Quick Overview

• The Commerce Department said the August trade gap grew 1.8 percent to $59.0 billion, just below economists' forecasts of $59.5 billion. Record imports of $167.2 billion easily overwhelmed record exports of $108.2 billion.
  

• Import prices rose 2.3 percent after a 1.2 percent gain in August, the Labor Department said today in Washington. The increase excluding oil was the largest since record-keeping started in January 1989 because of increases in natural gas prices.
  

• First-time claims for unemployment benefits fell by 2,000 to 389,000 in the week ending Oct. 8, the Labor Department said Thursday.
  
  
  

• Refco Inc. (RFX) reeling from the disclosure that its chief executive officer hid unpaid debts, barred clients from withdrawing funds saying that one of its units doesn't have enough liquidity to keep doing business.
  
  

• Canada and Mexico are increasing their allegations the U.S. is breaching the terms of the North American Free Trade Agreement to protect domestic producers.
  
  

• Italian industrial production in August rose 1.3% -- three times more than forecast by economists.

• GDP in the Euro zone was up 0.3% in the second quarter and up 1.1% YoY.
  
  
• Canada's exports in August were up 1.5%
  
  

• Statistics South Africa said that YoY gold mine production was down 3.9% in June to August.
  
  

• The unemployment rate in Australia increased from 5.0 to 5.1%
  
  
• A Crisis could be threatening for world shipbuilders investment banker Morgan Stanley warned that overcapacity in the industry could be as much as 30% by 2008.

Tax panel seeks cap on break for homeowners
The president's panel on tax reform is pushing for a cap on the mortgage interest tax deduction, long considered one of the country's untouchable tax breaks.

Quick Overview

• The yield curve has been a good predictor of recessions in the United States over many years and probably still is, according to a report issued by the Federal Reserve Bank of New York.
  

• Major trade powers are edging closer on farm market reforms, but ministers said Wednesday that plenty of work remains if WTO members are to reach a wide-ranging agreement by the end of the year.
  

• It all depends how cold it gets, but the DOE prognosticates that homes heated primarily by natural gas will have to spend about 48% more to keep warm this winter. Homes heating with heating oil will spend 32% more.
  

• U.S. mortgage applications fell for a third consecutive week last week as interest rates on 30-year home loans climbed to the highest levels since late March, an industry trade group said on Wednesday.
  
  

• Today’s Soybean futures were propelled higher by a smaller-than-expected production forecast from the USDA. The government estimates soybean production at 2.967 billion bushels, higher than the 2.856 billion USDA estimated from September, but lower than the average analyst estimate of 3.006 billion bushels. November soybeans jumped 25 1/2 cents to $5.89.
  
  

• The USDA pegged corn production at 10.857 billion bushels, in line with the average analysts' estimate of 10.862 billion but above the 10.639 billion estimated in September. Ending stocks were projected at 2.220 billion bushels, a 141 million bushel increase from the previous USDA report.
  The USDA projected the 2005-06 corn yield at 146.1 bushels an acre, up from the 143.2 bushels estimated in the prior report.
  
  
  

• Today’s USDA production estimates are:
  Corn was increased from 10.639 to 10.857 billion bushels.
  Soybeans were increased from 2.856 to 2.967 billion bushels.
  Wheat was reduced from 2.167 to 2.098 billion bushels.
  Sugar was reduced from 7.964 to 7.874 million tons.
  Cotton was increased from 22.28 to 22.72 million bales.
  
  

• USDA's 2005-2006 U.S. ending stocks estimates are:
  Corn was increased from 2.079 to 2.220 billion bushels.
  Soybeans were increased from 205 to 260 million bushels.
  Wheat was reduced from 624 to 530 million bushels.
  Cotton was reduced from 7.00 to 6.40 million bales.
  Sugar was increased from 1.014 to 1.089 million tons.
  
