U.S. Weighs Increase in Deposit Insurance

WASHINGTON -- Congress and the Bush administration are hashing out an agreement to raise the level of consumers' bank deposits guaranteed by the government, an idea they hope might bring enough support to revive President George W. Bush's planned rescue of financial markets.

Bush: Financial Security Is at Stake

1:05

President Bush argues the need for quick congressional action on a rescue plan. If action is not taken, he says, the "economic damage will be painful and lasting." Video courtesy of Fox News. (Sept. 30)

The Senate will vote on a new version of the rescue bill Wednesday if a compromise can be reached on this and other issues. Congressional leaders expect the vote could build momentum for passage of the bill in the House, which stunned Washington Monday by rejecting the $700 billion banking-rescue package.

Congressional leaders were also considering changing an accounting rule known as "mark to market" that some lawmakers blame for the financial system's volatility. The legislation would back up the Securities and Exchange Commission, which Tuesday gave companies more leeway to figure out the value of assets for which there are no buyers. Other possible additions: jobless benefits and homeowner tax breaks.

The move to boost deposit-insurance limits, which the White House has raised with industry players, received a boost Tuesday when presidential candidates Sens. John McCain and Barack Obama endorsed the idea. Both candidates planned to return to Washington Wednesday for the possible Senate vote. Sheila Bair, chairwoman of the Federal Deposit Insurance Corp., which oversees the program, said she would support temporarily raising the coverage.

"I'm willing to do this given the exigencies we're looking at," said Sen. Christopher Dodd, a Connecticut Democrat and chairman of the Senate Banking Committee. "This is a matter I normally want to give a lot more consideration to than 24 hours." Mr. Dodd said the Senate would vote on raising the FDIC limit to $250,000 from $100,000 for one year. Final details were still being worked out and could change.

These seemingly minor moves are part of an effort by White House and congressional leaders to rescue the president's proposal by giving it a running start in the Senate. Mr. Bush has said the plan is vital to ensure the proper functioning of the financial system. The proposal was defeated Monday in a stunning revolt by rank-and-file lawmakers, sending global stock markets reeling.

It's not clear if the measures will be enough to reverse Monday's defeat, although initial indications suggest they will attract lawmakers to the legislation. The moves wouldn't fundamentally change Treasury's proposal to buy troubled assets, but would add a populist tinge at a time when voters appear enraged at what many see as a bailout of Wall Street, not Main Street.

Federal law generally insures depositors up to $100,000 when banks fail. The limit hasn't been increased in more than two decades. Proponents of raising the limit say runs on deposits, fueled by consumer fears about the economy, have contributed to recent financial turmoil, and played a part in the collapse of IndyMac and Washington Mutual Inc. They say higher limits will restore confidence in the banking system by comforting consumers who might otherwise take their money out.

Sheila Bair

Building Support

Congressional aides said a new proposal could build support among centrist Democrats and Republicans by addressing concerns that the Bush-backed bill needs more protections for Main Street.

Such a measure would also win the backing of community bankers, who have lobbied heavily on its behalf. The U.S. government recently began insuring money-market mutual funds temporarily. Bankers argue that takes away one of their advantages over those funds, which offer better yields than bank deposit accounts. The community banking industry is a powerful force behind the scenes in Congress and its clout could sway some lawmakers to support the bill.

The Dow Jones Industrial Average, buoyed by general comments from lawmakers suggesting a new deal could be reached this week, rebounded Tuesday after Monday's record 777-point plunge. The blue-chip measure soared 485.21 points higher, or 4.7%, to close at 10850.66, off 4.4% for the quarter. The new proposals also came as Ireland moved to buttress its banking system, and three European nations bailed out another major lender this week.

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Adding to the pressure on Congress to act were some of the nation's biggest corporations, including Verizon Communications Inc., Microsoft Corp. and General Electric Co. GE Chief Executive Jeffrey Immelt is actively lobbying politicians and finance officials in Washington to complete the financial-rescue bill, said a company spokesman. To back up his message, Mr. Immelt directed his staff to compile evidence of the "negative ripple effects" throughout America from the crisis on Wall Street, including information on what is happening to customers and employees in all 50 states.

