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World's Stock Markets Plunge
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-Lurid Crime Tales-
Arrest made in Palin e-mail hacking case
Knoxville News-Sentinel

Defendant to appear before federal judge magistrate in U.S. District Court in Knoxville this morning. More details as they develop online and in Thursday's News Sentinel.

As Drudge would put it:

Developing . . .
Posted by: Mike || 10/08/2008 09:22 || Comments || Link || E-Mail|| [10793 views] Top|| File under:

#1  Developing my a$$. Sorry, but this deserves clarification:

"David C. Kernell, the son of Democrat State Rep. Mike Kernell who broke into Sarah Palin’s email account."

Let's also not forget that the kid is a bumbling idiot, given his performance in this little stunt, and that wise men say that 'the apple doesn't fall far from the tree'.

I vote for idiot of the month.

And while we're on the vague topic of fathering & mentoring, let's also not forget about who Frank Marshall Davis is (relative to another democrat we all know).
Posted by: logi_cal || 10/08/2008 9:47 Comments || Top||

#2  The grand jury  returned an indictment.
Posted by: lotp || 10/08/2008 10:40 Comments || Top||

#3  When I originally posted the story, there were no details. They've updated the story since this morning:

David C. Kernell can stay out of jail for now as long as he stays off his computer.

The University of Tennessee student, who is the son of a Memphis legislator, has been indicted by a federal grand jury on charges of hacking Republican vice presidential candidate Sarah Palin's personal e-mail.

Kernell, 20, was indicted by a federal grand jury in Knoxville for intentionally accessing without authorization the e-mail account of Palin, the governor of Alaska and Sen. John McCain's running mate, according to U.S. Attorney James R. Dedrick.
Posted by: Mike || 10/08/2008 11:30 Comments || Top||

#4  You can read the original indictment here.
Posted by: Mike || 10/08/2008 11:42 Comments || Top||

#5  Who's funny now, smartass?

Sadly, max sentence is only 5 years, and he might not get any jail time at all. Probably has great career prospects with ACORN in his future to look forward to too.
Posted by: Iblis || 10/08/2008 12:50 Comments || Top||

#6  Some advice from the child of another democrat leader, Gov. Sebilius of KS, who used government property to warehouse his board game:

Don't drop the soap.
Posted by: swksvolFF || 10/08/2008 12:51 Comments || Top||

#7  Remember all those broad brush convictions of parents of households who raise the little tikes back in the 60s when they did something incredibly cruel or sadistic against a person of color. It was always about the 'atmosphere of hate and intolerance' that was supported by the adults of the household. Wonder if the usual suspects will apply the same standard to the Kernell household as well. [rhetorical question]. Of course the usual suspects rationalize the act because for them Trunks are not really human, just another form of political infidel with lesser rights.
Posted by: Procopius2k || 10/08/2008 13:26 Comments || Top||

#8  The case is being investigated by the FBI's Knoxville and Anchorage field offices, with Agent Scott Wenger acting as the lead investigator.

Good work. Hat tip to the Bureau!
Posted by: Besoeker || 10/08/2008 16:43 Comments || Top||

#9  I wasn't belittling you, Mike...I was bemoaning the lack of coverage by the MSM.
A Republican's son would have been crucified in the media by now.

Oh, and of course, the court 'ordered him released'.
Anyone know of any bail?

Nice. Real nice. (sarc)
Posted by: Sninesh Prince of the Hatfields5789 || 10/08/2008 22:18 Comments || Top||

#10  Whoah...where'd that name come from???

Last comment was mine.
Posted by: logi_cal || 10/08/2008 22:20 Comments || Top||

-Short Attention Span Theater-
Economic Slump, Not The Sun, To Blame For Global Cooling
A slowdown in the world economy may give the planet a breather from the excessively high carbon dioxide (CO2) emissions responsible for climate change, a Nobel Prize winning scientist said on Tuesday.

Atmospheric scientist Paul J Crutzen, who has in the past floated the possibility of blitzing the stratosphere with sulfur particles to cool the earth, said clouds gathering over the world economy could ease the earth's environmental burden.

Slower economic growth worldwide could help slow growth of carbon dioxide emissions and trigger more careful use of energy resources, though the global economic turmoil may also divert focus from efforts to counter climate change, said Crutzen, winner of the 1995 Nobel Prize in Chemistry for his work on the depletion of the ozone layer.

"It's a cruel thing to say ... but if we are looking at a slowdown in the economy, there will be less fossil fuels burning, so for the climate it could be an advantage," Crutzen told Reuters in an interview.

"We could have a much slower increase of CO2 emissions in the atmosphere ... people will start saving (on energy use) ... but things may get worse if there is less money available for research and that would be serious."
"But give us money anyway."
Posted by: Anonymoose || 10/08/2008 11:19 || Comments || Link || E-Mail|| [10793 views] Top|| File under:

#1  blitzing the stratosphere with sulfur particles to cool the earth

So the Chinese get the credit for stopping global warming in it's tracks.
Posted by: ed || 10/08/2008 11:34 Comments || Top||

#2  As an Atmospheric Scientist, I am constantly amazed at what seemly rational people will definitively state about climate change...a subject that absolutely no knowledge.

It's pretty obvious he does not understand thermodynamics and the concept of heat sinks and lag coefficients.
Posted by: anymouse || 10/08/2008 12:41 Comments || Top||

#3  I accidentally hit the submit button...and the application to climate change.
Posted by: anymouse || 10/08/2008 12:43 Comments || Top||

#4  I don't know anything about lag rates but I'm damn good with
Posted by: .5MT || 10/08/2008 13:47 Comments || Top||

#5  submit buttons.
Posted by: .5MT || 10/08/2008 13:47 Comments || Top||

#6  It still works out that the current Sunspot cycle has been on the VERY low end of sunspot activity, and the average temperature this year here in Colorado Springs has been about two degrees below the seasonal average. If you want to keep track of it for yourself, go here.
Posted by: Old Patriot || 10/08/2008 16:46 Comments || Top||

#7  The SUN having anything to do with man-made (trademark pending) global cooling warming climate change is so laughable to be ludicrous!

Unhinged Citizen of the World
Posted by: AlmostAnonymous5839 || 10/08/2008 17:05 Comments || Top||

#8  Many Perts are still forecasting Year 2012-2014 to a period of very intense = active Solar Activities, and despite "24"!?

Posted by: JosephMendiola || 10/08/2008 19:35 Comments || Top||

#9  Remember: PROSPERITY = BAD
Posted by: The Left || 10/08/2008 22:37 Comments || Top||

Africa North
Mauritania in talks with AU after snubbing ultimatum
Mauritania's military junta met top African Union officials in Addis Ababa on Tuesday, a day after an AU deadline for reinstating the ousted president passed unheeded. The eight-man delegation held talks with the pan-African body's top executive, Jean Ping, even as opposition protesters were set to defy a ban on demonstrations in the Mauritanian capital, Nouakchott.
Posted by: Fred || 10/08/2008 00:00 || Comments || Link || E-Mail|| [10793 views] Top|| File under:

Africa Subsaharan
Zim: Opposition, ruling party fail to meet
(SomaliNet) Denying it planned new talks later in the day with President Robert Mugabe's ruling party, Zimbabwe's opposition renewed a call on Monday for regional mediators to help break an impasse over a fragile power-sharing deal.

Zimbabwe's state-run Herald newspaper reported that new talks would be held Monday on how to allocate contentious cabinet posts under the deal, which would keep Mugabe as president while naming opposition leader Morgan Tsvangirai as prime minister.

However, the spokesperson for Opposition Tsvangirai's Movement for Democratic Change (MDC) said that no new talks were scheduled for Monday, and again called for regional mediators to step in to break the impasse with Mugabe's Zanu-PF.
"As far as we are concerned, there are no talks lined up today," spokesperson Nelson Chamisa told AFP.

"Nothing has been concluded. Zanu-PF and Mugabe are trying to mislead the world and the nation," Chamisa said. "It is now time SADC and the AU come and assist in this matter," he added.

The MDC had called last week for the Southern African Development Community (SADC) or the African Union to help break the impasse, but Mugabe's party insisted that no outside mediation was needed.
Posted by: Fred || 10/08/2008 00:00 || Comments || Link || E-Mail|| [10793 views] Top|| File under:

UK set to launch bank rescue deal
Britain's Finance Minister Alistair Darling will announce a rescue package for the UK banking system on Wednesday and a government source said it was likely to include public money being injected into banks.
Posted by: Fred || 10/08/2008 00:00 || Comments || Link || E-Mail|| [10793 views] Top|| File under:

Caucasus/Russia/Central Asia
Nato to make plans to defend against Russian attack
Russia's offensive in Georgia in August exposed the dangers of the Western alliance's lack of contingency plans against an invasion on its eastern flanks.

Political leaders from the Baltics and Eastern Europe have subsequently demanded that Nato fulfil the requirements implied by its "Chapter 5" commitment to defend the territorial integrity of all its members.

General James Craddock, Nato's Supreme Commander, has asked for the political authority to draw up contingency defence plans at a Nato meeting in Budapest later this week.

France and Germany have signalled opposition to the move against their ally but Gen Craddock has the strong backing of American and Britain.

But even US officials acknowledge there is a risk that the move will reveal cause a rift within Nato. "This becomes politicised very quickly," a Pentagon official said.

Gen Craddock has already proposed that Estonia, the Baltic state that has a 20 per cent Russian speaking minority, should be the first country to undergo a formal military risk assessment.

* The Budapest meeting on Thursday and Friday is likely to provide a key indication of the Nato membership appetite to take a robust stance towards Russia.

Relations with the Kremlin have steadily deteriorated as Nato accepted a series of its neighbours as members. Prior to the Russian incursion in Georgia, Nato members had refused to draw up plans to fight the Russian military in Eastern Europe. The majority feared that news of the decision would unnecessarily offend the Kremlin.

