WERE ARE GOV BONDS HEADING
http://www.cnbc.com/id/15840232?video=1205263244&play=1
ARE WE IN A NEW BULL MARKET
http://www.cnbc.com/id/15840232?video=1204553488&play=1
GEITHNERS REPORTED RANT
http://www.cnbc.com/id/15840232?video=1204545829&play=1
HEALTHCARE SENATE REMARKS
http://www.cnbc.com/id/15840232?video=1204414538&play=1
http://www.cnbc.com/id/15840232?video=1204406236&play=1
http://www.cnbc.com/id/15840232?video=1204419069&play=1
YESTERDAY AUG 5 THE BANKS WERE UP ON THE DOW.AIG YESTERDAY TRADED 134 MILLION SHARES WHEN 8 OR 9 MILLION SHARES IS THE USUAL.I WONDER IF THESE PEOPLE GOT A TIP THAT MAYBE OBAMAS ADMINISTRATION WILL BE HANDING OUT FREE CASH THROUGH BERNANKE AND GEITHNER TO AIG IN THE NEAR FUTURE.LETS KEEP AN EYE ON AIG AND SEE.FANNIE MAE ALSO TRADED 115 MILLION SHARES TODAY AND FREDDIE MAC TRADED 52 MILLION SHARES TODAY.INTERESTING ON A DAY WHEN THE MARKET WAS DOWN 39 POINTS.I SMELL A RELOAD OF CASH TO THESE ROBBERS.
UPDATE ON THIS AT 10AM AUG 6,09-FANNIE MAE HAS TRADED 60 MILLION SHARES,AIG AND FREDDIE MAC BOTH 26 MILLION SHARES SO FAR TODAY,SOMETHING IS GOING ON WITH THESE 3 BANKS AND IT SMELLS TO HIGH HEAVEN.BOB PISANI THINKS SOME BIG FUND YESTERDAY DECIDED TO COVER THEIR SHORT POSITIONS IN THESE 3 BANKS BECAUSE THEY FELT THAT THERE WAS GOING TO BE SOME IMPROVEMENT IN THEIR PORTFOLIOS.THAT THE DETERIORATION THEY SEEN IN THE PORTFOLIOS SOMEHOW IS EITHER STOPPING OR IMPROVING.THIS IS THE ONLY THING THAT TIES THESE 3 TOGETHER,EVERYTHING ELSE IS NON SENSICAL AT THIS POINT.THERE WAS CLEARLY BIG SHORT COVERING IN THESE COMPANIES.
AND MY RESPONSE TO BOB IS THESE 3 HAVE IN COMMON MONEY FROM OBAMAS ADMINISTRATION CALLED BAILOUT AND THEY MIGHT CLAIM THEY NEED ANOTHER TRILLION BETWEEN THEM ESPECIALLY MAE AND MAC NOW THAT THEY MIGHT SPLIT INTO SEPARATE GROUPS.
Fannie Mae, Freddie Mac could be split: report Wed Aug 5, 11:30 pm ET
WASHINGTON (AFP) – The US government could split troubled state-backed mortgage firms Fannie Mae and Freddie Mac and place the firms' toxic assets in a federal corporation, The Washington Post reported.The deal could allow the financial giants, long lynchpins of the US housing market, to move forward unconstrained by troubled assets -- easing still constricted credit markets with the hope of driving consumer spending.
Together, the two firms back 40 percent of all US home loans.
A good bank, bad bank structure was needed for the move, the chief regulator of the companies, James Lockhart, told the Post in an interview where he also announced he would step down later this month.The proposal, the Post said, was scheduled to be taken up by the White House's National Economic Council Thursday, although discussions were said to be in early stages.Internal discussions over the fate of the companies began earlier this year as part of plans to reform the regulatory system, and were now entering a more serious phase, the paper said.Fannie Mae and Freddie Mac have received hundreds of billions of dollars as part of a virtual government takeover aimed at avoiding their collapse in the wake of the subprime mortgage crisis.
AIG breakup nets Wall Street $1 billion bonanza: report Thu Aug 6, 2009 4:38am EDT Former AmEx head is close to be AIG chairman: report 4:38am EDT
NEW YORK (Reuters) - Wall Street banks and lawyers could collect nearly $1 billion in fees from the Federal Reserve Bank of New York and American International Group Inc to help manage and break apart the insurer, The Wall Street Journal said on Wednesday, citing its own analysis.Morgan Stanley could collect as much as $250 million, the newspaper said, citing banking experts and documents released by the New York Fed.Bank of America Corp, private equity firm Blackstone Group LP, law firm Davis Polk & Wardwell LLP, accounting firm Ernst & Young, Goldman Sachs Group Inc and JPMorgan Chase & Co are among others that have or could get big paydays for helping dismantle AIG, the newspaper said.To calculate dollar amounts, the newspaper said it tallied estimated fees for transactions already announced and those AIG is considering, planning or may be forced to pursue. It said it obtained assistance from Freeman & Co, Thomson Reuters and documents provided by the New York Fed.According to the newspaper, the situation creates potential conflicts of interest in oversight by causing the government to employ many companies it regulates.The government owns nearly 80 percent of AIG, and has given the insurer a series of bailouts estimated at $180 billion.AIG was felled by big bets on credit default swaps that left it on the hook for tens of billions of dollars of payouts it could not make.Shares of AIG closed Wednesday up 62.7 percent at $22 on the New York Stock Exchange, as investors rushed to cover short positions. AIG has said it plans to report second-quarter results on Friday.(Reporting by Jonathan Stempel; Editing Bernard Orr)
Top investor defends role in oil, gas markets By CHRISTOPHER S. RUGABER, AP Economics Writer – Wed Aug 5, 3:29 pm ET
WASHINGTON – Speculators shouldn't be blamed for the huge swings in oil and natural gas prices over the past 18 months, a leading commodity investor told government regulators Wednesday.John Hyland, chief investment officer for a firm that manages oil and natural gas funds, said his funds have instead helped reduce price volatility by buying oil and gas futures as prices fell and selling as prices rose.The funds' activities in the futures market have resulted in little or no price disruption, Hyland said in a hearing before the Commodity Futures Trading Commission.The hearing was the last of three to explore whether the CFTC will set limits on speculative trading by financial investors.For more than a year, Hyland and other speculators have been scrutinized by Congress, regulators and even oil traders, who blame them for driving oil and gas prices to record levels last year.Hyland's U.S. Commodity Funds LLC operates index funds tied to the price of oil and natural gas. The firm has grown precipitously in recent years, and some regulators and lawmakers charge that such funds have made energy prices more volatile.
Hyland's U.S. Oil Fund's net asset value increased more than 11-fold from May 2006 to June 2009. The fund's current value is estimated at $2.25 billion. It controlled 3 percent of all crude oil traded on the New York Mercantile Exchange as of Monday and at one point this year, it controlled closer to 20 percent.CFTC Chairman Gary Gensler, in a potential shift from the Bush administration's more hands-off approach, said Wednesday the commission should seriously consider limiting the positions that investors can take in the energy markets.Gensler said last month the agency may propose new rules setting limits in the fall.
AMERICA (POLITICAL BABYLON)
EZEKIEL 39:21
21 And I will set my glory among the heathen, and all the heathen shall see my judgment that I have executed, and my hand that I have laid upon them.
ISAIAH 18:1-2
1 Woe to the land shadowing with wings, which is beyond the rivers of Ethiopia:
2 That sendeth ambassadors by the sea, even in vessels of bulrushes upon the waters, saying, Go, ye swift messengers, to a nation scattered and peeled, to a people terrible from their beginning hitherto; a nation meted out and trodden down, whose land the rivers have spoiled!
JEREMIAH 50:11,37,12
11 Because ye were glad, because ye rejoiced, O ye destroyers of mine heritage, because ye are grown fat as the heifer at grass, and bellow as bulls;(BACKSLIDERS)
37 A sword is upon their horses, and upon their chariots, and upon all the mingled people that are in the midst of her; and they shall become as women: a sword is upon her treasures; and they shall be robbed.(A NATION OF MINGLED PEOPLE)
12 Your mother shall be sore confounded; she that bare you shall be ashamed:(MOTHER ENGLAND) behold, the hindermost of the nations shall be a wilderness, a dry land, and a desert.
JEREMIAH 51:13,7,53
13 O thou that dwellest upon many waters, abundant in treasures, thine end is come, and the measure of thy covetousness.
7 Babylon hath been a golden cup in the LORD's hand, that made all the earth drunken: the nations have drunken of her wine; therefore the nations are mad.
53 Though Babylon should mount up to heaven, and though she should fortify the height of her strength, yet from me shall spoilers come unto her, saith the LORD.
REVELATION 18:3,5,7
3 For all nations have drunk of the wine of the wrath of her fornication, and the kings of the earth have committed fornication with her, and the merchants of the earth are waxed rich through the abundance of her delicacies.
5 For her sins have reached unto heaven, and God hath remembered her iniquities.
7 How much she hath glorified herself, and lived deliciously, so much torment and sorrow give her: for she saith in her heart, I sit a queen, and am no widow, and shall see no sorrow.
JEREMIAH 50:3,24
3 For out of the north there cometh up a nation against her, which shall make her land desolate, and none shall dwell therein: they shall remove, they shall depart, both man and beast.
24 I have laid a snare for thee, and thou art also taken, O Babylon, and thou wast not aware: thou art found, and also caught, because thou hast striven against the LORD. (RUSSIA A SNEAK ATTACK ON AMERICA)
REVELATION 18:10
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.
Russian subs patrol off U.S. East Coast: officials AUG 5,09
Adam Entous
WASHINGTON (Reuters) – Two nuclear-powered Russian attack submarines have been patrolling in international waters off the Eastern Seaboard of the United States in a rare mission tracked by Washington, U.S. officials said on Wednesday.Pentagon spokesman Bryan Whitman said the U.S. military was mindful of Russian military activities, but he declined to comment on any specific submarine maneuvers.Navies, including the United States, operate around the world. Vessels operating safely in international waters ought not to concern anybody,he said.Another U.S. official familiar with the intelligence, speaking on condition of anonymity, said: Alarm bells are not ringing.The submarines have not taken any provocative action, the official said.The New York Times, which first reported the presence of the vessels, described them as Akula-class submarines.Akula is the NATO codename for the Soviet-designed Nerpa, which has been in service since the mid-1980s. They are armed with torpedoes, cruise missiles and can carry underwater missiles.One of the Russian submarines remained in international waters on Tuesday about 200 miles off the coast of the United States and the second sub made a port call in Cuba in recent days, the Times said, citing Defense Department officials who spoke on condition of anonymity.The U.S. officials declined to speculate on what weapons might be aboard the two submarines, and described the Russian exercise as rare.
During the Cold War, the United States and Russia regularly sent submarines on secret missions near each other's coasts.Russia conducted a successful sea trial of the Nerpa last month in the Sea of Japan, according to the RIA news agency.During testing of the submarine last November, 20 people died and 21 were hospitalized when the fire extinguishing system was turned on in error, releasing freon gas that asphyxiated the victims.The accident, the worst to hit the Russian navy since 118 sailors died in 2000when the Kursk nuclear submarine sunk in the Barents Sea, exposed the gap between the Kremlin's ambitions and its military capabilities.(Reporting by Adam Entous and Andrew Gray, editing by Paul Simao)
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.
Hurricane Felicia intensifies over Pacific AUG 6,2009
MIAMI – Hurricane Felicia is continuing to gain strength far out in the Pacific.The National Hurricane Center says Felicia's maximum sustained winds have increased to near 140 mph, making it a Category 4 storm and a major hurricane.Felicia was centered about 1,455 miles west-southwest of the southern tip of Mexico's Baja California peninsula Wednesday night and was moving northwest near 12 mph.Meanwhile, Tropical Storm Enrique over the Pacific has maximum sustained winds near 50 mph. It is expected to weaken and dissipate in the next 36 hours. Enrique is centered about 970 miles west-southwest of Baja California and is moving northwest near 12 mph.