  

• The USDA's estimate of the 2005-2006 Florida orange crop is 190 million boxes, lower than expected. The juice yield is at 1.58 gallons a box - 42.0 degrees Brix. Last year Florida produced 150 million boxes of oranges with a yield of 1.58 gallons a box.
  

• The DOE reduced its forecast of 2005 oil demand from 84.2 to 83.7 million barrels a day and upped its estimate of OPEC's oil production in September from 30.1 to 30.4 million barrels a day . The DOE also said that they expect significant recovery of the gulf coast infrastructure by the end of this year
  
  

• The U.K.'s unemployment rate for June to August was steady at 4.7% -- the lowest in thirty years.
  

• Some clients of Refco Inc. are moving business to other firms after the company this week suspended two top executives because of a hidden $430 million debt that it failed to properly account for, market sources said on Wednesday.
  

• Mexico's industrial production probably rose 2.2 percent in August, less than the pace of the nation's economic expansion and evidence that manufacturing is losing its role as the country's main driver of growth – Bloomberg reports.
  

• The Organization for Economic Cooperation and Development reduced its forecast of 2005 GDP growth for the U.K. from 2.4% to 1.7%.
  

CNNNN discovers Americans support war on Kyrgyzstan, 'wherever it may be'
The difficulties experienced in Iraq have not put Americans off going to war again, CNNNN's Julian Morrow found when he surveyed people on the streets of Texas.

Global Warming Drying Out Source Of China's Mighty Yellow River
Global warming is drying out the source of the Yellow River, threatening water supplies to 120 million people, an environmental group said Monday.

Pessimism over economy lifts in October
Americans were slightly less pessimistic about the U.S. economy and went shopping in October despite worries about higher interest rates and gasoline prices, reports showed on Tuesday.

Consumers feeling bite of soaring cost of living

U.K. Trade Gap Widens to Record on Higher Imports

Quick Overview

• Federal Reserve minutes released today showed members voted 9 to 1 to increase the federal funds rate by a quarter-percent to 3.75% -- giving plenty of hints there will be more hikes to come.
  

• Brazil's stocks and currency rose on Tuesday as Fitch Ratings signaled it may soon upgrade the country's sovereign ratings, boosting even more the allure of high-yielding Brazilian assets.
  

• Machinery orders in Japan were up 8.2% in August -- stronger than expected.
  

• China's National Development and Reform Commission said that they expect China's economy to grow 9.2% this year and 8.5% in 2006
  

• Yesterday’s discovery that Brazil has a problem with foot-and-mouth disease may lead to a likely cut in beef exports.
  

• The European Cocoa Association announced that YoY grindings in the third quarter of 2005 were up 8.6%. For the first three quarters of 2005, Europe's cocoa grinding were up 5.6% YoY

World must hurry to save environment or face global poverty, UN official warns
With some 60 per cent of the planet's ecosystem currently being degraded by human activities, the global community must take speedy action or else face a future of 6 billion people “scratching around trying to survive,” the head of the United Nations environmental agency said today.
“You cannot continue to drive a car if all you do is put petrol in the tank,” he warned. “It needs servicing, parts require replacing and we must pay for the roads and infrastructure on which it runs.

China research spending to outpace EU in five years
In just five years, China will proportionally be spending more on research and development (RD) than the European Union, the Financial Times reported Monday.

Quick Overview

• New offers from the United States and the European Union to cut aid to their farmers could herald a breakthrough in deadlocked global trade talks, just two months before a deadline for a treaty, ministers said Monday
  

• It's still tough to read how badly Katrina and Rita hurt the economy, but data show Americans reacted in their usual way -- by going shopping
  

• The DoE said the number of closed refineries is down to eight, resulting in a daily loss of 900,000 barrels of gasoline.
  

• Brazil's coffee trees are in need of rain this month for the flowering, but the near-term outlook is calling for dry weather. Hurricane Stan may have also damaged some coffee crops in Mexico and Central America last week.
  

