Daily Digest

Daily Digest - April 7

Wednesday, April 7, 2010, 9:52 AM
  • Treasury Pays Most Since August To Sell 3-Year Debt
  • Job Openings in U.S. Decrease to 2.72 Million
  • LA Faces Insolvency Without Using $90M In Reserves
  • Los Angeles Mayor Asks for City Service Closing Two Days Weekly
  • N.J. Taxes Said to Be $250 Million Below Governor’s Estimate
  • Unemployment Benefits Expire As Congress Debates Extension
  • Fed Says "Extended Period" May Last A Long Time
  • California Hotel Foreclosures Continue To Climb
  • Greek Bond Yields Pushed Up to 7.1%
  • GSE Debt Not Sovereign - Geithner
  • 27 Million People with Mortgages Believe They Owe More than Their Homes Are Worth
  • Vendor Refuses To Sell Ammo To Illinois Because Of Unpaid Bills
  • Thousands May Lose Rental Vouchers
  • San Jose Airport Records Major 2009 Downturn
  • Pew Study: Nearly a Quarter of All Unemployed Americans Jobless For a Year or More - A Post-War High
  • Automaker Pensions Underfunded by $17 Billion

Economy

Treasury Pays Most Since August To Sell 3-Year Debt

The Treasury Department sold $40 billion in 3-year notes on Tuesday at a yield of 1.776%, the highest since August. Bidders offered to buy 3.10 times the amount of debt sold, compared to 2.98 times at the last four monthly sales of 3-year notes, all for the same amount. Indirect bidders, a group of investors that includes foreign central banks, bought 52.2% of the sale, the highest since December and versus 50.5% on average. Direct bidders which include domestic money managers purchased another 10.7%, compared to an average of 11.7%.

Job Openings in U.S. Decrease to 2.72 Million

Compared with the 14.9 million Americans who were unemployed in February, the figures indicate there are more than 5 people vying for every opening, up from about 1.8 when the recession began in December 2007.

LA Faces Insolvency Without Using $90M In Reserves

The head of the Department of Water and Power, S. David Freeman, said he would not send $73.5 million in utility revenue to the city treasury. Greuel said that without the DWP money, the city will be $10 million in the red by May 5. She said the City Council needs to transfer $90 million from the reserve to the general fund so she can keep paying the city's bills.

Los Angeles Mayor Asks for City Service Closing Two Days Weekly

Los Angeles Mayor Antonio Villaraigosa called for shutting down “nonessential” city services two days a week, after Controller Wendy Greuel said the municipality’s cash may run out next month. The plan would target services that don’t generate revenue, the 57-year-old mayor said in a press conference today. He also said the Department of Water and Power is on a path to a negative credit rating watch. The City Council voted to block a proposed electricity rate increase last week.

N.J. Taxes Said to Be $250 Million Below Governor’s Estimate

New Jersey, the second-wealthiest U.S. state, will get about $250 million less revenue than the governor projected for this fiscal year and the next because of lagging retail sales taxes, according to a copy of a legislative analyst’s report provided by a person who received it before its release tomorrow.

Unemployment Benefits Expire As Congress Debates Extension

The expiration means 212,000 unemployed people will lose benefits this week, according to figures provided by the National Employment Law Project.

Fed Says "Extended Period" May Last A Long Time

The Federal Reserve could keep interest rates ultra-low for even longer than investors expect if the economic outlook worsens or inflation drops, minutes from the central bank's last meeting suggested. The minutes of the Fed's March 16 gathering, released on Tuesday showed lingering concern about the economy's prospects, with policymakers indicating they were in no hurry to raise interest rates. "The duration of the extended period prior to policy firming might last for quite some time and could even increase if the economic outlook worsened appreciably or if trend inflation appeared to be declining further," the minutes said.

California Hotel Foreclosures Continue To Climb

The number of foreclosed hotels in California continued to climb in the first three months of 2010, according to the most recent survey from Atlas Hospitality. Since the end of 2009 to March 31, the number of foreclosed hotels statewide increased 27.4 percent to 79 properties. But lenders stuck between a distressed hotel loan and the prospect of investing more to keep a hotel open have, in some cases, opted to sell the loan to investors rather than foreclose, according to the president of a Southern California hotel brokerage firm.

