County pension hedge fund loss nearly doubles
The county pension system's estimated losses from the crash of a Connecticut-based hedge fund have climbed to $87 million, nearly twice the figure given just two days ago.


(Hedge fund Amaranth Advisors LLC, which lost about $6 billion trading natural gas futures this month, said it plans to stay in business but has sworn off energy trading. Amaranth founder Nicholas Maounis told investors Friday on a conference call that)

U.N. Torture Investigator: Iraq Now As Bad As Under Saddam
"The situation as far as torture is concerned now in Iraq is totally out of hand," said Manfred Nowak. "The situation is so bad many people say it is worse than it had been in the times of Saddam Hussein."

Quick Overview

• Consumer spending in France increased 3.3% in August, more than expected
  

• Mexico's central bank, wary of a rapid spike in inflation, held its benchmark overnight interest rate at 7 percent on Friday and sent mixed messages over what its next move might be.
  

• Big Japanese manufacturers grew more confident about business conditions in the three months to September, a government survey showed on Friday, underscoring the economy's resilience
  

• The USDA said that there were 10.986 million head of cattle on feed as of September 1st, up 9.9% YoY. August placements were up 15% YoY, and marketing’s were up 2%.
  

• The USDA said that there were 13.9 million pounds of frozen bellies in storage, down 37% YoY.
  

• The USDA said that frozen pork supplies totaled 404.9 million pounds, down 2% YoY.
  

• The USDA said that there were 888 million pounds of frozen orange juice concentrate in storage, down 36% YoY.
  

Quick Overview

• The U.S. Labor Department said that jobless claims were up 7,000 last week to 318,000.
  

• The Conference Board's index of leading indicators was down 0.2%
  

• The Philadelphia Federal Reserve's regional manufacturing index dropped from 18.5 to -.4 in September,
  

• The U.S. Department of Energy said that supplies of natural gas were up 93 billion cubic feet last week to 3.177 trillion cubic feet. Supplies are now up 13% from a year ago.
  

• Canada's retail sales up 1.5% MoM and up 5.7% YoY.
  

• Argentina's economy grew 9.1 percent.
  
  

• Net inflows to US commodity-linked mutual funds in the year to August were $107m, compared with $3.8bn in the same period of 2005.

Quick Overview

• The Federal Reserve kept the federal funds rate unchanged at 5.25%, as expected.
  

• Japan's trade surplus widened 95.5 percent to 200.5 billion yen as exports to the United States grew 19.3 percent and exports to China rose 20.0 percent YoY.
  
  

• Canada's composite index of leading indicators increased 0.2%.
  

• The U.S. Department of Energy said that:
  Supplies of crude oil were down 2.8 million barrels at 324.9 million barrels.
  Supplies of unleaded gasoline were up 600,000 barrels
  Supplies of heating oil were up 600,000 barrels.
  
  

• Hedge fund Amaranth, agreed to sell its energy trading positions to JPMorgan Chase and Citadel, and entering talks to sell nonenergy assets to Citigroup .

Quick Overview

• The net worth of U.S. households increased 0.1% in the second quarter to $53.3 trillion, the slowest gain in nearly four years, the Federal Reserve said Tuesday.
  
  
  

• U.S. Housing starts fell 6% more than expected to the lowest rate in more than three years.
  
  

• U.S. Producer prices rose 0.1% in August up 3.7% YoY.
  

• China's central bank governor, admitting the challenge posed by China's trade surplus, on Tuesday described currency reforms so far as important and said their impact would be felt over time.
  

• Canada's consumer prices increased 2.1% YoY
  

• Australia's Bureau of Agricultural said the country will harvest 16.4 million tons of wheat, down 35% YoY.
  
  

Bush owes us an apology
Sept. 18: “Countdown” host Keith Olbermann offers a special comment on George Bush’s Rose Garden

The President of the United States owes this country an apology.

Quick Overview

• The U.S. current-account deficit widened more than forecast last quarter to the second-largest on record as the trade gap expanded and the Treasury paid more interest to overseas investors. Foreign purchases of U.S. securities totaled $54.5 billion in July, while U.S. purchases of foreign securities totaled $21.6 billion.
  

• Canadian investors bought C$6.3 billion of foreign securities in July while foreign investors bought C$3.2 billion of Canadian securities.
  

Keillor: Coffee, tea or TATP
The way to stop terrorists on planes is to encourage passengers to bring loaded firearms aboard: guys in orange vests sitting in exit rows with deer rifles on their laps, ladies with Mr. Colt in their purses, kids with peashooters. Somebody wake up the NRA. Does the Second Amendment say ''The right of the People to keep and bear arms shall not be infringed except on commercial airliners''? Where is the right wing when you really need them?

ECB Officials Say Inflation Pressures May Persist
European Central Bank officials said inflation pressures may persist beyond 2007, indicating they'll keep raising interest rates into next year.

U.S. war prisons legal vacuum for 14,000
"If you, God forbid, are an innocent Afghan who gets sold down the river by some warlord rival, you can end up at Bagram and you have absolutely no way of clearing your name," said John Sifton of Human Rights Watch in New York. "You can't have a lawyer present evidence, or do anything organized to get yourself out of there."

