California: 81,550 Notice of Defaults in the 4th Quarter
• CalculatedRisk.blogspot.comLast quarter's default numbers were a record in 42 of the states 58 counties.
Page Two
Wachovia: Homeowners Just Walking Away
• CalculatedRisk.blogspot.comAs I've noted before, one of the greatest fears for lenders (and investors in mortgage backed securities) is that it will become socially acceptable for upside middle class Americans to walk away....
Washington DC mall soon to be off-limits to protesters
• Washington PostThe NPS envisions a prime venue for demonstrations: a broad space at the foot of the Capitol with restrooms, and seating. Attorneys fear a designated, government-approved "pit," limiting freedom of speech and movement in a hallowed place o
Ron Paul Limo - in Phoenix
• News LinkNews coverage of the Ron Paul Limo stopping in Phoenix AZ
Milestone: Less than one year of Bush remaining
• The IndependentArabia is the land of illusion and desert mirages. And as he jetted last week from kingdom to sheikdom, to be regaled with feasts and falcons, jewels and ornamental swords, George Bush might have imagined that all was well with his presidency.
Fred Thompson Drops Out of Presidential Race
• Washington PostFred Thompson dropped out of the race for the Republican presidential nomination today, following months of lackluster campaigning and chaos within his campaign organization. "Today I have withdrawn my candidacy for President of the United State
Jose Padilla is sentenced to 17 years
• APJose Padilla, once accused of plotting with al-Qaida to blow up a radioactive "dirty bomb," was sentenced Tuesday to 17 years and four months on terrorism conspiracy charges that don't mention those initial allegations.
Universities join battle against terror as government guidelines are agreed
• London TimesUniversity leaders have agreed to inform the police of any extremist behavior by students or visiting speakers. Advises universities to draw up a national watch list of guest speakers who should be banned from speaking on campus. It also suggests
Russian bombers to test-fire missiles in Bay of Biscay
• London Times[I wonder why?] Russia has sent two long-range bombers to the Bay of Biscay, off the French and Spanish Atlantic coasts, to test-fire missiles in firing missiles off the coastline of two NATO members is the latest in flexing Moscow’s military muscle
Pre-emptive nuclear strike a key option, NATO told
• The GuardianThe west must be ready to resort to a pre-emptive nuclear attack to try to halt the "imminent" spread of nuclear and other weapons of mass destruction, according to a radical manifesto for a new NATO by the west's most senior military o
Failed states can harbor terrorism: Gordon Brown
• The NewsBritish Prime Minister Gordon Brown underlined the need to establish a global network to combat extremists. Speaking at a meeting of industrialists here, he said "Failed states can harbor terrorism and be a source of disorder and spread across t
NY Times forced to drop hometown Rudy for Ron Paul
• NY TimesPrimary Season Election Results (chart) [addendum: Rudy off this morning, now that Fred has quit, Rudy is baaaaack. ;-D]
Shoot Your Favorite Presidential Candidate!
• The Smoking GunFor the aspiring young assassin, a popular online games site offers kids the opportunity to assume the identity of a leading presidential contender and then shoot their political opponents in a series of armed confrontations in the White House.
Huckabee Low on Cash
• APBattling to stay competitive after his weekend loss in South Carolina, former Arkansas Gov. Mike Huckabee is taking new steps to save money, including no longer scheduling planes and buses for journalists. see also: http://tinyurl.com/2jhdhf
BofA: 95% Fall in Fourth-Quarter Net Income
• CalculatedRisk.blogspot.comBank of America Corp.'s fourth-quarter net income fell 95% as the company recorded a higher-than-expected $5.28 billion in collateralized debt obligation write-downs and said credit costs soared.
Asia, European markets extend decline
• AP"Some people think there's going to be a deep fall off a cliff" because of a potential recession in the U.S., said Lawrence Peterman, investement director at Eden Financial, a London-based stockbroker.
