Monday, August 8, 2011

Breaking News Mon. Aug. 8, 2011

What a day!
I'm a bit late posting because I wanted to wait for markets to close so I could put up the final numbers for us.
Much much thanks to the Ozarker at Conflicted Doomer and RJ at Global Glass Onion for their help and friendship. Do check out their excellent blogs as well as the other excellent blogs linked on the left.
Hope for better days my friends, but get your prep on and be ready for turbulent times.

here's the final numbers for the day.
Dow down 632.34 close at 10,812.27
S&P 500 down 79.81 close at 1,119.57
Nasdaq down 174.72 close at 2357.69
Oil 81.26
Gold 1718.50
Silver 38.96


Japan
LegitGov: Japan 'to mull backup capital city for emergencies'

Global Conflict
BlackListedNews: Mossad’s murder machine kills another Iranian scientist 
BBC: London riots  (video feed)
BBC: London riots: Tensions behind unrest revealed
Rioting has again erupted on the streets of Tottenham almost 26 years after the Broadwater Farm riot. But what lies beneath the latest violent outburst in this chequered corner of north London?
Change.org: Tell Walmart to Stop Rape and Torture of Young Women in its Factories
CBSNews: Saudi Arabia recalls ambassador to Syria
LegitGov: Protesters retake Madrid square after police charge
Reuters: More violence in British capital after riots
Groups of youths attacked shops and damaged a police car in north London on Sunday as police sent in reinforcements to prevent more rioting on the scale that laid waste to another area of the British capital 24 hours earlier.
LegitGov: Israelis plan million-strong march as protesters call for social justice
Telegraph: London riots: world reacts to city's 'hungry mutiny'The riots in London have made headlines around the world - here's a round-up of the coverage from our international correspondents.
LegitGov: London riots spread south of Thames
TheIndependent: Clegg tours riot-hit community
SeattlePI: Israeli officials vow to cut cost of living 
MSNBC: Saudi king pulls ambassador from Syria, denounces violence - Fresh gunfire heard in besieged city following deadly weekend crackdown 
Post-Gazette: Arab neighbors condemn Syria - Activists say 59 dead in new attacks by Assad's forces
McClatchy: In valley where SEALs died, U.S. raids boost Taliban support
Reuters: Clashes erupt in London on third day of violence
TheAtlantic: Anarchy in the U.K. 
LegitGov: 81 congressmen to visit Israel in coming weeks 
UPI: Al-Qaida-linked rebels pounded in Somalia

Hacker News
Bloomberg: Hackers Snap Up $1 Billion as Banks Blame Clients - Valiena Allison got a call from her bank on a busy morning two years ago about a wire transfer from her company’s account. She told the managers she hadn’t approved the transfer. The problem was, her computer had.
IBTimes: Oracle, other companies 'punkd' in hacking contest
NYMag: Murdoch Hacked Us Too - The News Corp. scandal already exposed just how thoroughly the company had corrupted Britain. Now it’s time to look on this side of the pond.
MSNBC: Expert: Rural US websites easy target for hackers - Hacking collective Anonymous said Saturday that it attacked 70 mostly rural law enforcement websites
CNN: DEF CON: The event that scares hackers

Financial News
Zerohedge: Charting The Historic 5 Day Market Slide 

AccuWeather: Weather: just one more thing to give you an economy-related anxiety attack Weather Can Knock Out U.S. Economy 
BusinessInsider: 9 States That Are Slashing Unemployment Benefits 
BusinessInsider: S&P Does Not Believe The Bush Tax Cuts Will Get Lifted In 2012

CBOBlog: Discretionary Spending Under the Budget Control Act of 2011 Ilene: Dungeons & Downgrades 
NYT: Second Recession in U.S. Could Be Worse Than First
MSNBC: Bernanke may find that his options are limited - Solutions to current economic mess could be out of the central bank's plans 

CNN: America's job crisis 
CapitalSpectator: Is Battling Deflation The New New Thing Again?
DailyMail: Capitalism in crisis,- a warning from history: Eighty years ago, a banking collapse devastated Europe, triggering war. Today, faith in the free markets is faltering again

CNBC: Bank of America: S&P May Downgrade US Again in November 
Reuters: Moody's cautious about U.S. deficit cuts plan - Ratings agency Moody's Investors Service on Monday warned it might also downgrade the U.S. government's credit rating if its planned measures to reduce its budget deficit turned out to be not "credible" after all.