The unexpected failure of the $700 billion bill in the House exposed deep skepticism in both parties with the planned rescue and sparked a bitter round of finger-pointing over which party was to blame for the collapse.

In the aftermath Tuesday, the nation's political leadership at both ends of Pennsylvania Avenue offered renewed pledges of cooperation. At the White House, Mr. Bush vowed to "work closely with leaders of both parties," a commitment echoed by Speaker Nancy Pelosi (D., Calif.) and Senate Majority Leader Harry Reid (D., Nev.)

Congressional leaders are focusing on improving the bill that failed Monday in hopes of enticing enough lawmakers to change their votes -- 12 would need to switch, assuming all other votes stayed the same. In a series of private discussions Tuesday, the biggest focus was adding an amendment that would raise deposit-insurance limits for banks.

It's not clear why the idea of raising deposit insurance was left out of the original bill that failed. Republicans say they pushed it, only to be rejected. Democrats counter that it wasn't floated during the last round of negotiations over the weekend.

One problem: Raising the deposit-insurance limits could require that the FDIC levy higher fees to fund the program, which might have to come from the struggling banking industry. An alternative would be to temporarily waive the premiums that banks pay to the FDIC and have the Treasury be liable for covering losses.

A Failed Bailout Vote

• Opinion: The Beltway Crash
• Page One: Bailout Plan Rejected
• Real Time Econ: Congress Passes Hot Potato Back to Bernanke
• Vote Tally: How Representatives Voted, by State
• Deal Journal: Who's at Fault? And What's Next?
• Political Wisdom: Big Failure, Bigger Blame Game
• Deal Journal Video:'Politics Over Fiscal Sensibility'
• Wash Wire: McCain Points to Obama and Democrats
• Vote: Should the House have approved the bailout plan? Vote: YES | NO
• Full Text of the Draft Bill | Summary

The FDIC's deposit-insurance fund is already at a historically low level, with roughly $1 backing every $100 of insured deposits. One concern among several government officials skeptical of the idea is that it could be politically impossible to reduce the insurance ceiling after the crisis subsides.

The FDIC insured roughly $4.5 trillion in deposits as of the second quarter, and had $45 billion in the actual fund.

In supporting the move, the FDIC's Ms. Bair said it "would provide the dual benefits of providing additional liquidity to banks for lending as well as provide some additional reassurance to depositors above the current limits." She raised the idea of "potential borrowings from Treasury" to set up such a program, which would eventually be paid back through fees charged to the banking industry.

In the days after Hurricane Katrina, small banks along the Gulf Coast endured deposit runs, prompting calls by bankers in the region for a temporary increase in deposit-insurance limits. Depositor fears subsided, and the bankers backed off of their request. Amid the current market turmoil, similar runs have created problems for regulators and bank managers.

Harry Reid

"What we're seeing, in general terms, is almost irrational behavior on behalf of some consumers who are panicking," said Scott Polakoff, the senior deputy director at the Office of Thrift Supervision, which regulates savings and loans.

Building Consensus

The House and Senate, in observance of the Jewish New Year, did not meet Tuesday for formal business. With Capitol Hill largely emptied, senior lawmakers and their staff found much-needed breathing room to begin discussions of how best to build consensus for Mr. Bush's plan. That plan envisions spending $700 billion to buy up the tainted mortgages, securities and financial assets that are undermining market confidence and threatening to tilt the U.S. into recession.

Congressional leaders have other options, in addition to the FDIC concept. Among Democrats, for example, there was interest in adding new assistance for unemployed workers, as well as a new $1,000 tax deduction for homeowners who don't itemize deductions, a move that could help address concerns the original bill wasn't focused on helping "average Americans."

Nancy Pelosi

Late Tuesday, the Senate leadership signaled its intention to fold into the market-rescue bill a package of business and individual tax proposals, including a measure to ease the bite of the so-called alternative minimum tax on middle-class families. House Minority Leader John Boehner (R., Ohio) "gave the green light" to the idea, believing the tax package will appeal to House Republicans, a Boehner spokesman said. But the move carries risks, since such tax proposals have been unpopular among moderate Democrats in the House.

'Reason to Vote'

Rep. Steve Cohen (D., Tenn.), who voted for the original bill, said adding a deposit-insurance increase might help pick up some conservative Democrats and Republicans. "I think you're going to find Republicans looking for a reason to vote for something that is a little bit different," he said.