Greek Bond Yields Pushed Up to 7.1%

In addition, Greece still has to borrow significant amounts of money in coming months, and there are signs that demand for new Greek debt is drying up. Two Greek officials said Tuesday that Asian investors had shown limited interest in a new bond of as much as $10 billion that Greece is contemplating. Finance Minister George Papaconstantinou planned to visit investors in Asia to sell it, but that is now less likely, the officials said. The finance minister will still travel to the U.S. to try to find buyers for the debt.

GSE Debt Not Sovereign - Geithner

The corporate debt of mortgage finance giants Fannie Mae and Freddie Mac should not be considered "sovereign," though the U.S. Treasury is fully committed to backing their debt while they are under government control, U.S. Treasury Timothy Geithner told a key lawmaker....At the hearing, Geithner told Garrett the two companies' debt is not sovereign, though "we are going to make sure that these institutions have the resources they need to meet their commitments past and future."

27 Million People with Mortgages Believe They Owe More than Their Homes Are Worth

A new Harris Poll provides some unpleasant numbers about the housing crisis and the collapse of the house price bubble. Fully 24% of people with mortgages believe they owe more on their mortgages than their homes are worth. One in nine homeowners (11%) with mortgages report having "a great deal of difficulty" in paying off their mortgage. Another 18% are having "some difficulty." This comes at a time when two-thirds of all adults (65%) are concerned that their families' incomes "will not be enough to cover all their costs and expenses this year." These are some of the results of The Harris Poll of 2,320 adults surveyed online between March 1 and 8, 2010 by Harris Interactive.

Vendor Refuses To Sell Ammo To Illinois Because Of Unpaid Bills

The Illinois Department of Corrections was forced to make an emergency purchase of ammunition last month because of the state's inability to pay its bills. The purchase happened after one of the state's ammunition vendors, Shore Galleries Inc., refused to ship bullets unless the company was paid up front. The state owes the Lincolnwood firm $6,000.

Thousands May Lose Rental Vouchers (New York ... 10,500 low-income tenants)

Because of a $45 million deficit, the New York City Housing Authority may have to revoke rental-assistance vouchers from up to 10,500 low-income tenants, an unprecedented move that could cause families to lose their apartments. The federal government gave the housing authority less money for the voucher program, known as Section 8, than it expected. But the authority made matters worse by continuing to issue new vouchers until December, eight months after the government warned it to stop doing so because the program was likely to run a deficit.

San Jose Airport Records Major 2009 Downturn

Passenger volume was down almost 1.4 million passengers last year at Mineta San Jose International Airport compared to 2008. In his annual report to city officials on the airport's master plan, Aviation Director William F. Sherry said the airport handled about 8.3 million passengers in 2009, a 14 percent decrease compared to 9.7 million the year before. In 2007, passenger volume was more than 10.6 million. It has been 10 years since the airport reached its passenger apex of 13.1 million in 2000.

Pew Study: Nearly a Quarter of All Unemployed Americans Jobless For a Year or More - A Post-War High

Twenty-three percent of America's unemployed have been jobless for a year or longer, the highest rate since World War II, according to a study released today by the Pew Economic Policy Group. The report, A Year or More: The High Cost of Long-Term Unemployment, finds that this trend cuts across nearly every industry and occupation, and affects people of all ages and educational backgrounds.

Automaker Pensions Underfunded by $17 Billion

The pension plans at General Motors and Chrysler are underfunded by a total of $17 billion and could fail if the automakers do not return to profitability, according to a government report released Tuesday. Both companies need to make large payments into the plans within the next five years — $12.3 billion by G.M. and $2.6 billion by Chrysler — to reach minimum funding levels, according to the report, prepared by the Government Accountability Office. Whether the companies will be able to make the payments is uncertain, the report concluded, though Treasury officials expect the automakers will become profitable enough to do so.

14 Comments

saxplayer00o1's picture
saxplayer00o1
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Re: Daily Digest - April 7

"Greek banks, hit by a series of credit rating downgrades linked to the country's debt crisis, have asked the government for more financial support, Finance Minister George Papaconstantinou said on Wednesday.

