Weekday NEWS to Comfort the Disturbed and Disturb the Comfortable.
Thurs 08.27.2009
U.S. problem bank list hits 416, insurance fund falls The number of problem U.S. banks and thrifts on an official watchlist rose sharply to 416 in the second quarter of 2009 from 305 in the prior quarter, as the industry recorded a $3.7 billion loss. The Federal Deposit Insurance Corp said on Thursday that the industry swung back to a loss in the second quarter after reporting a $7.6 billion profit in the first quarter, primarily due to costs associated with rising levels of bad loans and falling asset values.
The Dollar Will Fall, The Only Question Is "When?" $9 trillion. That's the estimated size of the U.S. deficit for the next decade. It's also nearly $2 trillion more than the Obama administration projected back in February. The New York Times says that figure represents, "5.1 percent of the economy's estimated gross domestic product for the decade, a higher level than is generally considered healthy." Todd Harrison, CEO of Minyanville.com says it also means the dollar will collapse under the weight of the ever-increasing debt balance. The tough question is when?
Federal Debt Prediction: Dollar Bearish, Gold Bullish Gold traded positively overnight and into early morning trading and currently trades at $948.50/oz. A cold warning concerning the US's worsening debt situation was released yesterday through the federal debt prediction. Figures revealed a total prediction of its 10-year deficit to be $7,14obn. That's $2,000bn more than that forecast back in February which is dollar bearish and gold bullish.
Gold's Sluggish Summer "Near Its End" as Huge US Debts Threaten the Dollar THE PRICE OF GOLD drifted sideways in what one Hong Kong dealer called "sluggish" trade early Wednesday, briefly touching $950 an ounce as a rally in Asian stock markets failed to carry over to Europe. The Gold Price in Sterling rose to £582 an ounce, its best level since June 10th, as the Pound sank to a 6-week low on the forex market. For US, Eurozone and Japanese buyers, the Gold Price held in the middle of this summer's trading ranges, recording an AM Gold Fix in London just north of its June-to-Aug. averages.
Key Gold Price Drivers We remain "extremely optimistic" on the gold-price outlook - but, unlike many other bullish analysts, we believe the metal's ascent will take several years to reach its next long-term cyclical peak. In the meantime, expect high volatility and a difficult climb, fraught with sharp reversals along the way that will, at times, cause some observers to wonder if the market has already topped out. Ultimately, gold will most likely climb into the US$2000 to $3000 range - but it could go even higher given the right confluence of economic and political developments . . . or if a late cycle mania produces a final bubble before the market shifts into reverse.
Gold Wars, Part I: Central Banks supreme There are many changing dynamics in the precious metals market which suggest that we are about to witness exponential, upward moves in prices for gold and silver - which dwarf the gains these metals made when they more-than-tripled in vale. For silver, it is a relatively straightforward issue of supply and demand: demand is surging in numerous areas, while decades of price-suppression has resulted in the evaporation of global stockpiles. In the case of gold, however, the normal fundamentals of supply and demand do not apply. As a commodity which is never consumed, total stockpiles of gold grow every year. Conversely, even with a tripling in price, the supply of gold remains flat - despite the huge surge in Chinese gold production - suggesting that "peak gold" has arrived
Gold shows 15% gain for year-on-year period Volatility continued to buffet markets overnight and was most visible in the oil pits, where the commodity fell another 3% after having broken its apparently unstoppable momentum. A rise to $75 per barrel was quickly reversed once apprehensions about on-going demand surfaced yesterday. US inventory data came due today, and it showed a rise - at least as tracked by the API. The market was still awaiting the EIA data.
China to increase gold output by 30% every year The Chinese are right behind India in gold consumption as their gold mining and import activities are going full throttle. China has recently tied up with several international miners to extract its huge Gold reserves. This is a part of a plan to boost output by 30 percent each year through 2012. China may overtake India as the world's top gold consumer this year, according to the World Gold Council. China's strategy is to continue to grow its portfolio of quality assets and capitalize on its leading position in China's growing gold industry.
