Frenzied selling wipes £62bn off value of FTSE and Dow Jones plummets in another tumultuous day for world economy Financial markets on both sides of the Atlantic were convulsed by a fresh wave of selling amid fears that the world economy is sliding back towards recession. The FTSE 100 closed down 239 points, or 4.5%, at 5092, wiping more than £62bn off its value. By late afternoon on Wall Street, the Dow Jones was down by 480 points, or 4.2%. Growing disarray in the eurozone over the latest bailout for Greece, weak American manufacturing figures and a warning from Wall Street bank Morgan Stanley that the US and Europe are “hovering dangerously close to recession” all contributed to the mood of panic. A closely watched gauge of the US manufacturing sector produced by the Philadelphia Federal Reserve plunged, underlining fears that the recovery has ground to a halt. The yield on benchmark 10-year US Treasury bonds, which measures the cost of borrowing for the American government, slipped below 2%, as investors sought a haven from the storm. Gold, which has soared in value this year, hit another new record of $1,825 (£1,106) an ounce. Sal Catrini, managing director for equities at Cantor Fitzgerald in New York, said: “The market is in meltdown mode; the data continues to stink. I don’t know that there’s much more to be said.” In Europe, investors were spooked by news that at least five eurozone countries had asked the Greek government to put up collateral against their share of the latest emergency bailout for Athens. Austria, the Netherlands, Slovenia and Slovakia joined Finland in insisting that the Greeks put up assets as security, before they sign off on the €109bn (£95bn) emergency loan agreed in July. Their demands underline fears that eurozone countries have little confidence in the latest plans to shore up the single currency. “It does suggest that northern European states have a certain lack of faith in Greece,” said Simon Derrick, of the bank BNY Mellon. Europe’s banks also saw their shares fall sharply, despite the ban on short-selling imposed by several countries including France and Germany last week. It was reported that the European Central Bank has made an emergency short-term loan of $500bn to one struggling financial firm; while a story in the Wall Street Journal suggested that European banks with US operations had been hauled in by the New York Federal Reserve and asked whether they had enough capital to survive the market chaos. In the UK, shares in Royal Bank of Scotland and Barclays were down by 11%, and Lloyds by 9%. The turmoil came as Andy Haldane, the Bank of England’s executive director for financial stability, warned that the fears in financial markets have been exacerbated by the “psychological scarring” from the traumatic events of the past two years. “Memories of financial disaster are now fresh, as after the Great Depression, causing an over-estimation of the probability of a repeat disaster,” he said, in a paper published by the Bank. He called for “a more optimistic popular narrative” to help counter this ingrained pessimism. Despite the US Federal Reserve chairman Ben Bernanke’s pledge to keep interest rates at rock bottom until 2013, investors are increasingly nervous that central banks have run out of ammunition to rescue the ailing world economy. “Every time the economy got the sniffles, we had the Federal Reserve standing by with tissues,” said Jack Ablin, chief investment officer at Harris Private Bank. “This time around, I think the box is empty, and we’re going to have to go through this alone.” Market turmoil Global economy Economics FTSE Stock markets Dow Jones United States Europe Heather Stewart guardian.co.uk
Continue reading …Jerry Springer on the Aug. 21 GSN network marathon of the dating game show ‘Baggage,’ a ‘Baggage First Dates’ special and his ‘Jerry Springer Show. (Aug. 18)
Continue reading …enlarge Credit: The Atlantic Peter Waldron is a Bachmann staffer Uganda has been a hot bed of extreme religious view points against gays for years and Rachel Maddow has been coverin g that story relentlessly. Christian organizers have been traveling around the world to spread their word on their religious views. It’s one reason why recently deposed leader Gbagbo of the Ivory Coast was being supported by Pat Robertson and his merry men . Now it’s being revealed that he helped organize Bachmann’s win of the Ames Iowa straw poll: Garance Franke-Ruta The evangelical organizer who helped Michele Bachmann win the Ames Straw Poll in Iowa Saturday was previously charged with terrorism in Uganda after being arrested for possession of assault rifles and ammunition in February 2006, just days before Uganda’s first multi-party elections in 20 years. Peter E. Waldron spent 37 days in the Luriza Prison outside Kampala, where he says he was tortured, after being arrested along with six Congolese and Ugandan nationals for the weapons, which were described variously in news reports as having been found in his bedroom or a closet in his home. The charges, which could have led to life in prison, were dropped in March 2006 after a pressure campaign by Waldron’s friends and colleagues and what Waldron says was the intervention of the Bush administration. He was released and deported from the east African nation, along with the Congolese. On Saturday, Waldron told The Atlantic in Ames that he was a staffer for Bachmann and responsible for her faith-based organizing both in Iowa and South Carolina. But he also declined repeatedly to give his name. Asked about Waldron’s role and background, Alice Stewart, the press secretary for the Bachmann for President campaign, replied in an email: “Michele’s faith is an important part of her life and Peter did a tremendous job with our faith outreach in Iowa. We are fortunate to have him on our team and look forward to having him expanding his efforts in several states.” And the Uganda story just gets weirder and weirder. Waldron, a Republican