Camden Fine, chief executive officer of the Independent Community Bankers of America, a trade group representing local banks, noted that the federal government bailed out two major banks -- Wachovia Corp. and Washington Mutual -- moves that effectively protected all funds held by depositors. That worries smaller banks, that fear consumers may leave them for larger institutions. Thirteen banks have failed this year, the most since the end of the savings-and-loan crisis in the 1990s.

On the question of the SEC's mark-to-market accounting rule, the agency issued guidance Tuesday that could give management more flexibility in valuing securities when there isn't a regular market for them.

Over the past year, some financial firms have had to write down the value of assets; under the accounting rule, if there is no active market, an asset's value would have to be cut substantially, even if it might be worth something in the future. That has eroded firms' capital base, making them more vulnerable to downturns in the market and reducing confidence among investors.

The SEC said on Tuesday that in some circumstances it might make more sense to judge assets not on what the market will bear, but on their intrinsic value -- for example, if they're from a highly respected company that is unlikely to default.

The move is less expansive than that desired by some business groups, which wanted the rule suspended altogether. But its implications are nonetheless significant, potentially giving financial firms a way to revive the value of assets that were previously considered worthless. Critics have charged that such a move would paper over problems and make opaque markets even harder to judge.

House Democrats who voted against the bill received thousands of calls yesterday from constituents. Most members' staffs said the callers agreed with them. Rep. Tom Udall of New Mexico, a five-term Democrat, received 831 emails in the 24 hours after the vote, as well as 300 calls to his New Mexico offices and 100 calls in D.C. "Both calls and emails are two-thirds to 75% opposed to the bailout bill as it stood yesterday," said Mr. Udall's spokesman Sam Simon.

White House spokesman Tony Fratto declined to discuss specifics, but suggested the president is flexible.

"There's no single silver bullet here," he said. "There are lots of good ideas that can help the financial-services industry and our financial markets, and we're going to look at all of those ideas."

Porsche Calls BS on GT-R's Ring Time

Though the 7:29 lap time set by the new Nissan GT-R at the Nurburgring is impressive, Porsche thinks there's a caveat: the car may have used racing tires.

August Achleitner, product chief for the storied 911 range, told the Australian CARSGuide that such a time was impossible with a stock car.

"This wonder with 7:29 could not have been a regular series production car," he said. "What we can imagine with this Nissan is they used other tires."

His statement isn't just the product of German bravado, it's reportedly the product of back-to-back testing. Achleitner said engineers purchased a stock GT-R with "new tires," and ran it around the 'Ring alongside new Porsches.

The results? We don't have the specifics, as one of Porsche's cars was the forthcoming Panamera, but we're told the Germans were unable to meet the time set by Toshio Suzuki. Engineers concluded that, unless racing slicks were used, the GT-R couldn't produce such a lap on the Green Hell.

Though Achleitner says he doesn't "want to make anything bad" with his words, this is a gauntlet slap across Nissan's jaw. We expect a response from Tokyo in the near future...

Additional Aston Martin One-77 Details Leaked

GAYDON, England — Aston Martin has given scant information on its upcoming One-77 supercar, due to be unveiled at the 2008 Paris Auto Show this week. However, the international news media have come out with more details, led by a Dutch Web site that published pricing and technical data this week — and what purports to be an actual Aston Martin sales contract form for the car.

The site 925.nl says the Aston Martin One-77 will be released in a limited run of — what else? — 77 units and will cost the equivalent of $1.86 million. It will be a lightweight two-seat coupe built on a hand-crafted aluminum frame with a carbon fiber body, a detail Aston Martin has already announced.

Engine-wise, the One-77 will get a 7.0-liter 12-cylinder engine, normally aspirated and making about 710 horsepower and 553 pound-feet of torque, paired with a six-speed automated manual transmission.

Other juicy details: The car will have a height-adjustable suspension, dynamic stability control and a carbon-ceramic brake system.

Late 2009 is the expected release date for the new Aston, the site says.

Aston Martin has a dedicated Web site for the One-77.

