Norway Running Out Of Oil
Reuters: Norway oil production seen slowing in next 10-20 yrs
“Wise men speak because they have something to say; Fools because they have to say something." Plato
“One day soon the Gillette company will announce the development of a razor that, thanks to a computer microchip, can actually travel ahead in time and shave beard hairs that don't even exist yet” - Dave Barry
“Technology makes it possible for people to gain control over everything, except over technology” - John Tudor
“If GM had kept up with technology like the computer industry has, we would all be driving $25 cars that got 1000 MPG” - Bill Gates
“Once a new technology rolls over you, if you're not part of the steamroller, you're part of the road.” - Stewart Brand
“Technology is destructive only in the hands of people who do not realize that they are one and the same process as the universe.” - Alan Watts
One of the triggers for the selloff (on Tuesday) was a report that suggested growth in China would slow in the second half of 2010, which raised worries about the prospect of a global economic slowdown.Reuters: Wall Street futures point to firmer open
A report on private sector jobs by payroll processing firm ADP comes out at 8:15 a.m. ET.
...a reading on business activity in the Midwest, is slated for release at 9:15 a.m. ET.
The euro rebounded after two days of steep losses, but investors remained worried about the global recovery and concerned the European Central Bank may be pulling back emergency funds too quickly.
Investors fled the U.S. stock market on Tuesday and the S&P 500 tumbled to its lowest level in eight months in a sell-off triggered by a wave of increasing alarm over the global economic outlook.
3 Digit IQ
A Fashion For Regret
A Map of the Chelsea Leaf
Apollo Poetry (MTV)
Beggars & Thieves
Best of the Worst
Brass Menazeri Balkan Brass Band
Chachi On acid
Chrissy Velia Gurrola
DJ Jonathan E.
Echoes Of A Supernova
Fortune & Spirits
From The Pawn
FRONT-LINE GUERRILLA SONORA
Generic Concession Stand
High Above The Storm
Kymberlee Ann Lopez
La 5ta Paralela
La Paz en el Mundo
Locos por Juana
London After Midnight
Los Mas Valientes
Mike and Matt
N A E
Nine Inch Nails
Peter and the Ads
Philip David Morgan
Red in my Head
REYES DEL BAJO MUNDO
Rhondo & The Goodes
Richard Cheese & Lounge Against The Machine
Rick Hart and the Blue Horse Band
Ryan Harvey, Riot-Folk
Sage and Eon
Sigo Siendo Un Fantasma
The Alexandria Kleztet
The Bastard Fairies
The Cran Tangerines
The Janet Terminal
The Jesus Chainsaw Massacre
The New Loud
The New Years Gang
The Whispering Tree
Triple Overhead Cam
Virgin Heart Society
W. Kamau Bell
We Are Now Awake
“Do not overrate what you have received, nor envy others. He who envies others does not obtain peace of mind.” - Buddha
“For every minute you remain angry, you give up sixty seconds of peace of mind.” - Ralph Waldo Emerson
“Do not confuse peace of mind with spaced-out insensitivity. A truly peaceful mind is very sensitive, very aware.” - The Dalai Lama
“From his cradle to his grave a man never does a single thing which has any first and foremost object but one - to secure peace of mind, spiritual comfort, for himself.” - Mark Twain
Prodded by European leaders frightened by a debt crisis in Greece, the leaders of the world's top economies met through the weekend in Canada and promised to cut deficits in half by 2013 and stabilize their debt by 2016.
Deflation is the decline in prices across the economy. It's pernicious because it leads consumers and businesses to withhold spending amid expectations that prices will decline further. Japan suffered through this in the 1990s, and the trend is arguably visible in parts of the U.S. housing market.
Nariman Behravesh, the chief economist for forecaster IHS Global Insight, thinks Krugman has overstated the depression threat.
"He (Krugman)was always a little prone to drama, but the basic point he's making is that this is not the time for countries that don't need to tighten to tighten," he said.
