"Oil prices, lenders' woes roil stocks; Financial services hit as Dow dips below 11,000" by Ross Kerber, Globe Staff | July 12, 2008
Stock markets took a wild ride yesterday after oil prices briefly touched a new high and investors worried that the nation's mortgage giants, Fannie Mae and Freddie Mac, may not have enough money to withstand future losses.
The Dow Jones industrial average fell as much as 251 points, dipping below 11,000 for the first time in two years, then bounced back partway to close at 11,100.54, down 128.48, or 1 percent.
Shares of Fannie Mae were down as much as 49 percent, and Freddie Mac 51 percent yesterday morning, on concerns that rising mortgage defaults would drain their reserves and force a government takeover. The stocks recovered considerably later in the day after Washington officials publicly called for calm, and said the two mortgage firms had sufficient capital and hinted the government was ready to support them if necessary.
Translation: We have ANOTHER TAXPAYER BAILOUT ready!
A Thomson Reuters survey issued yesterday projected that profits of the financial services sector as a whole will be around $17.9 billion in the second quarter, down 72 percent compared with $63.4 billion in the quarter a year ago, and the fourth straight quarter of earnings declines. Energy companies will likely report the highest profit growth, 28 percent, the firm said.
I guess some are never hurt by the economy.
Oil prices, meanwhile, continued their dizzying climb that has surprised many American drivers and industries. Industry specialists attributed the spike to concerns over Mideast tensions in the wake of Iran's test-firing of missiles and the possibilities of supply disruptions in Nigeria and Brazil.
Yup, never the dollar or Israel -- not in the jewsmedia, anyway.
Eastern Bank economist John Bitner called oil prices a "wild card" for the US economy, since they could swing greatly up or down in coming months depending on political developments and demand from other countries.
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And here is another bank you will be bailing out, America:
"Regulators seize IndyMac after run by depositors; Senator blames lax lending standards and poor oversight" by Ari Levy and David Mildenberg, Bloomberg News | July 12, 2008
IndyMac Bancorp Inc. became the second-biggest federally insured financial company to be seized by US regulators after a run by depositors left the California mortgage lender short on cash.
After peaking at $50.11 on May 8, 2006, IndyMac shares lost 87 percent of their value in 2007 and 95 percent this year. The stock fell 3 cents to 28 cents yesterday.
IndyMac's shutdown may mean regulators will have to raise more money to support the federal deposit insurance program that repays customers when a bank fails. The failure will cost the fund about $4 billion to $8 billion, the FDIC said in a statement.
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And from WHERE and WHOM do you think they will be getting that $$$$, readers?
O.K. back to the oil:
"Airlines urge Congress to curb oil speculation" By Bloomberg News | July 12, 2008
WASHINGTON - US airlines, reeling from record fuel prices, urged Congress to curb speculative trades because the industry "cannot continue to survive at $140 oil."
Oil jumped as high as $147.27 a barrel in New York, a record, after the Jerusalem Post said Israeli war planes flew over Iraq.
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Yeah, THANKS A LOT, ISRAEL, and thanks a lot, AmeriKan MSM for IGNORING THAT in your shit news stories!!!
Case closed on you fuckers!!!!!!!!!!!!!
And STATION CLOSED for you, American!!!!
"At old West End service station, one last fill-up; Company decides not to renew contract after 49 years" by Ryan Kost, Globe Correspondent | July 12, 2008
As time stole the old West End and replaced small shops and homes with condos and parking lots, the Mobil gas station just down the street from the Haymarket MBTA stop went relatively untouched.
But nothing in this area - or any other - lasts forever. After 49 years of business, the station's gas tanks have been filled one final time, and it won't be long until the last drip is sold and the station is closed.
More than four decades later, the 5,000-square-foot shop is too quaint for Mobil to keep, Pagano said. The company decided not to renew its contract. Outside at the pump, one of Pagano's grandsons, Garrett Dolaher, 17, was filling up the few cars that passed through. Some people, it seems, still use cash.
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Is that an ELITIST remark or what?
Not surprising coming from the Boston Globe!!!
Need more?
"The laugh of luxury; A Newton native has written a mostly tongue-in-cheek primer on the very rich" by Emma Brown, Globe Correspondent | July 12, 2008
Rich people, turns out really rich people, the kind with six houses, a private jet, a butler, and a majordomo are so plagued by the constant niggling challenges of managing their multimillions that style often falls by the wayside.
Christopher Tennant, the author of "The Official Filthy Rich Handbook,"a mostly-but-not-completely tongue-in-cheek guide for anyone curious about how the other half lives, and a 21st-century answer to the Official Preppy Handbook, published in 1980:
"Sometimes they can look terrible, the rich, like a bunch of mummies."
And he should know, having spent the past 18 months intensively studying the strange and arguably enviable world of people with more money than they know what to do with.
I've got some ideas! No one is paying me for this.
:-)
Tennant, besides skewering the rich, wants to help them - especially the newly arrived [because] according to property records, most residents of Beacon Hill's posh Louisburg Square have owned their homes only since the 1990s.
"That's not old fusty Brahmins. That's Irish Catholics and Jews and people from all over the place, living the way this old Brahmin 'Waspitocracy' lived for a long time."
After all, it's a complicated life that requires skill in the lost arts of administering wealth, from hiring waitstaff (and keeping them in line) to designing the custom interior for a private Gulfstream jet.
I'd like to give it a shot anyway, 'kay?
This is where the filthy rich handbook ascends beyond humor to - if you can believe it - practicality.
Tennant, who took pains to assemble directories of businesses, social clubs, and individuals who cater to the privileged:
"I imagine that some people could certainly take it seriously and use it as a resource.
Doesn't the whole world cater to them enough?
If he suddenly had the means, Tennant says, he'd buy a newspaper - partly to help rescue journalism from the death-grasp of the Internet, but also because owning a mouthpiece confers a certain power more satisfying, even, than money.
Yup, MORE ELITISM!!!
As for the newspapers and the web, if you guys weren't selling shit hole lies and shoveling shit everyday, the blogs wouldn't be kicking your ass!
Problem is, you CONTINUE with the SAME SHIT, MSM!!!!
Tennant says of the upper crust's attitude toward the media:
"It's the one thing that keeps them up at night. You can control every other thing in your life, but then you read a story by a 20-year-old kid about how you have fat hips, and it ruins your day."
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Oh my God, what GARBAGE!!!
They fucking CONTROL the media, that is pretty obvious!!!
Yes, I am reaching the end of my War Daily posts because I am tired of this kind of condescending, elitist bullshit!!!
