Jul 2008
Economic Woes...
31/07/08 17:44
Despite the best efforts of government agencies to paint a rosy economic outlook, it just is not happening. The housing meltdown continues even though billions of dollars have been pumped into financial markets to try and shore up the black hole of credit debt. It is not only the US that is feeling the bite of a wounded economy, Europe is also succumbing to a financial crisis of their own. Is a global financial crisis on the horizon?
Europe is experiencing a housing market in freefall of their own, as well as a bleak outlook for the business environment. As far as the europeans are concerned, Britain and the US are already considered to be in recession, with the rest of europe headed for an even deeper economic crisis than the one we are facing. Read the story here.
Times must be getting desperate indeed when women are “donating” their eggs in record numbers. Actually the donation involves monetary reimbursement, so in effect they are selling potential human beings. Those who participate stand to make up to $7000 for their “donation”. Donations have been on the rise since April of this year. We have truly become a country with very little regard for human life, or for the gifts that God has given us. Read the story here.
The Mars Phoenix Lander has confirmed the existence of ice on the Martian surface. After several frustrating attempts to convey soil into one of the analytical ovens on the lander, scientists were finally able to sucessfully deliver and analyze a sample of the icy soil. The TEGA (Thermal and Evolved Gas Analyzer) onboard the lander, confirmed the presence of ice in the soil. Read the story here.
Until next time...
Europe is experiencing a housing market in freefall of their own, as well as a bleak outlook for the business environment. As far as the europeans are concerned, Britain and the US are already considered to be in recession, with the rest of europe headed for an even deeper economic crisis than the one we are facing. Read the story here.
Times must be getting desperate indeed when women are “donating” their eggs in record numbers. Actually the donation involves monetary reimbursement, so in effect they are selling potential human beings. Those who participate stand to make up to $7000 for their “donation”. Donations have been on the rise since April of this year. We have truly become a country with very little regard for human life, or for the gifts that God has given us. Read the story here.
The Mars Phoenix Lander has confirmed the existence of ice on the Martian surface. After several frustrating attempts to convey soil into one of the analytical ovens on the lander, scientists were finally able to sucessfully deliver and analyze a sample of the icy soil. The TEGA (Thermal and Evolved Gas Analyzer) onboard the lander, confirmed the presence of ice in the soil. Read the story here.
Until next time...
Issues With Christianity...
28/07/08 17:51
I have just posted a new article to the site “Do Not Stray Into The Gray” and a new audio message “What Is Your Reasonable Service”.
On Sunday, a man entered a church in Knoxville, Tennessee and opened fire with a shotgun. His plan was to keep on firing until the police arrived and shot him, but some of the people in the congregation he attacked, were able to subdue him and keep him detained until police arrived. Two people died and several others were wounded. It is believed that he purposely targeted the church, because of it’s beliefs and stand on some controversial issues. Read the story here.
The stock market suffered a major hit today, as the Dow plunged 240 points to close at 11,131.08. There are no sure things in this world, there is nothing here that we can rely on to provide security and protection except a relationship with God and His Son. We need to be storing up our treasure in heaven “where neither moth nor rust destroys and where thieves do not break in and steal.” Luke 12:20. Read the story here. The IMF predicts that the end of the housing crisis is nowhere in sight and prices will contine to fall. President Bush today signed a bill to prop up failing Fannie Mae and Freddie Mac. Read the story here.
New York Governor Paterson warns that the state is facing it’s worst year financially since the mid 1970’s and is planning drastic cost saving measures to make up for budget shortfalls. The cost cutting measures will include reduction in state provided services and termination of state jobs. Read the story here.
Merill Lynch announced today that it would take a $5.7 billion dollar write-down and sell $3.4 billion in stock to Singapore, in an effort to raise capital and remain solvent after posting a 4.9 billion dollar loss in the 2nd quarter. American financial institutions are becoming heavily indebted, or majority owned by foreign interests, which certainly does not bode well for the future of this country. Read the story here.
Until next time...
On Sunday, a man entered a church in Knoxville, Tennessee and opened fire with a shotgun. His plan was to keep on firing until the police arrived and shot him, but some of the people in the congregation he attacked, were able to subdue him and keep him detained until police arrived. Two people died and several others were wounded. It is believed that he purposely targeted the church, because of it’s beliefs and stand on some controversial issues. Read the story here.
