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News Link  •  Economy
Jobless data sends stocks reeling
07-02-2009  •  AP 
A dour report on job losses in June sent stocks sharply lower Thursday.

Major stock indexes fell more than 2.6 percent after the government said the U.S. unemployment rate hit a 26-year high. The Dow Jones industrials closed at their lowest level in six weeks.

Trading on the New York Stock Exchange was extended until 4:15 p.m. Eastern time in order to execute customer orders impacted by system irregularities, an NYSE spokeswoman said.
 
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Reported by Powell Gammill
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News Link  •  MEDIA (MainStreamMedia - aka MSM)
WaPo cancels lobbyist event
07-02-2009  •  Politico 
Washington Post publisher Katharine Weymouth said today she was canceling plans for an exclusive "salon" at her home where for as much as $250,000, the Post offered lobbyists and association executives off-the-record access to "those powerful few" — Obama administration officials, members of Congress, and even the paper’s own reporters and editors.
 
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Reported by Powell Gammill
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News Link  •  Criminal Justice System
Judge tentatively acquits convicted woman in MySpace case
07-02-2009  •  LA Times 
A federal judge tentatively threw out the convictions of a Missouri mother for her role in a MySpace hoax directed at a 13-year-old neighbor girl who ended up committing suicide. If she is to be found guilty of illegally accessing computers, anyone who has ever violated the social networking site's terms of service would be guilty of a misdemeanor. That would be unconstitutional, he said. 
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Reported by Powell Gammill
American Precious Metals
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News Link  •  Architecture
Sears Tower unveils 103rd floor glass balconies
07-02-2009  •  AP 

Visitors to the Sears Tower's new glass balconies all seem to agree: The first step is the hardest.

The balconies are suspended 1,353 feet in the air and jut out four feet from the building's 103rd floor Skydeck. Their transparent walls, floor and ceiling leave visitors with the impression they're floating over the city.

  
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Reported by Powell Gammill
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News Link  •  Techno Gadgets
Tiny New Battery Is Printable
07-02-2009  •  LiveScience 

A new battery, small and thin, weighs almost nothing and can be printed in a process similar to silk-screening shirts.

The printable battery is expected to be cheap and easy to mass produce and could be used in disposable receipts or cards, engineers in Germany announced today.

  
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Reported by Powell Gammill
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News Link  •  Military
Marines suffer first casualties in Afghan campaign
07-02-2009  •  AP 
U.S. Marines suffered their first casualties of a massive new military campaign Thursday as they engaged in sporadic gunbattles along 55 miles of Taliban-controlled heartland in southern Afghanistan.

One Marine was killed and several others were injured or wounded on the first full day of the assault, the largest military operation in Afghanistan since the fall of Taliban government in 2001.

  
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Reported by Powell Gammill
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News Link  •  Arizona's Top News
Detective feared for partner's life when he blindly fired into car
07-02-2009  •  East Valley Tribune 
A Mesa detective who shot and killed a 15-year-old girl at the end of a car chase on May 28, fired his weapon to protect his partner, according to a police report.  The car had heavily tinted windows and Detective Nathan Schlitz fired five to six rounds through the driver's side window. 
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Reported by Powell Gammill
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News Link  •  Economy - International
Keep an eye on Russia's imploding banks
07-02-2009  •  Telegraph Blog 
 Russia is sinking into a swamp of bad loans.  The scale of credit rot in the Russian banking system exposed by Fitch Ratings this week is truly staggering.  The report is yet another cold douche to those betting that the BRICs (Brazil,Russia,India, and China)  
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Reported by Jean Carbonneau
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News Link  •  Economy - International
Mish: Sweden Cuts Deposit Rate to Negative .25%
07-02-2009  •  Michael Shedlock / Mish 
 One thing is certain. This is eventually going to blow sky high. Let's hope it does before Bernanke gets the same brilliant idea. 
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Reported by Jack Gregson
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News Link  •  Economy
1.1 Million jobs created since Dec. 1999: Naught for the Naughts?
07-02-2009  •  CalculatedRiskblog.com 
 What are the odds that the economy loses another 1.16 million jobs over the next 6 months? Pretty high. That would mean no net jobs added to the economy for the naughts: Naught for the Naughts! 
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Reported by Jack Gregson
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News Link  •  Constitution
Sotomayor v. First Amendment: An Interview with Avery and Lauren Doninger
06-29-2009  •  Paul Levinson 
a podcast interview with the 16-year old (and her mother) whose First Amendment rights were trashed by her school - and by Sotomayor's Appellate Court, which upheld the school's actions 
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Reported by Paul Levinson
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News Link  •  Communications
Chris Matthews an American Idiot? by Jim Ianuzzo
07-02-2009  •  The Libertarian Solution . com 
 "Chris Matthews is a shill for the administration. He favors state control over individual choice and thereby fails to understand his immoral position." 
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Reported by Ed Vallejo
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News Link  •  WAR!!!
American soldier feared captured in Afghanistan
07-02-2009  •  AP 

