October 2008
Oil on pace to drop 36%, most in 1 month since NY trading began ‘83. Recession to blame, oil @ > $63/bbl. http://tinyurl.com/6ov4cg *oil 3*
ExxonMobil (XOM) cleans house with largest single quarter profits in history-$16.8B. http://tinyurl.com/6qxnw6 *corporate profits 9*
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Australia to implement mandatory internet... →
AUSTRALIA will join China in implementing mandatory censoring of the internet under plans put forward by the Federal Government.
Dollar losing some ground on 0.3% US GDP contraction for Q3 08. We are now officially in recession: http://tinyurl.com/6feqs4 *currency 6*
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Google, FCC, Broadcasters Fight for White Spaces -... →
Besides the Presidential election, there’s another big political battle brewing in Washington on Nov. 4. This one is over the airwaves that are used to deliver communications signals to consumers across the country, and like the race for the White House, this contest has created a big divide.
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Feds to Take Over Airline Watch Lists in 2009 |... →
U.S. airline passengers will soon have to give their date of birth and gender when buying a plane ticket, as the government prepares to take over terrorist watch list screening starting in early 2009, Department of Homeland Security officials announced Wednesday.
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The Watch List is Short, But Is It Useful? |... →
There are 250 Americans on the No-Fly list.
That’s the good news.
The bad news? There’s 250 people in America who the federal government believes are too dangerous to let onto a plane, but who aren’t dangerous enough to arrest.
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McCain seeks special 'fair use' copyright rules... →
John McCain’s presidential campaign has discovered the remix-unfriendly aspects of American copyright law, after several of the candidate’s campaign videos were pulled from YouTube.
McCain has now discovered the rights holder friendly nature of the Digital Millennium Copyright Act, which forces remixers to fight an uphill battle to prove that their work is a “fair use.”
...
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Obama's 'Redistribution' Constitution - WSJ.com →
One of the great unappreciated stories of the past eight years is how thoroughly Senate Democrats thwarted efforts by President Bush to appoint judges to the lower federal courts.
Consider the most important lower federal court in the country: the United States Court of Appeals for the District of Columbia Circuit. In his two terms as president, Ronald Reagan appointed eight judges, an average of...
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Lives have been put at risk by data losses,... →
The “sloppy” handling of personal data by businesses, government departments and public bodies is putting lives at risk, the privacy watchdog warns today.
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Most Presidents Ignore the Constitution - WSJ.com →
In a radio interview in 2001, then-Illinois State Sen. Barack Obama noted — somewhat ruefully — that the same Supreme Court that ordered political and educational equality in the 1960s and 1970s did not bring about economic equality as well. Although Mr. Obama said he could come up with arguments for the constitutionality of such action, the plain meaning of the Constitution quite...
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Oil moving up on Wall St. rise Tuesday ($66/bbl. & rising). Traders looking for clear market signals: http://tinyurl.com/6r3dtf *oil 6*
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Gates gives rationale for expanded deterrence -... →
WASHINGTON: Defense Secretary Robert Gates said Tuesday that the United States would hold “fully accountable” any country or group that helped terrorists to acquire or use nuclear, chemical or biological weapons.
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British Leader Calls for Larger I.M.F. Bailout... →
PARIS — Prime Minister Gordon Brown of Britain called Tuesday for China and the Persian Gulf states to put up more money to help the International Monetary Fund deal with the fallout of the credit crisis.
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Talking Business - So When Will Banks Give Loans?... →
“Chase recently received $25 billion in federal funding. What effect will that have on the business side and will it change our strategic lending policy?”
It was Oct. 17, just four days after JPMorgan Chase’s chief executive, Jamie Dimon, agreed to take a $25 billion capital injection courtesy of the United States government, when a JPMorgan employee asked that question. It came toward the end of...
GM/Chrysler dealmakers asking for $10B govt. guarantee. Skeptics say deep cuts needed to survive: http://tinyurl.com/5bj4yl *merger 7*
OPEC calling for additional cuts in crude production, says $100/bbl. magic number ($64/bbl. and holding): http://tinyurl.com/6mosfu *oil 6*
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Trevor Phillips calls for positive discrimination... →
Britain should adopt a policy of positive discrimination in favour of disadvantaged whites or face a backlash of right-wing extremism, Trevor Phillips, the head of the equality watchdog, has warned.
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WatchPaddy Hirsch breaks down credit default swaps with a whiteboard and markers.
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Almost Everyone Would Do Better Under the McCain... →
The McCain health-care insurance tax credit may well be one of the most misunderstood proposals of this presidential election. Barack Obama has been ruthless in his attacks. But the tax credit is highly progressive and will provide a powerful incentive for people to purchase health insurance. These features under normal circumstances should endear Democrats to the proposal.
That’s great,...