The stock market suffered a major hit today, as the Dow plunged 240 points to close at 11,131.08. There are no sure things in this world, there is nothing here that we can rely on to provide security and protection except a relationship with God and His Son. We need to be storing up our treasure in heaven “where neither moth nor rust destroys and where thieves do not break in and steal.” Luke 12:20. Read the story here. The IMF predicts that the end of the housing crisis is nowhere in sight and prices will contine to fall. President Bush today signed a bill to prop up failing Fannie Mae and Freddie Mac. Read the story here.
New York Governor Paterson warns that the state is facing it’s worst year financially since the mid 1970’s and is planning drastic cost saving measures to make up for budget shortfalls. The cost cutting measures will include reduction in state provided services and termination of state jobs. Read the story here.
Merill Lynch announced today that it would take a $5.7 billion dollar write-down and sell $3.4 billion in stock to Singapore, in an effort to raise capital and remain solvent after posting a 4.9 billion dollar loss in the 2nd quarter. American financial institutions are becoming heavily indebted, or majority owned by foreign interests, which certainly does not bode well for the future of this country. Read the story here.
Until next time...
More Banks Fail...
26/07/08 10:27
The rift in our already fragile economy continues to widen as financial institutions continue to experience serious cash flow problems and complete failures. The Fed continues to offer unfettered access to loan funds that are keeping many of the larger lenders and debt holders afloat. How long can the infusion continue and at what cost? When the dust settles and the smoke clears will any independent banks exist anymore? We may very well find ourselves with our banks and lenders completely in the hands of the Fed and under their control before the financial bailout is over.
Federal regulators closed the 1st National Bank of Nevada and the First Heritage Bank, which operates 28 branches in Arizona, Nevada and California. The banks will be reopened on Monday as branches of Mutual of Omaha bank. The FDIC stated that the bank takeover was the least costly way to deal with the crisis. The banks assets had dropped from 4.1 billion to 3.6 billion in 6 months. Depositors were assured that their funds would be available and safe. That remains to be seen as some depositors of the failed IndyMac bank may not see part of their funds for some time. One official stated that it might take several years to resolve the collapse and address customer claims. Read the story here.
Oil continues its downward trend which will come as a welcome relief for motorists. Overall oil is down 16.3% from the high of $147.50 set on July 11, 2008. The market closed Friday with oil futures at $122.50 down 5.9% from the beginning of the week. Natural gas and coal prices also slipped during the week. Is the market finally seeing a lasting correction? Congress continues to debate over regulation of speculators within the market, that have been at least partially responsible for the wild fluctuations and increases in the price of commodities. Read the story here.
Until next time...
Federal regulators closed the 1st National Bank of Nevada and the First Heritage Bank, which operates 28 branches in Arizona, Nevada and California. The banks will be reopened on Monday as branches of Mutual of Omaha bank. The FDIC stated that the bank takeover was the least costly way to deal with the crisis. The banks assets had dropped from 4.1 billion to 3.6 billion in 6 months. Depositors were assured that their funds would be available and safe. That remains to be seen as some depositors of the failed IndyMac bank may not see part of their funds for some time. One official stated that it might take several years to resolve the collapse and address customer claims. Read the story here.
Oil continues its downward trend which will come as a welcome relief for motorists. Overall oil is down 16.3% from the high of $147.50 set on July 11, 2008. The market closed Friday with oil futures at $122.50 down 5.9% from the beginning of the week. Natural gas and coal prices also slipped during the week. Is the market finally seeing a lasting correction? Congress continues to debate over regulation of speculators within the market, that have been at least partially responsible for the wild fluctuations and increases in the price of commodities. Read the story here.
Until next time...
Stocks Fall, Home Sales Plummet
24/07/08 17:48
Can the US economy continue to absorb the losses being dealt to it? As consumers rein in their spending and families continue to lose homes and buying power, what hope is there to fuel a comeback? The government continues to infuse the banks and mortgage holders, but how long can that continue? The country is already bankrupt and the debt continues to pile up...where will it all end? We cannot continue to print and distribute money against hard assets that do not exist! One thing is for certain, the way of life in this country is being redefined on almost a daily basis.
The market fell steadily all day and did not experience any sort of rebound before markets closed. Financials ended with their worst drop in 8 years amid bad news on home sales. Sales of existing homes fell to the lowest level they have seen in 10 years and home sales forecasts did not materialize. Analysts predict the housing slump bailout will now cost $1 trillion dollars! Read the story here.