• Dow-Jones Newswires said the International Sugar Organization is predicting 2005-2006 world production of 149.6 million tons and consumption of 150.6 million tons.
  

• YoY Singapore's GDP was up 6.0% in the third quarter.
  

• Gold futures in New York settled at a near-18-year high on Monday as fund buying on the back of economic worries and strong investment demand extended the metal's recent rally, traders and analysts said.
  

• French industrial production increased by 0.8 percent from July, when the output had dropped a revised 0.7 percent.
  

Drug Rehab For George
Do you hear little voices speaking to you sometime? I do; well, I mean I used to. Officially speaking, they stopped. Excepting for yesterday, yesterday the little voice in my head said, "Go gambling and play machine number 161." So I did. And wouldn’t you know it? I won. Really! I started with $60 and wound up $840. Darn if that little voice in my head isn’t giving me some great advice… Sometimes.

Ray Kurzweil calls for 1918 flu genome to be 'un-published'
"The decision by the U.S. Department of Health & Human Services to publish the full genome of the 1918 influenza virus on the Internet in the GenBank database is extremely dangerous and immediate steps should be taken to remove this data," says inventor and futurist Ray Kurzweil.

Bird flu fight lifts biotech stocks
Shares of biotechnology companies developing treatments to fight a possible outbreak of avian flu rose on Friday as delegates from around the world met to discuss plans for battling the illness.

Greenspan concerned about interest-free loans and other riskier mortgages
"In the event of widespread cooling in house prices, these borrowers, and the institutions that service them, could be exposed to significant losses," Greenspan said recently.

Southwest bars woman over T-shirt obscenity
A Washington state woman says she intends to press a civil rights lawsuit against Southwest Airlines for barring her from one of its flights because of a message on her T-shirt.
..Here we are trying to free another country and I have to get off an airplane in midflight over a T-shirt.

Signals of the End of the Dollar Standard

As Voltaire said in 1729 “paper money eventually goes down to its intrinsic value – zero.”

Quick Overview

• The Department of Transportation said Thursday that its transportation services index for July fell 0.3% from June, the second consecutive decline.
  
  

• U.S. payrolls fell by 35,000 jobs in the wake of Hurricane Katrina and the unemployment rate rose to 5.1% in September from 4.9% in August, the Labor Department reported Friday
  
  

• U.S. Wholesale inventories rose 0.5% in August, the most in four months, the Commerce Department said Friday.
  
  

• U.S. Rail freight and intermodal traffic rose for the week ended Oct. 1 compared to a year earlier, and traffic in September also increased over last year despite two big hurricanes, the Association of American Railroads said.
  
  

• The International Atomic Energy Agency and its chief, Mohamed ElBaradei, have been awarded the Nobel Peace Prize for their efforts to stop the proliferation of nuclear weapons…the Bush administration may not be extremely pleased.
  
  

• A Ministry of Commerce report said that China's trade surplus could triple to as much as 100 billion dollars this year.
  
  

• U.S. Treasury Secretary John Snow said on Friday China needs to act "soon" to let its yuan currency become more flexible and he will tell Chinese officials that in person next week.
  
  

• Germany's industrial production was down 1.6% in August.
  
  

• Japan's index of coincident economic indicators increased from 30.0 to 88.9 in August, a sign of expansion.
  
  

• London inventories of copper continue to fall, they are at 70,475 tons.
  
  
  

• December gold is at a new contract high because of concerns over inflation and strong global demand.
  
  
  

• Canada's unemployment rate improved from 6.8% to 6.7% in September, the lowest since 1976.

Record low for home affordability in California
Soaring prices in California's housing market have shut out a record 86 percent of households from buying a typical home with a traditional down-payment,

Climate Change More Rapid Than Ever?
According to the calculations of scientists at the Max Planck Institute for Meteorology in Hamburg, over the next century the climate will change more quickly than it ever has in the recent history of the earth. These results come from the latest climate model calculations from the German High Performance Computing Centre for Climate and Earth System Research.

