Showing posts with label Wall Street. Show all posts
Showing posts with label Wall Street. Show all posts

Friday, November 19, 2010

$1,420 Gold: Headed for a Crash?

This month, November 2010, saw the nominal price of gold blast itself into the record books with a historic new high of $1,420 per ounce, almost triple the price a decade ago. It's been a remarkable run. Too good to be true?

Before gold bugs get too giddy, it's worth remembering that this year also marks another anniversary, the 141st, of the darkest day ever in American gold trading: Black Friday (September 24) 1869, when the notorious corner by Jay Gould and Jim Fisk climaxed in a spectacular crash that crippled Wall Street for months, bankrupting thousands, freezing the national economy, and spewing scandal to the very door of the White House. It caused an estimated $100 million in financial value to vanish in a wink, worth multiple billions in modern money.

Here's a sketch of the floor of the New York Gold Exchange from that day:


Black Friday was not the only great gold market crash in US history. In January 1980, after spiking to $850 per ounce (about $2,100 in modern dollars, still the inflation-adjusted record), gold lost $200 in two days and then lost a few hundred more, sinking to $480, half its peak value. It would take some 30 years to recoup the loss.

Still, 1869's Black Friday was the ugliest, partly because both the price run-up and crash that year stemmed from the unabashed, garish actions two greedy speculators trying to enrich themselves at the expense of everyone else: James Fisk Jr. (below, left, in his ersatz "Admiral" uniform) and Jay Gould (below, right).










Fisk and Gould pulled off their famous gold corner decades before the battery of modern US financial regulators came on the scene: the SEC, CFTC, Federal Reserve, bank overseers, and even industry self-policing groups like FINRA or NFA. Fisk and Gould lost fortunes when the corner collapsed: Even back in 1869, the market was bigger than any two players, though it took the combined weight of the US Treasury announcing emergency gold sales and a pool of big banks dumping gold on the market to break their stranglehold.


Regulators can help, but commodities are notorious for volatility. Just two years ago, for instance, in 2008, we saw the price of a barrel of crude oil drop from nearly $150 in July to less than $34 in December, a whopping 75% loss, part of a sector-wide reversal.

So today, in 2010, with gold prices at record highs, does anyone really think that another crash can't happen? The cause could be any of these: a swing in market sentiment; a new government policy in China, India, or the European Union; a string of good US jobs reports; a decision by the Fed to drop its QE2 ("quantitative easing") plan; the discovery of unexpected new gold deposits in Africa, Asia, or some other faraway place; or most likely a combination.  It could be months or years away -- these things usually come when least expected, when traders are most giddy, with the retail public fully in the game, and when the up-trend is most steep, that is, when greed takes over and the blinders are on.

Then as now, the saying holds: The best medicine for high prices is even more high prices. And for gold in late 2010, the patient has plenty of medicine already on the table.

For more on the 1869 corner, check out my 1988 classic The Gold Ring.


Friday, May 7, 2010

1,000 Point Stock Market Plunge, Brits Still Tied After Election, Examining Obamas Humor - News Headlines 7 May 2010

From Denny: What a weird week this has been with the stock market plunging 1,000 points in only five minutes, supposedly due to a computer malfunction or human error. Who believes that lie? Come on; someone thought it would be cool to "short" a company, make some money really fast, and then right the ship in only five minutes. But it didn't turn out that way. Everyone is suspicious and the investigations have begun.

Speaking of weird, how about that crazy three way tie in the British elections? Now if Brown gets serious and decides to truly carry out a possible resignation then things might move ahead for his party. This has to be surreal for the British people, living in limbo like this for a national government - even after the votes were cast.

And to top off the weird category this week there is a story about President Obama's humor is examined. Apparently, some journalists decided it was noteworthy - it isn't in my opinion - to chastise Obama for no longer being quite so self-deprecating and poking fun at his friends and political enemies. Why is this newsworthy? I'll leave it to you to decide that weird one... :)






Greek Debt, Trader Error Eyed in Market Sell-Off (CBS)

Dow Plunged 1,000 Points Late in Day Before Recovering to Finish Down 347; Did Trader Type 'Billion' Instead of 'Million'?


The stock market had one of its most turbulent days in history as the Dow Jones industrials fell to a loss of almost 1,000 points in less than half an hour.

The sell-off was first thought to have been driven by fears that Greece's debt problems could halt the global economic recovery. But reports suggest that a trader error may have been the primary catalyst or that both factors contributed to the massive drop.

CNBC first reported that "According to multiple sources, a trader entered a 'b' for billion instead of an 'm' for million in a trade possibly involving Procter & Gamble, a component in the Dow."

