Life the Universe and ....: June 2008

Monday, June 30, 2008

Bush signs $162 billion war spending bill

$850 BILLION U.S. taxpayer dollars, total, so far, have been spent on the war in Iraq and the efforts in Afghanistan. And just exactly what do WE have to show for it?? What is OUR payoff for these huge monetary expenditures?

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More Dollar issues

Global stocks keep grinding lower... RECORD: Barrel price passes $143... OIL PRIZE: CONTRACTS TO BE ANNOUNCED

More economic issues

Stock, Bond Slumps Signal Worse Than '94 as Inflation Says '74...

House of Cards

You thought the housing crisis was bad? You ain’t seen nothing yet.

By Danny Schechter

While many eyes are focusing on the housing meltdown and its hugely negative effect on an economy clearly moving into recession, few are paying attention to the next bubble expected to

The Sub-prime Trump Card

Standing Up To The Banks

By Ellen Brown: More than 1.5 million homeowners are expected to enter foreclosure this year, and about half of them are expected to have their homes repossessed. If the dire consequences Jefferson warned of 200 years ago have been slow in coming, it is because they have been concealed by what Jerome a Paris calls the Anglo Disease – “the highly unequal economy whereby the rich and the financial sector . . . capture most of the income but hide it by providing cheap debt to the middle classes so that they can continue to spend.” Continue

Oil tops $142 a barrel : Oil prices reached a record high of $142 a barrel on Friday as world stocks fell to a three-month low.

OPEC chief sees oil at $150-170 in coming months Crude oil prices could rise to as high as $170 per barrel in the coming months but are unlikely to hit $200 and should ease towards the end of the year, OPEC President Chakib Khelil said in an interview on Thursday.

Consumer Sentiment Index Falls in June: Confidence among U.S. consumers fell in June to the lowest level in 28 years as record-high gasoline and rising joblessness rattled Americans.

This Recession, It's Just Beginning: . Corporate bankruptcies, bond defaults, bank failures, hedge fund meltdowns and 6 percent unemployment. We're caught in one of those vicious, downward spirals that, once it gets going, is very hard to pull out of.

City Pension Funds Lose Billions: New York City officials are bracing for increased pressure on the budget as the city's pension funds are reeling from the credit crisis and posting billions of dollars in losses.

Credit crunch forcing US middle classes to live in their cars: As mortgage foreclosures continue to rise, growing numbers of middle-class professionals are losing their homes and downsizing from four bedrooms to four wheels.

World Financial Crisis

The Dow-Crash, The Dollar, Gold, And WAR

Bank Implode-O-Meter - End Game Of Modern Banking

UK Savings Rate Sinks To 49 Year Low

burst: credit cards. Continue

Friday, June 27, 2008

More economic issues

FEAR...

Dow Tumbles 300 Points as Oil Tops $140

Stocks tumbled Thursday after a downgrade on brokerage stocks, disappointing earnings from two tech giants and oil's break above $140 a barrel. The Dow Jones Industrial Average fell more than 300 points, blowing past its low for the year to its lowest level since September 2006. The S&P 500 index fell below the key 1300 mark. Gold topped $900 on in

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75% Blame Bush's Policies for Deterioriating Economy

Three out of four Americans, including large numbers of Republicans, blame President Bush's economic policies for making the country worse off during the last eight years. Can we really afford to let McCain continue these same economic policies?

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More economic issues

CITIGROUP faces '$8.9 billion writeoff, capital need'... URGENT: Bush Hosts Abu Dhabi Crown Prince at Camp David... Fed Reviews Rules for Investing in Banks, Seeking More Capital...

Oil shoots above $140 a barrel... OPEC predicts fresh high$...

DOW JONES PLUNGES 350 -- LOWEST POINT SINCE 2006... BAD ECONOMY Cancels City's 4TH OF JULY... FLASH: USA: 1% Growth...

Native Americans demand billions from US in land profits suit: Lawyers for the Native Americans said the government had failed to pay out tens of billion dollars in oil, timber, mineral and grazing royalties from lands held in trust by the Department of Interior since 1887.

Oil climbs $3 on Libya, OPEC comments: - Oil surged Thursday following reports that Libya may cut production and an OPEC official said crude could hit $170 a barrel this summer.

Global Stock Market Crash Warning Issued

BoE - 2009 To Be 'Uncomfortable' For All

Economic, Geopolitical Dangers For 2008-2009

Grim World Forecast For July-December 2008

RBS Issues Worldwide Stock, Credit Crash Alert

Morgan Stanley Warns Of 'Catastrophic Event'

Things Will Get Worse, Warns BoE Governor

RBS Market Alert - Fund Managers React

If The Fed Fights 'Non-Existent' Inflation...

