G Damn it. I wish I had "Thought" of that; hey butt I did; remember the streak in 1974. I particiapted which means I beat Bertrand..........
Peace, Doc On Oct 2, 2:41 pm, rigsy03 <[EMAIL PROTECTED]> wrote: > No wonder Bertie danced in the nude in his 80's! :-) > > On Oct 2, 2:17 pm, Frank <[EMAIL PROTECTED]> wrote: > > > > > If a man is offered a fact which goes against his instincts, he will > > scrutinize it closely, and unless the evidence is overwhelming, he > > will refuse to believe it. If, on the other hand, he is offered > > something which affords a reason for acting in accordance to his > > instincts, he will accept it even on the slightest evidence. The > > origin of myths is explained in this way. > > Bertrand Russell > > > Men fear thought as they fear nothing else on earth -- more than ruin > > -- more even than death.... Thought is subversive and revolutionary, > > destructive and terrible, thought is merciless to privilege, > > established institutions, and comfortable habit. Thought looks into > > the pit of hell and is not afraid. Thought is great and swift and > > free, the light of the world, and the chief glory of man. > > Bertrand Russell > > On Oct 3, 5:01 am, VT Sean Lewis <[EMAIL PROTECTED]> wrote: > > > > TRUTH! > > > > On Oct 2, 2:59 pm, Frank <[EMAIL PROTECTED]> wrote: > > > > > U.S. Stocks Drop on Economic Data, Rising Bank Rates; GE Falls > > > > By Lynn Thomasson > > > > > Oct. 2 (Bloomberg) -- U.S. stocks dropped for a second day as a jump > > > > in borrowing costs and reports showing a worsening economy spurred > > > > concern that the government's $700 billion bank bailout plan won't be > > > > enough to stimulate growth. > > > > Caterpillar Inc., Alcoa Inc. and Deere & Co. tumbled more than 5 > > > > percent as three-month bank lending rates climbed to the highest since > > > > January, while the government said factory orders declined more than > > > > forecast. General Electric Co. lost as much as 10 percent after > > > > selling $12.2 billion in shares at a discount. Monsanto Co. slid as > > > > much as 21 percent, its steepest intraday loss since going public in > > > > 2000, after Merrill Lynch & Co. said slumping demand will hurt farm > > > > companies. > > > > ``If banks aren't willing to lend money to a bank, are they going to > > > > be willing to lend to an average person? No, they're not,'' said Frank > > > > Ingarra, money manager at Hennessy Advisors Inc., which oversees $1.1 > > > > billion in Novato, California. ``We could be at the start of a pretty > > > > bad recession.'' > > > > The Standard & Poor's 500 Index slid 34.69, or 3 percent, to 1,126.37 > > > > at 1:33 p.m. in New York. The Dow Jones Industrial Average lost > > > > 270.09, or 2.5 percent, to 10,560.98. The Nasdaq Composite Index > > > > slipped 3.3 percent to 2,001.34. Ten stocks retreated for each that > > > > rose on the New York Stock Exchange. > > > > > `Flat on the Floor' > > > > > Billionaire Warren Buffett, the world's preeminent stock picker, > > > > described the world's largest economy yesterday as being ``flat on the > > > > floor'' after a cardiac arrest. > > > > Caterpillar, the biggest maker of earthmoving equipment, lost $3.56 to > > > > $53.38. Deere, the largest producer of tractors, declined 11 percent > > > > to $41.15. > > > > `Liquidity Crisis' > > > > The market for commercial paper plummeted the most on record as banks > > > > and insurers were unable to find buyers for the short- term debt. > > > > Commercial paper outstanding tumbled $94.9 billion, or 5.6 percent, to > > > > a seasonally adjusted three-year low of $1.6 trillion for the week > > > > ended Oct. 1, the Federal Reserve said. Financial paper accounted for > > > > most of the decline. > > > > ``There's a liquidity crisis going on that's putting investors on > > > > edge,'' said Alan Gayle, the Richmond, Virginia- based senior > > > > investment strategist at Ridgeworth Investments, which oversees about > > > > $70 billion. ``Liquidity is like oxygen. Lack of it can cause serious > > > > damage in a very short time.'' > > > > > GE's Offering > > > > > GE, which got a $3 billion investment from Buffett's Berkshire > > > > Hathaway Inc. yesterday, dropped $2.22 to $22.28 and lost as much as > > > > $2.45. The company sold stock today at a 9.2 percent discount to > > > > yesterday's closing price as it seeks to fund its operations. > > > > GE's shares trade at a valuation of 10 times trailing earnings, the > > > > lowest since Bloomberg began tracking the data in 1990. > > > > Raw-material producers in the S&P 500 sank to the lowest since 2006, > > > > falling 6 percent, after Merrill downgraded fertilizer stocks to > > > > ``underperform'' and Mosaic Co., the world's largest maker of > > > > phosphates, reported weaker-than-estimated earnings. > > > > > Mosaic Tumbles > > > > > Mosaic tumbled 35 percent to $43.97, its steepest retreat since its > > > > shares began trading in 2004. CF Industries Holdings Inc., a maker of > > > > nitrogen and phosphate fertilizers, slumped 30 percent to $62.29. > > > > Alcoa slumped 8.3 percent to $19.50 after Goldman Sachs Group Inc. > > > > downgraded the largest U.S. aluminum producer to ``neutral'' from > > > > ``buy'' on concern metal demand will fall along with the weakening > > > > economy. > > > > EBay Inc., the largest Internet auction company, lost 8.4 percent to > > > > $19.11. The shares were downgraded to ``equal-weight'' from > > > > ``overweight'' at Morgan Stanley, which said ``trends deteriorated > > > > more than expected'' in the third quarter. > > > > > Bailout Plan > > > > > ``If I were a congressman I would hold my nose and vote yes, but > > > > people shouldn't be under any illusions about what's going to > > > > happen,'' Charles Bobrinskoy, who helps manage about $13 billion as > > > > vice chairman of Ariel Investments in Chicago, told Bloomberg > > > > Television. > > > > > To contact the reporter on this story: Lynn Thomasson in New York at > > > > [EMAIL PROTECTED] > > > > > Libor Soars, Commercial Paper Slumps as Credit Freeze Deepens > > > > By Bryan Keogh > > > > > Oct. 2 (Bloomberg) -- Interest rates on three-month dollar loans rose > > > > to a nine-month high, short-term corporate borrowing fell by the most > > > > ever and leveraged loans tumbled, exacerbating the credit freeze > > > > that's paralyzing businesses around the world. > > > > The London interbank offered rate that banks charge each other for > > > > loans rose for a fourth day, driving a gauge of cash scarcity among > > > > banks to a record. The biggest drop in financial short-term debt > > > > outstanding since at least 2000 caused the U.S. commercial paper > > > > market to tumble 5.6 percent to a three-year low, according to the > > > > Federal Reserve. > > > > The crisis deepened after the worst month for corporate credit on > > > > record. Leveraged loan prices plunged to all-time lows, short-term > > > > debt markets seized up and even the safest company bonds suffered the > > > > worst losses in at least two decades as investors flocked to > > > > Treasuries. Credit markets have frozen and money-market rates keep > > > > rising even after central banks pumped an unprecedented $1 trillion > > > > into the financial system > > > > > ``The credit window is closed,'' Jim Press, president of Chrysler LLC, > > > > the third-largest U.S. automaker, said today at the Paris Motor Show. > > > > The financial rescue plan must be approved because ``it's important > > > > for us to restore credibility in our banking system.'' > > > > > Interbank Rates > > > > > Interbank rates have soared as financial institutions hoard cash to > > > > meet future funding needs amid deepening concern that more banks will > > > > collapse. Governments in Europe and the U.S. rescued six financial > > > > institutions in the past week. The Libor- OIS spread, the difference > > > > between the three-month dollar rate and the overnight indexed swap > > > > rate, widened to a record 260 basis points today. It was 197 basis > > > > points a week ago and 79 basis points a month ago. > > > > Libor for euros advanced 3 basis points to a record 5.32 percent. > > > > Libor, set by 16 banks in a daily survey by the British Bankers' > > > > Association, is used to set rates on $360 trillion of financial > > > > products worldwide, from home loans to derivatives. > > > > ``We still see upward pressure on maturities from one week,'' said > > > > Patrick Jacq, a fixed-income strategist in Paris at BNP Paribas SA, > > > > France's biggest bank. ``The situation is still blocked and we're > > > > unlikely to see spreads decline before confidence has been restored.'' > > > > > Commercial Paper > > > > > The market for commercial paper plummeted $94.9 billion to $1.6 > > > > trillion for the week ended Oct. 1 as banks and insurers were unable > > > > to find buyers for the short-term debt amid the worst U.S. financial > > > > crisis since the Great Depression. Financial paper accounted for most > > > > of the decline, plunging $64.9 billion, or 8.7 percent, to a two-year > > > > low. > > > > > The market dropped for a third straight week, losing a total of $208 > > > > billion, as money-market funds faced withdrawals from investors, said > > > > Tony Crescenzi, chief bond market strategist at Miller Tabak & Co. in > > > > New York. > > > > > ``The purge is broad and is impacting issuers with far more > > > > predictable cash flows -- regular run-of-the-mill companies in need of > > > > working capital,'' Crescenzi wrote today in a note to clients. ``The > > > > declines add to the urgency for fixes to the credit crisis and bolster > > > > the case for a Fed rate cut.'' > > > > > The U.S. market for short-term debt backed by assets including > > > > mortgages and car loans fell $29.1 billion, or 3.9 percent, this week > > > > to a seasonally adjusted $724.7 billion, according to the Fed. > > > > > Lenders are balking at offering cash for longer than a day even as > > > > central banks pump an unprecedented amount of money into the banking > > > > system. The European Central Bank today offered $50 billion of > > > > overnight funds at a marginal rate of 2.75 percent. The Swiss National > > > > Bank awarded $9 billion. The Bank of > > ... > > read more »- Hide quoted text - > > - Show quoted text - --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