The fighting in Georgia, which alongside Ukraine, has been accepted as a future Nato member, raised the stakes for advocates of expansion. A decision on granting a firm membership date to Georgia and Ukraine has been brought forward but deep divisions between Washington and Berlin could yet wreck a December summit.

Pentagon officials said a date would bolster Nato's credibility. "We do want to send a message to the Russians that their actions will not affect our commitment to our colleagues and our allies," said one official.

Geoff Morrell, a Pentagon spokesman, signalled that Robert Gates, the Secretary of Defence, would lobby for a tougher line during a visit to Europe this week. "It would be a real mistake to view the secretary's trip as a move to inflame relations with Russia," he said. "The purpose is to work with our allies on common goals. But while we are not looking for the opportunity to exacerbate the tensions that have developed, we are also not going to neglect our responsibilities in that part of the world."
Posted by: Nimble Spemble || 10/08/2008 16:26 || Comments || Link || E-Mail|| [10798 views] Top|| File under:


Posted by: JosephMendiola || 10/08/2008 20:29 Comments || Top||

N Korea 'developing nuclear warhead'
Posted by: Oztralian || 10/08/2008 05:16 || Comments || Link || E-Mail|| [10796 views] Top|| File under:

#1  TOPIX > CHOSUN ILBO - NORTH KOREA READYING MORE MISSLES TO LAUNCH? TEN new missles allegedly moved to launch posit/stations in NOKOR West Coast?

HMMMMMM, it appears Pyongyang is in a hurry to test and improve its Miltechs.
Posted by: JosephMendiola || 10/08/2008 22:54 Comments || Top||

Germany: Leftist JungSozis hit the streets for Obama
It’s no surprise most Germans favour US presidential candidate Barack Obama over his conservative rival John McCain, but as Brittani Sonnenberg reports, some young activists are even teaming up with Americans in Berlin to rally support for the Democrat.

Following the second of three presidential debates on Tuesday night, Democratic Sen. Barack Obama and Republican Sen. John McCain are gearing up for a final mad dash of what has been an excruciatingly long campaign.

While the race for the White House will likely be won or lost in a few key battleground states, some young Germans have decided they don’t want to remain idle spectators in an election that has global implications.

To that end, the JungSozis, a pragmatic offshoot of the more leftwing youth group of Germany’s Social Democratic Party (SPD), the JuSos, has forged ties with young US Democrats in the German capital.

Together with the Young Dems Berlin – which is associated with Democrats Abroad – the JungSozis organized their first joint event last week at a café near Humboldt University. The politically active youngsters invited Stan Otto, a political expert at the US Embassy in Berlin, to describe the American election process and field questions from the audience.

“Our positions have more in common with the American Democratic Party than with traditional JuSos, who tend to be anti-capitalist, and would never have considered organizing something like this,” said JungSozis member Florian Szamocki.
Birds of a feather ...
A law student, Szamocki said he had been interested in US politics since high school, when he traveled to Oklahoma on a US Congress-Bundestag exchange program. The JungSozis have also been quietly working on the sidelines to assist the Young Dems in recruiting American voters in Berlin. But the group has to walk the fine line between helping out likeminded Americans and being perceived as a foreign influence on another country’s politics.

“The Dems Abroad have a regulation not to interfere with German politics, so we can’t officially campaign for Obama with them or register voters,” said Szamocki. “But as much as it merely touches the German side we will be there. There’s approximately 20,000 Americans living in Berlin, and there’s a lot we can do for them.”
"Yes we can!"
Alexander Zimmerman, chairman and treasurer of Young Dems Berlin, said the JungSozis have been instrumental in increasing the group’s manpower for voter registration efforts by passing out flyers and directing Americans towards Young Dems volunteers at Obama’s speech in Berlin in July and at the US Embassy’s Independence Day party.

But he also stressed developing ties between the two organizations was important to transatlantic ties on a grassroots level: “It gives us a new lens on our own politics.”

That sentiment was seconded by Otto, the US Embassy official, who also said he had never witnessed anything like the partnership between the JungSozis and the Young Dems. “It seems like they know each other well,” he said, praising it as “an excellent thing – working together like this is the glue of international relations.”
Thanks, State Department!
Posted by: mrp || 10/08/2008 11:33 || Comments || Link || E-Mail|| [10794 views] Top|| File under:

#1  The politically active youngsters invited Stan Otto, a political expert at the US Embassy in Berlin, to describe the American election process and field questions from the audience.

if McCain's able to pull out a victory, wouldn't you just love to see Secretary of State Bolton walking into Foggy Bottom on his first day of work? With a bullwhip and a firehose?
Posted by: Ricky bin Ricardo (Abu Babaloo) || 10/08/2008 14:32 Comments || Top||

#2  It is really strange watching Europeans getting so wrapped up in American politics. Perhaps they should dump the EU and join the US as territories. Eventually if they accept the Constitution and English as their language they'd even get to vote for President.

Either that or emigrate as many of the boldest and brightest Europeans have done through the years.
Posted by: rjschwarz || 10/08/2008 15:41 Comments || Top||

Gordon Brown hails £500 billion bank rescue plan
The Prime Minister hailed the package, which will see the taxpayer take large stakes in major banks in return for an injection of billions of pounds to prop up their shattered balance sheets, as a comprehensive, ground-breaking solution to the economic crisis.

"This is not a time for conventional thinking or outdated dogma but for the fresh and innovative intervention that gets to the heart of the problem," he said at a Downing Street news conference.

The package includes:

£50bn to recapitalise banks
£250bn to underwrite debt
£200bn injection into the money markets

Admitting that Government borrowing will have to be drastically increased to fund the package, Mr Brown insisted that "for every family in the country, the stability of the banking system matters."

He said taxpayers would "earn a proper return", saying: "This support is on commercial terms. We expect to be rewarded for the support we provide."

The announcement prompted volatile trading in the shares of Royal Bank of Scotland (RBS) and HBOS, the banks hammered hardest on the stock market in recent days. By mid-morning, HBOS had jumped by more than 44 per cent, while RBS - which plunged by more than 40 per cent at one point - was up by almost 16 per cent.

However other banks continued to suffer. Barclays was down more than 9 per cent, HSBC dropped by five per cent and Lloyds TSB, which has made clear its takeover of HBOS is going ahead, was down six per cent. The FTSE 100 index was down by four per cent.

The bail-out plan will see the Government spend up to £50 billion - the equivalent of £2,000 for every taxpayer - on buying priority shares in the banks in order to boost their capital. Half is available immediately, while a further £25 billion can be used if necessary in future. In addition, the Government will make £250 billion available to underwrite the banks' medium-term debts in an attempt to prevent a disastrous funding gap in the next few years.

Meanwhile the Bank of England will inject a further £200 billion into the money markets under its Special Liquidity Scheme - which sees banks swap risky mortgages for Treasury bonds. The scheme had previously been limited to £100 billion.

The potential liability of £500 billion amounts to more than a third of the annual value of the British economy and is approaching the almost £600 billion of total government spending. It is hoped that the injection of liquidity will encourage the banks to start lending to and borrowing from each other again. The credit crisis has seen the market for money - which banks rely on for their funding - seize up.

Appearing alongside Mr Brown, Alistair Darling, the Chancellor, said the move came in response to "extraordinary times".

He said: "We want to make sure that we can get the system going again" and insisted that the Government would get taxpayers' money back within three years.

The Treasury made clear that the deal "will carry terms and conditions that appropriately reflect the financial commitment being made by the taxpayer" - expected to mean that the Government has first claim to any dividends and that chief executives cannot be paid huge bonuses. It said that eight banks had confirmed they would seek Government help under the scheme: "Abbey, Barclays, HBOS, HSBC Bank plc, Lloyds TSB, Nationwide Building Society, RBS and Standard Chartered."

However HSBC denied it would take advantage of the scheme and Nationwide and Standard Chartered suggested they had no need to do so.

Mr Darling rejected claims that he had "dithered" in failing to make an announcement earlier, saying: "Inevitably, given the complexity of the discussions that need to take place to put together a proposal such as this, it takes time."

"If you look at America, if you announce something and you haven't thought through the consequences, then you get into real difficulties," he added.

The Conservatives said that recapitalising the banks and guaranteeing inter-bank lending was the "right thing" and that they would be "as constructive as possible" in helping to implement the Government's rescue plan. George Osborne, the shadow chancellor, said: "We want this to work, we hope it will work." However, he added that taxpayers' money must not be used to pay the bonuses of wealthy bankers.

Nick Clegg, the Liberal Democrat leader, also promised support for the Government on what he called "a day of reckoning for the British economy".

"There will of course be a need to examine the detail, but today is a day to stand together," he said. However he insisted: "There can be no doubt that today marks a fundamental shift in the way we view banks ... The short-term bonus-driven ethos must end today."
Posted by: GolfBravoUSMC || 10/08/2008 10:31 || Comments || Link || E-Mail|| [10793 views] Top|| File under:

#1  Note that Britain has a population approximately 1/6th ours.   Then compare this $500 billion against our $700 billion .....

Of course we're taking other measures in addition to the Paulson intervention. But the size stands out to me ...
Posted by: lotp || 10/08/2008 10:45 Comments || Top||

#2  1/5 the population and they are bailing in Pounds. At today's exchange rate their bailout equals $865 Billion.