"The banks have asked to use the remaining funds of the support plan," he told reporters, referring to a package first agreed by the previous conservative government in 2008."

.................1A) Greece's budget deficit revised up to 12.9% on wider contraction

"George Papaconstantinou said Greece's budget deficit for 2009 is gong to be revised up to at least to 12.9% from 12.7% after the economy contracted 2% last year. The announcement is expected to raise concerns especially as Greece should sell more than 30 billion euros by the end of 2010 to cut the largest deficit in the EU."

.................1B) Greece to Revise 2009 Deficit to at Least 12.9%, Minister Says

..................1C) Greek Default Unavoidable Without More Aid, Jen Says

"April 7 (Bloomberg) -- Greece may default on its debt as early as this year without “extraordinary” financial assistance from the European Union and International Monetary Fund, said Stephen Jen at BlueGold Capital Management LLP.

The challenges facing Greece are similar to those that confronted Argentina, which defaulted on $95 billion of debt in 2001, as the government enacts austerity measures to narrow the European Union’s biggest budget deficit, Jen, managing director at the hedge fund, said today in an interview in London. That may drive the Mediterranean nation into a recession, he said.

“A default may be ultimately unavoidable,” Jen said. "

"TORONTO — The Ontario Teachers’ Pension Plan didn’t earn enough last year from its investments to overcome a funding shortfall that ballooned to $17.1 billion at the end of last year.

While 2009 was one of the fund’s best-ever investment years, with a 13 per cent annual rate of return on investments, the plan’s deficit was almost seven times higher than the $2.5-billion shortfall booked at the end of fiscal 2008."

"KANSAS CITY, MO (kcur) - Another one thousand Missouri state employees are going to lose their jobs in the coming weeks. Governor Jay Nixon spoke of the cuts as he met with UMKC faculty and students.

The cuts are part of the governor's blueprint to resize state government. 18 hundred state workers have already been trimmed during Nixon's 15 months in office. Many of the newest layoffs will come from state child support offices in the counties."

"April 7 (Bloomberg) -- Crude oil is poised to rise above $100 a barrel as soon as September after breaking out of a six- month trading range, according to a technical analysis by Lind- Waldock, a division of MF Global Inc. in Chicago.

“We’ve been going sideways for six months, now we’ve breached the uppermost point of that sideways period and the pattern projects to $100,” Blake Robben, a strategist at Lind- Waldock, said in an interview yesterday.

Crude oil for May delivery traded between a high of $85.43 and a low of $70.28 since early October, before settling above the top of that range the past two days. "

"Food stamp usage is up again except the program is now called SNAP Supplemental Nutrition Assistance Program.

Inquiring minds are looking at a SNAP Participation Table that shows a record 39,430,724 receive SNAP benefits, a 22.4% increase from a year ago.

Biggest State Increases

Arizona - 32.9%

Colorado - 32.9%

Florida - 38.6%

Idaho - 45.7%

Nevada - 46.9%

Rhode Island - 42.4%

South Dakota - 32.6%

Utah - 37.3%

Wisconsin - 38.9%

Wyoming - 40.0%

Those numbers are as of January 2010"

"When asked if financial distress makes stopping payments on an underwater mortgage acceptable, 15 percent of respondents said yes in Fannie Mae’s National Housing Survey, a remarkable level of public acceptance for homeowners who walk away from their mortgages in light of the growing number of defaults in Fannie Mae’s portfolio.

Both delinquent mortgage borrowers and those current on their mortgage payments are more than twice as likely to have seriously considered stopping their payments if they know someone who has already defaulted, according to the survey released today.

Underwater borrowers were more than twice as likely to be behind on their mortgage payments and were more than twice as likely to believe stopping payments was acceptable than borrowers who were not underwater. Only 33 percent of respondents cited their moral qualms as a factor motivating them to pay their mortgage.

The number of “strategic defaults” may far exceed most industry estimates. As many as 588,000 homeowners walked away from their mortgages and their homes in 2008, more than double the total in 2007, according to a study last fall by Experian and the Oliver Wyman consulting company. Strategic defaulters represented 18 percent of all serious delinquencies that extended for more than 60 days in last year’s fourth quarter."