Stock futures gyrate after unprecedented emergency Fed move
• APU.S. stock futures seesawed Tuesday after the Federal Reserve, responding to a growing financial market crisis, slashed interest rates 0.75 percentage point. The Dow Jones industrial futures were fluctuating violently an hour before the start of t
U.S. Stock Futures Fall Sharply
• APWall Street was expected to plunge at the opening of trading Tuesday, extending its huge losses from last week and taking more cues from heavy selling that has spread throughout the world. The Dow Jones was set to fall by 500 points when trading begi
The Israeli Press: Ron Paul Neo-Nazi (oh, Obama and Huckabee too)
• Jerusalem Post[Too funny.] On the Republican side, this phenomenon is being played out in the campaigns of Congressman Ron Paul and Governor Mike Huckabee. On the Democratic side of the aisle, it is manifested in Senator Barack Obama's campaign.
Saudi Newspaper: Bush's Iran policy - "It is madness in search of war"
• AntiWar.comYet in his confrontational remarks about Iran, he offers no carrot, no inducement, no compromise - only the big US stick. This is not diplomacy in search of peace. It is madness in search of war.”
Futures Markets: DJIA Index -487.00, NASDAQ 100 -79.00
• Bloomberg.comPimco's Paul McCulley on the need for a rate cut by the FED. "Sometimes when you are ill, you make an appointment with your doctor; other times, you go straight to the emergency room. Now is an other time...
India: Sensex and Nifty Hit 10% Circuit Breaker, Close for One Hour
• CalculatedRisk.blogspot.comSensex and Nifty both opened with an over 10% cut and hit the lower circuit - the trading got halted for one hour, in only the fourth time in Indian history. In Japan the Nikkei is down 5.5%....
New York: Giuliani trailing
• News.Yahoo.comFormer New York City mayor Rudy Giuliani is trailing in the race for the Republican presidential nomination even on his home turf of New York state, a new poll showed on Monday.
Crossing Mayor Giuliani Often Had a Price
• NY TimesIn August 1997, James Schillaci, a rough-hewn chauffeur from the Bronx, dialed Mayor Giuliani’s radio program on WABC-AM to complain about a red-light sting run by the police near the Bronx Zoo. When the call yielded no results, Mr. Schillaci turned
Hong Kong stocks squeezed as sell-off deepens
• Marketwatch.comStocks listed in Hong Kong tumbled Tuesday, with the benchmark index racking up its second consecutive 1,000-plus point loss amid what brokers said was higher risk aversion and the unwinding....
Federal Reserve St. Louis: "The US is Bankrupt?"
• NewstargetIn a remarkable paper posted by the Federal Reserve of St. Louis, authored by a Boston Univ. Prof Kotlikoff, it is revealed in blunt, powerful language that the era of borrowing and spending without consequence may soon come to a close.
Israel may have to take military action against Iran: Bolton
• AFPFormer US ambassador to the United Nations John Bolton said on Monday that Israel may have to take military action to prevent its archfoe Iran from acquiring an atomic bomb.
Va. Tech families protest state gun law
• AP"I feel sorry for you - the fact that you feel you need to protect yourself in every situation. You're afraid of crazy situations happening. I've lived through this and I know that I can't continue my life afraid of things," add
Ron Paul Endorsed by Former Gov of New Mexico
• Conservative PulseGary Johnson was governor of New Mexico from 1995 to 2003. He was considered by many a forceful advocate for limited government, gaining the nickname Gary “Veto” Johnson for his record of vetoing hundreds of bills. He has also long been courted as
The Media Ignores Paul: Conspiracy or Delusion?<br>by Linda Rawles
• Arizona RepublicI admit that Ron Paul is my guy. As a libertarian and someone who is not yet willing to toss the Constitution - and freedom - into the ashbin of history, Paul makes me cry whenever I listen to him or see those fresh-into-politics faces chanting his n
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