The U.S. government has contended it can hold detainees until the "war on terror" ends — as it determines.
"I don't think we've gotten to the question of how long," said retired admiral John D. Hutson, former top lawyer for the U.S. Navy. "When we get up to 'forever,' I think it will be tested" in court, he said.

Quick Overview

• The U.S. Labor Department said that consumer prices were up 0.2% and up 3.8% YoY. Excluding food and energy prices were up 0.2% and up 2.8% YoY.
  

• U.S. Industrial production was down 0.1%.
  

• The New York Federal Reserve's regional manufacturing index increased from 11.0 to 13.8.
  

• China announced a cut in its export tax rebates reducing advantages it provides to Chinese exporters in order to curb its trade surplus which hit a record high of $18.8 billion in August. The export rebates were cut on steel, coal, natural gas and textiles.
  

• In the EU-12 consumer prices were up 2.3% YoY.
  

• China and India must move to curb corruption or else their booming economies will likely falter, a senior World Bank official said on Friday.
  

• Japan’s publicly traded real estate investment trusts and unlisted property funds saw their aggregate assets increase about 80% YoY to nearly 8 trillion yen (US$68.4 billion)
  
  

• The International Monetary Fund warns that Britain's overvalued housing market is vulnerable to further increases in interest rates.

Hacker's delight
The Bush administration’s flagship missile defense program relies on a complex communications network crossing eleven time zones to detect and intercept incoming missiles. One would think such a system would have top-notch security—but it doesn’t. According to the Defense Department’s own Office of Inspector General, poor planning and human error has rendered the communications network extremely vulnerable to hackers.

County foreclosures quadruple U.S. rate
Statewide, 16,533 homes entered some stage of foreclosure in August, more than any other state in the country and a jump of more than 50 percent over July, RealtyTrac said. On a year-over-year basis, considered the most accurate comparison because it eliminates seasonal differences, the 16,533 foreclosures statewide in August represented a 62 percent increase over the previous August, when there were 10,175, the report shows.

Americans More Likely to be Shot by Law Enforcement than Killed by Terrorists

Clooney, Wiesel tell UN time running out in Darfur
"In many ways it is unfair but it is nevertheless true that this genocide will be on your watch. How you deal with it will be your legacy," Clooney said. "Your Rwanda, Your Cambodia, your Auschwitz."

Quick Overview

• U.S. retail sales jumped 0.2% in August, the Commerce Department reported Thursday
  

• U.S. Business sales were up 0.6% in July, the same as inventories.
  

• The U.S. Labor Department said that jobless claims were down 5,000 last week to 308,000.
  

• Retail sales in the U.K. were up 0.3% in August.
  

• The Swiss National Bank increased its interest rate from 1.50% to 1.75%.
  

• The IMF raised its global GDP growth forecasts to +5.1% for 2006 and to +4.9% for 2007, both up by 0.2 percentage points.
  

• The IMF reduced its forecast for US GDP growth for 2007 to +2.9% from +3.3%.
  

• China's M2 money supply growth eased to +17.9% in August.
  

• Argentina's economy grew 7.9 percent in the second quarter compared with the same period of 2005, outpacing expectations but reflecting a slowdown from the first quarter.
  
  

• Goldfields Mineral Services said that world gold mine production in the first half of 2006 was down 1.5% YoY.
  

• The U.S. Department of Energy said that underground supplies of natural gas were up 108 billion cubic feet to 3.084 trillion cubic feet. Supplies are up 12% YoY.

The world is beginning to doubt the moral basis of our fight against terrorism"The world is beginning to doubt the moral basis of our fight against terrorism," said Powell, who served under Bush and is a former chairman of the Joint Chiefs of Staff. "To redefine Common Article 3 would add to those doubts. Furthermore, it would put our own troops at risk."



U.N. Inspectors Dispute Iran Report By House Panel
"This is like prewar Iraq all over again," said David Albright, a former nuclear inspector who is president of the Washington-based Institute for Science and International Security. "You have an Iranian nuclear threat that is spun up, using bad information that's cherry-picked and a report that trashes the inspectors."

Ice caps are melting even in winter, global warming evidence mounts
NASA has measured sea ice since 1978, compiling an average of wintertime melt. In the last two winters -- 2005 and 2006 -- an extra 6 percent has melted.

Quick Overview

• MBA mortgage applications rose 3.2% to a 4-month high. 30-year mortgage rates are currently at 6.47%, down by 33 bp from the 4-year high of 6.80% in July.
  
  

• China's Aug industrial production rose 15.7% a 1-1/2 year low.
  
  

• UK unemployment claims fell by 3,900 to 950,100 and the unemployment rate remained unchanged at 3.0%.
  
  

• Consumer confidence in Australia rose from 90.0 to 101.2 in September.
  
  
  
  

• The U.S. Department of Energy said that::
  Supplies of crude oil were down 3.9 million barrels last week to 327.7 million barrels.
  Supplies of unleaded gasoline were up 100,000 barrels.
  Supplies of heating oil were up 1.4 million barrels.
  

Air Force chief: Test weapons on testy U.S. mobs
Nonlethal weapons such as high-power microwave devices should be used on American citizens in crowd-control situations before being used on the battlefield, the Air Force secretary said Tuesday.
The object is basically public relations. Domestic use would make it easier to avoid questions from others about possible safety considerations, said Secretary Michael Wynne.