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  • LSE trading suspended due to connectivity fault
    Oh, I see… Source: business.timesonline.co.uk Shares in London are still frozen nearly six hours after trading was suspended due to a “connectivity issue”, and the LSE admitted that establishing customer connectivity was taking “longer than expected”. More than double the normal number of shares were traded in London this morning as details emerged of the US rescue [...]
  • U.S. stock futures jump on Fannie, Freddie seizure
    Source: MarketWatch U.S. stock futures leaped Monday after the government seized mortgage giants Fannie Mae and Freddie Mac, guaranteeing that trillions of dollars in mortgage-backed securities won’t default anytime soon and triggering hopes that banks will resume lending to both customers and each other. S&P 500 futures rose 38.1 points to 1,279.20 and Nasdaq 100 futures [...]
  • Biggest Bailout in US History- Gov’t takes control of Fannie and Freddie
    Source: FT.com The US government on Sunday seized control of the troubled Fannie Mae and Freddie Mac mortgage groups in what could become the world’s biggest financial bail-out. The government’s move, its most dramatic since the start of the credit crisis, is aimed at ensuring the two groups’ woes do not cripple the country’s [...]
  • State takeover of Freddie Mac/Fannie Mae
    Source: BBC NEWS US mortgage giants Freddie Mac and Fannie Mae are set to be put under government control in an attempt to rescue the firms, media reports say. Treasury Secretary Henry Paulson will outline government plans at a news conference at 1100 (1600 BST). The move to shore up the shareholder-owned firms, which hold or guarantee half [...]
  • FDIC shutters Silver State Bank of Nevada
    Source: money.cnn.com Nevada regulators have shut down Silver State Bank. It was the 11th failure this year of a federally insured bank. Andrew McCain, son of Republican presidential nominee John McCain was a member of the bank’s board, but recently stepped down for “personal reasons,” according to The Wall Street Journal. The younger McCain, 46, had [...]
  • UK: House prices post record annual fall
    Source: Top News | Reuters House prices fell for the seven month running in August to stand a record 12.7 percent lower than a year earlier, a survey showed on Thursday, in a sign the property downturn has already turned into a crash. HBOS, Britain’s biggest mortgage lender, said house prices in the world’s fourth biggest [...]
  • U.S. home foreclosures hit record level, due in part to California woes
    Source: - Los Angeles Times The percentage of home loans entering foreclosure nationwide rose to a record level in the second quarter of this year, driven by the one-two punch of sharp home price declines and resetting adjustable-rate loans in California and Florida, the Mortgage Bankers Assn. said today. “The worst states are continuing to get [...]
  • French Government to store personal information on people as young as 13
    Source: msnbc.com Opposition to a new security database is gaining momentum in France as people return to work after a summer break during which the government authorized the state to store personal information on people as young as 13. The decree creating the “Edvige” electronic database appeared in the official gazette on July 1, when the country [...]
  • BREAKING: RNC 8 Charged with “Conspiracy to Riot in Furtherance of Terrorism”
    Source: indymedia.org In what appears to be the first use of criminal charges under the 2002 Minnesota version of the Federal Patriot Act, Ramsey County Prosecutors have formally charged 8 alleged leaders of the RNC Welcoming Committee with Conspiracy to Riot in Furtherance of Terrorism. Monica Bicking, Eryn Trimmer, Luce Guillen Givins, Erik Oseland, Nathanael Secor, [...]
  • U.S. Payrolls Fell 84,000; Jobless Rate Jumps to 6.1%
    For emphasis… Source: Bloomberg.com The U.S. lost more jobs than forecast in August and the unemployment rate climbed to a five- year high, heightening the risk that the economic slowdown will worsen. Payrolls fell by 84,000 in August, and revisions added another 58,000 to job losses for the prior two months, the Labor Department said today in Washington. [...]

Source: money.cnn.com

…
Gasoline demand: The government’s inventory report reinforced a weekly survey released Tuesday from MasterCard Advisors that showed demand for gasoline at the pump had hit its highest level since the beginning of the year, though it still remained significantly lower than the same week a year ago.

“It seems the hard lessons that were learned at $4 a gallon (gasoline) and above have faded,” said John Kilduff, energy analyst with MF Global in New York.