"(Reuters) - The United States should consider raising taxes to help bring deficits under control and may need to consider a European-style value-added tax, White House adviser Paul Volcker said on Tuesday.

Volcker, answering a question from the audience at a New York Historical Society event, said the value-added tax "was not as toxic an idea" as it has been in the past and also said a carbon or other energy-related tax may become necessary.

Though he acknowledged that both were still unpopular ideas, he said getting entitlement costs and the U.S. budget deficit under control may require such moves. "If at the end of the day we need to raise taxes, we should raise taxes," he said."

"April 7 (Bloomberg) -- Cleveland is borrowing $130 million to refinance debt sold to build a stadium for the National Football League’s Browns and end a swap agreement with UBS AG designed to protect the city against rising interest rates."

"April 7 (Bloomberg) -- Los Angeles had the credit rating on $3.2 billion of debt cut to Aa3 from Aa2 by Moody’s Investors Service a day after Mayor Antonio Villaraigosa called for a twice-a-week shutdown of “nonessential” services.

The one-level downgrade for the nation’s second-largest city by population cited the difficulty of quickly rebalancing its budget.

Moody’s maintains a negative outlook on the city’s debt, meaning the rating could be lowered further. Aa3 is the company’s fourth-highest investment grade."

 

Mautino: Illinois educators can expect state budget woes to continue

idoctor's picture
idoctor
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compinthegroove's picture
compinthegroove
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Re: Daily Digest - April 7

More regarding the fractional reserve fraud in the gold and silver markets:

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/4/7_An...

I calculated how much gold and silver was in the vault described in the interview- 60,005 oz silver, 89,143 oz gold.   Nearly 50% more gold than silver.  Imagine what the price correction would be if all the bullion vaults had this kind of percentage.

 

tomwil's picture
tomwil
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Re: Daily Digest - April 7

60,005 oz silver, 89,143 oz gold

 

That must be off by a factor of 10,000 or more.   My local coin/bullion shop probably has that much silver on hand (if you include silver dollars and junk bags).  Maybe that should be in metric tons not ounces?Surprised

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CB
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Re: Daily Digest - April 7

Some VERY graphic pictures (consider yourself warned) of the situation in Kyrgyzstan today. Want to see what a citizen's uprising looks like with people going against armed police?

http://www.boston.com/bigpicture/2010/04/crisis_in_kyrgyzstan.html

Clearly the police in this case were not committed (or prepared) to crush the oposition with total violence. Word is that the opposition leaders that were arrested yesterday have been released and Rosa Otunbaeva is reported to be trying to form a government.

http://en.wikipedia.org/wiki/Roza_Otunbayeva

http://newsolio.com/roza-otunbayeva-new-president-of-kyrgyzstan-after-go...

Some reports claim the president fled south and may be planning some kind of forceful response.

The US main transit base for Afghanistan is located near the capital. It is night now and widespread looting is occurring - stock exchange reportedly wrecked.

http://www.registan.net/index.php/2010/04/06/protests-clashes-and-arrest...

edited:

BBC World Service has updated news - current Newshour program - right side of page link to listen:

http://www.bbc.co.uk/worldservice/news/2009/03/000000_newshour.shtml

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compinthegroove
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Re: Daily Digest - April 7

The guy actually lists what he saw by how many bars he saw in each weight.  I just wrote down what he said and added the numbers.  I'll let you draw your own conclusions. 

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gregroberts
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Re: Daily Digest - April 7
Alaska bar takes in smaller-than-usual fake bills

(AP) – 1 day ago

 

JUNEAU, Alaska — Police in Alaska say lawbreakers must be really getting desperate because someone left 13 fake $1 bills in a bar's tip jar — an unusually small denomination for the crime.

Viking Lounge owner Jack Tripp says that in the 19 years he has owned the establishment, it has received counterfeit money only twice. Both times were in the last year, and both were fake $20 bills.

Juneau Police Department spokeswoman Cindee Brown-Mills says the latest fake bills were probably printed off the Internet. Some were blank on one side.

She says the economy must be really bad if people are counterfeiting $1 bills.

Tripp reimbursed his employees their $13 in tips — with real money.