The US Dollar Versus Gold - Flea on a Bull's Back Gold versus paper. That's the real battle under the surface. This is the more important battle from a societal standpoint. Honest money or crooked money. Humans will always cheat, steal and lie, but when a system is set up specifically to promote cheating, stealing and lying, this is exactly what happens on a large scale. Though we were only on a quasi-Gold standard from 1934-1971 in the United States, it at least provided a modicum of restraint. Before 1933, we were on a fairly "pure" Gold standard for several decades.
“The Central Bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an enemy to all banks discounting bills or notes for anything but coin. If the American people allow private banks to control the issuance of their currency, first by inflation, then by deflation the banks and corporations that grow up around them will deprive the people of all their property, until their children will wake up homeless on the continent their Fathers conquered.” ~ Thomas Jefferson.
In July 2008 the commercial gold traders (often referred to as the COT’s), were ‘net short’ 247,000 contracts. (This number is arrived at by deducting their total ‘long’ positions from their total ‘short’ positions). When this net short position gets high enough to satisfy them, (they were obviously happy with 247,000), they look for an opportunity to ‘cap a rally’, and then by selling heavily into the rally, they force hedge funds and margined traders to ‘cough up’ their long positions, so they can cover enough short positions to start the game over again. By September they were able to reduce their net short positions to 94,000 and they pocketed $250 per ounce in the process. Not bad for a 60 day effort.
Roubini Warns Of Double-Dip Slump - Bloomberg
Nouriel Roubini Concerned Inflation Will Drag the Global Economy Into a Double-Dip Recession Nouriel Roubini, professor at the Stern Business School at New York University said in an op-ed piece in today's (Monday's) edition of the Financial Times that while the global economy is "starting to bottom out" there is "a rising risk of a double-dip W-shaped recession," mainly because of the threat posed by inflation. According to Roubini, who is often credited with predicting the financial meltdown, there are three open questions concerning the global economy:
When will the recession be over?
What will be the shape of the economic recovery?
Are there risks of a relapse?
Galloping Consumption: Gold & China's Savings Glut, Part I NOW THE banking crisis is over – "Bernanke stays put, home prices up," as Fox News reports – the career academics who failed to spot and prevent it can get back to fretting about the most macro of tasks: How to rebalance the global economy? The rich West spends, emerging Asia saves. For global trade, this means the West (or rather the US, UK and most of Western Europe) goes shopping for what Asia (and Germany) makes. Which in turn means poor Asia in fact funds this consumption, hoarding Treasury bonds as I.O.U's, representing the ultimate in vendor finance.
Inflation Breeds Even More Inflation Early in the 20th century, Ludwig von Mises warned against the consequences of granting the government control over the money supply. Such a regime inevitably creates money through bank credit that is not backed by real savings - a type of money that Mises termed "fiduciary media." Mises knew that breakdowns of economic activity were the inevitable outcome of government interference in the monetary sphere. However, public opinion has not correctly diagnosed the root cause, regularly blaming instead the free market system - rather than the government - for the malaise. In times of crisis, people call for more government intervention in all sorts of markets, thereby setting into motion a spiral of intervention which, over time, erodes the liberal economic and social order.
Rope to the Hyper-Inflationalists Up until the end of the prior recession to March 2003, the S&P500 was positively correlated to the dollar. This correlation was rigged by central bank Gold sales to the aforementioned "banksters" while the masses were pre-occupied with dot.com. Since March 2003, the dollar and S&P500 inverted to opposing correlation. This opposing correlation is due to flight of dollars to the more productive, less indebted, developing world when exports are booming to positive consumer markets, and conversely the hoarding of dollars to service global dollar denominated debt when income and exports decrease (no de-coupling!).
Deficit Projected To Soar With New Programs 10-Year Estimate of $9 Trillion Fuels Critics of President's Agenda The nation would be forced to borrow more than $9 trillion to support President Obama's initiatives and other federal programs over the next decade, the White House said Tuesday, a sharp increase in projected deficits that provided fresh ammunition to critics of the president's sweeping proposal to expand health coverage to the uninsured. In their traditional summertime budget review, administration officials acknowledged that they relied on overly optimistic assumptions about the economy when they forecast in March that Obama's budget plans would generate deficits of $7.1 trillion over the next 10 years. After factoring in the severity of the recession and the prospect of a more sluggish recovery, the White House concluded that the budget outlook is significantly worse.