US Stocks - Worst June Since Depression

Subprime Trump Card - Standing Up To The Banks

Stocks Hit 21 Month Low - Oil Jumps To $140

Foreclosures Bring Homelessness To Middle Class

Credit Crash - US Middle Classes Living In Cars

Inflation To Unleash Financial Tsunami

Energy Expert - US Gas Use May Have Peaked

Fed Leaves Rates Unchanged

Foreclosure Fallout Goes Far Beyond Home-Losers

Eurozone's Stagnation, Inflation Present Dilemma

Game Over- No Housing Market Rebound

How The Fiat Money System Invents Money

We May Be Facing A Fall Stock Market Disaster

UK Mtge Meltdown For Purchases, Equity Withdrawals

Higher Gas Prices Will Help the Chinese Economy

Natural Gas Prices Set to Jump 52%!

Sky-High Oil Will Break The US - Forbes.com

Thursday, June 26, 2008

More economic issues

BAD ECONOMY Cancels City's 4TH OF JULY...

FLASH: USA: 1% Growth... ...home sales edge up 2% in May

CITIGROUP faces '$8.9 billion writeoff, capital need'... GM Lowered to 'Sell' by GOLDMAN...

OPEC predicts fresh high$... Soaring gas prices force rodeo cowboys to carpool...

STOCKS SLUMP; DOW LOWEST OF YEAR...

American Express: The Economy is Worsening | Infinite Unknow

June 25 (Bloomberg) – American Express Co., the biggest U.S. credit-card company by purchases and cash advances, said customers are falling further behind on their debt, signaling the economy is worsening.Confidence among Americans dropped to the lowest level in 16 years, the Conference Board said yesterday.

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More Dollar issues

FLASH: Economy 1% Growth...

CITIGROUP faces '$8.9 billion writeoff, capital need'...

More Dollar issues

Texas Real Estate Slump Lets Mexicans Take It Back!

Faster Inflation May Unleash `Financial Tsunami': Rising consumer prices will leave more U.S. consumers unable to pay their debts and may lead to a ``financial tsunami,'' according to Bennet Sedacca, president of money manager Atlantic Advisors LLC in Winter Park, Florida.

House-sellers outnumber purchasers by 15 to 1: There are 15 times more homes for sale than people to buy them - a worrying signal of the imbalance between supply and demand in the housing market.

Food relief line grows long, tense: The chaos that erupted outside Milwaukee County's main welfare office Monday over disaster-related food aid had more to do with a weak economy and crushing poverty in parts of this community than the devastating floods that swept through the state earlier this month, local government and food relief officials said.

Exxon oil spill damages reduced: The US supreme court has overturned a lower court's ruling that ordered ExxonMobil, the oil giant, to pay $2.5 billion in compensation for the 1989 Exxon Valdez oil tanker spill in Alaska.

Global Stock Market Crash Warning Issued

BoE - 2009 To Be 'Uncomfortable' For All

Economic, Geopolitical Dangers For 2008-2009

Grim World Forecast For July-December 2008

RBS Issues Worldwide Stock, Credit Crash Alert

Morgan Stanley Warns Of 'Catastrophic Event'

Things Will Get Worse, Warns BoE Governor

RBS Market Alert - Fund Managers React

Energy Expert - US Gas Use May Have Peaked

Fed Leaves Rates Unchanged

Foreclosure Fallout Goes Far Beyond Home-Losers

Eurozone's Stagnation, Inflation Present Dilemma

Game Over- No Housing Market Rebound

How The Fiat Money System Invents Money

We May Be Facing A Fall Stock Market Disaster

UK Mtge Meltdown For Purchases, Equity Withdrawals

Higher Gas Prices Will Help the Chinese Economy

Natural Gas Prices Set to Jump 52%!

Sky-High Oil Will Break The US - Forbes.com

Wednesday, June 25, 2008

McCain Admits Iraq and Afghanistan Wars Are About Oil & Gas

At a town hall on Monday June 23 in Fresno, John McCain linked the wars in Iraq and Afghanistan to oil and gas prices.

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More Dollar issues

$300B RESCUE: HOUSING BILL CLEARS HURDLECASH DASH: CITIGROUP Chairman Meets With Kuwait Sheikh... Kuwait sovereign wealth fund pumps billions into American financial institutions...Gasoline Demand Fell 2.7% Last Week on Record Prices... Oil prices won't come down: OPEC president... Suburbia becomes untenable with rising gas costs... Summer of discontent: Greenspan says economy on brink of recession...

Inflation May Unleash 'Financial Tsunami'...

Gas-Pump Gouging; Just Don't Blame The Saudis

By Mike Whitney

I've seen this bad movie before. It's the Enron movie, which hit the West Coast power-markets like a bomb because the federal government was asleep at the switch. Now it's happening again with oil prices." Rep. Jay Inslee D-WA Continue

Gas Could Fall To $2 If Congress Acts, Analysts Say

Limiting speculation would push prices to fundamental level, lawmakers told

By Rex Nutting & Michael Kitchen,

The price of retail gasoline could fall by half, to around $2 a gallon, within 30 days of passage of a law to limit speculation in energy-futures markets, four energy analysts told Congress on Monday. Continue

Greenspan says U.S. economy on brink of recession: He said via video link to an investment conference in Johannesburg the chances of that economy falling into recession were more than 50 percent and a rebound was unlikely.

