Daily Digest

Daily Digest 10/9 - Grains Gone Wild, BofA Stops All Foreclosures, China To Become 2nd Largest Economy

Saturday, October 9, 2010, 10:34 AM
  • Bank Of America Stops Foreclosures In All 50 States
  • California's Attorney General Hits Mortgage Modification Companies with $60M Lawsuit
  • Corn, Soybeans, Wheat Surge by Exchange Limits as U.S. Cuts Supply Outlook
  • China set to overtake Japan as the world’s second largest economy in 2010
  • Oil Increases on Fed Speculation After U.S. Loses More Jobs Than Forecast
  • Petrobras discovers 1.7 tcf natural gas in Peru
  • Robert Rapier on Peak Oil
  • Can the oceans be cleared of floating plastic rubbish?
  • Another sludge flood feared

Our 'What Should I Do?' guide has steps to cook, see & stay warm in times of power outage

Economy

Bank Of America Stops Foreclosures In All 50 States (Adam)

Last week the bank, the country's biggest by assets, announced it was halting foreclosures in the 23 states where foreclosures are processed in court, saying it needed to review foreclosure documents for potential errors. Now, the bank has extended that moratorium to all 50 states as it has decided to stop sales of foreclosed properties, blocking a major step in the foreclosure process.

California's Attorney General Hits Mortgage Modification Companies with $60M Lawsuit (Chris)

California Attorney General and gubernatorial hopeful Jerry Brown on Wednesday filed a $60 million lawsuit against two Sacramento companies that he says targeted hundreds of desperate homeowners with bogus promises to modify their loan mortgages through futile lawsuits.

Corn, Soybeans, Wheat Surge by Exchange Limits as U.S. Cuts Supply Outlook (Adam)

Grain and oilseed prices rose the most allowed by the Chicago Board of Trade after the U.S. government said supplies will be smaller than forecast last month, increasing the cost of producing food and fuel.

China set to overtake Japan as the world’s second largest economy in 2010 (Adam)

With China set to overtake Japan as the world’s second largest economy in 2010, the Chinese consumer could also dethrone Japan in another key category in the next few years, according to a new report by Credit Suisse.

Energy

Oil Increases on Fed Speculation After U.S. Loses More Jobs Than Forecast (Adam)

Crude oil climbed above $82 a barrel amid speculation the Federal Reserve will buy more debt to stimulate the economy after a government report showed the U.S. lost more jobs than forecast in September.

Petrobras discovers 1.7 tcf natural gas in Peru (Adam)

Brazilian state oil company Petrobras (PETR4.SA) said on Friday it has discovered 1.7 trillion cubic feet of gas in Peru in an exploratory block in the country's Amazon region.

Robert Rapier on Peak Oil (Adam)

Back in June, Robert gave a presentation on Peak Oil at the Global Footprint Conference in Siena, Italy. Following the presentation, he was asked to do a pair of interviews. One was for an upcoming documentary called Critical Mass. The second was for the conference itself, and that interview has just been made available.

Environment

Can the oceans be cleared of floating plastic rubbish? (Adam)

They are a quirk of ocean currents - a naturally created vortex known as a gyre - where floating rubbish tends to accumulate. The largest is in the North Pacific and covers an area twice the size of France. Others have since been discovered in the North Atlantic and most recently the South Atlantic. Scientists now fear the same process is probably taking place in the South Pacific and Indian Ocean.

Another sludge flood feared (Adam)

Hungary's prime minister says the wall of a reservoir containing massive quantities of caustic sludge is cracking and very likely to collapse. If it does, it could send a new wave of red mud into towns devasted by a deluge earlier this week. The highly polluted water and mud burned people and animals. At least seven people were killed and hundreds injured.

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

3 Comments

idoctor's picture
idoctor
Status: Diamond Member (Offline)
Joined: Oct 4 2008
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Ivo's picture
Ivo
Status: Bronze Member (Offline)
Joined: Jan 26 2009
Posts: 71
Re: Daily Digest 10/9 - Grains Gone Wild, BofA Stops All ...

Great to see how  calmly and matter of factly Robert Rapier really drives home the point that we don't have a problem that has a solution. The world will be different. Period.

jhart5's picture
jhart5
Status: Bronze Member (Offline)
Joined: Jul 25 2009
Posts: 89
Re: Daily Digest 10/9 - Grains Gone Wild, BofA Stops All ...

Quote of the Day - Ron Paul

Liberty once again must become more important to us than the desire for security and material comfort. Personal safety and economic prosperity can only come as the consequence of liberty. They cannot be provided by an authoritarian government… The foundation for a police state has been put in place, and it’s urgent we mobilize resistance before it’s too late… Central planning is intellectually bankrupt – and it has bankrupted our country and undermined our moral principles. Respect for individual liberty and dignity is the only answer to government force, force that serves the politically and economically powerful. Our planners and rulers are not geniuses, but rather demagogues and would-be dictators — always performing their tasks with a cover of humanitarian rhetoric… The collapse of the Soviet system came swiftly and dramatically, without a bloody conflict… It came as no surprise, however, to the devotees of freedom who have understood for decades that socialism was doomed to fail… And so too will the welfare/warfare state fail… A free society is based on the key principle that the government, the president, the Congress, the courts, and the bureaucrats are incapable of knowing what is best for each and every one of us… A government as a referee is proper, but a government that uses arbitrary force to direct every aspect of society threatens freedom… The time has come for a modern approach to achieving those values that all civilized societies seek. Only in a free society do individuals have the best chance to seek virtue, strive for excellence, improve their economic well-being, and achieve personal happiness… The worthy goals of civilization can only be achieved by freedom loving individuals. When government uses force, liberty is sacrificed and the goals are lost. It is freedom that is the source of all creative energy. If I am to be your president, these are the goals I would seek. I reject the notion that we need a president to run our lives, plan the economy, or police the world… It is much more important to protect individual liberty and privacy than to make government even more secretive and powerful.”

Ron Paul

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