What this means to you: The Dutch shake loose some stirring details about a supercar that sounds worth the wait

BMW Reveals X1 Concept

MUNICH, Germany — BMW is using the 2008 Paris Auto Show to reveal a concept version of its upcoming X1 compact SUV. The baby brother to the five-year-old X3 is planned to join the lineup in mid-2009. However, there are serious doubts over whether it will be sold in North America because of the continued strength of the single European currency against the weakened U.S. dollar.

BMW is not revealing much about the X1 ahead of the Paris show launch other than its bold appearance. The concept, set to go on public display for the first time on Thursday, is said to closely mirror the production version of BMW's new entry-level SUV, although various details will be toned down slightly before it heads into European showrooms next year. The overall look is borrowed heavily from the larger X5, but BMW's designers have developed new exterior features, including distinctive head- and taillamps, to ensure the X1 gains its own visual appeal.

An early promotional video viewed by Inside Line reveals that BMW is targeting its latest SUV at a much younger audience than its existing models. The sloping tailgate treatment certainly points at a vehicle that places good looks over load-carrying capacity. Dimensionally, the X1 is close to the 3 Series Touring — a Europe-market wagon version of BMW's most successful model — on which the X1 is largely based.

Engine options for the future X1 include a 170-horsepower 2.0-liter four-cylinder gasoline and 177-hp 2.0-liter four-cylinder common-rail diesel, as well as a 265-hp 3.0-liter six-cylinder gasoline engine and the company's new 245-hp 3.0-liter six-cylinder diesel.

The four-wheel-drive X1 is set to be produced alongside various 1 and 3 Series models at BMW's Leipzig plant in Germany.

Landing it in North America at a competitive price under the prevailing economic conditions is apparently proving impossible. "We would like to see the X1 offered in North America, but at the moment it is a difficult business case to justify," a high-ranking BMW source told Inside Line.

With more than nine months before it rolls into European showrooms, BMW is not talking pricing. The word in Paris, however, is that BMW is preparing to move the X3 upmarket when the second-generation model, set to be built alongside the X5 in South Carolina, arrives in 2010, allowing the X1 to slip neatly into the space that model currently occupies.

What this means to you: It's arguably better-looking than the X3, but the X1 is no certainty for the U.S. market. — Andreas Stahl, Correspondent

Satellite Surveillance Program to begin despite Privacy Concerns

WASHINGTON -- The Department of Homeland Security will proceed with the first phase of a controversial satellite-surveillance program, even though an independent review found the department hasn't yet ensured the program will comply with privacy laws.

Congress provided partial funding for the program in a little-debated $634 billion spending measure that will fund the government until early March. For the past year, the Bush administration had been fighting Democratic lawmakers over the spy program, known as the National Applications Office.

The program is designed to provide federal, state and local officials with extensive access to spy-satellite imagery -- but no eavesdropping -- to assist with emergency response and other domestic-security needs, such as identifying where ports or border areas are vulnerable to terrorism.

Since the department proposed the program a year ago, several Democratic lawmakers have said that turning the spy lens on America could violate Americans' privacy and civil liberties unless adequate safeguards were required.

A new 60-page Government Accountability Office report said the department "lacks assurance that NAO operations will comply with applicable laws and privacy and civil liberties standards," according to a person familiar with the document. The report, which is unclassified but considered sensitive, hasn't been publicly released, but was described and quoted by several people who have read it.

The report cites gaps in privacy safeguards. The department, it found, lacks controls to prevent improper use of domestic-intelligence data by other agencies and provided insufficient assurance that requests for classified information will be fully reviewed to ensure it can be legally provided.

A senior homeland-security official took issue with the GAO's broad conclusion, saying the department has worked hard to include many layers of privacy protection. Program activities have "an unprecedented amount of legal review," he said, adding that the GAO is seeking a level of proof that can't be demonstrated until the program is launched.

Homeland Security spokeswoman Laura Keehner said department officials concluded that the program "complies with all existing laws" because the GAO report didn't say the program doesn't.

Addressing the gaps the agency cited, Ms. Keehner said current laws already govern the use of intelligence data and the department has an additional procedure to monitor its use. The department will also work with other intelligence agencies to "ensure that legal reviews and protection of classified information will be effective," she said.

