Well, this day sure has been another one for the books eh?
There have been some great threads following the developments in the markets on the forums. Be sure to check them out.
Markets ended up! Way up! Dow up over 400 pts.
Meanwhile, riots continue in London.
Pay attention to what this man is saying.
Going to wait till after the markets close again today and probably for a while till things settle down or, collapse altogether. Except Thurs when I'll have to post early to go to the doc.
Thanks to RJ at Global Glass Onion. I swear the man never sleeps! thank you for all you do RJ and my friend the Ozarker who writes so beautifully. You can find her at Conflicted Doomer. Support our friends and the other bloggers linked on the left. Also, don't forget to stop by the forums linked at the bottom of the post. You won't find better, more up to the minute information and that's what you need most in these turbulent times. Good information. Fast.
Here's one last story that Ozarker sent me, I was just devistated when I read it. I was afraid when those pictures of that uncontacted tribe first showed up on the web, that that was the end for them. Turns out it was.
MSNBC: Reclusive Amazon tribe missing after attack - Authorities in Brazil fear Peru drug smugglers battled with uncontacted Indians
Japan
DemocracyNow: Long-Suppressed Nagasaki Article Discovered
LegitGov: Japan Hid Radiation Path, Leaving Evacuees in Peril
IbTimes: Massive Japanese Tsunami Breaks Antarctic Iceberg
ExtinctionProtocol: Japan government prepares plan to flee Tokyo
TheStar: Moody’s warns Japan - TOKYO: Moody's Investors Service warned Japan that ineffective currency intervention would be negative for its sovereign ratings and would not help it restore its finances, even as Group of Seven (G7) policymakers tried to show solidarity against market turmoil sparked by US and European debt woes.
Global Conflict
Benzinga: Baseball Bat Sales Soar on Amazon UK Following London Riots
Guardian: UK riots: Mobile phone operators help police to identify looters - Regulation of Investigatory Powers Act requires phone companies to hand over data about calls to and from a handset
ActivistPost: Taliban claims 33 American soldiers killed in another helicopter crash, Panetta vows to keep risking American lives
WiredDangerRoom: Entire U.S. Stealth Fighter Fleet Grounded
MSNBC: Syria defies warnings from friends, launches fresh raids - Turkish foreign minister meets with Assad, pleading for end to violence
NYT: Syrian Military Mounts Assault on Another City
MSNBC: Libyan rebels dismiss cabinet after commander's death - Opposition leaders link killing to elements loyal to Gadhafi
GlobeandMail: Police use water canons, batons to control angry protest in Indian capital against corruption
MSNBC: Syria conflict descends into 'war of attrition' - After five months, Syrian regime has yet to score decisive victory against uprising
WhiteBand: Are Growing Youth Populations A Demographic Bonus or A Ticking Time Bomb?
LegitGov: US helicopter crashed in Taliban trap: Afghan official
TheIndependent: 'Mindless violence' spreads to Liverpool, Leeds and Birmingham
WashingtonPost: Looting, arson spread widely in London, as civil unrest escalates
Bloomberg: BlackBerry, Twitter Messages Probed by London Police as Rioting Spreads - BlackBerry smartphone maker Research in Motion Ltd. (RIM) said it is assisting London police investigating claims the company’s messaging service was being used by rioters to plan disturbances.
After a third night of violence and looting, police will also review the role of messages sent using other popular networking systems, including Twitter Inc.
“It is clear that technology is being used, including in demonstrations, to direct people and undermine the police,” deputy assistant commissioner Stephen Kavanagh said yesterday. “It is not for us to moan about this, but to adapt policing style and deal with it.”
BusinessInsider: U.S. Sends CIA Operatives To Mexico To Escalate War Against Drug Cartels
TheAtlantic: The Loud Awakening of Israel's Secular Middle Class
CNN: Soldier's Afghan strategy: One village elder at a time
MSNBC: Somalia famine could cause militant Al Shabab group to splinter - Group's more pragmatic leaders want to allow Western food aid into the areas they control
Guardian: London riots: police run out of cells as prisons and courts near 'crunch point' - Amid public pressure for hardline response, Metropolitan police send riot detainees to neighbouring forces
Financial News
WSJ: After Fed Statement We Need A Stronger Word Than Bleak - Bleak is a strong word, a powerfully negative word. But bleak isn’t strong enough to describe an economic outlook that calls for emergency tactics of zero overnight interest rates for at least four-and-a-half years.
