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10101  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: Mexico-US matters on: November 08, 2008, 08:37:43 AM
No worries. Obama will give them amnesty and a "path towards citizenship" in exchange for their votes in 2012.
10102  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: Political Economics on: November 07, 2008, 03:12:49 PM
Rachel Ehrenfeld is one of the unsung heroes of our time.
10103  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The Way Forward for Reps/Conservatives on: November 07, 2008, 03:01:06 PM
Doug,

If we are lucky, our grandkids will have peace. We are in a multigenerational war for our survival. It doesn't feel like it to most right now, but it's absolutely the case. Survival, then victory through strength, then someday peace through strength.
10104  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: Political Economics on: November 07, 2008, 02:55:08 PM
http://www.washingtontimes.com/news/2008/nov/04/treasury-submits-to-shariah/

GAFFNEY: Treasury submits to Shariah

Tuesday, November 4, 2008


COMMENTARY:

The U.S. Treasury Department is submitting to Shariah - the seditious religio-political-legal code authoritative Islam seeks to impose worldwide under a global theocracy.

As reported in this space last week, Deputy Secretary of the Treasury Robert Kimmitt set the stage with his recent visit to Saudi Arabia and other oil-rich Persian Gulf states. His stated purpose was to promote the recycling of petrodollars in the form of foreign investment here.

Evidently, the price demanded by his hosts is that the U.S. government get with the Islamist financial program. While in Riyadh, Mr. Kimmitt announced: "The U.S. government is currently studying the salient features of Islamic banking to ascertain how far it could be useful in fighting the ongoing world economic crisis."

"Islamic banking" is a euphemism for a practice better known as "Shariah-Compliant Finance (SFC)." And it turns out that this week the Treasury will be taking officials from various federal agencies literally to school on SFC.

The department is hosting a half-day course entitled "Islamic Finance 101" on Thursday at its headquarters building. Treasury's self-described "seminar for the policy community" is co-sponsored with the leading academic promoters of Shariah and SCF in the United States: Harvard University Law School's Project on Islamic Finance. At the very least, the U.S. government evidently hopes to emulate Harvard's success in securing immense amounts of Wahhabi money in exchange for conforming to the Islamists' agenda. Like Harvard, Treasury seems utterly disinterested in what Shariah actually is, and portends.

Unfortunately, such submission - the literal meaning of "Islam" - is not likely to remain confined long to the Treasury or its sister agencies. Thanks to the extraordinary authority conferred on Treasury since September, backed by the $700 billion Troubled Asset Relief Program (TARP), the department is now in a position to impose its embrace of Shariah on the U.S. financial sector. The nationalization of Fannie Mae and Freddie Mac, Treasury's purchase of - at last count - 17 banks and the ability to provide, or withhold, funds from its new slush-fund can translate into unprecedented coercive power.

Concerns in this regard are only heightened by the prominent role Assistant Treasury Secretary Neel Kashkari will be playing in "Islamic Finance 101." Mr. Kashkari, the official charged with administering the TARP fund, will provide welcoming remarks to participants. Presumably, in the process, he will convey the enthusiasm about Shariah-Compliant Finance that appears to be the current party line at Treasury.

As this enthusiasm for SCF ramps up in Washington officialdom, it is worth recalling a lesson from "across the pond." Earlier this year, the head of the Church of England, Archbishop of Canterbury Rowan Williams, provoked a brief but intense firestorm of controversy with his declaration that it was "unavoidable" that Shariah would be practiced in Britain. Largely unremarked was the reason he gave for such an ominous forecast: The U.K. had already accommodated itself to Shariah-Compliant Finance.

This statement provides an important insight for the incumbent U.S. administration and whomever succeeds it: Shariah-Compliant Finance serves as a leading edge of the spear for those seeking to insinuate Shariah into Western societies.

Regrettably, SCF is not the only instrument of the stealth jihad by which Shariah-promoting Islamists are seeking to achieve "parallel societies" here and elsewhere in the West. The British experience is instructive on this score, too. Her Majesty's government has allowed the establishment of at least five Shariah courts to hear (initially) family law cases. Polygamists in the U.K. can get welfare for each of their wives (as long as all the marriages beyond the first were performed overseas).

Thus far, we in this country may not have reached the point where evidence of this sort of creeping Shariah is so manifest. But Treasury's accommodation to SCF demonstrates that we are on the same trajectory - the one ordained and demanded by the promoters of Shariah, one to which we serially accommodate ourselves at our extreme peril.

After all, the object of Shariah is the supplanting of our government and Constitution, through violent means if possible and, until then, through stealthy ones. Islamists, having secured footholds via their parallel societies, inevitably use those to extend their influence over Muslims who have no more interest in living under authoritative Islam's Shariah than the rest of us do. Inexorably, it becomes the turn of non-Muslims to accommodate themselves to ever more intrusive demands from the Islamists. It is known as submission, or dhimmitude.

Soon - possibly as early as this Wednesday - the Treasury Department and the other federal agencies will be taking orders from representatives of Barack Obama or John McCain. It may be that the outgoing administration's determination to advance the Islamist agenda via "Islamic Finance 101," and what flows from it, may be the first, far-reaching policy decision inherited by the new president-elect. If he does not want to have his transition saddled with an implicit endorsement of submission to Shariah, the winner of the White House sweepstakes would be well-advised to pull the plug on Thursday's indoctrination program and the insidious industry it is meant to foist on the "policy community," our capital markets and our country.

Frank J. Gaffney, Jr. is president of the Center for Security Policy and a columnist for The Washington Times.
10105  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: Sharia 101 on: November 07, 2008, 11:58:47 AM
Not waiting long before moving in for the kill.
10106  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: Sharia 101 on: November 07, 2008, 11:53:24 AM
http://www.washingtontimes.com/news/2008/nov/04/treasury-submits-to-shariah/

GAFFNEY: Treasury submits to Shariah

Tuesday, November 4, 2008


COMMENTARY:

The U.S. Treasury Department is submitting to Shariah - the seditious religio-political-legal code authoritative Islam seeks to impose worldwide under a global theocracy.

As reported in this space last week, Deputy Secretary of the Treasury Robert Kimmitt set the stage with his recent visit to Saudi Arabia and other oil-rich Persian Gulf states. His stated purpose was to promote the recycling of petrodollars in the form of foreign investment here.

Evidently, the price demanded by his hosts is that the U.S. government get with the Islamist financial program. While in Riyadh, Mr. Kimmitt announced: "The U.S. government is currently studying the salient features of Islamic banking to ascertain how far it could be useful in fighting the ongoing world economic crisis."

"Islamic banking" is a euphemism for a practice better known as "Shariah-Compliant Finance (SFC)." And it turns out that this week the Treasury will be taking officials from various federal agencies literally to school on SFC.

The department is hosting a half-day course entitled "Islamic Finance 101" on Thursday at its headquarters building. Treasury's self-described "seminar for the policy community" is co-sponsored with the leading academic promoters of Shariah and SCF in the United States: Harvard University Law School's Project on Islamic Finance. At the very least, the U.S. government evidently hopes to emulate Harvard's success in securing immense amounts of Wahhabi money in exchange for conforming to the Islamists' agenda. Like Harvard, Treasury seems utterly disinterested in what Shariah actually is, and portends.

Unfortunately, such submission - the literal meaning of "Islam" - is not likely to remain confined long to the Treasury or its sister agencies. Thanks to the extraordinary authority conferred on Treasury since September, backed by the $700 billion Troubled Asset Relief Program (TARP), the department is now in a position to impose its embrace of Shariah on the U.S. financial sector. The nationalization of Fannie Mae and Freddie Mac, Treasury's purchase of - at last count - 17 banks and the ability to provide, or withhold, funds from its new slush-fund can translate into unprecedented coercive power.

Concerns in this regard are only heightened by the prominent role Assistant Treasury Secretary Neel Kashkari will be playing in "Islamic Finance 101." Mr. Kashkari, the official charged with administering the TARP fund, will provide welcoming remarks to participants. Presumably, in the process, he will convey the enthusiasm about Shariah-Compliant Finance that appears to be the current party line at Treasury.

As this enthusiasm for SCF ramps up in Washington officialdom, it is worth recalling a lesson from "across the pond." Earlier this year, the head of the Church of England, Archbishop of Canterbury Rowan Williams, provoked a brief but intense firestorm of controversy with his declaration that it was "unavoidable" that Shariah would be practiced in Britain. Largely unremarked was the reason he gave for such an ominous forecast: The U.K. had already accommodated itself to Shariah-Compliant Finance.

