in the United States have lost trillions of dollars in value during 2008, with nearly 11.7 million American households now owing more on their mortgage than their homes are worth, real estate website Zillow.com said on Monday.U.S. homes are set to lose well over $2 trillion in value during 2008, according to an analysis of recent Zillow Real Estate Market Reports.Home values declined 8.4 percent year-over-year during the first three quarters of this year, compared to the same period in 2007, the reports showed.U.S. home values lost $1.9 trillion from the first of the year through the end of the third quarter, and will probably fall further in the fourth quarter. One in seven of all homeowners, or 14.3 percent, were underwater by the end of the third quarter, the reports showed.This year marked the acceleration of the market correction, and is likely to end with the eighth consecutive quarter of declines in home values, Dr. Stan Humphries, Zillow's vice president of data and analytics, said in a statement.In general, homeowners in most areas we cover are struggling with foreclosures pouring into the market, large amounts of negative equity and dropping home values. On the positive side, in the third quarter, some markets - particularly those hit hardest in the downturn - showed smaller year-over-year declines than in the prior quarter, he said.

Our optimism here, though, must be tempered by the knowledge that the larger economic problems that emerged in the fourth quarter will likely further challenge the real estate market, he said.The U.S. housing market is suffering the worst downturn since the Great Depression as a huge supply of unsold homes, tighter lending standards and record foreclosures push down home prices.Thirty of the 163 metropolitan statistical areas, or MSAs, covered in the Zillow Real Estate Market Reports showed gains in the Zillow Home Value Index, or median value of all homes in the area, over the first three quarters of the year, with the Jacksonville, North Carolina region seeing year-over-year appreciation of 4.9 percent. The change in value was calculated by averaging the year-over-year change in each of the first three quarters of the year, the reports showed.The U.S. housing market, with falling prices, rising foreclosures, and large numbers of underwater mortgages, remains the largest unresolved issue for the global economy.The Stockton, California region fared the worst in the first three quarters of 2008, with home values sliding 32.3 percent year-over-year. The Merced, California area followed with home values declining 31.2 percent year-over-year in the first three quarters of 2008, the reports showed.(Reporting by Julie Haviv, Editing by Chizu Nomiyama)

Parliament negotiators sign off on climate deal
LEIGH PHILLIPS Today DEC 15,08 @ 09:21 CET


EUOBSERVER / BRUSSELS - European Parliament negotiators have signed off on the climate package deal backed by European Union premiers and presidents last week, setting up the bills that make up the package to be approved when the full sitting of the house gathers to consider them on Wednesday (17 December).MEPs and the French EU presidency reached the informal agreement on Saturday morning over the last details of the climate change package. The EU's 'Triple-20' bundle of laws aimed at arresting catastrophic climate change, aims to decrease greenhouse gas emissions, improve energy efficiency and increase the use of renewable energy all by 20 percent by 2020.However, the fine print of the deal will see the vast majority of the emissions reductions made in the developing world instead of Europe and emissions permits given away for free to many industries, a move that critics say will deliver windfall profits to manufacturers but little in the way of CO2 reductions.Over the course of three consecutive meetings, delegations from the parliament, led by the three MEPs who shepherded the legislation through the chamber, and representatives of the French EU presidency finalised the informal negotiations on a directive revising the current EU emission trading system (ETS) - the heart of the climate package.