The Case-Shiller index of home prices in 20 cities comes out at 9 a.m. ET and a reading on consumer confidence follows at 10 a.m. ET.Reuters: Stock index futures signal sharp losses
U.S. crude oil futures fell $2 per barrel on Tuesday as stock markets slumped and risk appetite dwindled on renewed worries over euro zone debt, while the euro slumped to a lifetime low against the Swiss franc, stung by liquidity concerns before the key euro zone refinancing program expires this week.
The chance of success is better with younger, healthier eggs, yet most women currently choosing the procedure are in their late 30s and opting for egg freezing as a "last resort".
We are now, I fear, in the early stages of a third depression.
And this third depression will be primarily a failure of policy. Around the world — most recently at last weekend’s deeply discouraging G-20 meeting — governments are obsessing about inflation when the real threat is deflation, preaching the need for belt-tightening when the real problem is inadequate spending.
Leaders of the world's most important economies agreed to ambitious targets for getting deficits under control, pledging to cut them in half by 2013, according to a statement made following the G-20 summit this weekend in Toronto.Reuters: Stock index futures point to mixed open
On the macro front investors awaited the Commerce Department's May personal income and consumption data, due at 8:30 a.m. ET, and the Chicago Fed National Activity Index for May, due at 8:30 a.m. ET.
"Whatever the state we're put in, we're still working on the same problems..." ...Although dreams might have initially evolved for a different purpose, they likely have been refined over time so they can serve double-duty: help the brain reboot itself and problem-solve.
...salmon that can grow at twice the normal rate.
Next in line behind the salmon for possible approval would probably be the “enviropig,” developed at a Canadian university, which has less phosphorus pollution in its manure.
“You don’t get salmon the size of the Hindenburg...You can get to those target weights in a shorter time.”
...once considered the most important meal of the day, has now slipped to sixth place, below brunch and just above midnight snack. "Significant gains by lunch and dessert badly damaged breakfast's standing in the late 1990s..."
Rossi is taking the more traditional route, heavy on meetings with the National Republican Senatorial Committee; its chairman, Texas Sen. John Cornyn, and Senate Minority Leader Mitch McConnell of Kentucky. Republican senators already have thrown one fundraiser for him and he's expected to receive support from a group formed by Bush political adviser Karl Rove and backed by corporate contributors.
Didier has met with Tea Party favorite Ron Paul, and a former Washington Redskins teammate, bad boy John Riggins, threw a fundraiser for him. He has talked with GOP chairman Michael Steele and met with conservative groups ranging from the Eagle Forum to the Family Research Council and the National Right to Life to Americans for Tax Reform.
Moreover, scientists have predicted one of the busiest Gulf hurricane seasons in years, expecting between 14 and 23 named storms and 14 hurricanes this summer – compared to a long-term average of 11 named storms per season.
Gross domestic product expanded at a 2.7 percent annual rate instead of the 3 percent pace reported last month...
While analysts see little threat of another recession they worry growth could prove too anemic to bring down a near 10 percent unemployment rate.
Despite the downward revision, growth in consumer spending, which normally accounts for about 70 percent of U.S. economic activity, was still double the 1.6 percent rate in the fourth quarter and the largest advance in three years.
That's all fine and good, but considering the average weight of an American man is 191 pounds (and rising: in 1960 it was 166 pounds), "Harry Potter and the Forbidden Journey" could be turning away quite a few potential revelers.
Under the compromise first announced Thursday by Sen. Christopher Dodd, D-Conn., the chairman of the Banking Committee, deposit-taking commercial banks could still invest in hedge funds and private equity funds, but their participation in these high-risk funds would be limited. Banks could own no more than 3 percent of such funds, and the investment couldn't exceed 3 percent of the bank's capital.
In a blow to consumer advocates, lawmakers agreed that auto dealers who offer financing to customers should be exempt from direct regulation by a new Bureau of Consumer Financial Protection. The Pentagon took the unusual step of writing letters to negotiators calling for tougher regulation of auto lending, citing predatory lending practices aimed at members of the armed services.
