Weekday NEWS to Comfort the Disturbed and Disturb the Comfortable.
Wed 02.17.2010
Coming Soon: 5 Million More Foreclosures By Barry Ritholtz - The Big Picture Studies keep showing what we have known for a long time: Fighting foreclosures is a futile — and counter-productive — use of resources. New studies by John Burns Real Estate Consulting and Standard & Poor’s Financial Services conclude that loan mod efforts only serve to delay the inevitable, resulting in future foreclosures. The credit bubble allowed home buyers to get in over their heads, to buy more house than they could afford. Once prices came down and the refi pipeline closed down, it was game over for many of these buyers.
New wave of foreclosures by end of 2010 is feared By Jim Puzzanghera and Don Lee - LA Times About 4 million U.S. homeowners are 90 days or more delinquent on their loans or in foreclosure proceedings, Moody's Economy.com says. A federal loan modification program is helping a relative few. Reporting from Washington - Experts fear that a new wave of foreclosures will hit this year as prolonged unemployment makes it difficult for millions of homeowners to pay their mortgages -- and many of them aren't likely to get much help from a federal program aimed at keeping them in their houses. Banks participating in the Home Affordable Modification Program, announced a year ago this week by President Obama, have been slow to turn temporarily reduced mortgage payments into permanent ones. "The overarching sense is that the mortgage modification process has not worked that well," said Bert Ely, an independent banking consultant.
Gold Jumps Most Since November on Demand for Alternative Assets By Pham-Duy Nguyen and Nicholas Larkin -- Feb. 16 (Bloomberg) -- Gold rose the most in more than three months on speculation that Greek debt concerns will spur demand for the metal as an alternative to holding currency. European finance ministers pressured Greece to rein in budget deficits and refused to say how they would rescue the nation if it can’t contain its debt. Gold rose to a record $1,227.50 an ounce last year as central banks in the U.S., the U.K. and European Union kept lending rates low to revive growth.
Foreign Demand for US Treasurys Takes Record Fall AP via CNBC The government said Tuesday that foreign demand for U.S. Treasury securities fell by the largest amount on record in December with China reducing its holdings by $34.2 billion. The reductions in holdings, if they continue, could force the government to make higher interest payments at a time that it is running record federal deficits. The Treasury Department reported that foreign holdings of U.S. Treasury securities fell by $53 billion in December, surpassing the previous record of a $44.5 billion drop in April 2009. The big drop in China's holdings meant that it lost the top spot in terms of foreign ownership of U.S. Treasuries, dropping to second place behind Japan.
Foreign Demand for U.S. Debt Plunges as China Dumps Treasurys By DAN BURROWS - Daily Finance The global appetite for U.S. financial assets slowed markedly in December, and demand for federal debt fell by a record amount as China dumped more than $34 billion in American IOUs, the Treasury Department said Tuesday. If demand for U.S. debt continues to wane, it could get more expensive for the U.S. to fund its record deficits because it would have to offer higher interest rates to entice buyers.
US 'Creative Accounting' Could Repeat Greek Tragedy: CEO By: Brooke Sopelsa CNBC.com The US could end up with the same problems as debt-laden Greece if it does not get its spending under control and deal with its structural deficit, David Walker, president and CEO of the Peter G. Peterson Foundation, told CNBC. Walker, whose foundation advocates fiscal responsibility, said part of the problem is the US's engagement in "creative accounting practices," similar to those that helped Greece's debt crisis erupt.
David Walker's comments on possible Crisis of Confidence:
Fed Wants Banks' Loan-Level Data to Prevent Meltdown Repeat By Carrie Bay - DSNews Federal Reserve Board Governor Daniel Tarullo urged lawmakers Friday to craft reform legislation that would give regulators the authority to collect a broader range of data from lenders, including details of their loans and securities. It's insight the governor says is needed to accurately assess large financial firms' risk and ward off another crisis where the collapse of any one institution sends the system into a tailspin - as was the case when Lehman Brothers went under in 2008.
US banks take hit to clear home loan books By Suzanne Kapne FT Big US banks including Bank of America, Wells Fargo, JPMorgan Chase and Citigroup are moving to clear their books of troubled mortgages by embracing “short sales”, in which homeowners settle debts by selling their properties for less than the mortgage value. Short sales are expected to climb sharply this year as home values continue to fall in some parts of the US, leaving many borrowers owing more on their mortgages than their homes are worth.