Iran threatens further OPEC production cuts to stem price slide as oil drops to near $60/bbl. in face of global recession. *oil 5*
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U.S. government aid seen as vital to a merger in... →
DETROIT: A possible merger of General Motors and Chrysler increasingly appears to hinge on U.S. government aid, according to people with knowledge of the merger talks.
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BBC NEWS | World | Americas | Mexico hunts... →
Mexico has offered a reward worth $370,000 (£233,000) for information leading to the arrest of the killers of a leading prosecutor and two guards.
Mexico passes energy reforms, PEMEX reports daily oil extraction 10% less than one year ago: http://tinyurl.com/5lwe5w *oil 6* *Mexico 3*
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Venezuela a net exporter of oil, having trouble keeping lights on, trash picked up and criminals at bay: http://tinyurl.com/6cgxml *oil 5*
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Under water mortgages are growing threat to U.S. |... →
CAPE CORAL, Florida (Reuters) - Long before she filed for bankruptcy, Ann Neukomm was “under water” — she owed more on her mortgage than her house was worth — a situation more and more Americans are finding themselves in.
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Defense contractors profits rise | Reuters →
NEW YORK (Reuters) - Defense contractors Northrop Grumman Corp (NOC.N: Quote, Profile, Research, Stock Buzz) and General Dynamics Corp’s (GD.N: Quote, Profile, Research, Stock Buzz) quarterly earnings beat Wall Street forecasts, showing few signs that U.S. defense spending will slow, despite the uncertainty of a new administration and a tight federal budget.
As the credit crunch deepens, the oil industry from tankers to refiners is also affected: http://tinyurl.com/69meo2 *oil 5*
Chrysler, GM, Cerebus want different things from a merger, but deals threaten Chapter 11 for all: http://tinyurl.com/62x75p *merger 5*
OPEC meets with Russian officials, wants cut in crude oil production. Russia to develop strategic reserve? http://tinyurl.com/658j8v *oil 6*
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McCain raises spectre of nuclear crisis if Obama... →
John McCain raised the spectre of a nuclear crisis if Barack Obama wins the White House, as he hammered his rival over Joe Biden’s claims that foreign enemies would test the young Democrat within six months of him taking office.
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FT.com / Capital markets - Sharp rise in cost of... →
Credit markets in the US and Europe were battered by the flight from risk as recession fears and the unwinding of leveraged bets by bank trading desks and hedge funds pushed the cost of protecting bonds against default sharply higher.
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WatchSerious violent crime under-reported for a decade - Telegraph
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Serious violent crime under-reported for a decade... →
Police forces have been failing to properly record serious violent crime for more than a decade, the Home Office has said.
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BBC NEWS | Africa | Two jailed over Ivorian... →
A court in Ivory Coast has sentenced two people to 20 years and five years in jail for dumping hundreds of tonnes of toxic waste in Abidjan in 2006.
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Flying Syringes and Other Bold Ideas -... →
BANGKOK, Oct. 22 — The charitable foundation founded by Microsoft Corp. Chairman Bill Gates has awarded 104 grants, each for $100,000, in a bid to inject entrepreneurial boldness and risk-taking into the often staid world of medical research.
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IMF Regains Some Global Clout - WSJ.com →
WASHINGTON — After years on the outs with developing nations, the International Monetary Fund is again starting to play a big role in crisis management.
Over the past few days, the IMF has begun to step in with rescue packages for Ukraine, Iceland, Hungary and Pakistan.
The Oil Drum has a really good (albeit long) article on why gas and oil prices are so low: http://tinyurl.com/5ub2k9 *oil 3*
Being from ag country, I could have TOLD these morons that corn ethanol was doomed to fail: http://tinyurl.com/5ubzve *commodities 5*
NYT article gives an overview of oil’s falling price effects on three hawkish OPEC countries: http://tinyurl.com/6d35lt *oil 4*
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Jim Willie provides his perspective on Wall Street...
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WatchKnowledge (subtitled version) on the Arab/Israeli conflict. From Vimeo.
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WatchFamily Guy video: Peter, those are Cheerios
My thoughts on the way we’re being condescended to by politicians, especially those from the “Joe Six Pack” bent.
Oil leads a commodities retreat ($66/bbl.) ahead of expected US inventory rise & OPEC cuts in production: http://tinyurl.com/5nvxvj *oil 3*
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Reports Link Karzai’s Brother to Afghanistan... →
WASHINGTON — When Afghan security forces found an enormous cache of heroin hidden beneath concrete blocks in a tractor-trailer outside Kandahar in 2004, the local Afghan commander quickly impounded the truck and notified his boss.
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The Things He Carried - The Atlantic (November... →
Airport security in America is a sham—“security theater” designed to make travelers feel better and catch stupid terrorists. Smart ones can get through security with fake boarding passes and all manner of prohibited items—as our correspondent did with ease.
By Jeffrey Goldberg
OPEC calls for production cuts, 500K/bbl. cut already priced in? Dollar gains against Euro, oil >$72/bbl. http://tinyurl.com/6954lw *oil 4*