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Stock market alarm
Talk about a wake up call! When the Toronto Stock Exchange opened for
trading Monday the S&P/TSX composite index promptly fell more than 1,000
points or 10 per cent, wiping out $100 billion in value. The rout was led by
energy and financial stocks but there were few gainers in any sector.
It wasn't the worst plunge in history, that record is still held by Black
Monday Oct. 19, 1987 when the index fell 11.3 per cent. But it was still an
eye opener.
In early trading, the index fell below the psychologically significant
10,000 level but recovered in the afternoon with the latest numbers showing
a decline of about 800 points, leaving Toronto's main index slightly above
that level. The Dow Jones industrial average, meanwhile, was off by more
than 500 points, marking the first time the bellweather index been below
10,000 in four years. Talk about a wake up call! When the Toronto Stock Exchange opened for ... more -
Real estate worries
Columnist abandons prescient bloggers and takes comfort in ever-optimistic big-time realtor and a business leader who says nobody saw it coming, but now expects Vancouver house prices to fall "10 or 20 per cent."
news, vancouver, housing, cernetig, correction, crash, bloggers, Rennie, business, house, buyer, prices, house, realtor, real estate. Columnist abandons prescient bloggers and takes comfort in ever-optimistic big-time realtor and a business leader who says nobody saw ... more -
Canada headed for recession
Declining GDP in the fourth quarter of this year and the first quarter of 2009 will bring the Canadian economy into an official recession, UBS predicted Monday. Declining GDP in the fourth quarter of this year and the first quarter of 2009 will bring the Canadian economy into an official recess... more
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Chinese crash survivors settle down for a game of cards
When you've just written off your car in a twenty car pile-up, what's the first thing you'd do? Settle down for a little game of cards of course.
According to a journalist from China News Network who arrived at the crash-scene to find an old couple and a middle-aged woman, sitting in the midst of the crash chaos playing cards.
"It looked like they didn't know what was happening at all," said the somewhat shocked journalist, Zhao Xiaoli.
I wonder what they were playing... When you've just written off your car in a twenty car pile-up, what's the first thing you'd do? Settle down for a littl... more -
Fossett Items Found
Discovery-News.com: Adventurer Steve Fossett's pilot license and other items have been found by a hiker. James Williams gets some details. Discovery-News.com: Adventurer Steve Fossett's pilot license and other items have been found by a hiker. James Williams gets some... more
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Fossett's plane wreckage found
The plane wreckage was located about 10,000 feet (3,200 meters) up the Sierra Nevada Mountains in the vicinity of Mammoth Lakes, California. The plane wreckage was located about 10,000 feet (3,200 meters) up the Sierra Nevada Mountains in the vicinity of Mammoth Lakes, Calif... more
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Boeing 737 crash-lands in Russia
A Boeing 737-300 has crash-landed at the airport in Kaliningrad, a Russian exclave on the Baltic Sea, a Transportation Ministry spokesman said Thursday.
"According to Rostransnadzor, a Boeing 737-300 owned by the KD Avia airline crash-landed at the Kaliningrad airport on October 1 on a flight from Barcelona. None of the 108 passengers on board was injured," the spokesman said, referring to the country's transportation regulator.
According to preliminary reports, there was a problem with the plane's landing gear.
The Kaliningrad airport is temporarily closed over the accident.
A similar Boeing jet, owned by Aeroflot Nord, a subsidiary of Russia's flagship air carrier Aeroflot, crashed September 14 on a rail line linking Yekaterinburg and Perm during its final approach to Perm airport in the Urals killing all 88 people onboard. A Boeing 737-300 has crash-landed at the airport in Kaliningrad, a Russian exclave on the Baltic Sea, a Transportation Ministry spokes... more -
Canadian housing market could face U.S.-style bust
The Canadian housing market could face a similar housing bust to the United States, particularly in more bubbly markets as Vancouver and Calgary, said Robert Shiller, the University of Yale professor who predicted both the 1990s stock market boom and bust and the U.S. housing slump. The Canadian housing market could face a similar housing bust to the United States, particularly in more bubbly markets as Vancouver a... more
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Worst Dow drop in history as bailout defeated
The House failed to pass a $700 billion economic bailout package Monday, sending lawmakers back to the drawing table to try to stave off an economic collapse, and the stock market plummeted on the news.
The package failed on a 228-205 vote after Congressional leaders held the vote open for a half-hour after time had expired as they tried to persuade lawmakers to change their votes. CNN reported that lawmakers wouldn't hold another vote on the bailout Monday as Congress prepared to adjourn for the Jewish holiday of Rosh Hashanah, which begins at sundown.
The failure -- after lawmakers remained in Washington over the weekend to negotiate a compromise -- essentially sends Congress and the White House back to the drawing table as they try to craft a compromise.
The Dow Jones Industrial Average was down nearly 600 points as traders worried the vote would go down in defeat. The Dow dropped as much as 778 points at one point.
It was unclear how long Pelosi would hold the vote open to try to persuade lawmakers to shift their votes. House rules allow leaders to hold the vote open indefinitely.