The National Association of Realtors reports that sales of existing homes are down 2.6% from May. That equals the level of home sales from 10 years ago. Overall home sales are down 15.5% from the pace they were at just a year ago, when the market was already beginning to slow. The median price of single family homes has fallen 6.7% from the same period just a year ago. As existing inventories continue to rise and consumers cut back on spending, prices will continue to fall. Many pospective buyer are sitting on the sidelines until the market stabilizes. How low will it go? Read the story here.
As prices continue to rise, budgets are meeting a shortfall. Creative solutions must be found and some school districts are resorting to a shorter week, to offset the rising costs of energy and other expenses. Some districts are experiencing dramatic savings by cutting a day out of the normal 5-day schedule. Read the story here.
Until next time...
The market fell steadily all day and did not experience any sort of rebound before markets closed. Financials ended with their worst drop in 8 years amid bad news on home sales. Sales of existing homes fell to the lowest level they have seen in 10 years and home sales forecasts did not materialize. Analysts predict the housing slump bailout will now cost $1 trillion dollars! Read the story here.
The National Association of Realtors reports that sales of existing homes are down 2.6% from May. That equals the level of home sales from 10 years ago. Overall home sales are down 15.5% from the pace they were at just a year ago, when the market was already beginning to slow. The median price of single family homes has fallen 6.7% from the same period just a year ago. As existing inventories continue to rise and consumers cut back on spending, prices will continue to fall. Many pospective buyer are sitting on the sidelines until the market stabilizes. How low will it go? Read the story here.
As prices continue to rise, budgets are meeting a shortfall. Creative solutions must be found and some school districts are resorting to a shorter week, to offset the rising costs of energy and other expenses. Some districts are experiencing dramatic savings by cutting a day out of the normal 5-day schedule. Read the story here.
Until next time...
Wild Week On Wall Street!
18/07/08 17:52
The Dow Jones Industrial Average was all over the board this week in wild trading amid speculation and rumors. At one point the stock market closed below 11,000, a low point the market had not seen in over two years. More rumors surrounding financial institutions made for a jittery market. The FBI has begun an investigation into troubled lender IndyMac, for mortgage fraud. A formal investigation has also been launched into Wachovia Securites practices. The commodities market has finally seen some relief with the price of oil futures dropping heavily this week. Crude fell sharply and ended up at $128.88 today at the close of the trading day. Some analysts are predicting the bubble may have burst on the price of oil. Read the story here.
Tensions between Iran and the west appear to be easing as the US has agreed to attend talks to address Iran’s Nuclear Program. Iran has also reacted positively to re-establishing diplomatic ties with the US and having a diplomatic office in Tehran. While not an establishment of full diplomatic ties, the move is still seen as a breakthrough. The policy in Washington up until this point, was that no talks would take place as long as the Iranian uranium enrichment activity was taking place. Read the story here.
A homosexual has filed a lawsuit against publishers Zondervan and Thomas Nelson citing that their versions of the bible have violated his constitutional rights and caused him emotional distress. The suit which seeks $70 million in damages, claims the publishers manipulated the use of the word “homosexual” in scripture. The suit further claims that the gay man has become an outcast from his family, due to his family’s pastor citing the word “homosexual” from the King James Version of the bible. Christianity and christians are increasingly coming under attack for their views and beliefs, by radical homosexuals who want their lifestyles to be accepted and regarded as normal. Read the story here.
Until next time...
Tensions between Iran and the west appear to be easing as the US has agreed to attend talks to address Iran’s Nuclear Program. Iran has also reacted positively to re-establishing diplomatic ties with the US and having a diplomatic office in Tehran. While not an establishment of full diplomatic ties, the move is still seen as a breakthrough. The policy in Washington up until this point, was that no talks would take place as long as the Iranian uranium enrichment activity was taking place. Read the story here.
A homosexual has filed a lawsuit against publishers Zondervan and Thomas Nelson citing that their versions of the bible have violated his constitutional rights and caused him emotional distress. The suit which seeks $70 million in damages, claims the publishers manipulated the use of the word “homosexual” in scripture. The suit further claims that the gay man has become an outcast from his family, due to his family’s pastor citing the word “homosexual” from the King James Version of the bible. Christianity and christians are increasingly coming under attack for their views and beliefs, by radical homosexuals who want their lifestyles to be accepted and regarded as normal. Read the story here.