Average prices for regular gasoline in the U.S. fell for the 13th straight day Wednesday to $3.926 a gallon after hitting a peak of $4.114 on July 16. Still, prices remain more than 35% higher than they were a year ago, according to motorist group AAA.
…

Source: Reuters

The minimum wage in the world’s richest country has just been raised by almost 12 percent. That followed a 13.6 percent hike last year and looks like major progress for those at the bottom of the economic ladder. At first sight, at least.

Examined more closely, the figures highlight poverty and economic inequality of Third World proportions.

The latest increase took effect last week and brought the minimum wage to $6.55 an hour. Adjusted for inflation, this is less than it was in 1964, the year President Lyndon Johnson declared “unconditional war on poverty in America.”

Poverty won, as free-market champion Ronald Reagan put it a quarter of a century later.

Then, 13 percent of the U.S. population lived below the official poverty line. In 2006, the most recent year for which the U.S. Census Bureau has statistics, it stood at 12.3 percent, or 36.5 million people. On the other end of the scale, the U.S. economy produced billionaires at a steady pace.

Source: Reuters

As home foreclosures rise and property values slump, U.S. President George W. Bush on Wednesday signed into law a rescue package that includes emergency backstops for mortgage financing companies Fannie Mae and Freddie Mac.

Despite opposition to a provision that offers $4 billion in grants to states to buy and repair foreclosed homes, Bush reversed his opposition to the overall legislation because it included numerous other key housing reforms.

The new law boosts oversight of Fannie Mae and Freddie Mac, which own or guarantee almost half the country’s $12 trillion in home mortgage debt. It also expands a temporary line of U.S. Treasury credit and gives the government the option to buy shares in them if they ran into trouble.

“We look forward to put in place new authorities to improve confidence and stability in markets, and to provide better oversight for Fannie Mae and Freddie Mac,” said White House spokesman Tony Fratto.

Bush signed the measure in the Oval Office shortly after 7 a.m. EDT with his economic team on hand, including Treasury Secretary Henry Paulson who helped negotiate the package with the Democratic-controlled Congress….

Source: FT.com

The Federal Reserve on Wednesday announced that it was extending two emergency lending facilities for banks until the end of January of next year.

Both had previously been scheduled to expire at the end of September, and the announcement means that the emergency measures will stay in place until after the next president takes office.

Markets responded positively to the move, which came before trading opened in New York, and the dollar strengthened on the news. While the moves had been expected, the timing – a week before the Federal Open Market Committee is due to meet on monetary policy – came as a surprise.

The Term Securities Lending Facility, which provides loans of Treasuries, and the Primary Dealer Credit Facility, which provides direct loans to securities firms, were both introduced in March at the same time as the Fed revealed special financing to allow the purchase of Bear Stearns by JPMorgan Chase.

“These pre-emptive moves underscore that the liquidity tensions are with us for a while yet,” said Ciaran O’Hagan, strategist at Société Générale.

Source: BBC NEWS

With the American housing market in its worst crisis since the Great Depression of the 1930s, President Bush is authorising new legislation to pave the way for massive new government intervention designed to slow the slide.

The intervention would come as a little known quirk of US law threatens to drive down house prices even faster.

Faced with seemingly never-ending falls in the value of their properties, some American home-owners are taking radical action; they are choosing to walk away from homes and their mortgages.

In May 2006, at the height of the housing boom, Karen Trainer bought a $500,000 apartment in California - with money borrowed from her bank.

By this year, Karen still owed $500,000 on her mortgage, but her apartment was worth $200,000 less.

So she was deep in negative equity and, to make matters worse, the interest rate on her loan was about to increase.

“I thought ‘this is crazy’,” Ms Trainer says. “It just does not make financial sense.”