Experts predict quieter Atlantic hurricane season AccuWeather Tue Aug 4, 3:59 pm ET
MIAMI (AFP) – Weather experts on Wednesday reduced the number of projected hurricanes in the north Atlantic this season to four, two of them major hurricanes with winds above 178 kilometers (111 miles) per hour.After one of the calmest starts to the hurricane season in a decade, the experts from Colorado State University said the development of an El Nino effect in the Pacific had caused them to scale back their projections for the Atlantic.The El Nino phenomenon, which involves changes in atmospheric pressure in the southern Pacific, occurs every three to six years, disrupting global weather patterns.In the Atlantic, El Nino events are associated with decreased levels of hurricane activity, said Philip Klotzbach and William Gray of Colorado State University.We continue to call for a below-average Atlantic basin tropical cyclone season in 2009. We also anticipate a below-average probability of United States and Caribbean major hurricane landfall,they said.They now project that there will be 10 named tropical storms this season, of which four will become hurricanes, and two of those major hurricanes.Their earlier forecast in June had predicted 11 tropical storms and five hurricanes.This is the quietest start for more than a decade. The last time a storm didn't form until August 5 was back in 1992, Klotzbach said.He added, however, that a quiet start of the season doesn't necessarily mean that the remainder of the season is going to be quiet.Obviously people in Florida need to be prepared for the hurricane season as every year. 1992 was a very quiet hurricane season but then hurricane Andrew formed and did... tremendous damage,he said.Meanwhile, two tropical storms have formed in the Pacific off the coast of Mexico, according to Stormpulse.com, a website that tracks weather patterns.The more powerful of the two, Enrique, was traveling in a northwesterly direction with wind speeds of 120 kilometers (60 miles) per hour.Farther out, a tropical stormed named Felicia also was traveling in a northwesterly direction toward Hawaii with winds of 72 kilometers (45 miles) per hour.
At least 10 die in floods in southwest China: report AUG 6,09
BEIJING (AFP) – At least 10 people have been killed this week and one remains missing in rain-induced floods in southwest China's Chongqing, a major municipality on the banks of the Yangtze, state media said Thursday.The flooding, which is expected to become the worst on this section of the Yangtze since 2004, has also forced the evacuation of 123,000 people, the China Daily reported, citing the civil affairs ministry.Ten thousand houses in the area have been toppled, while 16,000 others have been damaged, according to the report.The government Wednesday issued an alert urging intensified efforts to fight flooding along the Yangtze, China's largest river, the paper said.Torrential rain and landslides have killed at least 66 people and left another 66 missing in south and central China since the beginning of June, state media reported last week.
DISEASES
REVELATION 6:7-8
7 And when he had opened the fourth seal, I heard the voice of the fourth beast say, Come and see.
8 And I looked, and behold a pale horse:(CHLORES GREEN) and his name that sat on him was Death, and Hell followed with him. And power was given unto them over the fourth part of the earth, to kill with sword,(WEAPONS) and with hunger,(FAMINE) and with death,(INCURABLE DISEASES) and with the beasts of the earth.(ANIMAL TO HUMAN DISEASE).
THIS IS DEFINATELY A LAB ENGINEERED SWINE FLU THIS H1N1 BECAUSE ITS REVERSED ITS GETTING WORSE AS THE MONTHS GO ON INSTEAD OF BLOTTING DOWN AS THE MONTHS GO ON.AND SINCE THE NEW AGE MOVEMENT AND NEW WORLD ORDER NUTCASES WANT TO KILL 5.5 BILLION PEOPLE ON EARTH,THIS IS THEIR TRY AT IT.BUT GOD WILL STOP IT AT A MINIMAL POINT (AROUND 1 BILLION DEAD),AS IT WILL BE WW3 AND NUKES THAT KILL A TOTAL OF 3 BILLION ALL TOGETHER.THE BIBLE CLEARLY SAYS WHEN JESUS RETURNS TO EARTH 1/2 WILL ENTER THE KINGDOM OF GOD INCLUDING 1/3RD OF ALL ISRAELIS INCLUDED IN THAT TOTAL ENTER GODS KINGDOM.
HALF OF EARTHS POPULATION DIE DURING THE 7 YR TRIBULATION.(THESE VERSES ARE JUDGEMENT SCRIPTURES NOT RAPTURE SCRIPTURES)
LUKE 17:34-37
34 I tell you, in that night there shall be two men in one bed; the one shall be taken, and the other shall be left.
35 Two women shall be grinding together; the one shall be taken, and the other left.
36 Two men shall be in the field; the one shall be taken, and the other left.
37 And they answered and said unto him, Where, Lord? And he said unto them, Wheresoever the body is, thither will the eagles be gathered together.(Christians have new bodies,this is the people against Jerusalem during the 7 yr treaty)(Christians bodies are not being eaten by the birds).
1/3RD OF ISRAELIS SURVIVE WW3 (AND BELIEVE JESUS IS GOD)
ZECHARIAH 13:7-9
7 Awake, O sword, against my shepherd, and against the man that is my fellow, saith the LORD of hosts: smite the shepherd, and the sheep shall be scattered: and I will turn mine hand upon the little ones.
8 And it shall come to pass, that in all the land, saith the LORD, two parts therein shall be cut off and die; but the third shall be left therein.
9 And I will bring the third part through the fire, and will refine them as silver is refined, and will try them as gold is tried: they shall call on my name, and I will hear them: I will say, It is my people: and they shall say, The LORD is my God.
WHO says swine flu deaths surge to 1,154 Tue Aug 4, 2:06 pm ET
GENEVA – The World Health Organization said Tuesday that 1,154 swine flu victims have died since the virus emerged in April.WHO said that includes 338 deaths reported in the week leading up to last Friday.More than 300 of the new deaths were in the Americas, bringing the death toll in that region to 1,008 since the virus first emerged in Mexico and the United States, and developed into the global epidemic.WHO also said there is no evidence that the new H1N1 virus is mutating into a more dangerous form, but that six patients have been found with a virus resistant to Tamiflu, the most commonly used swine flu drug.Laboratory confirmed cases of the disease have reached 162,380, but WHO said this number understates the total caseload because hard-hit countries are no longer testing all the people with flu symptoms.At least 168 countries and territories have reported confirmed swine flu cases.
FIRES AND EXPLOSIONS
REVELATION 8:7
7 The first angel sounded, and there followed hail and fire mingled with blood, and they were cast upon the earth: and the third part of trees was burnt up, and all green grass was burnt up.
Firefighters corral blaze in Palo Alto foothills
By Will Oremus Daily News Staff Writer 08/05/2009 11:08:46 PM PDT
Palo Alto firefighters on Wednesday corralled a grass fire that broke out around 3:45 p.m. in the Wildhorse Valley area of Foothills Park.A quick response limited the blaze to less than a quarter of an acre, fire department spokeswoman Barbara Cimino said. No buildings were damaged and no one was hurt.The fire may have been started by workers using power equipment on an access road to the Towle Camp picnic area, Cimino added.E-mail Will Oremus at woremus@dailynewsgroup.com.
B.C. wildfires rage on Published Wednesday August 5th, 2009
Urban fire departments brought in to protect buildings C1
VANCOUVER - Equipment and manpower from urban fire departments across British Columbia are being brought in to form a last stand between raging forest fires and threatened communities.Eighteen urban fire departments are loaning staff, pumper trucks and other equipment to protect homes and buildings threatened by the many out-of-control fires burning in B.C., the province's Public Safety Ministry said yesterday.Exhausted fire crews in the province will also be getting some international help from 30 fire specialists from Australia and New Zealand.The large number of fires is stretching our resources, Forests Minister Pat Bell said in a news release.The call for help from urban departments indicates fire officials believe buildings and homes are at a greater risk.Jeff Ullyot, assistant fire chief in Chilliwack, said the crew of seven that he's sending will be called out only to protect property.I think the province is being proactive in deploying resources early,he said.Certainly the fires in Lillooet are only a kilometre from structures, and that doesn't take a long time to travel when it comes to winds.Departments from Abbotsford in the south to as far north as 150 Mile House are being deployed at so-called interface fires -- fires that are threatening homes or buildings.
The community of Barriere, which in 2003 was the centre of a firestorm that destroyed homes and buildings, is sending firefighters and an engine.There are already 850 personnel from across the country in B.C., along with the province's firefighting team of almost 3,000.Of 11 interface fires in the province, 10 of them have triggered evacuations.In some communities, just a handful of residents have been ordered out as fires encroach on their homes. In others, the evacuees total several thousand.Near Lillooet, the next two or three days will be critical as crews try to get the upper hand on a wildfire that now covers 33 square kilometres and threatens to engulf the town.Roughly 2,300 people were forced from their homes on Sunday as strong winds pushed flames within sight of the town, located on the edge of the Fraser River about 250 kilometres northeast of Vancouver.Residents have been told it will be the end of the week at the earliest before there's a break in the hot, windy conditions that have been fuelling the fire.The B.C. Forest Service says crews are trying to burn off trees between the town and the fire, but it will be 48 to 72 hours before they know whether the back burn is effective.This morning, the helicopters are bucketing to work on any hot spots that may be left over from the burn or anything that might have cropped over the guard,said fire information officer Garry Horley.The fire, known as the Mount McLean blaze, currently sits one kilometre outside the town.Rain does appear to be in the forecast for Wednesday and Thursday, but Horley said fire crews are planning as if it's not.You can't count on (the rain). We fight as though conditions are going to be the worst, Horley said.Hundreds more fires are burning around B.C., including the Terrace Mountain fire, which has forced 2,500 people out of their Central Okanagan homes for the second time in two weeks.Fire information officer Suzanne Von der Porten said crews at Terrace Mountain, north of Kelowna and near Fintry, are doing all they can to stop the progress of the 75-square-kilometre blaze.There was some growth overnight, but apparently it wasn't very significant,Von der Porten said.That fire is about half a kilometre away from the nearest structure.
EARTH DESTROYED WITH THE EARTH
GENESIS 6:11-13
11 The earth also was corrupt before God, and the earth was filled with violence.(WORLD TERRORISM,MURDERS)
12 And God looked upon the earth, and, behold, it was corrupt; for all flesh had corrupted his way upon the earth.
13 And God said unto Noah, The end of all flesh is come before me; for the earth is filled with violence (TERRORISM) through them; and, behold, I will destroy them with the earth.
EARTHQUAKES
MATTHEW 24:7-8
7 For nation shall rise against nation, and kingdom against kingdom: and there shall be famines, and pestilences, and earthquakes, in divers places.
8 All these are the beginning of sorrows.
MARK 13:8
8 For nation shall rise against nation, and kingdom against kingdom:(ETHNIC GROUP AGAINST ETHNIC GROUP) and there shall be earthquakes in divers places, and there shall be famines and troubles: these are the beginnings of sorrows.
LUKE 21:11
11 And great earthquakes shall be in divers places, and famines, and pestilences; and fearful sights and great signs shall there be from heaven.
3 more quakes rattle southern NZ, no damage Wed Aug 5, 6:48 am ET
WELLINGTON, New Zealand – A strong magnitude-6.1 earthquake rocked southern New Zealand Wednesday, one of three quakes to hit the region in four hours and the latest of hundreds of aftershocks since a massive 7.8-magnitude quake last month, seismologists reported.Emergency services and police in the southern city of Invercargill said there were no immediate reports of injuries or damage from the quakes Wednesday in the Fiordland region of South Island.Government seismology agency GNS Science said it measured the quake at magnitude 5.9 but it was registered at 6.1 by the U.S. Geological Survey in Hawaii. Geologists say quake measurements are often more accurate at greater distances because of how shock waves travel through the Earth.The quake off South Island's west coast was centered at a depth of six miles (10 kilometers) and was one of the biggest aftershocks since the 7.8-magnitude quake hit July 15 — the strongest earthquake recorded in the world this year, seismologist Lara Bland said.Two quakes hit earlier in the day, one registering magnitude 5.2 and the other 4.8, GNS Science reported on its Web site.