Because so much U.S. trading is now done electronically based on programmed scenarios, such an error could have triggered its own domino effect of "sell" orders across the market.

The market's plunge came less than 90 minutes before the end of trading. The Dow's drop was its largest loss ever during the course of a trading day, but it recovered to a loss of 347 at the close. All the major indexes lost more than 3 percent...

Computer trading intensified the losses as programs designed to sell stocks at a specified level kicked in. Traders use those programs to try to limit their losses when the market is falling. And the selling only led to more selling as prices fell.

The selling was furious:

At 2:20 p.m. 6 May 2010 EDT, the Dow was at 10,460, a loss of 400 points.

It then tumbled 600 points in seven minutes to its low of the day of 9,869, a drop of 9.2 percent.






U.K. in Deadlock, Parties Jockey for Power (CBS)

Prime Minster Brown, Conservatives' Cameron Each Court 3rd-Place Liberal Democrats to Form Ruling Coalition


The leaders of Britain's leading political parties each made bids for the keys to 10 Downing Street, after Thursday's election failed to produce a majority winner.

Conservative leader David Cameron, ahead but shy of a majority, seized the initiative with a "comprehensive offer" to the ideologically dissimilar but possibly willing Liberal Democrats.

"We have to accept that we fell short of an overall majority," said Cameron, 43, as results showed his party 20 seats short in the House of Commons.

"Britain needs strong, stable decisive government and it is in the national interest that we get that on a secure basis. ... I want to make a big, open and comprehensive offer to the Liberal Democrats," he said.

But Cameron promised only a "committee of inquiry" to look into the Liberal Democrats' major goal, reform of Britain's electoral system so that the number of seats gained is based on the percentage of vote a party achieves. They say that is fairer than the current system, in which a party can win a parliamentary majority by getting only a third of votes.

In Thursday's election, the Conservatives won 36 percent of votes cast, Labour 29 percent and the Liberal Democrats 23 percent.

Final results in Thursday's election gave the Conservatives 306 seats it the 650 seat House of Commons. Labour won 258 seats, the Liberal Democrats 57, and smaller parties 28. Voting in one constituency was postponed until later this month because of the death of a candidate.

"The country has spoken - but we don't know what they've said," former Liberal Democrat leader Paddy Ashdown said, summing up confusion.

The uncertainty sent markets slumping.

British Prime Minister Gordon Brown said Friday he is prepared to speak to any other party about forming an alliance.

"We find ourselves in a position unknown to this generation of political leaders," Brown said outside 10 Downing Street this morning. "What we have seen are no ordinary election results. People have been talking for some time inside and outside of government about the possibility of a hung Parliament. That possibility has now become very real and very pressing.

"The question for all the political parties now is whether a parliamentary majority can be established that reflects what you, the electorate, have told us," Brown said.

As sitting prime minister, Brown would traditionally be given the first chance to put together a government. His left-of-center Labour Party is seen as a more natural coalition fit with the Liberal Democrats, the third-place party now thrust into the role of potential kingmaker...





Oil Leak Container Touches Down on Seafloor (CBS)

Robot Submarines Used to Position 100-Ton Structure; Contraption Needs 12 Hours Minimum to Settle


A BP-chartered vessel lowered a 100-ton concrete-and-steel vault onto a ruptured well in the Gulf of Mexico on Friday, an important step in a delicate and unprecedented attempt to stop most of the gushing crude fouling the sea.

Underwater robots guided the 40-foot-tall box into place. Now that the contraption is on the seafloor, workers will need at least 12 hours to let it settle and make sure it's stable before the robots can hook up a pipe and hose that will funnel the oil up to a tanker.

"It appears to be going exactly as we hoped," BP spokesman Bill Salvin told The Associated Press on Friday afternoon, shortly after the four-story device hit the seafloor. "Still lots of challenges ahead, but this is very good progress."

Once a hose is connected to siphon the box's contents to a ship on the water level, engineers have to separate the mix of oil, water and gas, a potentially explosive process, CBS News Correspondent Mark Strassmann reports from Venice, La.

By Sunday, the box the size of a house could be capturing up to 85 percent of the oil. So far about 3 million gallons have leaked in an environmental crisis that has been unfolding since a deepwater drilling platform exploded April 20, sending toxic oil toward a shoreline of marshes, shipping channels, fishing grounds and beaches. Eleven workers were killed in the accident.