Based on a ratio of population to bailout amount, we would have to put up $4,330,000,000,000 ($4.33 Trillion).
Posted by: GolfBravoUSMC || 10/08/2008 11:50 Comments || Top||

#3  I just saw on Fox that the British Parliment is going to nationalize the major British banks.
Posted by: Deacon Blues || 10/08/2008 11:59 Comments || Top||

#4  LMAO! And people where crying about the money the US is spending.
Posted by: Mike N. || 10/08/2008 12:17 Comments || Top||

#5  Nothing to laugh about here. Also note that during the Great Depression, very very few banks failed in the UK, unlike the USA. Things are quite different in the UK this time around. Keep your seat belts fastened.
Posted by: Anguper Hupomosing9418 || 10/08/2008 12:25 Comments || Top||

#6  The $700B bailout is only part of the adding liquidity to markets. The US gov has pledged to add $1.5-2.0 trillion in capital.

With all this new money coming in, I am optimistic the worst is over and businesses will be able to function. The open question is how much will individuals and businesses cut back on spending and how deep will the recession be.
Posted by: ed || 10/08/2008 13:23 Comments || Top||

Iceland teeters on the brink of bankruptcy
Posted by: Fred || 10/08/2008 00:00 || Comments || Link || E-Mail|| [10793 views] Top|| File under:

#1  NET > says that Russia gave Iceland 1/3 of its GDP in return for use of Kejavik airfield???

HMMMMM, 1/3rd.
Posted by: JosephMendiola || 10/08/2008 0:18 Comments || Top||

#2  they can always sell some of that rotten shark they say is so good
Posted by: sinse || 10/08/2008 11:45 Comments || Top||

#3  The happiest place on earth is what I read not too long ago.

1/3, like selling Boardwalk for $100 bucks. Iceland has been strategic especially since WW1.
Posted by: swksvolFF || 10/08/2008 12:46 Comments || Top||

#4  Well, I just hope Congrss has no plans to "rescue" them.

At least I did not hear the Obamasoris mention it last night.
Posted by: Kelly || 10/08/2008 13:35 Comments || Top||

#5  Right on both counts, GolfBravo.  Thanks for the correction - I dashed that comment off w/o checking figures. ;-)
Posted by: lotp || 10/08/2008 19:16 Comments || Top||

#6  This would never have happened if they had more bowling alleys.
Posted by: Bobby Fischer. || 10/08/2008 22:18 Comments || Top||

#7  I blame the Bush administration ... oh, wait ...
Posted by: DMFD || 10/08/2008 22:39 Comments || Top||

Kosovo: US reaffirms support for independence
(AKI) - The United States has reiterated its support for an independent Kosovo and its opposition to any move to partition the country. US Defence Secretary Robert Gates made the remarks about Washington's position during a visit to Kosovo on Tuesday.

Serbian President Boris Tadic said in a recent interview he might consent to a partitioning of Kosovo's Serbian enclaves if all other efforts failed.

However, Gates said the US opposed partition. "Kosovo is an independent state...and the partitioning can't be a solution. Therefore the US supports territorial integrity of Kosovo," he concluded.

Gates, the highest US official to visit Kosovo since it declared independence, met Kosovar President Fatmir Seidiu and Prime Minister Hasim Taci in Pristina. He also visited American soldiers at the US military base of Bondsteel near Pristina. He made a brief stop in Kosovo between visits to Hungary and neighbouring Macedonia.

Gates said the 16,000 strong international force (KFOR) enjoyed great respect in Kosovo and would remain there as long at least until the end of next year. KFOR was deployed in Kosovo in 1999, after Serbian forces withdrew from the province following NATO bombing and the province was put under United Nations' control.

Serbia, which rejects Kosovo's independence, is fighting a diplomatic battle to retain the former province under its control. Close to 50 countries have recognised Kosovo in the past eight months, but Serbia's ally Russia has threatened to block a resolution recognising Kosovo in the United Nations' Security Council.

Seidiu and Taci thanked Gates for American support to Kosovo's independence bid and said they expected more countries to recognise it in the coming months.

Serbia has submitted a resolution to the UN General Assembly demanding the International Court of Justice to consider the legality of Kosovo independence. The resolution will be considered by the General Assembly on Wednesday.
Posted by: Fred || 10/08/2008 00:00 || Comments || Link || E-Mail|| [10793 views] Top|| File under:

#1  ION WAFF.com > NATO TO BEGIN DRAWING UP [controversial] PLANS TO DEFEND EX-SOVIET BLOC MEMBERS/STATES FROM RUSSIA. Post-GEORGIA = US + UK approve, France + Germany still debating the proposal.

Posted by: JosephMendiola || 10/08/2008 2:58 Comments || Top||

#2  Sometimes you have to bang your head at the stupidity of the people on your own side. Russia and about half the world have got their noses out of joint over recognition of Muslim Kosovo, which is in breach of every International Law regarding the integrity of sovereign states. You would think the US, after fighting a civil war over this issue would understand this. The only people who are happy are the 57 Muslim states led by Saudi Arabia.
Posted by: tipper || 10/08/2008 6:02 Comments || Top||

#3  Kinda like Russia reaffirming support for an independent California.
Posted by: Ebbang Uluque6305 || 10/08/2008 14:24 Comments || Top||

Posted by: JosephMendiola || 10/08/2008 20:24 Comments || Top||

Germany Drafts Plan to Shield Banking Sector
German lawmakers said Monday that they were drawing up a massive intervention plan to protect the country's financial system as Europe's biggest economy braced for the possibility of more bank failures.
Posted by: Fred || 10/08/2008 00:00 || Comments || Link || E-Mail|| [10793 views] Top|| File under:

Europe Doubles Bank Deposit Guarantee
European finance ministers on Tuesday more than doubled the guarantee on bank deposits to 50,000 Euros ($68,000) to help restore confidence in the continent's shaken banking system, even as ripples from the ongoing crisis claimed another casualty in Iceland and pummeled banking stocks in London.

Meeting in Luxembourg amid calls for a more coordinated response to the crisis, the ministers failed to come to terms on any broader proposals beyond raising the deposit guarantee from the current 20,000 Euros ($27,000).

The ministers, representing the 15 countries that use the Euro, said in a statement that they would continue monitoring the situation and coordinate their individual responses. The EU nations "all commit to take all necessary measures to enhance the soundness and stability of our banking system and to protect the deposits of individual savers," the statement said, the Associated Press reported from Luxembourg.

The increase in deposit insurance across the Eurozone replaces a patchwork of guarantees that emerged after Ireland acted unilaterally last week, creating a sense of confusion surrounding Europe's country-by-country response to the crisis.

There have been calls for even more significant action on the part of the Eurozone countries, but some nations -- most notably Germany -- have been hesitant to join in a common response.

As the ministers met, the crisis continued to ripple through the financial sector both inside and outside of the Eurozone.

Iceland nationalized Landsbanki, the nation's second largest bank, pegged its plummeting currency to the Euro, and announced it was negotiating with Russia for a loan. Prime Minister Geir Haarde was quoted by the BBC as saying the steps were needed to avoid "national bankruptcy."

In Moscow, officials announced they would make an additional $36 billion available to bolster Russian banks after a previous bailout efforts proved unable to restore confidence in the country's economy.

Media reports in London, meanwhile, indicated that the government was preparing an emergency plan to invest nearly 45 billion pounds ($80 billion) of public funds into several large banks -- news that sent U.K. bank shares tumbling.
Posted by: Fred || 10/08/2008 00:00 || Comments || Link || E-Mail|| [10793 views] Top|| File under:

Home Front: Politix
Reuters/C-SPAN/Zogby Poll: Obama 47%, McCain 45%
Posted by: GolfBravoUSMC || 10/08/2008 12:03 || Comments || Link || E-Mail|| [10795 views] Top|| File under:

#1  Hmmm...pre-debate poll. To be continued.
Posted by: Harry Whamp1091 || 10/08/2008 12:11 Comments || Top||

#2  2 point spread with a 2.8 point margin of error. Obama isn't getting much value for his 3 to 1 spending over McCain. Don't the dems usually go in with a healthy lead and still lose just barely? I wonder what would happen if they went to the polls with only a tiny lead?
Posted by: bigjim-ky || 10/08/2008 12:12 Comments || Top||

#3  Thats right bigjim - and this campaign was supposed to be the qualifier for his executive experience. Pretty weak if you ask me.
Posted by: swksvolFF || 10/08/2008 12:39 Comments || Top||

#4  Rasmussen has The One ahead by six points with a +/- 2% margin of error. It's a 3-day rolling average & Rasmussen states that most of last night's interviews were conducted before the debate as well.

So in conclusion...what Harry said.
Posted by: Ricky bin Ricardo (Abu Babaloo) || 10/08/2008 12:45 Comments || Top||

#5  With most polls being LV these days, I put little stock in them.
Posted by: DarthVader || 10/08/2008 16:00 Comments || Top||

#6  The other national polls today are: ARG Obama +4, Battleground Obama +4, Diageo/Hotline Obama +1, Gallup Obama +11, Ipsos Obama +7, Research 2000 Obama +8.

This better turn soon or McCain is done for. He's got four weeks for some kind of KO, or it's time to look ahead to 2012.
Posted by: sludge || 10/08/2008 16:09 Comments || Top||

#7  My very regretable assessment is Senator McCain finished himself with the bailout vote. I suspect Obama's people are negociating contracts on the luxury busses which will bring the million-man march replacement administration to D.C.
Posted by: Besoeker || 10/08/2008 16:15 Comments || Top||

#8  Two points is within the margin of error of the poll, I believe, ie. functionally McCain and Obama are equal. As someone else posted, that's not much return for Obama spending three times as much on advertising, not to mention the 15 point boost the media believed they provided Candidate Kerry last time round.

I've been called four times recently by Democratic pollsters wanting to know how I plan to vote. (Straight 'warmonger', in case anybody wondered.) I don't think Obama's campaign is as confident as their candidate would like to believe. The Democrat's messiah was singularly uninspirational last night, which is not supposed to happen to godlings.
Posted by: trailing wife || 10/08/2008 16:29 Comments || Top||

#9  Yeah, except the margin of error is a zone on either side of the mean. Since this is the *closest* poll in a week and a half, there's the suspicion that this is on the upside of true.