They also haggled over a decision setting ceilings for national emissions in sectors not covered by the ETS and considered a directive that would pave the way for the development of carbon dioxide capture and storage (CCS), an experimental technology that could scrub emissions from polluters such as coal-fired power plants and steel mills and then store the CO2 underground or under the sea bed.The agreement reached on Saturday calls for 300 million allowances (emissions permits in the ETS) to be awarded to fund large scale CCS projects in the EU. Monies from the sale of such permits should cover the construction costs of nine or ten such projects.Member states had agreed on Friday to set aside 200 million allowances for CCS.Irish centre-right MEP Avril Doyle, one of the lead negotiators, said the outcome was a very good result and a balanced outcome between preserving the environmental integrity of the proposal and ensuring a level playing field for European industry.Finnish Green MEP Satu Hassi, another of the parliament's negotiators, had mixed feelings about the compromise: It is a historical achievement to have emissions reductions targets for EU member states with also binding linear pathway and binding yearly limits, she said. However, I cannot feel completely happy, because the deal allows outsourcing of over half of EU emissions reductions to other countries.Some MEPs on Friday had warned they would put up a fight over the dilution of the climate package, but with the major political groupings, the Socialists and the centre-right European People's Party solidly behind the finalised package, the agreement is all but a done deal.The compromises must still be put to a vote of the full sitting of the parliament, due to take place on Wednesday (17 December) in Strasbourg and then formally endorsed by the all EU member states.

EU backs $264B US stimulus package Friday, December 12, 2008 | 12:25 PM ET CBC News

The European Union formally agreed Friday to pump $264 billion US into the ailing economies of its 27-member countries to battle the current downturn.The EU will let its members choose the best way to use the cash from a menu of options, including accelerated infrastructure projects and tax relief, British Prime Minister Gordon Brown said in announcing the organization's support for a package that had been tentatively agreed to earlier in December.This is good news for Britain, because the action today will support employment and growth in what are our biggest export markets in Europe.... And because it is co-ordinated action, agreed unanimously and happening simultaneously, it will have a bigger impact on jobs and growth, Brown said at a press conference in Brussels, where EU heads discussed climate change and the economy.The agreement means the EU countries will spend billions on co-ordinated action to assist failing economies and keep the few remaining decent performers healthier.The European Union has a variety of rules in place to prevent individual countries from imposing trade barriers and taking other actions that might be deemed too restrictive.All told, the new EU package will inject fiscal stimulus worth about1.5 per cent of the entire GDP of the constituent members.

Rate cuts not enough
These countries had been mildly split over whether interest rates cuts or new government spending was the best method to help their economies.After a series of recent cuts, however, interest rates at the European Central Bank and Sweden's Riksbank now stand at two per cent and the Bank of England at one per cent, leaving little room for additional help from further rate reductions.Now the EU, similar to many countries, appears willing to throw its support behind extra spending as the way out of a financial swamp in which many economies now find themselves mired.We agree that decisive action is needed, both at the EU and national levels, in order to sustain demand and investment ... and in order to sustain higher growth and employment in the European Union, the organization's economic and financial affairs council said Dec. 3.Many countries, including the United States, have developed plans to inject cash into their economies along with programs to change financing rules and ensure sufficient funds exist for lenders.

THIS IS SO SAD IT WILL HURT ISRAELIS THAT A SECULAR ISRAELI SCAMMED SO MANY PEOPLE AND SO MUCH CASH. CHRISTIANS DO NOT BLAME THIS ON ALL ISRAELIS,THIS IS JUST ONE GONE BAD,WE MUST STICK UP FOR ISRAEL NOT GO AGAINST THEM. I NEVER EVEN KNEW HE WAS AN ISRAELI TILL I LISTENED TO ISRAEL NATIONAL RADIO YESTERDAY.

Alleged Madoff fraud has worldwide exposure By JOE BEL BRUNO and JANE WARDELL, AP Business Writers DEC 15,08