Information from: Juneau Empire, http://www.juneauempire.com

Copyright © 2010 The Associated Press. All rights reserved.

http://www.google.com/hostednews/ap/article/ALeqM5jgguB2p8Kum3V7dHDfVVZf1YzwvwD9ETO5G00

with real money. precious metals?

Had to laugh at the idea of counterfeiting counterfeit monopoly money.

 

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mesaboogieman
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Re: Daily Digest - April 7

Terrible things happening and most of the world has no idea.

As Gerald Celente says, when people lose everything, they lose it.

Somewhere as small as that it's probably impossible to hide the corruption. It's affecting people so much they are prepared to go to any lengths to protest.    

Much easier when you can create money from nothing, for a while...

CB wrote:

Some VERY graphic pictures (consider yourself warned) of the situation in Kyrgyzstan today. Want to see what a citizen's uprising looks like with people going against armed police?

http://www.boston.com/bigpicture/2010/04/crisis_in_kyrgyzstan.html

Clearly the police in this case were not committed (or prepared) to crush the oposition with total violence. Word is that the opposition leaders that were arrested yesterday have been released and Rosa Otunbaeva is reported to be trying to form a government.

http://en.wikipedia.org/wiki/Roza_Otunbayeva

http://newsolio.com/roza-otunbayeva-new-president-of-kyrgyzstan-after-go...

Some reports claim the president fled south and may be planning some kind of forceful response.

The US main transit base for Afghanistan is located near the capital. It is night now and widespread looting is occurring - stock exchange reportedly wrecked.

http://www.registan.net/index.php/2010/04/06/protests-clashes-and-arrest...

edited:

BBC World Service has updated news - current Newshour program - right side of page link to listen:

http://www.bbc.co.uk/worldservice/news/2009/03/000000_newshour.shtml

mesaboogieman's picture
mesaboogieman
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Posts: 42
Re: Daily Digest - April 7

Terrible things happening and most of the world has no idea.

As Gerald Celente says, when people lose everything, they lose it.

Somewhere as small as that it's probably impossible to hide the corruption. It's affecting people so much they are prepared to go to any lengths to protest.    

Much easier when you can create money from nothing, for a while...

CB wrote:

Some VERY graphic pictures (consider yourself warned) of the situation in Kyrgyzstan today. Want to see what a citizen's uprising looks like with people going against armed police?

http://www.boston.com/bigpicture/2010/04/crisis_in_kyrgyzstan.html

Clearly the police in this case were not committed (or prepared) to crush the oposition with total violence. Word is that the opposition leaders that were arrested yesterday have been released and Rosa Otunbaeva is reported to be trying to form a government.

http://en.wikipedia.org/wiki/Roza_Otunbayeva

http://newsolio.com/roza-otunbayeva-new-president-of-kyrgyzstan-after-go...

Some reports claim the president fled south and may be planning some kind of forceful response.

The US main transit base for Afghanistan is located near the capital. It is night now and widespread looting is occurring - stock exchange reportedly wrecked.

http://www.registan.net/index.php/2010/04/06/protests-clashes-and-arrest...

edited:

BBC World Service has updated news - current Newshour program - right side of page link to listen:

http://www.bbc.co.uk/worldservice/news/2009/03/000000_newshour.shtml

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Damnthematrix
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Re: Daily Digest - April 7

Colin Campbell now thinks that $100 is the point at which the world economy will
go into peak-oil-stimulated recession.

http://www.reuters.com/article/idUSTRE63539420100406

CB's picture
CB
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Posts: 365
Re: Daily Digest - April 7
mesaboogieman wrote:

Terrible things happening and most of the world has no idea.

As Gerald Celente says, when people lose everything, they lose it.

Somewhere as small as that it's probably impossible to hide the corruption. It's affecting people so much they are prepared to go to any lengths to protest.    

Much easier when you can create money from nothing, for a while...

CB wrote:

Some VERY graphic pictures (consider yourself warned) of the situation in Kyrgyzstan today. Want to see what a citizen's uprising looks like with people going against armed police?

http://www.boston.com/bigpicture/2010/04/crisis_in_kyrgyzstan.html

Clearly the police in this case were not committed (or prepared) to crush the oposition with total violence. Word is that the opposition leaders that were arrested yesterday have been released and Rosa Otunbaeva is reported to be trying to form a government.

http://en.wikipedia.org/wiki/Roza_Otunbayeva

http://newsolio.com/roza-otunbayeva-new-president-of-kyrgyzstan-after-go...

