Thursday, July 31, 2008

Judge to White House: Find those 'lost' e-mails already

Facciola stands firm, tells 'em to keep digging.

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Olbermann: White House sent me talking points too

OLBERMANN: We know the White House sent out talking points. McClellan says this and I can tell you, from personal experience, I still have them. In 2004 — in retrospect, this looks like one of the great wastes of all time—they sent me a set of talking points, not fully understanding the nature of the show even in 2004

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Govt. Spending $1 Trillion a Year to Get You to Drive More

You think the government is wasting a few billion a year on mass-transit subsidies. But what about the $1 trillion-a-year subsidy for cars and trucks?

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Fed lays on extra liquidity support

The Federal Reserve ramped up its liquidity support operations again on Wednesday in an effort to reduce money market strains and pre-empt the possibility of funding crises at the year-end or at other stress points.The Fed said it was extending its support to primary dealers “in light of continued fragile circumstances in financial markets”.

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Lies Told to the People at the Start of the Great Depression

Everybody knows the date of the start of the Great Depression, October 29th 1929. It was the day of the worst stock market crash in history. Some people confuse the stock market crash on that fateful day as the Great Depression. The Depression was not a single day but rather an era that dragged on through the thirties and into the forties.

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Washington Mutual Death Watch

WaMu recorded $5.9 billion of provisions last quarter. As of June 30, it had $11.2 billion of so-called nonperforming assets, or 32 percent more than its $8.5 billion allowance. A traditional rule of thumb is that when a bank's allowance is less than nonperforming assets, it's a sign the bank might not be setting aside enough reserves.

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Deutsche Bank writedowns swell beyond $11 billion

The Carnage continues...

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Bob Barr Petitions Congress: STOP Abusing the Bill of Rights

We the undersigned citizens of the United States petition Congress to rise to its responsibilities and enforce and protect the Bill of Rights through any and all means at its disposal including but not limited to Committee Hearings and legal action through the courts.

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more economic troubles.



BROOKLYN BRIDGE FOR SALE?

States Face Looming Budget Deficits...

SHELL reports 33% rise in profit...

EXXONMOBIL: $11,700,000,000.00

Apocalypse Down-under:

By Mike Whitney

Aussie bank's write-offs signal doom for Wall Street. Continue


Study: China Trade Deficit Cost U.S. Millions Of Jobs: China's soaring trade deficit with the U.S. cost Americans 2.3 million jobs and $19.4 billion in lost wages between 2001 and 2007, according to an Economic Policy Institute study released Wednesday.

U.S. inflation to be 6 % by 2009: CIBC: He said the U.S. Federal Reserve will have to raise interest rates 200 basis points by the end of 2009 as a result.

America's house price time bomb: With the American housing market in its worst crisis since the Great Depression of the 1930s, President Bush is authorising new legislation to pave the way for massive new government intervention designed to slow the slide.

Property economist warns of 25-year slump: Bearish analyst Capital Economics said house prices would fall 35% over the next three years and provided the market was stabile, prices would not reach 2007 levels until 2036.

Consumer confidence plunges near historical low: ABC: American consumers' confidence plummeted in the latest week, with only 10 percent of respondents in a recent poll having a positive view on the economic outlook, a report showed on Tuesday.

A Devil's Dictionary Of Finance

US Restaurant Chains Close As Diners Cut Spending

Suicide Spreading As One Solution To Debt Crisis

Beginning Of A New Era Or End Of The Beginning

Credit Crisis May Force Italy To Ditch Euro

UK Report Predicts 3 Yr Mortgage Paralysis

Australia Faces Even Worse Crisis Than US

UK Homeowners Told To 'Act Responsibly' By Bankster!

NY Governor Warns Of State Economic Crisis

America's House Price Time Bom

US Treasury Billls Worse Than US Dollar?

Wednesday, July 30, 2008

IMF predicts no end in sight to credit crisis

The International Monetary Fund says there’s no end in sight to the credit crisis gripping world financial markets.As Australia’s NAB and ANZ have already discovered, the IMF believes banks are in for more pain as mortgage defaults soar and economies slow. The IMF has a particularly gloomy assessment of the US economy, and it came on the...

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ABC: White House Accounting Gave the Wrong Budget Deficit

Yesterday, the White House “increased its estimate for next year’s deficit to nearly $490 billion.” But, on ABC News’s Good Morning America today, Claire Shipman reported that the deficit is actually much higher because “creative White House accounting” didn’t include the war etc If those numbers are included, the grand total is $600 million.

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House Judiciary Committee cites Karl Rove for contempt

The House Judiciary Committee just voted along strict party lines, 20-14, to hold Karl Rove in contempt of Congress for his failure to appear in response to the duly authorized subpoenas seeking his testimony in the matter of the US Attorney firings and the allegations of his interference in the prosecution of former Alabama Governor Don Siegelman.

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Fed extends emergency loan program for Wall Street

The Federal Reserve said Wednesday it is extending its emergency borrowing program to Wall Street firms and is taking other steps to ease a severe credit crunch that has hobbled the national economy.

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Fed extends emergency loan program for Wall Street

The Federal Reserve said Wednesday it is extending its emergency borrowing program to Wall Street firms and is taking other steps to ease a severe credit crunch that has hobbled the national economy.

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Study: China Trade Deficit Cost Millions of American Jobs

"The study says China’s soaring deficit cost Americans 2.3 million jobs and $19.4 billion in lost wages between 2001 and 2007."

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The White House and Fox News violate anti-propaganda laws

An operation inside the White House of providing comprehensive talking points to Conservative talk show personalities to manipulate the media.

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The war between the United States and Iran is on

Taxpayer dollars are being used, with the permission of Congress, to fund activities which result in Iranians being killed and wounded, and Iranian property destroyed. This violation of a nation’s sovereignty would not be tolerated if the tables were turned and Americans were being subjected to Iranian-funded covert actions.