In another point of negotiation, senators pared back a House proposal that would have provided $3 billion, through the Department of Housing and Urban Development, to help unemployed homeowners with good payment histories to stay in their homes. The Senate negotiators counter-offered with $1 billion. House members were to respond overnight.
Lawmakers eventually agreed on a weakened version of the provision that would allow banks to make traditional trades of contracts. But banks that want to engage in riskier trades would be required to spin off the divisions that trade derivatives contracts into affiliates in two years.CNN: When will you get to retire?
The dollar was up versus the euro, the British pound and the Japanese yen.
U.S. light crude oil for August delivery fell 43 cents to $76.08 a barrel.
In the late 1960s, men in Spain spent less than 10 years in retirement; now they spend more than 20, according to data compiled by the OECD and the Economist. In France, the time in retirement has risen from 10 years to almost 25. The jump in the United States is also large but not as drastic: from just under 10 years to roughly 18.
Americans spend twice as much as residents of other developed countries on healthcare, but get lower quality, less efficiency and have the least equitable system, according to a report released on Wednesday.
The United States ranked last when compared to six other countries -- Britain, Canada, Germany, Netherlands, Australia and New Zealand, the Commonwealth Fund report found.
Central bank policymakers said Wednesday that problems in Europe have slowed the pace of the U.S. recovery over the past two months.
While the Fed said it didn't expect the U.S. economy to fall back into recession, it warned that financial conditions have become less supportive for growth and that the recovery is "likely to be moderate for a time."
The Commerce Department said sales dropped a record 32.7 percent to a 300,000 unit annual rate, the lowest level since record keeping started in 1963, from a downwardly revised 446,000 units in April. The fall unwound two months of gains, which had been inspired by a government tax credit for home buyers.
Several defense officials and officers told McClatchy on Tuesday that McChrystal has no choice but to offer his resignation. It will be up to the president whether to accept it. "The only issue here is whether he retains the confidence of the president," one senior defense official said, speaking only on the condition of anonymity because of the situation's sensitivity. "And only one person in this town knows the answer to that."
The central bank is due to release its policy statement at 2:15 p.m. ET.
A report on new home sales is due out shortly after the opening bell at 10 a.m. ET.
"A child of five would understand this. Send someone to fetch a child of five."
"All people are born alike - except Republicans and Democrats."
"Before I speak, I have something important to say."
"Behind every successful man is a woman, behind her is his wife."
"I didn't like the play, but then I saw it under adverse conditions - the curtain was up."
"I have had a perfectly wonderful evening, but this wasn't it."
The US Supreme Court on Monday upheld the constitutionality of a federal law that makes it illegal to teach members of a foreign terrorist group how to use peaceful means to pursue political goals.
A report on existing home sales from the National Association of Realtors is due after the market open.CNN: How to ride an up-and-down market
The FHFA Housing price index for April is also due in the morning.
U.S. light crude oil for July delivery fell $1.14 to $76.68 a barrel on the New York Mercantile Exchange.
Even if you don't try to exploit volatility, at minimum you shouldn't run from it. "In general, when the public gets scared, that's the time to take advantage of volatility if you've got the intestinal fortitude...At the very least it's a signal to not get out of the market, because investors inevitably bail out at the bottom."
It will also raise the taxes on a pack of cigarettes by $1.60.
"but you walked close to the beach and you couldn't miss the smell of oil. Your heart just sinks.''
"Business has just gone to nothing.'' One recent day's tally: a bag of ice and a can of soda. They plan to add more food, to feed the fishermen-turned oil spotters plying the bayou.
"We got shrimp by the 16-20 count, 21-30 count, 10W-30, 10W-40..."
Investors became more confident in the global economy following news that China will let its currency trade more freely.Reuters: China unshackles yuan ahead of G20
"The thinking is that a more flexible Chinese currency will help exports, and that means it will help the global economy, too. So in the short term this is positive for global markets and commodities..."