As Budget Deficit Grows, So Do Doubts on Dollar he U.S. economy may be showing signs of recovering from the financial crisis, but the jury is still out on the future of the U.S. dollar. While many analysts expect the dollar to strengthen in coming months as the crisis fades and the U.S. economy turns toward growth, a growing chorus of investors is expressing concern about the longer-term outlook for the greenback. In a new twist to an old refrain among economists, who have long worried about the effects of growing U.S. debt, they say that the huge liabilities the U.S. is taking on to dig its way out of crisis could ultimately undermine faith in the dollar.
A Timely Apocalypse Could 'Save' Debtors If nothing else can stop a runaway stock market, there's always the astrologers. Pick any day of the year, and odds are it's circled in red on some star-gazing guru's End of Days calendar. The higher stocks go, the louder their predictions of disaster. Not that we haven't joined the chorus of despair ourselves from time to time. How else is a guru supposed to gin up business during the dog days of summer? At the moment, the sexiest prediction out there is the Mayan apocalypse slated in 2012. Perhaps the Mayans would have pushed that date back a few years, giving themselves a little extra room, if they'd known that Goldman Sachs - the antichrist at the moment -- would be running the world.
Dismantle Bernanke's 'Happy Conspiracy' ... now! 6 reasons more power for the Fed will destroy capitalism and democracy At last week's annual Jackson Hole meeting of Fed execs, Boss Ben Bernanke's braggadocio about saving the world from another Great Depression had the feel of an egomaniacal dictator trying to cement his legacy in history. Any good behaviorist would tell you Bernanke's got some dangerous biases isolating him from reality (remember two years ago when he was denying the meltdown). His brash claims and radical, secretive policies present a grave danger to American capitalism and democracy. In fact, Bernanke now appears to be America's (and the world's) most dangerous man, far more dangerous than Hank Paulson and the "Goldman Conspiracy" ever was.
Glenn Beck: August 26, 1/5, Rush Limbaugh
Glenn Beck: August 26, 2/5, Rush Limbaugh
Glenn Beck: August 26, 3/5, Rush Limbaugh
Glenn Beck: August 26, 4/5, Rush Limbaugh
Glenn Beck: August 26, 5/5, Rush Limbaugh
Phony Fed Audit What Would Be Involved in an Audit of the Federal Reserve? There has been a self-conscious effort to confuse the proposed audit of the Federal Reserve, initiated by Ron Paul, in order to fight off what would be unveiled and revealed by that very audit. So before we get into what an audit of the Federal Reserve would entail, let’s look at part of the basic argument Ben Bernanke has brought forth concerning the issue. Here’s what Bernanke has said concerning an audit: “Because GAO reviews may be initiated at the request of members of Congress, reviews or the threat of reviews in these areas could be seen as efforts to try to influence monetary policy decisions.”
German state to lend directly as second credit crunch looms Germany could directly intervene in the credit insurance and lending markets as soon as September to head off a looming credit crunch, as it fears the economic recovery may soon falter as banks refuse to roll over loans. The finance minister, Peer Steinbrück, said broad sectors of the German economy are in trouble even if the country has avoided a full-blown lending crisis so far. "Conditions have become much tougher for some industries - electrical engineering, machine tools, suppliers, chemicals and shipbuilding. We have clear evidence from both small and large companies that lending is jammed. "The banks are not stepping up to their responsibility to provide credit," he told the German paper Handelsblatt.
Mortgage applications rise as refinancing demand jumps U.S. mortgage applications rose for a second straight week, with demand for home refinancing loans rising to its highest level since early June, data from an industry group showed on Wednesday. Applications for loans to buy a home, an early indicator of sales, rose slightly, but nevertheless gained for a fourth consecutive week. The trend bodes well for the hard-hit U.S. housing market, which has been showing signs of stabilization.