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More economic issues

Oil Prices Drop, Easing Fears of Energy Shock...

Bush renews push for offshore drilling...

Home prices drop by record 15.8% in May...

Singapore Saves MERRILL...

Nationwide shutdown of BENNIGAN'S restaurants....

STARBUCKS to shut majority of its Australian stores...

Eaten Up

Stuffed and Starved

By Ed Pilkington

Ed Pilkington meets the soothsayer of agro-economics and talks about what will happen when all the food finally runs out. Continue

BP's 2Q Profit Rises 28% On Higher Oil Price: The U.K. oil major posted a net profit of $9.47 billion for the three months ended June 30, or 49.8 cents a share, up from $7.38 billion, or 38.2 cents a share, a year earlier.

IMF predicts no end in sight to credit crisis: The IMF believes banks are in for more pain as mortgage defaults soar and economies slow.


How Wall Street Wrecked Your Retirement

The Last Hurrah For The Banking System

World Trade Talks Fail

Merrill Lynch Needs $8.5 Billion In Cash

UK Banks Dive On Merrill Shock Fundraising

UK Mortgage Loans Hit Record Low

UK Mrtge Slump To Continue For Years

UK Retailers Worst Month In 25 Years

IMF Sees NO Sign Of Recovery

Venezuela Will Sell Spain Oil At $100 A Barrel

US Banks Going Straight To Hell On $1.5T Losses

Eurozone May Beat Britain To Recession

UK House Prices Dive Again - Realtors Raise Fees

Bernanke/Paulson/Bair Banking Crisis Next Step

Bernanke Seeks Great Depression To Test Thesis

Mortgage Crisis - Sub-Prime Capital USA

US Natl Debt Limit Raised For Gigantic Bailout

Uninsured WaMu Depositors Asking For Trouble!

Putting The 'Federal' Back In Federal Reserve

US Housing Still Overvalued By 20%

US Foreclosures Double As House Prices Decline


Tuesday, July 29, 2008

Economy: IMF sees no sign of recovery as credit crunch looms

Global financial markets remain fragile and the danger of an economic fallout has increased a year after the credit crunch began, the International Monetary Fund said yesterday.

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Merrill Lynch Needs $8.5 Billion In Cash

Merrill Lynch shocked the market last night when it moved to raise $8.5bn (£4.3bn) through a public share offering to shore up its balance sheet, sold $11.1bn of toxic mortgage securities and took a fresh $5.7bn write-down.

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Dow Falls Almost 200 Points

Wall Street retreated Monday, taking the Dow Jones industrials down almost 180 points as investors' anxiety about the financial sector had them selling stocks across the market. Bond prices rose, the beneficiaries of investors' latest search for a safe haven. Financials, which had rallied in recent weeks after logging huge declines, suffered Monda

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The abuses of the Federal Reserve System

Few recall, however, how controversial the Fed was when it was first proposed and then maneuvered through a recessing Congress just before Christmas 1913. Rep. Charles Lindbergh, Sr., R-MN and father of the future aviator, called the Federal Reserve Act “the worst legislative crime of the ages.”

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Tax rebate checks are swallowed by economic malaise

Consumers across the country say they have used their stimulus checks to pay bills and to stay afloat. The money has done little to boost their confidence in the economy.

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The Bush Administration's Secret Biowarfare Agenda

When it comes to observing US and international laws, treaties and norms, the Bush administration is a serial offender.

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Bracing the Satellite Infrastructure for a Solar Superstorm

A recurrence of the 1859 solar superstorm would be a cosmic Katrina, causing billions of dollars of damage to satellites, power grids and radio communications. The solar superstorm of 1859 was the fiercest ever recorded. Auroras filled the sky as far south as the Caribbean, magnetic compasses went haywire and telegraph systems failed.

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National Australia Bank will shock Wall Street

(Business Spectator)The National Australia Bank’s decision to write off 90 per cent of its US conduit loans will have dramatic repercussions around the world. Wall Street will be deeply shocked when they understand the repercussions of what NAB has done.

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New Laws and Presidential Directives Allowing Martial Law

A GREAT list, summary and description of the many laws and presidential directives that could very well lead us to martial law. A must read for those who want to know........

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FOX News Outed as Mouthpiece for Bush Administration

On July 25th 2008 on Hardball with Chis Matthews, Scott McClellan, former White House Press Secretary, admitted that the White House uses FOX News as a propaganda machine.

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Somebody's got to stop the "Mindless spending in Congress"

One man in the Senate is forcing Senate leadership to (finally) debate earmarks. That man is Tom Coburn.

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Budget Deficit Nears 1/2 TRILLION Dollars in 2009

Both major parties are responsible for it, and it won't stop until we kick the rascals out and slash the size of the government."The fiscal year 2009 deficit will be nearly $490 billion due to the bipartisan economic stimulus bill and slowing economy," an administration official said on condition of not being further identified."

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Merrill Lynch To Sell Troubled Assets, Raise Capital

Merrill Lynch & Co., in a broad move to clean up its troubled balance sheet, said Monday it will sell a big slice of its toxic asset-backed securities and issue new stock to raise $8.5 billion of fresh capital.

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More economic issues

Dow Plunges 240 Points...

Bleak Housing Outlook...

Singapore Saves MERRILL...

Thar She Blows

The Last Hurrah for the Banking System

By Mike Whitney

So, while your bank still has money and can process your checks, it may be time to pay down debts, pay quarterly taxes and mortgage payments in advance, and think of having money outside of banks (gold, foreign currencies), etc., before your money is inaccessible or even evaporates! Continue

Dollar Falls Against Euro, Yen on Widening Bank-Loss Concern: The currency dropped a second day against the euro after Gary Stern, president of the Federal Reserve Bank of Minneapolis, was cited by the Financial Times as saying the U.S. credit crunch will worsen.

