Archive for the 'Economy' Category
Fuel Theft Crime Wave Sweeps Scotland as Petrol Prices Soar
July 13th, 2008Via: Sunday Herald: SCOTLAND IS in the grip of a new crime wave with organised thieves stealing tens of thousands of litres of fuel each day from farms, homes and petrol stations across the country. Record oil prices have made fuel a targeted commodity for gangs of criminals. Thieves are reselling the stolen fuel through […]
IndyMac Bank Seized by Federal Regulators; Second Largest Bank Failure in U.S. History
July 12th, 2008Via: Los Angeles Times: The federal government took control of Pasadena-based IndyMac Bank on Friday in what regulators called the second-largest bank failure in U.S. history. Citing a massive run on deposits, regulators shut its main branch three hours early, leaving customers stunned and upset. One woman leaned on the locked doors, pleading with an […]
U.S. Weighs Takeover of Two Mortgage Giants
July 11th, 2008Yep, it’s one big cascading charlie foxtrot out there this morning… Gold gap. Dollar crap. A new record high on oil. Now, let’s talk trillions. Via: New York Times / Yahoo: Alarmed by the growing financial stress at the nation’s two largest mortgage finance companies, senior Bush administration officials are considering a plan to have […]
Desk Rage Spoils Workplace for Many Americans
July 11th, 2008The powers of ordinary men are circumscribed by the everyday worlds in which they live, yet even in these rounds of job, family, and neighborhood they often seem driven by forces they can neither understand nor govern. ‘Great changes’ are beyond their control, but affect their conduct and outlook none the less. The very framework […]
OIL BREAKOUT
July 11th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. WTI Crude is breaking higher from the previous range. New record high prints intraday at $145.91, probably on event risk. Gold is showing a potential intermediate term break out above $950. The dollar is lower, but that’s not the driver here. […]
Fannie, Freddie ‘Insolvent’
July 10th, 2008Via: Bloomberg: Mortgage lenders Fannie Mae and Freddie Mac are “insolvent” and may need a U.S. government bailout, former St. Louis Federal Reserve President William Poole was quoted as saying in an interview with Bloomberg. “Congress ought to recognize that these firms are insolvent, that it is allowing these firms to continue to exist as […]
Ambac Soars 50% on Collateral Posting
July 10th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. See what I mean about buying calls when everyone is sure the end of the world is upon us! Except… I bought GM calls and not Ambac calls. HA. Woops. Oh well, GM could unveil a free-energy hovership, with Cheney himself […]
Pacific Northwest Hydro and Wind Systems Create Excess Electricity Supply
July 10th, 2008Nope, it’s not a typo. Gigantic hydrogen, compressed air or flywheel “batteries” could be built for times like this… If the U.S. Government’s war funding could be re-purposed for a couple of days. * chortle * Yeah right. Dams running low? Wind not blowing? Flip the switch on the “battery” when you need it. Via: […]
Fannie, Freddie Shares Plummet on Capital Worries
July 8th, 2008If you felt the earth shaking under your feet today, this might have been the cause. Via: Reuters: Fannie Mae and Freddie Mac shares plunged to their lowest in nearly 16 years on Monday while costs to insure their debt against default rose on concern the two largest U.S. mortgage funders may need to raise […]
A Palace of Gold Is Sold Off, but the Toilet Stays
July 8th, 2008This one has a palpable insanity factor. Via: Wall Street Journal: At $800 an ounce, the golden bathroom sink had to go. At $1,000, say goodbye to the golden horse-drawn chariot. But don’t even think about touching the golden toilet. Global economic uncertainty over the past few years has pushed gold prices into the stratosphere, […]