Geologists said late last month that the power unleashed by the quake twisted South Island out of shape, moving its southwest tip 12 inches (30 centimeters) closer to Australia. It also generated a small local tsunami about eight inches (20 centimeters) high.New Zealand's Earthquake Commission said last week that the damage from the big quake and its aftershocks could rise to NZ$6 million ($4 million).The country sits above an area of the Earth's crust where the Pacific and Australian tectonic plates collide. It records more than 14,000 earthquakes a year, though only about 150 can be felt by people and fewer than 10 a year do any damage.
CHINA WON'T BUY UP AMERICAS BONDS,NOW CHINA CAN CRASH AMERICAS ECONOMY BY DUMPING THE OTHER TRILLIONS THEY HOLD IN AMERICAN BONDS.
China takes a pass on U.S. Treasuries Posted Aug 2nd 2009 1:30PM by Connie Madon
Two countries, the United States and China, are playing financial poker, with the U.S. Treasury and the Federal Reserve on one side and China on the other. On one side, wearing a visor and dark glasses, we have Ben Bernanke of the U.S. Federal Reserve, who must fund our $1.8 trillion deficit. So the U.S. Treasury and the Fed are issuing record amounts of treasury securities. Last week alone the Treasury issued $200 billion of debt securities. The results of at least two auctions were a bit shaky.At the table, opposite the U.S. Treasury, are the Chinese players, also wearing dark glasses. When the play went to China, China took a pass on two of last week's auctions. The Chinese are worried about the high level of U.S. debt and are uncertain if they should keep buying U.S. Treasuries.Then we have a third group of players who quit the game. These investors sold U.S. Treasuries to invest their money in other, riskier investments, such as corporate bonds and stocks.Back to the two key players. The appetite for U.S. Treasuries is waning, thus causing the Treasury to sweeten the deal by raising the rates at auction. The $200 billion in sales went off without a hitch this week, but what happens from here on in is unclear.
The Chinese on the other side are caught in a box of their own. They own $800 billion of U.S. debt. If interest rates go up, their principal declines and China stands to lose a large chunk of money (as rates go up, the price declines.)This was the backdrop for President Obama's dialog with Chinese officials this past week. As he explained, the U.S. and China are joined at the hip and must cooperate with each other to maintain financial stability in world markets.Do you believe that China will continue buying U.S. Treasuries?
Economic Stabilization Does Not Indicate Recovery, Part 2
Satyajit Das Aug 05, 2009 9:00 am
Editor's Note: This is Part 2 in a multiple-part series. Part 1 can be found here.
http://www.minyanville.com/articles//8/3/2009/index/a/23840
Government Largesse-A key risk remains in the ability of governments to finance their burgeoning government deficits. A wretched combination of declining tax revenues, increased government spending to cushion the economy from recession, and bailout packages for banks and other worthies means that many countries face large and continuing budget deficits.Even countries with relatively healthy balance sheets, such as Australia, don’t anticipate balancing their books for many years. If the problems of an aging population and unfunded liabilities such as public-sector pensions, health care, and social security arrangements are included, then the budgetary position looks considerably worse.
Debt, Debt, Everywhere; No Repayment in Sight
In 2009, total sovereign debt issues are expected to total over $5 trillion of which the US alone will need to finance around $3 trillion. The increases in sovereign debt issuance are astonishing: US is around 300%, UK is over 400%, Euro Zone is around 50%.Government debt-to-GDP ratios for many developed countries are projected to reach and remain at levels in excess of 100%.Overall government deficits in major economies through the recession are estimated to total around $10 trillion (around 27% of GDP of these economies). The work of economists Kenneth Rogoff and Carmen Reinhart on previous recessions suggests that the deficit estimates are conservative and the amount that will need to be financed will be between $15 trillion (40% of GDP) and $33trillion (86% of GDP).As a comparison, the total amount of global investment assets under management according to one estimate is around $120 trillion. This provides some idea of the funding task ahead.To date, sovereign-debt issuance programs have been successful. There have been some auction problems (in Germany, the UK and the US), but they’ve been manageable.Long-term interest rates have risen sharply, reflecting supply pressures. The US 30-year rate has increased by around 1.50% p.a. since the start of 2009. Maturities have also shortened increasing the refinancing challenges ahead. Participation of central banks in the US and the UK bonds, under their quantitative-easing mandates, has helped keep interest-rate rises down, creating a somewhat artificial market.A key issue over the coming months is the continued demand for increased sovereign-debt issues. China, Japan, and Europe historically have been major buyers of US Treasury bonds. As their own fiscal position changes and their current account surplus shrinks, the ability of these investors to absorb the increased supply is unclear. China’s foreign-exchange reserves are growing more slowly than before. China has continued to purchase US Treasury bonds, but some purchases represent a switch from US Agency paper. As the US has increased its issuance program, China’s purchases are now a smaller portion of the total In the best case, the government-debt issuance programs are accommodated but squeeze out other borrowers. In the worst case, governments find themselves unable to finance their deficits, setting off a new stage of the GFC.The markets’ ability to avoid consideration of these issues reflects Mark Twain’s observation: Ignorance more frequently begets confidence than does knowledge.
Given the size of government intervention, a key question is the timing of withdrawal of support for the economy. Like the eponymous technique of contraception, it will need to be carefully timed.The current apparent health of the financial system owes everything to wide-ranging government support. The ability of the banks to raise equity and debt is substantially underwritten by the too-big-to-fail doctrine. Profitability is supported by low and, in some cases, zero cost of deposits and a sharply upward-sloping yield curve that creates significant earnings from borrowing short and lending long. Withdrawal of support may expose deep-seated and unresolved problems in the financial system.Substantial quantities of structured securities are now held by central banks, either as collateral for funding arrangements or through other innovative market-support mechanisms. This has substantially increased the size of central bank balance sheets in the US, UK, and Europe.It’s not clear how and when these temporary positions will be unwound. Attempts to create structures for repackaging these securities -- such as the frequently touted but still-to-be-implemented Public Private Investment Partnership (PPIP) program -- have enjoyed limited success. Untimely attempts by governments to liquidate these portfolios may be disruptive to fragile markets.These securities may have to be held to maturity -- sometimes over 10 years, in the case of some Asset Backed Securities (ABSs) -- and allowed to self-liquidate from the underlying cash flows. The bloated central bank balance sheets may restrict policy flexibility significantly.Government-spending has been substituted for private consumption and investment. The deficits will ultimately necessitate a combination of increased taxation and reduced spending to correct this position.Assume a country has government equal to 100% of its GDP. Assuming an interest rate of 5% p.a. and a GDP growth rate of 4% p.a., a 1% budget surplus is required to maintain debt at current levels. If the gap between interest rates and growth is greater, then the size of the required surplus is commensurately larger. In effect, it’s unlikely that the present expansionary fiscal position can be sustained over a long period. The fiscal position of major economies may restrain growth.
Central bankers have tried to soothe markets about the timing and method of withdrawing life support. The cast consists of the same individuals who failed to identify or take action to prevent the problems arising in the first place. The risk of policy errors cannot be discounted. Untimely or misjudged withdrawal of support may easily result in recovery interruptus.
HERE WE GO RUSSIA AND MUSLIMS GANGING UP ON ISRAEL ALREADY.THEM 300 NUKES ISRAEL HAS WILL DO WONDERS TO THE RUSSIA,MUSLIMS WHEN THEY MARCH AGAINST ISRAEL IN THE NEAR FUTURE.ALL I GOTA SAY IS GOODBYE ISRAEL HATERS USE HAVE MET YOUR END.
Russian secret service helped Hizballah bust Israel's Lebanese spy rings
Thursday, 06 August 2009 04:45 News from Jerusalem
Western intelligence sources in the Middle East have disclosed to DEBKAfile that a special unit of the Russian Federal Security Service - FSB, commissioned by Hizballah's special security apparatus earlier this year, was responsible for the massive discovery of alleged Israel spy rings in Lebanon in recent months with the help of super-efficient detection systems.Those sources report that the FSB and Hizballah have amassed quantities of undisclosed data on Israel's clandestine operations in Lebanon and are holding it in reserve in order to leak spectaculars discoveries as and when it suits their purpose.This disclosure, if borne out, would indicate that the Russian agency, which specializes in counterespionage, is engaged for the first time in anti-Israel activity in the service of an Arab terrorist organization. An Israeli security sources describes this turn of events extremely grave. It also cast an ominous slant on Moscow's deepening strategic involvement in Syria.It was generally assumed until now that new electronic devices supplied by France to the Lebanese army were instrumental in uncovering the suspected Israeli spy rings. It now transpires that the Lebanese army was not directly involved; it only detained the suspects handed over by the Shiite Hizballah.
Those same sources disclosed that FSB agents, by blanketing every corner of Lebanon with their sophisticated surveillance systems, were able to detect the spy rings one by one and additionally hack into Israeli intelligence data bases.The Russians dated Israel's massive clandestine infiltration of Lebanon to shortly after its 2006 Lebanese conflict. The Lebanese Shiites sustained heavy casualties and, fearing an Israeli surprise attack at that point, began conscripting thousands of young Shiites as fighters pell mell, without checking their backgrounds. In their haste, they also rounded up Syrian and Egyptian migrant laborers in Lebanon.Israel used the opportunity to recruit large numbers of agents in both these groups, especially among the conscripts sent to Revolutionary Guards camps in Iran and Syrian military facilities for training.debka
OBAMA WANTS TO RULE AND CONTROL THE WHOLE WORLD AND MAKE IT FACIST OVIOUSLY SPING ON ISRAELIS YET.
Obama's spies monitoring Jews house-to-house
Thursday, 06 August 2009 04:11 News from Jerusalem
They try to mingle with us to get more information on what we're doing .The Obama administration has set up an apparatus to closely monitor Jewish construction in Jerusalem and the strategic West Bank to the point of watching Israeli moves house-to-house in certain key neighborhoods, WND has learned.Obama has called for a complete halt to what he refers to as settlement activity, meaning Jewish construction in eastern Jewish or the West Bank. Obama's edict extends to natural growth, or accommodating for the housing needs of existing local settler population centers. The demand is an apparent abrogation of a deal Israel struck with the Bush administration to allow natural growth.For the past few months, Obama's Middle East envoy, George Mitchell, has protested to the highest levels of the Israeli government about evidence found of any Jewish housing expansion in those areas, informed Israeli officials said.The officials, who spoke on condition that their names be withheld, said that last March Mitchell oversaw the establishment of an enhanced apparatus based in the U.S. consulate in Jerusalem that closely monitors the West Bank and eastern Jerusalem neighborhoods, incorporating regular tours of the areas, at times on a daily basis.Previously, under the Bush administration, the consulate kept a general eye on Jewish Jerusalem and West Bank construction, receiving much of its information from nongovernmental organizations.Mitchell's apparatus takes things to a whole new level. They are watching very closely,said an Israeli official.Jewish leaders in the West Bank said the consulate takes no pains to hide their activities.
They come out. They tour our communities. They try to interact with our leadership, David Ha'ivri, spokesmen for the Shomron Regional Council in the West Bank, told WND.
They drive around the towns, check up on what's going on. They try to mingle with us to get more information on what we're up to and what we're doing,he said.Get your copy of Schmoozing with Terrorists: From Hollywood to the Holy Land Jihadists Reveal their Global Plans – to a Jew! Ha'ivri said the consular officials present themselves as advisers to the U.S. consul-general.But we know they are really spies for the Obama administration,he said.Jerusalem officials affirm the consular staff report to Obama's envoy, Mitchell.The U.S. the past few weeks has been publicly protesting Israeli actions in Jerusalem on the municipal level, making an international incident out of individual homes. Yesterday, for the second time the past few weeks, the Obama administration summoned Israel's ambassador to Washington to protest Israel asserting its municipal rights in eastern sections of Jerusalem which the Palestinians claim as a future capital.U.S. Assistant Secretary of State for Near Eastern Affairs Jeffrey Feltman summoned Michael Oren, Israel's ambassador to Washington, with a message that the Obama administration views the eviction Sunday of two Palestinian families from homes in eastern Jerusalem as provocative and unacceptable.In the case, Israel last week enforced its own property law in Jerusalem by evicting Arabs from a Jewish housing complex they purportedly had been illegally occupying for almost a century.