Speculators Trying to Buy Control of Food Supply: Hedge funds and other investors are buying up farms, farmland, fertilizer, grain elevators, shipping equipment and other necessities for producing food.

Tyson Falls as Profit Slumps 92% on Higher Grain-Feed Costs: Tyson Foods Inc., the second-largest U.S. chicken producer, fell the most in five weeks after fiscal third-quarter profit slumped 92 percent because of rising feed costs.

Corn, soybeans rise as dollar edges lower: Corn futures rose for a third day on Monday, as the dollar edged lower and as investors bought up futures on speculation that the commodity might have been oversold.

U.S. biofuel plants go bankrupt on feedstock costs: Soaring corn and soy prices on top of rising construction costs and tight credit markets have pushed about a dozen U.S. biofuel plants to file for bankruptcy protection, experts said.

US regulators seize two more banks: US regulators took over two banks on Friday and sold them to Mutual of Omaha Bank, the sixth and seventh bank failures this year as financial institutions struggle with a housing bust and credit crunch.

First National Bank of Arizona closes down: The notice on their web site says that the Office of the Comptroller of the Currency, a government agency, ordered the closure. The site also claims that there is no notice given to customers for a financial institution's closing.

List Of Bank Failures So Far: Forthcoming failures(?):

U.S. deficit to hit record US$490-billion next year: The U.S. budget deficit will widen to a record of about US$490-billion next year, an administration official said, leaving a deep budget hole for the next president.

Venezuela Will Sell Spain Oil At $100 A Barrel

US Banks Going Straight To Hell On $1.5T Losses

Eurozone May Beat Britain To Recession

UK House Prices Dive Again - Realtors Raise Fees

Bernanke/Paulson/Bair Banking Crisis Next Step

Bernanke Seeks Great Depression To Test Thesis

Mortgage Crisis - Sub-Prime Capital USA

US Natl Debt Limit Raised For Gigantic Bailout

Uninsured WaMu Depositors Asking For Trouble!

Putting The 'Federal' Back In Federal Reserve

US Housing Still Overvalued By 20%

US Foreclosures Double As House Prices Decline

Monday, July 28, 2008

IMF: U.S. house prices overvalued by up to 20 percent

The downward spiral of U.S. housing prices still has a way to go and homes were overvalued by between 8 percent to 20 percent in the first quarter of this year, according to research by an International Monetary Fund economist published on Friday.

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More economic issues


Dow Plunges 200 Points...


WaMu: Liquidity Options Running Low

There is solid evidence everywhere that WaMu is struggling. The stock price plunging aside, the massive amounts of the most toxic of loans ever created on their balance sheet is well-known and what is at the heart of their troubles.

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It’s Official: The Crash of the U.S. Economy has begun

It’s official. Mark your calendars. The crash of the U.S. economy has begun. It was announced the morning of Wednesday, June 13, 2007, by economic writers Steven Pearlstein and Robert Samuelson in the pages of the Washington Post, one of the foremost house organs of the U.S. monetary elite.

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Bush administration official says 08 deficit will set record

The next president will inherit a record budget deficit approaching $490 billion, a Bush administration official said Monday.

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Congress' bailout opens eminent domain seizures

Senate passes bailout of bad mortgage lenders

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More Dollar issues



BUSH SET TO SIGN BAIL OUT...

Biggest Rescue Package Since Roosevelt's New Deal...

WORRIED BANKS REDUCE BUSINESS LOANS...

Fannie & Freddie bailout could cost average US Citizen $3300

The doomsday scenario could cost taxpayers more than $1 trillion, says the S&P report. The report went so far as to say that a government bailout of Fannie or Freddie could force the agency to lower its rating on the creditworthiness of the United States.

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Washinton Mutual Increases Liquidity To $50 Billion

WaMu spokesman Derek Aney said in an email to CNNMoney.com that the company had "increased our available liquidity to more than $50 billion." The company previously had said that its liquidity was $40 billion as of the end of the second quarter.

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6 Signs The US Dollar Sucks

Few things positive come from a declining economy, except saving money on dates. I was cheap before but now I have a legitimate excuse for taking girls to Taco Tuesday. If you don’t like it, you can pay for the next date. Banned In Hollywood presents the 6 Signs the US Dollar Sucks (alternatively, 6 Signs the US Dollar makes for Better Toilet Paper

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The abuses of the Federal Reserve System

Few recall, however, how controversial the Fed was when it was first proposed and then maneuvered through a recessing Congress just before Christmas 1913. Rep. Charles Lindbergh, Sr., R-MN and father of the future aviator, called the Federal Reserve Act “the worst legislative crime of the ages.”

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McCain's son resigns from board of bank days before it fails

On Saturday - an unusual day for such a thing - John McCain's son Andrew resigned from the boards of the troubled Henderson, Nevada, Silver State Bancorp. It was for "personal reasons," the little son of a pol claims.

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New Laws and Presidential Directives Allowing Martial Law

A GREAT list, summary and description of the many laws and presidential directives that could very well lead us to martial law. A must read for those who want to know........

read more | digg story

More economic issues

Obama visiting doctor to treat sore hip...


FDIC takes over 2 more banks, closing 28 branches...

No angry lines of customers...

Guarantee Healthcare for All

By Malinda Markowitz

The United States spends more than twice as much per person on healthcare as most other industrialized countries — but it has plunged to last among those nations in preventing deaths through timely and effective medical care. Continue


We’re a Nation of Lemmings

Screw The Climate! We Want Our Cheap Gas!

By Dave Lindorff

What the hell happened to any sense of shared responsibility, not just for society, but for our own offspring? Continue

US markets drop after triple blow: US markets have dropped by more than two per cent after yet another fall in US home sales, a rise in jobless claims and record losses posted by the second-biggest car maker in the country.