Lawmakers on Monday debated the bailout plan for struggling Wall Street banks as US President George W. Bush appealed to Congress to quickly approve the deal to free up frozen credit markets.
"I fully understand that this will be a difficult vote," Bush said at the White House before the House of Representatives began debate on the proposal amid stiff opposition from some members of his Republican party.
But he said the rescue package "will help keep the crisis in our financial system from spreading throughout our economy."
The US president spoke after a compromise proposal was hammered out in high-stakes negotiations between rival party leaders in Congress and White House officials over the weekend before global markets reopened on Monday.
The plan would mark the largest government economic intervention since the Great Depression of the 1930s, and is designed to shore up a troubled economy suffering from a burst US housing bubble that has ravaged the global banking system.
The proposal grants the Treasury secretary authority to buy up toxic mortgage-related assets in troubled banks in hopes of easing the flow of credit and reviving the moribund housing market.
As the pivotal debate began in Congress, the shakeup of the US banking sector continued with Citigroup on Monday agreeing to takeover Wachovia Bank. US regulators backed the deal that grants the government a stake in one of the nation's biggest banks.
The takeover came as Wachovia faced a near collapse of its share price and weakening confidence because of its exposure to troubled mortgage assets.
Congressional leaders, mindful of the approaching November 4 general elections, acknowledged the vote could be close while some conservative Republicans and liberal Democrats vowed to oppose the measure.
"We now have a deal that promises to bring near-term stability to our financial turmoil, but at what price?" Republican Congressman Michael Pence, a critic of the bailout, asked in a letter to colleagues.
...........more............... The House failed to pass a $700 billion economic bailout package Monday, sending lawmakers back to the drawing table to try to stave o... more -
Memorial Fund Established For Victims Of Travis Barker/DJ AM Crash
Memorial funds have been established in order to benefit the families of "Lil" Chris Baker and Charles "Che" Still, both of whom were killed in a recent plane crash that left both Travis Barker and DJ AM seriously injured [click to read].
Baker was Barker's personal assistant, and Still was his security guard. A statement was recently written on the website of Barker's clothing line, Famous Stars and Straps:
"It is with the utmost sympathy and regret that the Famous Family confirms the tragic loss of two of its most beloved members.
"Lil Chris Baker and Charles 'Che' Still fell victim to a fatal plane crash in South Carolina," reads the statement. "With heavy hearts we offer our deepest condolences to their family and friends. They will remain in our thoughts and prayers. The Chris Baker Memorial Fund and the Charles Still Memorial Fund have been established for the benefit of Chris' and Charles' families. Donations may be sent to the respective funds at the following address:
Memorial Fund
1840 South Milliken
Ontario, CA 91761
Read the whole story here....
http://www.hiphopdx.com/index/news/id.7750 Memorial funds have been established in order to benefit the families of "Lil" Chris Baker and Charles "Che" Still... more -
Blown Tire Likely Cause of Travis Barker, DJ AM Jet Crash
A blown tire is being investigated as the possible cause for the jet crash that killed four people and seriously injured DJ AM and former blink-182 drummer Travis Barker this weekend in South Carolina. A blown tire is being investigated as the possible cause for the jet crash that killed four people and seriously injured DJ AM and for... more
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Diverted American Airlines flight rolls off runway
CHICAGO (Reuters) - An American Airlines plane rolled off the end of a runway as it landed in Chicago on Monday after it diverted from its planned destination due to electrical problems, the airline said.
The plane, a Boeing Co. 757 headed for New York from Seattle, stopped just off the end of a runway at O'Hare International Airport, a spokesman for American's parent company AMR Corp said. The aircraft's landing gear came to rest in the grass.
No injuries were reported.
"After the Chicago Fire Department checks the airplane, the passengers will deplane using air stairs and be taken by buses to the terminal for reaccommodation," the spokesman said.
AMR did not give a reason for the reported electrical problem that led to the flight diversion or the rocky landing that occurred in Chicago.
A spokeswoman for the Federal Aviation Administration said the aircraft had tire damage that may have occurred on landing. CHICAGO (Reuters) - An American Airlines plane rolled off the end of a runway as it landed in Chicago on Monday after it diverted from... more -
Free market bailed out
700 billion dollar Wall St bailout by Bush administration; 35 years of neo-liberalism crashes.
President Bush says the $700 billion bailout of Wall St. necessary because he's worried about "Main St." Democrats say this plan has nothing in it for Main St. and needs changes. Ron Blackwell, Chief Economist at AFL-CIO says the neo-liberal policies of the last 35 years have failed. Economis Prof. Ellen Frank of the University of Massachusets adds: "This is clearly socializing risk with returns still privatized".
Ron Blackwell is Chief Economist for the AFL-CIO, where he has also worked as Director of Corporate Affairs. Before coming to the AFL-CIO, Blackwell was assistant to the president of the Amalgamated Clothing and Textile Workers Union, and chief economist of UNITE (Union of Needletrades, Textiles and Industrial Employees). Prior to joining the labor movement, Blackwell was an academic dean at the New School for Social Research in New York (now the New School University), where he taught economics, politics and philosophy.