The lowering of the containment device was a slow-moving drama playing out 50 miles from Louisiana's coast, requiring great precision and attention to detail. It took about two weeks to build the 40-foot box, and the effort to lower it by crane and cable to the seafloor began late Thursday night. After it hit bottom Friday afternoon, the crane gradually eased off to allow it to settle.

"We are essentially taking a four-story building and lowering it 5,000 feet and setting it on the head of a pin," Salvin said...





Obama's Humorous Shots at Opponents (CBS)

Bill Plante talks to Washington Post's Paul Farhi, author of an article about presidents and their funny bones.



Watch CBS News Videos Online






*** THANKS for visiting, feel welcome to drop a comment or opinion, enjoy bookmarking this post on your favorite social site, a big shout out to awesome current subscribers – and if you are new to this blog, please subscribe in a reader or by email updates!

Saturday, April 24, 2010

Greedy Opportunistic Wall Street: Political Cartoons, Opinion Post - 24 April 2010

From Denny: Wall Street continues to trumpet it's record MULTI BILLION DOLLARS PROFIT QUARTERS in business after business. Gasoline consumption is way down yet the prices remain high. The President and Congress have done absolutely NOTHING to help the middle class in this area.

They are dragging their feet thinking the average person can keep waiting. Politicians seem to forget the public has been waiting since the last two years of the Bush-Cheney administration when the economy was tanking and millions of jobs were lost and not replaced. Congress and this White House do not appear to possess a sense of urgency because it is not in their face. This White House spends far too much time coddling the Republicans when they should be paying attention to the public needs - not the bankers on Wall Street who created this economic mess in the first place.

These idiot waiting periods like Congress did for the credit card legislation set off an 18 month nightmare for the middle class - forcing a large number of people into bankruptcy. Now Congress has a waiting period for the new health care bill and the health insurance companies have already hit with their first salvo.

Now health insurance companies are outright denying further health insurance to any women who have had breast cancer and surgery. They targeted these women purposefully. They are now telling women they will have to pay for their own surgeries. I suppose this White House - and whoever his really bad advisors are - will tell the President again to not interfere and tame Big Business. This is an outrage. Women and children continue to be classified as second class citizens in this country because Big Business knows there is no one to stop them.

Am I the only blogger or journalist going balls to the wall for the middle class? Does any one seem to care thousands of people are committing suicide, breaking up their marriages, losing their businesses and their homes over financial stresses? There is far too much complacency from the media on the state of the middle class. Right now the middle class has no champion fighting against the odds. Whatever happened to the kind of good character people who used to be part of the media and "challenge the powers that be"? Whatever happened to integrity and courage in this country - especially from the media?

Here's hoping for some decent financial reform instead of the usual weak response from Congress...





















































*** Check out the rest of the Saturday series of political cartoons this week:

Whats Happening in America This Week - Political Cartoons 24 Apr 2010

College Grads Chances of Finding Jobs: Political Cartoons

Political Cartoons: Iceland Volcano Wrecks World Economy

Ridiculous Outrageous Extra Airline Fees: Political Cartoons

Cool Earth Day Links, Message From Our Prez

The Smallest Earth Day Poem - Libations Friday 16 Apr 2010


*** THANKS for visiting, feel welcome to drop a comment or opinion, enjoy bookmarking this post on your favorite social site, a big shout out to awesome current subscribers – and if you are new to this blog, please subscribe in a reader or by email updates!

Tuesday, April 20, 2010

Poison Politics Meet Domestic Terrorists, Volcano Axes Economies, Wall Street War, Octupus Thief - News Headlines 20 Apr 2010




Could Tea Party Rhetoric Lead to Another Oklahoma City?: (CBS)

It was fifteen years ago today that Timothy McVeigh killed 168 people by detonating an explosives-filled truck near the Alfred P. Murrah Federal Building in Oklahoma City in the nation's deadliest-ever homegrown terrorist attack.

McVeigh was an anti-government extremist inspired by the 1993 raid on the Branch Davidian compound at Waco; he railed against taxes, gun control and federal interference in Americans' lives...

Former President Bill Clinton, among others, see echoes of the rhetoric that drove McVeigh in the current political discourse. In an op-ed in the New York Times today tied to the bombing, he wrote that the bombers were driven by "the belief that the greatest threat to American freedom is our government, and that public servants do not protect our freedoms, but abuse them."

Lamenting the fact that "deeply alienated and disconnected Americans decided murder was a blow for liberty," Clinton went on to say Americans have a right to dissent but not violence when they don't get what they want.

There is, he wrote, "a big difference between criticizing a policy or a politician and demonizing the government that guarantees our freedoms and the public servants who enforce our laws."