This statement provides an important insight for the incumbent U.S. administration and whomever succeeds it: Shariah-Compliant Finance serves as a leading edge of the spear for those seeking to insinuate Shariah into Western societies.

Regrettably, SCF is not the only instrument of the stealth jihad by which Shariah-promoting Islamists are seeking to achieve "parallel societies" here and elsewhere in the West. The British experience is instructive on this score, too. Her Majesty's government has allowed the establishment of at least five Shariah courts to hear (initially) family law cases. Polygamists in the U.K. can get welfare for each of their wives (as long as all the marriages beyond the first were performed overseas).

Thus far, we in this country may not have reached the point where evidence of this sort of creeping Shariah is so manifest. But Treasury's accommodation to SCF demonstrates that we are on the same trajectory - the one ordained and demanded by the promoters of Shariah, one to which we serially accommodate ourselves at our extreme peril.

After all, the object of Shariah is the supplanting of our government and Constitution, through violent means if possible and, until then, through stealthy ones. Islamists, having secured footholds via their parallel societies, inevitably use those to extend their influence over Muslims who have no more interest in living under authoritative Islam's Shariah than the rest of us do. Inexorably, it becomes the turn of non-Muslims to accommodate themselves to ever more intrusive demands from the Islamists. It is known as submission, or dhimmitude.

Soon - possibly as early as this Wednesday - the Treasury Department and the other federal agencies will be taking orders from representatives of Barack Obama or John McCain. It may be that the outgoing administration's determination to advance the Islamist agenda via "Islamic Finance 101," and what flows from it, may be the first, far-reaching policy decision inherited by the new president-elect. If he does not want to have his transition saddled with an implicit endorsement of submission to Shariah, the winner of the White House sweepstakes would be well-advised to pull the plug on Thursday's indoctrination program and the insidious industry it is meant to foist on the "policy community," our capital markets and our country.

Frank J. Gaffney, Jr. is president of the Center for Security Policy and a columnist for The Washington Times.
10107  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: Iran on: November 07, 2008, 11:41:35 AM
http://latimesblogs.latimes.com/babylonbeyond/2008/11/iran-ahmadineja.html

Aware of Obama's affinity for socializing with terrorists, A-jad offers a hand of friendship. Wonderful.
10108  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The Way Forward for Reps/Conservatives on: November 07, 2008, 10:47:35 AM
The "four pillars" of conservatism:

1. Adherence to the ideals of the founding fathers.

2. Prosperity through low taxes and reasonable regulation of trade.

3. Individialism and self reliance.

4. Small government.
10109  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: Iran on: November 07, 2008, 10:32:38 AM
1/20/09 will be a glorious day for the mullahs. Full steam ahead on the nukes that will turn Tel Aviv into a sheet of glass.
10110  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: Israel, and its neighbors on: November 07, 2008, 10:28:47 AM
Some Americans will. I do.

As goes Israel, so goes the free world.  I'm not sure Israel will survive Obama's tenure as president.
10111  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The Way Forward for Reps/Conservatives on: November 07, 2008, 08:53:34 AM
http://hotair.com/archives/2008/11/06/video-zo-on-the-aftermath/

Zo rocks! I disagree with him about Huckabee, but I think his core point is very valid.
10112  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: US-Russia on: November 07, 2008, 08:49:56 AM
It's not just Russia that watching Obama very closely. The whole world is watching, but our enemies around the world are watching to see just how much of a victim Obama is willing to be.
10113  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The Coming Clusterfcuk on: November 06, 2008, 11:03:37 PM
The plan that would work on the state and national level:

1. Cut taxes. Just as California's taxes and over-regulation has been chasing business to other states, the dems plan to do on a massive level nationally. Just look at California as the dem's test track. Like what you see? Just wait.

2. Cut government spending. No deficits. This means all the wonderful, touchy-feely programs the dems love to burn other people's money on have to go. Just do the core gov't services that are actually mandated by law. Roads, bridges, fire, law enforcement, EMS. Liberals want free health care for the poor? Create non-profits and fund them out of your own pockets. You''l get more bang for your buck anyway.

3. Return to a culture of self-reliance. Like or not, we are broke. "New Deal II" will only make it worse, and won't work anyway. We are responsible for ourselves, and gov't can't and won't be there as the "good mommy" the dems love to imagine. Very bleak times await us. Grird up and brace for impact.
10114  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The 2008 Presidential Race on: November 06, 2008, 10:29:51 PM
This perfectly captures my take on the election:

http://iowahawk.typepad.com/iowahawk/2008/11/election-analysis-america-can-take-pride-in-this-historic-inspirational-disaster.html

Election Analysis: America Can Take Pride In This Historic, Inspirational Disaster

Although I have not always been the most outspoken advocate of President-Elect Barack Obama, today I would like to congratulate him and add my voice to the millions of fellow citizens who are celebrating his historic and frightening election victory. I don't care whether you are a conservative or a liberal -- when you saw this inspiring young African-American rise to our nation's highest office I hope you felt the same sense of patriotic pride that I experienced, no matter how hard you were hyperventilating with deep existential dread. 

Yes, I know there are probably other African-Americans much better qualified and prepared for the presidency. Much, much better qualified. Hundreds, easily, if not thousands, and without any troubling ties to radical lunatics and Chicago mobsters. Gary Coleman comes to mind. But let's not let that distract us from the fact that Mr. Obama's election represents a profound, positive milestone in our country's struggle to overcome its long legacy of racial divisions and bigotry. It reminds us of how far we've come, and it's something everyone in our nation should celebrate in whatever little time we now have left.

Less than fifty years ago, African-Americans were barred from public universities, restaurants, and even drinking fountains in many parts of the country. On Tuesday we came together and transcended that shameful legacy, electing an African-American to the country's top job -- which, in fact, appears to be his first actual job. Certainly, it doesn't mean that racism has disappeared in America, but it is an undeniable mark of progress that a majority of voters no longer consider skin color nor a dangerously gullible naivete as a barrier to the presidency.

It's also heartening to realize that as president Mr. Obama will soon be working hand-in-hand with a former Ku Klux Klan Grand Wizard like Senator Robert Byrd to craft the incoherent and destructive programs that will plunge the American economy into a nightmare of full-blown sustained depression. As Vice President-Elect Joe Biden has repeatedly warned, there will be difficult times ahead and the programs will not always be popular, or even sane. But as we look out over the wreckage of bankrupt coal companies, nationalized banks, and hyperinflation, we can always look back with sustained pride on the great National Reconciliation of 2008. Call me an optimist, but I like to think when America's breadlines erupt into riots it will be because of our shared starvation, not the differences in our color.

It's obvious that this newfound pride is not confined to Americans alone. All across the world, Mr. Obama's election has helped mend America's tattered image as a racist, violent cowboy, willing to retaliate with bombs at the slightest provocation. The huge outpouring of international support following the election shows that America can still win new friendships while rebuilding its old ones, and provides Mr. Obama with unprecedented diplomatic leverage over our remaining enemies. When Russian tanks start pouring into eastern Europe and Iranian missiles begin raining down on Jerusalem, their leaders will know they will be facing a man who not only conquered America's racial divide but the hearts of the entire Cannes film community. And those Al Qaeda terrorists plotting a dirty nuke or chemical attack on San Francisco face a stark new reality: while they may no longer need to worry about US Marines, they are looking down the barrel of a strongly worded diplomatic condemnation by a Europe fully united in their deep sympathy for surviving Americans.

So for now, let's put politics aside and celebrate this historic milestone. In his famous speech at the Lincoln Memorial 45 years ago, Dr. King said "I have a dream that one day my children will live in a nation where they will not be judged by the color of their skin, but by the content of their character." Let us now take pride that Tuesday we Americans proved that neither thing matters anymore.
10115  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The 2008 Presidential Race on: November 06, 2008, 10:24:23 PM
Buyer's remorse. Just wait....
10116  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The Coming Clusterfcuk on: November 06, 2008, 10:11:17 PM
We're just starting to see the start of the great Obama-depression. "Soak the rich" socialism is going to kill off our already damaged economy. Capital is fleeing, and as the dems try to grasp all the money they can for their "New Deal II", it'll drag us to the bottom.