Oren reportedly responded today by explaining that the housing complex has been Jewish-owned since before Israel's founding in 1948. Oren explained a court ordered the families' eviction since they had been living there illegally.Secretary of State Hillary Clinton this week also denounced the evictions, calling them deeply regrettable during a joint press conference in Washington with Jordanian Foreign Minister Nasser Judeh.Much of the U.S. and international media the past few days have been reporting on Israel's eviction of Arab families from a house in eastern Jerusalem.The housing complex is located in the Sheik Jarra neighborhood of eastern Jerusalem. The home was originally Jewish, but its Jewish occupants were chased out during countrywide anti-Jewish Arab riots in 1929. Arabs then squatted on the property, with one family, the Hejazi family, becoming the de facto occupants despite never having purchased the property.Even though documentation shows the complex is owned by Jews and that Arabs have been squatting on it illegally for almost a century, Jewish groups say they still legally re-purchased the property from the Hejazi family.Following pressure from the Palestinian Authority, however, the family later denied selling the complex back to the Jews despite documentation and other evidence showing the sale went through.The PA in April warned Palestinians against selling their homes or properties to Jews, saying those who violate the order would be accused of high treason – a charge that carries the death penalty.
Israel's court system twice ruled the property belongs to Jews.
Prime Minister Benjamin Netanyahu's office earlier this week released a statement to WND objecting to U.S. condemnation of the Israeli government for enforcing property law in Jerusalem.The eviction in Jerusalem was a result of a ruling by our Supreme Court that had to decide in a dispute between two parties over the legal control of a property,Netanyahu's spokesman, Mark Regev, told WND.Continued Regev: The Supreme Court ruled for one side and not the other. In all democracies the rulings of the courts must be upheld, and it is incumbent on the executive branch to implement such decisions.Regev said the Israeli Supreme Court is renowned internationally for both its independence and its professionalism. There are countless examples of the Supreme Court ruling in favor of the Palestinians in land disputes.Yesterday marked the second time the past three weeks Israel's ambassador has been summoned by Washington to protest Israeli conduct in eastern Jerusalem. Last month, Oren was summoned by the State Department to demand a Jewish construction project in eastern Jerusalem be immediately halted.The construction project, financed by Miami Beach philanthropist Irving Moskowitz, is located just yards from Israel's national police headquarters and other government ministries. It is a few blocks from the country's prestigious Hebrew University, underscoring the centrality of the Jewish real estate being condemned by the U.S.Netanyahu strongly rejected the State Department demand, telling a cabinet meeting Israel's sovereignty over Jerusalem was not a matter up for discussion.Imagine what would happen if someone were to suggest Jews could not live in or purchase [property] in certain neighborhoods in London, New York, Paris or Rome,he said just after his ambassador was summoned.The international community would certainly raise protest. Likewise, we cannot accept such a ruling on eastern Jerusalem,Netanyahu told ministers.wnd.
The Two-State Illusion - Would it solve the Middle East problem?
Wednesday, 05 August 2009 07:40 News from Jerusalem
Creation of a Palestinian state is not the true ultimate goal of the Arabs
There seems to be almost universal consensus that in order to bring peace to the Middle East the creation of a Palestinian state is unavoidable. What is more, such a solution is the policy of the United States.What are the facts?
The lesson of Gaza. In previous hasbarah (educating and clarifying) messages we made clear that a Palestinian state would be impossible for Israel to accept. It would lead inevitably to Israel’s destruction. The reason is primarily the lesson learned from the Gaza experiment. Under pressure from most of the world, Israel evacuated Gaza, displacing hundreds of families who had lived there for generations and who had built substantial communities and extensive agricultural installations. Instead of making even the least gesture of acknowledgment and gratitude, the Palestinians, almost from the very first day of their liberation from the hated Jews, began to lob rockets into Israel. Ultimately, Israel was forced to defend itself against those attacks and invaded Gaza in force. There was much damage and many casualties. As could be expected, world opinion condemned Israel’s defensive action and called it disproportionate.If Israel were foolish enough to yield to the unrelenting pressure and were to turn Judea/Samaria (the West Bank) over to the Palestinians, it would find itself surrounded by enemies, whose ultimate goal is not the creation of a Palestinian state but the destruction of Israel – to use the common rhetoric, to wipe Israel off the map and push the Jews into the sea.Statehood opportunities rejected. The reality is that the Palestinians are not really interested in their own independent state. Such a state never existed and the concept of a Palestinian people is a fairly new one. If the Palestinians were really interested in their own state, if that were their aspiration, they could have had such a state side-by-side with Israel, for a very long time. The first partition of Palestine – all of which, by the Balfour Declaration and by the mandate of the League of Nations was to be the Jewish home – occurred in 1921. Winston Churchill, who was then the Colonial Secretary, split the mandated territory, allocating the great bulk to the Arabs for the creation of what is now the Kingdom of Jordan. But, of course, that did not satisfy the Arabs. After much bloody fighting over the decades, other efforts were made to create an additional state for the Arabs (who by then called themselves Palestinians). There was the Peel Partition Plan of 1937, and, most importantly perhaps, the United Nations Partition Plan of 1947. Under the UN plan, the territory west of the Jordan River was to be split, with the major portion to be allocated to the Arabs and the smaller, disconnected, portion going to the Jews. Jerusalem, a bone of contention, was to be internationalized – it would not belong to either. The Jews, anxious to form their state, accepted this plan under which they were granted only a small fraction of the Palestine that they had been promised to be their homeland by the Balfour Declaration and by the mandate of the League of Nations. But the Arabs rejected the partition out of hand. Almost the same day that Israel declared its statehood and its independence, six Arab armies invaded Israel from north, east and south. In what could be called a Biblical miracle, the ragtag Jewish forces defeated the combined Arab might.
Following the Six-Day War of 1967, in which Israeli forces defeated the combined invasion forces of Egypt and Syria, Israel offered generous terms for the formation of a Palestinian state. But it was not accepted. Instead, the Arabs convened in Khartoum (Sudan) and pronounced their famous Three No’s: No peace with Israel, No negotiations with Israel, No recognition of Israel. Other offers of statehood were made over the course of the years. Ehud Barak, then prime minister of Israel, and U.S. President Bill Clinton offered the Palestinians almost total withdrawal to the 1967 armistice lines. The Palestinians rejected the offer, presumably because it did not include Israel’s willingness to accept hundreds of thousands of Palestinian refugees, who would with one stroke accomplish what the Arabs had not accomplished in their wars: the destruction of Israel. The creation of a Palestinian state could have been accomplished many times. But it is the unalterable goal of the Palestinians, indeed of most Arabs and most Muslims, to destroy the Jewish state and never to recognize and legitimize Israel in whatever shape and size as a Jewish state.It is important to understand that the creation of a Palestinian state is not the true ultimate goal of the Arabs. It is, at best, meant to be a stepping stone toward the ultimate goal: the destruction, the disappearance of Israel and of the hated Jews from any portion of what they consider holy Muslim soil.The Arabs are not interested in putting an end to the suffering of the Palestinian people. That could have been accomplished long ago. On the contrary, to be martyrs is a source of pride and assurance of victory to the Arabs. They compare their willingness to sacrifice hundreds of thousands of their own with the Zionist enemy, who is concerned about combat losses or even the fate of one single abducted soldier.by Gerardo Joffe.Flame.
Rebuilding of Lebanon's oldest synagogue begins By HUSSEIN DAKROUB, Associated Press Writer – Wed Aug 5, 11:36 am ET
BEIRUT – Laborers have torn down the disintegrating roof, cleared the debris and erected scaffolding, showing Wednesday that the long delayed renovation of Lebanon's oldest and most important synagogue has finally begun.Beirut's imposing Magen Abraham synagogue was badly damaged during Lebanon's 1975-90 civil war and remained devastated long after the rest of the downtown was rebuilt with new shopping arcades and gleaming skyscrapers rising from tree-lined streets.Solidere, the giant company that has taken the lead in flattening and then rebuilding much of downtown has said it is up to each religious sect to restore their own places of worship — a tall order for a dwindling community of only 200 Jews.On Wednesday, about a dozen laborers worked on the building, stockpiling wood and clearing debris, stones and weeds.The project might take a year or so to complete depending how much money we can collect, an official of the Lebanese Jewish Community Council told The Associated Press Wednesday.
The official, speaking on condition of anonymity because he was not authorized to speak to the media, said the renovation, which began about 10 days ago, is estimated to cost between $1 million and $1.5 million.Renovation was scheduled to begin in 2006, but work was put off due to turmoil in the country following the 2006 Israel-Hezbollah summer war. It was delayed further by the global financial crisis last year as potential Jewish donors overseas, who were to provide the bulk of the funds, decided to wait.The Jewish official said the council, which cares for the remnants of Lebanon's Jewish community, does not yet have the necessary funds to complete the renovation.So far, no donations have come from Jewish donors overseas, he said. He added that the money to begin restoring the synagogue's roof came from the Jewish Council's own budget, while declining to elaborate on the exact amount.Security guards from nearby government buildings banned reporters and photographers from getting closer to the site and the workers doing the renovation refused to talk.The synagogue, like the country's once-thriving Jewish community, fell prey to the devastating civil war. Even after the fighting ended, the remaining Jews from the once 22,000-strong community did not have the money to repair or even maintain the building.The synagogue, which was built in 1926 in Beirut's main Jewish neighborhood of Wadi Abou Jmil, sat on the battle lines dividing the city during the civil war, falling on the Muslim side of the Lebanese capital's infamous green line.Until the renovation began, the structure was filled with empty bottles, broken glass and shattered bricks from the roof. Wide cracks covered the walls and stairways leading to the second floor.
Jews did not take part in Lebanon's civil war, but the violence forced most to emigrate. Eleven Jews were kidnapped and apparently killed during the hostage-taking spree of the 1980s that targeted foreigners and Lebanese alike in Beirut. The bodies of only four were recovered, bearing the marks of torture. The remaining Jews have generally kept a low profile.The long-delayed restoration comes amid a rare consensus among the country's fractious factions as even the staunchly anti-Israeli militant Hezbollah organization believes the synagogue should be rebuilt.In addition to Magen Abraham, there are two other synagogues in mountain towns east of Beirut that were damaged by the fighting and then closed.
Inference Data LLC Announces U.S.-European Union (EU) Safe Harbor Certification Posted on: Wednesday, 5 August 2009, 08:13 CDT
NEW YORK, Aug. 5 /PRNewswire/ -- Inference Data LLC today announced that it has been certified as U.S.-European Union (EU) Safe Harbor compliant. Developed by the U.S. Department of Commerce and the European Commission, the Safe Harbor framework establishes a privacy protection standard for transferring personal data between the European Union and non-E.U. nations. As a leading electronic discovery and analytics software and services firm, Inference obtained certification to facilitate eDiscovery analytics and review for large-scale international matters. Inference's Safe Harbor framework compliance was certified by TRUSTe, a leading independent consumer privacy protection company, and has been approved by the U.S. Department of Commerce. To obtain U.S.-EU Safe Harbor framework certification, Inference Data met privacy requirements for data usage, transfer, security, integrity, access, notification and dispute resolution.Taking this step demonstrates that Inference is in compliance with European Union's high standards for data protection,notes Inference Data President Nicholas Croce.Inference is now on the U.S. Department of Commerce Safe Harbor organization list and our Inference eDiscovery analytics and review platform now meets all standards involving data transferred to or from EU countries.
About Inference Data
Inference Data provides corporations and law firms with next-generation software for analytics-driven assessment, meet-and-confer preparation, and accelerated legal review. The Inference product applies conceptual search and analytics to prioritize datasets and find key documents for faster and more cost-effective review. Inference, a web-based solution, is distinguished by its highly scalable architecture and a user-intuitive, configurable workflow. Inference Data is privately held and headquartered in New York, NY. For more information, visit www.inferencedata.com.
