Archive for November 14, 2008

Chronicles Of Depression 2.0: #413: Plan 9+

November 14, 2008

Paulson says additional bank capital needed

WASHINGTON (Reuters) – U.S. Treasury Secretary Henry Paulson said on Friday recapitalizing banks is the most effective use of a $700 billion financial bailout war chest but acknowledged the United States’ reputation has been tarnished as a result of the financial crisis that has spread worldwide.

“We have in many ways humiliated ourselves as a nation with some of the problems that have taken place here,” Paulson said in an interview with CNBC television.

Leaders of major industrial and developing economies are meeting in Washington on Friday and Saturday to discuss how to move forward from a financial crisis that began with the collapse of the U.S. housing market under a load of toxic debt and is now pushing economies around the world into recession.

Paulson won approval from Congress in early October to spend up to $700 billion to calm financial markets and revive lending, but has ruffled feathers by changing the focus to bolstering bank capital from buying mortgages.

The Treasury Secretary defended his decision to switch the focus of the rescue package, the Troubled Asset Relief Program, from buying unsellable mortgage-related assets to injecting capital into banks, saying market conditions had worsened.

“The major purpose of the TARP was to stabilize the financial system, first and foremost, to prevent a collapse … number two, to get lending going. I think the system has been stabilized,” Paulson said.

Emphasis added by me.

There. It’s now official. The Treasury of the Secretary has openly confirmed that the entire economic system could have collapsed.

Do you get it now?

It can still collapse.

Previously here:

Chronicles Of Depression 2.0: #335: Plan 9
Depression: 2009

Chronicles Of Depression 2.0: #412: CitiGroup 3

November 14, 2008

Citigroup expected to cut 10 percent of jobs: source

NEW YORK (Reuters) – Citigroup Inc is expected to soon announce job cuts amounting to about 10 percent of the company’s workforce, a person familiar with the matter said on Friday.

Citigroup had 352,000 employees at the end of September. Job cuts will come through measures including layoffs and selling units, the person said.

So it finally really begins at CitiGroup.

I’ve been stalking covering them for months now, waiting for them to show their hand.

This still isn’t all of it.

Previously here:

Chronicles Of Depression 2.0: #362: CitiGroup 2
Chronicles Of Depression 2.0: #342: CitiGroup
Chronicles Of Depression 2.0: #328: Endgame
Chronicles Of Depression 2.0: #223: CitiGroup Blinks
Chronicles Of Depression 2.0: #184
Chronicles Of Depression 2.0: #160
Chronicles Of Depression 2.0: #154
Chronicles Of Depression 2.0: #141
Finally! The CitiGroup Layoffs Begin!
No Wonder CitiGroup Is In Deep Shit
Chronicles Of Depression 2.0: #085
Chronicles Of Depression 2.0: #080
Chronicles Of Depression 2.0: #074
Chronicles Of Depression 2.0: #039
Chronicles Of Depression 2.0: #027
Chronicles Of Depression 2.0: #024
Chronicles Of Depression 2.0: #020
Chronicles Of Depression 2.0: #016
CitiGroup Is Sinking
What, You Thought It Was Over?
It’s Sunset In America
Masters Of Greed Enslaved By Greed

Reference: Bookworm

November 14, 2008

Bookworm

This is apparently a service for uploading ePub eBooks so they can be accessed anywhere via the web via any device that can connect to the web.

It also offers an ePub file validation tool.

Chronicles Of Depression 2.0: #411: $FAIL

November 14, 2008

Dollar’s Days Numbered, Buy Commodities: Jim Rogers

Commodities are one of the only viable investment opportunities left and are set to rebound as demand problems take hold, while the outlook for the dollar is bleak, famed investor Jim Rogers said Friday.

The dollar’s days as the world’s reserve currency are numbered, Rogers said at the World Money Show conference in London.

The greenback faces serious devaluation as spiraling national debt and a worsening economic crisis undermine it, he said.

America’s growing debt problem is “out of control” and Federal Reserve Chief Ben Bernanke’s strategy of printing money is a “terrible policy,” he said.

Bernanke “does not understand economics, he does not understand markets … he is going to run those printing presses until we run out of trees,” he added.

Emphasis added by me.

Let me make it clear to you what the term “commodities” means: food and energy.

Food: The ability to live.

Energy: The ability to drive, and to heat, light and cool your home — and to cook and store food. Not to mention run your PC and recharge your pocketable gadgets.

This is not the first time the death warning of the American Dollar has been sounded.

Eleven Free eBooks: Dragon Moon Press

November 14, 2008

Want to Read Dragon Moon Press books for Free?

These are the freebies, all in PDF format:

Alien Deception by Tony Ruggiero
Alien Revelation by Tony Ruggiero
Chalice of Life by Karen Anne Webb
Darwin’s Paradox by Nina Munteanu
Lachlei by M. H. Bonham
Small Magics by Eric Buchanan
Sojoun by Jana G. Oliver FMBOTYA Editor’s Choice Winner (Time Rovers BK1)
The Darkling Band by Jason Henderson
The Gryphon Highlord by Connie Ward (Gold Winner)
The Longevity Thesis by Jennifer Rahn
Virtual Evil by Jana G. Oliver (Time Rovers BK2)

— via Twitter from johnottinger

Chronicles Of Depression 2.0: #410: Retail

November 14, 2008

A Record Decline in October’s Retail Sales

WASHINGTON (AP) — Retail sales plunged by the largest amount on record in October as the financial turmoil and the slumping economy caused consumers to sharply cut back on their spending.

The Commerce Department said Friday that retail sales fell 2.8 percent last month, surpassing the old mark of a 2.65 percent drop in November 2001 in the wake of the terrorist attacks that year.

The decline in sales was led by a huge drop in auto purchases, but sales of all types of products from furniture to clothing fell as consumers retrenched.

The 2.8 percent drop marked the fourth consecutive monthly decline in retail sales and was much bigger than the 2 percent fall economists expected.

Emphasis added by me.

Why should anyone be surprised?

The shopper population during the Black Friday sales will be interesting to witness. Will everyone swoop in to grab loss-leader bargains and then just about stay home after that?

Chronicles Of Depression 2.0: #409: Gold

November 14, 2008

China needs to buy more gold

China’s Gold Association has called on the government to sharply increase its holdings of the precious metal, as the U.S. dollar may soon decline. The government currently holds 600 tons in its reserves. The association says this figure should be increased between five and six-fold.

Emphasis added by me.

OK, this is Big. Very, very big.

See yesterday’s post: Chronicles Of Depression 2.0: #407: $2K/oz.

Could China find itself as the richest nation in the history of mankind next year?

Leverage For TNT Has Wrapped!

November 14, 2008

leveragetntsplash

The hottest TV series of 2008 — Leverage — has finished production … in a huge way:

Two-part season finale, 225 scenes, 100 pages shot in 14 days over roughly eight multi-set locations. The season finale is … biggish.

This is going to be the kick-ass killer series that everyone watches.

Go grab a widget to slap on your site or blog:

leveragetntwidgetad

I’ve got one up at the Blogger backup blog (WordPress won’t allow it).

leveragetntbanner

There’s plenty of videos and information at the TNT site for Leverage.

Congratulations to writer John Rogers and the team!

Previously here:

New Promos For TNT’s Leverage!
Leverage: TNT December 2008
TV Networks Are Using A Leaking Service?
Leverage: The (Leaked) TNT Pilot
Leverage: Coming Soon To TNT
The Lever That Is The Internet