Meanwhile, the world's hotspots will burst into flame.
10117  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The Coming Clusterfcuk on: November 06, 2008, 09:07:48 PM
http://apnews.myway.com/article/20081107/D949OQU00.html

States consider billions in cuts as deficits widen


Nov 6, 7:32 PM (ET)

By JULIET WILLIAMS
 
SACRAMENTO, Calif. (AP) - The nation's economic meltdown is taking state budgets down with it - especially in California, where Gov. Arnold Schwarzenegger said Thursday he wants to close a $11.2 billion gap in part by raising sales taxes on everything from cars to Disneyland tickets.
Several other states are confronting billion-dollar deficits. Some, including Massachusetts, North Carolina and Wisconsin, have ordered broad and deep cuts in spending, while others have only begun to consider how to compensate for their revenue wells drying up.
Schwarzenegger wants $4.5 billion in cuts; one of his proposals would force state employees to take a day off each month without pay and give up two holidays. But he says cuts alone aren't enough to deal with a steep drop in revenue, and he proposes $4.7 billion in tax hikes, including a three-year, 1.5-percentage-point increase in the sales tax.
"We have a dramatic situation here and it takes dramatic solutions ... and immediate action," Schwarzenegger said as he called the Legislature back into session to deal with the shortfall. "We must stop the bleeding."
California's bleak new projections come just six weeks after Schwarzenegger signed this year's budget, which made $7.1 billion in cuts to services to help close a $15.2 billion deficit.
"I'm not a believer in taxes, I'm not a believer of increasing fees. It's just under these circumstances it's necessary to do," Schwarzenegger said.
California relies heavily on capital gains taxes, which have plunged along with the stock market. Sales taxes also have plummeted as consumers have cut off nonessential spending. And California is among the states hardest hit by falling housing prices.
The state controller issued a statement saying California runs "the very real risk" of a severe cash shortage by the end of the year and may have to resort to borrowing so it can balance its books. Its deficit is now 11 percent of general fund spending and could double by next fiscal year if not addressed immediately, the controller said.
The shortfall in Arizona is even worse, on a percentage basis, than California's. Gov. Janet Napolitano on Thursday said the state's deficit had grown to an estimated $1.2 billion, or 12 percent of general fund spending, forcing lawmakers into a likely special session by the end of the year.
The deficit in Washington state is projected at $3.2 billion, but could grow by the time officials get an update later this month.
Nevada Gov. Jim Gibbons and the Legislature have cut spending by $1.2 billion because of declining tax revenue, but Gibbons warned lawmakers they might have to cut another 14 percent when they go into session in February.
Wisconsin's governor has ordered state agencies to trim 10 percent to cover a $3 billion hole over two years, while North Carolina's governor has ordered several departments to make do with 5 percent less. Massachusetts Gov. Deval Patrick announced last month that the state would eliminate up to 1,000 jobs and make more than $1 billion in cuts and spending controls to bridge a growing budget gap.
New York Gov. David Paterson last week asked Congress for as much as $8.6 billion from an economic stimulus measure Democrats are considering. He already has called a special session for later this month to tackle a $1.5 billion deficit for the fiscal year that ends in April and warned that New York's deficit could hit $47 billion by 2012.
California's crisis has brought a change in rhetoric from Schwarzenegger. Since taking office in 2003, he has blamed "autopilot spending" by the Legislature whenever California has confronted fiscal woes, but on Thursday he said, "It is now a revenue problem rather than a spending problem."
His proposed sales-tax increase would apply to items as varied as cars and amusement park and sporting game tickets. For the first time, the sales tax also would be applied to services such as vehicle, appliance and furniture repairs, veterinarian services and even greens fees for playing golf. Taxes on alcohol also would increase.
The sales tax plan met immediate opposition from some in the business community. Peter Welch, president of the California New Car Dealers Association, said raising vehicle prices by hundreds of dollars is the last thing his faltering industry needs.
"The fact of the matter is we are in an historic car recession (that's) bordering on a depression," he said. "We actually think we need an economic stimulus package to get people to come in and buy cars. This is just the opposite."
Other revenue could come from raising the registration fee for vehicles by $12 and taxing companies that extract oil from California, which Schwarzenegger said would generate $528 million this year.
The governor also wants to accelerate hundreds of millions of dollars in public works spending to spark job creation. At the same, the newly unemployed would struggle more under his plan. He wants to tighten eligibility for unemployment benefits because the state's unemployment insurance fund is on the brink of insolvency.
---
Associated Press Writers Judy Lin and Steve Lawrence contributed to this report.
10118  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The Coming Clusterfcuk on: November 06, 2008, 09:02:25 PM
http://news.aol.com/political-machine/2008/10/24/obama-dems-seek-to-end-401-k-plans/

Obama, Dems Seek to End 401(k) Plans
By Mark Impomeni
Oct 24th 2008 9:00AM
Filed Under:eDemocrats, Barack Obama, 2008 President

Sen. Barack Obama's Democratic allies in Congress are looking into a radical new plan that would fundamentally change the way Americans save for retirement. House Democrats recently heard testimony on the idea and, under a potential Obama administration, would likely move to put it in place. Democrats want to seize the money that workers currently invest in their 401(k) plans and replace the popular retirement savings accounts with a one-size-fits-all government sponsored retirement account. Under the scheme, Americans would be forced to transfer all of their hard earned retirement savings from their 401(k) to the government.

The government would contribute $600 a year to fund each account and would pay a rate of return of around three percent in interest. The government would also mandate that each worker contribute 5% of their yearly salary to the accounts. Under current law, workers with 401(k) plans contribute to their retirement accounts and earn interest tax free. The Democrats' plan would end those tax breaks, amounting to as much as a 15% tax hike on each American worker.

Rep. Jim McDermott (D-WA) said recently that Democrats had better ideas for the $80 billion that Americans contribute to their 401(k) plans each year. "We have to start thinking about whether or not we want to continue to invest that $80 billion for a policy that's not doing what we say it should." Sen. Obama would likely sign on to the plan as president.

Obama, McDermott, and Congressional Democrats miss the point that under current law, Americans have control over their retirement savings, where and how it is invested, and when and how much they contribute. The idea to nationalize retirement savings is another example of Democrats' socialist proclivities. They want control of Americans' retirement to reside in Washington DC, not on Main St., all in the name of "retirement security."
10119  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The Coming Clusterfcuk on: November 06, 2008, 08:41:21 PM
http://www.bloomberg.com/apps/news?pid=20601087&sid=a9Oq499c._cA&refer=worldwide

U.S. Stocks Tumble in Market's Worst Two-Day Slump Since 1987
By Lynn Thomasson

Nov. 6 (Bloomberg) -- U.S. stocks slid, sending the market to its biggest two-day slump since 1987, after jobless claims jumped and the shrinking economy crushed earnings at companies from Blackstone Group Inc. to News Corp.

Blackstone, the largest private-equity firm, fell 12 percent after posting the biggest quarterly loss in its 18 months as a public company. News Corp. sank 16 percent after the media company controlled by Rupert Murdoch said ad sales decreased. Chevron Corp. fell 6.4 percent as oil tumbled to a 19-month low, while an unexpected decrease in chain-store sales dragged down 25 of 27 shares in the S&P 500 Retailing Index.

``We're a long way from the end of the economic challenges,'' said Mike Morcos, who helps manage $1 billion at Old Second Wealth Management in Aurora, Illinois. ``Earnings next year are going to be significantly lower and estimates are going to continue to come down.''

The Standard & Poor's 500 Index fell 5 percent to 904.88, extending its two-day loss to 10 percent. The Dow Jones Industrial Average retreated 443.48 points, or 4.9 percent, to 8,695.79. The Russell 2000 Index of small U.S. companies declined 3.7 percent to 495.84. The MSCI World Index of 23 developed markets lost 5.9 percent to 925.09.

The two-day tumble following Election Day wiped out more than half of the market's rebound from a five-year low on Oct. 27. Both the S&P 500 and Dow average posted their biggest two-day slides since plunging more than 24 percent as rising borrowing costs helped spur the market crash of October 1987.

Europe Slides

BP Plc led a 5.6 percent retreat in Europe's benchmark index even after the Bank of England unexpectedly cut its benchmark interest rate by 1.5 percentage points to 3 percent to contain damage from a recession. Switzerland's central bank and the European Central Bank reduced their main lending rates by 50 basis points.

The S&P 500 is down 38 percent this year, poised for the steepest annual retreat since 1937. The benchmark for U.S. equities has plunged 42 percent since its record in October 2007 after the U.S. economy shrunk in two of the last four quarters.

The VIX, as the Chicago Board Options Exchange Volatility Index is known, climbed 17 percent to 63.68. The measure tracks the cost of using options as insurance against declines in the S&P 500.

``It's just been a steady, steady sell,'' said Alan Gayle, the Richmond, Virginia-based senior strategist at Ridgeworth Investments, which oversees about $70 billion. ``The pain and frustration and anxiety of these volatile moves from one day to the next has discouraged a lot of investors to move to the sidelines.''