More bad news for US economy: US consumer confidence has fallen to its lowest level in 16 years while US home prices fell in April at the fastest rate in years, two economic reports have said.

Natural Gas Prices Set to Jump 52%!

Sky-High Oil Will Break The US - Forbes.com

UK Mtge Approvals Fall 56% To Record Lows

Congress Acts To Stop Runaway Oil

Quarterly Window Dressing - Common Wall St Scam

Credit Crisis To Worsen On Derivative Debacle

Central Banks Will Printing Money Full Speed

US Housing Slump Rivals Lowest In 62 Years

Gas Could Drop To $2 If Congress Acts - Analysts

Wide Reach Of Mortgage Crisis Hits Home

Chain Store Closings - Depressed Economy Signs

New Loan Crisis Hitting Smaller Banks

Tuesday, June 24, 2008

What Exactly Concerns Us About Gas Prices?

There’s no doubt that Americans are currently frustrated by high gas prices. And certainly many voters believe that “something oughta be done about it.” But why? Here’s a simple taxonomy of concerns.

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More Dollar issues

Oil prices won't come down: OPEC president... Greenspan says economy on brink of recession...

Home prices fall in April at record rate...

When will the market face reality?

Oil prices are soaring, inflation is raging, a recession is taking hold, and Wall Street continues to pretend the worst is over. But these problems won't just disappear.

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More Dollar issues

Oil rises despite Saudi output pledge...UNITED Will Cut 950 Pilot Jobs as It Eliminates Seating Capacity...Citigroup to cut thousands of jobs: The job cuts are part of a plan to reduce about 10 per cent of the investment banking group's 65,000 staff, it said.

The Fourth World War

Video - Taken from a speech by Marcos calling the war against globalization

Despite the titanic struggles of dispossessed peoples around the world, the wealth of nations continues to reside in fewer and fewer hands. The economies of poor countries collapse under vicious IMF policies, and capitalism's global 'clubs' thrive ever and ever upward. Meanwhile, people keep struggling, ultimately downward. Continue

Alternatives to Free Trade: Fair Trade and Beyond

By Shamus Cooke

Capitalism cannot be reformed. In the dog-eat-dog world of profit-making and competition, "fairness" plays absolutely no role. Continue

US Housing Slump Rivals Lowest In 62 Years

Gas Could Drop To $2 If Congress Acts - Analysts

Wide Reach Of Mortgage Crisis Hits Home

Chain Store Closings - Depressed Economy Signs

New Loan Crisis Hitting Smaller Banks

Blood In Your Tank - The Petrofraud War

New S&P Bank Of America Rating - Sell

$2T Credit Contraction - Consumer Debt Defaults Soar

Fed And US Dollar Credibility Now At Stake

Gold May Rise To $5,000 On Inflation

Dollars, Oil & The Big Wipe Out - Vid

Global Stock Market Crash Warning Issued

Unscathed Japan Banks Buy Up Western Asssets

Central Banks Buy Securitized Debt To Save Banks

IMF Says US Economy Set To 'Stagnate'

Oil Price Fuels Inflation In Asian Economies

Stocks Drop To 3 Month Low On Oil Surge

Zionist Banksters Are Behind The Oil/Fuel Crisis

6M UK Homes Into Fuel Poverty This Year

Paulson Wants Bigger Role For Federal Reserve

Oil Giants To Sign Contracts With Iraq

Chavez Threatens EU With Oil Boycott

Panic Gas Buying In China - Prices Jump 18%

Monday, June 23, 2008

The Fed, Between a Rock and a Hard Place

Much of this money has been created in the form of credit to either grease the wheels of our ‘borrow and spend’ economy or provide vehicles to allow banks to offload worthless assets onto the Federal Reserve to prevent insolvency. This translating into higher prices across the full spectrum of goods.

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Marketwatch: Brokers threatened by run on shadow bank system

SAN FRANCISCO (MarketWatch) -- A network of lenders, brokers and opaque financing vehicles outside traditional banking that ballooned during the bull market now is under siege as regulators threaten a crackdown on the so-called shadow banking system, a $10 trillion market that boomed outside traditional banking. While this system became a huge and

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More Dollar issues

CITI to Slash Investment Banking Jobs World-Wide... ...by 10%Gas prices rises 10 cents gallon -- over 2 weeks...

Obama calls for oil crackdown...

