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Name: herb morehead
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Hometown: marble falls, tx
Member since: Thu Feb 23, 2012, 03:49 AM
Number of posts: 4,816

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Tweet recalling Yom Kippur war, 40 years on, jolts oil traders

Tweet recalling Yom Kippur war, 40 years on, jolts oil traders


NEW YORK | Thu Oct 10, 2013 2:15pm EDT

(Reuters) - Oil traders razor-focused on signs of escalating violence in the Middle East were jolted on Thursday by a Twitter posting from the Israeli military that, at first glance, suggested they had just bombed Syrian airports.

Oil prices jumped $1 as the talk raced through oil markets, which frequently react quickly to rumors of geopolitical events and where traders have increasingly turned to the Internet and social media for advance warning of escalating risks, from the Arab Spring to the Iranian nuclear standoff.

The Tweet was true, but it wasn't news. The posting referred to an attack 40 years ago in the Yom Kippur war, the latest in a series of Tweets from the Israel Defense Forces Twitter handle (@IDFSpokesperson) commemorating the war.

The Tweet just before 10:30 a.m. EDT stated: "October 10 #YomKippur73: Israel Air Force bombards airports in Syria to prevent Soviet weapons reaching the Syrian Army". It then links to a website that gives a day-by-day account of the war.

"Obviously this was part of our Yom Kippur Twitter series. The facts are there and simple to read. It was apparent within the Tweet itself," said IDF spokesman Peter Lerner.

Although traders quickly realized the historical nature of the Tweet, oil prices maintained their gains, supported in large part by hopes of a breakthrough in U.S. debt discussions and earlier anxiety over political stability in Libya.

Front-month Brent crude prices rallied from $110.40 a barrel at 10:20 a.m. EDT -- just before the Tweet -- to as high as $111.50 just after 11 a.m., as trading volumes rose. By 1 p.m. oil was up $2.68 a barrel to $111.74, its highest in a month.

The incident is the latest example of how social media outlets are playing an increasingly important role in financial markets, often causing sudden moves - not always corrected.

In April, hackers took control of the Associated Press Twitter account and falsely posted that two explosions at the White House injured President Barack Obama. Reuters data showed the Tweet briefly wiped out $136.5 billion (89.5 billion pounds) of the S&P 500 index's value before markets recovered.

"The IDF tweet caused a bit of a stir in the oil market, with rumors circulating of a possible Israeli strike in Syria before people realized they were referring to events 40 years ago," said Richard Mallinson, chief policy analyst at consultancy Energy Aspects.

Oil prices surged in October 1973 after a coalition of Arab states launched a surprise attack on Israel during the Jewish holy day of Yom Kippur, threatening to overwhelm the country. Israel launched a massive counter-offensive before a ceasefire took hold.

The war prompted Arab nations and members of OPEC to use what they called "the oil weapon," proclaiming an oil embargo that lasted several months and set off global oil price shocks.

More recently, the conflict in Syria, and its potential to spill over into large oil-producing nations in the region, have kept crude traders on closely watching for fresh news.

(Reporting by Robert Gibbons, Jeanine Prezioso, Selam Gebrekidan, David Sheppard, Matthew Robinson, Joshua Schneyer and Eileen Houlihan; and Crispian Balmer in Jerusalem; Writing by Matthew Robinson, editing by Ross Colvin)

No way to treat a lady? No way to treat anybody.

#t=0


FINALLY, one cop gets to trial. Being an assaultive prisoner is one thing, summary "justice" from a cop with depraved indifference is all another.

NEXT GOP MOVE: IMPEACH OBAMA!

Richard Reeves
Richard Reeves 6 hours ago

WASHINGTON -- If the Republicans in Congress are unable to prevent the United States from paying its bills later in this month of shutdowns and deficit limits, I assume their next move will be an attempt to impeach President Obama.