That was a shot at folks like Rep. Michele Bachmann, who last week railed against what she called the "gangster government" at a tax day Tea Party rally. Clinton said it is not appropriate to call elected officials "gangsters" and added, "you can attack the politics" but "don't demonize them, and don't say things that will encourage violent opposition."

Time magazine's Joe Klein, meanwhile, suggested that the rhetoric of Glenn Beck and "to a certain extent" Sarah Palin "rub right up close to being seditious." Added New York Magazine's John Heilemann in that weekend interview: "Joe's right and I'll name another person, I'll name Rush Limbaugh who uses this phrase constantly and talks about the Obama administration as a regime. That phrase which has connotations of tyranny. And what's so interesting about it to me, to get to Norah's point - what is the focus, what is the cause of this? You think back to 1994, there was Ruby Ridge. There was Waco. There were triggering incidents. There's been nothing like that. The only thing that's changed in the last 15 months is the election of Barack Obama. And as far as I can see, in terms of the policies that Obama has implemented, there's nothing."

Thirty-eight percent of Americans now see domestic terrorism as a more serious threat than international terrorism, according to a new CBS News poll; that's up eight points from 2002. On Monday, MSNBC is airing a documentary called "The McVeigh Tapes" detailing McVeigh's motivations and perspective on his crime -- and raising questions about the dangers of the extreme rhetoric that influenced him...


Read the rest of the article as it's worth it, just click on the title link.

Reader Poll in the news story: Should Americans be concerned that heated rhetoric will incite domestic terrorism?

Results:

Yes - 63%
No - 36%





This recounting is astounding in its magnitude of how Mother Nature can affect our economies.


Volcano Ash Cloud Sets Off Global Domino Effect: (CBS/AP)


While the volcanic ash cloud covering parts of Europe continues to wreak havoc for airlines - costing the industry more than $1 billion as of Monday - grounding most of the continent's air travel for several days has had a ripple effect extending far beyond Europe's borders.

The following is a collection of international anecdotes demonstrating how the ash cloud has done more than hit airlines' bottom lines and inconvenienced air travelers.

• The lack of refrigeration facilities at the airport in capital of the West African nation of Ghana has been a big blow to pineapple and pawpaw farmers who sell to Europe because of the lack of flights. As of Tuesday, no cargo flights have taken off yet.

• In Africa, a group of five people from Sierra Leone and Liberia had to abandon a fact-finding trip to the war crimes trial of former Liberian President Charles Taylor in The Hague.

• In Kenya, thousands of day laborers are out of work because produce and flowers can't be exported amid the flight cancellations. Kenya has thrown away 10 million flowers - mostly roses - since the volcano eruption. Asparagus, broccoli and green beans meant for European dinner tables are being fed to Kenyan cattle because storage facilities are filled to capacity.

• The U.S. Travel Association estimates that the ash cloud produced by the eruption has cost the U.S. economy $650 million, approximately $130 million per day. That kind of loss to the economy affects the cash flow to fund about 6,000 American jobs, the association said. Every international flight bound for the U.S. is worth an average of $450,000 in spending from travelers, which the association says pays for five jobs per flight.

• Nissan Motor Co.'s production at a line at its Oppama plant near Tokyo and two lines at its Kyushu factory in southern Japan will stop all day Wednesday because the planned shipment of tire pressure sensors from Ireland has not arrived, company spokeswoman Sachi Inagaki said. The suspension would affect nearly 2,000 vehicles, including the Cube compact made at the Oppama plant, and the Murano and Rogue crossover SUV models produced at the Kyushu plant as well as eight other models that are produced on the same production lines, Inagaki said.

• BMW North America spokeswoman Jan Ehlen told the Herald-Journal of Spartanburg on Monday that the automaker will likely reduce production at the BMW plant in South Carolina because of a shortage of supplies, but shouldn't have to shut the plant down. BMW uses planes to ship transmissions and other components from its German factories to South Carolina. The Greer plant makes BMW's X5 and X6 sport utility vehicles.

• The Pentagon said Monday that medical evacuation flights out of Iraq and Afghanistan are taking eight hours longer because flights have been halted to Ramstein Air Base in Germany for treatment at the Landstuhl military hospital. Pentagon spokesman Bryan Whitman said the military is using the Navy's Rota Air Base in Spain to fly troops back to the United States for care at Walter Reed Medical Center in Washington.

• The German Foundation for Organ Transplant is delivering hearts, lungs and livers to patients on the basis of how close they are to a delivery. In coordination with the European organization Eurotransplant, the foundation said all organs that usually get flown out to patients were instead being distributed via ground transportation.