Asset-price Inflation is Giving Way to Debt Deflation

The Game is Over. There Won't Be a Rebound

By Mike Whitney

Bernanke is merely being polite in not rubbing the faces of European and Asian governments in the fact that unless they are willing to make a structural break and change the world monetary system radically, they will remain powerless to avoid giving the United States a free ride – including a free ride for its military spending and war in the Near East. Continue

Secret Pentagon Funding Near All-Time High: The latest Pentagon budget request contains a near record high level of money for classified, or "black" programs, reports the Center for Strategic and Budgetary Assessments

IMF says US economy is set to ‘stagnate’: The US economy is likely to “stagnate” in the second half of this year, the International Monetary Fund warned on Friday, as stock markets in the US and Europe fell to their lowest levels since March and US bank shares hit a five-year low.

Blood In Your Tank - The Petrofraud War

New S&P Bank Of America Rating - Sell

$2T Credit Contraction - Consumer Debt Defaults Soar

Fed And US Dollar Credibility Now At Stake

Gold May Rise To $5,000 On Inflation

Dollars, Oil & The Big Wipe Out - Vid

Global Stock Market Crash Warning Issued

Unscathed Japan Banks Buy Up Western Asssets

Central Banks Buy Securitized Debt To Save Banks

IMF Says US Economy Set To 'Stagnate'

Oil Price Fuels Inflation In Asian Economies

Stocks Drop To 3 Month Low On Oil Surge

Zionist Banksters Are Behind The Oil/Fuel Crisis

6M UK Homes Into Fuel Poverty This Year

Paulson Wants Bigger Role For Federal Reserve

Oil Giants To Sign Contracts With Iraq

Chavez Threatens EU With Oil Boycott

Panic Gas Buying In China - Prices Jump 18%

Thursday, June 19, 2008

more economic troubles.

BIG PRIZE: Western oil companies plan return to Iraq...Treasury Sec. To Urge New Fed Powers; Bank Would Help Police Wall Street...CRACKDOWN: 2 former BEAR STEARNS managers surrender to FBI... Mortgage Mess...

House Democrats Call For Nationalization Of Refineries... Stocks fall as oil prices surge...

Are They Really Oil Wars?

By Ismael Hossein-zadeh

Behind the drive to war and military adventures in the Middle East lie some powerful special interests (vested in war, militarism, and geopolitical concerns of Israel) that use oil as an issue of “national interest”—as a façade or pretext—in order to justify military adventures to derive high dividends, both economic and geopolitical, from war. Continue

RBS issues global stock and credit crash alert: The Royal Bank of Scotland has advised clients to brace for a full-fledged crash in global stock and credit markets over the next three months as inflation paralyses the major central banks.

Nearly Half of Wall St. Bank Profits Are Gone: Only a year ago, Wall Street reveled in an era of superlatives: record deals, record profit, record pay. But a mere 12 months later, nearly half of the profits that major banks reaped during that age of riches have vanished.

Wall Street Credit Crisis Heads Into 2nd Year

Stocks Drop On Bank Worries, FedEx Warning

JPMorgan Chase - We Got Bear Stearns Cheap

Fed + Wall St -- Secret Meetings, Secret Deals

RBS Issues Worldwide Stock, Credit Crash Alert

Morgan Stanley Warns Of 'Catastrophic Event'

Why Oil Prices Are So High

Producer Prices Jump - Housing Starts At 1991 Low

UK Inflation Highest In 16 Years

Credit Crisis Crushing UK Banks

Credit Crisis Not Over - Banks Hoard Cash

Wednesday, June 18, 2008

More Dollar issues

Ahmadinejad says oil price artificial...

Down for the Count

Bush's "Ownership Society" Hits The Canvas

By Mike Whitney

There is no way to escape the day of reckoning now facing the financial system; the hundreds of bank failures, the corporate defaults, the meltdown in real estate, the massive loss of jobs, the dreary contraction of credit, the tumbling stock market, and the blow to our national confidence. But there is a way to rebuild. Continue

Colliding Bubbles, US Unemployment, the Credit Crisis and Oil Price Surge

Unemployment Jumps to 5.5%, On Its Way to 6%

By: John Mauldin

The headline number said the US lost 49,000 jobs in May, somewhat fewer than expected. The details were much uglier. Continue

Oil at record near $140 a barrel: The price of crude oil has hit a new high of close to $140 a barrel in New York trade, despite Saudi Arabia agreeing to increase output in July.

Why Oil Prices Are So High

Producer Prices Jump - Housing Starts At 1991 Low

UK Inflation Highest In 16 Years

Credit Crisis Crushing UK Banks

Credit Crisis Not Over - Banks Hoard Cash

Tuesday, June 17, 2008

U.S Official Fired For Not Approving Questionable Iraq Funds

The Army official who managed the Pentagon’s largest contract in Iraq says he was ousted from his job when he refused to approve paying more than $1 billion in questionable charges to KBR, the Houston-based company that has provided food, housing and other services to American troops.