An American soldier, who disappeared after walking off his base in eastern Afghanistan with three Afghan counterparts, is believed captured, officials said today.

Spokeswoman Capt. Elizabeth Mathias said the soldier disappeared Tuesday.

"We understand him to be have been captured by militant forces. We have all available resources out there looking for him and hopefully providing for his safe return," Mathias said.

  
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Reported by Powell Gammill
Common Sense Revisited Thomas Paine
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News Link  •  MEDIA (MainStreamMedia - aka MSM)
WaPo is now WaPimp?
07-02-2009  •  Political Byline (links to Various) 
For $25,000 to $250,000, The Washington Post has offered lobbyists and association executives off-the-record, nonconfrontational access to “those powerful few”: Obama administration officials, members of Congress, and — at first — even the paper’s own reporters and editors. 
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Reported by Chuck Adkins
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News Link  •  Obama Administration
Tonight Obama where’s your Birth Certificate? With Dr. Orly Taitz Tonight live
07-02-2009  •  Freedom Fighter Radio 
Barry Soetoro aka Barack Obama where’s your Birth Certificate? With Dr. Orly Taitz Tonight live on Freedom Fighter Radio.net 9 pm est. 
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Reported by Jim Stachowiak
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News Link  •  Science, Medicine & Technology
Solving the Chalk Mystery
07-2-2009  •  arclein 
In 1984, it was revealed that the North Sea oil field Ekofisk, situated 70 metres below sea level, had subsided by 1-2 metres. This was not the first time in history that a reservoir had compacted as a result of oil and gas extraction. But the scale of the seabed subsidence was unprecedented. The explanation to this phenomenon lay in the specific rock formation in this particular field. The Ekofisk rock reservoir is mainly made of chalk, as is the neighbouring Valhall field 
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Reported by Robert Klein
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News Link  •  Energy
Saharan Mega Solar
07-2-2009  •  arclein 
The ambitious project, known as Desertec, is expected to cost $555.3 billion. It would generate inexhaustible and affordable quantities of energy across the Mediterranean -- and even on a global scale if necessary. 
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Reported by Robert Klein
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News Link  •  Economy
Nassim Taleb: 'We're in the Middle of a Crash'
07-02-2009  •  CNBC.com 
 "What makes me very pessimistic in not seeing any leadership or awareness on parts of government on what has to be done, which is deleverage $40-to-$70 trillion," Taleb said. 
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Reported by Jack Gregson
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News Link  •  Economy
Unemployment Measures; Job Losses (%) Post-WWII Recessions
07-02-2009  •  Ritholtz.com/blog 
 These charts provide a little clarity on the unemployment rate. 
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Reported by Jack Gregson
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News Link  •  Economy
California To Begin Issuing IOUs: Gov. Declares Fiscal Emergency
07-02-2009  •  californiahealthline.org 
 Gov. Arnold Schwarzenegger (R) now projects the total shortfall at $26.3 billion. 
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Reported by Jack Gregson
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News Link  •  Federal Reserve
Federal Reserve: The Enemy Within!
07-02-2009  •  Rense.com 
 "June 26, 2009 Federal Reserve chairman Ben Bernanke unleashed an alarming veiled threat of financial terrorism when he was questioned about Ron Paul's H.R. 1207 bill to audit the Federal Reserve. 
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Reported by Jack Gregson
American Precious Metals
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News Link  •  Economy
Auto Sales "Remain Ugly" Are Fantastic!
07-02-2009  •  Ritholtz.com/blog 
 • Chrysler Group 42% decline; • General Motors slipped by 33.4% • Toyota Motor reported a 32% drop; 
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Reported by Jack Gregson
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News Link  •  Housing
Freddie, Fannie Provide 125% LTV Mortgages, Worse Than Subprime Frenzy
07-02-2009  •  NakedCapitalism.com 
 Yves here. Huh? This is beyond Orwell, it's patently silly. The intent is to prop up prices by keeping stressed borrowers from selling their houses... 
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Reported by Jack Gregson
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News Link  •  Economy
Non Farm Payroll Data Dissection: Hours worked falls to 45 year low
07-02-2009  •  Ritholtz.com/blog 
 • Birth Death Adjustment contributed 185k in June 2009 (versus 165k in June 08) • Hours worked fell 0.8%, bringing the average workweek down 0.1 hours to 33; This is a record low going back to 1964; 
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Reported by Jack Gregson
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News Link  •  WAR!!!
US Marines launch major offensive in Afghanistan
07-02-2009  •  AP 

