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Thu Apr 30, 2009 at 01:41 PM PDT

In Search of Understanding

by paul94611

I am writing this diary in order to seek clarity and a greater understanding of a developing H1N1 influenza situation for my family and community here in the greater Memphis area.

I fully appreciate that a good diary is usually much longer and includes links and blockquote's where appropriate.  However, this subject is a bit different so I am also requesting a bit a leeway from the good folks here.  Thanks!

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What should I do?

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Many of us here have been engaged in long running exchanges, some of them solicited with conservatives.  Many of these have been well documented here and I have found that most of the conservative E-Mails appear to be as deficient as this item that appeared today in my mail.  In the interests of inclusiveness I have also included my response.  

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Thu Feb 05, 2009 at 10:58 PM PST

News Corp Continues To Lose

by paul94611

This is the second diary I have written concerning the troubles at News Corp with the first published back in November when the news leaked out that Rupert Murdoch was in trouble.
http://paul94611.dailykos.com/

Today we gain a clearer picture of the condition of News Corp and the money it is losing.

"Grim", to borrow Rupert Murdoch's adjective, about sums it up. News Corp capped off a miserable week for media companies, with Time Warner and Disney posting disappointing numbers. Admittedly, in reporting a $6.4bn second fiscal quarter net loss, News Corp had some particular problems. A $2.8bn writedown to goodwill acquired through 2007's $5.6bn deal to buy Dow Jones hurt results, along with $5.6bn of other writedowns - primarily to the value of broadcasting licences.

http://www.ft.com/...

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CNBC is reporting and I will add the links as they become available that the Federal Reserve, FDIC and the Treasury Department will provide 100-200 in fresh guarantees to help keep Bank of America from imploding.  This new program is reported to follow the Citi deal from November.  That deal included 300+ billion in loan guarantees, 25 billion in direct cash infusion and other measures from the federal reserve in swapping so called toxic assets for treasury bills.
http://www.cnbc.com/

UPDATE:  Here is the link to the follow up by CNBC.  The extracts follow at the end of the diary.
http://www.cnbc.com/...

And here is the link to the video of the announcement on CNBC.
http://www.msnbc.msn.com/...

And here is a lead in from earlier today.
http://www.msnbc.msn.com/...

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This morning we learn via Bloomberg that the Chairman of the Federal Reserve, Ben Bernanke has through recent actions including an announced $600 billion effort claimed executive power over the presidents of the regional federal reserve banks rendering these presidents nearly powerless over his policy decisions in a serious and wide ranging departure from established norms.  
http://www.bloomberg.com/...

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As I wrote at the market close yesterday here in the US there had been some significant action in the world financial markets.  Here is what was said then:
The whole idea of the bail-out or TARP program was supposed to be to purchase distressed assets from banks.  When this program was announced and finalized there was a big rally in fixed income assets "bonds & securities".  Now that Treasury Secretary Paulson has made it clear that he will only do direct injections of capital into banks and will leave the remaining 350 billion for the Obama administration the bond market for everything except treasuries has frozen once more.  The impact upon financial stocks and those stocks especially exposed to the financial turmoil has been nothing short of breathtaking.

Todays unemployment numbers turned up much worse than expected with the number expected to drop to 505K and climbed instead to a much higher than expected by 27K to 542K.  recessionary levels are typically reflected by levels over 400K per week.

Update:
This morning headline says it all.
Bond Risk Soars to Record as Markets Return to ‘Crisis Mode’

More below the fold.

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The whole idea of the bail-out or TARP program was supposed to be to purchase distressed assets from banks.  When this program was announced and finalized there was a big rally in fixed income assets "bonds & securities".  Now that Treasury Secretary Paulson has made it clear that he will only do direct injections of capital into banks and will leave the remaining 350 billion for the Obama administration the bond market for everything except treasuries has frozen once more.  The impact upon financial stocks and those stocks especially exposed to the financial turmoil has been nothing short of breathtaking.

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In news today from the Financial Times European businesses that insure the suppliers of parts to GM & Ford factories in Europe have stopped providing the insurance necessary for GM & Ford to obtain parts & services on anything other than a cash basis.

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The Federal Reserve refuses transparency as lending surpasses 2 trillion according to a lawsuit recently filed November 7, 2008 by Bloomberg while their Freedom of Information Act request remains unanswered.

For those of us unaware of the who, what, where, when, why & how of all of this I will attempt to shed a little light and understanding in my common man stab at communicating the recent news regarding all of this.

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Of all the news post the November 4 elections the news that Rupert Murdoch is falling on tough times seems proper.  The company reported a 30% drop in profits while shares have fallen by up to 12% in todays trading in Europe and a drop of 22% in Australia.

UPDATE:

On tonights lead KO teases the losses at News Corp as todays "Worst Persons".
Whot!
http://www.msnbc.msn.com/...

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Looking over my morning local paper, The Commercial Appeal here in Memphis, TN I came across this story that just encapsulated for me so much of what this election means to so many.

http://www.commercialappeal.com/...

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After Fridays action in world financial markets, and indeed the slide that began in earnest this past September, many folks have been hoping for a break from the global slide that has cost investors trillions of dollars.  Well, the early Monday action from Asian & European markets as well as US futures are not providing any confidence that the declines are slowing.  

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Looking at all of this

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| 96 votes | Vote | Results

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