• In New York City's Flower District, thousands of dollars worth of tulips, peonies, daffodils and hundreds of other varieties usually come in on the Friday night flights from the Netherlands to be distributed starting Saturday morning. Last weekend's weddings didn't have Dutch flowers.

• Swiss supermarket Migros warned of diminishing supplies of green asparagus during the beloved vegetable's peak season amid halted air deliveries from the United States. Cod from Iceland and fresh tuna filets from Vietnam and the Philippines could also run out, it warned.

• Italian farmers' lobby Coldiretti said each workday without flights costs euro 10 million (about $14 million) as mozzarella and fresh fruits risk going bad.

• Cambridge University's modern and medieval languages faculty delayed oral exams for Monday and Tuesday after students and examiners were left stranded late last week, Britain's Sunday Times reported.

• Marathoner David Gray missed his second consecutive Boston Marathon Monday. In 2009, he sat out the race because of injury. This year, he couldn't climb Heartbreak Hill because he was stuck in a hotel room in Brussels, Belgium.

• People trapped in the U.K. would partially offset the loss of revenue from tourists unable to fly to England, Howard Archer, chief economist of IHS Global Insight, told British newspaper The Guardian. "Obviously, the longer that the problem does persist, the more serious will be the economic repercussions," he told the paper.

A backlog of passengers waiting for flights to resume means tens of thousands of people are still stranded and increasingly strapped for cash. Stuck passengers have had to shell out for hotels, restaurant meals, clothing and transport to and from the airport as they seek information on when their travel nightmare might end.

• Andrew and Debbie Jackman of Britain spent more than two years saving up for their family vacation to Australia. After the couple and their two teen-aged sons squeezed into a 150 Australian dollar ($138) hotel room Friday night, the hotel raised the price of the same room to AU$350 Saturday - simply because it could, Andrew said ruefully. After endless negotiations, the hotel brought the price back down to AU$160, but the family, broke and frustrated, opted to move Sunday to a hostel.

• In Japan, Francois Broche was down to his last 3,000 yen ($30). The 33-year-old literature and philosophy professor from Nimes, France, said he would have to call his bank at home to see if he can get his money transferred - but doesn't know how.

• Nicolas Ribard, 29, from Avignon, France, was among about a dozen stranded tourists squatting on sleeping bags that Narita airport officials had lent them. He and three other friends had about 3,000 yen between them, and were surviving on airport-issued crackers, bottled water and coupons for one free shower a day.






Here's a related story of how those in poverty can't afford to miss a day of low wages.


More Ash Fallout: 10 Million Roses Ruined (CBS/AP)
5,000 Kenyan Horticultural Workers Laid Off as Blocked Flights Prevent Flower Exports


Daniel Oyier has been eating only once a day since an ash-belching volcano more than 5,000 miles away caused him to be laid off from his $4-a-day job packing red roses and white lilies for export to Paris and Amsterdam.

Some 5,000 day laborers in Kenya who have been without work since the ash cloud from Iceland shut down air traffic across Europe, showing how one event can have drastic consequences in distant lands in today's global economy.

"If this goes on for a week it will be really bad for us," said Oyier, 23, who sat against a fence most of Monday near Nairobi's international airport, hoping his employer would call him in. "I don't know how I will make rent."

Kenya has thrown away 10 million flowers - mostly roses - since the volcano eruption. Asparagus, broccoli and green beans meant for European dinner tables are being fed to Kenyan cattle because storage facilities are filled to capacity.

The horticulture industry is Kenya's top foreign exchange earner, making $922 million last year. Kenya exports 1,000 tons a day of produce and flowers - including roses, carnations and lilies, said Philip Mbithi, chief executive of the Fresh Produce Exporters Association of Kenya.

Mbithi warned of a cascading series of losses if the travel ban lasts much longer. Small-scale farmers who fund their operations through bank loans will begin defaulting on payments and won't be able to get funding for next season if exports don't resume, he said...





Help to Haiti "Not Good Enough": (CBS)

The Long Road Back: Two Million Still Homeless Seen as Sorely Lacking in Basics such as Sanitation, Schools and Security

In a tent city in Haiti, having an actual tent is a luxury. The homes are improvised. People have become masters at making something out of nothing. Even kids make kites out of discarded paper plates and pieces of plastic bags.

CBS News Anchor Katie Couric reports formal education is a luxury too. The few schools that have sprung up are a source of tremendous pride and excitement: two rare commodities.

Three months after the earthquake, what once was an impromptu urban settlement with just a few hundred families has swelled to more than 48,000 people.