Asian currencies and stocks rose and U.S. Treasuries fell on expectations that China's promise to give the currency new room to move would ease political tensions with the West and encourage investors to snap up riskier assets.
Commodities and oil also surged, as a stronger currency would give the world's third-biggest economy more purchasing power to buy foreign goods, which would be positive for world trade, especially for commodity exporters such as Australia, Brazil, Canada and New Zealand.
BP collected a record 25,000 barrels of oil (1 million gallons) on Thursday. Previously, it had been collecting only about 15,000 barrels a day.
This puts BP on track to collect about 50,000 barrels a day by the end of the month. The best available scientific estimates suggest that between 35,000 and 60,000 barrels of oil are gushing from the wellhead.
A second large ship, the Discoverer Clear Leader, is expected to arrive on site in mid-July. That could increase capacity to 80,000 barrels daily, which would collect virtually all the oil, barring small leaks.
Thich Nhat Hanh
Fundamental advice from the book 'No Death, No Fear'
"..... Suppose two astronauts go to the moon. When they arrive, they have an accident and find out that they have only enough oxygen for two days. There is no hope of someone coming from Earth in time to rescue them. They have only two days to live. If you asked them at that moment, "What is your deepest wish?" they would answer, "To be back home walking on the beautiful planet Earth." That would be enough for them; they would not want anything else. They would not want to be the head of a large corporation, a big celebrity or president of the United States. They would not want anything except to be back on Earth - to be walking on Earth, enjoying every step, listening to the sounds of nature and holding the hand of their beloved while contemplating the moon."
"We should live every day like people who have just been rescued from the moon. We are on Earth now, and we need to enjoy walking on this precious beautiful planet. The Zen master Lin Chi said, "The miracle is not to walk on water but to walk on the Earth." I cherish that teaching. I enjoy just walking, even in busy places like airports and railway stations. In walking like that, with each step caressing our Mother Earth, we can inspire other people to do the same. We can enjoy every minute of our lives."
Me: otherwise easygoing SF, 29, in desirable neighborhood near excellent schools and world-class cheese market. You: 31-36, Ivy League (except Penn), minimum 5’ 10", maximum 180 lbs., pectoral-to-waist ratio .33; fiscal conservative/social liberal; profession: law, medicine, banking (employer must have innovative paternity leave policy); hobbies: pan-Asian cooking, helping the needy, foot rubs; civil to (but not “friends” with) ex-girlfriends (maximum: 2); informed, witty, self-starter: equally comfortable chatting at state dinners and changing tires. Send introductory email along with photo, high school and college transcripts, 3 recommendations (1 academic, 1 professional, 1 non-threatening friend-girl) plus two 750-word essays on the topics: (1) “A Man of Quality is Not Threatened By A Woman For Equality” and (2) “Why I Always Share My Feelings.”
In addition to the statement from the Fed's rate-setting meeting, investors will take in data on the housing and labor markets, consumer sentiment and the final reading for first-quarter gross domestic product.
Key elements of the legislation include:
1. Creation of an Office of Cyberspace Policy in the Executive Office of the President run by a Senate-confirmed Director, who will advise the President on all cybersecurity matters. The Director will lead and harmonize federal efforts to secure cyberspace and will develop a national strategy that incorporates all elements of cyberspace policy, including military, law enforcement, intelligence, and diplomatic. The Director will oversee all related federal cyberspace activities to ensure efficiency and coordination.
2. Creation of a National Center for Cybersecurity and Communications (NCCC) at the Department of Homeland Security (DHS) to elevate and strengthen the Department’s cyber security capabilities and authorities. The Director will regularly advise the President on efforts to secure federal networks. The NCCC will be led by a Senate-confirmed Director, who will report to the Secretary. The NCCC will include the United States Computer Emergency Response Team (US-CERT), and will lead federal efforts to protect public and private sector cyber and communications networks.
3. Updates the Federal Information Security Management Act (FISMA) to modernize federal agencies practices of protecting their internal networks and systems. With strong leadership from DHS, these reforms will allow agencies to move away from the system of after-the-fact paperwork compliance to real-time monitoring to secure critical systems.