This has not been a great century for American democracy, beginning with the Supreme Court's decision to give the presidency in 2001 to a man who may not have won it. Since then, we have started two wars we did not have a chance to win, we have had one fiscal crisis after another, and now seem to be at the mercy of 30 or 40 wackos in the House of Representatives who do not really believe in democracy or majority rule.

Alexis de Tocqueville worried about an American tyranny of the majority, still always a danger. He did not, however, envision a tyranny of the minority, which we are now living through.

<snip>

"The Constitution requires the president to spend what Congress has instructed him to spend, to raise only those taxes Congress has authorized him to impose and to borrow no more than Congress authorizes. ... Lawyers tend to play down policy considerations as a basis for interpreting law. In this case, the consequences are so overwhelmingly on one side that they cannot be ignored by the president and should not be ignored by the courts. If the debt ceiling is not increased, the president should disregard it, and honor spending and tax legislation....

<snip>




Thanks and a tip o the hat to tx4obama

The fifth edit is a charm

This cartoon says it all:



If Teapublicans really believed that the ACA would bring down the economy why do they need to bring it down themselves?

My dog was just run over and killed.

I just can't see myself getting past this.

Blinking art exhibit closed after patrons fall ill

Blinking art exhibit closed after patrons fall ill
Sept. 30, 2013, 9:14 AM EST

PITTSBURGH (AP) Authorities have temporarily shut down a room-sized art installation with blinking lights in Pittsburgh after three visitors reported seizure-like symptoms.

An 18-year-old woman was treated at the scene Sunday afternoon after reporting seizure-like symptoms at the downtown work titled "Zee" by Austrian artist Kurt Hentschlager, the Pittsburgh Tribune-Review (http://bit.ly/18jk44i ) reported.

District EMS Chief Paul Sabol said she was the third person to report feeling ill since the exhibition opened Friday.

Before entering, patrons must sign a waiver that describes the exhibit as "intense stroboscopic light in combination with thick artificial fog, resulting in a loss of spatial orientation." People with photosensitive epilepsy, breathing or heart problems, migraines, claustrophobia or anxiety are warned not to go inside.

Sabol said the exhibit will be temporarily closed and changes could be made before it reopns. Henstchlager couldn't be reached for comment.

The installation has appeared in other venues in the city previously, and Pittsburgh Cultural Trust spokeswoman Shaunda Miles said some patrons reported seizures in those places as well.

___

Information from: Pittsburgh Tribune-Review, http://pghtrib.com

His website is: http://www.bloodyloud.com/zee-kurt-hentschlager/

Quote of the Day

Quotations of the day

Published: September 30, 2013 Updated 7 hours ago

The Associated Press

"You're going to shut down the government if you can't prevent millions of Americans from getting affordable care," Rep. Chris Van Hollen, D-Md., in comments after congressional Republicans vowed to keep using an otherwise routine federal funding bill to try to attack the president's health care law as the government teeters on the brink of partial shutdown.

---

Read more here: http://www.theolympian.com/2013/09/30/2751028/quotations-of-the-day.html#storylink=cpy

Futures fall sharply as US careens toward shutdown

Source: AP


Futures fall sharply as US careens toward shutdown

The Associated Press

NEW YORK U.S. stock futures slumped Monday as the federal government careened toward a partial shutdown.

<snip>

The Dow Jones industrial futures fell 144 points to 15,051. S&P futures gave up 15.6 points to 1,670.80, and the index could see its first back-to-back trading days below 1,700 in three weeks. Nasdaq futures tumbled 30 points to 3,193.

<snip>

On Friday, the government releases its jobs report for September. The earnings seasons opens on Oct. 8 when Alcoa reports third-quarter results and on the following day, the U.S. Federal Reserve releases minutes from its most recent meeting.