Fed’s Lockhart Says Low Rates Needed for Recovery The U.S. economy needs the stimulus from low interest rates for some time as it begins a “fragile” recovery from the worst recession since the 1930s, said Dennis Lockhart, president of the Federal Reserve Bank of Atlanta. “Overall, the U.S. economy is improving but still fragile,” Lockhart said today in remarks prepared for a speech in Chattanooga, Tennessee. “The FOMC has stated its intention to keep the policy interest rate low for an extended period. I agree that this approach is needed.”
With Reappointment in the Bag, Fed Chairman Ben Bernanke Turns to Face Troublesome New Challenges For U.S. Federal Reserve Chairman Ben S. Bernanke, the biggest challenges are still to come. U.S. President Barack Obama yesterday (Tuesday) nominated Bernanke for a second four-year term as chairman of the U.S. Federal Reserve. The appointment was mildly controversial and must be approved by the Senate, but lawmakers and investors overwhelmingly approved of the decision to the central bank chief who has shepherded the U.S. economy though its worst financial crisis in more than 70 years.
Bernanke May Redefine Fed Mission in Financial-Market Stability Ben S. Bernanke’s renomination allows him to redefine the Federal Reserve’s mission as he expands its power over financial markets and pulls back on a credit surge the central bank used to keep the economy from collapse, economists say. Bernanke’s agenda during the next four years will include elevating the Fed’s role in reducing excessive risk in major financial institutions, figuring out how to curtail asset bubbles, and scaling back $1.2 trillion of monetary stimulus.
The troubling side of Ben Bernanke He has saved the world but he helped cause the crisis in the first place, writes Ambrose Evans-Pritchard. Ben Bernanke has proved himself a heroic fire-fighter, saving world from a calamitous spiral into debt deflation by showering markets with liquidity. A good thing too. He helped cause the raging fire of 2007-2009 in the first place. As a Princeton professor and then a junior Federal Reserve governor, Mr Bernanke was the intellectual architect of his predecessor Alan Greenspan's policies that so distorted global finance and pushed debt to historic extremes.
Which Bernanke Are We Getting at the Fed? Ben Bernanke will be nominated for a second term as chairman of the Federal Reserve. But which Bernanke are we getting? There are at least three.
The Bernanke who led the charge to rescue the US (and world's) financial system after the Lehman-AIG collapse. If you accept that the choice from late September was "Collapse or Rescue," this Bernanke did a great job.
The Bernanke who argued for keeping interest rates low as the housing bubble developed. This Bernanke was part of the Greenspan Illusion - the Fed should ignore bubbles and "just clean up afterwards." Is that still Bernanke's view? Surely, he has learned from that experience.
Then there is Bernanke-the-reformer. Given #1 and #2 above, shouldn't he be pushing hard for tough re-regulation of the financial system - particularly those dodgy parts where markets meet banking? But is there any sign of such an agenda, even with regard to recently trampled consumers - let alone "too big to fail" financial institutions?
Most likely, we're in for another bubble
Bernanke's other banking problem: Identity theft Some critics of recently reappointed Federal Reserve Chairman Ben Bernanke argue that he was too slow to realize that the financial system was teetering on the brink of collapse during 2008. But Bernanke might have had another, more personal banking issue on his mind at the time, Newsweek reports: his wife Anna's purse was stolen in August 2008, and the thieves used its contents to access the couple's joint checking account. A court affadavit filed in June shows that 10 people are charged in the fraud, which used the Bernankes' bank account to inflate the value of other accounts that then had money withdrawn from them. The 22-page document identifies a victim known as "B. B.," who had $900 stolen from his account, but another complaint against one of the alleged members of the ring used Ben Bernanke's full name.