Lost Jobs

About 481,000 workers filed initial jobless claims last week, the Labor Department said today in Washington, exceeding the 477,000 projected by economists surveyed by Bloomberg News. The number of people staying on benefit rolls was the most since February 1983.

A report tomorrow will probably show U.S. employers eliminated jobs in October for a 10th consecutive month, based on economists' estimates.

Earnings at companies in the S&P 500 that have reported third-quarter results fell 9.2 percent on average, Bloomberg data show. Analysts expect full-year profits to drop 7.7 percent, according to a compilation of analysts' estimates.

S&P 500 energy companies lost 6.1 percent as a group, as oil declined for the third time this week. Crude for December delivery retreated 6.9 percent to $60.77 a barrel, the lowest settlement since March 2007.

Exxon Mobil, the world's largest oil company, tumbled $3.73 to $69.96, while Chevron Corp. slid 6.4 percent to $70.11.

Tech Slump

Cisco Systems Inc. declined 2.6 percent to $16.94. The biggest maker of networking equipment forecast the first revenue drop in five years because of the financial crisis.

Advanced Micro Devices Inc. tumbled 11 percent to $3.17. The second-largest maker of personal-computer processors plans to cut 500 jobs, about 3 percent of the workforce, as part of its effort to return to profitability.

Technology companies in the S&P 500 lost 5.4 percent collectively. Dell Inc., Intel Corp. and Hewlett-Packard Co. fell more than 5 percent.

Amazon.com Inc. sank 9.2 percent to $47.22. The largest Internet retailer was cut to ``hold'' from ``buy'' at Citigroup Inc., which noted the shares' surge of as much as 36 percent since third-quarter results and concerns consumer spending will slow.

GM's Survival

General Motors Corp. had the steepest decline in almost a month, tumbling 14 percent to $4.80. The largest U.S. automaker is focused on winning government aid to survive through 2009, not to help a merger with Chrysler LLC, as it uses cash faster than it forecast, people familiar with the plans said. GM plans to give an update on liquidity when it reports third-quarter results tomorrow.

Tyco Electronics Ltd. fell the most in more than a year, slumping 12 percent to $16.78. Fiscal fourth-quarter profit slid 55 percent on restructuring costs and the company forecast a ``significant'' drop in sales and earnings this period.

News Corp.'s Class A shares tumbled $1.53 to $8.26. Fiscal 2009 profit will drop in the ``low to mid teens'' in percentage terms, the company said after previously forecasting a gain of 4 percent to 6 percent.

Financial stocks in the S&P 500 fell 6.7 percent as a group, led lower by Bank of America Corp. and Wells Fargo & Co. The group is down 52 percent in 2008 as the slowing economy raises concern banks will be hit by more bad loans after the subprime mortgage market's collapse led to $690 billion in credit losses worldwide.

Blackstone's Loss

Blackstone tumbled $1.05 to $7.55 after the financial crisis eroded the value of the businesses and real estate it has acquired, triggering a quarterly loss excluding items of $502.5 million. Blackstone had been expected to break even, based on the average estimate of seven analysts in a Bloomberg survey.

Wells Fargo declined 9.2 percent to $28.77 after the biggest bank on the U.S. West Coast said it plans to sell stock to fund the purchase of Wachovia Corp. The bank also said losses from the acquisition will be less than previously expected.

The bank, which disclosed the share offering yesterday in a statement, had said it would raise as much as $20 billion to fund the deal. That was before the Treasury said it was buying $25 billion of Wells Fargo's preferred shares.

Libor Declines

The slump in financials came even as the London interbank offered rate, or Libor, for three-month loans in dollars dropped 12 basis points to 2.39 percent today, the lowest level since November 2004, according to the British Bankers' Association.

Las Vegas Sands Corp., billionaire Sheldon Adelson's casino company, posted the biggest drop since becoming a publicly traded company with a 33 percent plunge to $7.85 after saying it may default on debt and face bankruptcy.

Big Lots Inc. plunged 26 percent to $17.31 for the steepest decline in the S&P 500. The largest U.S. seller of overstocked and discontinued items said third-quarter profit may be below its prediction.

October same-store sales fell 0.9 percent at U.S. chain stores, the first drop in seven months, and declined 4.2 percent excluding Wal-Mart, the International Council of Shopping Centers said. Economists surveyed by Bloomberg had projected a 0.7 percent increase.

Excluding the effect of the shifting Easter holiday, it's the first decline since at least 2000, according to research firm Retail Metrics LLC.

Grocers Gain

Whole Foods Market Inc. climbed 1.7 percent to $10.48. The largest U.S. natural-foods grocer received a $425 million equity investment from Leonard Green & Partners LP.

Kroger Co., the biggest U.S. supermarket chain, added 1.1 percent to $26.99. Safeway Inc., the third-largest, rose 2 percent to $22.03.

Analysts are lowering fourth quarter and 2009 profit forecasts for U.S. companies as third-period results miss projections at the highest rate in almost 11 years.

Companies in the S&P 500 may see fourth-quarter earnings advance 15 percent, down from 42 percent projected at the end of August, according to a Bloomberg survey of analysts. Profits in 2009 may grow 13 percent, analysts say, compared with the 24 percent predicted two months ago.

To contact the reporter on this story: Lynn Thomasson in New York at lthomasson@bloomberg.net.

Last Updated: November 6, 2008 17:04 EST
10120  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The Coming Clusterfcuk on: November 06, 2008, 08:09:47 PM
http://www.usnews.com/blogs/capital-commerce/2008/11/6/the-obama-stock-market-correction-2.html

The Obama Stock Market Correction
November 06, 2008 05:40 PM ET | James Pethokoukis

Since Election Day, the stock market, as measured by the S&P 500, is down a smidgen over 10 percent. That's what we call a "correction."  Of course, the decline is really part of a broader bear market which has seen the S&P 500 fall some 42 percent. Hey, Obama already warned us that it's going to be "a long road and a steep climb." Maybe if we doubled/tripled/quadrupled/quintupled that big stimulus package ...  What I really wonder is what stocks would be doing if we lowered the capital gains tax rate to zero ...

**Impeach Obama in '08, before it's too late!**
10121  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: Palin phenomenon on: November 06, 2008, 07:19:53 PM
Without trying to dig through Alaska and federal law, I'd guess that in theory, yes. I think that would be a very bad idea though.
10122  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: Palin phenomenon on: November 06, 2008, 12:45:45 PM


I see this to be a pure toss under the bus. Complete and unnecessary defamation of character. I think they see Palin as a threat in '08 - '12 and are launching pre-emptive strikes.

Yup. Smartest thing for Sarah to do is go back to Alaska and govern well. In the future, the public will want to see a real track record of actually skill as an executive rather than treating a presidential election as a reality TV show and going for the new and exciting novelty.
10123  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: US-Russia on: November 06, 2008, 12:41:40 PM
Our choices:

1. Abandon our allies and usher in a new era of American weakness.

2. Locate a Russian pressure point and push it. As bad as our economy is, theirs is much worse.

3. Make a deal, trade something they want in exchange for them backing off on this point.

4. Direct confrontation. See who blinks first.
10124  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The Politics of Health Care on: November 06, 2008, 12:34:15 PM
Growing up, my health/dental care came courtesy of the IHS (Indian Health Service). It operated with the efficiency of the post office and the compassion of the IRS.  grin

A running joke on the reservation goes "What's the leading cause of death on the rez? IHS."
10125  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: US-Russia on: November 06, 2008, 12:26:23 PM
The whole Russia issue was neglected since the Clinton administration. Putin has been subtly making moves, prepping the environment, waiting for his moment. Now the guy that should be wearing the trainee hat is about to be running things, Putin sees his chance to force us to turn tail and abandon our allies.

What can we do? We can show the weakness that europe loves or hold our ground and see who blinks first. Don't think that others aren't watching carefully, waiting to see if Obama isn't just as weak and inept as I/they expect.
10126  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: US-Russia on: November 06, 2008, 11:29:14 AM
http://hotair.com/archives/2008/11/06/russia-has-some-change-ready-for-obama/

Putin (Martial artist, chess player and would-be neo-Tsar of a new Russian empire) makes his opening move and waits to see Obama's reaction.  Anyone betting on Obama to not Fcuk this up?
10127  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: US-Russia on: November 06, 2008, 11:24:50 AM
**Russia, not cutting a break to our woefully unready president-elect.**

http://formerspook.blogspot.com/

About that Test...

While President-elect Obama basks in the glow of his electoral victory, our adversaries are apparently working on that "test" that Joe Biden talked about.