Christ, I'm about ready to just go get drunk instead of making campaign calls. I'm afraid I'll demoralize the room in the mood I'm in.
Posted by: Mitch H. || 10/08/2008 17:06 Comments || Top||

#10  Realclearpolitics' poll aggregate page is a horrible sea of blue numbers. The stupid fuckers are going to do it...
Posted by: Mitch H. || 10/08/2008 17:07 Comments || Top||

#11  Mitch. WHhat ios at stake is not finaces, it is not even the Republic it is terrorists getting nukes (from Iran) and blowing your children. Stop being silly and act. And BTW that is teh second poll in two days showing MacCain closing the gap.
Posted by: JFM || 10/08/2008 17:12 Comments || Top||

#12  Appears the FBI is in the middle of the ACORN voter registratione effort. Some eleven investigations of ACORN voter fraud have already been launched.
Posted by: Besoeker || 10/08/2008 17:14 Comments || Top||

#13  I'll stand with the GENERALS.
Posted by: Besoeker || 10/08/2008 17:19 Comments || Top||

#14  JFM, this is only a specific poll that's showing McCain closing the gap. Almost every other poll (including Rasmussen, which is cosponsored by Fox, shows a higher lead for Obama) The gallup poll, for instance, shows Obama opening up an 11-point lead just before the debate (www.gallup.com). That is Obama's largest lead ever.

I'd love to be more optimistic, but that will just make it more painful on election day.
Posted by: sludge || 10/08/2008 17:43 Comments || Top||

#15  Well, if Obamam wins or loses, the fact that so many Americans were willing to put him in office or damn close to it is a sad commentary on the apathy and stupidity of the average American.
Posted by: Flitch the Imposter aka Broadhead6 || 10/08/2008 18:25 Comments || Top||

#16  Ya' know what, guys?

The only poll that really counts is the one on election day. And how are we to know that the pollsters aren't cooking the books to favor Obambi like the rest of the media, hoping that normal people conservatives will feel hopeless and not go to vote? Do you trust them?

So get out there and VOTE no matter what - bad weather, bad health, bad "polls," bad hair. And convince your conservative friends to do the same.

We cannot allow a communist to be elected as our President.
Posted by: Barbara Skolaut || 10/08/2008 18:33 Comments || Top||

#17  McCain seems real weak to me. After not shaking Obama's hand, he left while Obama was still with the crowd. Either he was pissed or had to change his diapers.
Posted by: Tyranysaurus Elmererong1948 || 10/08/2008 18:55 Comments || Top||

#18  Little late to the party, ain't ya', troll?

I'm really disappointed in the DNC. They've been sending 3d-string trolls all year long. Not even worth the entertainment value.
Posted by: Barbara Skolaut || 10/08/2008 18:59 Comments || Top||

#19  Actually, I'd have to say RNC cult members like you are a bit late.

McBush won't make it next month. I hope you don't kill yourself over it.
Posted by: Tyranysaurus Elmererong1948 || 10/08/2008 19:10 Comments || Top||

#20  Trannysaurus,
We don't kill ourselves over thing like elections. Heck, we don't even threaten to leave the country like others do. We just "cling to our guns and bibles", and begin the fight for the next round. We can't start looking at the next round until the bell rings on this one though.
Posted by: kilowattkid || 10/08/2008 19:20 Comments || Top||

#21  Yeah, your republicans in Congress just take bribes in Alaska, play footsies in bathrooms, prey on little boys in DC, and your president starts 2 wars he doesn't know how to finish. The last great republican was Reagan and you guys have been drained of any good leaders.

I would be bitter too and cling to my bible, maybe you'll have hope in 4 years.
Posted by: Tyranysaurus Elmererong1948 || 10/08/2008 19:29 Comments || Top||

#22  No tarnish what so ever on those halos worn by the left. Nope, no way, notta. Regular ole choir boys and girls. Good hard working folks keeping their hard cash cold in the freezers, I tell you.
Thank you for allowing me to continue to cling to my bible. That and the CHANGE in my pocket will get me through, by God.
Posted by: kilowattkid || 10/08/2008 19:50 Comments || Top||

#23  Barney Frank.

Chris Dodd.

Harry Reid.

Nancy Pelosi.

Charles Rangel.

William Jefferson.

Cynthia McKinney.

And the list goes on.

At least Republicans object when one of theirs does something wrong. The DemocRats cover up for theirs.
Posted by: Barbara Skolaut || 10/08/2008 19:51 Comments || Top||

#24  I'd figure the left would have pedophiles and undercover fags since their so liberal but it's the other way around, my friends.

Also, I don't see the republican justice department going after those on that list. Either the dems didn't commit a crime or the justice department is not doing it's job but I think it's the former because they are investigating republicans.

I'm all for moral and doing the right thing, but I hate most of all...those that claim to be so righteous but are hypocrits (especially Craig)

"is a nasty, nasty, naughty boy and deserves a smack" LOL
Posted by: Tyranysaurus Elmererong1948 || 10/08/2008 20:00 Comments || Top||

#25  I'm sorry but I'm only allowed to feed trolls twice a day. A little more research by you may stir up some much needed info. Bawney Fwank doesn't count I guess since his closet door bursted open.
I must go now, my penance for feedin more than twice is to clean the barn stalls of the unicorns, and then feed the fluffy ducks and bunnies. If your a good troll, Obambi might get you a pony for Christmas.
Posted by: kilowattkid || 10/08/2008 20:09 Comments || Top||

#26  I've gotten at least five telephone calls from pollsters in the last two weeks. I got rooked into answering one of them. I finally shut the moron on the other end up by saying I was scratching out McCain's name and voting for Palin for President. She got very irate, telling me that Palin had "absolutely no experience to be President". I answered that she has 100% more executive experience than her little commie community organizer and ACORN POS. Haven't been called back since.
Posted by: Old Patriot || 10/08/2008 20:41 Comments || Top||

#27  Should have threatened them with an ARCLIGHT.
Posted by: Nimble Spemble || 10/08/2008 20:52 Comments || Top||

#28  Talk sense to a fool and he calls you foolish. - Euripides
Posted by: Procopius2k || 10/08/2008 20:56 Comments || Top||

#29  ...he left while Obama was still with the crowd.

No, he did not leave. The camera operators made a point of keeping him out of frame as much as possible. Every now and then you could catch a glimpse of him and Mrs. McCain.

The media is all the way in on this, the mask is well and truly off. If McCain wins and there isn't any prosecutions...then "something" else will need to be done to rein the media in.

If McCain loses, well, I shudder to think what is going to happen. Listen for the call.
Posted by: Menhadden Spinemble3323 || 10/08/2008 21:49 Comments || Top||

#30  On the subject of media coverage of Obama and McCain:

Posted by: mom || 10/08/2008 22:04 Comments || Top||

#31  tyranysaurus, your commentary lacks substance, coherence, evidence, and common sense. Count backward from 20 by threes and breathe deeply.
Posted by: mom || 10/08/2008 22:06 Comments || Top||

#32  LMFOA!!!

NS Wins!

Next time you do that shit, warn us.
Posted by: Mike N. || 10/08/2008 22:14 Comments || Top||

McCain Lawyers Push Back on Obama Keating Five Charges
PHOENIX -- The McCain campaign pushed back hard against the new Obama attack over the Keating Five, arguing that the Arizona senator was treated unfairly by the Senate ethics investigation and asserting that John McCain had been much more open about his relationship with disgraced thrift executive Charles Keating than Obama has been about his connection with one-time radical William Ayers.

In a conference call with reporters this afternoon, John Dowd, the Washington lawyer who represented McCain during the Senate investigation, called the inquiry a "classic political smear job" by the Democrats running the Senate at the time, saying that they only included McCain to make sure that a Republican was among the targets. "John had not done anything wrong," Dowd said.

Dowd's point of view was amplified by Robert Bennett, the Washington lawyer and Democrat who served as special counsel to the Senate Ethics Committee during the Keating Five investigation, which focused on whether McCain and other senators exercised improper political influence over the regulation of Keating's failed Lincoln Savings & Loan.
Continued on Page 49
Posted by: GolfBravoUSMC || 10/08/2008 10:47 || Comments || Link || E-Mail|| [10793 views] Top|| File under:

#1  Charles Keating than Obama has been about his connection with one-time radical William Ayers.

That baloney Ayers connections. It's all falling apart the more I read about it and will backfire if they continue.

Talk about rumors, McCain is a Manchurian candidate with controllers in Hanoi. Maybe that's why he didn't want to look for more POWs? WHO IS THE REAL JOHN MCCAIN?

That rumor is about as low Palin and McCain are stooping too with this Ayes claim.

I don't care about Ayers and I don't care about Keating. Enough rumors and talk policy.
Posted by: Tyranysaurus Elmererong1948 || 10/08/2008 19:02 Comments || Top||

#2  OK, troll, let's talk policy.

Obambi is a Marxist and will do his damndest to turn America into a Marxist state.

McCain, for all his faults, isn't, and won't.

If you're looking for a Manchurian Candidate, look harder at Obama. Somebody has greased a lot of skids for him is behind his rise in politics, and it ain't him.
Posted by: Barbara Skolaut || 10/08/2008 19:09 Comments || Top||

#3  We're broke.
Our allies hate us!
Our military is weakened.
People don't trust their Republicans anymore.

McCain says he doesn't know the economy! McCain is an idiot, no matter who much you try to make him look smart, same thing with Bush..people defended him until he just gave up on himself.