Some reports claim the president fled south and may be planning some kind of forceful response.

The US main transit base for Afghanistan is located near the capital. It is night now and widespread looting is occurring - stock exchange reportedly wrecked.

http://www.registan.net/index.php/2010/04/06/protests-clashes-and-arrest...

edited:

BBC World Service has updated news - current Newshour program - right side of page link to listen:

http://www.bbc.co.uk/worldservice/news/2009/03/000000_newshour.shtml

There was an uprising in Kyrgyzstan 4/5 years ago that installed the current (well apparantly now former) president who promised reform but didn't deliver. Foreign aid and revenue comming to the central government doesn't tricle down to the people and a quadrupling of utility bills this past winter (quite cold) and the arrest of the opposition leaders on Tuesday seem to have ignited the unrest.

Neighboring Uzbekistan had some civil unrest at that same time (4/5 yrs ago) but the government corraled and shot as many as 100 people - no one knows for sure - and that was sufficient to suppress dissent.

China, Russia, and the US are all medling in the region over energy resources and pipelines, but as is usual, the people get nothing when deals are made while the ruling class gets rich. People are tired of the same old story...

The US is particularly bad at concentrating only on it's perceived 'strategic objectives' and has been willing to deal with corrupt governments without regard to the effects on local populations. It's support for 'color revolutions' was only superficial - mouthing nonsense about democracy and freedom, but only caring about its global strategy, and measuring success as the installation of a compliant government. Witness what happened in Ukraine when they supported Yushenko over Yanukovich - Yushenko was completely inefective politically and picked fights with Russia (stupid as Russia is Ukraine's biggest trading partner) and tried to force NATO membership on a population that didn't want it (EU membership yes, NATO no). The people got sick of it all and now Yanukovich has been elected (with the help of George Bush's campaign gurus) and is making a gas deal with Russia while backing off the NATO foolishness as he tries to save the national economy. Of course the political scene in the country is rather a mess  - much of the economy is run by oligarchs and corruption is endemic...

Jasenica's picture
Jasenica
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Posts: 35
Re: Daily Digest - April 7
CB wrote:

Some VERY graphic pictures (consider yourself warned) of the situation in Kyrgyzstan today. Want to see what a citizen's uprising looks like with people going against armed police?

http://www.boston.com/bigpicture/2010/04/crisis_in_kyrgyzstan.html

Clearly the police in this case were not committed (or prepared) to crush the oposition with total violence. Word is that the opposition leaders that were arrested yesterday have been released and Rosa Otunbaeva is reported to be trying to form a government.

http://en.wikipedia.org/wiki/Roza_Otunbayeva

http://newsolio.com/roza-otunbayeva-new-president-of-kyrgyzstan-after-go...

Some reports claim the president fled south and may be planning some kind of forceful response.

The US main transit base for Afghanistan is located near the capital. It is night now and widespread looting is occurring - stock exchange reportedly wrecked.

http://www.registan.net/index.php/2010/04/06/protests-clashes-and-arrest...

edited:

BBC World Service has updated news - current Newshour program - right side of page link to listen:

http://www.bbc.co.uk/worldservice/news/2009/03/000000_newshour.shtml

This is what occurs when people lose all hope and no longer trust their government. I believe (fear) these scenes will be repeated in other countries as they begin to default on soverign debt.

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Vanityfox451
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Posts: 1636
Re: Daily Digest - April 7

CB,

The latest news I could find online: -

~ VF ~

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djhester1940
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Posts: 35
Re: Daily Digest - April 7

I just looked at the Texas Sales Tax Report for the 3rd quarter of 2009 ( the latest report available) and was shocked by the drop in sales.with an average of -24.3% for the state from the same quarter 2008. I was particularly interested in Bexar county since I live in San Antonio which had a 33% drop. 

http://www.window.state.tx.us/taxinfo/staxqtr/stxqtr01.html

I am searching diligently for the good news in these numbers. Does anyone see any?

Donnell 

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