Just hours after Mr. Obama president-elect, Russia announced that it will base surface-to-surface missiles within range of our planned missile defense site in Poland.

According to Russian President Dimitry Medvedev, Moscow will deploy short-range SS-26 Iskander missiles in the Kaliningrad region to "neutralize" the planned missile defense system. He also stated that Russia plans to jam a radar located in the Czech Republic, used to detect in-bound missiles and guide the Polish-based interceptors.

With a range of at least 400 km, Iskander missiles based in Kaliningrad would be able to target the defensive site in Poland. The proposed deployment is the most serious challenge to U.S. plans to base missile defenses in eastern Europe. Washington has stated (repeatedly) that the defensive shield is designed to protect the continent from missiles launched from rogue states, such as Iran. Moscow rejects that argument, claiming that the system is actually aimed at Russia.

While Moscow has long opposed U.S. missile defenses in Europe, the timing of today's announcement is no accident. Mr. Medvedev and his political puppet master, Vladimir Putin, are quite aware of yesterday's election results in the United States. With the departure of George Bush, who championed the deployment, the Russians are mounting a challenge to his successor, who is opposed to "unproven" missile defense systems.

In some respects, the SS-26 movement to Kaliningrad is the first "shot across the bow" of the incoming administration. Moscow is waiting to see if Obama has "steel in his spine," and will stand up to a deliberate Russian provocation. So are our eastern European allies, who wonder if the new president will stand with them against the Russian bear.

***
On a related note, Iran is warning the U.S. "not to violate its airspace." Get ready for that 3 a.m phone call.
10128  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The 2008 Presidential Race on: November 06, 2008, 11:21:59 AM
JDN,

I already edited my inappropriate comments this morning.  From what your more recent post, I see that I also need to say that I should not have gone personal in my comments and for that I am sorry
10129  Politics, Religion, Science, Culture and Humanities / Science, Culture, & Humanities / Re: Libertarian Issues on: November 06, 2008, 11:08:01 AM
I think that 4th Amd. rules apply for tracking internet usage and cellphones. I think a judge should regulate access based on probable cause or reasonable suspicion, bepending on the degree of invasiveness of the search.
10130  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The Coming Clusterfcuk on: November 06, 2008, 10:53:58 AM
http://hotair.com/archives/2008/11/06/russia-has-some-change-ready-for-obama/

Get ready for the changes under Obama:

America will change from being rich. America will change from being a superpower. Chug that kool-aid, Hopeandchangers!
10131  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The Coming Clusterfcuk on: November 06, 2008, 10:49:14 AM
**Russia, not cutting a break to our woefully unready president-elect.**

http://formerspook.blogspot.com/

About that Test...

While President-elect Obama basks in the glow of his electoral victory, our adversaries are apparently working on that "test" that Joe Biden talked about.

Just hours after Mr. Obama president-elect, Russia announced that it will base surface-to-surface missiles within range of our planned missile defense site in Poland.

According to Russian President Dimitry Medvedev, Moscow will deploy short-range SS-26 Iskander missiles in the Kaliningrad region to "neutralize" the planned missile defense system. He also stated that Russia plans to jam a radar located in the Czech Republic, used to detect in-bound missiles and guide the Polish-based interceptors.

With a range of at least 400 km, Iskander missiles based in Kaliningrad would be able to target the defensive site in Poland. The proposed deployment is the most serious challenge to U.S. plans to base missile defenses in eastern Europe. Washington has stated (repeatedly) that the defensive shield is designed to protect the continent from missiles launched from rogue states, such as Iran. Moscow rejects that argument, claiming that the system is actually aimed at Russia.

While Moscow has long opposed U.S. missile defenses in Europe, the timing of today's announcement is no accident. Mr. Medvedev and his political puppet master, Vladimir Putin, are quite aware of yesterday's election results in the United States. With the departure of George Bush, who championed the deployment, the Russians are mounting a challenge to his successor, who is opposed to "unproven" missile defense systems.

In some respects, the SS-26 movement to Kaliningrad is the first "shot across the bow" of the incoming administration. Moscow is waiting to see if Obama has "steel in his spine," and will stand up to a deliberate Russian provocation. So are our eastern European allies, who wonder if the new president will stand with them against the Russian bear.

***
On a related note, Iran is warning the U.S. "not to violate its airspace." Get ready for that 3 a.m phone call.
10132  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The Coming Clusterfcuk on: November 06, 2008, 10:45:48 AM
**Impeach Obama, before it's too late!**

http://www.breitbart.com/article.php?id=081106082217.v53hc2v7&show_article=1

Stocks slide, Toyota warns of 'unprecedented' crisis   

Nov 6 04:22 AM US/Eastern

Stocks Fall As Investors Ponder Obama Presidency

Asia Shares Slide, Toyota Hit

   Toyota Motor slashed its profit forecast Thursday, warning the global auto industry faces an "unprecedented" crisis as Asian stocks tumbled on fears the US is sinking deeper towards recession.
The Japanese giant became the latest automaker to reveal plunging profits due to the financial crisis, following on the heels of BMW, Nissan and Honda.

Toyota , vying with General Motors for the title of the world's top automaker, cut its annual profit forecast by more than half after a terrible year so far.

It now expects a 68 percent plunge in net profit to 550 billion yen (5.6 billion dollars) -- the first drop in nine years.

"The financial crisis is negatively impacting the real economy worldwide, and the automotive markets, especially in developed countries, are contracting rapidly," Toyota executive vice president Mitsuo Kinoshita said.

"This is an unprecedented situation."

Elsewhere in the transport sector, European aircraft manufacturer Airbus warned it expects a sharp reduction in new orders in 2009 as the global economy slows.


Amid the gloomy news, Asian stock markets fell heavily. Japan's Nikkei stock index plunged 6.53 percent even before the Toyota warning, which came after the close of trade.

The drop wiped out gains seen a day earlier on hopes that US president-elect Barack Obama will get to work on fixing the world's largest economy in the face of the worst financial crisis in decades.

"Now that the event is over, investors are sobering up and looking at the economic gloom," said Mizuho Investors Securities broker Masatoshi Sato.

Seoul ended with a loss of 7.6 percent while Sydney shed 4.3 percent. Hong Kong shares were down 6.4 percent at midday.

The sharp falls came after the Dow Jones index slid 5.05 percent on Wall Street on Wednesday as investors braced for a gloomy economic ride after the euphoria of Obama's election victory faded.

"Dismal macroeconomic data and poor corporate results reminded investors that we are only at the start of a deep recession," Dariusz Kowalczyk, chief investment strategist at CFC Seymour in Hong Kong, wrote in a note.

The euro dropped to 1.2854 dollars in Tokyo afternoon trade, down from 1.2962 late Wednesday in New York. The dollar fell to 97.70 yen from 98.33.


Investors were anticipating further cuts to interest rates on Thursday by both the Bank of England (BoE) and the European Central Bank amid fears of recessions in Europe's biggest economies.

Some economists are even forecasting the BoE would follow up last month's emergency half-point reduction to 4.50 percent with a cut of 100 basis points.

In Japan, the lower house of parliament approved a plan to inject capital into ailing banks if needed to contain the fallout from the financial crisis.

Markets were also looking ahead to crisis talks on the global financial turmoil in Washington on November 15 between leaders of the Group of 20 rich countries and major developing economies.

Leaders will likely agree on an "action plan" including near-term steps to help fix the global economy, a senior US official said Wednesday.


As efforts to contain the financial crisis continued, the International Monetary Fund approved a 16.4 billion dollar loan aimed at rescuing Ukraine .

Europe's biggest economy, Germany , approved a stimulus package costing 23 billion euros (30 billion dollars) to pump up the ailing economy.

In the US, fresh data added to the gloom over the economic outlook. A report by the Institute for Supply Management showed activity in the services sector shrank more sharply than anticipated in October.

A survey showing the US private sector shed 157,000 jobs in October added to worries ahead of official figures due Friday that are expected to show a rise in the jobless rate from a five-year high of 6.1 percent in September.
10133  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The Coming Clusterfcuk on: November 06, 2008, 10:38:01 AM
**If Barry-O was smart, he'd resign right now. He made history, now put someone who isn't a socialist novelty act in charge.**

http://biz.yahoo.com/ap/081106/wall_street.html

AP
Stocks extend decline as economic woes mount
Thursday November 6, 10:52 am ET
By Tim Paradis, AP Business Writer
Wall Street extends decline as jobless claims, retailers' sales fan recession worries

NEW YORK (AP) -- Wall Street recoiled again Thursday, sending stocks lower for a second straight day as new readings on retail sales and jobless claims fanned investors' worries that the economy is in recession.
 