About TRUSTe
TRUSTe Privacy Seals help consumers click with confidence by guiding them to trustworthy Web sites. Thousands of Web sites rely on TRUSTe industry best practices to help them make the right decisions about privacy and protecting confidential user information. Most of the top fifty Web sites are certified to TRUSTe's leading practices, including Yahoo, Facebook, MSN, eBay, AOL, Disney, New York Times, Comcast and Apple. To find out more about privacy, visit http://www.truste.com SOURCE Inference Data ,Source: PR Newswire.
EUROPEAN UNION ARMY
DANIEL 7:23-25
23 Thus he said, The fourth beast (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.(TRADING BLOCKS)
24 And the ten horns out of this kingdom are ten kings(10 NATIONS) that shall arise: 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 NATIONS)
25 And he (EU PRESIDENT) shall speak great words against the most High, and shall wear out the saints of the most High, and think to change times and laws: and they shall be given into his hand until a time and times and the dividing of time.(3 1/2 YRS)
DANIEL 8:23-25
23 And in the latter time of their kingdom, when the transgressors are come to the full, a king (EU DICTATOR) of fierce countenance, and understanding dark sentences,(FROM THE OCCULT) shall stand up.
24 And his power shall be mighty, but not by his own power:(SATANS POWER) and he shall destroy wonderfully, and shall prosper, and practise, and shall destroy the mighty and the holy people.
25 And through his policy also he shall cause craft to prosper in his hand; and he shall magnify himself in his heart, and by peace shall destroy many: he shall also stand up against the Prince of princes;(JESUS) but he shall be broken without hand.
DANIEL 11:36-39
36 And the king (EU DICTATOR) shall do according to his will; and he shall exalt himself, and magnify himself above every god, and shall speak marvellous things against the God of gods, and shall prosper till the indignation be accomplished: for that that is determined shall be done.
37 Neither shall he regard the God of his fathers,(THIS EU DICTATOR IS JEWISH) nor the desire of women, nor regard any god: for he shall magnify himself above all.(CLAIM TO BE GOD)
38 But in his estate shall he honour the God of forces:(WAR) and a god whom his fathers knew not shall he honour with gold, and silver, and with precious stones, and pleasant things.
39 Thus shall he do in the most strong holds with a strange god,(DESTROY TERROR GROUPS) whom he shall acknowledge and increase with glory: and he shall cause them to rule over many,(HIS ARMY LEADERS) and shall divide the land for gain.
REVELATION 19:19
19 And I saw the beast,(EU LEADER) and the kings of the earth, and their armies, gathered together to make war against him that sat on the horse,(JESUS) and against his army.(THE RAPTURED CHRISTIANS)
Russia backs EU, not U.S., role in Georgia Wed Aug 5, 4:32 am ET
MOSCOW (Reuters) – Moscow welcomes the work of EU monitors in Georgia, deployed in the Caucasus state a year ago after the Russian invasion, but is opposed to the United States having a role, Foreign Minister Sergei Lavrov said on Wednesday.In a brief war last August, Russia crushed Georgia's attempt to retake its rebel province of South Ossetia. Moscow has recognized the independence of South Ossetia and another rebel region of Abkhazia, taking them under its security umbrella.Under a peace deal brokered by French President Nicolas Sarkozy, the European Union has sent 240 unarmed monitors to Georgia to oversee a fragile ceasefire. Georgia now wants the United States to join the monitoring.The presence of EU monitors on Georgian territories bordering South Ossetia and Abkhazia is an important stabilizing factor and we support such a presence,Lavrov told state-run television channel Vesti-24.No one, except for Russia and Nicaragua, has so far recognized the independence of Abkhazia and South Ossetia. But Moscow, arguing that their separate status from Tbilisi must be recognized, has blocked access for monitors to both regions.
The monitors in turn complain that the lack of access restricts their ability to verify mutual accusations of blame for sporadic attacks on both sides of the de facto borders.Russia sees the monitors as a force to prevent any concentration of Georgian forces in areas bordering South Ossetia and Abkhazia.Georgia, keen to get Western support in its stand-off with Russia, asked the United States last month to join the EU monitoring mission -- although the EU itself has not made any such request to Washington.Lavrov said the Georgian request was part of a plan to drag the United States into a confrontation.The idea is absolutely clear and we honestly told this to our U.S. colleagues, Lavrov said.This is all about dragging Americans into Georgia and pitching them against the Russian military.After that, the Georgian masters of provocation... will try doing their traditional job,he added. The risks of this are clear, Europe and the United States understand them.Russia and the United States are now trying to reset their thorny relationship, which was worsened by the Georgia war in which Washington backed Tbilisi.U.S. President Barack Obama, who visited Moscow in July, has said Washington will never recognize South Ossetia and Abkhazia. He dispatched Vice President Joe Biden to Tbilisi last month to reaffirm support for Georgia.(Writing by Oleg Shchedrov)
Georgia calls for EU help as tensions flare
ANDREW RETTMAN 05.08.2009 @ 09:27 CET
Georgian president Mikheil Saakashvili has called for EU and US help to prevent a renewal of fighting with Russia three days before the one year anniversary of the war.The latest [Russian army] manoeuvres are worrying. They refuse to respond to calls from European observers and unfortunately the media in Moscow are announcing a situation of imminent conflict, he told French radio station RTL on Tuesday (4 August).Despite all that, I am confident that Europe and the United States will send a clear message [to Russia].Russian president Dmitry Medvedev later telephoned US leader Barack Obama to wish him happy birthday, with Mr Obama calling for decreased tensions the White House said. The remarks come after Russia put its 7,000 or so troops in Georgia's breakaway South Ossetia province on high alert citing Georgian provocations.The number of incidents on the South Ossetia boundary line has multiplied in recent days.On Tuesday, Georgia accused Russia of trying to set up a military checkpoint in the village of Kvechi on the Georgia-controlled side of the line. It also said two grenades were fired towards a Georgian police post.South Ossetia had on Monday reported that three mortar rounds were fired from a Georgian-controlled village to the hamlet of Ortev on its side of the boundary.The 7 August 2008 war erupted in a battle between Russian and Georgian forces over the South Ossetian capital Tskhinvali, with Russian tanks at one point poised to enter Tbilisi.
French president Nicolas Sarkozy helped negotiate a ceasefire but later gave Russia the EU's blessing to keep thousands of soldiers inside disputed Georgian zones.The brief war, which cost hundreds of civilian lives, came as a shock to former Soviet countries, raising fears of a new wave of Russian imperialism.
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 THU AUGUST 06,2009
09:30 AM -3.48
10:00 AM -9.45
10:30 AM -41.72
11:00 AM -19.95
11:30 AM -2.87
12:00 PM -20.86
12:30 PM -31.51
01:00 PM -30.30
01:30 PM -25.32
02:00 PM -35.75
02:30 PM -54.19
03:00 PM -49.88
03:30 PM -24.03
04:00 PM -24.71 9256.26
S&P 500 997.08 -5.64
NASDAQ 1973.16 -19.89
GOLD 965.80 -0.05
OIL 71.92 -0.05
TSE 300 10,820.13 -226.80
CDNX 1188.12 -6.87
S&P/TSX/60 653.14 -16.61
MORNING,NEWS,STATS
YEAR TO DATE PERFORMANCE
Dow +5.75%
S&P +11.01%
Nasdaq +26.38%
TSX Advances 819,declines 693,unchanged 250,Volume 2,189,186,837.
TSX Venture Exchange Advances 398,Declines 405,Unchanged 416,Volume 260,003,606.
Dow +42 points at 4 minutes of trading today.
Dow -47 points at low today.
Dow +48 points at high today so far.
GOLD opens at $971.90.OIL opens at $71.79 today.
AFTERNOON,NEWS,STATS
Dow -47 points at low today so far.
Dow +48 points at high today so far.
DAY TODAY PERFORMANCE - 12:30PM STATS
NYSE Advances 1,485,declines 2,127,unchanged 109,New Highs 110,New Lows 46.
Volume 3,929,132,858.
NASDAQ Advances 901,declines 1,667,unchanged 110,New highs 35,New Lows 08.
Volume 1,181,184,206.
TSX Advances 650,declines 707,unchanged 220,Volume 1,178,017,734.
TSX Venture Exchange Advances 298,Declines 294,Unchanged 275,Volume 133,158,126.
WRAPUP,NEWS,STATS
Dow -69 points at low today.
Dow +48 points at high today.
Dow -0.27% today Volume 244,401,980.
Nasdaq -1.00% today Volume 2,258,182,252.
S&P 500 -0.56% today Volume N/A
OIL DEMAND SUSTAINABLE
http://www.cnbc.com/id/15840232?video=1206435616&play=1
WILL OIL GO TO $100.00
http://www.cnbc.com/id/15840232?video=1206392673&play=1
STILL BULLISH IN CHINA
http://www.cnbc.com/id/15840232?video=1206337753&play=1
http://www.cnbc.com/id/15840232?video=1206384113&play=1
OBAMA,RUSSIA IS IT WORKING
http://www.cnbc.com/id/15840232?video=1206279838&play=1
HEALTHCARE OR CIVIL WAR
http://www.cnbc.com/id/15840232?video=1206200608&play=1
WHATS NEXT MILITARY TECH
http://www.cnbc.com/id/15840232?video=1206051162&play=1
CHINA THE GREEN PANTHER
http://www.cnbc.com/id/15840232?video=1205837958&play=1
THE NEW ECONOMY
http://www.cnbc.com/id/15840232?video=1205768534&play=1
ERIN BURNETT ON CAMEL JOKE
http://www.cnbc.com/id/15840232?video=1205892593&play=1
TRICHET MISREAD EU ECONOMY
http://www.cnbc.com/id/15840232?video=1205471642&play=1
MARKETS TO CORRECT AFTER SUMMER
http://www.cnbc.com/id/15840232?video=1205439465&play=1
CONFLICT OF REGULATION
http://www.cnbc.com/id/15840232?video=1204900157&play=1
WHEN OBAMA AND THE NEW WORLD ORDER NUTCASES COLLAPSE THE WORLD STOCK MARKETS CANADA WILL HURT WAY WORSE AS OUR MARKET IS 2,000 POINTS MORE THAN AMERICAS.
Trading Day: TSX plays catch-up, surging to fresh 2009 high
By Gregory Thomas, Vancouver SunAugust 5, 2009
The main Canadian benchmark extended recent advances on Wednesday as a buying burst in the final minute of the session pushed the S&P/TSX Composite index to its fourth straight daily gain. The index closed up 28.83 points, or 0.3 per cent, at 11,046.93. A merger in the oilpatch combined with a last-minute surge in the price of crude, trimming a pull-back in the energy sector after a three-day run that added seven per cent to the value of energy stocks.Shares of Calgary-based TriStar Oil & Gas jumped $2.61, or 23 per cent, to $14.12 after the company agreed to merge its operations in Saskatchewan’s Bakken formation with the Canadian operations of Petrobank Energy. TriStar investors will get $14.75 in cash or 0.5350 of a share in the new company, to be called PetroBakken, or a combination of $3.75 cash and 0.3989 of a PetroBakken share. TriStar investors will end up with 36 per cent of the new company, expected to produce 37,000 barrels a day.Shares of Sun-Rype Products rose 30 cents, or three per cent, to $9.10. Sales grew to $35.4 million in the second quarter, from $33.1 million a year earlier, replacing last year’s second-quarter loss of $5.1 million, or 47 cents a share, with earnings of $2.7 million, or 25 cents a share.Crude oil rose 55 cents, or 0.8 per cent, to $71.97 US for the September contract, after the U.S. Energy Department said consumption climbed 3.1 per cent last week, the most since February. September natural gas added 4.1 cents, or one per cent, to $4.042 US per million Btu. Copper gained 1.65 cents, or 0.6 per cent, to $2.812 US a pound, as commodity traders focused on factory orders that gained in June for the third consecutive month, rather than a private-sector employment report of 371,000 US job cuts.