GE raises full-year outlook

Venezuela moves reserves out of US Treasuries

U.S. Retailers' Sales Rise 4%, Exceeding Estimate

Quick Overview

• Dallas Federal Reserve President Richard Fisher on Thursday said core inflation was near the top of its acceptable range, echoing hawkish remarks he made earlier this week that signal more rate hikes to come.
  

• Domestic air cargo shipments rebounded from a 5% drop in July to climb 0.6% in August in year-over-year comparisons, the Air Transport Association reported Thursday.

• The number of Americans filing new claims for jobless benefits rose by 21,000 last week as storm-related applications increased.
  

• The U.S. Minerals Management Service said that 20% of oil production and 34% of natural gas production in the Gulf of Mexico is operating again
  

• The DoE said that underground supplies of natural gas were up 44 billion cubic feet last week to 2.929 trillion cubic feet. YoY supplies are down 5%.
  

• The U.S. Census Bureau said that soybean oil stocks totaled 1.73 billion pounds at the end of August, down from 1.99 billion pounds last month.
  

• A NAFTA panel told the U.S. government that its method for computing Canada's softwood subsidies is incorrect and needs revision.

• China is poised to unveil a new roadmap for the world's seventh-biggest economy that scraps a long-standing policy of faster growth in favor of improving social services and curbing widespread environmental devastation.
  
  

• Brazilian stocks dropped more than 3% on Thursday while the currency was lower by 1% as foreign investors increased their aversion to riskier assets.

Chart of the day

How many shares of the Dow Ind. Index does it take to buy the average U.S. house?

Quick Overview

• The U.S. Department of Energy showed that YoY demand for unleaded gasoline over the past four weeks was down 2.8% -- signaling that the recent price spike has damped demand.
  
  

• The USDE said that:
  Crude oil supplies were down 300,000 barrels to 305.4 million barrels.
  Unleaded supplies gasoline were down 4.3 million barrels
  Heating oil supplies were up 400,000 barrels
  
  

• The Institute for Supply Management's index of U.S. services dropped from 65.0 to 53.3 in September, less than expected.
  

• There does not seem to be much risk of huge surge in inflation but policy-makers must be alert to potential price pressures, Kansas City Federal Reserve Bank President Thomas Hoenig said on Wednesday.
  

• Thomas Hoenig also said the U.S. economy should shake off the impact of recent hurricanes without too much trouble and enjoy strong growth next year and beyond,
  

• Tokyo's Nikkei stock average hit a new four-year intraday high before finishing the morning session slightly weaker.
  

• London inventories of copper were down 1,375 tons today to 74,975 tons, so copper is making new contract highs.
  
  

• An index of services in the U.K. decreased from 55.2 to 55.0 in September.
  

• An index of services in the Euro zone increased from 53.4 to 54.7 in September, stronger than expected.
  
  

• The Reserve Bank of Australia kept its overnight rate unchanged at 5.50
  

Chart of the day

How many ounces of gold does it take to buy the average U.S. house?


In California you'll need about 1200 ounces

Quick Overview

• The average price of U.S. retail diesel soared by a record 34.6 cents to $3.144 a gallon, also a record, the Department of Energy reported Monday.

• Archer Daniels Midland Company (ADM) announced plans to build its first owned biodiesel production facility in the US. This 50 million gallon facility will be located in Velva, North Dakota, and will use canola oil as its primary feedstock. ADM also is planning to build biodiesel plants in Mexico, Missouri and Mainz, Germany.

• Orders placed with U.S. factories rose 2.5% in August to $395.2 billion, the Commerce Department said Tuesday.

• 63 offshore platforms in the Gulf of Mexico were destroyed by Hurricane Rita, and some drilling platforms with major damage could be off-line until next year, the U.S. Interior Department said on Tuesday.

