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As a weary nation welcomed the respite of the long holiday weekend, TV advertising sales executives particularly looked forward to July 4th fireworks, pyrotechnics in short supply thus far in this year's upfront marketplace. With the exception of the deal between NBC Universal and GroupM -- one that, as of press time, both sides continued to deny had actually closed -- little headway of note has been made. Interpublic's Magna is also in advanced talks with NBC, although a substantive push for a deal isn't expected until later this week at the earliest. "There was a lot of talk at...

Oil fell below $64 a barrel on Monday and touched a five-week low, pressured by doubts over the prospects for a global economic recovery. The U.S. jobless rate reached a 26-year high and Euro zone unemployment is at the highest in a decade, reports showed last week. Oil fell even after militants attacked oil installations in major African exporter Nigeria. "It's a definite break to the downside, probably sparked by the poor economic data and stalling stock markets," said Christopher Bellew, a broker at Bache Commodities in London.

The futures look weaker at the open. There is continued fears over the latest jobs report. Furthermore, VP Biden's comment, in which he said that the administration "misread the intensity of the recession, aren't helping matters either. Most of the indices look to be down about 1% at the open.

Quick, name the two largest recipients of American foreign aid. If you guessed Israel and Egypt, you'd be correct. Since 1997, the US has provided between $2 billion and $3 billion dollars annually to Israel and between $1b. and $2b. to Egypt, accounting for about a third of its total foreign aid budget.

One of the more remarkable things about the expansion of the subprime financial crisis into a general economic contraction is the Federal Reserve System's narcissistic focus on itself. In his speeches, Ben Bernanke spends more time talking about the Federal Reserve's balance sheet and how stupendously fabulous it continues to be despite the vast quantities of loans it is making to shore up various aspects of the financial system than he does about the unemployment rate or the expected effects of economic contraction on the public. It's rather like a seeing a speeding school bus full of children smash into...

The Obama administration has talked about a "reset" in Russian-American relations. But a Russian analyst shrugs his shoulders when he's asked about the term. "What happens when you press the reset button on a computer?" he muses. "It goes dark, and then after a while the same screen comes back again."

Tax refunds are now being "delayed": ATLANTA (AP) - Colin Daymude was out of work last year after his business failed and eagerly filed his taxes in mid-January, figuring he'd get his refund sooner. He was wrong. It took the 44-year-old entrepreneur more than six months to get his $1,300 check—money that he needed to pay living expenses while he worked a few side gigs. Let's be clear: this is not the state's money. You do not owe more than your lawful tax amount. If you overpay, the state has the obligation to refund that amount as soon as it...

Word For The Day, Monday, 7/6/09 In order that we might all raise the level of discourse and expand our language abilities, here is the daily post of "Word for the Day". frisson;noun a sudden, passing sensation of excitement; a shudder of emotion; thrill: The movie offers the viewer the occasional frisson of seeing a character in mortal danger Etymology: 1770–80; < F: shiver, shudder, OF friçons (pl.) < LL frictiōnem, acc. of frictiō shiver (taken as deriv. of frīgēre to be cold), L: massage, friction Rules: Everyone must leave a post using the Word for the Day in a...

Its not enough to rig leverage limits as Henry Paulson asked for and was granted when he ran Goldman Sachs. Its not enough to watch both Bear and Lehman blow up as a consequence of that excessive leverage. No, now we have to find new and innovative ways to cheat capital requirements! Investment banks, including Goldman Sachs and Barclays Capital, are inventing schemes to reduce the capital cost of risky assets on banks’ balance sheets, in the latest sign that financial market innovation is far from dead. The schemes, which Goldman insiders refer to as “insurance” and BarCap calls “smart...

America may be in the midst of a deep recession, and the nation may be facing unprecedented deficit spending and debt, but the White House will not reveal the cost to taxpayers of the European vacation that first lady Michelle Obama and the president’s two daughters, Malia and Sasha, took last month. Travel by an American first lady typically includes the military passenger jet that carries her and the children, Secret Service personnel to provide security, and a separate cargo plane to haul official vehicles. First Lady Michelle Obama’s tour of Paris with her children included a convoy of 20...