Credit markets flash hottest warning signal since crisis By Ambrose Evans-Pritchard - Telegraph European credit markets are flashing the most serious warnings signs in a year as the yields on risker bonds rise sharply and a string of companies cancel share flotations, raising fears that the recovery may falter in coming months. Jitters over Chinese credit tightening and default risks in Greece and Dubai are causing bond vigilantes to batten down the hatches across the world, bringing the most dramatic credit rally for a century to a shuddering halt. The Markit iTraxx Crossover index measuring yields on lower-grade debt has jumped by almost 130 basis points since mid-January to 514, while the main index of investment grade bonds has jumped by a third to 93. "This is the biggest move since the financial crisis in early 2009, said Gavan Nolan, Markit's credit analyst.
Greece loses EU voting power in blow to sovereignty By Ambrose Evans-Pritchard - Telegraph The European Union has shown its righteous wrath by stripping Greece of its vote at a crucial meeting next month, the worst humiliation ever suffered by an EU member state. The council of EU finance ministers said Athens must comply with austerity demands by March 16 or lose control over its own tax and spend policies altogether. It if fails to do so, the EU will itself impose cuts under the draconian Article 126.9 of the Lisbon Treaty in what would amount to economic suzerainty. While the symbolic move to suspend Greece of its voting rights at one meeting makes no practical difference, it marks a constitutional watershed and represents a crushing loss of sovereignty.
European Union Sets Deadline for Greece to Make Cuts AP via NY Times BRUSSELS - European finance ministers gave the Greece government on Tuesday just a month to show it is making drastic budget cuts in a bid to calm markets and stop Athen's debt crisis from spreading to other countries. The continent's top economy official also said he would investigate Greece's use of complex finance deals to mask debt in previous years. Ministers from the 27-nation block said in a statement that Greece must show by March 16 that it is on track to cut its deficit by a hefty 4 percent of gross domestic product - from a staggering 12.7 percent of gross domestic product to 8.7 percent this year, and that it will bring it under a 3 percent limit by 2012.
Iranian president warns against tougher sanctions Tehran, Iran (CNN) -- Iranian President Mahmoud Ahmadinejad warned the United States and other nations Tuesday not to impose tougher sanctions in reaction to the Islamic country's nuclear ambitions. Iran already faces U.N. sanctions and the five permanent Security Council members -- the United States, Britain, Russia, China and France, all of which have veto power -- have been engaged along with Germany in discussions about possible further measures. "It's high time for some people to open their eyes and adapt themselves to real changes that are under way," Ahmadinejad said at a news conference in Tehran.
Gold scores new all-time high against Euros By Dan Norcini - Commodity Online This morning gold scored a new all-time high when priced in terms of Euros at the PM London Fix. The situation in Greece, as well as the smoke coming out of Italy, Spain and Portugal, has European investors rightly worried over the stability of the Euro. If you were an investor who had labored over a lifetime to secure an inheritance for your children and were witnessing the cracks appearing in the foundation underlying the Euro, would it not be eminently sensible to seek out a safe haven to protect at least a portion of that wealth? That is precisely what is occurring and why gold is soaring into new highs in Euro terms.
Gold in Euros is about to go parabolic by Jordan Roy-Byrne - Financial Sense How can we tell if a market is about to go parabolic? Trendlines are one way. Another way is to look at the length of corrections. How long is it taking the market to correct? Are the corrections becoming shorter and shorter? In the case of Gold/Euro, we see a market that is ready to go parabolic. The market has had four major corrections and each one has been shorter then the last. See the chart below.
Gold surges on sustained demand, silver firms up India Times MUMBAI: Gold prices shot up further at the bullion market here on Tuesday on renewed demand from stockists and speculators triggered by a steep rise in European markets. Moving in tandem with gold prices, silver too firmed up due to higher off-take from industrial units. The rising trend was also boosted by strong local buying interest amidst seasonal demand.