Good Start....
Posted by: Tyranysaurus Elmererong1948 || 10/08/2008 19:18 Comments || Top||

#4  There are far better Heros AND pilots AND leaders than John McCain.
Posted by: Tyranysaurus Elmererong1948 || 10/08/2008 19:20 Comments || Top||

#5  Not to mention that my friends are getting laid off and jobs being sent to India! Thanks Bush!
Posted by: Tyranysaurus Elmererong1948 || 10/08/2008 19:37 Comments || Top||

#6  The President (or either party) doesn't send jobs to India or anyplace else, idiot.

He also doesn't set tax rates.

Y'all keep blaming the President for things CONGRESS is responsible for.

(And in the case of Congress, I use the word "responsible" very loosely.)

And I hate to break it to you, but Bush ain't running again. So you all just keep running against him.

Posted by: Barbara Skolaut || 10/08/2008 19:48 Comments || Top||

#7  NO! That's where you are wrong! Bush didn't do anything to protect American jobs, you stupid ignorant tool (back at you). He could have but let it slide so corporations could save on cost. McCain is going to continue doing just that.
Posted by: Tyranysaurus Elmererong1948 || 10/08/2008 19:51 Comments || Top||

#8  The. President. Doesn't. Set. The. Regulations. And. Tax. Rates.

I can't say it much slower - hopefully it got through the tinfoil this time.
Posted by: Barbara Skolaut || 10/08/2008 19:55 Comments || Top||

#9  The president can, if he wants to initiate any bill he wants to submit to congress. He never did, he was out playing golf.

I'm done for tonight, going back under my bridge.
Posted by: Tyranysaurus Elmererong1948 || 10/08/2008 20:03 Comments || Top||

#10  Comrade Tyranysaurus Elmererong1948:

Do not lose heart my brother! The republican imperialsts and their Calcutta based lackey's are doomed. The Obamessiah and the Democratic machine party will pull us through. You and your brothers will get your Escalades. Please begin your colour selection and window tint schemes immediately.
Posted by: Besoeker || 10/08/2008 20:05 Comments || Top||

#11  I see we've been visited by a Demoncritic troll, and a not-very-bright one at that. His choice of handle speaks much about him - all appetite (to be heard), no brain (to actually come up with something that's not a pre-printed talking point). Barrack Obamaramadingdong is a highly-educated, highly-trained fool with absolutely no personal accomplishments of any merit. I never went to fighter-pilot's school, but 26 years around flying units allowed me to "taste what it's like" several times. It takes a helluva lot more brains than being a lawyer - especially one that has had so VERY little actual legal WORK experience. Sarah Palin has worked in a number of jobs, and has helped run a family business. I HAVE been there, and it's not a picnic, especially when you have to share the receipts with dozens of family members. She's been a mayor and a governor. Those are both jobs where you have to actually DO something, not vote "present".

I don't want an Obama presidency, because I don't want to have to put up with another Gimmih Kahtah for four years. I also don't want a communist, anti-American phony elitist bas$$$$ in the White House. It'll take forever to get the sh$$ out of the carpets.
Posted by: Old Patriot || 10/08/2008 20:53 Comments || Top||

#12  TE1948: probably your friends are being laid off because they are slacker losers with an entitlement attitude, no job or life skills, and little ability to get along with others. Pretty much the report card you've been getting since first grade. Get over it, end it for good, or move elsewhere where your skills are appreciated (I'd suggested an uninhabitated isle).
Posted by: Frank G || 10/08/2008 21:34 Comments || Top||

#13  President Bush has not played a single game of golf his he was elected.
Posted by: Grunter || 10/08/2008 22:11 Comments || Top||

#14  ...since he was elected.
Posted by: Grunter || 10/08/2008 22:12 Comments || Top||

Graft cases against Sharif brothers deferred
(PTI) A Pakistani court today deferred till next month the hearing of graft cases against former premier and PML-N chief Nawaz Sharif, his brother Punjab Chief Minister Shahbaz Sharif and their kin due to a lack of judges in anti-corruption courts. The Special Judge (Central) Shaukat Ali Sajid in Rawalpindi adjourned the hearing of the three cases till November 7.

Prosecutor General Danishwar Malik of the National Accountability Bureau had told the court of the Special Judge last month that the cases against the Sharif brothers and their kin related to the amassing of wealth and property allegedly through illegal means.

The Sharif brothers were accused of illegally acquiring a paper mill, a foundry and their estate on the outskirts of Lahore in the cases filed by the previous government. The current Pakistan People's Party-led government had not filed any case against the Sharif family, Malik had informed the court.

The cases were revived shortly after the PML-N withdrew from the PPP-led ruling coalition in August, prompting PML-N leaders to accuse the government of victimising the Sharif brothers.
Posted by: Fred || 10/08/2008 00:00 || Comments || Link || E-Mail|| [10793 views] Top|| File under:

Science & Technology
Study: Stem cells derived from men's testicles seem to work as well as embryonic stem cells
WASHINGTON - Cells taken from men's testicles seem as versatile as the stem cells derived from embryos, researchers reported Wednesday in what may be yet another new approach in a burgeoning scientific field.

The new type of stem cells could be useful for growing personalized replacement tissues, according to a study in Thursday's issue of the journal Nature. But because of their source, their highest promise would apply to only half the world's population: men.

Embryonic stem cells can give rise to virtually any tissue in the body and scientists believe they may offer treatments for diseases like Parkinson's and diabetes and for spinal cord injuries.

The testicular cells avoid the ethical dilemma of embryonic stem cells, which are harvested in a process that destroys the embryos. For that reason, some people, including President Bush, oppose their use for ethical or religious reasons. "The advantage these cells have in comparison to embryonic stem cells is that there is no ethical problem with these cells and that they are natural," said study lead author Thomas Skutella, a professor at the Center for Regenerative Biology and Medicine in Tuebingen, Germany.

Using testicular cells isn't the only promising method that avoids embryos; there have been impressive experiments in reprogramming ordinary body cells into stem cells by slipping certain genes into them. The new findings and the reprogrammed cells -- which still have technical hurdles -- "take some pressure off the stem cell issue," said White House science adviser Jack Marburger.

Earlier studies showed promise using so-called spermatogonial cells from the testes of mice. The new study used cells taken from biopsied tissue from 22 different men undergoing various medical treatments. The men ranged in age from 17 to 81. Researchers found that after a few weeks of growth, the cells could differentiate into various types of cells just like those taken from embryos.

Other scientists hailed the idea as promising, but not a reason to give up on research on embryonic stem cells.

"It's exciting. We could do it for males; that leaves women without as easy a method," said stem cell scientist George Daley of Children's Hospital in Boston and the Harvard Stem Cell Institute. He was not part of the new research. Embryonic stem cells "have their own place in biology," Daley said.

Skutella said a female equivalent could be in women's egg cells, but Daley said that's unlikely because of the makeup of those cells.

Using the new findings to treat patients could take years. But Daley said the work on the cells from testes can benefit from a decade's worth of research into embryonic cells and advance at a fast pace. He said the new research showed how similar these testicular cells are to embryonic stem cells; now science needs to see what specific differences exist because those could be important.

Other scientists hailed the idea as promising, but not a reason to give up on research on embryonic stem cells.
Posted by: Beavis || 10/08/2008 14:07 || Comments || Link || E-Mail|| [10800 views] Top|| File under:

#1  Weren't we discussing the subject of female menstrual tissue being an ideal stem cell source, and mourning that men had nothing analogous? How nice that the scientists have answered our plaint so quickly!
Posted by: trailing wife || 10/08/2008 16:16 Comments || Top||

#2  Low hanging fruit resolves ethical dilemma? Very strange twist I'd say.
Posted by: Besoeker || 10/08/2008 16:26 Comments || Top||

#3  Study: Stem cells derived from men's testicles seem to work as well as embryonic stem cells

Wotta surprise. Are you telling me this isn't an obvious line of investigation, and that nobody pursued it until now because they were more interested in winning the political battle against the "fundamentalists"?

Embryonic stem cells "have their own place in biology," Daley said.

Not just a genius, but insightful, too.
Posted by: KBK || 10/08/2008 16:57 Comments || Top||

#4  To the left, at least in America, the abortion industry must be protected, even at the price of perverting science.
Posted by: Lagom || 10/08/2008 17:24 Comments || Top||

#5  I really don't like the visual "low hanging fruit" and "twist" in the same sentence paints.

But on the other hand (so to speak), since we continue to dither about in the ME, instead of putting an end to the bullshit over there via an ARCLIGHT Strike (The Official Offensive Weapon Delivery System of Choice from Rantburg), we might as well donate our balls to science; we sure as hell aren't using them for anything useful.........
Posted by: USN, Ret. || 10/08/2008 17:27 Comments || Top||

#6  Luckily in Washington DC we have a large number of folks who aren't using their testicles...
Posted by: rjschwarz || 10/08/2008 18:30 Comments || Top||

#7  You can just feel the MILLER LITE BEER "Do Anything" Trannie Boyz covering their collective groin areas in fear, can't ya???
Posted by: JosephMendiola || 10/08/2008 19:40 Comments || Top||

#8  Stem cells derived from men's testicles seem to work as well as embryonic stem cells

USN, Ret.
re: testicles.
I really don't like the visual "low hanging fruit" and "twist" in the same sentence paints.


It paints HORROR, FEAR & LOATHING, Anger..
and this reactive response: "Ma Go Git me my SIDE X SIDE and a box of # Twelves, Double Aught!

Posted by: Red Dawg || 10/08/2008 21:04 Comments || Top||

#9  So you can get stem cells from male conservatives, liberals - not so much.
Posted by: DMFD || 10/08/2008 22:40 Comments || Top||

Hyperion Reactor. to begin distribution in 2013
h/t to Instapundit

The Hyperion Power Generation uranium hydride reactor will weigh fifteen to 20 tons, depending on whether you're measuring just the reactor itself or the cask—the container that we [this is the CEO talking] ship it in—as well. It was specifically designed to fit on the back of a flatbed truck because most of our customers are not going to have rail. It's about a meter-and-a-half across and about 2 meters tall. It will generate 27-30 Megawatts of electrical power from 70 MW of thermal power. This means 0.5 to 0.75 tons per MWe for the nuclear reactor. The steam turbine to convert the power is counted separately....

