Daily Digest

Daily Digest 8/12 - U.S. Seeks Ideas For Foreclosed Property, U.S. Plans For London-Like Riots, Panel Seeks More Gas Well Rules

Friday, August 12, 2011, 9:42 AM
  • Is There Enough Money on Earth to Save the Banks?
  • Statement by the Chancellor of the Exchequer, Rt Hon George Osborne MP, on the global economy
  • U.S. Seeks Ideas on Renting Out Foreclosed Property
  • Spanish bank fields Ronaldo as collateral
  • The U.S. Military's Plan for London-Like Riots
  • Four European Nations to Curtail Short-Selling
  • How Serious a Crime Is Insider Trading?
  • Panel Seeks Stiffer Rules for Drilling of Gas Wells

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Economy

Is There Enough Money on Earth to Save the Banks? (JLA)

Two years ago the central planners convinced investors that the biggest surviving financial institutions would be able to earn their way back to health, in part through low interest rates and taxpayer support. The pressing question soon may be whether there is enough money on the planet to save the system as we know it, and if so, how much longer it will be before a crisis comes along that finally swamps the ability of governments to contain it.

Statement by the Chancellor of the Exchequer, Rt Hon George Osborne MP, on the global economy (adam)

I want to use the opportunity of the recall of Parliament to update the House on what we are doing to protect Britain from the storm and to help lead a more effective international response to the fundamental causes of this instability.

As of this morning, after heavy losses yesterday, markets in Asia and Europe are calmer.

But over the past month:

The Dow Jones index has fallen by over 14%;

The French market is down 23%, the Nikkei by 11%

And it is striking that the German market is down 24% and even Chinese equities are down 20% since November.

U.S. Seeks Ideas on Renting Out Foreclosed Property (jdargis)

As it considers the proposals, the government-sponsored enterprises that now own the houses will continue to offer individual properties for sale, Edward J. DeMarco, acting director of housing finance agency, said Wednesday. But the government says it believes that given the slow pace of those sales, it must find new ways in which properties can be pooled, sold and privately managed as rentals.

Spanish bank fields Ronaldo as collateral (Stephen W.)

Cristiano Ronaldo, the most expensive footballer in history, has joined the European Central Bank (ECB) on a free transfer. Sources say the authorities want his help on the sovereign debt crisis – by kicking the can further down the road.

The U.S. Military's Plan for London-Like Riots (jdargis)

Interestingly, the CONPLAN (which stands for an "operation plan in concept format" at the Pentagon) Ambinder referenced is a popular subject among conspiracy theorists and critics of martial law. According to the public policy organization GlobalSecurity.org, CONPLAN 3502 is the U.S. military's plan for assisting state and local authorities in the event of a riot or major civil disturbance: "Tasks performed by military forces may include joint patrolling with law enforcement officers; securing key buildings, memorials, intersections and bridges; and acting as a quick reaction force."

Four European Nations to Curtail Short-Selling (jdargis)

In France, that country’s market watchdog banned short-selling or increasing short-selling positions, effective immediately, for 15 days on 11 financial institutions. They are: the April Group, Axa, BNP Paribas, CIC, CNP Assurances, Crédit Agricole, Euler Hermès, Natixis, Paris Ré, Scor and Société Générale.

Italy and Spain imposed similiar 15-day bans covering financial shares, while Belgium's was for an indefinite period, according to statements by their market regulators.

How Serious a Crime Is Insider Trading? (jdargis)

The defense filing asserts that “[w]ith the sole, and significant, exception of his criminal conviction in this case, the evidence shows that Mr. Rajaratnam lived a life that was not just blameless, but exemplary.”

Prosecutors, on the other hand, maintain in their filing that Mr. Rajaratnam “operated as a billion-dollar force of deception and corruption on Wall Street.”

The truth most likely lies somewhere in between.

Energy

Panel Seeks Stiffer Rules for Drilling of Gas Wells (jdargis)

“The public deserves assurance that the full economic, environmental and energy security benefits of shale gas development will be realized without sacrificing public health, environmental protection and safety,” said the report, which was prepared by a subcommittee led by John Deutch, the former director of the Central Intelligence Agency, and a group of energy experts including Daniel Yergin, chairman of IHS Cambridge Energy Research Associates, and Fred Krupp, president of the Environmental Defense Fund.

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4 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4062
Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Intractability.

Pundits compared the turmoil with 2008, but in some ways it looks far worse. Three years ago the collapse of the oil price to below $40 provided some temporary relief, but that’s unlikely to happen this time.

From my ADAC newsletter

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Bill and TED.

Bill Ford is a decendant of Henry and he talks about the future of the car in this TED talk.

The road to Hell is paved with good intentions.

bienestar's picture
bienestar
Status: Member (Offline)
Joined: Oct 29 2009
Posts: 1
Regarding U.S. Seeks Ideas on Renting Out Foreclosed Property

This has been the dream of the corporatocracy from the beginning... get rid of individual home ownership and make us all renters- to maximize their profits. Disaster capitalism: Define a "solution" that you desire to implement for your benefit, then create a "problem" that will make the sheeple insist that you implement your "solution".

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