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4,577 posts
msg #92803
Ignore Eman93
5/16/2010 2:41:59 AM

If you want to comment on the news post it here..... didn't want to clutter up other threads with this...

4,577 posts
msg #92804
Ignore Eman93
5/16/2010 2:44:00 AM

Trichet Wants ‘Quantum Leap’ in Euro Budget Control (Update1)
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By Richard Weiss and Mark Deen

May 15 (Bloomberg) -- European Central Bank President Jean- Claude Trichet called for a “quantum leap” in the way euro- area nations set their budgets and defended his decision to buy bonds from debt-saddled countries such as Greece and Portugal.

“There is a need for a quantum leap in the governance of the euro area,” Trichet said in an interview with Spiegel magazine published on the ECB website. “There need to be major improvements to prevent bad behavior, to ensure effective implementation of the recommendations made by peers and ensure real and effective sanctions in the case of breaches,” he said.

Trichet, who said the current crisis may be worse than the Great Depression, is fending off critics who say the ECB caved into political pressure as the sovereign-debt crisis stirred speculation that Europe’s single currency may break up.

While the 16 members of the euro share a common monetary policy, members are responsible for their own fiscal decisions. That allowed Greece’s budget deficit to reach almost 14 percent of its gross domestic product, exceeding the EU’s 3 percent limit without penalty. Germany’s is 3.2 percent of its GDP.

Trichet’s move came in tandem with a decision by European Union nations to push through a $1 trillion aid package to support members of the club who face the highest borrowing costs. The ECB’s debt purchases helped push down two-year bond yields over the course of the past week, making it less expensive for indebted nations to finance themselves.

‘Weak’ Governments

The euro fell to its lowest level since the 2008 collapse of Lehman Brothers Holdings Inc. this week, depreciating 3.1 percent to $1.2358 from $1.2755 on May 7.

Trichet rejected the suggestion that the ECB gave up its independence when it agreed to buy government bonds.

“That is ridiculous,” Trichet said in the interview. “Just who has been weak over the past few months? It was not the ECB. The governments with their high debts were weak.”

The ECB plans to “sterilize” all bond purchases by withdrawing liquidity elsewhere in the system, thereby limiting the overall money supply, he said.

Trichet criticized Greece for being too slow to cut its budget deficit and said the Frankfurt-based central bank’s actions were justified by the crisis in financial markets.

“It is clear that since September 2008 we have been facing the most difficult situation since the Second World War, perhaps even since the First World War,” Trichet said. “We have experienced and are experiencing truly dramatic times.”

Greek Prime Minister George Papandreou, who more than doubled the estimate of the budget shortfall when he took office last year, has pledged to cut the gap to 3 percent by 2014 in order to win aid from other euro countries and the IMF.

The Greek government currently has debts equivalent to 115 percent of gross domestic product, and that ratio will rise to about 150 percent before it starts falling, economists say.

4,577 posts
msg #92806
Ignore Eman93
5/16/2010 2:48:34 AM

Yea lets lend them more money...... that outta do it.

10,148 posts
msg #92814
Ignore johnpaulca
5/16/2010 11:28:01 AM

Give Greece a credit card to pay off the debts of their other credit cards...yeh, that make sense....idiots.

4,577 posts
msg #92817
Ignore Eman93
5/16/2010 1:45:09 PM

yea this is totally sustainable we just need GDP to grow a bit.......

4,577 posts
msg #92820
Ignore Eman93
5/16/2010 2:42:26 PM

BP Succeeds in Inserting a Tube to Funnel Oil From Leaking Well

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By Kim Chipman and Jordan Burke

May 16 (Bloomberg) -- BP Plc said it made a breakthrough today in its attempts to control oil leaking from a damaged well in the Gulf of Mexico, successfully inserting a tube that will funnel oil to a ship on the water’s surface.

It was BP’s second attempt to insert the tube to capture oil gushing from a well 5,000 feet below the water’s surface. A first attempt failed when the frame that holds the tube shifted, Doug Suttles, BP’s chief operating officer for exploration and production, said yesterday.

The tube will capture only some of the spillage. “While not collecting all of the leaking oil, this tool is an important step in reducing the amount of oil being released into Gulf waters,” the statement said.

After the tube was successfully inserted and working to funnel the oil, it was dislodged, halting the test. Technicians inspected the system and have reinserted the tube, BP and government authorities said today in a statement from the oil spill’s Joint Information Center.

