Archive for the 'Economy' Category
BP Gets OK to Dump Mercury into Lake Michigan
July 31st, 2007Via: USA Today: A BP refinery in Indiana will be allowed to continue to dump mercury into Lake Michigan under a permit issued by the Indiana Department of Environmental Management. The permit exempts the BP plant at Whiting, Ind., 3 miles southeast of Chicago, from a 1995 federal regulation limiting mercury discharges into the Great […]
Oil Settles Above $78, Setting Record
July 31st, 2007Via: Yahoo / AP: Oil futures settled at a record high above $78 Tuesday on expectations that crude inventories fell last week and reports of new violence in Nigeria, a large oil producer and key supplier to the U.S.
American Home Mortgage Investment Corp. Collapses
July 31st, 2007Via: Bloomberg: American Home Mortgage Investment Corp. shares plunged 90 percent after the lender said it doesn’t have cash to fund new loans, stranding thousands of home buyers and putting the company on the brink of failure. Investment banks cut off credit lines, leaving American Home without money yesterday for $300 million of mortgages it […]
“Prices on Shotgun and Rifle Shells, Along with Components for Loading, Have Increased More Than 50 Percent Since Sept. 1”
July 30th, 2007Via: Statesman: If you haven’t bought shotgun shells in a few months — and most people have not — you’re in for a surprise when you buy a few boxes along with your hunting license next month. Prices have been going up for at least a year, and they will go up again in September. […]
Zeitgeist
July 30th, 2007Zeitgeist is an extremely impressive film that delivers a vast amount of fascinating information in a coherent way. It’s definitely worth setting aside a couple of hours of interruption free time to watch this. If you know any people who don’t quite “get it” yet, this will rattle their cages. Who produced this??? They’ve made […]
Foreclosures on the Rise: Living the American Nightmare
July 30th, 2007Via: San Francisco Chronicle: To many people in the affluent Bay Area, losing a home to foreclosure sounds like a Depression-era relic or a Rust Belt phenomenon. Our real estate prices have defied gravity for so long; our job market is so strong; our cachet as a place to live seems so obvious. How could […]
Goldman Sachs: The Glue That’s Holding the Black Ops Economy Together
July 29th, 2007Hedge fund collapsing? Can’t get credit? We can help. Call our toll-free number to speak with a representative now! Via: Wall Street Journal: A number of hedge funds have profited by anticipating the difficulties in the housing market. But others made money in recent years through holdings of riskier debt, and now these managers are […]
U.S. Subprime Mortgage Market Could Spiral Out of Control Into a Global Financial Crisis
July 29th, 2007Via: Market Watch: The problems in the U.S. subprime mortgage market could spiral out of control into a global financial crisis, economist Mark Zandi said Thursday. With a “high level of angst” in the financial markets about who will take the losses from more than $1 trillion in risky mortgages, we could be just one […]
NYSE Imposes Trading Curbs as Stocks Tumble
July 26th, 2007Plunge Protection Team, please pick up the white courtesy phone. Via: Reuters: The New York Stock Exchange said on Tuesday it instituted downside trading curbs at 11:06 a.m. (1506 GMT) as U.S. stocks fell sharply on concerns about deterioration in the credit markets. The New York Stock Exchange Composite Index (.NYA: Quote, Profile, Research), which […]
It’s the Old Sell-Gold-to-Cover-Stock-Losses Play
July 26th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Some of you will understand this: Story #1: Dow Leads Global Selloff on Credit Woes: Wall Street suffered its second-biggest plunge of the year Thursday, leading global markets lower as investors fled stocks amid increasing uneasiness about the mortgage and corporate […]