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Senate will bail out mortgages, even though 35% will default

Even though the Congressional Budget Office (CBO) found that a stunning 35 percent of the loans refinanced through the bailout program will eventually default anyway. And banks will use the program to offload their "highest-risk loans" to the taxpayer. But, that’s apparently good enough for Congress.

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Where is FireFox 3.0????

It's June 17, 2008. I've looked on the Mozilla web page and Firefox 3.0 is nowhere to be found. Whats up???? This is supposed to be the day to set a download record, but where is the download??? I am ready to download it but can't Find it.

Anybody know where it is?

More Dollar issues

Iran withdraws $75 billion from Europe...Wealth Creates Poverty?

Video - Dr. Michael Parenti: "Terrorism, Globalization and Conspiracy"

Globalization is an attempt to extend corporate monopoly control over the whole globe. Over every national economy. Over every local economy Over every life. Continue

Report: Rich nations failing Africa : The world's richest nations are falling short on pledges to double aid to Africa by 2010 at a time when soaring food prices risk a global food shortage, a watchdog has reported

Bear Stearns Hedge Fund Mgrs May Be Indicted

ECB Calls Bernanke's Bluff On Defending Dollar

Central Banks Turn Guns On Inflation

Eurozone Inflation Hits 16 Year High

China's Output Rises Despite Global Downturn

The Bubble

The Difference Between Lehman And Bear Stearns Is...

Barclays Looks To Asia To Raise $8B

Food - The Global Crisis Deepens

UK Fuel Strike - Increasing Shortages Due

UK Home Building Lowest Since 1945

Why Gold Could Hit $8,500 An Ounce

US Home Foreclosures Rise 48% - Inflation Surges

Fuel Protests Spread As Prices Soar

Oil Prices - Market, Manipulative Forces At Work

Bank Of Intl Settlements Warns Of Great Depression

UK Job Losses To Accelerate Sharply

Bernanke Declares Worst of Credit Crisis Over (huh?)

Monday, June 16, 2008

Lehman Posts $2.8 Billion Loss

Lehman brother post 2.8 billion loss

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Treasury Looted: Exposing Bush Administration Corruption

Arrigo exposes the scheme - the systematic looting of the treasury to enrich contractors and high-level officials at Pentagon, CIA and others well-placed in government. Precise amounts are unknown, but at mimimum are countless multi-billions, even trillions - at taxpayer expense and diverted from essential social and infrastructure needs.

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More Dollar issues

SAUDI KING: WE WILL PUMP MORE OIL... APPEALS FOR WEST TO CUT TAXES... Could cause rifts in opec cartel...

The Bubble

The Difference Between Lehman And Bear Stearns Is...

Barclays Looks To Asia To Raise $8B

Food - The Global Crisis Deepens

UK Fuel Strike - Increasing Shortages Due

UK Home Building Lowest Since 1945

Why Gold Could Hit $8,500 An Ounce

US Home Foreclosures Rise 48% - Inflation Surges

Fuel Protests Spread As Prices Soar

Oil Prices - Market, Manipulative Forces At Work

Bank Of Intl Settlements Warns Of Great Depression

UK Job Losses To Accelerate Sharply

Bernanke Declares Worst of Credit Crisis Over (huh?)

Saturday, June 14, 2008

How Speculators Are Causing the Cost of Living to Skyrocket

After investing in high-tech stocks and real estate loans for years, legions of speculators have now discovered commodities like oil and gas, wheat and rice. Their huge investments are pushing prices up to unprecedented levels -- with serious consequences for ordinary people's quality of life and the global economy.

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Why Oil Price Is High - Fed Printed Way Too Many Dollars

The two biggest factors in oil’s high price are the weakness in the U.S. dollar’s exchange value and the liquidity that the Federal Reserve is pumping out. In an effort to forestall a serious recession and further crises in derivative instruments, the Federal Reserve is pouring out liquidity that is financing speculation in oil futures contracts.

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More Dollar issues

Inflation jumps in May...Plan Would Lift Saudi Oil Output to Highest Ever...US foreclosure filings surge 48 percent in May: Housing crisis worsens as number of US homes facing foreclosure in May up 48 percent

Oil Prices - Market, Manipulative Forces At Work

Bank Of Intl Settlements Warns Of Great Depression

UK Job Losses To Accelerate Sharply

Bernanke Declares Worst of Credit Crisis Over (huh?)

Friday, June 13, 2008

More Dollar issues

GOLD... Speculation crackdown urged... CALLS FOR CURBS ON OIL TRADING IN LONDON...

Price Of Oil Will Double

By Danny Fortson, Business Correspondent

The chief executive of the world's largest energy company has issued the most dire warning yet about the soaring the price of oil, predicting that it will hit $250 per barrel "in the foreseeable future". Continue

U.S. Has No Remaining Grain Reserves: . The only thing left in the entire CCC inventory will be 2.7 million bushels of wheat, which is about enough wheat to make 1/2 of a loaf of bread for each of the 300 million people in America.

