Friday, September 26, 2008

Largest US Bank Failure in History

WaMu becomes biggest bank to fail in US history
AP Business Writer

As the debate over a $700 billion bank bailout rages on in Washington, one of the nation's largest banks — Washington Mutual Inc. — has collapsed under the weight of its enormous bad bets on the mortgage market.

The Federal Deposit Insurance Corp. seized WaMu on Thursday, and then sold the thrift's banking assets to JPMorgan Chase & Co. for $1.9 billion.

Seattle-based WaMu, which was founded in 1889, is the largest bank to fail by far in the country's history. Its $307 billion in assets eclipse the $40 billion of Continental Illinois National Bank, which failed in 1984, and the $32 billion of IndyMac, which the government seized in July.

One positive is that the sale of WaMu's assets to JPMorgan Chase prevents the thrift's collapse from depleting the FDIC's insurance fund. But that detail is likely to give only marginal solace to Americans facing tighter lending and watching their stock portfolios plunge in the wake of the nation's most momentous financial crisis since the Great Depression.

See: Largest U.S. bank failure ever

Wednesday, September 24, 2008

President Bush went before the US to make a case for $700 billion bailout of the financial system

Our entire economy is in danger
ABC News

President Bush went before the nation this evening to make a case for the $700 billion bailout of the financial system proposed by his administration, which has been met with skepticism by some in Congress and the American public.

"Our entire economy is in danger," Bush said, urging Congress to take quick action and outlining his rationale for the bailout.

Failing to pass a rescue plan, Bush said, would create the risk of a "long and painful recession" -- meaning more foreclosures, lost jobs, business failures, stock losses and difficulty getting loans.

"These are not normal circumstances. The economy is not functioning properly. ... Without immediate action by Congress, America could slip into a financial panic."

White House spokeswoman Dana Perino said the president decided to make the less-than-15-minute address because he wanted to tell Americans directly about the severity and stakes of the financial emergency.

The Holy Day Season is Approaching

These are the dates for the approaching Holy Day season
The Prophetic Priesthood At Jerusalem

First giving honor and praises to Yahwah Qadosh Yisrael and Our Anointed Lord and Savior Ahdonaynu HaMasheak, His Holy Princedom, Divine Ministers, Crowned Brothers and Sisters and all those striving for righteousness sake, Shalom, Shalom.

These are the dates for the approaching Holy Day season.

Shabbatone Zecrone Thruah----------- September 29/30 (Shaney/ ShleeShe)
Yom Kippur ---------------------------------------- October 8/9 (Rivee/Kamashe)
Succot (Opening) ------------------------------- October 13/14 (Shleeshe/Rivee)
Succot (Closing) -------------------------------- October 20/21 (Shaney/Shleeshe)

Yours in Faithful Servitude,
Yehuda HaCohane…

KOY's Regenerative Health Resort Opens in Cape Coast Ghana

Maj. (retd) Quashigah speaks at the inauguration of the “Asasepa' Regenerative Health and Nutrition Programme (RHNP) Centre in Cape Coast
Ghana News Service

The Minister of Health, Major (retd) Courage Quashigah, on Monday stressed the need for Ghanaians to revert to eating time-tested local foods, which contain a lot of nutrients, as well as healthy lifestyles, in order to reverse the current trend of relying on curative rather than preventive health care.

He expressed concern that today “all kinds of horrible food” were being imported into the country, and that many Ghanaians have taken to eating imported rice and over-stored meat products whose nutritional values are suspect and injurious to health, thereby reducing life expectancy.

Maj. (retd) Quashigah expressed these concerns, at the inauguration of the “Asasepa' Regenerative Health and Nutrition Programme (RHNP) Centre/ RHNP Review and Planning Meeting, in Cape Coast, under the theme “ sustaining RHNP in Ghana: the way forward”

.The centre, also known as the Asasepa Regenerative Health Resort Centre, provides a variety of treatments such as detoxification of the body, to “enhance the regeneration of mind, body and soul”, is being operated by the African Hebrew Development Agency (AHDA), under the auspices of the Ministry of Health as part of its programme to promote regenerative health in the country.