US home foreclosures jump 14% in 2nd quarter: survey: On an annual basis, home foreclosure filings soared 121 percent from the same period in 2007, RealtyTrac said in releasing a survey of the country's 100 largest metropolitan areas.

US Natl Debt Limit Raised For Gigantic Bailout

Uninsured WaMu Depositors Asking For Trouble!

Putting The 'Federal' Back In Federal Reserve

US Housing Still Overvalued By 20%

US Foreclosures Double As House Prices Decline



Bob Barr: Freddie Mac/Fannie Mae bailout added to U.S. debt

Your share of the debt is about to climb another $1,300. And that’s on top of the more than $31,000 you already owe! Congress is dealing with the housing debt crisis by bailing out two private lenders known as Freddie Mac and Fannie Mae. The bill - and that’s exactly what it is - is a bill you are going to be expected to pay, is $400,000,000!

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If Iran Attacks It Might Really be Israel says CIA Officer

Some intel types are concerned that the Israelis might do something completely crazy to get the US involved. There are a number of possible “false flag” scenarios in which the Israelis could insert a commando team in the Persian Gulf or use some of their people inside Iraq to stage an incident that would make it look like Iran was the pepetrator

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Guess Which Country Supplies the Most Oil to the U.S? [PIC]

The answer was a little surprising. None of the Middle Eastern countries were at the top of the list.

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Sunday, July 27, 2008

more economic troubles.



FDIC takes over 2 more banks, closing 28 branches...

US markets drop after triple blow: US markets have dropped by more than two per cent after yet another fall in US home sales, a rise in jobless claims and record losses posted by the second-biggest car maker in the country.

US home foreclosures jump 14% in 2nd quarter: survey: On an annual basis, home foreclosure filings soared 121 percent from the same period in 2007, RealtyTrac said in releasing a survey of the country's 100 largest metropolitan areas.

Putting The 'Federal' Back In Federal Reserve

US Housing Still Overvalued By 20%

US Foreclosures Double As House Prices Decline

1/3 Brits Broke In 2 Weeks If Out Of Work

US Auto Meltdown - Ford Loses Record $8.7B

Panic Growing On Wall Street

Gold Ambushed

The Death Knell Of Bernankeism

2nd Mtge Holders (Banks) To Be Bailed Out, Too

Greatest Transfer Of Wealth In History Nears

Evidence Of US Banking System At Brink Of Collapse

Banking Crisis Alert - How Safe is Your Bank?

UK Retail Sales In Worst Dive In 22 Yrs

Death Spiral Financing At Citi, Merrill, WaMu

Dubai's Oil Boom Financial Centre Heads For Bust?

Chavez Seeks Joint Bank With Russia

'Diversity' Was Used To Create Mortgage Crisis

Wall St Truth Slips Out In Bush Private Remarks

Crashed IndyMac Bank Not On FDIC's Watch List!

What Happens When The FDIC Runs Out Of Money?

A Golden Parachute With A Silver Lining?

Global Credit Crisis Takes Hold In Japan

UK Housing - New Mortgages Plummet 70%

Wachovia Loses $8.9B, Cuts 6,350 Workers, Dividends

Fannie, Freddie Rescue May Cost Taxpayers $25B

BoE Warns UK House Prices Could Dive 30%

Saturday, July 26, 2008

URGENT BREAKING:2 More Banks Failed tonight!!! DIGG IT!!

On July 25, 2008, First National Bank of Nevada, Reno, NV, was closed by the Office of the Comptroller of the Currency (OCC). Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

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Friday, July 25, 2008

Food industry bitten by lobbying success

The industry pressured the Bush administration years ago to limit the paperwork companies would have to keep to help U.S. health investigators quickly trace produce that sickens consumers.Bush Co. screws us, yet again!

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Act Now or Your Dollar Will Plummet!

Your Dollar is about to be inflated by congress authorizing another 800 billion to be printed. What will you do before your dollar is devalued to be worth nothing? Gas isn't going up, your dollar value is going down folks.

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WaMu failing? I'd get my money out of there fast.

By Jonathan Stempel NEW YORK (Reuters) - Washington Mutual Inc, the largest U.S. savings and loan, posted a $3.33 billion second-quarter loss on Tuesday as souring mortgages forced it to set aside more money for loan losses. The thrift's...

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21 Sure Signs Your Bank Is About To Fail

Bank failure is a serious concern nationwide. But how do you tell if your bank is on the brink? There are many “financial” signs, but I think there are some more reliable indications:

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McCain Praises Bush for Wrecking the Economy

McCain apparently isn't as tech ignorant as we think. Like most Republicans, he appears to be getting all his news from chain emails, because he's parroting the latest talking point that's been propagating down the pipe that brought previous bits of GOP misdirection.

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Investors are betting more than $1 trillion on a collapse...

July 21 (Bloomberg) — Investors worldwide are betting more than $1 trillion on a collapse in stock prices....more than $11 trillion in global stock losses this year...Short selling on the New York Stock Exchange rose to 4.6 percent of total shares last month, the highest since at least 1931 (!!!)

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The Federal Reserve: Whining About the Economy

Yesterday the Federal Reserve released the latest Beige Book. Boy are they a bunch of whiners. These central bankers are in such a mental recession it's sick. They need to stop talking to businessmen and listen to Fox news to get the real story.

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U.S. Stocks Drop as Financials Have Biggest Decline in 8 Yea

U.S. stocks tumbled, sending financial shares to their worst drop in eight years, after home sales slid more than forecast and investor Bill Gross predicted the housing slump will cost banks and brokerages $1 trillion.