Israel is urging the United States and other countries to start preparing now for the possibility that Washington's proposed dialogue with Iran will fail, by readying a "Plan B" that includes "paralyzing sanctions" and other measures against Tehran. The U.S. has resisted this idea so far. The Israeli messages - sent against the background of the recent unrest in Iran - have been delivered to the White House, the State Department and senior officials in the U.S. intelligence community by senior officials in the Prime Minister's Office and the Foreign Ministry. Similar messages have been sent to senior officials in...

                                                                                                                                 

Obama hits head on White House door Politico Friday, 3 July 2009, 8:01 am He used walking into the door as an excuse for his inability to articulate his "raising taxes is good" message to the American people: President Obama acknowledged the disappointing jobs report at the White House, but quickly urged Americans to be patient as the country waits for the economy to improve. "As I've said from the moment I walked into the door of this White House, it took years for us to get into this mess and it will take us more than a few months...

Rome, 2 July (AKI) - Italy's upper house of parliament on Thursday voted into law a controversial security bill making illegal immigration a punishable offence. The law also allows citizen anti-crime patrols in towns and cities and triples the amount of time illegal immigrants can be detained in holding centres from two to six months. Senators backed the bill by 157 to 124 votes with three abstentions and relied on confidence votes in both houses of parliament to pass the law. The lower house Chamber of Deputies had already approved the security bill in May. The measures, especially the criminalisation...

Sound Off Connecticut is a popular conservative/libertarian call in talk show hosted by Jim Vicevich weekday mornings from 9 a.m. to noon ET. Although based in Connecticut, the show welcomes callers from all over the United States! This is your chance to sound off America! Call into the show toll free (800) 966-9842! Listen to the LIVE AUDIO STREAM at http://wtic.com - it's free and NO registration is required! If you're in southern New England listen over the air to WTIC 1080 AM, the 50,000 watt Connecticut powerhouse! Are you outside of Connecticut? Start your day off listening to Jim...

URUMQI, China — Violent street battles killed at least 140 people and injured 828 others in the deadliest ethnic unrest to hit China's volatile western Xinjiang region in decades, and officials said Monday the death toll was expected to rise. Security forces have clamped down on the city of Urumqi and set up checkpoints to catch any fleeing rioters, state media reported, after tensions between ethnic Muslim Uighur people and China's Han majority erupted into riots. Rioters on Sunday overturned barricades, attacking vehicles and houses, and clashed violently with police, according to media and witness accounts. State television aired footage...

Here is video of President Obama and family arriving in Moscow, Russia for a week of meetings with Russian President Medvedev and Prime Minister Vladimir Putin. Obama is thought to be seeking Russian agreement to reduce stockpiles of Nuclear Missiles, while Russia is demanding the U.S. abandon the placement of a missile defense shield in Eastern Europe before they will consider such reductions. It will be interesting to see if Obama caves in to Russia's demands. . . . . (Watch Video)

An active pensioner admitted to hospital for routine treatment for a stomach bug died six weeks later following a series of 'blunders' by overworked staff. Betty Dunn, 79, was taken to Tameside General Hospital in Ashton-under-Lyme, Greater Manchester, to be rehydrated with saline. But her horrified family watched helplessly as the widow's condition deteriorated over six weeks before she died after contracting the superbug C-diff. At one point her relatives, who battled to communicate with staff who apparently didn't speak English, were so concerned for the former Land Girl's welfare they called in police. Doctors then transferred the great-grandmother to...

Colin Powell is lacerating those who attack Sotomayor and says the GOP is not sensitive enough to minorities.....Powell, from Sotomayor's Bronx neighborhood, said she should face "a spirited Senate hearing"...but should not be condemned for ruling against white firefighters. "We can't continue to have somebody like Sotomayor.....called a racist...and he sniped at Rush and others who say Powell supports Obama only because both are black.

Ryanair is considering proposals to make some of its customers stand during flights. Michael O'Leary, the chief executive of Ryanair, plans to make some passengers stand. The low-cost airline would charge passengers less on "bar stools" with seat belts around their waists. Michael O'Leary, the chief executive, has already held talks with US plane manufacturer Boeing about designing an aircraft with standing room. He is now seeking approval from the Irish Aviation Authority before ordering a new fleet of carriers, according to The Sun. A Ryanair spokesman told the newspaper: "If they approve it, we'll be doing it." Mr O'Leary...