BusinessInsider: CHART OF THE DAY: Treasuries Give S&P The Finger
Yahoo: Fed to keep interest rate near zero for 2 years — The Federal Reserve sketched a dim outlook for the economy Tuesday, suggesting it will remain weak for two more years. As a result, the Fed said it expects to keep its key interest rate near zero through mid-2013.
WashingtonPost: Fed says it will likely keep key interest rate at record low for 2 more years
BusinessInsider: Stocks Rebound After Knee-Jerk Fed Selloff
Bloomberg: HSBC Tops List of Richest Family Offices as Money Firms Manage Jumps 17%
WSJ: Parsing the Fed: How the Statement Changed
Bloomberg: S&P Cuts AAA Ratings on Thousands of Municipal Bonds After U.S. Downgrade
CNN: Jobs: Worse than you think
Reuters: Fed under pressure to act as world markets swoon - Federal Reserve policymakers began meeting on Tuesday under growing pressure to take some type of action to stem a financial market meltdown linked to fears of a new U.S. recession.
INFOGRAPHIC: The Shocking Wage Gap Between Auto CEOs And Their Employees
Platts: US gasoline tax renewal fight in Congress imminent: House Democrat
MaxKeiser: Banks are cutting jobs at the fastest rate since 2008
YahoFinance: Look Out Below: Bank of America Plummets Amid Flight from Financials
RawStory: McConnell: Cut safety net to prevent tax hikes - WASHINGTON — Republican US Senate Minority Leader Mitch McConnell said Monday that he favored cuts to popular safety net programs but opposed tax hikes on the rich as part of a plan to rein in galloping US debt.
Guardian: European Central Bank mounts rescue for Italy and Spain – but sets its price - Letter to Italian PM Silvio Berlusconi demanded detailed list of reforms to timetable set by the bank
Guardian: Behind China's criticism lies fear its industrialisation will slow - Chinese criticism of US debt addiction hides the fact that the pace of its own growth could be about to slow
YahooFinance: 'Fear Gauge' Near 'Flash Crash' Level
BlackListedNews: Hedge Fund Manager Kyle Bass Tells David Faber: "EU Bailout Will Cost France And Maybe Even Germany Their AAA Ratings"
WSJ: Hedge Funds Hit 'Sell'
BronteCapital: Who has got the margin call?
WSJ: Corporate Executives Grow More Pessimistic
TaxFoundation: Monday Map: State Interest Payments
RobertReich: Slouching Toward a Double Dip, For No Good Reason
MaxKeiser: The S&P Killing Fields; Khmer Rouge S&P guerrillas slaughter millions of muni bond holders
Reuters: World stocks down 20 pct since May - World stocks sank sharply for a 10th session running on Tuesday, racking up a "bear market" 20 percent loss since early May, fuelled by fears of a new global downturn.
PIIE: Stop Sticking Our Heads in the Sand! A Plan for Action on Jobs
TheAngryBear: THE Reason for the Downgrade
ChicagoSun-Times: Dow closes down 634 in worst one-day drop since December 2008
Mish: Secretly Broke in Australia
Salon: Why are the big banks getting off scot-free?
NYT: The Downgrading of a Debtor Nation
NYT: The Downgrade Doom Loop
USAToday: IRS: 1,470 millionaires paid no income tax in '09
HuffingtonPost: IRS Buckled To GOP Pressure On Secret Donations, Lawyer Says
Economix: An Experiment in Austerity
NYT: Inflation Climbs in China on Higher Food Prices
CreditWritedowns: Why U.S. of AA Matters
NakedCapitalism: Did Standard and Poor’s Break SEC Regulations in Disclosing Its Downgrade to Select Parties?