4. Requiring the NCCC to work with the private sector to establish risk-based security requirements that strengthen cyber security for the nation’s most critical infrastructure that, if disrupted, would result in a national or regional catastrophe.
5. Requiring covered critical infrastructure to report significant breaches to the NCCC to ensure the federal government has a complete picture of the security of these sensitive networks. The NCCC must share information, including threat analysis, with owners and operators regarding risks to their networks. The Act will provide specified liability protections to owners/operators that comply with the new risk-based security requirements.Creation of a responsible framework, developed in coordination with the private sector, for the President to authorize emergency measures to protect the nation’s most critical infrastructure if a cyber vulnerability is being exploited or is about to be exploited. The President must notify Congress in advance before exercising these emergency powers. Any emergency measures imposed must be the least disruptive necessary to respond to the threat and will expire after 30 days unless the President extends them. The bill authorizes no new surveillance authorities and does not authorize the government to “take over” private networks.
6. Development of a comprehensive supply chain risk management strategy to address risks and threats to the information technology products and services the federal government relies upon. This strategy will allow agencies to make informed decisions when purchasing IT products and services.
7. Requiring the Office of Personnel Management to reform the way cyber security personnel are recruited, hired, and trained to ensure that the federal government has the talent necessary to lead the national cyber security effort and protect its own networks.
“Gracefulness has been defined to be the outward expression of the inward harmony of the soul” - William Hazlitt
“If a man be gracious and courteous to strangers, it shows he is a citizen of the world, and that his heart is no island cut off from other lands, but a continent that joins to them.” - Francis Bacon Sr
“If one has to submit, it is wasteful not to do so with the best grace possible” - Winston Churchill
“Grace is the absence of everything that indicates pain or difficulty, hesitation or incongruity.” - William Hazlitt
Investors also welcomed positive developments out of Europe...Reuters: Stock futures flat ahead of futures, options expiration
The Labor Department will release a report on state unemployment levels at 10 a.m. ET.
U.S. light crude oil for July delivery dipped $1.23 to $75.56 a barrel.
Four different types of June equity futures and options contracts expire Friday, a convergence known as "quadruple witching." As volatility has receded lately, traders expected a quiet session.
A Democratic bill to extend jobless benefits and raise taxes on investment fund managers failed a key vote in the U.S. Senate on Thursday, dealing a blow to U.S. President Barack Obama's push to boost the economy.
In recent weeks, the government has quietly approved the sale of more than 400 new leases for vast swaths of the Gulf of Mexico. And these contracts—which mark the first step in the drilling process—were subjected to the same slapdash environmental oversight that failed to prevent the BP catastrophe.
...it was Obama's Interior secretary, Ken Salazar, who gave the go-ahead for the sale of Lease 213—6,800 tracts covering 36 million acres off the coasts of Louisiana, Mississippi, and Alabama in November 2009. The sale—which was held on March 17 this year in the New Orleans Superdome—attracted $1.3 billion in bids. Since then, the Department of the Interior's Minerals Management Service (MMS) has approved the sale of 448 of those tracts, 198 of them in deepwater, which is defined as more than 656 feet below the sea. BP is the proud new leaser of 13 of those tracts.
“We tend to forget that happiness doesn't come as a result of getting something we don't have, but rather of recognizing and appreciating what we do have.” - Frederick Keonig
“There are many things that we would throw away if we were not afraid that others might pick them up.” - Oscar Wilde
“Earth provides enough to satisfy every man's need, but not every man's greed” - Mahatma Gandhi
“A greedy father has thieves for children” - Serbian Proverb
He is scheduled to be executed Friday by a firing squad...
Two men in recent years, including a prisoner in Virginia earlier this spring, have elected to be put to death by the electric chair, which by all accounts is a gruesome and violent means of demise.
“It will have a big ripple effect in the public...Utah will be known as the state that carried out an execution by firing squad.”