Banks: Plans to Seek Secret Emergency Funding

So in a free market it is justifiable to keep some “potentially situations” secret!?!? Hmmhh.
Secret from whom?

“The main case for an exception would be if disclosure could panic investors and lead to fears for a bank’s solvency, the regulator said.” Investors in the U.K. have all the right to panic.

Under certain circumstances, immediate disclosure would still be required.”
These “certain circumstances” will occur when it is too late to panic!
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The City watchdog has laid out plans to allow banks to tap the Bank of England for emergency funding without informing the market, in a move which might avoid a repeat of the run on the bank which led to the collapse of Northern Rock.

Under the European Union’s market abuse directive, regulated firms have to disclose price sensitive information. However, the Financial Services Authority yesterday said there were potentially situations where banks would be allowed to keep it secret if they had applied to the Bank.

The main case for an exception would be if disclosure could panic investors and lead to fears for a bank’s solvency, the regulator said. The FSA laid out a series of proposals in a consultation document. It invited industry groups to respond by September 30.

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US general warns Russia on nuclear bombers in Cuba

Installing a missile defense system in eastern Europe is alright and cannot be seen as a provocation, but….
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Russia would cross “a redline for the United States of America” if it were to base nuclear capable bombers in Cuba, a top US air force officer warned on Tuesday.

“If they did I think we should stand strong and indicate that is something that crosses a threshold, crosses a red line for the United States of America,” said General Norton Schwartz, nominated to be the air force’s chief of staff.

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Wachovia Has Record $8.9 Billion Loss, Cuts Dividend

If Wachovia fails, then you can probably forget about the FDIC.

And remember that there are no more bailouts left:
Fed: No more bailouts, except Fannie Mae and Freddie Mac.
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July 22 (Bloomberg) — Wachovia Corp., the U.S. bank that hired Treasury Undersecretary Robert Steel as chief executive officer two weeks ago, reported a record quarterly loss of $8.9 billion, slashed the dividend and announced 6,350 job cuts. The stock slumped as much as 10 percent in New York trading.

The second-quarter loss of $4.20 a share compared with net income of $2.3 billion, or $1.23, a year earlier, the Charlotte, North Carolina-based company said today in a statement. The loss included a $6.1 billion charge tied to declining asset values.

The writedown, job cuts and second dividend reduction in three months reflect Steel’s response to the worst housing market since the Great Depression, which cost former CEO Kennedy Thompson his job after eight years. Wachovia has dropped more than 75 percent since it spent $24 billion two years ago to buy Golden West Financial Corp. just as home prices were peaking.

Read moreWachovia Has Record $8.9 Billion Loss, Cuts Dividend

CENTCOM’s Master Plan and U.S. Global Hegemony

Many people deny that the U.S. government presides over a global empire. If you speak of U.S. imperialism, they will fancy that you must be a decrepit Marxist-Leninist who has recently awakened after spending decades in a coma. Yet the facts cannot be denied, however much people’s ideology may predispose them to distort or obfuscate those facts.

How can a government that maintains more than 800 military facilities in more than 140 different foreign countries be anything other than an imperial power? The hundreds of thousands of troops who operate those bases and conduct operations from them, not to mention the approximately 125,000 sailors and Marines aboard the U.S. warships that cruise the oceans, are not going door to door selling Girl Scout cookies. United States of America is the name; intimidation is the game.

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Raytheon: Directed Energy Weapons Set To Go

FARNBOROUGH, Britain – Work on laser, infrared and microwave defensive systems has reached a high level of readiness, with the possibility of deployment close at hand, a Raytheon executive said at the Farnborough Airshow.

Development has advanced on products that can protect troops against mortar rounds, guard against shoulder-launched missiles fired at helicopters and airliners taking off at airports, and dissuade without killing – a non-lethal laser weapon for civil security, Michael Booen, Raytheon vice president of directed energy weapons, told journalists at the show.

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Governor Proposes Martial Law Choppers For Chicago

Blagojevich wants National Guard helicopters to patrol gun control capital of America

The gun control capital of America – Chicago – where only the criminals are allowed to own firearms – has been hit by a fresh wave of crime and violence, prompting Governor Rod Blagojevich to call for National Guard helicopters to be used in law enforcement operations.

Blagojevich plans to form an “elite tactical team” to help the city fight crime, according to a speech he gave last week.

“Violent crime in the city of Chicago is out of control,” Blagojevich said at the bill signing ceremony. “I’m offering resources of the state to the city to work in a constructive way with Mayor Daley to do everything we can possibly do to help stop this violence,” said the governor.

Citing the fact that a child has been shot nearly every day since the end of June, Blagojevich called for National Guard helicopters to be used in high crime areas.

However, as police department spokeswoman Monique Bond noted, the actual number of homicides in the city is significantly down.

“2008 may end with fewer than 500 homicides and that it is expected to be one of the least deadly years in the city in the last 40 years,” reports NBC5.com.

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Is America too big to fail?

NEW YORK: In the narrative that has governed American commercial life for the last quarter-century, saving companies from their own mistakes was not supposed to be part of the government’s job description. Economic policymakers in the United States took swaggering pride in the cutthroat but lucrative form of capitalism that was supposedly indigenous to their frontier nation.

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Top 25 Things Vanishing From America: No.1 The Family Farm

Here you will find all Top 25 Things Vanishing From America.

This series explores aspects of America that may soon be just a memory — some to be missed, some gladly left behind. From the least impactful to the most, here are 25 bits of vanishing America.

1. The Family Farm

My mother grew up on her family’s dairy farm in central Oregon, and when she was a child she was in 4-H — just like all the kids in her town. I’ve always admired her way with the “home arts” (she makes a mean jar of cucumber relish, and her embroidery festoons quilts for all my boys) so when I saw her 4-H ribbons I assumed that big purple one must have been for brownies, or jam. “Oh, that was for the pig I raised,” she said matter-of-factly.

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Bernanke, Paulson Pressed to Seek Big-Government Bank Bailout

July 21 (Bloomberg) — Ben S. Bernanke and Henry Paulson are under pressure to embrace the big-government policies of America in the 1930s, or Sweden in the 1990s, to contain the conflagration engulfing the U.S. housing and financial markets.

Among the ideas: Using taxpayer money to shore up the capital of loss-ridden Fannie Mae and Freddie Mac, setting up new agencies to buy and refinance mortgages in default, even taking over failing financial institutions.

The government’s current “fire-brigade approach to dealing with the fallout from the extremely weak domestic economy is eroding general confidence in the U.S. financial system,” says Brian Bethune, chief U.S. financial economist at Lexington, Massachusetts-based Global Insight. “Bold, creative, aggressive policy action is needed.”

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