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Washington Mutual (WM) the next domino to fall

Stock ticker: WM

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Banks increase borrowing from Fed's emergency program

WASHINGTON — Banks stepped up their borrowing over the past week from the Federal Reserve's emergency lending program, while Wall Street firms didn't draw such loans

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Housing Bill Won't Solve Market's Problems

Cash-strapped homebuyers and borrowers facing foreclosure will get some relief from a housing bill passed by the House on Wednesday but the bill won't solve the deep-rooted ills of the U.S. housing market.

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Bush Administration Proposes ‘Fire Sale’ of Rocky Mountains

On Tuesday, the Bush administration moved to accelerate Oil-Shale Development across the Rocky Mountain's. Along with calls to lift the moratorium on offshore drilling & open up the Arctic National Wildlife Refuge to oil drilling. According to Int. Secretary Kempthorne, shale deposits in Colorado, Utah & Wyoming could provide 800 billion barrels.

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Government uncovers oil price manipulation

The government charged an oil trading firm Thursday with manipulating oil prices, the first indictment to come down since the regulators began a new investigation into wrongdoings in the energy markets.

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More Dollar issues

Home sales tumble across USA...

Stocks Plunge...

Crystal Ball Gazing: Visualize the Dow at 6,000

By Mike Whitney

Last Wednesday, at an improvised press conference, George Bush gave what may have been the most comical performance of his eight year presidency. Looking like the skipper on the flight-deck of the Hindenburg, Bush tried his best to reassure the public that "all's well" with the economy and that everyone's deposits were perfectly safe in the rapidly disintegrating US banking system. Continue


"The Mother of All Bailouts"

7 Minute Video - By Ron Paul

Ron Paul talks about the bailout out of the housing industry and how it really just destroys the dollar and adds enormously to the debt. Also, slipped into the bill, was the stipulation that ALL credit card transactions must now be reported to the IRS. Continue


Attack of the Global Pirate Bankers

By James S. Henry

In the last thirty years, fueled by the globalization of financial services, lousy lending, capital flight and mind-boggling corruption, a relatively small number of major banks, law firms, accounting firms, asset managers, insurance companies and hedge funds have come to launder and conceal at least $10 trillion to $15 trillion of private untaxed anonymous cross-border wealth. Continue

Evidence of the US Banking System Teetering on the Brink of Collapse: The entire US banking system is insolvent.

Ford Posts Loss of $8.7 Billion on Asset Woes: The Ford Motor Company, stunned by abysmal sales of its most profitable vehicles and a sudden shift in consumers’ tastes, said Thursday that it lost $8.7 billion in the quarter, its worst ever, and would overhaul its North American plants to focus on small cars.

2nd Mtge Holders (Banks) To Be Bailed Out, Too

Greatest Transfer Of Wealth In History Nears

Evidence Of US Banking System At Brink Of Collapse

Banking Crisis Alert - How Safe is Your Bank?

UK Retail Sales In Worst Dive In 22 Yrs

Death Spiral Financing At Citi, Merrill, WaMu

Dubai's Oil Boom Financial Centre Heads For Bust?

Chavez Seeks Joint Bank With Russia

'Diversity' Was Used To Create Mortgage Crisis

Wall St Truth Slips Out In Bush Private Remarks

Crashed IndyMac Bank Not On FDIC's Watch List!

What Happens When The FDIC Runs Out Of Money?

A Golden Parachute With A Silver Lining?

Global Credit Crisis Takes Hold In Japan

UK Housing - New Mortgages Plummet 70%

Wachovia Loses $8.9B, Cuts 6,350 Workers, Dividends

Fannie, Freddie Rescue May Cost Taxpayers $25B

BoE Warns UK House Prices Could Dive 30%

The Paper Money Scam

Rep McFadden's Heroic Efforts To Abolish The Fed

Fiat Faith-Based Currencies - Ron Paul

Collapsing Fiat Currency In Need Of Parachute

Thursday, July 24, 2008

US Dollar Steadily Crashing Against Mexican Peso

"Buttressed by rising interest rates and a surprisingly strong economy, the peso has been surging against the dollar in the last few weeks, continuing a run-up that began early in the year." The policy of fiscal responsibility started by Vicente Fox administration and the profligate US central banking policies begin to bear fruit!

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Debt capitalism self-destructs

A handful of analysts have been warning for years that the wholesale deregulation of financial markets and the wrong-headed privatization of the public sector during the past two decades would threaten the viability of free-market capitalism. Yet ideological neoliberal fixation remain firmly imbedded in US ruling circles

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Former "Bush Puppet" Iraqi PM Calls for US Withdrawal

...Prior to his involvement in the US-backed, post-invasion Iraqi government, Allawi worked with the CIA. Yet, on Wednesday, Allawi blatantly called for 'a time frame for reduction of US forces,' a statement that stands in stark contrast to the hazy, deadline-less 'time horizon' recently advocated by Bush.

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Imminent collapse of the U.S. economy in late 2008!

The secret meeting in congress supposedly discussed the imminent collapse of the U.S. economy to occur by September 2008, the possibility of Civil War inside the USA as a result of the collapse and advance round-ups of "insurgent US citizens" likely to move against the gov't. The war on Iran must be prevented! It's the catalyst.

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FDIC Faces Mortgage Mess After Running Failed Bank

(WSJ) Federal officials heap much of the blame for the subprime mortgage mess on lenders, claiming they recklessly made too many high-cost home loans to borrowers who couldn’t afford them.It turns out that the U.S. government itself was one of the lenders giving out high-interest, subprime mortgages, some of them predatory, according to government

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Desperate Banks Are Selling Everything That Isnt Nailed Down

President Bush neatly summed up the complex problems in the financial sector last week in terms he could understand. "Wall Street got drunk," he said. "It got drunk and now it's got a hangover." And to pay for the hangover cure, Wall Street is now selling Grandma's silverware and little Billy's new bicycle.

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More economic issues

McCain Credits Bush for drop in price...

Oil Falls Below $125...

$3.50 Gallon 'By Labor Day'...