Bank Of Intl Settlements Warns Of Great Depression

UK Job Losses To Accelerate Sharply

Bernanke Declares Worst of Credit Crisis Over (huh?)

Fed, ECB Will Ignore Debt Consequences

Stocks Fall Sharply As Oil Prices Surge

US Home Price Crash Wipes Out $4 Trillion

We Face Longest Turmoil Era - BoE Boss

RBS Chief Say More Turmoil Ahead

UK Unemployment Rises For Fourth Month

UK April Trade Deficit Widens To $15B

UK House Builders See $22B Gone In 1 Year

US Dollar Lifted By Talk Of Intervention

BP Dismisses Gazprom's $250 Oil Forecast

Oil Shortage A Lie Says Industry Insider

Lehman Suffers $2.8B Loss

US Trade Gap Grew In April On Oil Imports

Oil Prices Surge Has Only Just Begun

Russia's Gazprom Predicts $250 Oil By 2009

Thursday, June 12, 2008

More Dollar issues

Stocks fall sharply as oil prices surge... 'May peak at $150-170 soon'... Oil-price summit to involve heads of state...

Corn hits new record...OIL PRIZE: ABU DHABI TO BUY CHRYSLER BUILDING... EURO POWER: Italian company buys New York's Flatiron Building...

Why the Oil Price Is High

By Paul Craig Roberts

How to explain the oil price? Why is it so high? Are we running out? Are supplies disrupted, or is the high price a reflection of oil company greed or OPEC greed. Are Chavez and the Saudis conspiring against us? Continue

Home price drop means $4 trillion in lost capital: U.S. housing decline, sparked last year by subprime mortgage debt defaults, will likely last another two years as a wider group of consumers, including prime borrowers, feel the pinch from a tightening of credit.

Stocks Fall Sharply As Oil Prices Surge

US Home Price Crash Wipes Out $4 Trillion

We Face Longest Turmoil Era - BoE Boss

RBS Chief Say More Turmoil Ahead

UK Unemployment Rises For Fourth Month

UK April Trade Deficit Widens To $15B

UK House Builders See $22B Gone In 1 Year

US Dollar Lifted By Talk Of Intervention

BP Dismisses Gazprom's $250 Oil Forecast

Oil Shortage A Lie Says Industry Insider

Lehman Suffers $2.8B Loss

US Trade Gap Grew In April On Oil Imports

Oil Prices Surge Has Only Just Begun

Russia's Gazprom Predicts $250 Oil By 2009

Wednesday, June 11, 2008

Oil price conspiracy theorists: Rev your engines

How much of what is happening with the price of oil is a result of speculation and how much is generated by the interplay of supply and demand? That is the question of the day for energy geeks -- whether they be economists, regulators, industrial consumers, gas station customers or bloggers.

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More Dollar issues

Police: Things get ugly at California gas pumps... Airlines in frenzy to save on fuel... OPEC Chief appeals for calm... Russia monopoly predicts oil 'will reach $250'... Dollar Posts Biggest Two-Day Gain Since 2005...US trade deficit jumps to 60.9 billion dollars: The monthly jump in the trade gap by 7.8 percent was the largest since September 2005 and was higher than economists' estimates of 60 billion dollars.

Lehman Suffers $2.8B Loss

US Trade Gap Grew In April On Oil Imports

Oil Prices Surge Has Only Just Begun

Russia's Gazprom Predicts $250 Oil By 2009

UK House Buyers Vanish - Recession Closer

Europe Faces Angry Summer Over Fuel Prices

Hard-Talking Bernanke Spooks Markets

UK Household Bills Face Biggest Leap Since 1980s

Asian Stocks At 2 Month Low - Oz, China Tumble

Top Analyst Predicts $200 Oil, $5.75 Gas

US Average Price For Regular Gas Breaks $4.00

Credit Crisis To Hit $62T Credit Default Swaps

UK Home Gas Bills To Soar Another 40%

Oil Reserves 'Will Last Decades' (Like Indefinitely)

Tuesday, June 10, 2008

NY Times: Threatening Iran--Saber-Rattling Is Not A Strategy

Saber-rattling at Iran is not a strategy and an attack on it by either the United States or Israel would be disastrous.

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Sugar the other White drug

Bush and Congress offer no immediate help on gas prices

Gas prices keep soaring and the chances of Washington finding a solution keep dropping because Democrats and Republicans are deadlocked over how to fix the problem.

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Oil seen hitting $150 this summer: Goldman analyst

Oil prices are likely to hit $150 a barrel this summer season, the global head of commodities research at Goldman Sachs said on Monday, as tighter supplies outweigh weakening demand.