Gold Heads Higher as Economy Weakens and Dollar Continues to Fall By Paco Ahlgren - The Bottom Violation -- What is the best harbinger of inflation and the increase in prices that follows? You guessed it: gold. Markets are smart, and like it or not, gold has a much longer history than the U.S. dollar. When gold is moving higher, it should be like flashing red lights cutting through the black of night: something is amiss in the world of economics and finance. Yes, I know - cranking jaws like George Soros are simply thrilled to scream the word "bubble" at any microphone within ten feet. Hey George, I know you broke the pound sterling and all that, but you're old and senile. Further, Karl Popper would be appalled by how you've misrepresented his philosophy and scotch-taped yourself to his coattails. But all that aside, please consider the following:
Gold Rises to New Record Nominal Euro High Gold built on last week's gains and rose nearly 1% yesterday, closing at $1,099.50/oz and gold also rose in other major currencies. Gold has risen in Asian trading and again in early European trade and is currently trading at $1,113.20/oz and in euro and GBP terms €816/oz and £710/oz respectively. As expected the crisis in the Eurozone has seen gold surge in Euro terms to new record (nominal) highs over €817/oz - thus surpassing the previous record high seen in December 2009 at €813/oz.
Gold outperforms during market meltdown By Kishori Krishnan - Commodity Online The Emperor is naked. The debt of the US government is turning out to be in fact irredeemable. And gold is poised to break out. Remember, gold outperforms in a crisis. The inconspicuous beginnings of irredeemable debt have blossomed into a colossal edifice in the United States, a fantastic debt tower that is soon set to keel over. And to top it all President Barack Obama on Saturday further raised the debt ceiling.
Digging for opportunities in gold By Katie Benner (Fortune Magazine) -- Having lived through bubbles in technology stocks and real estate, many investors have grown nervous lately about gold. Its price quadrupled in the past decade to a record $1,227 an ounce in December, before falling back near $1,100. Hedge fund legend George Soros, for example, recently warned that "the ultimate asset bubble is gold." Others, by contrast, cling to it as the ultimate safe haven in a period of wrenching economic uncertainty.
Speculators pump money into gold market By Jon Nadler - Commodity Online Gold prices broke above the $1100 mark and rose to a two-week high as overnight trading got underway in Asia, giving rise to short-covering purchases that only accelerated once the $1106 resistance area was also taken out. The yellow metal reached a high at very near another resistance point –that of $1118.50 per ounce. Other commodities – mainly oil and copper-advanced as well, as speculators funneled money into the sector on currency weakness. That said, technical analysts see black gold as eventually falling back towards $73 soon, as it has been unable to pierce overhead resistance at the $76 level.
Gold & the New World Order Jim Roache - 321Gold I believe the discipline of Economics has a fatal flaw - it assumes a degree of rationality of which our specie is devoid. It also assumes you can reason with power - you cannot. Finally, and fatally, it has failed to integrate globalization into any of its fundamental schools of thought. All the rational argument in the world will not convince those in power (by wealth, social position or politics) to act rationally because 1. it would not be in their interest to do so 2. because that minority, elite, rich, powerful, many sociopaths and/or - already know the rational positions of the various schools, and they have made it their business to circumvent them or bend them to serve their own purposes, and 3. they hold the rest of us in complete and utter contempt - expressed in private often using terminology that is shocking, demeaning and exasperating to the listener.
Gold rallies nearly $30, well clear of $1,100 By Polya Lesova & Nick Godt, MarketWatch Bigger percentage gains seen in silver, copper contracts Gold futures jumped nearly $30 an ounce to join a broad-based rally for commodity prices Tuesday as concern over Greece's fiscal situation dissipated, allowing for the dollar to fall and increasing the precious metal's appeal as an investment.
Go For The Gold by Warren Bevan - Financial Sense . . . . Chinese new year is now upon us and that will mean subdued eastern demand. Nearly everything shuts down over there while the populous enjoys some well deserved time off, but it seems Indian buying has picked up recently to pick up the slack. We are soon heading into a seasonally strong period for gold which will coincide nicely with the end of the Chinese New Year.
Monetary Inflation and the Fed’s Exit Strategy Steve Saville - 321Gold . . . . We have always been confident in the collective ability of the US Government and the Fed to perpetuate the inflation of the US money supply. The only question in our minds has been: how far will they be willing to go? The answer we have always come up with is that they will at least go as far as they can without causing interest rates to rocket upward. They may not go any further than that because monetary inflation becomes counterproductive -- from the perspective of a policymaker -- once the point is reached where interest rates are in a steep upward trend due to speculators anticipating the effects on the currency's purchasing power of future money-supply growth.