But unemployment worries sapped U.S. equity markets after four straight days of gains, pushing the Dow Jones Industrial Average down 39.22 points, or 0.4 per cent, to 9,280.97, the S&P 500 down 2.93, or 0.3 per cent, to 1,002.72, and the Nasdaq composite down 18.26, or 0.9 per cent, to 1,993.05.Whole Foods Market, parent company of Capers Community Market, rose $3.88, or 16 per cent, to $28.70 US. Earnings grew three per cent to $35 million US, or 25 cents a share, compared to 24 cents a year earlier, while sales rose two per cent to $1.9 billion US. The natural foods grocer has shifted its focus to more store brands aimed at health-conscious consumers, while emphasizing more affordable grocery items as its high-end clientele adjusts its spending.Garmin, maker of GPS navigation systems, gained $4.57, or 17 per cent, to $31.75 US. Sales were down 27 per cent in Q2 from a year earlier at $669.1 million US, but up 53 per cent from the first quarter. Profit margins expanded and earnings beat the Street, coming in at $161.9 million, or 81 cents a share, down from $256.1 million US a year ago, before the recession flattened demand for high-tech gadgets.
Gregory Thomas is a Financial Advisor and Certified Financial Planner with Raymond James Ltd. Tel. 604-663-4235 gregory.thomas@raymondjames.ca
ECB, Bank of England to hold rates steady By GEORGE FREY and JANE WARDELL, AP Business Writers – AUG 6,09
FRANKFURT – Central banks for Europe and Britain are almost certain to keep their benchmark interest rates at record lows on Thursday amid early signs of economic recovery, while attention will focus on whether the Bank of England will hold back from further expanding the money supply.Both the European Central Bank and the Bank of England are expected to keep rates at 1 percent and 0.5 percent respectively when they announce their monthly decision.Recent economic data in both the euro zone — a block of some 320 million people comprising nearly 17 percent of the world's output — and Britain have suggested early signs of an economic turnaround.That will leave all eyes on the Bank of England's so-called quantitative easing program to stimulate growth by boosting the domestic money supply.BoE policymakers surprised analysts last month when they opted to hold the program at 125 billion pounds, despite access to a further 25 billion pounds under the banks' current mandate from the Treasury.With recent data on Britain's key services and manufacturing industries showing further improvements on Wednesday, analysts think it is likely the British bank will see enough upbeat signs to again refrain from pumping more money into the economy, at least for now.Increasing the supply of money can stimulate growth, but risks worsening inflation down the road. It comes on top of steep cuts in interest rates — the usual tool for boosting the economy.
The ECB, meanwhile, mindful of some signs of economic recovery, will consider European Union statistics that last week showed unemployment in the euro zone countries rose to a level not seen in a decade and consumer prices slipping more than expected. Eurostat said it estimated consumer prices fell 0.6 percent in July compared with the year-ago period.Meanwhile, the office said unemployment rose to 9.4 percent in June — the highest level since June 1999 — after 9.3 percent in May.Still, analysts anticipate the bank will keep rates on hold and not announce any new measures on enhanced credit support,the ECB's version of quantitative easing.We suspect the ECB will enjoy the luxury of a relatively non-contentious get-together, Calyon Credit Agricole analysts said in a note to clients.Inflation may have been lower than expected, but there has been nothing to force any major reassessment, Calyon said.In May, the ECB announced it would buy euro60 billion ($86.4 billion) in covered bonds, a relatively safe way to provide markets with more cash. The program is ongoing and the ECB said earlier this week it's spent just euro4.9 billion of the allotted money so far. The bank could announce more details about the ongoing program Thursday.Though many observers have begun to speculate about exit strategies away from the extraordinary measures the ECB has undertaken in concert with the BoE, U.S. Federal Reserve and others, UniCredit's chief economist Aurelio Maccario said interbank lending is still far from past levels and the exit is not nigh.AP Business Writer Jane Wardell reported from London.On the Net: http://www.ecb.int
http://www.bankofengland.co.uk
Asian stocks mostly higher while China slips By KELLY OLSEN, AP Business – AUG 6,09
SEOUL, South Korea – Asian stocks markets mostly rose Thursday despite weak economic data that sent Wall Street lower and worries about tighter monetary policy that dragged down China shares.Japan's Nikkei 225 stock average rose 135.56 points, or 1.3 percent, to 10,388.09, while Australia's benchmark also gained 1.3 percent. South Korea's Kospi erased earlier losses and closed up 0.4 percent. Singapore's market also turned higher and was up 0.7 percent.Bucking the trend were shares in China. The benchmark Shanghai Composite Index dropped 55.86 points, or 1.6 percent, to 3,372.40. Worries have grown over whether a surge in Chinese bank lending to support the government's massive stimulus spending may be helping foment a stock bubble. The Shanghai benchmark has risen by about 90 percent this year.There is concern in the market about potential tightening, said Mark Tan, who helps manage about $15 billion of equities and bonds at UOB Asset Management in Singapore.China's bank regulator last week raised eyebrows when it said it would review capital adequacy as a way of cooling the lending frenzy.Hong Kong's Hang Seng, sensitive to developments in China, recovered from early declines to gain 155.46, or 0.8 percent, to 20,650.23. Elsewhere, Taiwan also moved out of red and rose 0.3 percent, but India's Sensex retreated by 0.5 percent and Philippine shares, which reopened after a public holiday, declined 1.6 percent.In New York, stocks slipped on figures showing a sharper-than-expected contraction in the services sector and as investors shied from making big moves ahead of the government's monthly reading on job losses and the unemployment rate.
Traders are growing anxious as they await the U.S. Labor Department's employment report for July due out Friday. Unemployment stands at a 26-year high of 9.5 percent and is expected to eventually top 10 percent. Investors are looking for the pace of layoffs to slow so the economy can heal.On Wednesday, the Dow Jones industrial average fell 39.22, or 0.4 percent, to 9,280.97. The Standard & Poor's 500 index fell 2.93, or 0.3 percent, to 1,002.72, while the Nasdaq composite index fell 18.26, or 0.9percent, to 1,993.05.Stock futures pointed to a lackluster Thursday on Wall Street with Dow futures up 2 points at 9,247.Oil prices fell to near $71 a barrel in Asia as investors eyed rising U.S. crude inventories and signs of a weak economy.Benchmark crude for September delivery was down 30 cents to $71.67 a barrel by midafternoon Singapore time in electronic trading on the New York Mercantile Exchange. On Wednesday, the contract gained 55 cents to settle at $71.97.In currencies the dollar rose to 95.11 yen from 94.88 yen and the euro was slightly lower at $1.4407 from $1.4409.
Britain and Spain show mild economic recovery Canary Wharf, in the heart of London's financial district (Photo: wikipedia)LUCIA KUBOSOVA Today AUG 6,09 @ 09:15 CET
Britain and Spain, the two major EU states hit the hardest by the economic crisis, have begun to show signs of recovery.Fresh figures on house prices, manufacturing output and the service sector have ended almost two years of constant bad news in the UK.A survey by the Royal Institution of Chartered Surveyors published on Thursday (6 July) said house prices could end higher this year than in 2008 amid a considerable shift in the market.The UK's Office for National Statistics said industrial production unexpectedly rose 0.5 percent in June from May, though it is still down 11.1 percent from last year. The increase is the biggest since October 2007 and is mainly due to the car industry. A report by the Chartered Institute for Purchasing and Supply (CIPS) also showed the services sector in July grew at its fastest rate for 18 months.The positive news gave a boost to the pound-US dollar exchange rate, with the Bank of England expected to announce on Thursday (6 August) that it will take a pause on efforts to pump £125 billion (€147 billion) into the economy.
Economists remain cautious in their comments on the upward trends, however.
Overall, these surveys provide encouraging evidence that the economic recovery is building up a decent amount of momentum. But the recovery is still in its early stages,Vicky Redwood from Capital Economics told the UK daily Guardian.
Spain's job figures
In Spain, the number of people filing claims for unemployment benefits fell for the third consecutive month in July, marking the biggest drop since July 2004, according to the country's labour ministry.The monthly decline of 20,794 people was strongest in the construction and services sectors and seen as a consequence of a massive public investment as well as the current holiday season.The total number of Spaniards still claiming benefits remains at over 3.5 million.Spain's unemployment hit 18.1 percent in the second quarter of this year - the highest rate in the 27 country-strong EU.
Spain reels as cash-strapped tourists stay away by Daniel Silva – AUG 6,09
TORREMOLINOS, Spain (AFP) – Spain is feeling the pinch of a drop in visitors, especially from Britain, its main source of tourists, as the recession leads northern European sunseekers to take their holidays at home this year or choose cheaper beach destinations like Egypt or Turkey.The drop in the pound to near parity with the euro has fueled the decline in the number of British tourists, who account for one-quarter of all visitors to Spain, as it has made spending a few days in the sun at Mediterranean resorts like Torremolinos, Benidorm and Ibiza more expensive.Usually during the height of the summer tourist season the main beach at Torremolinos on Spain's Costa del Sol is packed with sunseekers.But despite the clear skies and soaring temperatures, row after row of sun beds this year lie empty.Above the beach, business at the bars, restaurants and stores selling bright red souvenir flamenco dresses and Real Madrid jerseys that line the boardwalk is slow with many outdoor patios deserted. Some shops are closed for repairs.This is the worst I have ever seen it. There is no one on the beach,said Pedro Hervas who has sold freshly squeezed orange juice from a stand in the shape of a large orange installed on the boardwalk for the past two decades.If you came here last year at this time you would not be able to get around, there would be so many cars and people,the 57-year-old added as he pointed to the road and beach in front of his stand.During the first half of the year Spain received 23.6 million foreign visitors, an 11.4 percent drop over the same time last year, according to ministry of tourism figures.
The number of British tourists fell 16.3 percent during the period to 6.1 million.
The government predicts the number of foreign visitors to the country during the summer, which it defines as July, August and September, will drop by 10 percent.The tourists who are coming are spending less than in other years, adding to the financial pain of shop and hotel owners.Robert Downey, a 57-year-old former Glasgow taxi driver who runs a pub with a seafaring theme that serves fish and chips in Torremolinos with his wife, said his business is down between 30 and 40 percent this year.People used to come in at 9 o'oclock at night and have four or five drinks. Now they are coming in at 10 o'clock and having just two or three drinks. Many people are worried,he said as he stood behind the counter of his empty bar.Foreign visitors to Spain spent 20.9 billion euros (30.2 billion dollars) during the first six months of the year, a 7.6 percent drop over the same time in 2008, according to the tourism ministry.Spain's tourist sector accounts for around 11 percent of all jobs and the decline in the number of foreign visitors comes as the country is in its steepest recession in decades following the collapse of its property market.Last year the country lost its spot as the second-most visited destination in the world to the United States, according to the Madrid-based United Nations World Tourism Organization. France has long been the number one destination.Tourists began trickling into Spain after the United Nations lifted its sanctions against the country and its right-wing dictator, General Francisco Franco, in 1950.The trickle turned into a flood after the Franco regime in 1959 simplified the procedures for passport visas and customs controls in a bid to aid the development of the tourist sector. The influx turned many seaside fishing villages that dotted Spain's coast into concrete jungles of tower blocks which drew millions of northern Europeans on package holidays.Analysts say the dent in Spain's tourism business is also due to a long-tern shift away from these sort of sun and sea holiday packages which the country pioneered as people increasingly depend less on major tour operators and make their own independent bookings over the Internet.
Prime Minister Jose Luis Rodriguez Zapatero's Socialist government has responded by offering one billion euros to help the sector modernise its infrastructure as well as tax breaks and fee waivers for airlines and hotels. It has also wants to seek out new markets and diversify its traditional sun and surf tourism by boosting its focus on urban and cultural tourism.Spain's tourism promotion body has staged a series of A Taste of Spain events across Britain in recent months that showcase Spanish culture and food.Despite the recent decline in visitors, Trevor Davis, the director of retail distribution at The Co-operative Travel, Britain's largest independent travel agency, does not think the British are starting to permanently turn away from the country as a holiday destination.Absolutely not. We fully anticipate Spain will bounce back when the pound strengthens,he said.