In response to the GAO report, House Homeland Security Committee Chairman Bennie G. Thompson of Mississippi and other Democrats asked Congress to freeze the money for the program until after the November election so the next administration could examine it.

But the bill Congress approved, which President George W. Bush signed into law Tuesday, allows the department to launch a limited version, focused only on emergency response and scientific needs. The department must meet additional requirements before it can expand operations to include homeland-security and law-enforcement surveillance.

The restrictions were "the most we could have required without a complete prohibition," said Darek Newby, an aide to Democratic Rep. David Price of North Carolina, who heads the House homeland-security spending panel.

But California Rep. Jane Harman, who heads a homeland-security subcommittee on intelligence, said that even limited funding allows the department to launch the program, providing a platform to expand its surveillance whether or not privacy requirements are met.

"Having learned my lesson" with the National Security Agency's warrantless-surveillance program, she said, "I don't want to go there again unless and until the legal framework for the entire program is entirely spelled out."

Rep. Thompson vowed to fight expansion of the program until privacy issues are further addressed.

Reporter vs Sand Castle

It took 16 days to build, but only a few seconds to destroy. Say thank you to the Reporter.

Hollywood Love Nests

Stalkers, kidnappers and name droppers pay attention. Your wet dreams have all just come true. A huge list of addresses of the Hollywood rich and famous has become public. Including aerial photographs. This means you can see which way of entry is good for a bit of night time voyeurism while your favorite celebrity is taking a crap or you can comment on the aweful/great layout of the garden of your favorite celebrity while attending a local PTA meeting. Hours of fun really.

Dow up 400 on greater likelihood of bailout vs. no bailout

NEW YORK (CNNMoney.com) -- Stocks rallied Tuesday afternoon as investors scooped up shares battered in the bloodletting that followed Congress' failure to pass a $700 billion bank rescue plan.

But credit markets remained frozen. Several closely-watched measures of bank lending fear hit all-time highs, as firms continued to hoard funds.

The Dow Jones industrial average (INDU) added 400 points before scaling back a bit, with 90 minutes left in the session, recovering some of the record 777 points lost the day before.

The Standard & Poor's 500 (SPX) index rose 4.6% and the Nasdaq composite (COMP) gained about 4.3%.

The advance was largely in response to the previous session's selloff, in particular the swell of sell orders that poured in near the close of the session, said Alan Lancz, director of Lancz Global.

"There was panic selling yesterday, so today you're seeing a reflex rally or a dead cat bounce," Lancz said.

He said the stock advance could also imply investors expect that some form of the government plan will pass, perhaps by the end of the week.

Bank rescue plan: Stocks plunged Monday after the House of Representatives shot down the proposed $700 billion bank rescue plan, surprising investors who had thought that a bipartisan compromise on the deal had been reached over the weekend.

The plan involves the Treasury Department buying up bad mortgage bets from banks, enabling them to start lending to each other again and ultimately defrosting the credit markets. Lawmakers had fought to modify the plan with more taxpayer protections.

However, taxpayers were not entirely swayed, and voter complaints about the plan ahead of the election contributed to House Republicans largely voting against the proposal. (Full story)

Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke and other officials conceived the plan in the wake of a series of bank failures and mergers amid the housing market collapse and subsequent credit market freeze up. Frozen credit markets mean banks cling to cash, making it difficult for businesses and individuals to get needed loans.

Bill Heard Enterprises(Largest Chevy Dealer in Country) Declares Chapter 11

NEW YORK (Associated Press) - The company with the largest chain of Chevrolet dealerships in the country filed for bankruptcy protection against a "perfect storm" of woes including soaring gasoline prices, declining demand for big vehicles and the nationwide credit crunch.

Bill Heard Enterprises Inc., the Georgia-based firm which operated in seven states before it shut down last week, said its 14 dealerships were losing from $2 million to $5 million a month because of a drop in sales coupled with a lack of available credit.

A judge scheduled a hearing Monday on the bankruptcy petition, filed Sunday in federal court in northern Alabama.

Meanwhile, two employees of the company's dealership in Huntsville, Ala., filed a lawsuit claiming they were wrongly terminated when Bill Heard unexpectedly shut down its lots last Wednesday. Attorneys asked a judge to certify the suit as a class-action and include all Bill Heard workers.