Peter Schiff on aljazeera Riz Khan Global recession 24 Aug 09
The Devil We Know by Peter Schiff Ayn Rand wrote, "when you see corruption being rewarded and honesty becoming a self-sacrifice - you may know that your society is doomed." America is not doomed, but the fellows in Washington are pushing for that outcome. It seems that all the characters that encouraged this financial crisis are being rewarded, and Ben Bernanke's re-nomination is no exception to this rule. He was on the Board of Governors when Alan Greenspan grew our bubble economy. Known as 'Helicopter Ben,' Bernanke was the most vocal supporter of low interest rates to combat the bogus threat of deflation, even if it meant dropping cash from helicopters. He succeeded in his aim – as it is hard for prices to decline while the money supply is growing by double digits.
Kicking the bailout habit The FDIC wants banks to stand on their own two feet, but withdrawing insurance on big checking accounts won't be popular. Washington gets another chance to kick the bailout habit this week, when regulators consider the fate of a subsidy that has been good to smaller banks. The board of the Federal Deposit Insurance Corp. is scheduled to meet Wednesday. On the agenda is the status of the Transaction Account Guarantee Program, which provides unlimited federal insurance for noninterest-bearing checking accounts -- those used by businesses and governments for meeting payroll, for instance.
Joe Gregory Wants Lehman To Pay Him $233 Million If there is such thing as a sense of shame or culpability on Wall Street over the destruction we all witnessed last year, not much of it has rubbed off on former Lehman president Joseph Gregory. Gregory, who was Dick Fuld’s right hand man at Lehman, has filed a claim against Lehman’s bankruptcy estate for $233 million in deferred compensation in the form of performance- and restricted-stock grants.
The Great Banking Recovery Or The Next Bubble? Should we be happy that the value of investments owned by commercial banks has begun to rapidly climb? Or should we be worried that the value is climbing at such a rapid clip that it looks a bit like an unsustainable bubble? Or is it just evidence of banks hoarding money and refusing to lend it out, holding Treasuries and securities instead?
Obama continues peddling fantasy deficit numbers The White House released new estimates of the additional deficits which the U.S. government will rack-up over the next decade - now projected to exceed $9 trillion . In just one year that estimate has worsened by $2 trillion. This is another illustration of how White House 'accounting' has absolutely no connection to the real world.
Obama Has Lost The Center As the President's ratings tank, let us quickly examine why: His presidency is the Mirror Image of G.W. Bush's-only he has done in six months what it took Bush six years to accomplish: while keeping his base happy, he has alienated the center of the political spectrum and thus lost his ability to lead the country. Here is a general rule of American electoral politics: you must have a passionate base to get nominated, but to rule effectively you must also have strong appeal in the political Center.
The Most Dangerous Words on Wall Street: "The Crisis Is Over" Add today's durable goods number to the growing list of "better-than-expected" economic reports that have convinced many market players, economists and regulators the worst is behind us. But such complacency about the crisis being over is "one of the most bearish things in the marketplace right now," says Todd Harrison, CEO of Minyanville.com.
Recovery won't improve unemployment Optimism about the economy may be growing, but don't expect that to mean job growth, too The mood regarding the U.S. economy may be inching, ever so slowly, toward optimism. But don't expect to see much improvement on the jobs front anytime soon. The economy's following a script for a jobless recovery, and unemployment is likely to stay high, if not get slightly worse. The Congressional Budget Office painted a worsening picture for joblessness on Tuesday: The CBO sees unemployment peaking at 10.4% next year from an average of 9.3% this year, before it falls to 9.1% in 2011.
The Calm Before the Financial Storm? Is the rally over? Not at all! The world’s bankers say the economy is recovering. Investors believe them; they’re bidding up stocks. The Dow rose 155 points on Friday. And today, stocks are rising in Asia. Oil is over $74. Gold rose $13 on Friday…to close at $954. And the dollar is killing us softly…sinking to $1.43 per euro on Friday. Stocks and oil are at their highest levels so far this year. With such profits at hand people figure they don’t need the dollar. Investors run to the safety of the greenback when financial storms approach. But now…they think it will be clear sailing.
Foreclosure guilt haunts home buyers Right about now, Anya Sanko should be enjoying the thrill of being a first-time home buyer. She bided her time, saved her money and jumped into the market in time to snap up a 1,785-square-foot home with a pool for $143,000. Yet Sanko, 37, is having a hard time celebrating. Her parents lost their house in Michigan to foreclosure after her father lost his job, her sister's home equity has evaporated and friends struggling with mortgages don't want to hear it.