• The Group of Seven top economic powers needs to move urgently to correct global imbalances in savings and investment or face the risk of worldwide deflation within a decade, Canada's central bank governor said on Tuesday. (Did he say WORLDWIDE DEFLATION?)

• Brazil's real widened losses on Tuesday after the central bank bought dollars on the local foreign exchange market for a second straight day, while stocks slipped after topping 32,000 points for the first time.
  

• Japan wants to cut 10 percent of government jobs over the next five years.
  
  

• Japan's 10-year bonds slumped, pushing yields to the highest in almost a year, after a government sale of the debt drew the weakest demand in 19 months.
  

• Kyodo news reported that Japan's Food Safety Commission is apt to recommend the acceptance of U.S. and Canadian cattle under 20 months of age as rapidly as this December.
  

• Unemployment rate in the Euro zone rose from 8.5% to 8.6% in August. YoY the unemployment rate is down from 8.9%.

Newsview: Economy Could Add to GOP Woes
Bush's pledge to spend "whatever it costs" to rebuild the Gulf Coast and the high bill for the Iraq war will keep swelling the deficit and limit his options for fighting an economic downturn. A recession would mean fewer dollars flowing into the treasury and force the government to pay out more benefits to the poor and those idled by the hurricanes.

10th planet has moon companion
"Having a moon is just inherently cool - and it is something that most self-respecting planets have, so it is good to see that this one does, too."

Louisiana Ecological Harm Called Unprecedented
The environmental damage from hurricanes Katrina and Rita is unparalleled in its scope and variety, scientists say, with massive oil spills blanketing marshes, sediment smothering vast fishing grounds, and millions of gallons of raw sewage scattered in New Orleans and along the 400-mile Louisiana coast.

High Oil Prices Met With Anger Worldwide
Rising fuel prices are stoking popular anger around the world, throwing politicians on the defensive and forcing governments to resort to price freezes, tax cuts and other measures to soothe voter resentment.

Diesel costs ail truckers
The 30-year-old independent truck driver has parked his truck and won't get back in it until diesel prices fall below $3 a gallon.

Kohn, Long Shot for Fed Chief, Helped Shape Greenspan's Views

No matter whom President George W. Bush picks as a successor to Alan Greenspan in the next few months, Donald Kohn is likely to wield large influence over the way the Federal Reserve thinks about interest rates and the U.S. economy.

Quick Overview

• U.S. Manufacturing rose unexpectedly from 53.6 to 59.4 in September, much stronger than expected the Institute for Supply Management said Monday.

• U.S. construction spending gained 0.4% in August, the Commerce Department reported Monday
  

• Rising gas prices and a shift to more fuel-efficient models has cut into sales of SUV’s in September. GM sales fell 24% from a year earlier, while Ford sales dropped 19.5%. At the same time, falling resale values for traditional SUVs are making it harder for car owners who want to trade for less gas-thirsty vehicles.

• President Bush is ready "to do whatever it takes" including, if necessary, tapping government stocks of heating oil to counter supply shortages this winter, his energy secretary said Monday.
  

• Traders are watching a storm that is expected to reach Florida's east coast by tomorrow - November orange juice was up 2.00 to 104.30.
  

• Japan's Tankan index of business confidence increased less than expected from 18 to 19.
  

• March sugar closed up 0.30 cent at 11.53 cents a pound driven by ethanol demand and crop damage in the gulf.
  
  

• Soybean Oil closed at a two-month high driven by potential biodiesel prospects.
  

• The dollar hit a 16-month high against the yen on Monday, buoyed by expectations for more interest rate rises in the United States and a slightly disappointing survey of corporate sentiment in Japan.

Mighty Mice Regrow Organs
Genetically altered mice discovered accidentally at the Wistar Institute in Pennsylvania have the seemingly miraculous ability to regenerate like a salamander, and even regrow vital organs.
Researchers systematically amputated digits and damaged various organs of the mice, including the heart, liver and brain, most of which grew back

Quick Overview

• Manufacturing growth in Chicago jumped from 49.2% to 60.5% in September following its first contraction in more than two years, the National Association of Purchasing Management-Chicago said Friday
  
  

• U.S. consumer confidence dropped this month to 76.9 from 89.1 in August, according to the University of Michigan’s monthly consumer sentiment index.
  