NEW YORK – The list of investors who say they were duped in one of Wall Street's biggest Ponzi schemes is growing, snaring some of the world's biggest banking institutions and hedge funds, the super rich and the famous, pensioners and charities.The alleged victims who sunk cash into veteran Wall Street money manager Bernard Madoff's investment pool include real estate magnate Mortimer Zuckerman, the foundation of Nobel laureate Elie Wiesel, and a charity of movie director Steven Spielberg, according to The Wall Street Journal.Among the world's biggest banking institutions, Britain's HSBC Holdings PLC, Royal Bank of Scotland Group PLC and Man Group PLC, Spain's Grupo Santander SA, France's BNP Paribas and Japan's Nomura Holdings all reported that they had fallen victim to Madoff's alleged $50 billion Ponzi, or pyramid, scheme.The 70-year-old Madoff (MAY-doff), well respected in the investment community after serving as chairman of the Nasdaq Stock Market, was arrested Thursday in what prosecutors say was a $50 billion scheme to defraud investors. Some investors claim they've been wiped out, while others are still likely to come forward.There were a lot of very sophisticated people who were duped, and that happens a great deal when you've had somebody decide to be unscrupulous, said Harvey Pitt, a former chairman of the Securities and Exchange Commission, a regulatory agency in charge of monitoring investment funds like the one Madoff operated.The extent of the potential damage prompted a leading fund manager in London to lash out at U.S. regulators for failing to detect the fraud earlier.

I think now it is very difficult for people to invest in things that are meant to be regulated in America, because they haven fallen down in the job, Nicola Horlick, the manager of Bramdean Alternatives, which has 9 percent of its funds invested in Madoff's scheme, told the British Broadcasting Corp.All through the credit crunch this has been apparent, Horlick added. This is the biggest financial scandal, probably, in the history of the markets.Among U.S. investors, the Boston-based Robert I. Lappin Charitable Foundation, a charity that financed trips for Jewish youth to Israel, let go of its staff after revealing that the money for its operations was invested with Madoff.New Jersey Sen. Frank Lautenberg, one of the wealthiest members of the Senate, entrusted his family's charitable foundation to Madoff. Lautenberg's attorney, Michael Griffinger, said they weren't yet sure the extent of the foundation's losses, but that the bulk of its investments had been handled by Madoff.Lautenberg's foundation handed out more than $765,000 to at least 100 recipients in 2006, according to the most recent listing on Guidestar, which tracks charitable organization filings.The foundation helps support a variety of religious, educational, civic and arts organizations in New Jersey and elsewhere, and its contributions range from a gift of more than $300,000 to the United Jewish Communities of MetroWest New Jersey to a $2,000 donation to a children's program at the Hackensack Medical Center.Reports from Florida to Minnesota included profiles of ordinary investors who gave Madoff their money. Some had been friends with him for decades, others were able to invest because they were a friend of a friend. They told stories of losing everything from $40,000 to an entire nest egg worth well over $1 million.They join a list of more powerful investors that have come forward, all worried about the extent of their losses. The roster of names include former Philadelphia Eagles owner Norman Braman, New York Mets owner Fred Wilpon and J. Ezra Merkin, the chairman of GMAC Financial Services, among others.The Wall Street Journal, citing a person familiar with the matter, said Mortimer Zuckerman, the chairman of real estate firm Boston Properties and owner of the New York Daily News and U.S. News & World Report, had significant exposure through a fund that invested substantially all of its assets with Madoff.The Journal also said the Steven Spielberg charity, the Wunderkinder Foundation, in the past appears to have invested a significant portion of its assets with Madoff. It said the Elie Wiesel Foundation for Humanity, founded by the famed Holocaust survivor and writer, was hard hit by losses, citing two people familiar with the organization's investments.Messages were left with the Zuckerman fund and Wunderkinder foundation. The Wiesel foundation said it was looking into the matter.The Journal also reported potential investors and firms exposed to the alleged fraud included: Carl Shapiro, founder and former chairman of women's apparel company Kay Windsor Inc.; Bed Bath & Beyond Inc. co-founder Leonard Feinstein; Yeshiva University; EIM Group; UBS AG; Fairfield Greenwich Advisors; Tremont Capital Management; Maxam Capital Management and Ascot Partners. Among those overseas confirming exposure on Monday, Banco Santander, the largest bank in the euro zone by market capitalization, said its clients have 2.33 billion euros ($3.07 billion) in exposure with Madoff, mostly through a fund called Optimal Strategic US Equity.