Dollar Loses Ground Against Rivals By BRADLEY DAVIS - WSJ NEW YORK -- The dollar weakened against most of its major competitors Tuesday, as improved investor sentiment sent global stock markets and commodities higher, leading investors away from the low-yielding dollar. Higher-yielding, commodity-backed currencies, such as the Australian and New Zealand dollars, were the biggest beneficiaries of the improved sentiment, both increasing nearly 1% against the U.S. dollar in early New York trading.
With U.S. Debt Rising, Why Is the Dollar Stronger? By PETER COHAN Daily Finance The standard explanations for what moves currency markets are lame. With the U.S. deficit forecast to hit $1.54 trillion in 2010 and the national debt at $12.3 trillion, why would anyone want to own the dollar? Yet somehow, the greenback has risen to an eight-month high relative to the euro. If it persists, that stronger dollar will alter the global economic and investment climate.
Bomb Explodes At J. P. Morgan Offices in Athens Jesse's Cafe Americain A bomb was detonated outside the JP Morgan offices in Athens, Greece. No one is reported injured at this time. A warning was called in prior to the explosion allowing police to cordon the area. This is somewhat remniscent of the bombing of the J.P. Morgan headquarters on Wall Street in 1920, presumably by anarchists. The marks and pitted holes on the JPM building remained to the modern day. I saw them myself some years ago.
Treasuries Gain After Hoenig Says U.S. Must Reduce Spending By Cordell Eddings and Susanne Walker Feb. 16 (Bloomberg) -- Treasuries rose after Federal Reserve Bank of Kansas City President Thomas Hoenig said the U.S. must take steps to reduce spending and increase revenue so the central bank isn’t pressured to fund the deficit. Yields climbed earlier as global stocks gained and demand for Treasuries as a refuge eased after a Greek official said the nation is ahead of its deficit-reduction targets and will not require any bailout from the European Union. The difference in yield between 2- and 10-year notes widened to as much as 2.89 percentage points, 1 basis point less than the record high reached Jan. 11.
Fed carries losses from Bear portfolio By Henny Sender - FT The US Federal Reserve is sitting on significant paper losses on the real estate assets it acquired in the Bear Stearns rescue, with much of the red ink coming from debt used to back some of the most high-profile buy-out deals of the bubble years. Among the debts weighing on the central bank’s portfolio are those used in financing the acquisitions of Hilton Hotels, which is being restructured, and hotel operator Extended Stay, which is in bankruptcy, people familiar with the matter say.
Is the Fed's Zero Interest Rate Policy Driving Global Deflation? The Institutional Risk Analyst One of the more intriguing aspects of the financial crisis has been the inability or refusal of the Federal Reserve Board to take aggressive policy steps to help the real economy and, in particular, break the asset deflation which is dragging down incomes and employment across the country - and the world. The same balance sheet deflation that is costing jobs in Detroit is also driving economic contraction in Shenzhen. While the Fed's staff in Washington and most other residents of the Capital City believe that asset deflation and the resulting financial crisis is nearing an end, we beg to differ.
Stimulus spending: $32 billion per month By Tami Luhby NEW YORK (CNNMoney.com) -- The pace of stimulus spending should pick up in coming months, according to administration officials. The federal government expects to distribute $32 billion in Recovery Act funds per month, up from an average $27 billion a month over the past year, according to Vice President Joe Biden, who will release his annual stimulus progress report on Wednesday.
Fed Chooses to Exit through Eye of Needle by Michael Pento - Financial Sense Ben Bernanke is making sure the Fed’s exit strategy goes as easily as a camel can pass through the eye of a needle. Instead of choosing to just sell assets and unwind the amount of securities it holds, the Fed chairman is seeking to be creative once again—as he was in the buildup of its balance sheet--and increase the amount of interest it pays on excess reserves. He said this in a prepared statement for the House Financial Services Committee that was released on Wednesday, “It is possible that the Federal Reserve could for a time use the interest rate paid on reserves, in combination with targets for reserve quantities, as a guide to its policy stance, while simultaneously monitoring a range of market rates.”
Obama to create debt commission Thursday By Ed Henry, CNN President Obama will sign an executive order Thursday to set up a bipartisan fiscal commission to weigh proposals to rein in the soaring federal debt, according to a White House official. The official, who requested anonymity because the President has not made the announcement yet, said the co-chairs of the commission will be Democrat Erskine Bowles, former White House chief of staff for Bill Clinton, and Alan Simpson, former Republican Senator from Wyoming. It'll be officially titled the National Commission on Fiscal Responsibility and Reform.