"We think there're about 13,000 children here - about 250 or so of them are in school," said Dr. Louise Ivers...

Much more to this story about the daily lives of people in Haiti still living in inhumane conditions - click on the title link.





Michael Lewis: SEC Launched Culture War With Wall Street: (CBS)

The SEC suit against Goldman Sachs may be the tip of the iceberg. According to Michael Lewis, author of the best selling, The Big Short, on the Wall Street financial collapse, "We are in for six months of revelations that are going to astonish people about what happened during the subprime boom and bust."

In an interview with CBS News anchor Katie Couric, Lewis said that Goldman Sachs isn't likely to be the only firm under scrutiny by the SEC. "What the SEC alleges Goldman did is something an awful lot of people were doing."

The bond market, which has been a kind of unregulated Wild West of sub-prime mortgage bundles and other exotic financial instruments, now has the belated attention of the SEC.

"Other Wall Street firms will implicated and other deals at Goldman Sachs deals will come to light," Lewis said. "The SEC essentially launched what amounts to a culture war."

"It's crazy for Wall Street firms to make bets for their own books on the stocks and bonds they are advising customer to buy and sell," Lewis said...

Lewis believes that Wall Street can't control itself and needs "wholesale change."

"People on Wall Street essentially had incentives to design bonds that would go bad...incentives to disguise risk, incentives to misallocate capital, and incentives to underwrite loans that would never be paid. The incentive systems need to change," he concluded.



Watch CBS News Videos Online






Glad to see the White House moving ahead aggressively on this issue. It's amazing any female would vote Republican when they and their daughters get handed a slap in the face like Bush did to women.


Bush-Era Policy on Sports Gender Equity Reversed: (CBS/AP) Schools Must Now Provide Stronger Evidence that They Offer Equal Opportunities for Female Athletes.

The U.S. Department of Education is repealing a Bush-era policy that some critics argue was a way to avoid complying with federal law in providing equal opportunities for female athletes.

Under the move, schools and colleges must now provide stronger evidence that they offer equal opportunities for athletic participation under the federal Title IX gender equity law.

It reverses a 2005 policy under former President George W. Bush that allowed schools to use just a survey to prove a lack of interest in starting a new women's sport and encouraged schools to consider a non-response to the questionnaire as disinterest.

"Discrimination continues to exist in college athletic programs - and we should be vigilant in enforcing the law and protecting this important civil right," U.S. Secretary of Education Arne Duncan said in a prepared statement...

"Making Title IX as strong as possible is a no-brainer," Biden said. "What we're doing here today will better ensure equal opportunity in athletics and allowing women to realize their potential — so this nation can realize its potential."

The Education Department has sent letters about the change in policy to more than 15,600 school districts and 5,600 college and university presidents.

"This is a great step, a reaffirmation of faith in equality for women," said former U.S. Sen. Birch Bayh, who helped pass the law in 1972 and called the change long overdue.

Schools have three ways to comply with Title IX: Match the proportion of female athletes to the proportion of women on campus; show a history of increasing sports for women; or prove the school has met the interest and ability of women to participate in athletics.





And for something to amuse you... a friendly octupus! And I have the video to prove it.


Octopus Steals Camera, Takes Video: (CBS)

Swipes $700 Device from Diver, who Retrieves It from Creature's Mouth, Saves Footage

A San Francisco man living in New Zealand was shooting some underwater video last week off the southern coast of Wellington when he got a bit too close to a curious octopus.

The octopus decided to steal the diver's expensive camera, and do a bit of shooting of his own!

Victor Huang said the octopus might have been attracted to the metallic blue color of the camera.

"It just saw something a bit different and unique and wanted to collect it for its little gypsy collection," Huang said.

"Early Show" co-anchor Maggie Rodriguez pointed out that it's interesting that octupi like to collect items to keep in their lairs for protection.

Huang, who was diving without an oxygen tank, said he was initially "freaked out" by the octopus, and feared for his life. However, Huang added that he soon realized the eight-legged creature was just after his $700 camera, prying it with its strong arms from his hands.

"That's nuts. That's so crazy," "Early Show" co-anchor Harry Smith remarked.

But Huang wasn't going to say good-bye to his equipment that easily. After going up for air, he chased the octopus for nearly five minutes from the surface, finally noticing that the octopus had slowed down beneath him. He dove down to the animal and held out a spear gun. The octopus attached, opening its mouth, providing a moment for Huang to reach into the animal's mouth and pull out his camera.

Smith pointed out that the beak on an octopus can crack open rocks. So why did Huang bother?

For the octopus' footage, Huang responded.