HSBC, Britain's largest bank, said a small number of its insitutional clients had exposure totaling some $1 billion in Madoff funds. It added that it has custody clients who have invested with Madoff, but it did not believe those custodial arrangements should be a source of exposure to the group.Royal Bank of Scotland — Britain's second-largest bank, which is now 58 percent owned by the British government — said it could lose around 400 million euros pounds through exposure in trading and collateralized lending to funds of hedge funds invested with Bernard L Madoff Investment Securities LLC. Man Group, the world's largest publicly traded fund manager that reported exposure of around $360 million on Monday, said it appears that a systematic and comprehensive fraud may have been committed, evading a range of structural controls.Japan's Nomura Holdings said it has 27.5 billion yen ($306 million) in exposure, but added that any losses were likely to be limited compared to its capital base. French banks foresee nearly 1 billion euros in potential losses as indirect victims of the alleged fraud. Natixis, France's fourth-largest bank, set its maximum indirect exposure at about 450 million euros. A statement by the investment bank said it made no direct investments in hedge funds managed by Madoff. However, it said that some of its clients' money was invested in funds managed by first class custodians, which in turn entrusted those securities to Madoff's investment securities company. Both Societe Generale and Credit Agricole said they had negligible exposure of below 10 million euros each. However, the euro zone's largest bank, BNP Paribas, has estimated its risk exposure to hedge funds managed by Madoff at up to 350 million euros. In a statement Sunday, BNP Paribas said it has no investment of its own in Madoff's hedge funds, but does have risk exposure to these funds through its trading business and collateralized lending to funds of hedge funds.Swiss bank Union Bancaire Privee indicated it had hundreds of millions of dollars in client assets invested under the management of Madoff. The Geneva bank, one of Switzerland's largest, did not disclose a total amount invested, but did say the exposure of its clients represents less than 1 percent of the total assets under management of the bank.UBP's announcement Monday followed weekend disclosures by Swiss banks Reichmuth & Co. of Lucerne, Benedict Hentsch of Geneva and Neue Privat Bank of Zurich that they had millions of dollars worth of client assets at risk in the case. Unicredit, Italy's largest bank, said its exposure to Madoff's company is about 75 million euros, representing amounts the bank invested directly and not funds belonging to its clients, said spokesman Andrea Moreschi. Unicredit has a separate, indirect exposure through Pioneer Investment, its asset management division. In Germany, Deutsche Bank AG, Dresdner Bank AG and Commerzbank AG declined to comment on the matter. On Friday, representatives from major U.S. banks — Bank of America Corp., Citigroup Inc., PNC Financial Services Group Inc. and Merrill Lynch & Co. — declined to comment on whether they had exposure to Madoff's company. Both BlackRock Inc. and Goldman Sachs Group Inc. said they had no exposure.
Morgan Stanley, Wells Fargo & Co., Comerica Inc. and U.S. Bancorp did not return calls seeking comment.

DANIEL 7:23-24
23 Thus he said, The fourth beast(THE EU,REVIVED ROME) shall be the fourth kingdom upon earth,(7TH WORLD EMPIRE) which shall be diverse from all kingdoms, and shall devour the whole earth, and shall tread it down, and break it in pieces.(TRADE BLOCKS)
24 And the ten horns out of this kingdom are ten kings that shall arise:(10 NATIONS) and another shall rise after them;(#11 SPAIN) and he shall be diverse from the first, and he shall subdue three kings.(BE HEAD OF 3 KINGS OR NATIONS).