A spokesman for the dealership declined comment on the employee lawsuit.

The company began in 1919 as a single dealership in Columbus, Ga. It grew and Heard adopted the slogan "Mr. Big Volume," focusing on big stores, high-volume sales and deals that included loans for people with shaky credit histories.

The business model fell apart as gas prices soared and demand waned for big vehicles like Chevy pickup trucks and sport-utility vehicles. At the same time, credit dried up for many customers as finance companies tightened their lending rules.

The company posted revenue of about $2.5 billion a year at its peak, but it said it began to lose money starting in mid-2007.

In the bankruptcy filing, Bill Heard Enterprises said it owed $229 million total to GMAC, BMW Financial Services and JPMorgan Chase Bank, which financed its inventory.

The company cited another $7 million in unsecured debt, including $3.2 million in estimated sales taxes it owes in the states where it did business: Nevada, Texas, Georgia, Florida, Arizona, Alabama and Tennessee.

GMAC Financial Services last month discontinued credit for new inventory for some of the company's dealerships.

Late last month in Georgia, the Governor's Office of Consumer Affairs accused the company of deceptive and misleading business practices. The company denied those allegations.

In the labor lawsuit, Bill Heard employees Eric Lodge and Michelle Whitby accused the company of wrongly laying them off without any notice. The suit said the company employed more than 100 people in Huntsville and more than 2,000 nationwide.

Genworth Soars on possible Spinoff

RICHMOND, Va. (AP) -- Mortgage insurer Genworth Financial Inc. said Tuesday that it is considering various strategic alternatives for its U.S. mortgage-insurance business including a possible spin off, sending shares sharply higher in premarket activity.

"We have demonstrated that, in the current stressed U.S. housing environment, our U.S. Mortgage Insurance business continues to operate from a more sound financial position and lower risk profile than any other U.S. mortgage insurer," said Michael D. Fraizer, chairman and chief executive, in a statement.

"At the same time, progress in our international, wealth management, retirement, life and long-term care insurance businesses has been overshadowed by concerns about the future of U.S. mortgage insurance," he added.

Commercial paper

Genworth (GNW, Fortune 500) said it has reduced its commercial paper borrowings to $79 million, and maintains more than $800 million in cash and cash equivalents at the holding company.

The company also carries nearly $4 billion of cash and cash equivalents in its operating companies, and maintains substantial credit facilities, Genworth said.

Over the past couple of weeks, Genworth's stock has been hit hard by concerns about its mortgage exposure in the wake of the collapse of American International Group Inc.

Earlier this month, the government stepped in and provided AIG with a two-year $85 billion loan to help keep it in business. As one of the world's largest insurers, AIG teetered on the brink of bankruptcy as it looked for fresh cash to help shore up its balance sheet, which was facing a liquidity crunch amid the continued downturn in the credit markets.

Reinsurance business

Last week, Genworth management provided an update regarding its U.S. mortgage insurance business. The company is considering reinsurance transactions, asset transfers from outside the U.S. and joint ventures to boost capital, management said on a call with analysts.

Shares of Genworth spiked $1.49, or 30%, to $6.49 in premarket activity. The stock, which finished Monday's trading at $5, has ranged from $3.51 to $32.33 over the past year.

No Bailout, Here's Plan B-

NEW YORK (CNNMoney) -- A day after the House's surprise defeat of a $700 billion financial rescue bill, talk is growing louder about alternative government steps that could help battered credit markets and stave off broader problems in the economy.

In fact, some of the things Washington could do could even provide more immediate relief than would the complicated proposal nixed by the House. The plan would have given the Treasury Department authority to buy as much as $700 billion in distressed mortgage-backed securities.

"Every little bit helps," said Lyle Gramley, a former Federal Reserve governor who is now with policy research firm Stanford Group. "When you're in a situation we're in now, you use any tools that might work."