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Gov. Mistake Could Cost Taxpayers Billions in Oil Money

The General Accountability Office released a report on June 5, 2008 that computed that the US Treasury may have to forgo oil royalty payments in excess of $53 Billion over the next 25 years because of an error made by the Interior Department. Here is what happened...

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More Dollar issues

Bank chief warns against oil shock... Saudis call for meeting about oil prices... BP CEO: 'Lack of investment' to blame for spike... Corn Jumps to Record...Bernanke Says Risk of 'Substantial Downturn' Lessens, Vows Inflation Fight... Interest Rates to Rise?

A blatant and absolute fraud!

What Is The Cause Of The Word-Wide Rise In Oil And Food Prices?

By Ibrahim Turner

What is in store for the billions of poor people around the world who live on $1 a day? What is in store for the relatively rich populations of America and Europe when fuel prices have greater and greater impact on already rising food prices, driven up by these same speculators? Continue

US Economy is a National Security Crisis: 'US Needs to Raise $6 Trillion" : The Achilles Heel of the United States is our economy. According to Glynn, in the aftermath of September 11th almost a trillion dollars was wiped out of the economy, and we are still reeling as a result of it.

Recession fears as US markets dive : US stocks have suffered their worst day for 15 months after the government said unemployment had risen by the biggest rate in more than 20 years.

Asian Stocks At 2 Month Low - Oz, China Tumble

Top Analyst Predicts $200 Oil, $5.75 Gas

US Average Price For Regular Gas Breaks $4.00

Credit Crisis To Hit $62T Credit Default Swaps

UK Home Gas Bills To Soar Another 40%

Oil Reserves 'Will Last Decades' (Like Indefinitely)

Monday, June 09, 2008

So We're at $4 Gas. When Are We Going to See $5?

Forget $4 gas. $5 gas is a way of life in Alaska. Is it starting to work its way south and east?

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Oil Speculation and Israeli Sabre Rattling

Israeli Minister Shaul Mofaz triggered the largest one day dollar gain in the price of oil in history with his remarks that attacking Iran is "unavoidable". Did oil speculators have advanced warning that he was going to make such a statement? Ask Congress to investigate.

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This is why we're worrying about Oil going to $200

This is what opened the door to the "barbarians at the gate" -the unregulated exchanges, hedge funds, "dark pools" of investment capital, large pension funds and more -- This piece of legislation was passed because it was attached as a rider to an 11,000 page appropriations bill signed by Clinton. Sen Gramm is McCain's chief Economic Adviser.

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More Dollar issues

DOUBLED IN A YEARGas hits national average of $4 for first time... Pressure from oil prices spreads... Uneasy Wall Street... Iran sees oil at $150 a barrel this summer... OPEC sees no need to pump more...Medvedev puts blame on US for financial crisis...

Russia criticises US over economy : Russia new president has used his first major speech since taking power in May to blame the United States for the global financial downturn.

Recession fears as US markets dive : US stocks have suffered their worst day for 15 months after the government said unemployment had risen by the biggest rate in more than 20 years.

US Average Price For Regular Gas Breaks $4.00

Credit Crisis To Hit $62T Credit Default Swaps

UK Home Gas Bills To Soar Another 40%

Oil Reserves 'Will Last Decades' (Like Indefinitely)

Saturday, June 07, 2008

More economic issues

Job Losses and Surge in Oil Spread Gloom on Economy... 'Serious Concern'... Medvedev Says USA 'Economic Egoism' Has Contributed to Global 'Crisis'... GLOBAL FEARS PUSH PRICE TO NEW RECORDSOIL STAGES ITS BIGGEST SINGLE-DAY ADVANCE... Japan Urges Effort to Combat 'Abnormal' Prices... Gold Surges Most in Six Months...

Oil Up $11 Per Barrel, Hits New Record: Crude oil futures prices ended sharply higher and at a new record on the New York Mercantile Exchange. The near-month contract for the benchmark grade rose $10.75 -- closing at $138.54 a barrel.

Consumer anger as oil prices soar : Many goverments have had to cut their fuel subsidies, sparking widespread protest. The rises came amid a report by Morgan Stanley, a financial services company, that crude could reach $150 a barrel by July 4.

From his office in clouded cockoo land; Bush Says Signs Show Stimulus Plan Is Working to Boost Economy: President George W. Bush said the administration is seeing signs that the economic stimulus is beginning to work and urged Congress to make permanent his tax cuts.

U.S. Jobs Fall For Fifth Consecutive Month: May's U.S. unemployment rate rose to 5.5%, up from 5.0% in April--the largest jump in the jobless figure since October 2004 and the fifth straight month of job losses, according to the Labor Department's monthly report Friday.

Americans $1.7 trillion poorer: The amount of equity people have in their homes fell to 46.2%, the lowest level on record.

Despite Interest Rate Cuts, Foreclosures Hit Record High: Foreclosures continue to reach new heights as more than 1 million homeowners face losing their home, according to industry figures released yesterday.