Obama deploys Cabinet to defend stimulus By: PHILIP ELLIOTT - Associated Press WASHINGTON - President Barack Obama, defending his economic stimulus plan on its first anniversary, is dispatching his Cabinet across the country to try to calm an anxious public as Democrats head into potentially devastating midterm elections. A weeklong push to highlight the stimulus program's first year was starting with a Tuesday trip by Vice President Joe Biden to hard-hit Saginaw, Mich., to tour a small business, a jobs training program and a solar factory that all received Recovery Act dollars. The vice president, who has led the administration's efforts to implement the stimulus plan, is expected to again push Congress to pass a jobs bill to help some of the 8.4 million people who have lost their jobs since this recession began.
All Roads Lead to Goldman Sachs by Rob Kirby - - Financial Sense Once upon a time, Goldman Sachs shunned publicity. During the period from 1930 to 1969, Sydney Weinberg ran Goldman Sachs where he developed a staunch corporate cultural aversion to publicity. During the 1970s, a tandem of John Weinberg and John Whitehead assumed the reigns of leadership at Goldman Sachs. Whitehead left the company in 1984 to enter public life. John Weinberg carried on in the same vein as his father Sydney – shunning publicity – to the point where he hired a man to keep his name and his firm's out of the press.
Treasury's quiet war By Jennifer Liberto WASHINGTON (CNNMoney.com) -- You probably know the Treasury Department as the agency that brought you the bank bailout, the AIG rescue and, of course, the IRS. But Treasury is also one of the key players in the war on terrorism and smack in the middle of nearly every major international conflict in which the United States is involved. The office is also playing an increasingly critical role at the center of U.S. foreign policy strategy in Korea, Iran, Afghanistan and throughout the Middle East.
Google Bans DVD Critical Of Obama Administration Paul Joseph Watson - Prison Planet.com Search Engine Giant Censors Alex Jones Material For "Advocating Against a Protected Group" Google has sensationally banned all sales through its shopping merchant of a DVD critical of the Obama administration under the terms of its program policy which bars any material deemed to be "advocating against a protected group". Apparently, Google considers the government to be a "protected group," and immune from criticism. Radio talk show host Alex Jones' Google merchant account has been completely disabled after the search engine giant sent an email claiming the products listed promoted violence, and refused to link to them on the Infowars Yahoo shopping cart.
ACORN funder confimed to head Corporation for National and Community Service By: Mark Hemingway - Washington Examiner Democrats just can't stay away from ACORN. Even as scandal piles on top of scandal, they continue to embrace the organization. The latest is that the Senate just confirmed Patrick Corvington as chief executive of the Corporation for National and Community Service. Corvington and ACORN have quite the history as Matthew Vaum notes: Corvington was a senior official at the left-wing Annie E. Casey Foundation of Baltimore, Md., which granted funding to ACORN and other radical groups during his tenure. If Corvington didn't share the views of the foundation, which promotes racial disharmony and opposes placing juveniles charged with crimes in pretrial detention, he almost certainly couldn't have gotten a job there.
Kansas negotiators agree on 5 percent cut in pay for elected officials, judges Associated Press - Washington Examiner TOPEKA, KAN. - Kansas House and Senate negotiators have agreed on details of a temporary 5 percent pay cut for elected officials, judges and certain other state officials. The deal struck Monday resolves the two chambers' differences on a bill revising the state budget for the fiscal year that ends June 30. The pay cuts would extend through mid-June and save the state about $1 million. The House version included the salary cuts, which also apply to legislators, Cabinet secretaries and other top state managers.
A Roadmap for killing Social Security By Michael Hiltzik - LA Times Like a zombie tromping through a Hollywood gorefest, the idea of privatizing Social Security still walks among us. The last promoter of the idea that people should personally invest their Social Security assets in the stock market was President George W. Bush, in 2001. With the dot-com crash still ringing in people's memories, the idea died in 2005. The market hasn't yet recovered from its most recent crash, but the monster unaccountably is back on its feet. This time it comes dressed up as part of the "Roadmap for America’s Future" recently unfurled by Rep. Paul D. Ryan (R-Wis.), the ranking GOP member of the House Budget Committee.
