Sprint Loses $29.5 Billion
February 28th, 2008Can you hear me now?
Via: Bloomberg:
Sprint Nextel Corp., the third- biggest U.S. wireless carrier, posted a $29.5 billion loss and will eliminate its dividend as customers defected and it wrote down the value of the purchase of Nextel Communications Inc.
The fourth-quarter net loss was $10.36 a share, compared with net income of $261 million, or 9 cents, a year ago, Sprint said today. Sales fell 5.7 percent to $9.85 billion, missing the $9.93 billion average estimate of analysts.
Sprint lost 683,000 contract subscribers last quarter amid complaints of dropped calls and poor service. Chief Executive Officer Dan Hesse, who took over in December, may be forced to undercut price reductions at AT&T and Verizon Wireless, which began offering plans last week for unlimited mobile calling for $99.99 a month.
Automated Killer Robots ‘Threat to Humanity’
February 27th, 2008Top soil depletion is a far more dire threat to humanity, but it is absolutely true that autonomous killing machines are what the military wants, most of all.
FYI: Neuroscience is the convenient term for this absurd and dangerous waste of resources on many university campuses. University neuroscience departments exist atop a mountain of Department of Defense research grants.
Via: AFP:
Increasingly autonomous, gun-totting robots developed for warfare could easily fall into the hands of terrorists and may one day unleash a robot arms race, a top expert on artificial intelligence told AFP.
“They pose a threat to humanity,” said University of Sheffield professor Noel Sharkey ahead of a keynote address Wednesday before Britain’s Royal United Services Institute.
Intelligent machines deployed on battlefields around the world — from mobile grenade launchers to rocket-firing drones — can already identify and lock onto targets without human help.
There are more than 4,000 US military robots on the ground in Iraq, as well as unmanned aircraft that have clocked hundreds of thousands of flight hours.
The first three armed combat robots fitted with large-caliber machine guns deployed to Iraq last summer, manufactured by US arms maker Foster-Miller, proved so successful that 80 more are on order, said Sharkey.
But up to now, a human hand has always been required to push the button or pull the trigger.
It we are not careful, he said, that could change.
Military leaders “are quite clear that they want autonomous robots as soon as possible, because they are more cost-effective and give a risk-free war,” he said.
Several countries, led by the United States, have already invested heavily in robot warriors developed for use on the battlefield.
South Korea and Israel both deploy armed robot border guards, while China, India, Russia and Britain have all increased the use of military robots.
Washington plans to spend four billion dollars by 2010 on unmanned technology systems, with total spending expected rise to 24 billion, according to the Department of Defense’s Unmanned Systems Roadmap 2007-2032, released in December.
Antidepressant Drugs Don’t Work
February 27th, 2008Dermot notes, “Actually, they DO work — they make lots of money for pharmaceutical companies…which is their primary function.”
It’s tough to beat that!
I’d just add that if “talking treatments” are going to replace the drugs, inevitably, diet, lifestyle and work choices are going to come up. What does this mean? The flow of Brits to New Zealand might rise sharply! HEHE
Via: Independent:
They are among the biggest-selling drugs of all time, the “happiness pills” that supposedly lift the moods of those who suffer depression and are taken by millions of people in the UK every year.
But one of the largest studies of modern antidepressant drugs has found that they have no clinically significant effect. In other words, they don’t work.
The finding will send shock waves through the medical profession and patients and raises serious questions about the regulation of the multinational pharmaceutical industry, which was accused yesterday of withholding data on the drugs.
It also came as Alan Johnson, the Health Secretary, announced that 3,600 therapists are to be trained during the next three years to provide nationwide access through the GP service to “talking treatments” for depression, instead of drugs, in a £170m scheme. The popularity of the new generation of antidepressants, which include the best known brands Prozac and Seroxat, soared after they were launched in the late 1980s, heavily promoted by drug companies as safer and leading to fewer side-effects than the older tricyclic antidepressants.
Cryptogon Reader Signs Up for Hosting with Blue Host
February 27th, 2008Thanks to Mountain Pad Media for signing up for hosting with Blue Host. Cryptogon receives $65.
Cryptogon Readers Send Contributions
February 27th, 2008The pace has been so hectic over the last couple of days that I haven’t acknowledged the generous contributions that have come in.
AT $20
GW $50
BW $20
CS $50
Thank you.
Oh yeah, there was one more…
Dagobaz sent $1,001.
That’s one thousand and one dollars. Becky came running in with the baby because I must have made strange, incoherent noises when I saw the notification.
Dagobaz is a funny one. I hardly know she’s out there, but every once in awhile, she tries to pop my PayPal account. HAHA.
Thank you.
If you’re wondering where it’s going to go, here’s a hint: H2Solar. And yes, I’ve seen the homebrew/roll-your-own out of scavenged hot water cylinders and black polythene hose links. No need to send them!
FDIC TO ADD STAFF AS BANK FAILURES LOOM
February 27th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
The balance in my U.S. bank account? About $83.
I know that many of you keep substantially more money in U.S. banks, so please watch your FDIC limits.
Via: Wall Street Journal:
The Federal Deposit Insurance Corp. is taking steps to brace for an increase in failed financial institutions as the nation’s housing and credit markets continue to worsen.
The FDIC is looking to bring back 25 retirees from its division of resolutions and receiverships. Many of these agency veterans likely worked for the FDIC during the late 1980s and early 1990s, when more than 1,000 financial institutions failed amid the savings-and-loan crisis.
FDIC spokesman Andrew Gray said the agency was looking to bulk up “for preparedness purposes.” The division now has 223 employees, mostly based in Dallas.