TOYOTA beats GM in worldwide sales...
NEW YORK TIMES profit drops 82%...

Raises newsstand price...

War is a racket: General Dynamics Second-Quarter Net Jumps 25% on Armor, Jets: General Dynamics Corp., the largest maker of armored vehicles for the U.S. military, said second- quarter earnings rose 25 percent as the Iraq war lifted sales of blast-proof trucks

Wachovia loses $8.9B, cuts 6,350 workers, dividend: Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well

Who's Next? List of Troubled Banks Worries Wall Street: Banks in Colorado, Maryland, Georgia and California top privately-prepared lists of troubled banks being circulated on Wall Street and in Washington.

GM, Ford `On the Verge of Bankruptcy: General Motors Corp. and Ford Motor Co., the two biggest U.S. automakers, have about a 46 percent chance of default within five years, according to Edward Altman, a finance professor at New York University's Stern School of Business.

How to fight foreclosure on your home: Using the “produce the note” strategy is something all homeowners facing foreclosure can do. If you believe you’ve been treated unfairly, fight back. We have created templates for a legal request, a letter to your lender and a motion to compel to help you through the process.

Chavez Seeks Joint Bank With Russia

'Diversity' Was Used To Create Mortgage Crisis

Wall St Truth Slips Out In Bush Private Remarks

Crashed IndyMac Bank Not On FDIC's Watch List!

What Happens When The FDIC Runs Out Of Money?

A Golden Parachute With A Silver Lining?

Global Credit Crisis Takes Hold In Japan

UK Housing - New Mortgages Plummet 70%

Wachovia Loses $8.9B, Cuts 6,350 Workers, Dividends

Fannie, Freddie Rescue May Cost Taxpayers $25B

BoE Warns UK House Prices Could Dive 30%

The Paper Money Scam

Rep McFadden's Heroic Efforts To Abolish The Fed

Fiat Faith-Based Currencies - Ron Paul

Collapsing Fiat Currency In Need Of Parachute


Wednesday, July 23, 2008

How Futures Affect the Price of Oil

Wherein Ian Welsh takes on Paul Krugman on this very topic!

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**RED ALERT** THEFT BY CONGRESS IMMINENT - ACT TODAY!

This bailout will cost this country $800 billion or more. It is scheduled to be passed by the house today. We need to act now to stop it!

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“Strong Dollar, Strong Dollar, Strong Dollar” - Yeah right

You can almost set your watch by the completely expected parade of talking heads which graced our ears and eyes this morning. The reason for the “sudden appearances” of Paulson and Plosser are obvious. The Dollar made its LOWEST CLOSE in two months in yesterday’s session and was sitting barely a half a cent above an ALL TIME LOW in the USDX chart.

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Wachovia is on the Brink of Implosion

Wachovia posted an $8.86 billion second-quarter loss, slashed its dividend and announced 6,350 job cuts after losses tied to mortgages soared. Wachovia has been among the major lenders hardest hit by the nation's housing crisis, following a disastrous $24.2 billion purchase in October 2006 of Golden West Financial, a California mortgage specialist.

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Wall Street's laughing all the way to the Bank

A connection is drawn between Wall Street bonuses and the bail out packages from the U.S. gov.

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The Dollar and the Dow

The dollar is sailing higher today thanks to the rebound in the U.S. stock market. Some of my favorite trades right now include longs in the USD/CAD, USD/JPY, and USD/CHF; shorts in the EUR/USD and NZD/USD.

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Banks: Plans to Seek Secret Emergency Funding

(Telegraph) The City watchdog has laid out plans to allow banks to tap the Bank of England for Under the European Union’s market abuse directive, regulated firms have to disclose price sensitive information. However, the Financial Services Authority yesterday said there were potentially situations where banks would be allowed to keep it secret...

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Feds, Housing Industry Have Always Been In Bed Together

Fannie and Freddie dwell in a particularly odd space. Both enterprises were originally created by the federal government to provide liquidity in the mortgage market. They do this primarily by purchasing conforming loans from originating lenders, and either holding them or bundling them to back securities that are then resold to investors.

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Taxpayers Made to Pay $25 Billion Dollar Corporate Bailout

Fannie Mae and Freddie Mac mortgage finance giants complicit in the current American housing crisis due to corrupt lending practices will be punished with taxpayers money - of which there is significantly less, due to the current economic crisis triggered by the subprime mortgage crisis... triggered by corrupt corporate lending practices.

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Bush Cronies Redefined ‘Carbon Dioxide' to Help Polluters

It is common knowledge that carbon dioxide is the same chemical regardless of what source emits it. But for the White House, which unabashedly asserts its anti-environment agenda, the definition of CO2 can change to help big polluters.

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John McCain's Never-Ending War In Iraq

Jed Lewison of the JedReport has compiled an extremely comprehensive collection of McCain clips (never-before-seen for most people) which chart the Arizona Senator's position on Iraq over the last several years, and puncture one of the candidates central contentions. Much of the materials will likely be new to you...and devastating to McCain.

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America is addicted to foreign oil.

As imports grow and world prices rise, the amount of money we send to foreign nations every year is soaring. At current oil prices, we will send $700 billion dollars out of the country this year alone — that's four times the annual cost of the Iraq war.Projected over the next 10 years the cost will be $10 trillion —

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Dolly About To Give Texas A Big F****ing

Hurricane Dolly is slamming Texas.

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The 25 Most Vicious Iraq War Profiteers

Following is a detailed rundown of the 25 companies squeezing the most profit from this controversial conflict. If you have more (I bet you do), list 'em below.

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More economic issues


Bush on Economy: 'Wall Street Got Drunk'...

Bank Accused Of Giving Counterfeit Money To Customers...
SHOCK CLAIM: GM, FORD are on 'Verge of Bankruptcy'...

