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Date Sent: 2008-07-23
Freedom's Phoenix Headline News for Wednesday, July 23, 2008 |
Wachovia loses $8.86 billion, slashes jobs, WaMu has $3.33 bln loss, may be cut to "junk"
The Mother Of All Short Squeezes May End Badly -- They tried to take Ron Paul out today -- Blackwater CEO: US government will always need 'companies like us' -- Debt Rattle, July 19 -- GM, Ford 'On the Verge of Bankruptcy' -- US lawyer urges Iran to sue over nukes -- Leaked photos show troops fly in squalor -- Paul announces counter-rally -- US general warns Russia on nuclear bombers in Cuba -- Why did it take so long to look at Fannie/Freddie's books? -- CA Foreclosures Flying Off The Chart -- Jim Rogers as Diogenes, and he ain't finding anybody -- Eurex Will Offer Central Clearing Service for OTC Derivatives -- Markit and DTCC form derivatives trade processing JV -- The Philly Fed's Graph From Hell - Still think were not in a recession? -- Phoenix Foreclosures: They're Not Just For Outlying Areas Anymore -- FHA Delinquency Crisis: 1 in 6 Borrowers in Default -- Court determines use of file erasure software may indicate wrongdoing -- Russia mulls sending bombers to Cuba -- Fannie, Freddie bailout may have $25 billion tag -- US says ready to cut farm aid to $15 billion
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News Link • Economy - Economics USA
WaMu has $3.33 bln loss, may be cut to "junk"
7-22-2008
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Reuters
Washington Mutual Inc, the largest U.S. savings and loan, posted a $3.33 billion second-quarter loss on Tuesday as souring mortgages forced it to set aside more money for loan losses.
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Reported by:
Powell Gammill
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News Link • TAXES: Federal
Conversation on a plane: Re: "legal plunder"
07-22-2008
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Nolan Chart-Seeking Truth column by C. Smith
A conversation of socialism and libertarianism, humanism and spirituality.
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Reported by:
Christine -
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News Link • Marriage
Man proves what women have known all along
7-22-2008
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video
Woman plays with gun. Man plays with woman. Man not get laid for many weeks.
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Reported by:
Powell Gammill
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News Link • Military
Watchdog: Leaked photos show troops fly in squalor
7-22-2008
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Rawstory
US troops on their way to battlefields in Afghanistan travel in squalor while top military and government officials are cocooned in "comfort capsules" with reclining leather seats and flat-screen TVs. [It is fine to be an officer.]
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Reported by:
Powell Gammill
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News Link • Police State
Blackwater CEO: US government will always need 'companies like us'
7-22-2008
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Rawstory
Blackwater founder and CEO Eric Prince foresees that "whoever takes over in January, whatever party, the US government is still going to need a lot of this kind of work done. Companies like us are going to be necessary to do the work."
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Reported by:
Powell Gammill
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News Link • Economy - Economics USA
GM, Ford 'On the Verge of Bankruptcy'
7-22-2008
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Bloomberg
General Motors Corp. and Ford Motor Co., the two biggest U.S. automakers, have about a 46 percent chance of default within five years, according to Edward Altman, a finance professor at New York University's Stern School of Business.
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Reported by:
Powell Gammill
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News Link • Eugenics
They tried to take Ron Paul out today
7-22-2008
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Rawstory
A flight with members of Texas' U.S. Congressional delegation aboard, including former Republican presidential candidate Ron Paul, "took a major nosedive" and was forced to make an emergency landing on Tuesday afternoon, accordin
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Reported by:
Powell Gammill
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News Link • The Daily Show with Jon Stewart & Stephen Colbert
Daily Show on press idolatry: Call him 'Barack Oboner'
7-22-2008
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Comedy Central video
Within moments, the whole cast of reporters were declaring a phallic affection of the presumptive Democratic nominee, at Rob Riggle's declaration that, "Barack Obama ... Kinda gives me a boner."
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Reported by:
Powell Gammill
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News Link • Economy - Economics USA
The Mother Of All Short Squeezes May End Badly
07-22-2008
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www.marketoracle.co.uk
In the words of the notorious 19th century speculator Daniel Drew: "He who sells what isn't his'n must buy it back or go to pris'n."
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Reported by:
Ernest Hancock
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News Link • Economy - Economics USA
How safe is your bank?
07-22-2008
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St. Petersburg Times
Does the FDIC insure safe deposit boxes if a bank fails? - No. In the event of a bank failure, the FDIC usually arranges for an acquiring bank to take over the failed bank's offices, including locations with safe deposit boxes.
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Reported by:
Ernest Hancock
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News Link • Economy - International
Debt Rattle, July 19 2008: Less corn and more hell
07-22-2008
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theautomaticearth.blogspot.com
The British government faces new mayhem on a daily basis, and there’s no stopping it anymore. It will therefore have to be absorbed. And that will mean a return to mass unemployment and subsequent new found poverty.
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Reported by:
Ernest Hancock
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News Link • Religion: Believers
Islam subway ads cause stir in New York
07-22-2008
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CNN
Ads promoting Islam are to be placed on New York subway cars in September, but a U.S. congressman finds people sponsoring the messages unacceptable.
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Reported by:
Ernest Hancock
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News Link • Foreign Policy
US general warns Russia on nuclear bombers in Cuba
07-22-2008
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RawStory.com
Newspaper Iszvestia on Monday cited an unnamed senior Russian air force official in Moscow as saying that Russia may start regular flights by long-range bombers to Cuba in response to US plans to install a missile defense system in eastern Europe.