The tube is made from a 4-inch (10.2 centimeters) pipe wrapped with a rubber flange and inserted by remote-operated vehicles into a larger pipe leading from the leaking well.

The idea is that undersea pressure will force the oil into the pipe and up to the surface, where a drill ship will separate and store the oil for processing at a refinery. After it was in place, the tube was successfully capturing oil and gas and funneling it to the ship, BP and government officials said in the statement.

Transocean Ltd.’s Deepwater Horizon drilling rig, leased to London-based BP, exploded April 20 and sank two days later, taking the lives of 11 crew members. BP attempted to divert the flow using a 40-foot steel box, which didn’t work. It also failed in an attempt to use remote-operated vehicles to engage a device that would shut the well.

4,577 posts
msg #92821
Ignore Eman93
5/16/2010 2:45:18 PM

Insert Tiger joke here........

4,577 posts
msg #92825
Ignore Eman93
5/16/2010 7:04:44 PM

Metal legend Ronnie James Dio dead at 67

By WAYNE PARRY (AP) – 1 hour ago

Ronnie James Dio, whose soaring vocals, poetic lyrics and mythic tales of a never-ending struggle between good and evil broke new ground in heavy metal, died Sunday, according to a statement from his wife and manager. He was 67.

Dio revealed last summer that he was suffering from stomach cancer shortly after wrapping up a tour in Atlantic City, N.J., with the latest incarnation of Black Sabbath, under the name Heaven And Hell.

"Today my heart is broken," Wendy Dio wrote on the singer's site, adding he died at 7:45 a.m. "Many, many friends and family were able to say their private goodbyes before he peacefully passed away.

"Ronnie knew how much he was loved by all," Wendy Dio continued. "We so appreciate the love and support that you have all given us ... Please know he loved you all and his music will live on forever."

The statement was confirmed by Los Angeles publicist Maureen O'Connor. Dio was being treated at a Houston hospital, according to his site.

Though Dio had recently undergone his seventh chemotherapy treatment, he was hopeful to perform again. Earlier this month, Heaven And Hell canceled its summer tour, but Dio did not view being sidelined as a permanent thing.

"Wendy, my doctors and I have worked so hard to make it happen for all of you, the ones we care so much about, that this setback could be devastating, but we will not let it be," he said in a statement. "With your continued love and support, we ... will carry on and thrive. There will be other tours, more music, more life and much more magic."

Dio rose to fame in 1975 as the first lead singer of Rainbow, the heavy metal band put together by guitarist Ritchie Blackmore, who had just quit Deep Purple.

Dio then replaced legendary vocalist Ozzy Osbourne in Black Sabbath in 1980 with the critically acclaimed album "Heaven And Hell," considered by many critics to be one of the finest heavy metal albums of all time. His on-again, off-again tenure with Black Sabbath touched off an intense debate among fans as to which singer was the true essence of the band — a discussion that lasted until his death.

He also enjoyed a successful solo career with his self-titled band, Dio, in between his three stints with Black Sabbath (1980-82; 1992; and 2007-2009, when the band toured as Heaven And Hell, to differentiate it from Osbourne-led versions of Sabbath).

Many of his most memorable songs revolved around the struggle between good and evil, including his signature tune "Heaven And Hell." He also drew heavily on medieval imagery in songs like "Neon Knights," "Killing The Dragon" and "Stargazer."

"He possessed one of the greatest voices in all of heavy metal, and had a heart to match it," said Twisted Sister guitarist Jay Jay French, whose band toured with Dio since 1983, and was to do so again this summer at European rock festivals. "He was the nicest, classiest person you would ever want to meet."

Dio organized an all-star charity collaboration in 1986 called "Hear N' Aid" to raise money for famine relief in Africa, styled on the successful "We Are The World" campaign of a few years earlier.

His solo hits included "Rainbow In The Dark," "The Last In Line" and "Holy Diver."


AP Music Writer Nekesa Mumbi Moody contributed to this story.

671 posts
msg #92831
Ignore miketranz
5/16/2010 8:48:57 PM

Eman,Black Sabbath was one of my favorite groups.I wanted to hear some Sabbath the other day so I went on utube,Black Sabbath 1975 Asbury Park Convention Hall,New Jersey.Then something hit me,wait a minute,I was there! Wow,what a show,in front of maybe 2000 people.They were just becoming popular back then.You wanna talk about hard rock? Those were the days..........

14 posts
msg #92834
Ignore awj11669
5/16/2010 9:48:15 PM

Hope the oil spill is not bad in two weeks off Texas. I plan to go offshore to catch some fish :)

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