In the seemingly never ending story of the US attempting to erect a misslie defense shield against Russia Iran, the Russians have raised the ante by offering a global missile defense system.
As I’ve stated earlier, I think that US proposals are an attempt to restart the Cold war for partisan advantage. Thank God that they are idiots.
You heard right, over the next few months, TWO MILLION mortgates will reset:
Borrowers who took out hybrid ARMs in 2004 and 2005 to secure low “teaser” rates for the first two or three years of the loan may see their monthly mortgage payments climb by 35 percentor more.
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“In October alone more than $50 billion in ARMs will reset,” according to Mark Zandi, chief economist and co-founder of Moody’s Economy.com. That’s a record, according to Zandi.
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I paid 20% down in 2004 for a 30 year fixed.
I fully expect to be under water at some point in the near future, dispite the fact that the value increased by over 40% from 2004-2006.
Well it appears that Sweden may block Pirate Bay over allegations child porn.
Am I the only one who thinks that perhaps someone in the RIAA created the porn, and then put it up on the Pirate Bay to make this happen?
My commentary is at the end.
Italease blow-up stokes derivatives fears
By Ambrose Evans-Pritchard
Last Updated: 1:47am BST 05/07/2007A derivative blow-up at the Italian bank Italease has sent tremors through Milan’s banking fraternity and exposed the hidden dangers of exotic credit instruments.
The bank has paid off 610 million euros (£419m) in recent days to counter-parties in what amounts to a massive margin call after interest rate rises in Europe caused hedging and derivative losses by clients to mushroom out of control.
The share price has tumbled 9pc so far this week, and is down 64pc since the troubles first began to emerge in April.
“These derivatives were very complex and suddenly turned against us,” said Pierantonio Arrighi, the bank’s spokesman.
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Think about that last statement. They are saying that they do not understand the instruments that that they are investing in.
This is a freaking bank, and they do not understand the instruments that that they are investing in.
Jeebus.
Would someone put adults in charge?
One of the things that is going on right now is that the bottom of the housing market has stopped selling.
This IS going to work its way up the chain.
Increasing Rate of Foreclosures Upsets Atlanta
By IKAS BAJAJATLANTA — Despite a vibrant local economy, Atlanta homeowners are falling behind on mortgage payments and losing their homes at one of the highest rates in the nation, offering a troubling glimpse of what experts fear may be in store for other parts of the country.
The real estate slump here and elsewhere is likely to worsen, given that most of the adjustable rate mortgages written in the last three years will be reset with higher interest rates, said Christopher F. Thornberg, an economist with Beacon Economics in Los Angeles. As a result, borrowers of an estimated $800 billion in loans will be forced in the next 12 months to 18 months to make bigger monthly payments, refinance or sell their homes.
A big reason the fallout is occurring faster here is a Georgia law that permits lenders to foreclose on properties more quickly than in other states. The problems include not just people losing their homes, but also sharp declines in property values, particularly in lower-income and working-class neighborhoods.
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I’ve heard talk about it for a while, but this is the most I’ve seen in terms of public hard facts.
Of interest is how the name describes the vehicle. The antenna does resemble the business end of a Lacrosse stick.
Russian Telescope Images Top-Secret NRO Lacrosse (Subscription Required)
Aviation Week & Space Technology
07/09/2007, page 28Craig Covault
Cape CanaveralTop-secret U.S. space-based radar imaged by Russian telescope
Printed headline: Lacrosse Revealed
After 20 years of secrecy, the overall design of the 15-ton U.S. National Reconnaissance Office Lacrosse space-based radar and its remarkable 25-ft.-dia. imaging radar antenna are revealed in images of Lacrosse-2 at 400 mi. altitude taken by a Russian military ground-based telescope.
The images (above) were taken by a 28-channel adaptive optical system at the Russian Altay Laser/Optical Center. The site is one of several operated by the Science Research Institute for Precision Instrument Engineering. The line-of-sight distance from the Russian optics to the Lockheed Martin Lacrosse was more than 500 mi.
Views taken by a Russian ground-based telescope of a 15-ton NRO Lacrosse space-based imaging radar satellite reveal its secret 25-ft. mesh synthetic aperture radar antenna, developed by Harris Corp. near Cape Canaveral.Credit: RUSSIAN SCIENCE RESEARCH INSTITUTE FOR PRECISION INSTRUMENT ENGINEERING…
No unclassified imagery of a complete Lacrosse has ever been released by the NRO in nearly 20 years of radar satellite operations. The design matches the drawing at center. Credit: CHARLES P. VICK/GLOBALSECURITY.ORG
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Subprime bonds ratings are being dropped.
This means that as they refinance, the interest rates will go up, a lot. There are likely to be a lot of funds who will not be able to afford this, and will have to liquidate, further driving up interest rates as the perceived risk goes up.
Seriously.
You would think that two groups of American hating Islamic fundamentalists would be able to work together, but this is not so.
Al-Qaeda is threatening war against Iran.
Can’t we all just get along?
The leader of an al-Qaeda umbrella group in Iraq, who was thought to have beeen killed by US forces, has threatened to wage war against Iran unless it stops supporting Shias in Iraq within two months
According to TPM Muckraker Senator Vitter admitted to patronizing a prostitute because Hustler Magazine called for his statement.
Lol.
Here’s hoping that the people involved, up to the top eventually see the inside of a Columbian prison.
They asked for these guys to be murdered. This is the unavoidable consequence of targeting labor activists by right wing militias in Latin America.
Trial begins for killing of 3 union leaders
By Seattle Times news servicesBIRMINGHAM, Ala. — Jury selection began Monday for a civil trial in which U.S. coal company Drummond is accused of paying right-wing paramilitary gunmen to kill union leaders at a mine it operates in a war-torn corner of northern Colombia.