Capital One Defaults Rise, Sees High Levels Ahead Reuters via CNBC Capital One Financial's U.S. credit-card defaults rose in January, in a sign that consumers continue to remain under stress, it said in a regulatory filing. Capital One said the annualized net charge -off rate -debts the company believes it will never collect - for U.S. credit cards rose to 10.41 percent in January from 10.14 percent in December. Accounts at least 30 days delinquent - an indicator of future loan losses-were up marginally to 5.80 percent from 5.78 percent.
Tough times at Office Depot By Suzanne Kapner (Fortune Magazine) -- In the midst of a recession that has hit business and consumer spending especially hard, it may not be so surprising that retailer Office Depot is having a rough go of things: The No. 2 office-supplies chain lost money in each of the past five quarters and is expected to lose $96 million this year. But the company, based in Boca Raton, Fla., is facing troubles that go deeper than reduced demand for paper and pens: namely, an investigation by the SEC that's in the final stages of settlement and a fresh round of probes into whether the company overcharged government customers.
Homebuilders Rise on a Shaky Foundation By David Bogoslaw - Business Week A battered sector has reasonable hopes for 2010, but government policy may be the key Unlike much of the market, most of the homebuilder stocks have continued to rally this year, albeit bumpily, despite renewed concerns about the pace of economic recovery amid fear of contagion from the European sovereign debt morass. The rally is primarily due to the stronger-than-expected earnings that many of the companies have reported this season, which is giving investors some hope that these stocks will be good bets in 2010.
U.S. looks to reluctant foreign investors to help fund the housing market By Howard Schneider - Washington Post As the U.S. housing market boomed in the past decade and fueled a bull market in mortgage investments, Norway's government-owned fund went along for the ride -- and the fall. After that fund recorded its worst-ever year in 2008, managers cited investments backed by U.S. mortgages as a key culprit and began to cut back.
Obama pledges $8 billion for new nuclear reactors By Jim Tankersley and Michael Muskal - LA Times The move represents a new federal commitment to the low-carbon-emitting, but highly controversial, sector long championed by Republicans. Environmentalists voice concern Reporting from Los Angeles and Washington - Seeking common ground with Republicans on energy and climate issues, President Obama on Tuesday pledged $8 billion in loan guarantees needed to build the first U.S. nuclear reactors in nearly three decades. The move, along with a tripling of nuclear loan guarantees in the president's budget, represents a new federal commitment to the low-carbon-emitting, but highly controversial, nuclear power sector long championed by the GOP.
Oil Nears $76 on Weaker Dollar By DAVID BIRD NEW YORK-Crude oil prices rose, spurred by a weaker dollar and renewed tension over Iran's nuclear ambitions. As U.S. traders returned to their desks after the Presidents Day holiday on Monday, light sweet crude oil for March delivery on the New York Mercantile Exchange was recently up $1.62 a barrel, or about 2.2%, at $75.75. March heating oil was 3.77 cents higher at $1.9566 a gallon, while March reformulated gasoline blendstock was 3.75 cents higher, at $1.9670 a gallon.
Ford lays off 900 workers at Mustang plant due to slow sales By Dee-Ann Durbin, Associated Press DETROIT — Ford Motor said Tuesday that it plans to cut 900 workers at the Michigan plant that makes the Mustang, after slow sales last year due to the tough economy and competition from the new Chevrolet Camaro. Ford will reduce shifts from two to one in July at the AutoAlliance International plant in Flat Rock, Mich. The plant, which is jointly owned with Mazda Motor , also makes the Mazda6 midsize sedan. The plant employs nearly 2,300 people. Most of the layoffs will be hourly manufacturing workers, but some salaried staff also will be cut, Ford spokeswoman Marcey Evans said.
Toyota hit by new surge of reported fatalities in vehicles By Brady Dennis - Washington Post Federal officials have received a flurry of new complaints in recent weeks about deaths linked to sudden acceleration in Toyota vehicles, bringing the total number of alleged fatalities to 34 since 2000, according to government data. Between 2000 and 2009, the National Highway Traffic Safety Administration received complaints alleging 21 deaths attributable to sudden acceleration in Toyota vehicles. Since Jan. 27, federal officials have received complaints alleging an additional 13 fatalities linked to the same issue in Toyota vehicles between 2005 and 2010.
6 failed car companies Tesla Motors became the first electric car company to file for an IPO this January and could be the first U.S. automaker to go public since Ford in 1956. But auto startups have not fared well in the U.S., and Tesla has yet to turn a profit. Here are six that eventually stalled out.