Senate reaches deal on $2B clunkers refill By KEN THOMAS and LAURIE KELLMAN, Associated Press Writers – AUG 6,09
WASHINGTON – The Senate reached a deal on saving the dwindling cash for clunkers program late Wednesday, agreeing to vote on a plan that would add $2 billion to the popular rebate program and give car shoppers until Labor Day to trade in their gas-guzzlers for a new ride.Following lengthy negotiations, Senate Majority Leader Harry Reid said Democrats and Republicans had agreed to vote on the plan Thursday, along with a series of potential changes to the bill, which was passed by the House last week. Reid has said Democrats have enough votes to approve the measure and reject any changes that would cause an interruption in the rebates of up to $4,500.Reid said the agreement accomplishes what we need to accomplish.Late Wednesday, it was not clear that any of the proposed amendments stood a chance of passing. Some of them included placing an income limit on those benefiting from the vouchers and requiring the government to sell off its stakes in General Motors Co. and Chrysler Group LLC.Any Senate changes to the bill would require another vote in the House, something that couldn't take place until the House returns in September from a monthlong recess.The government said Wednesday that more than $775 million of the $1 billion fund had been spent, accounting for nearly 185,000 new vehicles sold. President Barack Obama has said the program would go broke by Friday if not replenished by Congress.
Administration officials have estimated the additional $2 billion could fund another 500,000 vehicle sales and last into Labor Day.That's the same day the Senate was to follow the House into the August recess, a looming break that Senate leaders often use to prod their colleagues past standoffs.We all acknowledge there's a significant majority that want to move forward with this legislation,Reid, D-Nev., said earlier in the day, adding that he has the votes to approve the House-passed version as is.
His Republican counterpart, Sen. Mitch McConnell of Kentucky, concurred that the matter would be settled soon. And objectors conceded they do not have the votes to force all of the changes they want, or to block the House version of the bill.My guess is, at the end of the day, it will pass, said Sen. John Thune, R-S.D., who called it an example of Congress choosing winners and losers among industries.The program offers car buyers rebates of between $3,500 and $4,500 for trading in their gas-guzzlers for new, higher-mileage models.The new funding would triple the cost of $1 billion rebate program and give as many as a half-million more Americans the chance to grab the new car incentives through September.Car companies have credited the clunkers program with driving up sales in late July. Most consumers are buying smaller, more fuel-efficient vehicles under the program, according to a list of the top-10 selling cars released Wednesday by the National Highway Traffic Safety Administration.Among manufacturers, General Motors Co. had the largest share, accounting for 18.7 percent of new sales, followed by Toyota Motor Corp. with 17.9 percent. Ford Motor Co. was third with 16 percent of the sales. Detroit automakers represented 45.3 percent of the total sales while Japan's Toyota, Honda Motor Co. and Nissan Motor Co. accounted for 36.5 percent.The Toyota Corolla is the top-selling vehicle on the list, followed by the Ford Focus, Honda Civic, Toyota Prius and the Toyota Camry. There is one SUV on the list, the Ford Escape, which also comes in a hybrid model that can get up to 32 miles per gallon. Six of the top-10 selling vehicles are built by foreign manufacturers, but most are built in North America.If the Senate approves the additional money, it's likely to lead automakers to increase production and bring back laid-off workers. Many automakers reported low inventories due to increased sales from the program at the end of July. Already Hyundai Motor Co. has added a day of production to its Montgomery, Ala., plant, and Ford is considering increases.
Ford's chief financial officer, Lewis Booth, said Wednesday night the company would decide this month and make an announcement in early September.Among states, Michigan has taken most advantage of the program, requesting more than $44 million in vehicle vouchers. California dealers had requested nearly $40 million in vouchers, and Ohio had sought nearly $38 million.Senate passage would send the legislation to the White House for Obama's signature and assure consumers there will be no interruption in the program that has led to packed car dealerships nationwide.The deals are aimed at boosting auto sales, which have been at their lowest levels in two decades. AP Auto Writer Tom Krisher in Traverse City, Mich., contributed to this report.On the Net:
Car Allowance Rebate System: http://www.cars.gov
Judge doesn't sign off on BofA, SEC settlement AUG 6,09
NEW YORK – A judge Wednesday balked at signing off on a $33 million proposed settlement between the Securities and Exchange Commission and Bank of America Corp. over executive bonuses.Bank of America on Monday agreed to pay the penalty to settle government charges that it misled investors about Merrill Lynch's plans to pay bonuses to its executives.In seeking approval to buy Merrill, Bank of America told investors that Merrill would not pay year-end bonuses without Bank of America's consent. But in its complaint filed with the U.S. District Court for the Southern District of New York, the SEC said Bank of America had already authorized New York-based Merrill to pay up to $5.8 billion in bonuses and didn't share that information with shareholders.That rendered a statement Bank of America mailed to 283,000 shareholders of both companies about the Merrill deal materially false and misleading, the SEC contends. Bank of America agreed to settle the charges without admitting or denying the allegations.But the settlement is subject to court approval, and on Wednesday Judge Jed S. Rakoff declined his consent, pending results of a hearing Monday.In a statement late Wednesday, Rakoff said the proposed settlement would leave uncertain the truth of the very serious allegations made in the complaint.
The judge also said the agreement "in no way specifies the basis for the $33 million figure or whether any of this money is derived directly or indirectly" from public funds advanced to Bank of America as part of its bail out.
An SEC spokesman declined immediate comment.
Bank of America, along with Citigroup Inc. and insurance giant American International Group, is among the largest recipients of government aid. It has received $45 billion from the federal $700 billion bank rescue program.Charlotte, N.C.-based Bank of America agreed to purchase Merrill in a deal that was hastily arranged Sept. 13-14, 2008, the same weekend that Lehman Brothers collapsed. Bank of America CEO Ken Lewis and Merrill Lynch CEO John Thain announced the deal Sept. 15.The acquisition came as Lehman's collapse caused panic in the financial markets and investment banks such as Merrill faced billions of losses on soured mortgage investments.Merrill ended up paying $3.6 billion in bonuses in 2008, the SEC said, even though it lost $27.6 billion that year, a record for the firm. The bonuses amount to nearly 12 percent of the $50 billion that Bank of America paid for Merrill.
Wall Street Weekly | 07/31/2009 2:20 pm Geithner Promises Thrift to Chinese Someday, by Liz Peek AP Bears, Bulls, Chickens and Pigs: wOw’s Wall Street Weekly with Liz Peek (Week of 7/27)
Editor’s Note: Liz Peek is a financial columnist and the author of wOw’s SHEconomics.
The stock market continued to celebrate better-than-expected earnings reports this week, climbing 9% for the month of July – one of the best months ever. Maybe higher stock valuations and the growing consensus that housing prices will not, after all, go to zero, will get consumers spending again. While companies boosted profits by cutting expenses to the bone earlier this year, they have yet to see growth in demand. We now need revenue gains, followed by job increases, to keep this market rolling.We also need to see Americans’ wrath about soaring government spending tame the exuberant fixer-uppers in Congress and the Obama administration. It’s not just taxpayers that are worried about rising U.S. budget deficits. How do we feel about Treasury Secretary Tim Geithner having to promise China’s assistant finance minister (not even the real finance minister) that the U.S. will do everything possible to bring our fiscal deficits down to a more sustainable level once recovery is firmly established? Talk about a Mother, may I? moment! The president does not appear to have bought into Geithner’s promised thriftiness. Despite a very clear thumbs-down from Americans on his trillion-dollar health-care legislation, President Obama continues to push for a bill. Polls show that more and more people are not only worried about a prospective change in their existing medical care; they are also worried about the price tag for such an initiative in the midst of a recession. They are right! The U.S. should be focused on ramping up demand and production in order to generate the tax revenues that will pay down our deficits. The United States is no longer in an impregnable financial position. As in the U.K., from whom we should learn many lessons (the ghastliness of nationalized health care, the ultimate hardship imposed by spending beyond our means, the cost of supporting noncompetitive industries), deficits will ultimately limit what the U.S. can afford. Recently, the U.K. had to cut back defense spending in order to prop up its finances. It was a serious shot across our bow.In the short run, deficit spending by the U.S. has been warranted by the drastic economic collapse. Boosting outlays through the Stimulus Bill and the actions of the Fed to grow the money supply have been necessary – and helpful. According to ISI, the actions of our government have joined with an unprecedented 698 similar measures undertaken by central banks around the globe, and they have taken hold. There is no question that the world’s economies, almost without exception, are beginning to haul themselves out of a financial ditch. Indications of stabilizing or even rising home prices, declining unemployment claims, improved credit spreads and soaring stock prices all testify to an improving economic outlook both in the U.S. and overseas. Rising government spending has been effective, but it has not been without a cost.
In their ability to pump up demand, all countries are not created equal. The IMF projects the U.S. will spend about 5.6% of our GDP this year boosting the economy, while the figure for Saudi Arabia is 16% and for China it is 12.1%. How can those countries be so aggressive? Because they can afford it. China has more than $2 trillion in foreign reserves and Saudi Arabia has several hundred billion dollars in the bank as well.We are not so lucky, which is why projections of massive budget deficits cloud the outlook for our country’s growth. We are a debtor nation, and while the world eagerly turns to U.S. government debt when calamity hits, that safe-haven reputation may falter. The stock market stumbled midweek when an especially large sale of Treasury bonds didn’t go well; fortunately the auctions concluded satisfactorily on Thursday. Every time the government comes to market with a large sale now, investors hold their breath.It isn’t near-term prospects that are weakened by rising deficits; it is that ongoing heavy borrowings will drive interest rates higher, limiting growth, and that increased debt will limit the government’s options the next time there is a financial meltdown. Trust me, there will be another.
Meanwhile, the economy is indeed perking up. A report out this morning put the drop in second-quarter GDP at 1%, well below the expected 1.5% decline. The collapse in the first quarter was revised down to a 6.4% fall, the worst in 30 years. At the same time, about two thirds of companies that have so far reported earnings exceeded expectations. As mentioned, most of the good profit news has come from cost-cutting. The Labor department put an unhappy human face on that trend, reporting today that employment compensation for U.S. workers was up only 1.8% for the 12 months through June, the smallest increase in decades. Clearly, the real test for economic policy going forward will be the ability to put people back to work. I continue to be skeptical that the government will accomplish that most-important goal unless it recognizes the need to boost industry. For companies big and small to add workers, they need to see increased end-demand and they also need confidence that the government will not impede their expansion through increased regulation or higher taxes. It is also unlikely that government meddling will have a happy ending. This week The New York Times wrote a shockingly clear-headed editorial about Congress interfering with the decision by Chrysler and General Motors to close 2,000 dealerships. The hardship and job losses caused by this necessary downsizing caused House members to pass legislation requiring the auto companies to restore the dealerships. As the Times points out, the micro-managing of business is a slippery slope, and one that this Congress, and this administration, should avoid.
China negotiator optimistic on climate treaty By HENRY SANDERSON, Associated Press Writer – Wed Aug 5, 10:20 pm ET
BEIJING – China's top climate envoy said Wednesday he is optimistic that upcoming negotiations will produce a new treaty to fight global warming, but said developed countries have slowed the process by not setting emission-reduction targets.The nature of global warming means the cost of failure is too high, Yu Qingtai told a news conference.The fundamental way out is that developed countries should display their political will and take concrete actions to fulfill their commitments,he said.
Participants at a United Nations conference in Copenhagen, Denmark, in December will try to reach an agreement on a treaty to replace the 1997 Kyoto Protocol for limiting greenhouse gases, which expires in 2012.The question of which nations will agree to limit their heat-trapping gases, mainly from fossil fuels, is taking on increased urgency ahead of the talks.With its high population and coal-dependent economy, China has emerged as the largest emitter of such gases, and faces pressure to show that its efforts to cut back can be measured and verified internationally.The Kyoto Protocol, which the U.S. refused to sign, made no demands on developing nations.Yu said China was taking more measures than any other country to cut down its harmful emissions of carbon dioxide, even though Beijing has not agreed to cap its emissions by a certain date.The U.S. recently backed away from its long-held position that China submit to mandatory caps on greenhouse emissions. Instead, Washington wants China and other developing nations to agree to binding actions to reduce greenhouse gases that can be measured, verified and reported.Yu said China is setting ambitious targets for renewable energy and improving energy efficiency. It aims to reduce energy consumption per unit of its GDP by 20 percent by 2010 compared to 2005 levels.This is our quantified and measurable target. It is also a binding target,he said.China believes developed countries — which were historically responsible for most pollution — should agree to binding cuts on polluting emissions after 2012 at Copenhagen.