<snip>

In Europe, the FTSE 100 index of leading British shares slid 0.9 percent to 6,457 while Germany's DAX fell 1.1 percent at 8,567. The CAC-40 in France fell 1.4 percent to 4,129.... Milan's stock exchange tumbled 1.9 percent to 17,310..... Japan's Nikkei 225 stock average closed 2.1 percent lower at 14,455.80. Hong's Hang Seng index fell 1.5 percent to 22,859.86 while South Korea's Kospi was 0.7 percent lower at 1,074.

Read more here: http://www.theolympian.com/2013/09/30/2751228/futures-fall-sharply-as-us-careens.html#storylink=cpy

Read more: http://www.theolympian.com/2013/09/30/2751228/futures-fall-sharply-as-us-careens.html

10 Things to Know for Today

10 Things to Know for Today


The Associated Press

Your daily look at late-breaking news, upcoming events and the stories that will be talked about today:

1. AVOIDING THE BUDGET ABYSS

One lawmaker predicts that his fellow Republicans in the House will in the end avert a government shutdown by abandoning the effort to defund Obamacare.

2. CLINTON, GINGRICH BATTLE LED TO LONGEST SHUTDOWN

When the strong-willed pols faced off about two decades ago over Medicare and other issues, the government halted twice, and one shutdown lasted 21 days.

3. HOW SYRIA INSPECTORS AIM TO GET THE JOB DONE

To make sure the regime scraps its chemical weapons, the teams say they may need to blow up missiles, smash empty shells and demolish machinery.

4. ISRAEL: BEWARE NEW IRAN LEADER'S 'SMILEY CAMPAIGN'

"I will tell the truth in the face of the sweet talk" about Iran's nuclear activities, Netanyahu says in advance of his meeting with Obama.

<snip>

8. RUNAWAY SPENDING IN NYC JAILS

Experts are trying to figure out how the city spent $167,731 per inmate last year nearly as much as it costs for four years of tuition at an Ivy League university.

<snip>

Read more here: http://www.theolympian.com/2013/09/30/2751179/10-things-to-know-for-today.html#storylink=cpy

On the bright side of it

Oil down sharply on looming US government shutdown

Published: September 29, 2013 Updated 26 minutes ago

By PABLO GORONDI Associated Press

KUALA LUMPUR, Malaysia The price of oil fell sharply on Monday, to below $102 a barrel, amid concerns that U.S. political leaders might not be able to reach a deal on a federal budget needed to avoid a partial shutdown of the government.

By early afternoon in Europe, the benchmark oil contract for November delivery was down $1.36 to $101.51 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 16 cents to close at $102.87 a barrel on Friday.

The U.S. government will reach its borrowing limit, or debt ceiling, on Tuesday. If Congress doesn't raise that limit, the government won't be able to pay all its bills and some 800,000 of the 2.1 million federal employees will not go to work.

A lasting solution seems far off as the White House and Republican lawmakers still disagree sharply on spending cuts and other key budget issues.

"The economy will slow down, confidence will slide and demand for crude will be hurt," said Evan Lucas, analyst with IG in Melbourne. "There will be a real snowball effect if the partial shutdown goes ahead."

Goldman Sachs estimated that a three-week shutdown would slow the economy's annual growth rate in the October-December quarter by up to 0.9 percentage points. If so, the growth rate next quarter would be a scant 1.6 percent, compared with market expectations of a 2.5 percent growth.

<snip>

After climbing to over $110 in late August, the price of oil has been mostly falling for three straight weeks as diplomatic efforts surrounding Syria and Iran eased concerns about Middle East supplies.

"Political crises in Italy and the U.S. mean risk is off the menu, while receding geopolitical concerns in the Middle East and excess supply are also weighing on the price of oil," said Fawad Razaqzada, an analyst at GFT Markets in London.

<snip>

Eileen Ng in Kuala Lumpur, Malaysia, contributed to this report.

Read more here: http://www.theolympian.com/2013/09/29/2750920/oil-lower-amid-jitters-over-us.html#storylink=cpy
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