operative since the late 1980s, had been in Uganda since 2002 and was at the time of his arrest working for the “Africa Dispatch” newsletter and, according to reports in 2006, working on a pilot study of a new health-care information technology management system. One Ugandan paper alleged he was working with Congolese rebel militia members to capture Joseph Kony, the leader of the Ugandan guerrilla group the Lord’s Resistance Army, and claim a $1.7 million bounty on his head being offered by the International Criminal Court in The Hague, but that planning for the operation was botched, leading police to Waldron’s house and the guns. But the Kampala Monitor reported that the inspector general of police “told a news conference Waldron was suspected of links to a group in neighboring Democratic Republic of Congo (DRC) and ‘planned to set up a political party here based on Christian principles.’” Waldron, a Republican operative since the late 1980s, had been in Uganda since 2002 and was at the time of his arrest working for the “Africa Dispatch” newsletter and, according to reports in 2006, working on a pilot study of a new health-care information technology management system. One Ugandan paper alleged he was working with Congolese rebel militia members to capture Joseph Kony, the leader of the Ugandan guerrilla group the Lord’s Resistance Army, and claim a $1.7 million bounty on his head being offered by the International Criminal Court in The Hague, but that planning for the operation was botched, leading police to Waldron’s house and the guns. But the Kampala Monitor reported that the inspector general of police “told a news conference Waldron was suspected of links to a group in neighboring Democratic Republic of Congo (DRC) and ‘planned to set up a political party here based on Christian principles.’” And as usual, when there’s state and federal money available for the taking we are finding out that Conservatives, who now have become total anti-government zealots like Bachmann always seem to have their hands out begging for gov’t cash. From 1995 to 1999 he ran the Rising Stars Education and Sports Foundation in Florida, according to The St. Petersburg Times , taking in $600,000 from state and local governments, and he later had an affiliation with “the Rocky Mountain Technology Group, a Montana software development company,” according to the paper. This year’s was his third Ames Straw Poll organizing campaign, Waldron said Saturday. On his website, he says he also has worked for the Reagan/Bush; Bush/Quayle; Bauer; McCain; and Bush/Cheney presidential campaigns. Oh look, Jesus General makes an appearance in the article . He can do that to people.
Continue reading …We all know how the story of Back to the Future starts out ever so innocuously, with Marty meeting the Doc just past midnight in the parking lot of a mall. But their exact, ahem, relationship was never quite explained. And no, it’s not quite what you’re thinking, if you think their relationship might have
Continue reading …The Garmin Edge 500 and 800 are pretty sweet GPS-enabled cycling computers, but they’re also pretty expensive. The new Edge 200 shaves a cool Benjamin off the price of the aging 500 by cutting back on non-essential features. There’s no navigation function or even the ability to pull in data from power meters, heart rate monitors or cadence sensors. It will, however, map your rides, let you download them over USB and share them via Garmin Connect. The 200 offers up basic info like speed, distance, calories burned and time without the need for additional harfware or a complicated set up. You can keep on pedaling for quite a while too, thanks to the roughly 130-hour memory and 14-hour battery life. The Edge 200 should start popping up sometime in Q3 for $150 and, before you go, check out the PR after the break. Continue reading Garmin Edge 200 is a GPS cycling computer for riders on a budget Garmin Edge 200 is a GPS cycling computer for riders on a budget originally appeared on Engadget on Thu, 18 Aug 2011 17:28:00 EDT. Please see our terms for use of feeds . Permalink
Continue reading …New Video – Unprovoked Attacks by Philadelphia Teens Mid Cambridge – www.MidCambridgeRealEstate.com – Charles Cherney Aug.18: New Video Surfaces Showing Unprovoked Attack by Philadelphia Teens JosephSherry says: Milford mayoral candidate offers to trade endorsement for City Hall job http://t.co/Uxymecp
Continue reading …Turkey is fed up with the Kurdistan Worker’s Party (PKK), and the military confirmed yesterday that its jets had crossed into Iraq to strike suspected rebels. Turkish jets struck an estimated 60 members of the rebel group, in attacks both near the Turkish border and along the Iraq-Iran border, according…
Continue reading …A new book says that Coco Chanel, in addition to running one of the world’s most influential fashion empires, also spied for the Nazis. Sleeping with the Enemy: Coco Chanel’s Secret War was written by a Paris-based American journalist who asserts that the fashion icon was an agent for Germany’s Abwehr military intelligence organization and
Continue reading …The Dow plunged more than 300 points at open today as investors worried about Europe and the global economy. It’s currently hovering just above 11,000, according to Marketwatch . The S&P 500 also dropped 37 points to 1,156, while the Nasdaq fell 94 points to 2,418. The Wall…
Continue reading …At the end of every day, I throw myself on top of my bed and stare at the water spot on my ceiling while trying to exorcise all the KardashianLohanStoddenFishsticks foolishness from my head so it doesn’t follow me from my daymares into my nightmares. While I was in the middle of doing this last night, I felt a tingling on my lobes travel up to my ear holes like a feather fairy wearing glitter skates… Broadcasting platform : YouTube Source : Dlisted Discovery Date : 18/08/2011 14:57 Number of articles : 4
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