Spiegel: US Economist Kenneth Rogoff - 'Some European Countries Are Fundamentally Bankrupt'
EconomicTimes: Moody's says convinced about 'AAA' US rating 
Statesman: Texas billionaire Charles Wyly killed in Colo. - Texas billionaire and philanthropist Charles Wyly, whose family donated millions of dollars to Republican causes and Dallas arts projects, died in a car accident Sunday near his home in western Colorado, authorities said. He was 77.
NYT: Welcome to the Recovery
Reuters: Forget taxes, it’s wages that plague Americans
MyBudget360: Federal Reserve openly targets dollar demise – U.S. Treasury and Federal Reserve solution to economic crisis is to crush dollar and target the standard of living for American families.

Cryptogon: An Investment Manager’s View on the Top 1%
ZeroHedge: Guest Post: It’s Time To Be Very Concerned About What’s Going On Behind The Scenes
Time: Why Congress and S&P Deserve Each Other 
ABCNews: Freeganism: Dumpster Diving to Buck the Spending Trend
Bloomberg: Global Banks Poised to Cut 101,000 Jobs 
Reuters: S&P cuts Freddie Mac, Fannie Mae after U.S. downgrade-Standard & Poor's cut Freddie Mac (FMCC.OB) and Fannie Mae's (FNMA.OB) long-term ratings one notch on Monday.
EconomicsofContempt: On S&P, Downgrades, and Idiots 
CNBC: China Should Not Sell US Debt: Ex Chinese Lawmaker 
WashingtonPost: The worse the economy, the less likely that Congress will do anything about it
TheEconomist: Fed Watch: The Unpleasantness Continues 
MSNBC: Wall Street drops amid global stock rout after US downgrade- S&P cuts U.S. credit rating; Europe moves to help Italy, Spain avoid devastating defaults  
CNBC: NYSE Invokes Rule 48
thanks to Robert as Hubberts-Arms for the above story and link
BusinessInsider: Something We Can All Feel Good About: Shares Of S&P Parent McGraw-Hill Are Tanking
TheNewYorker: The Business of Austerity
Bloomberg: Trichet Draws ECB ‘Bazooka’ as Italy, Spain Debt Purchases Begin
YahooFinance: S&P Rating: Your money in a AA-rated U.S.
RawStory: Second U.S. recession could be worse than the first-A second recession, what many are calling the double-dip recession, could be on its way, economists warn. And should it come, it will probably be even more devastating than the previous period of economic woe. 

Zerohedge: Muni Market Prepares For "Hundreds And Hundreds" Of Downgrades Tomorrow (Monday)
NakedCapitalism: New Zealand Opportunity! Earn $$$ Working from Home, Creating Bogus Companies for Crooks!
Reuters: Geithner to stay on as U.S. Treasury chief
Guardian: Europe's biggest central banker cannot stay in the wings for ever
As the crisis in Italy and Spain threatens their eurozone neighbours, Jean-Claude Trichet is playing a dangerous game by standing apart
BusinessInsider: Downgrades and Mellonists: This is What the Market Fears
Alan Greenspan: The S&P Downgrade Has Hit The Self Esteem Of The U.S.
BusinessInsider: S&P Fires Back At Washington
ZeroHedge: Geithner Tells NBC S&P Shows "Stunning Lack Of Knowledge About Basic US Fiscal Budget Math"
IntelDaily: Wood as an Investment
NakedCapitalism: More Bank of America Deathwatch: AIG to Seek $10+ Billion for Dud Mortgages
Bloomberg: Dubai Shares Drop Most Since February
WSJ: Pressure Grows on China to Spur Domestic Consumption
CNN: European policy makers try to stave off crisis
IBTimes: China official media:U.S. woes threaten global recovery
Bloomberg: Atlas: Pakistan Attractive as Growth Outweighs Violence
NakedCapitalism: James Galbraith on How Fraud and Bad Economic Thinking Got Us in This Mess
No Chance of Default, US Can Print Money: Greenspan
Bloomberg: S&P Seen Surrendering to Tea Party at Expense of U.S. Taxpayer
Reuters: AIG sues BofA for $10 billion alleging "massive fraud"
The insurer AIG is suing Bank of America Corp (BAC.N) to recover more than $10 billion of losses from a "massive fraud" on mortgage debt, deepening the morass of litigation faced by the largest U.S. bank.
CuriousCapitalist: Why Congress and S&P Deserve Each Other - Having Standard & Poors downgrade the creditworthiness of the United States, and warn it about further downgrades, is a little like having the Catholic Church lecture scout leaders on the proper behavior toward boys.
MarketWatch: S&P downgrades Fannie Mae and Freddie Mac - In connection with its downgrading of the U.S. government, ratings service Standard & Poor's early Monday likewise downgraded the senior issue ratings on Fannie Mae and Freddie Mac to 'AA+' from 'AAA'. 
MarketWatch: S&P downgrades FHLBs, FDIC debt issues - (MarketWatch) -- In the wake of its Friday downgrade of the U.S. government, ratings service Standard & Poor's on Monday downgraded the credit ratings and ratings on senior debt issued by 10 of the 12 Federal Home Loan Banks to 'AA+' from 'AAA'.
MarketWatch: S&P: U.S. unlikely to quickly reclaim AAA rating - The U.S. is unlikely to quickly return to the top-tier triple rating of AAA, said David Beers, head of Standard & Poor's global sovereign ratings, on Monday. "Given the nature of the debate currently in the country and the polarization of views around fiscal policies right now, we don't see anything immediately on the horizon that would make an upgrade back to AAA again the most likely scenario," Beers said. The earliest a sovereign has ever returned to a AAA rating was nine years, S&P officials said.
MarketWatch: July employment-trends gauge ticks lower‎ - A gauge of employment trends ticked lower in July, and weak employment growth is expected through the end of the year, according to a Monday report from the Conference Board.
Zerohedge: US Economy Has To Generate 256K Jobs Per Month Until The End Of Obama's Second Term To Regain Lost Jobs Since December 2007
Zerohedge: US Economy Has To Generate 256K Jobs Per Month Until The End Of Obama's Second Term To Regain Lost Jobs Since December 2007