The establishment of the centre was encouraged, following the Minister's visit to Dimona in Israel, in 2005, where there is high life expectancy due to the healthy lifestyles of the inhabitants.

Following his visit and in order to promote regenerative health care in the country, the ministry has since then, sent more than 200 Ghanaians from all walks of life including traditional rulers, actors, musicians and journalists to Dimona, to enable them help in disseminating the importance of regenerative health care to the people.

In a message, read on his behalf, the Anointed Spiritual Leader of the African Hebrew Israelite Community, Ben Ammi Ben Israel, also underscored the importance of preventive health care and said the “Dimona study” was a “return to a clean-based diet and lifestyles that ensure proper functioning of the body”.

He called on “leaders of today' to prepare their people to lead worthy lives, devoid of sicknesses, diseases and pollution, and other negative practices which affect healthy living.

See: Quashigah urges measures to increase life expectancy

Tuesday, September 23, 2008

Gasoline Shortage Becomes Emergency in Atlanta

Monday evening, many Atlanta area gas stations and were completely out
Southern Political Report

Metro Atlanta’s gas shortage and the panic-buying that’s ensued is compounded by the fact that environmental rules require a special blend of gas for the region - - and that special blend is in short supply. In much of the rest of Georgia, where there are no such rules, there is no shortage, officials say.

A special blend of gas, known as the “Atlanta blend,” is required for Atlanta because of its non-attainment status for air quality. The Atlanta blend includes oxygenates such as ethanol which help fuel burn cleaner.

By Monday evening, many Atlanta area gas stations and convenience marts were completely out of the Atlanta blend while others were seeing lines of 75 to 100 cars waiting for up to two hours for motor fuel.

Some had called on Gov. Sonny Perdue to request a waiver from the EPA to allow the temporary sale of the more plentiful higher-sulfur fuel. Late Monday, the governor’s office said he has made that request.

In addition, spokesman Bert Brantley said the state already has lifted some regulations allowing for drivers to work more hours to get fuel from the main terminal to stations and for heavier trucks to be allowed to carry larger loads than normal.

Sunday, September 21, 2008

Nashville pumps dry after panic about rumor of no gas

Call it a self-fulfilling prophecy

Call it a self-fulfilling prophecy: An estimated three-fourths of gas stations in the Nashville, Tennessee, area ran dry Friday, victim of an apparent rumor that the city was running out of gas.

"Everybody has just gone nuts," said Mike Williams, executive director of the Tennessee Petroleum Council.

He said he has no idea about the origin of a rumor that there was going to be no gas in Nashville. One reporter called him, saying she had heard that Nashville would be without gas within the hour, he said.

Hearing the rumor, drivers rushed to fill their cars and trucks.

CNN called 13 Nashville gas stations at random. Only two reported having gas, and one said it was almost out. The stations said they were being told they would not get more until Monday or Tuesday.

Katie Givens Kime, visiting from Atlanta, Georgia, was trying to fill up her tank for the trip home when she ran into trouble -- when she was already low on gas.

"We panicked and looked online," she said. "And holy cow, there is no gas in the city. ... It has definitely gripped the city, for sure."

One store clerk told her there was no way she could get gas to go back home, she said.

Williams said some drivers were following gas trucks to see where they were headed, and lines at some stations were a mile long. Fuel was continuing to enter the city, however, as pipelines were working and barges were coming in.

He likened it to Southerners rushing out to stock up on bread and milk when they hear it might snow. As stations began running low, the situation snowballed, he said.

One station reported selling as much gas Friday as it usually does in a weekend, Williams said.

The phenomenon seemed to be isolated to the Nashville area, he said. Is there a gas panic in your area?

Givens Kime said she found a station online that still had gas and waited more than an hour to pump it.

"People were freaked out," she said. A "renegade bunch" of men helped direct traffic to and from the pumps, even taking drivers' cash inside for them. She described people filling cans and other containers as well as cars.

She said that the station was not engaging in price gouging but that "emotions were running very high" among drivers