Archive for the 'Economy' Category
Cutoffs and Pleas for Aid Rise With Heat Costs
April 26th, 2008Via: New York Times: After struggling with soaring heating costs through the winter, millions of Americans are behind on electric and gas bills, and a record number of families could face energy shut-offs over the next two months, according to state energy officials and utilities around the country. The escalating costs of heating oil, propane […]
UK: BP Shutting Key Oil, Gas Pipeline System Over Ineos Strike
April 26th, 2008Via: MarketWatch: BP will begin shutting down its Forties Pipeline System, Saturday night due to a strike at Ineos’ 210,000-barrel-a-day Grangemouth refinery, a BP spokeswoman told Dow Jones Newswires Saturday. “We will begin ramping down production through Forties overnight tonight,” a BP spokeswoman said. “(The Forties Pipeline System) is to be completely shut down by […]
Computer Security Community Warns High Street Chains
April 26th, 2008Via: Times Online: High street chains will be the next victims of cyber terrorism, some of the world’s elite hackers have warned. They claim it is only a “matter of time” before the likes of Tesco and Marks & Spencer are targeted. Criminals could use the kind of tactics which crippled Estonia’s government and some […]
U.S. Department of Justice: International Criminals Launder Billions of Dollars Through U.S. Financial Institutions, and Invest Profits in Publicly Traded Companies
April 25th, 2008I had always assumed the entire business of the markets to be a massive criminal enterprise that allowed public participation simply because it made a few people extremely wealthy… Assume maximum criminal behavior… —Insider Crimes, Funny Money and Options Rackets I told you that trying to trade this crap, as a retailer, is the equivalent […]
Dollar in Strong Rally
April 24th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Weakness in Germany and France is taking the euro down sharply vs. the dollar. Gold has broken down again; under $900. After EUR/USD 1.600 it’s no surprise that we’re seeing a pull back. I’ll wait for the weekly candles to print […]
Now Sam’s Club Limits Rice Purchases
April 24th, 2008Via: Bloomberg: Wal-Mart Stores Inc.’s Sam’s Club warehouse unit is restricting purchases of some types of rice to four bags a visit as prices reached a record in Chicago futures trading. The limits on jasmine, basmati and long-grain white rice, a response to “recent supply and demand trends,” will be put into effect in all […]
Real Estate Crash Continues: Median Home Price Declined 13.3% Between March 07 and March 08
April 24th, 2008Via: AP: Sales of new homes plunged in March to the lowest level in 16 1/2 years as housing slumped further at the start of the spring sales season. The median price of a new home in March compared with a year ago fell by the largest amount in nearly four decades. The Commerce Department […]
Americans Hoard Food as Industry Seeks Regulations
April 23rd, 2008Via: Washington Times: Farmers and food executives appealed fruitlessly to federal officials yesterday for regulatory steps to limit speculative buying that is helping to drive food prices higher. Meanwhile, some Americans are stocking up on staples such as rice, flour and oil in anticipation of high prices and shortages spreading from overseas. Their pleas did […]
California: Foreclosures Up 327% from 2007 Levels; 517 Per Day
April 23rd, 2008Via: Los Angeles Times: The number of California homes lost to foreclosure in the first quarter surged 327% from year-ago levels — reaching an average of more than 500 foreclosures per day — DataQuick said in a report, warning that the widening foreclosure problem could “spread beyond the current categories of dicey mortgages, and into […]
Dollar Over the Cliff
April 22nd, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. USDX is printing 71.31. The strategic support was 71.34. There is potential for strong move down unless a multilateral intervention occurs right away.