Montenegro files EU membership application
ELITSA VUCHEVA Today DEC 15,08 @ 17:38 CET


EUOBSERVER / BRUSSELS – Montenegro on Monday (15 December) presented its official application for EU membership to current EU President Nicolas Sarkozy, hoping to win EU candidate country status some time next year.EU enlargement commissioner Olli Rehn welcomed the country's move, saying: Today Montenegro has reached a historical milestone marking the country's important engagement to common European values and fundamentals. Montenegro has made important progress in its preparations for the European integration, he added.The move comes after the former Yugoslav country of some 680,000 people declared independence from Serbia in June 2006 and signed a pre-accession deal – the so-called Stabilisation and Accession Agreement (SAA) – with the EU in October 2007.It had first planned to file its membership application in the first half of this year, under Slovenia's EU presidency, but changed its mind after Brussels warned it was too early for such a move.The commission says the country is still lagging behind in many fields and EU membership is not expected to occur in the very near future.Among other issues, Podgorica, the capital, needs to reform further the public administration of the country, as well as its judicial system and to make further efforts in the fight against corruption – problematic areas common to all Balkan states.The Council - the institution representing EU member states - is now to ask the European Commission for an opinion on Montenegro's membership application. If Brussels's opinion is positive, the application has then to be approved by all EU member states unanimously, giving Montenegro the status of a candidate country.Montenegrin President Filip Vujanovic earlier stated he expected Brussels to give its opinion during the Czech Republic's EU presidency, which begins on 1 January 2009and will run for six months.Prague has already indicated that accelerating the enlargement process towards the western Balkans would be one of its priorities while at the EU's helm.

An example to the region

Commissioner Rehn underlined the example Podgorica set for its neighbours.The European perspective of the western Balkan countries, including Montenegro, is essential for the stability and the prosperity of the region and for the EU, he stated.By making solid progress in economic and political reform and by fulfilling the necessary conditions and requirements, the remaining potential candidates in the western Balkans should achieve candidate status, according to their own merits, with EU membership as the ultimate goal, he added.Serbia, Bosnia and Herzegovina, Albania and Kosovo are all potential EU candidates and eye membership of the bloc in the long run. For their part, Croatia and Macedonia have been EU candidates since 2004 and 2005, respectively.Croatia opened EU accession talks in 2005 and is expected to conclude them by the end of 2009. It then aims to become a full EU member by 2011 at the latest.Macedonia has not opened EU negotiations yet.Slovenia is the only former Yugoslav country to win EU membership. It joined the bloc on 1 May 2004.

The CARMEL ALERT Dec 12th 2008 A compilation of news reports from the past week for the information of those committed to praying for Israel and the salvation of the Jewish people.

Guest Comment: Will There Be Unity In the Body ? - Dena Gewanter, M.D. Kiriat Yam, Israel
John 17:23 May they be brought to complete unity to let the world know that You sent Me, and have loved them even as you have loved Me.
Israel is one of the most unique nations in the modern world: a complete anomaly of composition and character. Imagine a country where people from all over the world leave their homes and culture not for economic benefit, but in the hope of religious and societal freedom from persecution because of who they are- Jews! In every other country, there are generally ethnic norms, similarity of language and culture that bind communities together. Even the United States, although comparable at its inception because of the search for religious freedom of the early settlers, cannot be compared to Israel because of the sheer size of the territory. There was always enough space for everyone who didn’t agree with their neighbor to move away to another city or state. In Israel, it is an absolute impossibility to remove oneself from those who are not on the same page, because not only is the entire country barely the size of New Jersey (in the U.S.), or Wales, but two thirds of that land is actually desert, and not inhabited by more than a few scattered settlements. The number of people in the entire State of Israel is less than 7 million, smaller than many cities in Asia !

After one tries to understand the ideological divisions between the 6 million Jews and the 1.2 million non-Jewish cultures who live here, Muslim, Druise, Bedouin and Arab Christians, it becomes a quagmire of cultural clashes and divisions among people who have very strong traditions and ties. In the midst of this mixture of disparate cultures, there are the Believers in Yeshua in Israel, comprising around 15,000 people. Currently there are between 150 to 200 Messianic congregations here, also remarkably diverse, some speaking entirely Hebrew, Russian, English, Spanish, Amharic or a combination of all of the above. To add to the complexity are the various religious cultural backgrounds of the believers in Israel, ranging from Judaism, Atheistic Communism, Catholicism, Christianity, New Ageism, the occult and others. Another extremely salient issue is the fact that many people here are either first or second generation immigrants, from such places as the Former Soviet Union, Middle Eastern countries, Europe, South America, North America and even from India and far away New Zealand! Many came after trauma of war or religious persecution. It is known that post-traumatic stress disorder is passed on to the children of these victims, and many have problems raising their own families because of it. This is a country full of traumatized people who have left behind their homes, their familiar culture, language and communities to live in a country that is surrounded by enemies and under constant threat of war.