The agency, which insures accounts at more than 8,000 financial institutions, is also seeking to hire an outside firm that would help manage mortgages and other assets at insolvent banks, according to a newspaper advertisement.
In public, policy makers are debating what role the government should play in trying to stabilize the housing market and minimize foreclosures. Meanwhile, regulators have worked discreetly behind the scenes to closely monitor the growing number of troubled banks and thrifts considered at risk.
“Regulators are bracing for well over 100 bank failures in the next 12 to 24 months, with concentrations in Rust Belt states like Michigan and Ohio, and the states that are suffering severe housing-market problems like California, Florida, and Georgia,” said Jaret Seiberg, Washington policy analyst for financial-services firm Stanford Group.
In job postings on its Web site, the FDIC said it is looking for people with “skill in performing duties associated with a financial-institution closing, such as receivership management, resolutions and/or asset disposition; knowledge of the resolutions process as it relates to complex financial institutions.” Such positions would require “very frequent overnight travel,” the posting said, and would pay up to $180,770.
“The notion of bringing back some people who have been through it before is very smart,” said William Isaac, who was FDIC chairman from 1981 until 1985. All told, the FDIC has roughly 4,600 employees, far fewer than the about 15,000 it had as recently as 1992.
On Sunday, the FDIC ran a newspaper ad seeking companies that could service commercial loans, mortgages and student loans in the event of a bank failure. It didn’t say how much a company could earn in this area.
The FDIC rated 65 banks and thrifts as “problem” institutions at the end of the third quarter of 2007, up from 47 institutions a year earlier. Both figures are low by historical standards. At the end of 1993, there were 572 “problem” banks and thrifts. The FDIC is expected to update its data on “problem” institutions today.
GREENSPAN TO ARAB STATES: DROP U.S. DOLLAR
February 27th, 2008Via: Reuters:
Former Federal Reserve Chairman Alan Greenspan said on Monday near-record Gulf Arab inflation would fall “significantly” were the oil producers to drop their dollar pegs, in contradiction to Saudi policy.
The pegs restrict the Gulf’s ability to fight inflation by forcing them to shadow U.S. monetary policy at a time when the Fed is cutting rates to ward off recession and Gulf economies are surging on a near five-fold jump in oil prices since 2002.
Rifts are growing across the world’s top oil-exporting region on how to tackle inflation which hit a 27-year peak of 7 percent in Saudi Arabia in January and a 19-year peak of 9.3 percent in the United Arab Emirates in 2006, the most recent figure.
“In the short term free floating … will not fully dissipate inflationary pressure, although it would significantly do so,” Greenspan told an investment conference in Jeddah, Saudi Arabia’s second-largest city.
Saudi and UAE central bank chiefs spoke in favor on Monday of retaining dollar pegs, while Qatar’s prime minister advocated regional currency reform to avert possible unilateral revaluations designed to curb inflation.
“The economies of the Gulf and the United States are completely out of sync and that is exposing the shortcomings of the dollar peg,” said Simon Williams, Middle East economist at HSBC Holdings Plc in Dubai.
“Against a backdrop of inflation, high oil prices and low interest rates the debate over currency reform has to take on greater urgency,” he said.
Related: Greenspan Joins Hedge Fund that Made Billions Shorting Subprime Derivitives
EMERGENCY: U.S. DOLLAR INDEX STRATEGIC DOWNSIDE BREACH OF 74.50
February 27th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
74.39.
It’ll be all hands on deck to try to slow this down. This is an emergency for the European Central Bank.
Housing in Freefall: No End in Sight
February 27th, 2008Via: AP:
House prices may still have a long way to fall.
Across much of the nation, home values are dropping — even those backed by solid mortgages — and banks are repossessing more every day. Most experts say the dive won’t hit bottom for another year and only after excess inventory is sharply reduced and credit markets improve.
More government intervention may be needed, too, if the free market system doesn’t work quick enough.
“The housing value crisis is spreading and deepening,” said David Abromowitz, a senior fellow at the Center for American Progress. “It has gone way beyond subprime borrowers stretched too far with bad loans and now has clearly extended into the housing markets more broadly.”
U.S. home prices dropped 8.9 percent in the final quarter of 2007 compared with a year ago, according to the Standard & Poor’s/Case-Shiller home price index released Tuesday. That marked the steepest decline in the index’s 20-year history.
Millions Lost Power in Florida
February 27th, 2008So fragile.
Via: Miami Herald:
Power has been restored to the vast majority of the millions of South Floridians and other state residents who endured a major blackout Tuesday — a failure caused by a fire in a Miami-Dade County substation, according to utility officials.
Virtually everyone in South Florida had power by 5:30 p.m. and only about 40,000 customers around the state remained in the dark — mostly due to unrelated outages caused by a powerful cold front that is moving down the peninsula, officials said.
At its peak, the main power failure left as many as four million people without electricity in South Florida, along the Gulf Coast, in the Orlando area and elsewhere around the state, according to state officials.
The outage was caused by a fire at Florida Power & Light’s Flagami substation — not in the utility’s nuclear plant at Turkey Point, as reported earlier by some media outlets, FPL President Armando Olivera said during an evening news conference.
Both nuclear reactors at Turkey Point tripped off as a safety measure, taking a plant that supplies power to more than 450,000 homes almost instantly off-line and causing a shortage that affected other parts of the power grid, he said.
But the problems at Turkey Point were a consequence of the initial failure, not the originating cause, FPL said.
Research Credit: Off the Reservation