Obama to announce loan guarantee to build US 1st nuclear plant in decades By: The Associated Press via CNBC WASHINGTON - President Barack Obama will announce a guarantee of $8.3 billion (euro6.1 billion) in loans for the first new U.S. nuclear power plant in nearly three decades, underscoring the administration's efforts to reduce dependence on foreign oil.
Obama Administration Shuts Down Oldest Gun Show in Central Texas Kurt Nimmo - Infowars.com The BATF engaged in mafia tactics in running a criminal conspiracy to shut down a gun show in Austin Texas, the Alex Jones Show heard Monday, direct from the man embroiled at the center of the Obama administration’s latest savage attack on the second amendment. Following the staged arrest of a man by the Austin Police — subsequently released without charge — the BATF pressured lease holders HEB to shut down the oldest gun show in central Texas.
Climategate U-turn as scientist at centre of row admits: There has been no global warming since 1995 By Jonathan Petre - Mail Online The academic at the centre of the 'Climategate' affair, whose raw data is crucial to the theory of climate change, has admitted that he has trouble 'keeping track' of the information. Colleagues say that the reason Professor Phil Jones has refused Freedom of Information requests is that he may have actually lost the relevant papers. Professor Jones told the BBC yesterday there was truth in the observations of colleagues that he lacked organisational skills, that his office was swamped with piles of paper and that his record keeping is 'not as good as it should be'. The data is crucial to the famous 'hockey stick graph' used by climate change advocates to support the theory. Professor Jones also conceded the possibility that the world was warmer in medieval times than now - suggesting global warming may not be a man-made phenomenon. And he said that for the past 15 years there has been no 'statistically significant' warming.
Secret Joint Raid Captures Taliban's Top Commander By MARK MAZZETTI and DEXTER FILKINS - NY Times WASHINGTON - The Taliban's top military commander was captured several days ago in Karachi, Pakistan, in a secret joint operation by Pakistani and American intelligence forces, according to American government officials. The commander, Mullah Abdul Ghani Baradar, is an Afghan described by American officials as the most significant Taliban figure to be detained since the American-led war in Afghanistan started more than eight years ago. He ranks second in influence only to Mullah Muhammad Omar, the Taliban's founder and a close associate of Osama bin Laden before the Sept. 11 attacks.
As Clinton Presses Allies, Sharp Words Traded With Iran By MARK LANDLER and ALAN COWELL - NY Times JIDDA, Saudi Arabia - Locked in a sharpening confrontation with Iran over its nuclear program , Secretary of State Hillary Rodham Clinton reiterated concerns about Tehran's intentions on Tuesday, suggesting that evidence pointed to Iran seeking nuclear weapons. Speaking in Jidda as she prepared to end a three-day regional visit, Mrs. Clinton said that it would create "quite dangerous" problems if Iran acquired a nuclear weapon, potentially setting off a nuclear arms race.
29% Say U.S. Should Go It Alone Against Iran Rassmussen Reports With China still blocking UN efforts to impose meaningful sanctions on Iran, 29% of U.S. voters now think the United States should talk action alone against the rogue Islamic nation. But a new Rasmussen Reports national telephone survey shows that nearly half of voters (49%) disagree and oppose unilateral U.S. action against Iran. Twenty-two percent (22%) are not sure. In December, 67% of voters said the United Nations has not been aggressive enough in response to Iran's nuclear.
Biden to visit Israel soon BY HERB KEINON AND AP US vice president expected within a month, apparently to discuss Iran. Vice President Joe Biden is expected in Israel within a month for meetings coming fast on the heels of US military chief Adm. Michael Mullen's visit here on Sunday, in what appears to be an indication of unprecedented cooperation on the Iranian nuclear issue
Jordan calls for time frame to realize two-state solution People's Daily [China] Jordan's Foreign Minister Nasser Judeh on Thursday emphasized the urgency to set a specific time frame to fulfill the two-state solution, which leads to the creation of an independent Palestinian state. During talks with Mark Otti, the European Union (EU)'s envoy to the Middle East, Judeh said it is important to intensify regional and international efforts to restart the stalled Palestinian- Israeli peace talks, the state-run Petra new agency reported. These negotiations should be in line with relevant international resolutions and the Arab Peace Initiative, adopted by the Arab leaders in their summit in Beirut in 2002, he said.
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