"I figured that camera must have had amazing footage, so I kind of took that risk and just went for it."



Watch CBS News Videos Online







*** Also funny political news:

Crazy Limbaugh Blames Iceland Volcano on Obama

Outrageous Tea Party Tax Signs and the Perverted Fools That Carry Them - outlandish but true photos collected here from Tea Party rallies



*** THANKS for visiting, feel welcome to drop a comment or opinion, enjoy bookmarking this post on your favorite social site, a big shout out to awesome current subscribers – and if you are new to this blog, please subscribe in a reader or by email updates!

Monday, April 19, 2010

Prez Clinton Interviews, Slamming Wall Street, Tea Party Spat With Fox, Volcano Effect - News Headlines 19 Apr 2010




From Denny: President Clinton is remembering the toxic political rhetoric back when Timothy McVeigh made the decision to become a domestic terrorist 15 years ago. That vile man killed a lot of innocent people, including 19 children. He had no remorse. What kind of unhinged mind targets soft target civilians instead of military installations? Targeting the innocent and unarmed is not protesting the government. It's depraved indifference insanity.

The Republicans are beating the drums to create more domestic terrorism by whipping their base into a lather and a furor. At least the FBI has arrested many of the crazies issuing death threats. Many have cut natural gas lines to the houses of relatives of the politicians of their hate choice of the day.

The insanity won't stop until ALL the persons of conscience in this country stand up to be counted against this violence and domestic terrorism.



Prez Clinton interviews:


Visit msnbc.com for breaking news, world news, and news about the economy











Can it be? The Tea Party and Fox News now don't trust each other? Was it a political lovers' spat? :) (Who cares?) Well, Keith Olbermann had some fun with this so-called news story from the no news station, Fox:


Visit msnbc.com for breaking news, world news, and news about the economy







What's Next In The Goldman Sachs Case? (NPR)

the SEC announced on Friday:

The SEC is looking into mortgage deals packaged by other banks, the WSJ reports.

Deutsche Bank, UBS and Merrill Lynch (now owned by B of A) all put together mortgage-based investments that "soon went sour," the Journal says, but it isn't clear which deals the SEC is investigating. Several banks "helped market designed-to-fail investments on behalf of the hedge fund Magnetar, which was betting on that failure," Paul Krugman writes in his NYT column today. Krugman cites the reporting of Planet Money partner ProPublica; ProPublica's Web site has more on which banks were involved in these deals.

The leaders of the U.K. and Germany called for investigations of Goldman.

The biggest loser in the Goldman deal that's the focus of the SEC suit wound up being the Royal Bank of Scotland, which paid out roughly $841 million, according to the SEC's complaint. RBS was bailed out by the British government. The German bank IKB, which also received a bailout, lost nearly $150 million on the deal.

Goldman made several arguments to rebut the SEC charges.

In a statement, Goldman said the investors in the deal, who were "among the most sophisticated mortgage investors in the world," "were provided extensive information about the underlying mortgage securities." That allowed them to assess the risks those securities presented. Goldman denies the SEC's charge that it said Paulson & Co. was going to be a long investor in the deal. (Paulson took the short side of the deal.) And, Goldman says, it lost $90 million of its own money on the deal. Goldman is reporting its quarterly earnings tomorrow, by the way.

Politicians rushed to tie the Goldman case to finance reform.

If you Google "Goldman Sachs SEC," one of the ads that comes up is a headline that says "Help Change Wall Street." Click on it, and you're sent to barackobama.com, where you get a message about "accountability on Wall Street." The site is run by the Democratic National Committee, according to Politico, which wrote about the ad. We'll doubtless hear more about Goldman this week from the Senate, which is scheduled to debate the big finance-reform bill.





I was wondering how this Icelandic volcano was going to start impacting other parts of the world because of spewing so much ash into the air. Eventually, that ash has to land somewhere.

Icelandic Volcano Hurts Kenyan Flower Growers (NPR) Europe's volcano-related flight restrictions will start to ease up tomorrow...

The broader effects should be relatively mild, economists say, provided the slowdown doesn't go on for too long. That's largely due to the fact that almost all exports and imports travel by boat, rail or truck, rather than by air.

But some producers of time-sensitive goods have been hit hard. Take Kenya's horticulture business, which consists largely of selling fresh-cut flowers to European buyers. It's the country's biggest industry, accounting for 20% of exports, and it's been slammed.

More than 3,000 tons of flowers have already been thrown away because of the slowdown, the BBC reports. Exporters of flowers, fruits and vegetables are losing some $3 million per day.





