Fed’s emergency loan program increases activity

Where is all this money coming from. It will have to be repaid at some point.

The Associated Press: Fed’s emergency loan program increases activity: “The Federal Reserve boosted its lending to commercial banks and investment firms over the past week, indicating that a severe credit crisis was still squeezing the financial system.

The Fed released a report Friday saying commercial banks averaged $93.6 billion in daily borrowing for the week ending Wednesday. That was up from an average of $91.6 billion for the week ending Nov. 19.”

Poverty spreading in suburbs: study | Reuters

Poverty spreading in suburbs: study | Reuters: “WASHINGTON (Reuters) – Poverty in the United States is spreading from rural and inner-city areas to the suburbs, according to a study, a situation that can worsen as the economy confronts what may be a protracted recession.

The study by the Federal Reserve’s Community Affairs department and the Brookings Institution Metropolitan Policy Program found that poverty levels in the world’s richest nation were on the rise.”

The Associated Press: Meltdown far from over, new mortgage crisis looms

The Associated Press: Meltdown far from over, new mortgage crisis looms: “WASHINGTON (AP) — Black Friday’s retail shoppers hunting for holiday bargains won’t be enough to stave off what’s likely to become the next economic crisis. Malls from Michigan to Georgia are entering foreclosure, commercial victims of the same events poisoning the housing market.

Hotels in Tucson, Ariz., and Hilton Head, S.C., also are about to default on their mortgages.

That pace is expected to quicken. The number of late payments and defaults will double, if not triple, by the end of next year, according to analysts from Fitch Ratings Ltd., which evaluates companies’ credit.

‘We’re probably in the first inning of the commercial mortgage problem,’ said Scott Tross, a real estate lawyer with Herrick Feinstein in New Jersey.”

Indian Moon probe feels the heat – space – 27 November 2008 – New Scientist

Indian Moon probe feels the heat – space – 27 November 2008 – New Scientist: “India’s first uncrewed lunar probe, ChandrayaanMovie Camera, is experiencing the hottest temperatures it has yet faced and is taking a ‘summer break’ – using its instruments sparingly until mid-January to get through the hot patch.

Chandrayaan is currently over the sunlit side of the moon, a place where spacecraft are expected to heat up because they receive energy directly from the Sun as well as infrared radiation given off by the Moon. The Moon radiates heat because it also receives energy from the Sun.

Chandrayaan project director Mylswamy Annadurai told New Scientist: ‘It is local summer for the satellite.’ The spacecraft is currently facing external temperatures of 100 °C, and cooling systems aim to maintain the spacecraft’s interior at around 40 °C. When the craft passes by the dark side of the Moon external temperatures will fall to as low as -100 °C.”

I am waiting to see pictures from this satellite. Not seen much so far.
Esp off the far side of the moon.

Meteor seemed really close, many western Canadians report

Great story, with pictures. Seems like there was a large object that entered the earths atmosphere on Thursday over Canada.

Meteor seemed really close, many western Canadians report: “From Edmonton to Edgeley, Sask., and points in between, people reported that the brilliant fireball streaking across western Canadian skies on Thursday seemed mighty close.

Hundreds flooded phone lines at police stations and media outlets with accounts of a multicoloured meteor.

No meteorite fragments have been found yet, but some of the witnesses who said they saw something fall are likely right, said Dr. Christopher Herd, a University of Alberta earth and atmospheric sciences professor.”

Remains of devoured planet discovered – 22 November 2008 – New Scientist

Remains of devoured planet discovered – 22 November 2008 – New Scientist: “A DUST cloud around a dead star may be all that’s left of a planet that was eaten like a peach.

Observations of the cloud around the white dwarf G29-38 by a team led by William Reach of the California Institute of Technology in Pasadena suggest it is most likely to be the shredded core of a gas-giant planet like Jupiter (The Astrophysical Journal, in press).

The planet’s outer layers were apparently engulfed by the star’s preceding red giant phase. The core survived but may have been dragged close enough to the subsequent white dwarf to be torn apart by its gravity, creating the dust cloud.

Earth, on the other hand, is likely to be totally vaporised during the sun’s red giant phase billions of years from now.”


FT.com / Companies / Banks – Citi crisis deepens as shares fall further

FT.com / Companies / Banks – Citi crisis deepens as shares fall further: “Citigroup’s shares lost nearly a fifth of their value on Friday as its board met in an attempt to halt a crisis of confidence in the troubled financial services group.

People close to the situation said the board was discussing a series of options, including the position of Vikram Pandit, its chief executive, and the sale of some of its businesses or even the whole company”

This is a concern. I think there will be a run on Citi next week.
If this happens this will create another dive and loss of confidence in the market.
Dow <6,500>

We will see what happens, and I am not sure what will if this does.

Cheap, ‘safe’ drug kills most cancers – health – 17 January 2007 – New Scientist

Cheap, ‘safe’ drug kills most cancers – health – 17 January 2007 – New Scientist: “It sounds almost too good to be true: a cheap and simple drug that kills almost all cancers by switching off their ‘immortality’. The drug, dichloroacetate (DCA), has already been used for years to treat rare metabolic disorders and so is known to be relatively safe.

It also has no patent, meaning it could be manufactured for a fraction of the cost of newly developed drugs.”

This is an interesting story that has been not mentioned in the wider media.

BBC NEWS | Americas | ‘Car sleepers’ the new US homeless

BBC NEWS | Americas | ‘Car sleepers’ the new US homeless: “Santa Barbara boasts a classic laidback California lifestyle, with uncongested beaches, wholesome cafes and charming Spanish-style architecture.

Of course there’s a hefty price tag: nestled between the gentle Santa Ynez mountains and the inviting Pacific Ocean are multi-million dollar homes.

But in this sun-washed haven of wealth, many live far from the American dream.

In a car park across the street from luxury mansions, the evening brings a strange sight.

A few cars arrive and take up spaces in different corners. In each car, a woman, perhaps a few pets, bags of possessions and bedding.

Across the street from homes with bedrooms to spare, these are Santa Barbara’s car sleepers.

Homeless within the last year, they are a direct consequence of America’s housing market collapse.”

This is a move on from the tent cities that have been springing up.