More than 200 people have been killed in insurgent attacks since the new Cabinet of the interim Iraqi government was announced a week ago (LA Times). And from Knight-Ridder: Student's slaying inflames ethnic tensions at Baghdad University.
■
House OKs war funds bill, overwhelmingly passing an $82 billion emergency spending bill Thursday (May 5, 2005) to pay for military operations and rebuilding efforts in Iraq and Afghanistan as well as tsunami relief efforts in Asia.
■
Currently not recommended for your Social Security personal account portfolio: The amount of debt downgraded to junk status hit a record $482 billion year-to-date on Thursday after ratings cuts to General Motors Corp. and Ford Motor Co., Standard & Poor's said.
GM's downgrade, which affected about $291.8 billion of debt, made it the largest-ever "fallen angel," or company losing an investment-grade rating. WorldCom Inc. previously was the largest fallen angel, with $30 billion downgraded in 2002, S&P said .(Reuters)
■
Crude oil prices rose Thursday as concerns about future demand overshadowed new data showing an increase in US petroleum inventories. Light, sweet crude for June delivery rose 70 cents to settle at $50.83 a barrel on the New York Mercantile Exchange (Forbes).
■
From Billmon over at the Whiskey Bar (and you'll need a drink after this one): Actually, it doesn’t take a PhD in economics to think of a more obvious reason why the free lunch buffet can’t last much longer: American consumers and the red-state yahoos currently running the U.S. government will almost certainly outborrow and outspend whatever line of credit our Asian financiers see fit to offer. You know we’ll keep pushing the outside of the envelope until we tear a great big hole in it – it’s the American way.
No comments:
Post a Comment