New claims for unemployment benefits did dip by 4,000 to a seasonally adjusted level of 481,000, according to the Labor Department. But jobless claims above 400,000 are considered recessionary levels, and have run above that figure for 16 weeks. Also, long-term claims jumped to 3.84 million, the highest level in 25 years. The numbers arrive a day ahead of the key October jobs report, a widely watched barometer of the economy's health.

Meanwhile, retailers are releasing October sales figures that indicate consumers are pulling back their spending sharply. Wal-Mart Stores Inc. reported a better-than-expected 2.4 percent rise in October sales at stores open for at least a year, but investors are worried about other specialty retailers; Limited Brands Inc. and Gap Inc., for example, posted worse-than-expected sales drops.

In midmorning trading, the Dow Jones industrial average fell 169.17, or 1.85 percent, to 8,970.10.

Broader stock indicators also declined. The Standard & Poor's 500 index fell 20.54, or 2.16 percent, to 932.23, and the Nasdaq composite index fell 35.82, or 2.13 percent, to 1,645.82.

Stocks appeared to draw some support following interest rate cuts by central banks in Europe. The Bank of England slashed its key interest rate by a bold 1.5 percentage points Thursday; the Swiss Central Bank cut its own key rate by a surprising half-point; and the European Central Bank lowered its key rate by a half-point.

On Wednesday, Wall Street plunged as investors considered once again how deep and protracted a U.S. recession President-elect Barack Obama will face in January when he is sworn in. After a string of huge gains in stocks, jitters returned to the market, driving the Dow down nearly 500 points. All three major indexes dropped more than 5 percent.

A late Wednesday warning by Cisco Systems Inc. added to investors' nervousness and weighed on the technology-heavy Nasdaq. The world's largest maker of computer networking gear said orders fell off sharply last month, suggesting to the market that the weak economy and tight credit markets are taking a larger-than-expected toll on many companies. Cisco fell 49 cents, or 2.8 percent, to $16.90.

And in other troubling corporate news, Japanese automaker Toyota Motor Corp. reduced its annual earnings forecast Thursday to less than a third of what it was in previous fiscal year. Toyota tumbled $12.65, or 15.7 percent, to $67.72.

The dollar traded mixed against most other major currencies, while gold prices rose.

Light, sweet crude fell $4.27 to $61.03 a barrel on the New York Mercantile Exchange.

Bank-to-bank lending rates fell for the 19th straight day, a sign that banks are becoming more willing to lend. The London Interbank Offered Rate, or Libor, for three-month dollar loans dipped to 2.39 percent from 2.51 percent.

The three-month Treasury bill, considered the ultimate safe asset, saw its yield dip further to 0.38 percent from 0.42 percent late Wednesday. In general, a lower yield means higher demand, but it is also affected by the federal funds rate.

In Asian trading, Japan's Nikkei index fell 6.53 percent, and Hong Kong's Hang Seng Index fell 7.08 percent. In afternoon trading in Europe, Britain's FTSE 100 fell 3.22 percent, Germany's DAX index fell 5.01 percent, and France's CAC-40 fell 3.73 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com
10134  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The Coming Clusterfcuk on: November 06, 2008, 10:34:15 AM
**It won't be long before that big glass of "Hopeandchange" flavored kool-aid starts tasting pretty bitter to the American public.**

http://www.bloomberg.com/apps/news?pid=20601087&sid=aj_ayFUP0riQ&refer=worldwide

U.S. Stocks Post Biggest Post-Election Drop on Economic Concern
By Elizabeth Stanton



Nov. 5 (Bloomberg) -- The stock market posted its biggest plunge following a presidential election as reports on jobs and service industries stoked concern the economy will worsen even as President-elect Barack Obama tries to stimulate growth.

Citigroup Inc. tumbled 14 percent and Bank of America Corp. lost 11 percent as the Standard & Poor's 500 Index and Dow Jones Industrial Average sank more than 5 percent. Nucor Corp., the largest U.S.-based steel producer, slid 10 percent after bigger rival ArcelorMittal doubled production cuts amid slowing demand. Boeing Co., the world's second-largest commercial planemaker, lost 6.9 percent after UBS AG forecast a 3 percent drop in global air traffic next year.

``We had an election yesterday; that doesn't mean the problems go away,'' said Kevin Rendino, a Plainsboro, New Jersey- based money manager at BlackRock Inc. who oversees $10 billion. ``We still have an economic slowdown.''

The S&P 500 tumbled 52.98 points, or 5.3 percent, to 952.77, erasing yesterday's 4.1 percent rally. The Dow retreated 486.01, or 5.1 percent, to 9,139.27. The Russell 2000 Index of small U.S. companies fell 5.7 percent to 514.64. The MSCI World Index of 23 developed markets decreased 2.5 percent to 982.98.

The slide halted an 18 percent rebound from the S&P 500's five-year low on Oct. 27. The benchmark for U.S. equities has lost more than 35 percent this year, the steepest annual plunge since 1937, and Obama will have to contend with an economy pummeled by the fastest contraction in manufacturing in 26 years and the lowest consumer confidence.

Biggest Rally Erased

The market's decline came a day after the biggest presidential Election Day gain since the New York Stock Exchange first opened for trading on a voting day in 1984.

The report by ADP Employer Services showed companies cut 157,000 jobs in October, the most since November 2002 when the U.S. was emerging from a recession. The Institute for Supply Management said service industries in the U.S., which make up 90 percent of the economy, contracted by the most on record.

About 1.3 billion shares changed hands on the NYSE, 11 percent less than the three-month daily average.

Citigroup lost $2.05 to $12.63 and Bank of America plunged $2.78 to $21.75. The S&P 500 Financials Index sank 8.8 percent after extending declines late in the day following Oppenheimer & Co. analyst Meredith Whitney's prediction on CNBC that the mortgage market will contract and more than $2 trillion in available credit-card lines will be pulled from the system.

Whitney also said potential loan modifications under an Obama administration will hurt banks and diminish their appetite for risk.

$6 Trillion Lost

The S&P 500 has lost about 39 percent since it peaked at 1,565.15 on Oct. 9, 2007, as the U.S. economy contracted 0.3 percent last quarter and credit-related losses and writedowns by global financial firms approached $700 billion. More than $6 trillion was erased from U.S. equities this year by the worst financial crisis since the Great Depression.

Nucor sank $4.16 to $35.50. Luxembourg-based ArcelorMittal reported third-quarter profit that fell short of analyst estimates, said its global output will drop by more than 30 percent, and forecast fourth-quarter earnings will fall as much as 48 percent. The company's New York-registered shares slumped 22 percent to $24.88, their biggest retreat in seven years.

Boeing fell $3.67 to $49.55. Its share price, which rose 28 percent from Oct. 10 through yesterday, ``is at least six to nine months from bottoming and beginning to mover higher again,'' David E. Strauss, a New York-based analyst at UBS, wrote in a report. Aircraft deliveries may tumble 29 percent from 2009 to 2012, the analyst said.

`Continued Softening'

Textron Inc. lost $1.71, or 9.2 percent, to $16.93. The world's biggest business-jet maker through its Cessna unit reduced the number of Citation jets it plans to deliver next year, citing ``continued softening in the global economic environment.''

Stocks extended their retreat even as Nancy Pelosi, Speaker of the House of Representatives, said Democrats may seek two economic stimulus measures if President George W. Bush limits the size of a plan to be considered during the post-election ``lame- duck'' session. Obama's party captured at least 19 seats in the House and at least five in the Senate, expanding its congressional majority.

General Growth Properties Inc. tumbled almost 50 percent to $2.25 for the biggest drop in the S&P 500. The U.S. mall owner that has lost more than 90 percent of its market value on concern it won't be able to refinance debt coming due this year reported a wider third-quarter loss and suspended its quarterly dividend.

Bond Insurers

MBIA Inc. and Ambac Financial Group Inc. slumped after the bond insurers posted wider losses than analysts estimated. MBI fell 22 percent to $8.16. Ambac, dropped from the S&P 500 in June, fell 41 percent to $2.01. Slumping credit markets forced the companies to increase reserves for claims.

Pioneer Natural Resources lost 15 percent to $24.79. The oil and natural-gas producer in North America and Africa reported third-quarter earnings that missed analyst estimates and said it will cut drilling activity.

Sara Lee Corp. slid 14 percent to $10.20. The maker of frozen cakes and Jimmy Dean sausages said full-year profit will be less than it previously estimated because of falling foreign currencies and waning demand in Europe.