Until next time...
Now The Banks???
14/07/08 22:18
Last Friday, July 11, 2008, the federal government shut down the IndyMac bank to prevent a complete collapse, as nervous depositors made a run and tried to withdraw their money. Word began to circulate that the bank was in trouble and stock plummeted as investors divested themselves of their holdings in the lender. IndyMac had large mortgage holdings, many which were unconventional and risky loans. Regulators called the event the second largest bank failure in US history. IndyMac stock had dropped to less than a $1, prompting depositors to try and retrieve their money. The FDIC reopened the bank today under their control and depositors who were unable to get to their money on Friday, lined up and stood for hours to withdraw funds from the wounded bank. The bailout is expected to cost the FDIC between $4-$8 billion. Read the story here.
Americans are beginning to lose faith in banking institutions after the IndyMac closure. Investors are dumping bank stocks and other financial institutions are seeing runs on funds by depositors. Wall street analysts are distributing lists of banks that are likely to fail and bank values are in freefall. Analysts are calling for the FDIC to shut down several banks that are at risk, all at the same time. The government has come up with a plan to shore up ailing Fannie Mae and Freddie Mac, but will it be enough to restore investor confidence and stop the foreclosure tsunami? Analysts are predicting more bank and lender failures due to the problems suffered by IndyMac. When depositors make a run on their funds, the bank is left without any liquid assets to work with. Read the story here.
Until next time...
Americans are beginning to lose faith in banking institutions after the IndyMac closure. Investors are dumping bank stocks and other financial institutions are seeing runs on funds by depositors. Wall street analysts are distributing lists of banks that are likely to fail and bank values are in freefall. Analysts are calling for the FDIC to shut down several banks that are at risk, all at the same time. The government has come up with a plan to shore up ailing Fannie Mae and Freddie Mac, but will it be enough to restore investor confidence and stop the foreclosure tsunami? Analysts are predicting more bank and lender failures due to the problems suffered by IndyMac. When depositors make a run on their funds, the bank is left without any liquid assets to work with. Read the story here.
Until next time...
Tension Continues...
10/07/08 17:57
Secretary of State Condoleeza Rice spoke directly to Iran today and warned that the US will not retreat in the face of Iranian threats against Israel. She stated that the US will defend it’s interests and those of it’s allies. The statement comes as tensions continue to mount in the middle east, as the Iranians stage war games. Israel has voiced it’s readiness to attack if necessary. Read the story here.
Tension continues in the middle east as Iran test fired more missiles overnight. Some of the missiles were reported to have special capabilities and this time included some missiles that were fired from ships in the Persian Gulf. Iran claims the exercises are meant to show that Iran can defend itself from any Israeli, or US attack. Read the story here.
Amidst reports of weakening demand and a strengthening dollar, oil had lost more than $10 a barrel in trading earlier this week. The reports out of the middle east have erased a large part of the price drop, as tensions and rhetoric between Iran, Israel and the US continue. OPEC today also added to the woes of an already jittery market by warning that if Iran is attacked, the oil market will suffer a shortage, as the rest of the producing nations will not be able to make up the shortfall caused by the loss of Iranian oil Read the story here.
Until next time...
Tension continues in the middle east as Iran test fired more missiles overnight. Some of the missiles were reported to have special capabilities and this time included some missiles that were fired from ships in the Persian Gulf. Iran claims the exercises are meant to show that Iran can defend itself from any Israeli, or US attack. Read the story here.
Amidst reports of weakening demand and a strengthening dollar, oil had lost more than $10 a barrel in trading earlier this week. The reports out of the middle east have erased a large part of the price drop, as tensions and rhetoric between Iran, Israel and the US continue. OPEC today also added to the woes of an already jittery market by warning that if Iran is attacked, the oil market will suffer a shortage, as the rest of the producing nations will not be able to make up the shortfall caused by the loss of Iranian oil Read the story here.
Until next time...
More Saber Rattling...