China and other developing countries want developed countries to reduce emissions by 40 percent below 1990 levels, but the U.S. has said that is not feasible. A climate bill that still needs to be approved by the Senate falls far short of that.Yu said developing countries, especially India, still agree with that target.He said developed countries should not only set emission-reduction targets but be willing to transfer technology to their developing counterparts.
Nuke-free world urged on Hiroshima bomb anniversary by Kazuhiro Nogi AUG 6,09
HIROSHIMA, Japan (AFP) – Japan marked 64 years Thursday since Hiroshima was hit in the world's first atomic bomb attack with a call for a nuclear-weapons-free world, a goal backed by US President Barack Obama.The mayor of Hiroshima, the city where 140,000 people died from the blast, renewed his call for the abolition of what he said are 24,000 remaining nuclear warheads over the next decade as he led the solemn dawn ceremony.About 50,000 people, including 'hibakusha' or atom bomb survivors, politicians and envoys from 59 countries and the United Nations, gathered near the A-bomb Dome, the skeleton of a hall burned by the bomb's intense heat.The abolition of nuclear weapons is the will not only of the hibakusha but also of the vast majority of people and nations on this planet,said the mayor, Tadatoshi Akiba, head of the international group Mayors for Peace.Akiba praised Obama for stating at a speech in Prague this year that the United States, as the only country to have ever used an atomic weapon, has a moral responsibility to work toward their eventual abolition.
We refer to ourselves, the great global majority, as the Obamajority, and we call on the rest of the world to join forces with us to eliminate all nuclear weapons by 2020,Akiba said in his speech in the southern city.Those at the memorial ceremony offered their silent prayers at 8:15 am (2315 GMT Wednesday), the exact moment the bomb was dropped in 1945.The blinding blast of Little Boy and the fallout from its mushroom cloud killed some 140,000 people, either instantly or in the days and weeks that followed as radiation or horrific burns took their toll.Three days after the attack, the United States dropped a second nuclear bomb on Nagasaki, which killed 70,000 people in the southern port city.Japan surrendered on August 15, ending World War II in the Pacific. The nation has since been officially pacifist, while also becoming one of the United States' closest allies, hosting some 47,000 US troops.Japan's Prime Minister Taro Aso told the ceremony that I pledge anew today that Japan will be the frontrunner in the international community in abolishing nuclear weapons and realising eternal peace.Aso, who faces elections this month, also promised more help for more than 300 ailing survivors of the nuclear bombings who have fought court battles to win recognition as hibakusha as well as financial relief.
Debate, meanwhile, continues over the merit of the atom bombings.
Many have argued the attacks brought a quick end to the war and prevented the greater bloodshed of a land invasion of Japan. Others have said the bombings were an unnecessary, and perhaps experimental, atrocity.A US opinion poll showed this week that nearly two-thirds of Americans think dropping the bombs was the right decision.
Washington has never apologised for the attacks, and the most senior sitting US official to have visited Hiroshima was House of Representatives Speaker Nancy Pelosi, who laid flowers at the memorial park last year.Morris Jeppson, one of crew members of the B-29 Superfortress plane that dropped the bomb on Hiroshima, told the Mainichi Shimbun daily this week that he believed then-US president Harry Truman had made the right decision.Jeppson, 87, argued that Obama was on the wrong track and that his appeal for a nuclear-weapons-free world was naive,the newspaper reported. Hiroshima mayor Akiba, meanwhile, expressed confidence that momentum was building for the goal of a 2020 abolition of nuclear weapons, saying that Mayors for Peace now had more than 3,000 member-cities worldwide.A US-based lawyers group, meanwhile, said a torch lit in Hiroshima would be carried through 90 countries to the United Nations for an international conference on nuclear non-proliferation next March.
Chavez: Venezuela to buy more tanks over US threat By FABIOLA SANCHEZ, Associated Press Writer – Wed Aug 5, 9:19 pm ET
CARACAS, Venezuela – President Hugo Chavez said Wednesday his government will buy dozens of Russian tanks because Venezuela feels threatened by a pending deal for the U.S. military to increase its presence in neighboring Colombia.Chavez announced the plan while condemning Colombia's negotiations on an agreement to let U.S. forces use at least seven of its military bases.We're going to buy several battalions of Russian tanks,Chavez said at a news conference, saying the deal is among accords he hopes to conclude during a visit to Russia in September.Chavez's government has already bought more than $4 billion worth of Russian arms since 2005, including helicopters, fighter jets and Kalashnikov assault rifles.The socialist leader called Colombia's plan to host more U.S. soldiers a hostile act and a true threat to Venezuela and its leftist allies. He warned that a possible U.S. buildup could lead to the start of a war in South America, but gave no indication that Venezuela's military is mobilizing in preparation for any conflict.Chavez is seeking to pressure Colombia to turn back on its base plan. He threatened to cut back on imports from Colombia, an important source of goods from milk to chicken, and replace them with purchases from Argentina and Brazil.
Trade between Venezuela and Colombia reached $7.2 billion last year. Chavez noted there had been plans to import 10,000 automobiles from Colombia, but said that due to the impasse that figure will become zero.With tensions heightening over Colombia's plan to bring in more American troops to help with his fight against drug trafficking, Colombian President Alvaro Uribe set out on a regional tour this week to defend his plans.How many lies would he be telling today? Chavez gibed as Uribe visited Chile. He called the Colombian leader a puppet of the United States.Chavez also expressed frustration with President Barack Obama over the deal being negotiated with Colombia. He said the Obama he saw in Trinidad and Tobago earlier this year, when they shook hands and pledged better relations, is disappearing.Colombian officials say they hope talks next week will produce an agreement that will give U.S. forces greater access to bases in Colombia. The 10-year lease agreement would not boost the presence of American troops and civilian military contractors above the 1,400 currently permitted by U.S. law, the Colombians say.Chavez also dismissed Uribe's complaints about anti-tank rocket launchers that were sold to Venezuela in the 1980s and ended up in the hands of leftist rebels in Colombia, calling the accusations trash and saying they were timed to blackmail his government while trying to bring in more U.S. troops.Chavez withdrew his ambassador to Colombia last week and threatened to sever diplomatic ties completely after Uribe raised the issue.
Chavez held two similar bazooka-like weapons at the news conference, saying he believes based on photos provided by Colombia that the launchers seized had already been discharged and were empty tubes. Colombian officials said the AT-4 launchers had not been fired and rockets were found with them.Chavez said the three rocket launchers seized by Colombia were part of a group of five that were stolen by rebels of Colombia's second-largest rebel group, the National Liberation Army, in 1995 during an attack on a border post in southern Venezuela.Sweden has confirmed the weapons originally were sold to Venezuela and demanded an explanation from Venezuela's top diplomat in Stockholm. Chavez criticized Swedish officials for falling into this play and said his government does not plan to offer Sweden any explanation.Chavez denied knowingly supplying weapons to the rebels.It's not that I've sent them to them, or that generals in my army are giving arms to the Colombian guerrillas,he said.Chavez, who has patched up previous spats with Uribe, said if the Colombian leader wants to talk he could come to a regional meeting Monday in Ecuador. Uribe plans to be absent. Venezuela's arms spending has generated concern in Bogota for years. Chavez's military already has nearly 200 tanks, according to the London-based International Institute for Strategic Studies, while Colombia has no tank units.It's unclear how many more tanks Chavez plans to buy or how much he plans to spend. He said each battalion typically has about 40 tanks and Russia is offering credit.Cuban ex-President Fidel Castro supported Chavez in a column published Wednesday on the Cubadebate Web site, saying that Venezuela isn't arming itself against the sister nation of Colombia, it's arming itself against the (U.S.)empire.The threat ... is directed at all the countries of South America, Castro wrote.
Georgia, Russia step back from fears of a new war By JIM HEINTZ, Associated Press Writer - AUG 6,09
TBILISI, Georgia – Despite rising tensions and slashing rhetoric as the first anniversary of the Russian war approaches, top officials in Tbilisi and Moscow downplay the likelihood of renewed fighting — but for deeply different reasons.The deputy chief of Russia's general staff says Georgia is too weak after the war that devastated its military and caused an estimated $1 billion damage to the struggling country.Georgia's national security adviser, however, says the danger of new fighting appears low because of "preventive diplomacy" and because Russia knows a new war would undermine its influence among neighbors and rapprochement with the West.In the two weeks ahead of the Friday anniversary of the start of the war, Georgia and Russia have accused each other of preparing for new hostilities by allegedly launching small attacks in and around South Ossetia, the separatist region that was the war's flashpoint.The August 2008 conflict erupted after escalating exchanges of fire between Georgia and Moscow-backed South Ossetian forces. The region, recognized by Russia as independent after the war, is now home to thousands of Russian troops and cut off by roadblocks from the rest of Georgia.Each reported attack was followed by ominous or aggrieved words from both sides, culminating in Russia's Defense Ministry saying it reserved the right to use all available means against Georgian aggression.
However, Col. Gen. Anatoly Nogovitsyn of the Russian general staff gave a milder — if no less contemptuous — assessment on Wednesday, saying We don't see a capability for any kind of aggression.The statement was a distinct backing-off from Russia's recent allegations that Georgia is rearming with hostile intent.Georgia has warned repeatedly that Russia's and South Ossetia's recent claims echo the provocations and heated words that preceded last year's war. But Georgian National Security Council chief Eka Tkeshelashvili contends that Georgia's close contacts with the United States and the European Union are keeping the tensions from boiling over.Georgia has the assurance that at this time, unlike last year, preventive diplomacy will work in such a manner that we will not see deterioration of the situation,she said. Russia understands that the political price of any action would be too high, she said.The preventive diplomacy may have already been called into action. U.S. President Barack Obama and Russian President Dmitry Medvedev spoke by telephone late Tuesday, according to a Kremlin statement that mentioned only fleetingly that Georgia was a topic of discussion.Among the political costs of a new war, Tkeshelashvili said, could be the alienation of neighbors, notably oil-rich Azerbaijan, if Russia appears to be trying for tough regional dominance.If Georgia falls ... Azerbaijan is fully encircled and then any independent thought of Azerbaijan for its energy supplies is almost a non-existent case,she said. What we see now is a very good example that (the war) worked contrary to Russian aspirations. We see now that even Belarus, which was clearly under Russian influence, now is seeking alternative ways of development and being closer to Europe.Belarus deeply angered Moscow by failing to recognize South Ossetia and another separate province, Abkhazia, as independent.But if the war tarnished Russia's image, it also raised deep concerns in the West about Georgia's reliability as it seeks membership in NATO and the EU. Georgia's intense artillery barrage of the South Ossetian capital in the opening hours of the war unsettled allies with suspicions that President Mikhail Saakashvili is impetuous and willing to spill blood to defend national pride.Georgia is taking steps to counter that perception as the anniversary looms. On Thursday, the government is to issue an extensive report detailing its contention it had to launch an artillery barrage on Tskhinvali, the provincial capital, because Russian troops had moved into South Ossetia hours earlier and because of attacks on Georgians by South Ossetian forces.
The Georgian government concluded that it had been left with no choice but to order military action to counter what was rapidly becoming an invasion with aims that went far beyond a dispute over two Georgian territories, says a report summary obtained by The Associated Press.The report says some 150 Russian military vehicles entered a tunnel that connects South Ossetia and Russia some 20 hours before the Georgian barrage began. It also rejects Russia's contention that Georgia was planning genocide against Ossetians.Some observers suggest that Western countries' doubts about Georgia after the war reflect their own embarrassment at being unable to put pressure on Russia.It's not easy to say We just did almost nothing ... we were weak in front of Russia,said Thornike Gordadze, a Caucasus researcher at the French Institute of Anatolian Studies in Istanbul.It's kind of proportional, Georgia's bad image, a Western attempt to save their own image.
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Thursday, August 06, 2009
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