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  • Antibacterial Cannabinoids from Cannabis sativa: A Structure
    It is a legitimate question to ask: Why do so many governments insist on marijuana being a dangerous drug and therefore illegal ? The benefits of this herb are probably underestimated considerably. Via: Activity Study Marijuana (Cannabis sativa) has long been known to contain antibacterial cannabinoids, whose potential to address antibiotic resistance has [...]
  • Conquer effects of celiac disease with smart diet
    Via: statesville.com Celiac disease — a genetically inherited digestive and autoimmune disease — affects an estimated 2 million people in the U.S. It is the only autoimmune disease of which the trigger is known. That trigger is dietary. An autoimmune disorder, by definition, is a condition that occurs when the immune system mistakenly attacks and destroys [...]
  • Low-Carb Diets Better Than Low-Fat
    Via: Epoch Times By Dr. John Briffa In the world of nutrition, not everyone shares the same opinion. Perhaps the most stark and common example of this concerns the relative amounts of carbohydrate and fat we should have in our diets. The conventional view is that the diet should be low in fat and high in [...]
  • Taking care before and after surgery
    Via: North Island Midweek By Ingrid Pincott The word is getting around that naturopathic physicians offer pre- and post-surgery care. Sometimes surgery is unavoidable or highly desirable and patients want as much support as possible to speed the healing time and make the experience as painless as possible. This care is also very effective for dental procedures and [...]
  • Ask the Experts - Menopause
    Via: redOrbit Q I’m 53 and have reached the menopause. My periods are lighter and less frequent, and I feel tired most of the time because my sleep is disturbed by several hot flushes during the night. I’m also irritable, forgetful and often feel anxious. What can I do to help myself get through this? A [...]

• Country Living Skills

  • Praying mantis spotted again
    We saw one of the male praying mantises again today, and it has grown quite a bit ! We think it grew so fat on our Japanese beetles for they have disappeared completely out of our garden already. Well, have a look at the pictures if you like… I rotated two of [...]
  • Hot Peppers in Oil
    The canning season has begun, quite obviously… We started this year with hot peppers in oil, about 6 pints of them. We used green chili peppers, Hungarian Wax peppers, and a few Romance and Bell Peppers too. Here is the recipe: HOT PEPPERS IN OIL Mix and boil together: 1/2 water and 1/2 vinegar 1/4 cup [...]
  • THE ENCYCLOPEDIA OF COUNTRY LIVING (10th Ed)
    We are using this book a lot… Maybe you will find it useful too if you are new to the whole homesteading business or are just looking for something that sums up everything you need to know in times such as these…
  • Summer’s Cornucopia
    We just wanted to share a picture from our garden
  • Gardening Reminders
    Via: iStockAnalyst .com Water thoroughly and deeply Watering can be the biggest task in August particularly if the weather gets hot. Vegetable gardens, most flowering plants and the lawn all need about 1 inch of water every week to keep them green and looking nice. Be sure to water thoroughly and deeply each time. When possible, [...]
  • Vegetables can be pretty, too
    Via: JS Online Mix them in with flowers to save space, add texture When you think of a dramatically colorful garden, vegetables might not enter your mind. Waves of flowering perennials and annuals create visual excitement in the landscape, but the thought of a tomato plant mixed in with the flowers just doesn’t work. While, indeed, a [...]
  • Powdery Mildew VI
    After all the leaves had been pruned away from our infected zucchini, new leaves grew quickly, but the fruit that was already growing seemed to disappear…  So we pruned away all the whithered and moldy fruit too, and continued spraying leaves and stems with baking soda / soap mix, and this morning we harvested the [...]
  • Cooking over the campfire - Without any fancy utensils!
    It might behoove us to learn how to cook without pots and skillets, not necessarily because we find doing the dishes a pesky chore, but because there might be no skillets and pots to cook with soon. Be prepared, people ! This article has originally been published in Countryside Magazine. By Tom C. Tabor Montana Food [...]
  • Powdery Mildew V
    Well, the baking soda/ soap mix has a drawback after all: It covers the plant leaves with seasoning for the deer who hitherto were uninterested in our vegetables and rather ate the young maple leaves. Especially the cucumbers must have been a delicious addition to family deer’s diet for when we inspected our garden this [...]
  • Powdery Mildew IV
    After a pause yesterday I sprayed again today and am pleased with the result… I know you should not count your chickens before they are hatched, but it looks as if the zucchini and all the other infected plants are doing really good now !  No new mildew, but plenty of new foliage growth, and the [...]