WSJ: Currency Market Consensus Not Expecting QE3 Tuesday
CynicalTendency: The Illusions Of Money
WSJ: Safe Haven? Investors Still Run to Treasurys
ThinkProgress: As Verizon Demands Huge Cuts To Worker Benefits, Its Profits Soar And Its CEO Gets $18 Million In Compensation
Hosted: Fed may react to market plunge and stalled economy with new rescue efforts
ZeroHedge: Here Comes TARP 2: Bank Of America Implodes, At $6.87, BAC CDS Up 20% To 260 bps As Bankruptcy Contemplated
Guardian: No riots here. Just quiet, ever-deeper misery - What we are witnessing in this recession is not abrupt catastrophe but the slow erosion of the hopes and aspirations of so many
ZeroHedge: Treasury Adds Another $20 Billion In Debt Overnight, Just $160 Billion Below Revised Ceiling
NYT: Wave of worry threatens to build on itself - Hesitation over the uncertainty of the economy can make things worse
Gallup: U.S. Employers Holding Back on Job Creation
USAToday: U.S. economy still paying for past debt binge
MSNBC: Economic uncertainty feels like the new normal - Americans' financial fears may be adding to the nation's economic woes
McClatchy: Poll: Americans see debt deal as bad for nation
TheTelegraph: Creditors must brace for bad debt endgame - "If you owe the bank $100", John Paul Getty is reputed to have said, "then that's your problem".
PostCarbonInstitute: GDP IS DEAD: Will the world be happier without it? - ...there are signs that more GDP growth may not be in the cards, regardless whose economic remedy is chosen. In fact, the day may have arrived when GDP itself has outlived whatever usefulness it ever had.
Strategy: Poland on its Way to Greece (pdf)
XinhuaNet: China's inflation reaches 37-month High
TheEconomist: Fearing fear itself
EPI: FAST: An infrastructure program to repair public schools
CalculatedRisk: Freddie Mac Seriously Delinquent Loans and REO by Selected States
Peak oil and Energy News
UPI: OPEC pulls back on demand expectations
yahoo: Oil tumbles below $80 amid US recession fears - Oil tumbles below $80 in Europe as global investors worry US could be headed for recession
NYT: Shell Gets Tentative Approval to Drill in Arctic
FGate: Chevron among 41 OKd to bid in Iraq
JakartaGlobe: ExxonMobil to Sell Gas Assets in Indonesia
Commodities/Metals
YahooFinance: Gold Is Heading to $2,500: Nenner
Reuters: Gold extends gains as Fed pledges low rates until 2013
Environmental News
Got this from spaceweather.com
X-FLARE: This morning at 0805 UT, sunspot 1263 produced an X7-class solar flare--so far the most powerful flare of new Solar Cycle 24. The brunt of the explosion was not Earth directed. Even so, a minor solar proton storm is in progress around our planet, and the flare also created waves of ionization in Earth's upper atmosphere. Visit http://spaceweather.com for images and more information.
ExtinctionProtocol: X-class flare, spike in X-ray solar flux, and increase in solar winds from coronal hole
Bloomberg: New Texas Dust Bowl Spurs Record Cotton Loss
Treehugger: Sen. Bernie Sanders: Building Tar Sands Pipeline "Will Keep America Addicted to Oil" (Video)
CNN: Recent solar flare may disrupt your GPS
HuffingtonPost: BP Protest in the Gulf; the Oil's Not Gone
USAToday: Brutal heat still grips south-central U.S. - Even the temperatures are bigger in Texas this summer, as heat records tumble across the bone-dry Lone Star State.
ThinkProgress: Global News Roundup: Drought, Famine Devastate Horn of Africa; S. Africa Ill-Prepared for Durban Climate Talks
ClimateProgress: After Praying for Rain, Texas Governor Rick Perry Prays for the EPA to Stop Environmental Regulations
PeopleDaily: Chemical spill fear after dike breached
America in Decline
CBSNews: Student Everette Howard fatally tasered by campus police at University of Cincinnati
Bloomberg: Rumsfeld Must Face Suit by U.S. Detainees
TPM: Obama Sides With Panetta On Need To Cut Medicare Over Defense
DailyMail: A fifth of all congressmen taking paid-for holidays to Israel this summer
DemocracyNow: "A Declaration of War on the Poor": Cornel West and Tavis Smiley on the Debt Ceiling Agreement
Salon: How America turned poverty into a crime
Food and Water
EinNews: Farmers now battling crop pests
CNN: Misery in world's largest refugee camp
Science and Technology
UniverseToday: How Big Are Solar Flares?