When the spiritual aspect is added to this mixture, one finds in this small space faiths such as Judaism, Christian religions including Catholic, Protestant, Russian and Greek Orthodox as well as the fringe elements including Jehovah’s Witnesses, Seventh Day Adventists and Mormons. There is the Bahai influence, New Age, Humanism, Occult, Witches, Warlocks, and Freemasons. Add to that the various levels of Islam with all the mosques throughout Israel calling the faithful to prayer (usually against the State of Israel) five times per day. Each and every one of these religions feel they have ownership in some aspect over the Holy Land, and usually think that everyone but themselves is wrong and doesn’t deserve to be here!!

An ongoing battle with believers here in Israel is to operate in a Spirit of Unity. It is unbelievably difficult if one considers all the factors listed above, and the spiritual atmosphere of a country with thousands of years of un-Godly influences ranging from pagan worship, Baal and Ashtoreth, Ahab, Jezebel, strong men of Greece and Persia and ancient principalities inspiring outside nations to destroy Israel and the Jews. There is all the effects of the shed blood on the very ground that we stand on and the fact that all the hordes of satan are being summoned to destroy the Land and the City that the Holy King of Israel is going to return to!! To be honest, it is miraculous that any of us who are spiritually sensitive can hold our heads up and speak a clear sentence from end to end!

Adding to this mix, we now have many Christians from the nations who are coming to Israel, want to partner with the native believers and participate in welcoming Yeshua back to His home turf. All these well meaning people from outside Israel have their own agendas and religious ideologies: To be frank, some also come with serious ego issues! All of us who live here are quite familiar with people who come on a Mission from God, having been given a great vision to do one thing or another. Occasionally we have experienced clashes between these people and their plans, which impact our lives either temporarily as we host them in our homes or congregations, or on a long term basis if someone takes offense and decides to either defame or denigrate a person or ministry, or at best, simply withdraw financial support.

Friends, I could go on for pages describing the pressures and spiritual battles one has to endure living here as a believer in Yeshua! Suffice it to say that when you come here, either to experience the Holy Land, to connect with your God, or to support the various believing congregations, please take into account all the factors that have been listed. Come with a spirit of Grace, with understanding that we are fallible, imperfect and doing the best we can. The community of believers in Israel is tiny, as is our country. Perhaps this is what the Lord intended, because due to the size of our environment, each one of us is forced to look each other in the eye, and GET ALONG! If there is discord in our communities either from within or without, we are still left here to repair the breach and do not have the option of moving elsewhere. Please continue your loving support and prayers, so that we may all love one another unconditionally, and fulfill the Lord’s last request:

May they be brought to complete unity to let the world know that You sent Me, and have loved them even as you have loved Me. John 17:23

The Lord bless you as you bless Israel by standing in defense of her right to exist on the land given to the Jewish people by the God of Israel. Lets pray that Israel will turn back to their God. Do not be silent, but share this with your fellow Christians, share it with your pastors, and with anyone you have a chance to speak to. Lets also pray for that breakthrough to the Muslims, and please remember to pray for our son Jordan, and all of his fellow soldiers in the IDF.

Quote of the week: A prominent British Muslim announced the other day that, when the United Kingdom becomes a Muslim state, non-Muslims will be required to wear insignia identifying them as infidels. - Mark Steyn ( author & journalist )

Shabbat Shalom .... David & Josie.