• U.S. personal income in August was down 0.1% while spending was down 0.5%, the biggest drop in three years, led by a slump in automobile purchases, the Commerce Department reported Friday
  
  
  

• The U.S. Department of Energy said that 12 refineries remain closed, resulting in the daily loss of 1.3 million barrels of gasoline, 700,000 barrels of distillates, and 400,000 barrels of jet fuel
  

• Pennsylvania will build the nation's first commercial plant to convert waste coal into no-sulfur diesel fuel and home-heating oil, the Associated Press reported.

• The U.S. Minerals Management Service said today that 98% of oil production and 79% of natural gas production in the Gulf of Mexico remains closed.
  

• The USDA said that, as of September:
  Corn stocks totaled 2.112 billion bushels, up 120% YoY and the most in twelve years.
  Soybean stocks totaled 256 million bushels, up 127% YoY.
  Wheat stocks totaled 1.919 billion bushels, down 1% YoY.
  
  

• U.S. railroad freight traffic rose for the week ended Sept. 24 from a year ago despite damage caused to rail lines by Hurricane Rita, the Association of American Railroads said.
  

• The USDA also said that the 2005-2006 U.S. wheat crop will total 2.098 billion bushels, down from last month's estimate of 2.167 billion bushels.
  

• December soybean oil was up 1.09 to 23.95, the highest close in nearly two months, with talk that high energy prices may increase demand for biodiesel.
  

• The USDA said that as of September 1st all U.S. hogs and pigs were 61.536 million head, up slightly from a year ago. YoY The September 1st breeding herd was also up slightly and YoY the June to August pig crop was up 0 .4%.
  

• Japans household spending was up 3.2% in August, the first gain in four months; Industrial production was up 1.2% in August; Consumer prices were down 0.3% in August. The positive consumer price data showing that deflation was easing, combined with other upbeat economic figures on Friday, added fuel to the debate on whether the Bank of Japan should soon end its ultraeasy monetary policy.
  
  
  

• Brazil's stocks notched yet another record high on Friday thanks to strong foreign investor appetite for assets in Latin America's largest country.
  

• YoY India's GDP was up 8.1% in the first quarter- topping forecasts.
  
  

• Retail sales in Australia were up 0.6% in August.
  

• Canada's GDP was up 0.2% in July and up 2.6% YoY.
  
  

Freezing gas prices
There is a man who fills up his tank once every two months. One tank of gas, literally, lasts him two months. He is freezing the price of gas by freezing something else.

Quick Overview

• The U.S. economy grew at an annual rate of 3.3% in the second quarter, down from 3.8% in the first quarter, the Commerce Department said Thursday.
  
  

• U.S. Jobless claims dropped 79,000 to 356,000, less than expected. According to CBS Market Watch 60,000 of the jobless claims were linked to Hurricane Katrina.
  

• The DoE said that underground supplies of natural gas were up 53 billion cubic feet last week to 2.885 trillion cubic feet. YoY supplies are now down 4%.
  

• The U.S. Minerals Management Service said that 99% of oil production and 80% of natural gas production in the Gulf of Mexico remain stopped.
  

• U.S. Manufacturers want to see China's Yuan currency "appreciate significantly," the largest U.S. manufacturing group said on Thursday in its latest salvo over what it sees as Beijing's unfair trade practices.
  

• Germany's unemployment rate increased from 11.6% to 11.7% in September.
  

• Retail sales in Japan were up 1.5% in August, stronger than expected.
  

• New Zealand's GDP was up 3.1% in the second quarter.