Think the Economy Is Bad? Wait Till the States Cut Back: Struggling as we are with the housing bust, the credit crunch, shrinking consumption, rising unemployment and faltering business investment, we can be forgiven for thinking that all the big shoes have dropped. There is another one up there, however, and it is about to come down.

Next Phase Of The Financial Crisis - CDS Defaults

The Sub Prime Meltdown Is Tip Of The Iceberg

Wall St Freaks Out - DOW Dives Almost 400 Points

Credit Crunch Will Stall US Economy

Euro Banks Hit Harder Than US Banks

European Economy Risks Hitting Brick Wall

Barclays Uses Patriot Act To Close UK Citizen Accts

UK House Price Bear Market Only Beginning

Obama Will Install The Carbon Tax

UK Housing Sliding Faster Than 90s Recession

Subprime Crash May Yield 2 Yr Credit Recession

Bernanke To Defend Dollar Vs Commodities

Withering Economy Evidence Is Everywhere

US Banks Hiding $5 TRILLION Off Balance Sheets

Is $135 New Crude Oil Benchmark?

Lehman Hedges Lose $500M To $700M In 2Q

UK House Builder Losses Soar

Bush, Cheney Knowingly Lied about Iraq Threat

President George W. Bush and Vice President Dick Cheney knowingly lied to Congress and the public about the threat that Iraq posed to the United States in the months leading up to the March 2003 invasion, according to a long-awaited report from the Senate Intelligence Committee.

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U.S. Payrolls Fall, Unemployment Rate Climbs to 5.5%

The U.S. lost jobs in May for a fifth month and the unemployment rate rose by the most in more than two decades, signaling that the world's largest economy is stalling.

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Déjà vu all over again - Iran has NO nuclear weapons!

The US is smearing IAEA chief Mohamed ElBaradei for not finding evidence of Iranian nuclear weapons. Sound familiar?

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Friday, June 06, 2008

Sen Intel Comm. Releases Another Rpt to Show Bush LIED

Yes, that’s right boys and girls. The report that many politco-geeks have been waiting YEARS to read, has finally been released; the Senate Intelligence Committee’s Investigative Report on Pre-War Intelligence About Saddam’s Iraq. We’ve waited FIVE YEARS for clear evidence that Bush lied, and what do we get….nothing!

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Senate: Pentagon Concealed Intelligence Reports from CIA

Pentagon officials in late 2001 and 2002 concealed from the CIA and other intelligence agencies potentially useful information gleaned from Iranian agents, said a Senate report released Thursday. The new report adds more details to the storied mistrust and lack of cooperation by Vice President Dick Cheney and Defense Secretary Donald Rumsfeld

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Senate Report: Bush Used Iraq Intel He Knew Was False

More than five years after the initial invasion of Iraq, the Senate Intelligence Committee has finally gone on the record: the Bush administration misused, and in some cases disregarded, intelligence which led the nation into war.

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Thursday, June 05, 2008

Wednesday, June 04, 2008

The Fed’s War on the Middle Class

The middle class faces many important economic problems, but in reality they boil down to three current problems and one that looms large in our future. All four problems stem from a common cause — the Federal Reserve. History tells us that we either root out this cause or face economic demise. The first and most obvious problem is price inflation.

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More economic issues

GM closing 4 truck and SUV plants in North America... May Drop HUMMER; Shift to Small Cars... CHRYSLER sales fall 25%... FORD sales drop 16%...

REVOLT: Icahn to seek removal of YAHOO CEO Yang!

Oil prices: George Soros warns that speculators could trigger stock market crash: He believes that the doubling in the price over the last year is partly due to investment institutions, such as pension funds, who are pumping money into indexes that track the cost of crude.

US banks likely to fail as bad loans soar: US banks set aside a record $37.1bn to cover losses on real estate loans and other credits during the first quarter in a sign of the growing economic pain being caused by the global credit crisis

GM closing 4 truck and SUV plants in North America: General Motors is closing four truck and SUV plants in the U.S., Canada and Mexico as surging fuel prices hasten a dramatic shift to smaller vehicles.

Behind The Faking Of US Economic Data

Soros - Oil Speculators Could Trigger Stock Crash

Why Does A Mint Lease Out Gold/Silver?

Inflation Watch Continues On Wall Street

Montana May Have 40 BILLION Barrels Of Crude Oil

America - Debts Unpayable, Financial System Bankrupt

Banks' Credit Crisis Fixes Echo 1929 Depression

US Staring At Double Dip Recession

'08 Muni Bond Defaults Already Triple All Of '07

How The Oil Crisis Has Shocked The World

Wall St Aided/Abetted Mtge Securities Fraud

Is Crude Oil A Bubble Ready To Burst?

Here's Some Home Price Drops By City

US Home Prices Still In Free Fall

The Fading Of The Mirage Economy

Fed Assets Running Dry?