Thousands of U.S. Marines poured from helicopters and armored vehicles into Taliban-controlled villages in southern Afghanistan on Thursday in the first major operation under President Barack Obama's strategy to stabilize the country.

The offensive was launched shortly after 1 a.m. Thursday local time (4:30 p.m. EDT Wednesday, 2030 GMT Wednesday) in Helmand province, a Taliban stronghold and the world's largest opium poppy-producing area. The goal is to clear insurgents from the hotly contested region before the nation's Aug. 20 presidential election.

  
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Reported by Powell Gammill
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News Link  •  Economy
467K jobs cut in June; jobless rate at 9.5 percent
07-02-2009  •  AP 
Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5 percent, suggesting that the economy's road to recovery will be bumpy.
 
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Reported by Powell Gammill
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News Link  •  Political Theory
The Dumbing Down of America
07-02-2009  •  Just a Girl in Short Shorts 
Americans are getting dumber and dumber and it is resulting in the misuse, abuse and abdication of political power. 
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Reported by Becky Chandler
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News Link  •  World News
Fuel tax could be replaced with by-the-mile road tax
07-02-2009  •  McClatchy 
The year is 2020 and the gasoline tax is history. In its place you get a monthly tax bill based on each mile you drove — tracked by a Global Positioning System device in your car and uploaded to a billing center. 
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Reported by Jim Stachowiak
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News Link  •  Bailouts
How a Loophole Benefits GE in Bank Rescue
6/29/09  •  Washington Post 
General Electric, the world's largest industrial company, has quietly become the biggest beneficiary of one of the government's key rescue programs for banks. At the same time, GE has avoided many of the restrictions facing other financial giants getting help from the government. The company did not initially qualify for the program, under which the government sought to unfreeze credit markets by guaranteeing debt sold by banking firms. But regulators soon loosened the eligibility requirements, in part because of behind-the-scenes appeals from GE. 
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Reported by Anonymous Watchman
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News Link  •  TERRORISM
Pipe bomb blast destroys car in Oregon
07-02-2009  •  The Creswell Chronicle 
A pipe bomb exploded inside a 1990 Geo Storm in Lane County Oregon.
 
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Reported by Jim Stachowiak
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