As of September 9, 2008, HPG has ten installation commitments and 50 pending. The first HPG reactors should be ready in 2013. The cost of the reactors will be about $1400/kw. After 5 years, each reactor would have a softball size amount of waste. The uranium hydride reactor can burn up to 50% of the uranium or about ten times more than current reactors.
Posted by: mhw || 10/08/2008 10:09 || Comments || Link || E-Mail|| [10794 views] Top|| File under:

#1  But how soon will it be available at Depot?
Posted by: Besoeker || 10/08/2008 10:32 Comments || Top||

#2  I want one. By the time it's ready for sale I'll be ready to fill in the swimming pool in the back yard. Perfect fit ...
Posted by: Steve White || 10/08/2008 11:05 Comments || Top||

#3  I am rooting for small nuclear reactors like this. The idea is that if you could mount one on the back of a heavy haul truck, and a powerful high volume reverse osmosis water purification system on another truck, you would be able to provide the electricity and water needs of a large area in an emergency situation.

In normal times, they can be used as "emergency back up generators" to isolate a failure in the electrical grid, to prevent things like multi-State blackouts.

The most common use would be in peak summer grid loads, which were such a major pain in the butt in the western States some years ago.
Posted by: Anonymoose || 10/08/2008 11:31 Comments || Top||

#4  A-moose's idea of emergency use is great.

Let the DHS buy a few of these and get them to hurricane hit areas to provide emergency e and H20

Since its an emergency it could be done w/o full NEPA compliance.

Then let the enviros scream.
Posted by: mhw || 10/08/2008 12:36 Comments || Top||

#5  The high pressure steam plant is going to take more than a flatbed. 30,000HP output tho.... cool.
Posted by: .5MT || 10/08/2008 13:56 Comments || Top||

#6  It sounds nice w/r to emergency generation and for small towns, ect. There are some cons however that MUST be addressed. Doable but critical.

1. I suspect it is not power that is lacking after a hurricane or tornado but infrastructure (repair required for transmission lines, substations, poles, lines, home electrical, ect.)

2. Security - This IS nuclear material. If it is small enough to be transported it is small enough to be stolen or sabotaged.

3. Maintenance and Operation by user.
Posted by: Lionel Jiger8451 || 10/08/2008 14:27 Comments || Top||

#7  One step closer to Mr. Fusion.
Posted by: Iblis || 10/08/2008 16:43 Comments || Top||

#8  Isn't the 21st Century supposed to be the AGE/REVENGE OF TESLA???
Posted by: JosephMendiola || 10/08/2008 19:54 Comments || Top||

#9  I remember the National Guard supplying generators to our neighborhood in 1957, after Hurricane Audrey had done everything it could to leave the area flattened. Yeah, there was no power distribution, but it's amazing how one generator, a nice fat transformer circuit, and about 20 miles of extension cords can cool down refrigerators and freezers, run a load of laundry (drying was outdoors, on a clothesline - not THAT much electricity), etc. It helped out 18-20 families at a time for 1.5 hours, then moved on down the street. It got us through the ten days to two weeks we were without power. This sounds far more capable of providing service in equally as difficult times.
Posted by: Old Patriot || 10/08/2008 23:26 Comments || Top||

Southeast Asia
Somchai "flees" Parliament amid protests
Anti-government protesters were tear-gassed in Bangkok on Tuesday, even as Prime Minister Somchai Wongsawat "escaped" from Parliament and his Deputy Chavalit Yongchaiyudh resigned. The military-linked Mr. Chavalit, in charge of security affairs, cited his responsibility for the turn of events.

Over 100 persons, mostly protesters and a few security officials, were reported injured. An anti-government activist was killed, apparently in a "vehicle blast," according to opposition sources.

Trouble broke out after the protagonists of the People's Alliance for Democracy (PAD), an anti-government umbrella group, sought to blockade Parliament, where Mr. Somchai was making a policy speech.

The activists, already occupying the Government House compound for over a month, intensified their campaign, following Sunday's arrest of their leader, Chamlong Srimuang.

Mr. Somchai finished his speech and "fled" by climbing over a fence near the building and landing on the premises of an adjacent royal mansion. This account, doing the rounds in Bangkok's political circles, was not challenged by the authorities; and the Prime Minister was said to have proceeded to the military headquarters for a prior appointment there.

The military chief, who was recently mandated to free the Government House from the PAD under an emergency decree that was confined to Bangkok, indicated his desire to steer clear of the civilian political tussle. And, the current protest in Bangkok is directed against the alleged political links between Mr. Somchai's People's Power Party and Thaksin Shinawatra, who was toppled in a military coup in 2006.
Posted by: Fred || 10/08/2008 00:00 || Comments || Link || E-Mail|| [10793 views] Top|| File under:

Home Front Economy
Fed leads global coordinated rate cut, eases by 1/2 point
AoS note: do NOT embed article links in the post.
The U.S. Federal Reserve led a coordinated round of global official rate cuts on Wednesday, easing by a half-point, as did the European Central Bank, Bank of England and Swiss, Canadian and Swedish banks. In an attempt to stem unprecedented global market turmoil, the Fed cut its key federal funds lending rate by half a percentage point to 1.5 percent and also lowered its discount rate by the same amount to 1.75 percent. The ECB also cut by a half-point to 3.75 percent as did the Bank of England, taking its rate to 4.5 percent.
Posted by: ed || 10/08/2008 07:17 || Comments || Link || E-Mail|| [10793 views] Top|| File under:

#1  Global rate cuts lift futures but off highs
S&P 500 futures SPc1 rose 23.20 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures DJc1 climbed 139 points and Nasdaq 100 NDc1 futures gained 31 points.

The interbank cost of borrowing overnight dollars jumped again on Wednesday, indicating that credit markets remained gridlocked, according to the latest daily fixing from the British Bankers' Association, just before coordinated interest rate cuts.

Still having liquidity problems. I think the Fed's plan yesterday to provide working capital loans to businesses is the smartest thing the government has done yet to prevent the economy grinding to a halt.
Posted by: ed || 10/08/2008 8:25 Comments || Top||

Global stocks plunge to new depths
Posted by: tipper || 10/08/2008 06:48 || Comments || Link || E-Mail|| [10798 views] Top|| File under:

#1  I've been thinking about this. There is no reason for everyone to tank just because our housing prices have. What's at work is something more fundamental, and deeper: the total dependence upon US liquidity.

WE have to buy foreign oil to keep the price high enough to satisfy our Middle East "allies".

WE have to buy from every nation of the world, at their prices, while our exports are given short shrift.

WE have to provide credit for failed states and dictators, to "buy" friends in far-away places.

WE have to defend Europe so they can support their cradle-to-grave welfare state, and ignore their own defense needs.

The golden goose is dead. Long may it remain dead. Let the world take care of itself, and may the United States stop being so "european" - and stupid. We've been played for suckers long enough, and the party's over. While it might not be the best thing for the world to dive into a financial black hole, it seemed to have survived several times without us rescuing it.

I know lots of people who have money tied up in the stock market, with that money a major portion of their retirement plan. I'm sorry, but in the short term, you're going to get terribly hurt. If you're wise enough to go long-term, I don't think any American investor will be critically hurt. The rest of the world can go to hell in its own chosen way.
Posted by: Old Patriot || 10/08/2008 19:44 Comments || Top||

#2  Double ditto OP!
Posted by: Besoeker || 10/08/2008 19:48 Comments || Top||

#3  What OP said.
Posted by: Barbara Skolaut || 10/08/2008 19:52 Comments || Top||

#4  What's this Mickey Mouse Bullshit - "WE, WE, WE . . . ."

If you don't want it - don't buy it. Somebody has an overly inflated opinion of themselves.
Posted by: General_Comment || 10/08/2008 20:56 Comments || Top||

#5  But not of the way in which the US economy has been holding up other economies for the last 8 years or more.
Posted by: lotp || 10/08/2008 21:03 Comments || Top||

#6  I've lost $60,000 this month. I'm riding it out. But then again, I'm 49. Someone at retirement age might be panicking
Posted by: Frank G || 10/08/2008 21:40 Comments || Top||

#7  speaking of overly inflated self-opinions.... General Soviet, how's that monthly direct deposit from the homeland?
Posted by: Frank G || 10/08/2008 21:44 Comments || Top||

#8  speaking of overly inflated self-opinions.... General Soviet, how's that monthly direct deposit from the homeland?

A little slower. The money must be drying up! Darn!
Posted by: General_Comment || 10/08/2008 22:09 Comments || Top||

#9  figured
Posted by: Frank G || 10/08/2008 22:31 Comments || Top||

AIG execs hold $440K post-bailout retreat
Top executives at the failed insurance giant AIG spent more than $440,000 at a company retreat days after the federal government bailed out the company with $85 billion in taxpayer funds.

American International Group (AIG) paid the exclusive St. Regis resort in Monarch Beach, Calif., more than $200,000 for rooms — some costing as much at $1,000 a night — as well as more than $150,000 in meals, according to released documents an testimony during a hearing of the House Committee on Oversight and Government Reform Tuesday on Capitol Hill.

"Less than one week after taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation," said committee Chairman Henry A. Waxman, California Democrat. The invoice also included almost $25,000 in spa and salon charges for pedicures, manicures, facials, massages and other services. "If a company is drowning and you're going to spend that kind of money, that's crazy," said Rep. Elijah E. Cummings, Maryland Democrat, at the hearing's morning session. "The American people are paying for that."