Agency that insures bank deposits may need help The government agency that guarantees you won't lose your money in a bank failure may need a lifeline of its own. The coffers of the Federal Deposit Insurance Corp. have been so depleted by the epidemic of collapsing financial institutions that analysts warn it could sink into the red by the end of this year. That has happened only once before — during the savings-and-loan crisis of the early 1990s, when the FDIC was forced to borrow $15 billion from the Treasury and repay it later with interest.
Don't mess with Texas banks A strong local economy and healthy profit margins add to the Lone Star State's allure. No wonder all the big national banks want to do more business in Texas. The old adage that everything is bigger in Texas still seems to hold water --especially when it comes to the business of banking. Before Guaranty Financial Group collapsed last week, the Austin-based thrift reportedly drew intense interest from lenders and investors across the country. U.S. Bancorp, Wells Fargo and the private equity pros that bought IndyMac were said to have either bid or consider an offer for its assets. Guaranty was ultimately sold to Spain's Banco Bilbao Vizcaya Argentaria.
Government Agencies Would Need $16.6 Billion in New Tax Revenue to Buy Carbon Allowances Under Global Warming Legislation A new Government Accountability Office (GAO) study says that all levels of government – federal, state, and local – will have to come up with a total of $16.6 billion in additional revenue to purchase carbon allowances, if cap-and-trade – to allegedly combat global warming -- is enacted into law. Experts say this could prompt increases in taxes. This is the second government report to estimate that the proposed climate-change legislation, formally known as the American Clean Energy and Security Act of 2009, will eventually cost consumers more.
RAND advises pharmaceutical company on strategies in vaccinating low-income students The pieces of the pandemic puzzle are coming together as the H1N1 Swine Flu hysteria is reaching new heights. A largely uncovered white paper published by RAND Corporation in March of 2009, sponsored by pharmaceutical giant Sanofi Pasteur, identifies parental consent laws, medical homes, and lack of access to medical records as main barriers “for immunizing low-income adolescents.” The solution proposed to Sanofi Pasteur? Turn schools into a vaccine wonderland. The triad of barriers to mass-vaccinate adolescents which were identified in RAND Corp’s white paper are:
Parental Consent Laws
Absence of a reliable Medical Home
Access to vaccine registration information
Feds put focus on swine flu vaccines Federal authorities plan to initiate a nationwide campaign in the coming weeks to persuade Americans to get the swine flu vaccine and to erase any public skepticism about the flu's danger and the safety of immunizations. Even as the Centers for Disease Control and Prevention has manufacturers working overtime to produce a vaccine for the swine flu by mid-October, government officials are concerned that demand for immunization will not be high. In particular, parents participating in focus groups this summer expressed concern that ramping up vaccine production would make it less safe than the seasonal flu vaccine.
Jail time and $1000/day fine for refusing swine flu vaccine If you are no longer worried about swine flu, maybe you should be. This new law passed in MA. imposes fines of $1000 a day and 30 days jail time for refusing the swine flu vaccine. . . . . . . . . Government is using every excuse it can manufacture find in order to take away our freedoms here in the US and around the world. This is the biggest campaign to vaccinate people that I have ever seen, and I doubt it has anything to do with our actual well-being. There will be a lot of people who refuse the vaccine, which is why federal and local government has been gearing up in order to deal with that. I wonder if the 600 or so internment camps in the US were built for situations just like these?
Quarantine or $1000 a day fine for refusing the vaccine
SEBELIUS FORGETS TO MENTION THE $415 MILLION SPENT ON SQUALENE ADJUVANT
2 energy companies are seeking tax incentives to convert shuttered southeast Mich. Ford plant Two alternative energy companies plan to buy a shuttered Ford Motor Co. factory in southeast Michigan and convert it into a renewable energy park that could employ at least 2,800 workers within five years, energy company leaders told state lawmakers Wednesday. Xtreme Power of Kyle, Texas, and Clairvoyant Energy of Santa Barbara, Calif., said they want to purchase the sprawling 320-acre Wixom Assembly Plant if state tax incentives and federal loans are approved. Ford said it plans to sell the factory to the companies.