Peak oil and Energy News
ThinkProgress: Donald Trump and His Hair Oppose Offshore Wind Farm, Saying It Ruins View from his Golf Course’s Despoiled Land
PeakOil.com: Iran’s oil minister: Replace foreign oil companies- Iran’s new oil minister says he wants the Revolutionary Guard’s economic conglomerate to replace foreign gas and oil companies, the official IRNA news agency reported.
PeakOil.com: U.S. Shale Gas Industry Reserves Are Over Stated at Least 100 Percent
TheOilDrum: Tech Talk - The Deep Waters of the Gulf and Salt Domes
NYT: Wind Power Gains as Gear Improves 
ExtinctionProtocol: Powerful eruptive blast reported at Indonesia’s Mount Karangetang volcano 
MSNBC: Oil prices plunge to the lowest point of the year - Cost of gasoline also dropped a penny for national average of $3.663 a gallon
PublicServiceEurope: Past peak oil - life after cheap fossil fuels
IBTimes: Oil falls $6 a barrel as stock markets tumble

Commodities/Metals
ZeroHedge: Goldman Hikes Its 12 Month Gold Price Target From $1,735 To $1,830
IBTimes: Silver Wheaton Reports Strong Second Quarter

Environmental News
Guardian: Niger Delta villagers go to the Hague to fight against oil giant Shell - This once self-sufficient community suffered from the excesses of oil firms and corrupt officials. Now, the villagers are blamed for everything and the arms dealers are having a field day

Reuters: Power companies prepare as solar storms set to hit Earth - Three large explosions from the Sun over the past few days have prompted U.S. government scientists to caution users of satellite, telecommunications and electric equipment to prepare for possible disruptions over the next few days.
NYT: How Congress Devastated Congo
Grist: The new normal: billion-dollar disasters
Ban on Heavy Fuel Oil in Antarctica
Statesman: Small earthquake reported in Dallas area
WashingtonPost: Sudden appearance of orange goo mystifies remote Inupiat Eskimo village in northwest Alaska
ClimateProgress: Michele Bachmann Pledges to Have the EPA’s “Doors Locked and Lights Turned Off” - If Republican presidential candidate Michele Bachmann can’t abolish the Environmental Protection Agency like she promised in June, she may just try to lock employees out of the building.

