Archive for July 13th, 2010

by Terrence Aym Helium.com In a desperate attempt to stop a huge area of the Gulf ocean floor from possibly rupturing due to subterranean methane gas (leading to a calamity no human has ever seen) BP has ripped a page from science fiction books. The giant oil company is now quietly preparing to test... »

by Wayne Madsen OilPrice.com Tuesday, 13 July 2010 From environmentalists and wildlife specialists to fisherman and businessmen along the Gulf Coast the message is the same: BP is not only strangling the news of what is actually occurring in the Gulf of Mexico with the oil disaster but has co-opted key federal regulatory and... »

FloridaOilSpillLaw.com July 13th, 2010 End in sight for oil spill?, MSNBC, July 12, 2010: Oil and gas industry expert Bob Cavnar: I’m real concerned about this shut in integrity test they’re going to plan in the morning, because of the down hole damage that we’ve talked about for the last several weeks, plus there... »

BP to begin tests to close valves on new containment cap, amid hopes of a turning point in efforts to stop deep-sea gusher. James Meikle Guardian.co.uk Tuesday 13 July 2010 BP has installed a larger, tighter-fitting containment cap on the ruptured Gulf of Mexico wellhead that has been gushing with oil since the Deepwater... »

Robert Reich BusinessInsider.com Jul. 13, 2010, 7:19 AM Missing from almost all discussion of America’s dizzying rate of unemployment is the brute fact that hourly wages of people with jobs have been dropping, adjusted for inflation. Average weekly earnings rose a bit this spring only because the typical worker put in more hours, but... »

By Bill Bonner TheDailyReckoning.com 07/12/10 Paris, France – Today, we weep! Yes…pity the poor rich. Or those who thought they were rich. They’re losing their houses. The New York Times reports that the rich are defaulting on their mortgage loans faster than the poor: The housing bust that began among the working class in... »

By SAM GUSTIN DailyFinance.com As Congress returns to the Capitol this week, the 2010 midterm political season is already well underway. With Republicans hungrily eyeing vulnerable Democratic seats in the House and Senate, and Dems desperate to maintain their majorities in both chambers, most pretenses of policymaking have given way to purely political positioning.... »

By: Bob Clark Market Oracle Jul 12, 2010 Do not attempt to adjust the picture. We control the horizontal and the vertical. (Old outer limits TV show intro) Bernanke speaking to the heads of the reserve banks “Pssst, want to make a trillion dollars. We control government policy. We control fiscal and monetary policy... »

But after failure of Western credit rating agencies to foresee financial crisis, has Chinese upstart got a point? By Tim Edwards TheFirstPostUK JULY 13, 2010 While the European Union considers regulating the activities of the credit rating agencies Fitch, Moody’s and Standard & Poor’s – and perhaps even setting up a new agency to... »

With record foreclosures and child poverty at a shameful level, can we really afford to stay in Afghanistan and Iraq for 10 years? Clancy Sigal Guardian.co.uk Tuesday 13 July 2010 There’s plenty of good money to be made / Supplyin’ the army with tools of the trade … – Country Joe and the Fish... »