Marsh & McLennan Cos. fell 12 percent to $26.06. The world's second-biggest insurance broker said profit dropped 78 percent in the third quarter amid the slowing U.S. economy and price declines for commercial coverage and reinsurance.

Earnings Season

Most companies in the S&P 500 have managed to increase profits even as the economy slows. Of the 386 companies that reported third-quarter results so far, 232 posted higher earnings than in the year-earlier period. Still, profits are down 7.4 percent on average after accounting for losses at financial companies.

Medco Health Solutions Inc. climbed 9.1 percent to $41.47 for the biggest of only 13 advances in the S&P 500. A surge in use of generic and mail-order prescription drugs fueled a 38 percent increase in third-quarter profit at the largest U.S. drug benefits manager.

Molson Coors Brewing Co. gained 8.3 percent to $41.78. The third-largest U.S. beer maker reported market-share gains in Canada and the U.K. and said it expects to achieve total cost savings from its joint U.S. venture with SABMiller Plc six months early.

Chesapeake Energy Corp. climbed 8.2 percent to $24.83 on speculation it will be acquired by BP Plc.

General Motors Corp. slipped 16 cents, or 2.8 percent, to $5.56. GM, the biggest U.S. automaker, needs government aid because ``time is very short'' to stop its collapse, Roger Altman, an adviser to the automaker and Obama, said in an interview.

Recession Rallies

The S&P 500 Index may be on the cusp of a rally by Inauguration Day, based on the speed of its tumble from last year's peak and the time it took stocks to gain before recessions ended in 1975, 1982 and 1991, data compiled by Bloomberg show. This year's plunge in stocks suggests that equity investors anticipate an economic contraction as severe as the one that began under Richard Nixon that will end in July.

The S&P 500's slump since last year's high is the steepest for a comparable period since the gauge fell 43 percent in the 13 months ended in October 1974, Bloomberg data show.

1970s Recession

The economy then was mired in a recession that lasted 16 months and ended in March 1975, five months after the equity market began its rebound. During the recessions of 1982 and 1991, the S&P 500 began to climb four months and five months before the economy started to recover, respectively.

Based on the market's history of anticipating economic recoveries, the S&P 500 may embark on its next bull market in February, about a month after Obama's inauguration on Jan. 20.

Stocks gained yesterday after the 17th straight decline in a key interest rate, a sign that as much as $3 trillion of emergency funds provided by governments to resuscitate bank lending are working. The London interbank offered rate, or Libor, that banks charge each other for three month loans in dollars fell again today to the lowest level since December 2004.

To contact the reporter on this story: Elizabeth Stanton in New York at estanton@bloomberg.net.

Last Updated: November 5, 2008 20:19
10135  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The Coming Clusterfcuk on: November 06, 2008, 10:27:48 AM
**The start of the great Obama-depression. Watch capital flee his "soak the rich" socialism!**

http://in.reuters.com/article/usMktRpt/idINN0531971420081105

RPT-FACTBOX-U.S. stocks on the day after presidential elections
Thu Nov 6, 2008 3:25am IST
 

 NEW YORK, Nov 5 (Reuters) - Wall Street hardly delivered a
rousing welcome to President-elect Barack Obama on Wednesday,
dropping by the largest margin on record for a day following a U.S.
presidential contest.
 The slide more than wiped out the previous day's advance, the
largest Election Day rally ever for U.S. stocks.
 The following table shows the percentage rise or decline in the
Dow Jones industrial average .DJI, Standard & Poor's 500 index
.SPX and Nasdaq composite index .IXIC on the day after a U.S
presidential election and who won the Election Day vote.
Year   Dow    S&P    Nasdaq  President elect
2008  -5.05  -5.27   -5.53   Barack Obama
2004  +1.01  +1.12   +0.98   George W. Bush
2000  -0.41  -1.58   -5.39   No decision: G.W. Bush v Al Gore*
1996  +1.59  +1.46   +1.34   William Clinton
1992  -0.91  -0.67   +0.16   William Clinton
1988  -0.43  -0.66   -0.29   George H. W. Bush
1984  -0.88  -0.73   -0.32   Ronald Reagan
1980  +1.70  +1.77   +1.49   Ronald Reagan
1976  -0.99  -1.14   -1.12   James Carter
1972  -0.11  -0.55   -0.39   Richard Nixon
1968  +0.34  +0.16    ---    Richard Nixon
1964  -0.19  -0.05    ---    Lyndon Johnson
1960  +0.77  +0.44    ---    John Kennedy
1956  -0.85  -1.03    ---    Dwight Eisenhower
1952  +0.40  +0.28    ---    Dwight Eisenhower
1948  -3.85  -4.15    ---    Harry Truman
1944  -0.27   0.00    ---    Franklin Roosevelt
1940  -2.39  -3.14    ---    Franklin Roosevelt
1936  +2.26  +1.40    ---    Franklin Roosevelt
1932  -4.51  -2.67    ---    Franklin Roosevelt
1928  +1.20  +1.77    ---    Herbert Hoover
1924  +1.17   ---     ---    Calvin Coolidge
1920  -0.57   ---     ---    Warren Harding
1916  -0.35   ---     ---    Woodrow Wilson
1912  +1.83   ---     ---    Woodrow Wilson
1908  +2.38   ---     ---    William Taft
1904  +1.30   ---     ---    Theodore Roosevelt
1900  +3.33   ---     ---    William McKinley
1896  +4.54   ---     ---    William McKinley
* George W. Bush ultimately was determined the winner of the 2000
election.
Source: Reuters EcoWin
10136  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The 2008 Presidential Race on: November 06, 2008, 09:39:05 AM
Once he entered the spotlight, he got marketed as the "post-racial" candidate, despite his being a creature of Chicago racial politics. Of course, the MSM couldn't be bothered to examine this.
10137  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: Vote Fraud (ACORN et al) on: November 06, 2008, 08:55:18 AM
I bet ACORN is pissed that it worked so hard to fix the election when it turns out it didn't have to. 
10138  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: Palin phenomenon on: November 06, 2008, 08:53:06 AM
Backbiting from McCain campaign officials scrambling to cover their own asses. Sadly not unusual for failed campaigns. Noticed that it's from unnamed sources.
10139  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: Intel Matters on: November 06, 2008, 08:49:05 AM
This is the bright spot in this whole mess. Let's just see what Barry-O does as commander in chief now that the weight of protecting this country is on his shoulders. Barry can release every detainee and shut down every federal agency from using the PATRIOT act. I know he voted to reauthorize it. So, where are all the leftist screamers now?
10140  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The 2008 Presidential Race on: November 06, 2008, 08:37:12 AM
I think a "Barry O'Malley" would have gotten steamrolled by Hillary without her even bothering to learn his name. He wouldn't have made it out of NH.
10141  Politics, Religion, Science, Culture and Humanities / Science, Culture, & Humanities / Re: Libertarian Issues on: November 06, 2008, 08:31:19 AM
Keep in mind that your cell phone is for all intents and purposes a microphone, transmitter and GPS beacon wrapped into one. It doesn't take an MIT trained engineer to see the potential surveillance aspects inherent in such a device.
10142  Politics, Religion, Science, Culture and Humanities / Science, Culture, & Humanities / Re: Libertarian Issues on: November 06, 2008, 08:28:36 AM
No, but it pretty much exists already. Not quite as formalized, but your ISP knows where you go and what you're doing pretty much anyway and that can be subpeonaed or accessed via a search warrant.
10143  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The 2008 Presidential Race on: November 05, 2008, 11:42:53 PM
Probably as hard as it is for you to stop telling lies about Michelle Malkin. Yes?
10144  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The Coming Clusterfcuk on: November 05, 2008, 11:41:26 PM
I suggest you retract your dishonorable lies about Michelle Malkin. As far as losing. I didn't lose, America did. This will become evident in time.
10145  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The Coming Clusterfcuk on: November 05, 2008, 10:56:26 PM
JDN,

I suggest you act like a man for probably the first time in your life and address your unfounded and dishonorable smear of Michelle Malkin.
10146  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The 2008 Presidential Race on: November 05, 2008, 10:54:45 PM
Ahhhh GM "YOU LOST, SUCK IT UP..." wasn't my quote, it was from another of your fans.    grin

I have no problem with being told "You lost, suck it up". I have a problem with you, JDN. You lack any integrity. You smear and can't back it up. Let's compare that to SB_Mig, who can defend his points and debate honestly.
10147  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The 2008 Presidential Race on: November 05, 2008, 10:50:54 PM
World leaders' quotes on Obama election win
Wed Nov 5, 2008 5:56am EST
 

LONDON (Reuters) - Democrat Barack Obama won an extraordinary two-year struggle for the White House, beating Republican John McCain and becoming the first black president in U.S. history.