DeLay Is Indicted and Forced to Step Down as Majority Leader
State law prohibits use of corporate contributions to advocate the election or defeat of state candidates, and prosecutors accuse the DeLay organization of engaging in a complex scheme to circumvent the law.

Green energy 25-30 pct of world mix by 2050-Shell

Growth in renewable energy sources is robust and they may account for a quarter of global consumption by 2050, an executive with Anglo-Dutch oil giant Royal Dutch Shell said on Wednesday.

Quick Overview

• U.S. orders for durable goods rose 3.3% in August, more than analysts had expected, the Commerce Department said Wednesday.
  
  
  

• Starting Thursday, Minnesota will become the first state to require that all diesel fuel contain 2% biodiesel made from soybeans in its mix, the St. Paul Pioneer Press newspaper reported.
  
  

• California's housing market is overvalued by up to 45 percent and at a "tipping point" that will end its red-hot growth cycle, the UCLA Anderson Forecast projected on Wednesday.
  

• The DOE said today that as much as 15 percent of U.S. refinery capacity could be out for another couple of weeks or more. Today's inventory report showed that last week refineries were operating at 86.7% of capacity.
  

• The U.S. Minerals Management Service said that 100% of oil production and 80% of natural gas production in the Gulf of Mexico remains closed.
  
  

• The U.S. Department of Energy (DOE) said that:
  Crude oil supplies were down 2.4 million barrels last week to 305.7 million barrels.
  Unleaded gasoline supplies were up 4.4 million barrels
  Heating oil supplies were down 2.5 million barrels.
  
  

• YoY the GDP in the U.K. increased 1.5% in the second quarter.
  
  

Crying Sheep
Are global oil supplies about to peak? Are they, in other words, about to reach their maximum and then go into decline? There is a simple answer to this question: no one has the faintest idea.

Quick Overview

• The Conference Board said its index of consumer confidence for September slid to 86.6, down from 105.5 in August and the lowest reading in nearly two years.
  
  

• Sales of new homes plunged in August by the largest amount in nine months as the nation's housing industry continued to flash mixed signals about whether the boom is starting to fade.
  The report showed sales of single-family homes decreased to a seasonally adjusted annual rate of 1.237 million last month from 1.373 million. The 9.9% decline reported by the Commerce Department was the largest since sales fell 10.0% in November 2004.
  

• German business confidence unexpectedly rose to 96 from August's 94.6 an eight-month high in September.

Quick Overview

• Sales of existing homes rose to the second-highest level on record in August, to a 7.29 million annual rate, and the median price rose 15.8 percent to a record $220,000 the National Association of Realtors said Monday.
  
  

• U.S. railroad freight traffic set new records for the week ended Sept. 17, the Association of American Railroads said.
  
  

• While the high-flying housing market still holds risks, especially for the financially stretched, most homeowners are in a fairly good position to weather a shock if prices drop, Federal Reserve Chairman Alan Greenspan said Monday.
  
  

• The U.S. Minerals Management Service said today that 100% of oil production and 78% of natural gas production in the Gulf of Mexico remains closed.
  

• China's central bank predicted that GDP will be up 9.2% this year.
  

An Evening With Mr. Galloway
George Galloway, like Cindy Sheehan, represents what, in the study of chaos, is known as the “butterfly effect,” (i.e., the capacity for individuals to affect change through the reiteration of their influences upon a system). Such people serve as “attractors” to others who share their sentiments. Through such spontaneous and open-ended means as the Internet, men and women are able to create networks of shared opinions. They become catalysts for change, a process upon which all creative and productive systems depend

American fury over Greenspan leak
French claim Fed chairman admits US has lost control of budget

NSA granted Net location-tracking patent
The National Security Agency has obtained a patent on a method of figuring out an Internet user's geographic location. Patent 6,947,978 describes a way to discover someone's physical location by comparing it to a "map" of Internet addresses with known locations. The NSA's patent relies on measuring the latency, meaning the time lag between...

Chart of the day

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