Wachovia is on the Brink of Implosion

Wachovia posted an $8.86 billion second-quarter loss, slashed its dividend and announced 6,350 job cuts after losses tied to mortgages soared. Wachovia has been among the major lenders hardest hit by the nation's housing crisis, following a disastrous $24.2 billion purchase in October 2006 of Golden West Financial, a California mortgage specialist.

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Who Does Rainwater Belong To?

One of the greatest steps forward that local communities have taken is the push to collect rainwater to offset your water use. It is often an easy way to help out the environment & simply save water. There don’t really seem to be any catches to it either. Rain falls from the sky, hits your roof and runs in to your drums or barrels or tanks.. right?

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Wachovia Bank Loses $8.9 Billion, Cuts 6,350 Workers

Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well. The nation's fourth-largest bank by assets said it lost $8.86 billion, is slashing its dividend and eliminating 10,750 positions after losses tied to mortgages soared.

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More economic issues

Mortgage giant rescue could cost $25 BILLION...

CALIF. FORECLOSURES UP 261%...

DISASTER: WACHOVIA has $8.9B loss, cuts 6,350 jobs...

U.S. Expansion May Be First Without Income Recovery: Median U.S. family income, adjusted for inflation, was $58,407 in 2006, according to the most recent Census Bureau data, down from $59,398 in 2000.

Wachovia scorched with 8.7-billion-dollar loss: Banking giant Wachovia took a severe hit from the US housing slump with a second-quarter loss of 8.662 billion dollars as it announced plans Tuesday to end its wholesale mortgage operations. The loss amounted to 4.20 dollars per share, far above the average Wall Street forecast of a loss of 78 cents per share.

American Express Profit Falls on Higher Defaults: American Express Co., the biggest U.S. credit-card company by purchases, withdrew its 2008 earnings forecast after second-quarter profit fell 37 percent on worse-than-expected consumer defaults. The shares slumped 11 percent in extended trading.

United States Unfolding Financial and Economic Nightmare: Nearly every major bank, brokerage and lender you can name is up to its eyeballs in leveraged investments whose value is going up in smoke. They're borrowing hundreds of billions from the Fed. They're raising billions more from investors, diluting their shares. They're selling massive amounts of assets — scrambling any way they can to raise cash to survive.

Wachovia Loses $8.9B, Cuts 6,350 Workers, Dividends

Fannie, Freddie Rescue May Cost Taxpayers $25B

BoE Warns UK House Prices Could Dive 30%

US Mortgage Lenders Imploding

Gold Forecasts Revised Upwards to $1200

US Unfolding Financial and Economic Nightmare

The Rush For Gold - Sales Of Bars Double

80% Fear UK Heading For Recession

American Express Profit Falls On Higher Defaults

World Economy At Point Of Maximum Danger

Hundreds Of Thousands Face Job Loss In UK

UK House Sellers Forced To Drop Prices

Economic Tremors In West Reach China

Paulson Says US Banks Safe And Sound (!)

Fed Asks For Blank Check For Fannie, Freddie

UK Economy Heads For 'Horror Movie'

Recession Next Year - Things Will Only Get Worse

Global Financial Crisis Worst Since Great Depression

At Freddie Failure Pays Big - $20M To CEO

Freddie, Fannie Problems Just A 'Perception' Issue

US Financial Break Point Soon

Swan Song For Fanny Mae

Business Bankruptcies Skyrocket

Taxpayer Can Bear No More Admits UK Govt

UK House Prices To Drop 20% In Two Years

George Soros Buying Gold

Tuesday, July 22, 2008

Bush, Fuel, and Funding Friends of Terrorists

In a June 4 ABC News report, it was revealed that an 80-million-dollar contract from the U.S. military for jet fuel was given to an Arab businessman wanted by the FBI. Even worse, a closer look shows the deal may not be just a matter of incompetence.

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The 5 largest quarterly losses at US banks

The five largest quarterly losses for U.S. retail banks, who suffered the losses, how big they were and when they occurred, according to Standard & Poor's Compustat:

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Slashing the Job Market

Wachovia Bank is now cutting jobs due to their large second quarter loss this year. So far for these past six months many jobs have been lost to either cutbacks or leaving the country, as businesses back track to gain some ground during these economic hard times. But has job loss only been for these past six months?

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McCain Speaks For The Oil Industry

John W. McCain: "The oil executives say that we could see the benefit of offshore drilling in just a couple years."

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Feds can't fix Fannie and Freddie

The mortgage giants aren't short of cash. They're stuck with bad loans that aren't going away. Also: Short sellers didn't bring down the lenders -- the lenders did it themselves.

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The Government Keeps Losing Laptops w/ Super Sensitive Info

During wartime, one of America's most solemn duties is to take care of its veterans. So why do careless government workers keep putting our vets at risk?

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Wachovia loses $8.86 billion, slashes jobs

By Jonathan Stempel NEW YORK (Reuters) - Wachovia Corp, the fourth-largest U.S. bank, on Tuesday posted an $8.86 billion second-quarter loss, slashed its dividend and announced the elimination of more than 10,700 jobs after losses tied to mortgages...

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More economic issues

DISASTER: WACHOVIA has $8.9B loss, cuts 6,350 jobs...


SWIPED OUT: AMERICAN EXPESS Profit Drops; More Cardholders Default...

Ex-con sues AmEx, says it aided search for him...

Drilling Ourselves Deep In A Hole

By Firmin DeBrabander

We, aim to squeeze more oil from a taxed planet, and further entrench ourselves in our sorry addiction. This nation’s repeated gambles on oil will likely cost American prosperity—and superiority—in the 21st century. Continue


Death of Free Internet is Imminent

Canada Will Become Test Case

By Kevin Parkinson

The plan is to convert the Internet into a cable-like system, where customers sign up for specific web sites, and then pay to visit sites beyond a cutoff point. Continue


Reuters: Russian Companies Now Own 10% of U.S Steel Industry: The weak dollar has made many U.S. companies cheap in comparison to their counterparts in the Euro zone, and many wealthy Russians are purchasing luxury properties in the U.S. for the same reason.