Among the steps that the government could undertake are:

• Suspend so-called mark-to-market accounting rules, which during the past year have required financial firms to write down more than $500 billion in losses.
• Change federal requirements that force banks to keep a certain level of cash on hand for every dollar they lend out.
• Give banks the chance to exchange loan notes for notes from the Federal Deposit Insurance Corp. As a government agency, the FDIC's notes would be more valuable than the banks' notes, allowing the banks more flexibility to make loans.
• Purchase on a massive scale mortgage-backed securities issued by finance giants Fannie Mae and Freddie Mac. The Bush plan calls for the Treasury to buy a broader range of mortgage-backed securities.
• Extend limits on short sales of financial sector stocks.
• Cut the fed funds rate - the Federal Reserve's target for short-term lending - perhaps all the way to zero, or in coordination with rate cuts by other central banks around the globe.

In addition, there are other things Washington could do. On Tuesday, presidential candidates Barack Obama and John McCain both proposed raising the cap on bank deposits insured by the FDIC.

The current $100,000 limit has been unchanged since 1980 despite inflation. It protected as much as 82% of deposits in 1991, today it only covers 63%.

Raising the cap could stem a potential run on deposits by bank customers, particularly businesses, who fear losing their money. Such fears led to the collapse of Washington Mutual (WM, Fortune 500) and Wachovia Bank (WB, Fortune 500) in the past week.

Of course, all the proposals have their downsides and their critics.

For example, William Isaac, a former chairman of the FDIC blames much of the current credit crunch on the fact that the Securities and Exchange Commission is now requiring banks and Wall Street firms to value their mortgage backed securities at current market prices, rather than based upon the income they can produce over the life of the loans that back them.

"The SEC has destroyed about $500 billion of capital by their continued insistance that mortgage backed securities be valued at market value when there is no market," he said. "It's way below their economic value. And because banks essentially lend $10 for every dollar of capital they have, they've essentially destroyed $5 trillion in lending capacity."

But others argue that without those strict accounting rules for dealing with the value of mortgage backed securities, investors would be even more reluctant to invest in banks and Wall Street firms, making it even tougher for the to attract new capital.

"Does that make you less attractive as a public company? Absolutely," said Art Hogan, chief market analyst at Jefferies & Co.

Gramley also questions getting rid of mark-to-market accounting for the same reason. He would rather see the FDIC and other bank regulators relax its rules for the required ratio between capital and loans on the books. He said that's choking off credit to good customers. He said he knows of a businessman with perfect credit and a $20 million net worth who just had his bank reject his request to renew his $1.8 million business loan.

"The bank told him 'Our regulators are requiring us to improve our capital ratios, but we can't raise capital because the market is shot,'" Gramley said. And Gramley said the bank won't cut off the loans to those who have trouble paying the loans immediately because that would cause an increase in the number of loan defaults, so instead it is squeezing some of its best customers.

But Isaac argues changing the capital ratio requirements or easing other regulations would amount to regulatory forbearance and would only lead to deeper problems down the road. "That simply doesn't play well," he said.

No rush to try alternatives

It's unlikely that the Fed, Treasury or other government agencies authorized to take such steps would do so until Congress takes up the bailout proposal once again.

Brian Gardner, the Washington analyst for KBW, an investment firm specializing in financial services, said he believes Treasury and Fed officials believe they can keep more pressure on Congress to pass the rescue plan by not taking extra steps ahead of a final vote.

"The alternatives are good - I don't think they do any harm," Gardner said. "But none of them are as powerful as the rescue package would be. If the Congress doesn't move on something, they'll become more likely because the regulators will be forced to look at different solutions."

With the House in recess until Thursday, negotiations were taking place behind the scenes rather than on the floor of the chamber. The Senate is in session but not tackling the bailout on the floor.

Right now, it's unlikely that a new vote would take place before Thursday. Stocks rallied on Tuesday as investors believed that Congress will still approve the bill.

But credit markets stayed very tight. The Libor rate, the rate at which banks lend to one another, rose to 4.05% up from 3.88% Monday. Translation: Banks are still reluctant to lend to one another.

And even advocates of the bailout plan concede that the alternate measures may yet be needed if passage of the bill does not unfreeze credit markets.

"It doesn't fix everything," said Hogan. "It doesn't force the institutions to lend to each other or lend to consumers and businesses. That's why they'll hold onto these alternatives. I think you need to keep dry powder if you have to use them in the future.

Wii Wanker

Spoof Nintendo Wii sketch from BBC TV The Wrong Door

Licking your wounds after yesterday's massive selloff? Here how to make sure your nest egg doesn't break.