UPI: Canadian roads being closed for toads
ScienceNewsBlog: Millionaires and mini-submarines (video)
The race to the bottom of the ocean.
Spiegel: Bubbles to the Rescue: Saving Germany's Whales from Wind Farm Noise
BBC: Abused baby boobies grow up to abuse other chicks- Chicks abused by older birds are more likely to grow up to become abusers themselves, scientists have found.
ExtinctionProtocol: Agricultural officials issue warning about spread of deadly bee disease
NatGeo: Forecasters Predict 70 Percent Likelihood of Major Hurricane Striking US This Summer
ExtinctionProtocol: Pathogenic fungi triggered by climate change killed world’s forests in the past 
Wired: Acceleration of a Fungus Spore

America in Decline
FDL: Navy Veteran Who Became an FBI Informant Discusses Why He’s Suing Rumsfeld for Torture (VIDEO)
MotherJones: Want to Sue the FBI for Spying on Your Mosque? Sorry, That's Secret. - Obama, once a critic of the state secrets doctrine, has invoked it repeatedly. But critics say his latest use of Bush's favorite get-out-of-court-free card is different.
WLOX: Man tased at family baby shower

Food and Water
WashingtonPost: 3 strawberry farms in Washington state fined $73,000 for employing children as young as 6
Grist: Not your grandma’s strawberries
In 1950, your parents, grandparents, or a perhaps a younger version of you could eat a handful of string beans -- about three-and-a-half ounces -- and get about 9 percent of the calcium you needed for the day. Almost 50 years later, in 1999, the amount of calcium in string beans dropped by 43 percent, leaving you with only 5 percent of your daily calcium. You could eat more string beans -- except you might not want to, because they wouldn't be as flavorful as in the past. So you could eat more of other vegetables, but it's likely other vegetables wouldon't have as much calcium or flavor as they used to, either. And it's not just calcium: Preliminary research shows that many vegetables have lost significant amounts of nutritional value.
FoodRenegade: Would You Like Some Wood Pulp In Your Shredded Cheese?
USAToday: Fresh crop of farmers markets is springing up nationwide
Independent: Number of sheep thefts doubles in six months as meat prices soar

Science and Technology
Wired: Backyard theater-in-a-Box Is A Pricey Delight (ok, that's just cool. )
Discovery: Why are human brains still better than computers? 
YahooAnswers: What's the trouble with the new yahoo mail (beta)? 
MSNBC: NASA probe blasts off for Jupiter after launch-pad snags - Mission managers cope with minor issues, then send Juno toward a 2016 rendezvous
MSNBC: Your smartphone: a new frontier for hackers - Attackers are becoming smarter about developing new techniques.
MSNBC: Future of war: Private robot armies fight it out - Technology opens way for unlimited algorithm-run clashes of DIY terminators
BusinessInsider: 10 High Tech Gadgets From Overseas That Make It Look Like Americans Are Living In The Stone Age

Medical and Health
USAToday: Medicare costs for hospice up 70%
WASHINGTON – Medicare costs for hospice care have increased more than in any other health care sector as for-profit companies continue to gain a larger share of the end-of-life medical market, government records show.
NYT: Learning to Cope With a Mind’s Taunting Voices
BBC: Morning smoking has cancer risk - People who smoke soon after getting up in the morning are more likely to develop cancer than those who light up later in the day, say US researchers.
CNN: The scary trend of tweens with anorexia
RawStory: Study questions if pet owners are healthier and happier

Doomsteading, Gardening, Urban Farming
TransitionVoice: Loaves and fishes, Transition and survivalism
ActivistPost: Economic Collapse is a Mathematical Certainty: 5 Places Not to Be When it Happens (Video)
ContainerGardens: Make a VERTICAL CONTAINER FARM for the hungry and malnourished (Willem Van Cotthem)

Other News 
RawStory: Top ten crazy sh*t Pat Buchanan says
Thank You Tea Party!


DUBAI, United Arab Emirates — Muslims living in the world’s tallest tower will have to wait even longer to break their fast during the holy month of Ramadan.
Mohammed al-Qubaisi, Dubai’s top Muslim cleric, said Sunday that Burj Khalifa residents living above the 80th floor should wait two additional minutes to break their dawn-to-dusk fast while those above the 150th floor must wait three extra minutes because they will be able to see the sun longer than those on the ground.
LegitGov: Stop the Super Dictatorship
AddictingInfo: Michele Bachmann’s Crazy Newsweek Cover
Salon: The abortion that Mitt doesn't talk about anymore
Guardian: Spanish duchess gives away fortune in order to marry civil servant
Spain's 18th Duchess of Alba overcomes disapproval of children and royal household by giving away her inheritance early

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