No current AIG officials are scheduled to testify at the hearing, though two former company chief executives Martin J. Sullivan and Robert B. Willumstad, are scheduled to appear Tuesday afternoon. Lynn E. Turner, a former chief account with the Securities and Exchange Commission, told the committee that, based on known evidence, executives at AIG or other failed Wall Street firms shouldn't be criminally charged for their actions that lead to their company's financial demise.

"I don't think you send people to jail for making bad biz decisions," said Mr. Turner, who was one of two witnesses who testified at the hearing's morning session. But he added that if evidence later reveals that company officials were aware of illegal activities and kept quiet, "Then yes, a little time behind bars might be warranted."

Eric R. Dinallo, superintendent of the New York State Insurance Department, told the committee that the industry and regulators should have detected signs earlier that Wall Street practices were detrimental to the overall health of the industry. "It is the case that a lot of us... got wrong what was going to be the default rates, which our global economy hinges on," Mr. Dinallo said.

AIG only avoided collapse in September with a $85 billion Treasury loan, stock market losses began to plummet, prompting the Federal Reserve to inject $180 billion into the global market. The company's failure was followed by the most significant Wall Street downturn since the September 11, 2001 terrorists attacks, prompting the Congress last week to approve a Bush administration plan to spend $700 billion to help rescue failing financial institutions.

The deal gave the government an 80 percent stake in AIG, the right to remove senior management and to veto payment of dividends to shareholders as ways to protect taxpayers. The hearing was the second in two days that the Oversight Committee held to explore the lead to the recent Wall Street crisis. On Monday, the committee heard testimony that Lehman Brothers doled out more than $20 million in bonuses to top executives just four days before the investment giant declared bankruptcy and accelerated last month.
Posted by: Cromert || 10/08/2008 00:00 || Comments || Link || E-Mail|| [10793 views] Top|| File under:

#1  Oh, hooray! They found one example where they could make executive pay a public issue (thanks to the loan). Which does nothing to reduce the idiocy and irrelevance and degrading envy of the focus on executive compensation. If you don't like a company's executive pay, don't buy their stock or products, or don't work for them. Free country and all that. And spare us the illiterate bolshevik crap and bigotry.

Posted by: Verlaine || 10/08/2008 0:11 Comments || Top||

#2  word
Posted by: Abu do you love || 10/08/2008 1:04 Comments || Top||

#3  Financial glossary:
CEO –Chief Embezzlement Officer.
CFO– Corporate Fraud Officer.
BULL MARKET — A random market movement causing an investor to temporarily mistake himself for a financial genius.
VALUE INVESTING — The art of buying low and selling lower.
GROWTH INVESTING - The art of buying high and selling lower.
P/E RATIO — The percentage of investors wetting their pants as the market declines.
BROKER — What my broker has made me.
STANDARD & POOR — Your life in a nutshell.
STOCK ANALYST — Idiot who just downgraded your stock.
STOCK SPLIT — When your ex-wife and her lawyer split your assets equally between themselves.
MARKET CORRECTION — What happens the day after you buy a stock.
CASH FLOW — The movement your money makes as it disappears down the toilet.
YAHOO — What you yell after selling it to some poor sucker for $240 per share.
WINDOWS — What you jump out of when you’re the sucker who bought Yahoo @ $240 per share.
INSTITUTIONAL INVESTOR — Former investor who’s now institutionalized.
PROFIT — An archaic word no longer in use.
Posted by: Anguper Hupomosing9418 || 10/08/2008 1:25 Comments || Top||

#4  The people with Rich Derangement Syndrom will eat up stories like this and think it's actually part of the credit problem and that it 'needs fixing'
Posted by: Mike N. || 10/08/2008 1:51 Comments || Top||

#5  You can just feel the "SAVE THE COMPANY/HELP THE INVESTORS-CUSTOMERS" loyalty and ethics, can't ye???
Posted by: JosephMendiola || 10/08/2008 3:02 Comments || Top||

#6  The deal gave the government an 80 percent stake in AIG, the right to remove senior management

I hope this retreat was senior management's farewell party.

If you don't like a company's executive pay, don't buy their stock

I was essentially forced to buy their stock, and I don't like the poor management judgement this expenditure demonstrates, so as an owner I wish to show my displeasure by firing them.
(And that claim of poor judgement holds even though this event was probably scheduled and contracted before TSHTF.)
Posted by: Glenmore || 10/08/2008 8:00 Comments || Top||

#7  So much for the propaganda that senior executives are worth the piles of money shoveled to them.
Posted by: ed || 10/08/2008 8:13 Comments || Top||

#8  I think you guys are missing the point. They cried and sobbed and convinced the govt that they needed a bailout so they wouldn't go down the shitpipe, but hey have almost half a million to spend on a spa retreat that has nothing to do with generating revenue or mitigating this so-called crisis? I think what the author may be getting at is that they misrepresented the degree of difficulty they were if they have money for this sort of stuff.
The bailout money wasn't really for spa retreats, was it?
Posted by: bigjim-ky || 10/08/2008 8:58 Comments || Top||

#9  I think Glenmore is right too, anyone who has a mutual fund or an Index fund has basically bought into stocks like this without much redress. Any employee under the AIG umbrella, and that's a lot of people, had no choice but to take their profit sharing and 401k in AIG stock. So, it isn't that easy to divest from AIG. I have yet to break it down in my funds, but I'm assuming it will be under 5%, their written policy on max holdings. But AIG employees just watched their retirements go down the crapper.
Posted by: bigjim-ky || 10/08/2008 9:04 Comments || Top||

#10  That's my objection ed. These guys think they're smart and 'entitled', the same personal disease that afflicts so many others [particularly on everyone else's dime]. However, the evidence is that they're not. They're demonstration of ego says a lot about them and their approach to the 'problem'. It's an issue of efficiency and results not envy. $440k in psych counseling and transition training bills would have been far more appropriate.
Posted by: Procopius2k || 10/08/2008 9:05 Comments || Top||

#11  "more than $200,000 for rooms -- some costing as much at $1,000 a night"
Let's be fair here. There had to be more than just the top executives attending this meeting if the room tab hit more than 200 times the highest room rate. So this thing was not an impulse -- it was a long-planned meeting for a bunch of people and it was no doubt largely contracted in advance of the bailout.

Here's the big story in this article:
"On Monday, the committee heard testimony that Lehman Brothers doled out more than $20 million in bonuses to top executives just four days before the investment giant declared bankruptcy"
Posted by: Darrell || 10/08/2008 9:30 Comments || Top||

#12  From a different article.

AIG execs' retreat after bailout angers lawmakers
By ANDREW TAYLOR, Associated Press Writer Tue Oct 7, 11:15 PM ET
WASHINGTON - Days after it got a federal bailout, American International Group Inc. spent $440,000 on a posh California retreat for its executives, complete with spa treatments, banquets and golf outings, according to lawmakers investigating the company's meltdown.

AIG sent its executives to the coastal St. Regis resort south of Los Angeles even as the company tapped into an $85 billion loan from the government it needed to stave off bankruptcy. The resort tab included $23,380 worth of spa treatments for AIG employees, according to invoices the resort turned over to the House Oversight and Government Reform Committee.
The retreat didn't include anyone from the financial products division that nearly drove AIG under, but lawmakers still were enraged over thousands of dollars spent on outing for executives of AIG's main U.S. life insurance subsidiary.

This was a top producers conference paid for well in advance.
Posted by: Beavis || 10/08/2008 9:31 Comments || Top||

#13  More

The St. Regis conference included recognition for vital independent agents who distribute AIG American General’s products - insurance for individuals and businesses. AIG American General - a subsidiary of parent AIG - is in much, much better financial shape than AIG itself. ”It’s one of our viable businesses,” said AIG spokesman Joseph Norton. “They’re fully capitalized. They’re fine. It wasn’t a corporate kind of thing.”

Posted by: Beavis || 10/08/2008 9:41 Comments || Top||

#14  Oh yeah, did they come across any congresscritters still investigating the safety of cruise ships? To hell with all of them.

Wife saw an AIG commercial couple days ago, said she 'bout threw the controller at the TV. Yes, some in our family have been bum fiddled.
Posted by: swksvolFF || 10/08/2008 9:42 Comments || Top||

#15  The Regis also offers these two outstanding packages. I would recommend the Last Hurrah for the AIG crowd as well as many in Congress, but NOT for a preggies celebration.

Pamper Your Pooch Package
The package consists of an overnight stay in a Resort view guestroom, a personalized welcome letter to the pet, the exclusive St. Regis doggy bed, pet amenities including “Sniffany & Co.”, “Bark Jacobs”, “Dog Perignon”, or “Jimmy Chew” toys, personalized silver food and water bowls, an array of treats, biscuits, and bones, along with an issue of Hollywood Dog! Pricing for this package begins at $545 per night. (two-night minimum required)

Last Hurrah Package
Enjoy a stay in a luxuriously appointed guest room, while you can indulge with a 60-minute couple’s massage - for her a Pregnancy massage and for him a Therapeutic massage, and a special take home amenity from Spa Gaucin. The package also includes a DVD selection of baby movies including “She’s Having a Baby,” “Nine Months” and “Baby Boom,” available through concierge. Also enjoy a special “cravings” menu which includes items such as Fried Chicken and French Fries, PB&J, Macaroni & Cheese, Angus Beef Burger, Warm Chocolate Cake and Ice Cream Sundae. The Last Hurrah package is available starting at $735 per night, excluding tax and gratuity, and is based on availability. For more information or to make reservations, please contact the resort at (949) 234-3200.
Posted by: Besoeker || 10/08/2008 9:53 Comments || Top||

#16  Like I said.

Firing bad management or those who misspend company money, or whatever, is fine with me and everybody, I'd guess.