Following are quotes from world leaders:

YULIA TYMOSHENKO, UKRAINIAN PRIME MINISTER

"Your victory is an inspiration for us. That which appeared impossible has become possible."

FRANCO FRATTINI, ITALIAN FOREIGN MINISTER

"Europe which is celebrating (the victory of) Obama must know that Europe be will be called on to be a producer of security and no longer merely a consumer. I think Obama will rightly call on us to take our responsibilities more seriously."

CELSO AMORIM, BRAZILIAN FOREIGN MINISTER

"In this case hope has won over prejudice -- this is good for the United States and the world as a whole."

GRIGORY KARASIN, RUSSIAN DEPUTY FOREIGN MINISTER

"The news we are receiving on the results of the American presidential election shows that everyone has the right to hope for a freshening of U.S. approaches to all the most complex issues, including foreign policy and therefore relations with the Russian Federation as well."

HOSHIYAR ZEBARI, IRAQI FOREIGN MINISTER

"I think you will hear a lot of discussion and goals and slogans during the election campaigns. When there is a reality check I think any U.S. president has to look very hard at the facts on the ground."

**Translation: Please don't abandon us and our families to mass graves like previous democrats did to the Vietnamese.**


TZIPI LIVNI, ISRAELI FOREIGN MINISTER

"Israel expects the close strategic cooperation with the new administration, president and Congress will continue along with the continued strengthening of the special and unshakeable special relationship between the two countries."

**Translation: Please don't abandon us and our families to mass graves like previous democrats did to the Vietnamese.**


MOHAMED MAHDI AKEF, LEADER OF THE EGYPTIAN MUSLIM BROTHERHOOD, ONE OF THE LARGEST ISLAMIST GROUPS IN THE MIDDLE EAST

"We congratulate (Obama) on the confidence of the American people in him and we hope that he will change the policy of the United States toward the Middle East and toward the crimes which are happening in Afghanistan and Somalia, in other words that he adopts a just policy that restores to America its natural position of respect for humankind and democracy."

**Allah Akbar! The kufir are weakening in their resolve and our jihad is winning!**


REV, FEDERICO LOMBARDI, POPE BENEDICT'S SPOKESMAN

"Believers are praying that God will enlighten him and help him in his great responsibility, which is enormous because of the global importance of the United States...We hope Obama can fulfil the expectations and hopes that many have in him."

YOUSAF RAZA GILANI, PAKISTANI PRIME MINISTER

"Your election marks a new chapter in the remarkable history of the United States. For long, the ideas of democracy, liberty and freedom espoused by the United States has been a source of inspiration...I hope that under your dynamic leadership, the United States will continue to be a source of global peace and new ideas for humanity."

MANMOHAN SINGH, INDIAN PRIME MINISTER

"Your extraordinary journey to the White House will inspire people not only in your country but also around the world."

ALI AL-SADIG, SUDANESE FOREIGN MINISTRY SPOKESMAN

"We don't expect any change through our previous experience with the Democrats ... When it comes to foreign policy there is no difference between the Republicans and the Democrats."

JAN PETER BALKENENDE, DUTCH PRIME MINISTER

"The necessity for cooperation between Europe and the United States is bigger than ever. Only by close transatlantic cooperation can we face the world's challenges."

NICOLAS SARKOZY, FRENCH PRESIDENT

"With the world in turmoil and doubt, the American people, faithful to the values that have always defined America's identity, have expressed with force their faith in progress and the future. At a time when we must face huge challenges together, your election has raised enormous hope in France, in Europe and beyond."

HAMID KARZAI, AFGHAN PRESIDENT

"I applaud the American people for their great decision and I hope that this new administration in the United States of America, and the fact of the massive show of concern for human beings and lack of interest in race and color while electing the president, will go a long way in bringing the same values to the rest of world sooner or later."

GORDON BROWN, BRITISH PRIME MINISTER

"Barack Obama ran an inspirational campaign, energizing politics with his progressive values and his vision for the future. I know Barack Obama and we share many values. We both have determination to show that government can act to help people fairly through these difficult times facing the global economy."

MWAI KIBAKI, KENYAN PRESIDENT

"We the Kenyan people are immensely proud of your Kenyan roots. Your victory is not only an inspiration to millions of people all over the world, but it has special resonance with us here in Kenya."

JOSE MANUEL BARROSO, EUROPEAN COMMISSION PRESIDENT

"We need to change the current crisis into a new opportunity. We need a new deal for a new world. I sincerely hope that with the leadership of President Obama, the United States of America will join forces with Europe to drive this new deal. For the benefit of our societies, for the benefit of the world."

HU JINTAO, CHINESE PRESIDENT

"The Chinese Government and I myself have always attached great importance to China-U.S. relations. In the new historic era, I look forward to working together with you to continuously strengthen dialogue and exchanges between our two countries."

**We're going to roll you like a drunken sailor.**

ANGELA MERKEL, GERMAN CHANCELLOR

"I offer you my heartfelt congratulations on your historic victory in the presidential election.

"The world faces significant challenges at the start of your term. I am convinced that Europe and the United States will work closely and in a spirit of mutual trust together to confront new dangers and risks and will seize the opportunities presented by our global world."

TARO ASO, JAPANESE PRIME MINISTER

"The Japan-U.S. alliance is key to Japanese diplomacy and it is the foundation for peace and stability in the Asia-Pacific region. With President-elect Obama, I will strengthen the Japan-U.S. alliance further and work toward resolving global issues such as the world economy, terror and the environment."

KGALEMA MOTLANTHE, SOUTH AFRICAN PRESIDENT

"Africa, which today stands proud of your achievements, can only but look forward to a fruitful working relationship with you both at a bilateral and multilateral levels in our endeavor to create a better world for all who live in it."

STEPHEN HARPER, CANADIAN PRIME MINISTER

"I look forward to meeting with the President-elect so that we can continue to strengthen the special bond that exists between Canada and the United States."

KEVIN RUDD, AUSTRALIAN PRIME MINISTER

"Senator Obama's message of hope is not just for America's future, it is also a message of hope for the world as well. A world which is now in many respects fearful for its future."

HELEN CLARK, NEW ZEALAND PRIME MINISTER

"Senator Obama will be taking office at a critical juncture. There are many pressing challenges facing the international community, including the global financial crisis and global warming. We look forward to working closely with President-elect Obama and his team to address these challenges."

SUSILO BAMBANG YUDHOYONO, INDONESIAN PRESIDENT

Indonesia especially hopes that the U.S., under new leadership, will stand in the front and take real action to overcome the global financial crisis, especially since the crisis was triggered by the financial conditions in the U.S."

GLORIA MACAPAGAL ARROYO, PHILIPPINE PRESIDENT

"We welcome his triumph in the same vein that we place the integrity of the US electoral process and the choices made by the American people in high regard. We likewise note the making of history with the election of Senator Obama as the first African-American president of the United States."

ALI AGHAMOHAMMADI, CLOSE AIDE TO IRAN'S MOST POWEFUL FIGURE

AYATOLLAH ALI KHAMENEI

"The president-elect has promised changes in policies. There is a capacity for the improvement of ties between America and Iran if Obama pursues his campaign promises, including not confronting other countries as Bush did in Iraq and Afghanistan, and also concentrating on America's state matters and removing the American people's concerns."

**Allah Akbar! The kufir are weakening in their resolve and our jihad is winning!**


SAEB EREKAT, AIDE TO PALESTINIAN PRESIDENT MAHMOUD ABBAS

"We hope the president-elect in the United States will stay the course and would continue the U.S. engagement in the peace process without delay. We hope the two-state vision would be transferred from a vision to a realistic track immediately."

**Allah Akbar! The kufir are weakening in their resolve and our jihad is winning! Death to Israel!**


(Compiled by Asia Desk)
10148  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The Coming Clusterfcuk on: November 05, 2008, 10:25:54 PM
JDN,

Address your disreputable lies about Michelle Malkin before you pollute any other topic.
10149  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The 2008 Presidential Race on: November 05, 2008, 10:24:06 PM
JDN,

You are a perfect example of the **EDITED**

Guess you don't have have the minimum integrity to try to back up your baseless smear. Your lack of character is evident to all.
10150  Politics, Religion, Science, Culture and Humanities / Politics & Religion / Re: The 2008 Presidential Race on: November 05, 2008, 09:19:22 PM
http://michellemalkin.com/2008/11/05/and-the-real-winner-ispeggy-the-moocher/

A good example of the "re-energized base".
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