In case you haven't heard already... looks like two more terrorists went to meet their Maker to explain their foolish lifestyle.


U.S. Confirms 2 Al-Qaida In Iraq Leaders Killed (NPR/AP)

The two top al-Qaida in Iraq figures have been killed in a joint operation by American and local forces, Iraq's prime minister and U.S. military officials said Monday.

The deaths were touted by America's top general in Iraq as possibly the most significant blow to the terror group since the beginning of the insurgency and a sign of the growing strength of Iraqi security forces.

But the news, which comes as U.S. forces prepare to end combat operations, belies the resiliency of Sunni terror groups that have shown their ability to change tactics and launch new and deadly attacks despite repeated strikes to their leadership.

Iraqi Prime Minister Nouri al-Maliki announced the killings of Abu Omar al-Baghdadi and Abu Ayyub al-Masri at a news conference in Baghdad and showed reporters photographs of their bloody corpses. The deaths were later confirmed by U.S. military officials in a statement.

The U.S. military said they were killed in a nighttime raid on their safe house Sunday near Tikrit, the hometown of former Iraqi dictator Saddam Hussein. An American helicopter crashed during the assault, killing one U.S. soldier, the military said...

Al-Masri was the shadowy national leader of al-Qaida from Iraq, which he took over after its Jordanian-born founder, Abu Musab al-Zarqawi, was killed in a June 2006 U.S. airstrike. Al-Masri's real name was Abdul-Monim al-Badawi, according to a 2009 al-Qaida statement describing the makeup of a new "War Cabinet."

Al-Baghdadi is the self-described leader of the al-Qaida linked Islamic State of Iraq, identified by U.S. military officials Monday as Hamid Dawud Muhammad Khalil al-Zawi. Past Iraqi claims to have captured or killed al-Baghdadi have turned out to be wrong, and the Islamic State of Iraq has issued at least two denials of his capture.

Al-Baghdadi was so elusive that at times U.S. officials also have questioned whether he was a real person or merely a composite of a terrorist that the ISI invented to bolster its threats. The U.S. military once even asserted that audio recordings in the name of a fictitious al-Baghdadi were in fact read by someone else.






Distrust Of Government Undermines Obama's Support (NPR)

For a Democratic administration that wants to do big things with government, the severe erosion of trust in government is a real problem -- and President Obama knows it.

"We have to recognize that we face more than a deficit of dollars right now," he said during this year's State of the Union address. "We face a deficit of trust -- deep and corrosive doubts about how Washington works that have been growing for years."

What the president calls a deficit of trust has been impossible for him to surmount -- and it's undermining support for him and his policies, says Andrew Kohut, the director of the Pew Research Center that just completed a big survey looking at Americans' growing distrust of government.

"No other factor loomed as large in preventing Americans from embracing the proposals of the Congress and Barack Obama than views about government," Kohut says. "A president who wants to use government to solve problems when a public says, 'We don't trust the government; we want less government,' is a problem."

In Kohut's poll, 84 percent of those opposed to the president's new health care law said the reason was too much government. In November 2008, 43 percent said they wanted a smaller government with fewer services. That number has now grown to 50 percent...



This is a good story and you may want to click on the title link to see the rest. NPR is going to be running several stories about the history of mistrust of government in America. After all, it's what our country was founded upon: "throw the bums out!" And the British made a hasty exit... :)





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Monday, February 1, 2010

How Wall Street Killed the Middle Class in America

From Denny: If you missed this great tutorial and exchange on The Daily Show with Jon Stewart, then feast your eyes and ears on this. Elizabeth Warren, Chair of the Congressional Oversight Panel on TARP, talks about the urgency of Wall Street reform. The reality is that she makes some very good points about the history of how our current situation evolved and the incredible manipulations of how our finance system got to where it is today - corrupt. Currently, reform finance legislation is bottled up in the Senate. Write your Senators and DEMAND FINANCE REFORM is you still want a middle class in America:



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Friday, December 25, 2009

Obama Slaps Fat Cat Bankers Greedy Snouts

From Denny: I have to admit I really enjoyed witnessing the President spank these odious bankers on their greedy snouts. :) The hope is that Congress is serious about tightening the noose on the financial system in America - and soon. The word is there is legislation in the making. The question is just how far it will go. The last legislation passed was weak in regard to taming the banks and the credit card system. Well, that runs out in February. Hopefully, so does their ability to abuse their customers.

Here Obama slams bankers for getting taxpayer bailouts and yet not paying it forward by giving loans to the small businesses and taxpayers to get the economy going again:

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Populist outrage and history:

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