US food groups plan hefty price rises: : US food prices have jumped 5.3 per cent for the year ending in June, the Department of Labor reported last week. - The increase in food prices was steep in June, when they moved up 0.8 per cent compared with 0.3 per cent in May.

American Express Profit Falls On Higher Defaults

World Economy At Point Of Maximum Danger

Hundreds Of Thousands Face Job Loss In UK

UK House Sellers Forced To Drop Prices

Economic Tremors In West Reach China

Paulson Says US Banks Safe And Sound (!)

Fed Asks For Blank Check For Fannie, Freddie

UK Economy Heads For 'Horror Movie'

Recession Next Year - Things Will Only Get Worse

Global Financial Crisis Worst Since Great Depression

At Freddie Failure Pays Big - $20M To CEO

Freddie, Fannie Problems Just A 'Perception' Issue

US Financial Break Point Soon

Swan Song For Fanny Mae

Business Bankruptcies Skyrocket

Taxpayer Can Bear No More Admits UK Govt

UK House Prices To Drop 20% In Two Years

George Soros Buying Gold

Monday, July 21, 2008

GOP & McCain Tell Blatant Lies To The Public

McCain has moved to the old tried and true tradition of the Republican party of telling outright lies about Barack Obama's voting record.

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Why The White House REALLY Wants McCain To Win

We’ve long since documented the desperate lengths that John McCain is willing to go to win the office of the Presidency. Here's a theory: the White House wants McCain to win because they know there would be no accountability for all their criminal acts with another Republican in office.

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20 Amazing Facts About Voting in the USA

20 Amazing Facts About Voting in the USA Election 2008

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Who Owns the national debt

Chuck-U Schumer Causes Bank Run

federal regulators pointedly cited US Sen. Charles Schumer, D-NY, in explaining the bank's failure. In simple language, federal regulators blamed [Charles Chuck-U] Schumer for a run on the bank. California has a law forbidding starting rumors that cause a bank run and Schumer may be heading to a grand jury.

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'04 Ohio Election Fraud Case Implicates Top GOP Operatives

Leading Data Security Expert Joins Press Conference, Case, Notes Fraudulent Patterns That Should Have Triggered Investigation. Motion to Proceed with Targeted Discovery in Case Explained as Effort to Help Protect Integrity of '08 Election... McCain Hires possibly fraudulent IT guy to head up his election.

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FDIC fund is a ¨Myth¨ $50 Billion Is Not Going to be Enough

According to longtime banking consultant Bert Ely, consumers will end up paying the price of what is expected to be a growing wave of bank failures. NYU Economics Professor Nouriel Roubini predicts that Congress will have to intervene in order to bail out the deposit fund. "They're going to run out of money, with certainty," he predicted.

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8,500 U.S. Banks; Many Will Die Soon

I called the death of Indymac on July 7th. The FDIC seized Indymac on July 11th. I called the implosion of the 2 Gov't Sponsored Entities in the mortgage biz, Fannie Mae and Freddie Mac on July 9th. Sun, July 13th the White House announced a bailout for them. Want to know what happens next? It’s ape ass ugly and it’s going to happen to you

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Why No Outrage?

Through history, outrageous financial behavior has been met with outrage. But today Wall Street's damaging recklessness has been met with near-silence, from a too-tolerant populace, argues James Grant

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More Dollar issues

Oil Rises From Six-Week Low as Storm Nears Mexico, Iran Tensions Simmer...
NOT OURS! STARBUCKS Gets Pleas Not to Close Stores...
BUST: Lake Las Vegas Owners Place Resort in Bankruptcy...

Bank of China may hold huge US debt: Bank of China Ltd may own about $20 billion of debt issued by Fannie Mae and Freddie Mac, representing two-thirds of total holdings among the six largest Chinese banks, according to CLSA Ltd.

Commercial bankruptcies soar, reflecting widening economic woes: Driven by a sour economy and skittish consumers, U.S. business bankruptcies saw their sharpest quarterly rise in two years, jumping 17 percent in the second quarter of 2008, according to an analysis by McClatchy.

N.H. will accept free oil from Chavez after all: Two years ago, New Hampshire refused to accept heating oil from Venezuelan President Hugo Chavez, the pro-Castro U.S. critic who once called President Bush "the devil." But with fuel prices rising, well, free oil is free oil.

'Massive potential' for global 'financial meltdown': Confidence falls in U.S. authorities' ability to ease financial panic

Fed Asks For Blank Check For Fannie, Freddie

UK Economy Heads For 'Horror Movie'

Recession Next Year - Things Will Only Get Worse

Global Financial Crisis Worst Since Great Depression

At Freddie Failure Pays Big - $20M To CEO

Freddie, Fannie Problems Just A 'Perception' Issue

US Financial Break Point Soon

Swan Song For Fanny Mae

Business Bankruptcies Skyrocket

Taxpayer Can Bear No More Admits UK Govt

UK House Prices To Drop 20% In Two Years

George Soros Buying Gold

Saturday, July 19, 2008

Legislator Favors Gifts Over Saving Soldiers' Lives

What's worse than an earmark that wastes tax dollars and abuses the system by allowing Congress to funnel money outside the normal process to favored businesses or entities? Plenty, you might say. But how about a secret, classified earmark that costs American lives?

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Testing quantum weirdness on a large scale

Signals from space to Earth using quantum technology could establish the reality of Einstein's worst fear, that the theory of relativity cannot be made compatible with quantum requirements. It is an open issue whether quantum laws, originally established to describe nature at the microscopic level of atoms, are also valid at the macroscopic level.

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