09/07/08 17:59
All one has to do is read their bible to realize there is never going to be peace in the middle east. In fact, the war that will culminate in the return of Jesus Christ to this earth, Armageddon, will take place there. I have already written here about Israel’s war games that simulated an attack on Iran. Now Iran is responding with war games of their own. Iran has already threatened to shutdown the Strait of Hormuz if any hostile action is taken against it. The Strait of Hormuz, is the major transit point for oil coming out of the middle east. Iran test fired 9 missiles, one of which they claim is capable of hitting Tel-Aviv in Israel. The test firing drew the ire of the US, who denounced the show of force. Iran has threatened to attack Israel and US interests around the world, if they are fired upon. Read the story here.
The US continues to be bought up by foreign interests at an alarming rate. It appears that anything in this country is for sale if the price is right. Already many critical parts of the nation’s infrastructure have been bought up by foreign investors. Major utility suppliers and manufacturing firms have been sold to foreign owners. The money you send in every month for your water, or electricity may very well be going into foreign coffers. The water utility of a large city near where I live, is owned by a global utility giant headquartered in France. These things should cause the American people to be concerned, yet nobody seems to notice, or care. The latest victim to be sold off is the landmark Chrysler building in New York. The building is being purchased by middle eastern investors. Read the story here.
Until next time...
The US continues to be bought up by foreign interests at an alarming rate. It appears that anything in this country is for sale if the price is right. Already many critical parts of the nation’s infrastructure have been bought up by foreign investors. Major utility suppliers and manufacturing firms have been sold to foreign owners. The money you send in every month for your water, or electricity may very well be going into foreign coffers. The water utility of a large city near where I live, is owned by a global utility giant headquartered in France. These things should cause the American people to be concerned, yet nobody seems to notice, or care. The latest victim to be sold off is the landmark Chrysler building in New York. The building is being purchased by middle eastern investors. Read the story here.
Until next time...
Desperate Times?
03/07/08 08:19
As the economy continues to slip and everyone continues to feel the pinch, just how bad will things become? Already people are beginning to turn to dishonest means to make up the difference. In a time when people should try to help one another, there are always those that look to exploit others and take advantage in any way that they can.
In some areas, thieves have begun to steal manhole covers and sell them for their scrap metal value. With prices for scrap continuing to climb, the situation can only grow worse. Each cover weighs 200 pounds and authorities tribute the theft to the current economic situation. Thieves receive $10 to $15 for each cover they steal and sell, while it costs the communities where the thefts take place between $200 to $500 to replace depending on their location. Read the story here.
With the price of scrap metal going up, thieves have also begun raiding graveyards. They are not actually excavating gravesites, they are stealing the vases and other exterior decorations that are easily removed and carried away. Some grave markers have elaborate decoration and are made from metals that can bring a very good price. Three men were recently arrested for stealing over 1,000 vases and headstones from Chicago area cemeteries. The brass vases can bring $10 each for scrap, but cost as much as $300 to replace. Read the story here.
As prices at the pump continue to rise, everyone is feeling the effect on their wallet. This country is completely dependent on oil and at the mercy of those who supply our needs. Costs of goods are constantly going up, due to rising transportation costs. Even those things that are the most basic of needs for us, are skyrocketing. With no relief in sight, where do we turn? One man has began a campaign to lower prices and is calling on God for help. Prayer vigils are being staged at gas stations around the country. Read the story here.
Until next time...
In some areas, thieves have begun to steal manhole covers and sell them for their scrap metal value. With prices for scrap continuing to climb, the situation can only grow worse. Each cover weighs 200 pounds and authorities tribute the theft to the current economic situation. Thieves receive $10 to $15 for each cover they steal and sell, while it costs the communities where the thefts take place between $200 to $500 to replace depending on their location. Read the story here.
With the price of scrap metal going up, thieves have also begun raiding graveyards. They are not actually excavating gravesites, they are stealing the vases and other exterior decorations that are easily removed and carried away. Some grave markers have elaborate decoration and are made from metals that can bring a very good price. Three men were recently arrested for stealing over 1,000 vases and headstones from Chicago area cemeteries. The brass vases can bring $10 each for scrap, but cost as much as $300 to replace. Read the story here.
As prices at the pump continue to rise, everyone is feeling the effect on their wallet. This country is completely dependent on oil and at the mercy of those who supply our needs. Costs of goods are constantly going up, due to rising transportation costs. Even those things that are the most basic of needs for us, are skyrocketing. With no relief in sight, where do we turn? One man has began a campaign to lower prices and is calling on God for help. Prayer vigils are being staged at gas stations around the country. Read the story here.
Until next time...