The civil case is believed to be the first to come to trial under a seldom-used U.S. law that dates back nearly two centuries, which lets foreigners sue U.S. corporations for their conduct abroad.
Drummond has denied involvement in the deaths of the three union leaders in 2001 near the sprawling open-pit mine it operates in Colombia.
The federal lawsuit was filed by the International Labor Rights Fund and Pittsburgh-based United Steelworkers union in March 2002 and seeks unspecified damages on behalf of the dead union leaders’ families.
The union leaders, Valmore Locarno, Victor Orcasita and Gustavo Soler had argued with Drummond about wage and safety issues.
Four witnesses have come forward claiming Drummond gave cash and cars to paramilitary fighters in exchange for killing the men.
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There is an interesting article at the American Prospect, Jobs Report: Sagging Employment Rates.
Short story, workforce participation is dropping at the same time that unemployment is dropping.
Slightly longer story: real unemployment is up, way up.
Longest story: go to article, it’s about 5-6 graphs.
Every workplace has it own quirks, where I am now, this is a fairly high volume of company spam email.
While one expects things like the occasional notice of a blood drive or a United Way Campaign, one gets 2-10 emails here a day that are sent to the whole place.
These are things like:
This time, it’s gone a bit odd. They are offering $20.00 for a stool sample.
It’s just a very odd thing to see first thing Monday Morning.
In any case, they get nothing from me. I must protect my purity of essence.
Bummer.
NASA Mission to Asteroid Belt Rescheduled for September Launch
WASHINGTON – The launch of NASA’s Dawn spacecraft, a mission that will explore the two largest objects in the asteroid belt in an effort to answer questions about the formation of our solar system, has been rescheduled to September.
The decision was made today to move the launch to September after careful review by NASA’s Science Mission Directorate officials, working with Dawn mission managers, the Dawn principal investigator, and with the concurrence of the NASA Administrator.
Primary reasons for the move were a combination of highly limited launch opportunities for Dawn in July and the potential impact to launch preparations for the upcoming Phoenix Mars Lander mission, set for early August. A September launch for Dawn maintains all of the science mission goals a July launch would have provided.…
I was listening to a sales pitch for a robot.
The salesman was pitching the ease of programming the device, and the ease of porting programs between different models.
He then said that if needed, a “webinar” could be arranged to train our people for training.
Webinar???? What the hell is a Webinar????
He clear meant a teleconference with a shared desktop (Webex®), but why do people have to do this to the English language
I’m proud of the term, and I’m proud that I am a liberal.
“Progressive” is a weasel word, taken up when the repulsive bigots of the right wing managed to conflate the term “liberal” with “n*gg*r lover”.
Senator John Vitter (R-LA) on DC Madame’s Phone List.
Schadenfreude, It’s not just for breakfast any more.
In what I can only describe as a case of a someone being hoist on their own petard, an Irish book maker, paddypower.com has had to pay off on Albert Gore III’s DWI arrest.
They had to pay out $13,600 on 14-1 odds on the oddball bet that Al Gore would be the next celebrity arrested.
Former vice president, Albert Gore, Jr. has not been arrested, but his son, Albert Gore III was recently.
You play with the bull, you get the horns.
North Koreawill be fielding modern solid propellant missiles.
This is a natural development. Missiles and missile technology are their only real exports, and, absent a nuclear capability (which we don’t want them to have) it is their only credible deterrent.
Furthermore, these weapons are legal.
Of course, you have a former Bush administration official *cough* corrupt incompetent *cough* and a US Army general *cough* Bush Toady *cough* acting as if the sky is falling.
The North Korean has a very real fear of a sneak attack from the US. As long as Cheney is anywhere near the levers of power, this fear is justified.
Even if the fear were not justified, the best course of action is to attempt to reduce that fear, rather than stoking it with bellicose and jingoistic rhetoric.
The Register has an article, ISPs face down Tories on file sharing, where the ISPs basically told Conservative Party Leader David Cameron to go pound sand after a speech that he gave to record distributors.
The ISPA’s response was blunt:
A spokesman for ISPA said: “The Internet Watch Foundation is very focused in what it does and has taken a long time to get there working with the police. Unlike distributing images of child abuse, copyright infringement can be a civil offence.
“Any kind of blocking has to be the preserve of the courts.”
People who use music online understand the dynamics. They understand that record distributors cheat artists as an integral part of their business model. They understand that these companies want to make people pay multiple times that these people OWN, in order to put it on a walkman, or in their cars.
For the Tories to be sucking up to these folks confirms the worst suspicions of every British voter.
Facing South has a a good analysis of how our real earnings compare to those of Europe:
Going back to the previous example of combined employer and employee income and “social security” taxes, here’s the same example with only the employee’s portion, i.e. take-home pay after payroll deductions:
Take-home pay, $50,000 income (USD) US France UK Payroll Tax $3750 $4500 $4352 Income Tax $6945 $7915 $8156 Take-home $39,305 $37,585 $37,492 So the British and the French take home a little less and pay a little more in VAT, but their health care is fully covered (the French employee is still paying the 8% for 100% coverage). The American employee still has to pay for health insurance (anywhere from $600 to $3000 per year in payroll deductions depending on the type of policy and company size), and most also pay additional state and local income taxes (for example, approx. $2500 in Georgia, $3000 in North Carolina, or $3900 in NYC).
Not only is he missing the whole safety net, but also the fact that a car is a luxury in places like the UK and France, where a good mass transit system exists, but a necessity in the US.
Additionally, you have far fewer worker protections here.
We spend more, but that’s because we are in debt up to our eyeballs.