Iraqis demand release of shoe-hurling journalist By CHELSEA J. CARTER, Associated Press Writer DEC 15,08

BAGHDAD – Thousands of Iraqis took to the streets Monday to demand the release of a reporter who threw his shoes at President George W. Bush in anger at U.S. policies, as support for the act and the journalist flowed in from across the Arab world.The protests came as suicide bombers and gunmen targeted Iraqi police, plus U.S.-allied Sunni guards and civilians, in a series of attacks Monday that killed at least 17 people and wounded more than a dozen others, officials said.The journalist, Muntadhar al-Zeidi, was being held by Iraqi security Monday and interrogated about whether anybody had paid him to throw his shoes at Bush during a news conference Sunday in Baghdad, said an Iraqi official.He was also being tested for alcohol and drugs, and his shoes were held as evidence, said the official, speaking on condition of anonymity because he was not authorized to talk to the media.Showing the sole of your shoe to someone in the Arab world is a sign of extreme disrespect, and throwing your shoes is even worse. Iraqis whacked a statue of Saddam Hussein with their shoes after U.S. Marines toppled it after the 2003 U.S.-led invasion.Iraqi security guards wrestled al-Zeidi to the ground immediately after he tossed his shoes.Bush was not hit by the shoes, but White House press secretary Dana Perino suffered an eye injury when she was hit in the face with a microphone during the melee.On Monday, reporters were repeatedly searched and asked to show identification before entering the heavily guarded Green Zone, where the press conference took place.Newspapers across the Arab world printed front-page photos of Bush ducking the flying shoes, and satellite TV stations repeatedly aired the incident, which was hailed by the president's many critics in the region.Many are fed up with U.S. policy and still angry over Bush's decision to invade Iraq in 2003 to topple Saddam.

As many as 98,000 Iraqi civilians may have been killed since the war began, according to Iraq Body Count, an independent organization that tracks media reports as well as official figures. The war has cost nearly $576 billion so far, according to the National Priorities Project.Wafa Khayat, 48, a doctor in the West Bank town of Nablus, called the attack a message to Bush and all the U.S. policy makers that they have to stop killing and humiliating people.In Jordan, a strong U.S. ally, a 42-year-old businessman, Samer Tabalat, praised al-Zeidi as the man. ... He did what Arab leaders failed to do.Al-Zeidi's TV station, Al-Baghdadia, repeatedly aired pleas to release the reporter Monday, while showing footage of explosions and playing background music that denounced the U.S. military presence in Iraq.We have all been mobilized to work on releasing him, said Abdel-Hameed al-Sayeh, the manager of Al-Baghdadia in Cairo, where the station is based.Al-Jazeera television interviewed Saddam's former chief lawyer Khalil al-Dulaimi, who offered to defend al-Zeidi, calling him a hero.In Baghdad's Shiite slum of Sadr City, thousands of supporters of radical Shiite cleric Muqtada al-Sadr burned American flags to protest against Bush and call for the release of al-Zeidi.Bush, Bush, listen well: Two shoes on your head, the protesters chanted. In Najaf, a Shiite holy city, some protesters threw their shoes at a passing American patrol. Witnesses said the American troops did not respond and continued on their patrol. Violence in Iraq has declined significantly over the past year but daily attacks continue. A truck bomb killed at least nine police officers Monday and wounded 13 others in Khan Dhari west of Baghdad, said Dr. Omar al-Rawi at the Fallujah hospital, where dead and wounded were taken. The U.S. military said eight Iraqi police officers were killed and 10 people were wounded in the blast. Conflicting casualty tolls are common in the chaotic aftermath of bombings. Hours earlier, a female suicide bomber knocked on the front door of the leader of a local chapter of the Sunni volunteer militia north of Baghdad and blew herself up, killing him, said an Iraqi police official, speaking on condition of anonymity because he was not authorized to talk to the press. Also Monday, gunmen killed seven people from a single family, members of the minority Yazidi sect, when they stormed into their home in northern Iraq, police said. AP journalists from across the Mideast contributed to this report.

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