DailyTech: Earth's Dirty Secret: Our Magnetic Field Traps Antimatter
SlashDot: Building Blocks of DNA Confirmed In Meteorites
DailyMail: We could be aliens after all, claims Nasa study looking at meteorites from outer space
MSNBC: Will the smart grid outsmart itself?
MSNBC: It turns out chimps do show selfless behavior - Revised testing procedures show that, like humans, they can be altruistic
Wired: Three Dwarf-Planet Candidates Found at Solar System’s Edge
Medical and Health
Discovery: Why Some People Don't Develop Fingerprints
RawStory: Long work hours linked to alcohol abuse
M&C: Singing has health benefits for the elderly
Guardian: Israeli family can freeze eggs of daughter killed in road accident - Court ruling sets legal precedent in Israel and is possibly first of its kind in world
NYT: Demand Growing for Giving Birth at Home
M&C: US authorities raise the alarm on "bath salts" horror drug
IBTimes: Heart test standards all over the map - U.S. hospitals vary widely in how they decide who's eligible for an invasive type of heart scan, according to a new study.
The findings fuel recent concerns about overuse of the procedure, called coronary angiography, which carries a price tag of several thousand dollars and a risk of side effects.
MSNBC: Lying is part of child's development, study confirms - By age 4, 90 percent of the children in the study were capable of lying
MSNBC: Sorry you're sick, but wow, you're so skinny! - Covetous compliments on illness-related weight loss can really rankle
CNN: Second athlete dies after Nautica Triathlon in New York
MSNBC: E. coli death linked to strawberries from Oregon farm
Other News
DailyMail: Explosive Jackie O tapes 'reveal how she believed Lyndon B Johnson killed JFK and had affair with movie star'
IBTimes: Latest DB Cooper Lead Goes Cold, DNA Rules Out Suspect
CNN: Diana Nyad back in U.S. after abandoning Cuba to Florida swim
ABCNews: James Ray Found Guilty of Negligent Homicide in Arizona Sweat Lodge Case - The self-help author James Arthur Ray was convicted today after he was accused in the deaths of three people during a Sedona, Ariz., sweat lodge ceremony in 2009 and ignoring cries for help as people passed out and vomited.
RawStory: New theory blames Soviets for death of Albert Camus - Famous French author Albert Camus, who died in a car accident in 1960, may have been the victim of a Soviet plot, new research suggests.
MotherJones: Rick Perry's Apolitical Spiritual Experience - The Texas governor has insisted that he went to this weekend's prayer festival as a private citizen. Seems like someone forgot to tell the folks in attendance.
Kunstler: Change You Don't Have to Believe In by JH Kunstler
Bloomberg: Ex-IMF Chief Strauss-Kahn Sued by Hotel Housekeeper for ‘Deplorable Acts’
AddictingInfo: Michele Bachmann Supports View That Slavery Wasn’t So Bad After All
AmericanProspect: All Is Fair in Love and Class Warfare
WashingtonPost: Swedish man arrested after trying to split atoms in his kitchen; says it was only a hobby
The Forums
TinfoilPalace:Orange Goo in Alaska is Found to be Unknown EGGS!
TinfoilPalace:Strange Cloud Falls to Ground
TheOilAge:CNBC: Brace for global reboot then war
TheOilAge:Official August 9th Dow thread
Hubberts-Arms:Dow Futures up 175 points - Gold falls $30 in an hour
Hubberts-Arms:FTSE 100 down 3% within 30 minutes, breaches 5,000
SilentCountry:Tumultuous, Tumbling Tuesday Market Watch
SilentCountry:Bristish Riots Intensive and Spread
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