But if it's really public business what private companies do with their money, because people work for them or have 401Ks or invest in mutual funds holding their stock, then I guess there IS nothing that isn't public business. Congress better staff up, lots of work coming their way.

And that's aside from the fact that this apparently was something for people not involved in the issues that brought down the huge company, and even for associated outsiders. Geez - some actual reporting from a wire service. Stop the presses (er, or something)!

I didn't follow the drama, but for those more informed, can AIG's fatal involvement in mortgage-related activities have anything to do with the departure of the former CEO or the actions of former NY AG Spitzer?

Posted by: Verlaine || 10/08/2008 11:17 Comments || Top||

#17  Verlaine no. That was a personal vendetta that Spitzer had against Hank Greenberg AIG's old CEO.

Posted by: Beavis || 10/08/2008 11:26 Comments || Top||

#18  It seems like if one branch of your business is fully capitalized and making money, you don't need a bailout. Why don't the bail themselves out if they can afford to do shit like this? Planned or not, no matter the branch, it was almost half a million for a golf weekend. I don't know if you guys pay taxes in the US, but this seems a pretty poor use for them.
Posted by: bigjim-ky || 10/08/2008 11:54 Comments || Top||

#19  This discussion has been an interesting mix of issues.
(1) A corporation is not a "private" company, but an entity chartered by the government (often the state of Delaware). Its liability is limited -- the directors & stockholders are generally not on the hook for debts the corporation doesn't pay, or for damage the corporation might inflict on "the general welfare". Corporations have eternal life, and can accumulate assets & power in ways "real" human beings cannot. I suspect the original idea (centuries ago) was to create institutions like colleges and hospitals that were given special legal privileges in return for the benefits the community at large received. Over the centuries laws and court decisions have given corporations rights and privileges similar (or better than) to those of individuals, with little if any input from most of the flesh and blood people affected. Whether the benefits we the people have been receiving from many corporations (like AIG) are balanced by the harm the corp's have caused is currently open to public discussion.
(2) The administration of 401Ks tend to be as opaque as possible for the beneficiaries. Often the options for investing are unnecessarily narrow. Few have the opportunity to sell all stocks & go into cash equivalents, for example. It is interesting that 401K investors seem to pay attention to these issues only when the stock market is going down.
(3) Gross overcompensation of corporate executives suggests the corporation is being run by corporate insiders for the benefit of corporate insiders, rather than for the benefit of the stockholders. If corporate dividends paid to stockholders were comparable to corporate compensation for executives, this would not be an issue.
Posted by: Anguper Hupomosing9418 || 10/08/2008 12:20 Comments || Top||

#20  AIG's stock has gone from $70.13 a share to $3.50 a share in 52 weeks. Seems to me that shareholders have much more of a legitimate claim on that $440,000 than the company's executives do. That's not illiterate bolshevik crap, its plundering your investors and pampering the pirates.
Posted by: bigjim-ky || 10/08/2008 12:23 Comments || Top||

#21  OK, I'll ask the really important question: What, exactly, is $23,380 worth of spa treatments for AIG employees? Because I'm thinking high dollar sportin' ladies. But I must be off the mark on that, right? Somebody tell me I'm off the mark on that.
Posted by: Ebbang Uluque6305 || 10/08/2008 14:35 Comments || Top||

#22  Yes, you are.  This is a spa resort - sports and other legitimate massage is a standard goodie offered at such places.

BTW, this sort of bash is the usual way to reward top sales people in a wide variety of organizations.   If it isn't part of the official revenue contract the independent insurance agents get, it's certainly what they would all expect.  Stop rewarding top agents from outside the firm and AIG stops selling policies at a sufficent rate to keep the rest of the corporate less under water ....

But in any case, as others have noted, the arrangements for this event were certainly made prior to the US Govt loan. Chances are most of the expenses were already incurred and could not be recovered by cancelling it.
Posted by: lotp || 10/08/2008 14:46 Comments || Top||

That said the appearances suck.
Posted by: lotp || 10/08/2008 19:17 Comments || Top||

#24  Someone explain to me how a bank CEO can say "We're fine. We're fine. We're fine. ... oops, we're screwed!"

What happened to the internal accountants, ERP systems, auditors, etc. The buck stops at the CEO (or is supposed to since SOX).

Where are the congressional hearings, the indictments, the perp walks. This does not pass the smell test.
Posted by: DMFD || 10/08/2008 20:38 Comments || Top||

#25  No need for hearings if nobody did anything illegal. I would remind you that it's not illegal to lose money and it's not illegal to project confidence in order to prevent cusotmers from fleeing in a panic.
Posted by: Mike N. || 10/08/2008 22:13 Comments || Top||

#26  I'd remind you that one of the key provisions of Sorbannes Oxley (SOX) is that CEO's are responsible for the accuracy of corporate financial statements. You don't wake up one morning and suddenly 'discover' billions of dollars in dodgy loans. Fraud is illegal. Covering up material financial data from regulators and shareholders is illegal. Someone needs to go to jail.
Posted by: DMFD || 10/08/2008 22:30 Comments || Top||

#27  "Someone needs to go to jail."

I agree.

Let's start with Barney Frank and Chris Dodd, then move on to Charles Rangel.
Posted by: Barbara Skolaut || 10/08/2008 23:03 Comments || Top||

#28  Don't forget Frank Raines.
Posted by: DMFD || 10/08/2008 23:08 Comments || Top||

Bernanke signals readiness to cut rates
Federal Reserve Chairman Ben Bernanke on Tuesday signaled a readiness to lower U.S. interest rates in a dramatic shift to support an economy battered by a financial crisis of "historic dimension."
Posted by: Fred || 10/08/2008 00:00 || Comments || Link || E-Mail|| [10794 views] Top|| File under:

Wall Street sinks again on crisis fears
Stocks plunged on Tuesday in their fifth straight declining session as fears mounted that the spiraling credit crisis would drag the economy into a deep recession.
Posted by: Fred || 10/08/2008 00:00 || Comments || Link || E-Mail|| [10793 views] Top|| File under:

Fed steps up in global scramble to stem crisis
The Federal Reserve stepped forward as a commercial lender of last resort and signaled a readiness to cut interest rates as governments around the world scrambled to stem the global financial crisis and calls arose for concerted action.
Posted by: Fred || 10/08/2008 00:00 || Comments || Link || E-Mail|| [10793 views] Top|| File under:



[Theme from DRAGNET = WELCOME BACK, KOTTER? here].
Posted by: JosephMendiola || 10/08/2008 0:32 Comments || Top||

World's Stock Markets Plunge
World stock markets suffered one of their worst days ever Monday amid fears that government responses to the global financial crisis, including the U.S. bailout and inconsistent moves by European leaders, would not be sufficient to prevent a worldwide recession. The day opened with heavy losses in Asia and the Middle East, followed by record losses in Europe and sharp drops in Latin America before the closing bell finally sounded to end another dismal day on Wall Street.

Central banks continued to pump billions of dollars into money markets in hopes of unlocking seized-up credit markets. The Bank of England will inject an additional 40 billion pounds, equivalent to about $70 billion, on Tuesday, according to Alistair Darling, Britain's chancellor of the exchequer, or finance minister.

Australia's central bank on Tuesday cut its benchmark lending rate by a full point, to 6 percent, in its biggest rate cut in more than 16 years, the Associated Press reported. The news sent the country's stock market up nearly 2 percent in early trading. Meanwhile, the Bank of Japan left its key interest rate unchanged Tuesday. Tokyo's two main indexes fell to their lowest level in nearly five years. The Nikkei average was off 4.25 percent, and the broader Topix was down 4.67 percent. Markets in Hong Kong and Shanghai lost 5 percent of their value, and the Mumbai exchange was down more than 4 percent.

Saudi Arabia's stock market, the Arab world's largest, suffered one of its worst trading days on record, falling 9.81 percent. Even the exchange in Dubai, the Persian Gulf's roaring boomtown, ended 7.6 percent down.

In Europe, where ad hoc government responses to the crisis continued to confound investors, the Paris CAC 40 index finished down 9 percent, its largest single-day loss ever. London's FTSE 100 dropped 391 points, or 7.85 percent, its largest one-day drop since 1987. In Frankfurt, Germany, the DAX index was down 7 percent.

Russia's leading stock markets suffered record one-day losses, with the MICEX index losing 18.6 percent and the RTS 19.1 percent. Alarmed Russian officials were forced to halt trading on both exchanges to prevent an even worse free fall. "It's a bit like swimming," Digby Jones, a British government economic official, told the BBC. "You don't know where the bottom is, whether it's a foot below you or 10 feet below you."
Posted by: Fred || 10/08/2008 00:00 || Comments || Link || E-Mail|| [10801 views] Top|| File under:

#1  ASIAN NETTERS > opine that the US + UK are intentionally engaging in ECONOMIC/FINANCIAL IMPERIALISM???
Posted by: JosephMendiola || 10/08/2008 0:21 Comments || Top||

#2  That "FINANCIAL IMPERIALISM" baloney sounds like a headline from PRAVDA.

Maybe the Putin régime is ticked off Moscow's MICEX stock index is stuck in a far deeper bearish sell-off then that of Western markets.

The Kremlin's OPEC pals in Tehran should bail out their the Russkie comrades.
Posted by: Mark Espinola || 10/08/2008 2:21 Comments || Top||

#3  Nikkei is up 1.25%, Hang Seng is up 2.75%. With the coordinated worldwide rate cuts, we MAY have hit a bottom.
Posted by: DMFD || 10/08/2008 22:47 Comments || Top||

#4  damn good news - I have about 2300 shares of Janus overseas, which has lost about 40% value the last 90 days.....
Posted by: Frank G || 10/08/2008 23:21 Comments || Top||

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