Thursday, October 16, 2008

SAR #8290

If you are not angry, you have not been paying attention.

Brazen: AIG, the 80% federally owned insurance/financial services giant, is spending money lobbying states to relax the newly imposed controls on the mortgage industry. They promise to be really, really careful this time.

Whether Report: Boy, that was short lived, The Dow falls down the steps, our new TARP is flapping in the wind, Term Auction Facility's running a $900 billion fever and the economic bad news has just started.

Hydra: The US Military-in-Iraq yesterday made its scheduled semi-annual announcement that the Number Two leader of al-Qaida-in-Iraq has been killed.

Lies, Damn Lies, & Oil Stats: Again this month you get to choose: OPEC said its members produced 1.75 million barrels a day more than the US EIA cites.

Below Zero: New York State manufacturing fell off the table in October. The Empire State Manufacturing Survey of general business conditions dropped 17 points to a record low of minus 24. A record, of course. Life support is indicated.

Groundhog Day: So we're going to fix the problem by injecting billions into banks so the people who created the problem can make more bad loans? The looting of the Treasury will continue until the current crew in Washington leaves town.

Kicking the Tires: Ford Motor Credit, GMAC, Cerberus Capital and other automobile finance firms are asking for a place at the trough. They want to sell their bad paper to the Treasury, too.

Only Looking: GMAC only wants to limit its sales to that 60% of the population who have credit scores above 700. The new Chevy model is the 701.

Home For Christmas: The draft Status of Forces Agreement with Iraq requires the US to have all of its troops out by the end of 2011. The fine print says...

Another Failed State? The US National Intelligence Estimate for Pakistan has a rather succinct summary: "No money, no energy, no government." Details to follow.

Essay Question: Why is the government putting billions into these particular banks without taking a permanent equity stake, when it put up no cash at all for Fanny, Freddie, Washington Mutual or Wachovia - and wiped out nearly all stockholder equity? Paulson...

Back At The Ranch Front: The Taliban have become strong enough to launch attacks on well defended provincial capitals. The UN reports that Taliban attacks are at a six year high. British military leaders now concede that the Taliban are undefeatable.

Roller Coaster! The increase in the price of oil lead to the decrease in the price of oil. This price oscillation will repeat repeatedly as we make our way to, through and down the far side of peak oil.

Tibet Valley Authority: China plans a string of 750 hydroelectric dams across Tibet to provide power to the region, while putting to good use the runoff from glaciers melting due to global warming.

Budget Process: Nigeria has scrapped its proposed 2009 budget and begun working on one that reflects the new international price of oil. Things must be eliminated, mostly social programs, in that graft is constitutionally protected.

Porn O'Graph: Dry, very dry - Baltic Dry.

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