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Reported by:
Ernest Hancock
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News Link • Foreign Policy
Bush Administration Promises Full Effort on India Nuclear Deal
07-22-2008
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www.voanews.com
The Bush administration says it will do all it can to try to remove remaining obstacles to the U.S.-India nuclear cooperation accord
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Reported by:
Ernest Hancock
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News Link • Foreign Policy
U.S. lawyer urges Iran to sue over nukes
07-22-2008
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UPI.com
TEHRAN, July 22 (UPI) -- A University of Illinois law professor says he has offered to represent Iran if it decides to sue the United States over threatened nuclear program sanctions.
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Reported by:
Ernest Hancock
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News Link • Eugenics
Paul announces counter-rally
07-22-2008
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Boston Globe
Ron Paul, the iconclastic former Republican presidential hopeful, announced today that he will hold a rally at the Target Center in Minneapolis on Sept. 2, as the GOP holds its convention across the river in St. Paul.
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Reported by:
Ernest Hancock
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News Link • Economy - International
DTCC, Markit Form OTC Derivatives Partnership
07-22-2008
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www.watersnews.com
The new company will provide a single gateway for confirming over-the-counter (OTC) derivative transactions globally. This will allow buy-side and sell-side OTC derivative market participants to confirm trades and to gain access to additional service
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Reported by:
Ernest Hancock
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News Link • Economy - Economics USA
Why did it take so long to look at Fannie/Freddie's books?
07-22-2008
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www.bloggingstocks.com
They owe $1.5 trillion; they "own or guarantee more than $5 trillion in mortgages"; and they have derivative contracts to hedge $2 trillion worth of mortgage risks. I am curious what else the Fed and the OCC will be looking for as they insp
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Reported by:
Ernest Hancock
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News Link • Economy - Economics USA
California Foreclosures Flying Off The Chart
7-22-08
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CalculatedRisk.blogspot.com
Foreclosure resales have emerged as a significant market factor, accounting for 40.0 percent of all California resale activity last quarter. A year ago it was 5.4 percent.
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Reported by:
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News Link • Economy - Economics USA
Eurex Will Offer Central Clearing Service for OTC Derivatives
07-22-2008
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www.securitiesindustry.com
Designed to address industry concerns about systemic risk due to backlogs of transaction confirmations in the credit derivatives arena. (this means that the real value of $100's of Trillions in derivatives will be settled, stay tuned)
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Reported by:
Ernest Hancock
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News Link • Economy - Economics USA
With transparency and truth in short supply, caution is warranted
07-22-2008
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www.financialsense.com
"They're ruining what has been one of the greatest economies in the world,'' said Rogers. “Bernanke and Paulson are bailing out their friends on Wall Street but there are 300 million Americans that are going to have to pay for this.*
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Reported by:
Ernest Hancock
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News Link • Economy - Economics USA
Markit and DTCC form derivatives trade processing JV
07-22-2008
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www.efinancialnews.com/
Single gateway for confirming OTC derivative transactions globally and the initiative will accelerate the adoption of electronic processing services across the rapidly growing $454 trillion OTC derivative market where around 50% of transactions are s
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Reported by:
Ernest Hancock
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News Link • Economy - Economics USA
The Philly Fed's Graph From Hell - Still think were not in a recession?
7-22-08
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CalculatedRisk.blogspot.com
This recession already looks worse than the one in the early eighties.
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Reported by:
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News Link • Economy - Economics USA
FHA Delinquency Crisis: 1 in 6 Borrowers in Default
7-22-08
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whistleblower.ml-implode.com
Surprisingly, 4 out of the 10 largest servicers have default rates exceeding 20% of their active servicing portfolios. This translates into 1 out of every 5 borrowers either being delinquent or in foreclosure.
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Reported by:
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News Link • Economy - Economics USA
Phoenix Foreclosures: They're Not Just For Outlying Areas Anymore
7-22-08
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HousingDoom.com
Foreclosures across metro Phoenix number 16,647 for the first half of the year compared with 9,966 during all of 2007 and 1,070 in 2006.
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Reported by:
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News Link • Bush Administration
Russia mulls sending bombers to Cuba
7-22-08
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Rawstory.com
Russia may start regular flights by long-range bombers to Cuba in response to US plans to build missile defense sites in Eastern Europe, the newspaper Izvestia reported Monday, quoting an official.
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Reported by:
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News Link • Technology: Software
Court determines use of file erasure software may indicate wrongdoing
7-15-2008
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Schneier on Security
Helpful Tip: If you EVER plan on erasing a document so it won't be found by the government, make a habit of erasing files a very common part of your routine,...or else.
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Reported by:
Chip Saunders
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News Link • Economy - Economics USA
Fannie, Freddie bailout may have $25 billion tag...for now suckers
7-22-2008
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Reuters
Congressional budget analysts on Tuesday put a $25 billion cost estimate on a Bush administration plan to bolster mortgage finance giants Fannie Mae and Freddie Mac, but raised questions about a key assumption underlying the plan.
Read Full Story
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Reported by:
Powell Gammill
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News Link • Economy - Economics USA
Wachovia loses $8.86 billion, slashes jobs
7-22-2008
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Reuters
Wachovia Corp, the fourth-largest U.S. bank, on Tuesday posted an $8.86 billion second-quarter loss, slashed its dividend and announced the elimination of more than 10,700 jobs after losses tied to mortgages soared.
Read Full Story
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Reported by:
Powell Gammill
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News Link • Welfare: Corporate
U.S. says ready to cut farm aid to $15 billion
7-22-2008
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Reuters
The United States has come under pressure to announce a ceiling for its farm subsidies, a key part of the WTO's long-delayed Doha round of negotiations for a global trade deal. [Oh yes, "free trade" means free trade]
Read Full Story
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Reported by:
Powell Gammill
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