House panel approves tax credit for energy park at old Wixom plant A tax break tailored to two renewable energy companies that intend to launch an energy park at the abandoned Ford Wixom plant was unanimously approved by a state House committee this morning. The specialized tax credit for a maximum of $100 million -- $25 million a year over four years -- is created for Xtreme Power of Austin, Texas, and Clairvoyant Energy of Santa Barbara, Calif. The companies expect to create about 4,300 jobs and invest $725 million to refurbish the plant shuttered two years ago and to install high-tech equipment to make solar power cells and large-scale storage batteries. Average salaries will be about $40,000 a year. The bill passed 11-0 in the House Economic and Quality of Life Committee and could move to the House floor as early as today, committee chairman Ed Clemente said.
Highway stimulus: Just a 'down payment' The Recovery Act's funding for highway projects won't make enough of an impact on jobs and necessary infrastructure projects. Much more is still needed. The government promised $27.5 billion in stimulus funds to help fix the nation's crumbling roads and bridges as part of a broader effort to save jobs. The effort is working...sort of. Nearly three-quarters of the funding has gone to short-term, road paving projects rather than longer-term work like repairing bridges and building new highways. Furthermore, jobs that paving projects create or save last for a shorter duration than other types of road construction.
Windshields to wine glasses: What happens to Clunkers The metal, tires, and even the oil filters from the cars scrapped in the Cash for Clunkers program will be recycled into everything from handbags and high-rises. Next time you're sipping your favorite wine, examine the glass closely: If it's thick and greenish, it might have been the windshield of an old, junked car. UncommonGoods, an online retailer based in Brooklyn, N.Y., peddles wine glasses, beer glasses and punch bowls that are manufactured in Colombia from recycled windshield glass. On its web site, the company advertises these glasses as having "a slight green hue from the tint originally added to lessen the sun's glare."
Valley's commercial real-estate crisis to worsen The Valley's commercial real-estate crisis isn't just about buildings, it's about everything and everyone inside. The impact isn't as easy to see as the fallout from the home-mortgage mess, with its sea of empty homes and for-sale signs, but it's likely to become more noticeable to Valley consumers as the commercial crisis worsens this year, predicts Scottsdale consultant Robert Kline. "It will affect them when they start to see their favorite hotel, restaurant or store go out of business," said Kline, owner of R.W. Kline LLC. "This is also about jobs."
Peak Oil – Supply data doesn’t lie ENERGY – After the epic crash last year, the price of oil is stabilising and it should rise exponentially over the following years. Over the past year, global consumption has stayed weak, however once the economy recovers, crude oil should resume its secular bull-market. Despite the ‘demand destruction’ hype, it is interesting to note that during this severe global recession, worldwide oil usage has dropped by a minuscule 2.7%. So, what will happen when the world comes out of this recession? Who will rise up to the challenge and meet our insatiable thirst for energy? These are critical questions not many are willing to ask.
State prepares to challenge U.S. gun laws 'This is an issue where the federal government has no business' Supporters of a first-of-a-kind law in Montana that declared weapons or ammunition made and kept in the state were exempt from federal rules are preparing for a court challenge to the federal government's insistence it will regulate those items. The Montana Shooting Sports Association and the Second Amendment Foundation have formed a strategic alliance with plans to litigate over the Montana Firearms Freedom Act.
Singapore faces a 'silver tsunami' Elderly Singaporeans are being forced into shelters for "abandoned parents" or suing their children for financial support as the island state grapples with the rising health-care costs of an aging society. The trend has grave implications for the economy, and has led to some controversial proposals: one minister has suggested all elderly be shipped to Malaysia.
Chinese troops offer an Afghan solution China's latest military exercises in long-range deployment could be a hint that it is ready to commit thousands of troops to Afghanistan. Beijing's involvement might even go beyond troops on the ground; it could facilitate a grand bargain between India and Pakistan on the future "control" of Afghanistan's security.
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