Daily Digest

Daily Digest - May 30

Sunday, May 30, 2010, 6:33 AM
  • U.S. Bank Failure Total Is 77 as More Institutions Are Shut
  • 3,000 Pages of Financial Reform, but Still Not Enough
  • Oil Falls, Capping Worst Month Since 2008, on Spanish Downgrade
  • Does Wall Street's "Free Market" Promote Real Freedom?
  • Next phase of the financial crisis may be the hardest
  • BP well disaster stuns hardened oil men
  • BP abandons ‘top kill’ efforts on oil spill
  • BP bused in 100s of temp workers for Obama visit, state official says

U.S. Bank Failure Total Is 77 as More Institutions Are Shut

Regulators on Friday shut down three affiliated banks in Florida and one each in Nevada and California, bringing the number of bank failures this year to 78…

Those banks are Bank of Florida-Southeast, based in Fort Lauderdale, with $595.3 million in assets; Bank of Florida-Southwest, based in Naples, with $640.9 million in assets; and Bank of Florida-Tampa Bay, based in Tampa, with $245.2 million in assets.

3,000 Pages of Financial Reform, but Still Not Enough

Surely, we beleaguered taxpayers do not need to backstop any more institutions than we do now. According to Jeffrey M. Lacker, president of the Federal Reserve Bank of Richmond, Va., only 18 percent of the nation’s financial sector was covered by implied federal guarantees in 1999. By the end of 2008, his bank’s research shows, the federal safety net covered 59 percent of the financial sector…

“Arguably, we will not break the cycle of regulation, bypass, crisis and rescue,” Mr. Lacker said, “until we are willing to clarify the limits to government support, and incur the short-term costs of confirming those limits, in the interest of building a stronger and durable foundation for our financial system. Measured against this gauge, my early assessment is that progress thus far has been negligible.”

Oil Falls, Capping Worst Month Since 2008, on Spanish Downgrade

Crude oil fell, capping the worst month since December 2008, after a decision by Fitch Ratings to strip Spain of its AAA credit grade pushed the euro lower.

Oil in New York dropped more than $12 a barrel in May as the euro’s retreat reduced the appeal of commodities as an alternative investment. The cut increases concern that Europe’s sovereign-debt crisis will worsen and undermine the global economic recovery.

Does Wall Street's "Free Market" Promote Real Freedom? (dugsmith)

Increasingly, sleeplessness is not just for speculators holding risky bets. It is a problem for many middle class American breadwinners, too. Why? Wage growth for most workers is highly constrained. Good jobs continue to go overseas for lower pay. Employers are reducing retirement plan benefits for new hires. The Federal Reserve’s commitment to a policy of inflation penalizes those who do not regularly invest in assets leveraged by inflation. A significant portion of U.S. fiscal spending comes from overseas borrowing. Meanwhile, government liabilities rise as government takes tax receipts from the responsible and bails out or subsidizes the irresponsible. What’s not to worry about?

Next phase of financial crisis may be the hardest

(Reuters) - It took $5 trillion and an unprecedented global coalition of G20 countries to stabilize the economy after investment bank Lehman Brothers collapsed in 2008. Quelling the next phase of the financial crisis may be even harder.

To stop the panic that erupted nearly two years ago, governments transferred a mountain of debt from private to public accounts. Now, those government debts are distressing financial markets and there is nowhere left to shift the burden.

Energy & Environment

BP well disaster stuns hardened oil men

Apache Corp (APA.N) CEO Steve Farris, a senior executive at the company for two decades, said he does his best to remain calm and keep the gushing well in perspective. But the first thing he does when he wakes at 5 a.m. is seek out the latest news developments.

"That disaster literally put a stop to nuclear power in the U.S.," Rodman said at the summit. "I'm not sure Three Mile Island was as big as what has happened (in the Gulf)."

BP abandons ‘top kill’ efforts on oil spill

BP has abandoned its latest attempt to stem an oil leak from its deep water well in the Gulf of Mexico after a so-called “top kill” technique failed over several days to stem the flood of crude.

Mr Suttles said earlier on Saturday: “I don’t think the amount of oil coming out has changed. Just by watching it, we don’t believe it’s changed.”

BP’s next option is to slice off the leaking pipe and place a cap over the opening, an operation known as the ’lower marine riser package cap’.

BP bused in 100s of temp workers for Obama visit, state official says

Perhaps you saw news footage of President Obama in Grand Isle, La., on Friday and thought things didn't look all that bad. Well, there may have been a reason for that: The town was evidently swarmed by an army of temp workers to spruce it up for the president and the national news crews following him.

Jefferson Parish Councilman Chris Roberts, whose district encompasses Grand Isle, told Yahoo! News that BP bused in "hundreds" of temporary workers to clean up local beaches. And as soon as the president was en route back to Washington, the workers were clearing out of Grand Isle too, Roberts said.

"The level of cleanup and cooperation we've gotten from BP in the past is in no way consistent to the effort shown on the island today," Roberts said by telephone. "As soon as the president left, they were immediately put back on the buses and sent home."

Please send article submissions to: [email protected]

16 Comments

kikrlbs's picture
kikrlbs
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Posts: 5
Re: Daily Digest - May 30

what's up with this? Every article I try to access Internet explorer can't display webpage.

idoctor's picture
idoctor
Status: Diamond Member (Offline)
Joined: Oct 4 2008
Posts: 1731
LogansRun's picture
LogansRun
Status: Diamond Member (Offline)
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Posts: 1443
Re: Daily Digest - May 30
kikrlbs wrote:

what's up with this? Every article I try to access Internet explorer can't display webpage.