Ellen Frank , Associate Professor of Economics at the University of Massachusetts, Boston, a member of the Dollars & Sense collective. She is the author of The Raw Deal: How Myths and Misinformation about Deficits, Inflation, and Wealth Impoverish America , was published in 2004. 700 billion dollar Wall St bailout by Bush administration; 35 years of neo-liberalism crashes. ... more -
Travis Barker & DJ AM Critically Injured, while 4 others are dead
COLUMBIA, S.C. (AP) — South Carolina officials say four California residents died in the fiery Learjet crash that also critically injured former Blink-182 drummer Travis Barker and celebrity DJ AM.
The Lexington County coroner said Saturday that pilot Sarah Lemmon of Anaheim Hills and co-pilot James Bland of Carlsbad died. Also killed were passengers Chris Baker, 29, of Studio City, and Charles Still, 25, of Los Angeles.
Authorities say the plane carrying six people was departing shortly before midnight Friday when air traffic controllers reporting seeing sparks. The plane headed for Van Nuys, Calif., went off a runway, through a fence and crashed on a nearby road.
Barker and DJ AM, whose real name is Adam Goldstein, were in critical condition at a burn center in Augusta, Ga. COLUMBIA, S.C. (AP) — South Carolina officials say four California residents died in the fiery Learjet crash that also critically inju... more -
McCain would risk Social Security on Wall Street
Now that you can't look at a newspaper or TV screen without seeing the mayhem on Wall Street, it's time to remind Americans what the world would look like if John McCain was in charge of our economic policy. Plenty of people are losing plenty of their retirement savings as it is. But if we had let Bush and McCain privatize social security, some of those people would be losing a lot more. Now that you can't look at a newspaper or TV screen without seeing the mayhem on Wall Street, it's time to remind Americans ... more
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Texting Caused Deadly L.A. Train Crash?
Federal officials investigating a commuter rail collision that killed 26 people said they want to review cell phone records to determine if an engineer blamed for running a stop signal before the crash may have been text messaging at the time.
Coroner's assistant chief Ed Winter said a 26th death was reported to his office on Monday, of a man who died at County-USC Medical Center. His name was withheld pending notification of relatives.
With no answer on the cause of Friday's crash, a smaller number of commuters than normal returned to the rails Monday morning.
Mayor Antonio Villaraigosa boarded one of the morning's earliest trains.
"I want to dispel any fears about taking the train," the mayor said. "Safety has to be our number one concern, and while accidents can and do happen, taking the train is still one of the safest and fastest options for commuters."
The National Transportation Safety Board confirmed on Sunday that the engineer, who was killed in the crash, had failed to stop at the final red signal.
CBS Station KCAL correspondent Kristine Lazar reported exclusively that one minute before the crash, a teenager received a text message on his cell phone from the engineer, whom friends identified as Robert Sanchez.
The text message received told where Sanchez would be meeting another passenger train.
But train enthusiasts who knew Sanchez well doubt that he was to blame. They called their friend professional and caring. To a man, they said he would "never" have been reckless or unprofessional.
Another of Sanchez's friends, teenager Evan Morrison, told Lazar that Sanchez "was not the kind of guy who would run a red light."
When asked by KCAL to comment on the report, Metrolink spokesperson Denise Tyrell said, "I can't believe someone could be texting while driving a train."
KCAL said the teen was among a group of youths who befriended the engineer and asked him questions about his work.
. . . . .
It was the deadliest passenger train crash since Sept. 22, 1993, when Amtrak's Sunset Limited plunged off a trestle into a bayou near Mobile, Ala., moments after the trestle was damaged by a towboat; 47 people were killed.
(go to link for full article) Federal officials investigating a commuter rail collision that killed 26 people said they want to review cell phone records to determi... more -
Text messages probed in deadly California train crash
The crash on Friday was the nation's worst rail disaster in 15 years. In addition to the 25 people killed, 135 were injured, many critically, when the Metrolink train carrying 220 passengers barreled into a Union Pacific freight train north of Los Angeles. The crash on Friday was the nation's worst rail disaster in 15 years. In addition to the 25 people killed, 135 were injured, many... more
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Unlicensed Drunk Driver Kills Her Aunt
A 20-year-old woman faces DWI charges in a deadly accident that police say occurred when she mistakenly ran over her aunt at a Long Island water park. A 20-year-old woman faces DWI charges in a deadly accident that police say occurred when she mistakenly ran over her aunt at a Long Is... more
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Zoom Airlines shuts down
The low-cost transatlantic carrier left hundreds of passengers stranded in Canada and Europe.
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Spanair pilot: "A light has come on, but I don't know what it means"...
The last radio call made by the pilot Garcia Luna (38) was about a warning light appearing in the cockpit: “A light has come on, but I dont know what it means.” Shortly afterwards, the Spanair plane exploded into a ball of fire.
Other passangers have already spoken about a red light that appeared in the cockpit. An investigator has been interrogating the mechanic who allowed the plane to fly. Spanish media have already reported that technical problems had been noted in the engine, but the MD-82 was allowed to fly regardless. The last radio call made by the pilot Garcia Luna (38) was about a warning light appearing in the cockpit: “A light has come on, but I... more
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