Neither can I.

gregroberts's picture
gregroberts
Status: Diamond Member (Offline)
Joined: Oct 6 2008
Posts: 1024
Re: Daily Digest - May 30

Anybody here do anything fun over the weekend? Veronica and I went to the Ono Store for some beer and burgers yesterday and talked with Tom Smith who has a lot of interesting stories, Lennie wasn't there but we will go back and hopefully she will be there next time.

Another place I would like to visit is the "The Heart Attack Grill" in Arizona, maybe order a single bypass burger with some flatliner fries and a Jolt cola. ;-)

http://www.heartattackgrill.com/

“There are very few of these places left,” says Lennie Copeland, proprietor of the Ono Store and International Café west of Redding. Like French Gulch’s E. Franck & Co. saloon, it’s a local hangout, a piece of living history, a place to get an ice-cold beer and — in the case of the Ono Store — a great burger.

The Ono Store, which Copeland and partner Tom Smith bought from longtime owner Mary Cole three years ago, dates to the ’50s and its predecessor to the 19th century. The weathered sign out front, flanked with rusted Coca Cola decals, speaks to some of that history. Inside, the place is chock-a-block with antique farm and mining implements, historic photographs and hunting trophies — a stuffed boar presides above the massive fireplace, which is embedded with local stones and fossils.

http://www.redding.com/news/2009/oct/01/dining-out-ono-store-and-interna...

concad's picture
concad
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Joined: Jul 8 2009
Posts: 4
Re: Daily Digest - May 30

I have no problem, but I don't use microsoft products. Give Mrs Gates little boy Billy the flick and help introduce a little competition into the software industry.

 

Damnthematrix's picture
Damnthematrix
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 3998
Re: Daily Digest - May 30
LogansRun wrote:
kikrlbs wrote:

what's up with this? Every article I try to access Internet explorer can't display webpage.

Neither can I.

Serves you right for using micro$oft crappy products.......  This Linux laptop sees everything clear as a bell..

Mike

cmartenson's picture
cmartenson
Status: Diamond Member (Offline)
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Posts: 5570
Re: Daily Digest - May 30

I just checked all the links...all fine on my end.

Clear your cache??

tomwil's picture
tomwil
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Joined: Aug 31 2008
Posts: 13
Re: Daily Digest - May 30

The links work fine for me in ie8 (Microsoft browser). 

But usually they open up in a new window; today they open in the same window (have to use the back button).

 

Hope everyone is having a nice weekend.

--TW

ericg's picture
ericg
Status: Silver Member (Offline)
Joined: Mar 23 2010
Posts: 101
Re: Daily Digest - May 30

what's up with this? Every article I try to access Internet explorer can't display webpage.

 

That happened to me several months ago. I had to start using Firefox.... I think it's a virus. Did you get a pop-up saying you needed to upgrade your virus protection ? It looks just like a Microsoft pop-up :( Anyway I had to eventually buy a new laptop..... Windows 7 seems to have taken care of it for now. I still have to hit ctrl-alt-del every now and again to get rid of that pop-up with task manager.

LogansRun's picture
LogansRun
Status: Diamond Member (Offline)
Joined: Mar 18 2009
Posts: 1443
Re: Daily Digest - May 30

I'm using a mac.  

rhare's picture
rhare
Status: Diamond Member (Offline)
Joined: Mar 30 2009
Posts: 1323
Re: Daily Digest - May 30
Damnthematrix wrote:

This Linux laptop sees everything clear as a bell.

Wow! Mike we have something in common other than this site. Laughing

ericg's picture
ericg
Status: Silver Member (Offline)
Joined: Mar 23 2010
Posts: 101
Re: Daily Digest - May 30

LogansRun says:

I'm using a mac.

Must be nice.... Laughing

idoctor's picture
idoctor
Status: Diamond Member (Offline)
Joined: Oct 4 2008
Posts: 1731
Re: Daily Digest - May 30

guardia's picture
guardia
Status: Platinum Member (Offline)
Joined: Jul 26 2009
Posts: 592
Re: Daily Digest - May 30
rhare wrote:
Damnthematrix wrote:

This Linux laptop sees everything clear as a bell.

Wow! Mike we have something in common other than this site. Laughing

Me three! Aren't there a lot of Linux users on this site anyway? (Or am I missing an inside here... Foot in mouth)

Samuel

vvolf's picture
vvolf
Status: Bronze Member (Offline)
Joined: Jan 3 2009
Posts: 29
Re: Daily Digest - May 30

using Ubuntu here...looking at the new Mint that is based on Ubuntu..... unless you are hung up on gaming, why use MS?

No viruses, faster, are not the only reasons Linux is better... watch this short video.  Linux is made by people and maintained by people because they enjoy it, ...and maybe a slight flavoring of anti-corporatism too :)....not because they are being paid.

affert's picture
affert
Status: Silver Member (Offline)
Joined: Sep 22 2008
Posts: 100
Re: Daily Digest - May 30

Another linux user here :). 

Beautiful day outside, I'll be heading out to work some more on our garden.  As first time gardeners, it's exciting to be putting plants into the ground, and hoping they don't die.  We've started small this year, hoping to not bite off more than we can chew, and learn something.

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