NEW YORK (Money Magazine) -- Scared yet? The U.S. stock market suffered a massive selloff on Monday and though it regained some ground on Tuesday, prospects of a bear market and a recession loom large.

The selloff erased more than a trillion dollars in stock-market value and brought 401(k)s and other retirement accounts down with it.

Whether you were for or against the $700 billion bailout package that was defeated in Congress this week, you're probably more concerned about your own savings plan.

It's okay to feel the fear. But it's not okay to react to it. Panicking and making big changes in your accounts is likely to do a heck of a lot more damage than a recession ever could.

Sticking to some tried-and-true principles can help you get through the bad times with your sanity and your savings intact.

"Don't panic, stay the course," said Allan Roth, a financial planner in Colorado Springs. "If you can't be right at least be consistent. We're allowed to feel the emotions, but how we react to them is going to be far more important than any short-term swings."

An early start

If you're just starting to think about saving for retirement, don't delay. Despite the upheaval of the past few months - and the past week in particular - it would be a mistake for someone in their 20s or 30s to hold off on investing now.

The key here is the long-term prospects for stocks. Ultimately, stock values hinge on the productivity of U.S. workers and the earnings power of American companies. And it's not as if those engines of long-term growth are about to disappear.

The country may need some time to work through the detritus of the housing bubble and lending excesses. And stock returns could very well be anemic as that happens. But history shows that some of the best long-term gains go to investors willing to buy stocks when they're reviled, as in the years following major setbacks like the 1929 crash and the 1973-1974 bear market.

Of course, the long view may not seem particularly relevant to you at the moment. But remember: the money that you contribute to accounts such as a 401(k) is going to be invested for many years.

The real question isn't whether you should be contributing to a 401(k). It's how you should be investing the money you contribute, as well as the money that's already there.

If you're in your 20's or 30s, you still want most of your 401(k) money in stocks, say between 80% and 90%. That may be a tough sell emotionally in these uncertain times. But the important thing isn't what your 401(k) is worth over the next few years - it's what its value will be in 2040 and beyond.

Mid-career

Even if you're older, you should still think of the money you're contributing now as a long-term investment. But you also need to give some consideration to preserving the assets you've already accumulated.

That means dialing back your stock exposure somewhat, although you don't want to hunker down completely in bonds and cash. Lightening up on stocks will give you more short-term stability. But if you get too conservative, you run the risk of stunting the eventual size of your nest egg - and your lifestyle in retirement.

But before you go tinkering around with your portfolio, keep in mind that while bear markets can hurt a portfolio, how you react to downturns can make matters worse, said Roth. He points out that investing in stocks when they're hot and then running to bonds when they're not has a name: performance chasing.

"When you move in and out, you're actually increasing risk while decreasing your returns," Roth said. Over time, market timing can cost investors around 1.5% a year in returns, according to Roth.

'The danger years'

The decade before you quit the work force, along with the five years immediately after, is the most sensitive period in an entire lifetime of retirement planning. The saving, investment and career decisions you make during this time will dictate in a major way whether you'll spend the next 30 to 40 years enjoying the life you've always looked forward to or eating the early-bird special at Denny's.

"It's natural to have a queasy feeling at this time in your life, wondering if your retirement will happen as planned," says Joseph Chadwick of the Longevity Alliance, a financial services firm that specializes in retirement products. "But there's no need to panic."

Stocks held for the long term can be counted on to bounce back eventually. But if you need to sell shares just as they're dropping in value - exactly the scenario many newly minted retirees have faced recently - you run a sharply higher risk that your money will someday run out. That's because when the market does recover, you'll have less money invested to benefit from renewed growth.

Fortunately, there's a minor tweak that can dramatically cut your risk.

Typically, to ensure your nest egg lasts as long as you do, you should withdraw no more than 4% of your savings for living expenses in your first year of retirement. In year two, you might take a little more to account for inflation.

The bear-market adjustment? Give up on the inflation increase until stocks recover.

A study by T. Rowe Price concludes that this simple step cuts the odds of running out of money over a 30-year period in half, from 22% to 11%, on a sample portfolio invested 55% in stocks and 45% in bonds.

Worried that forgoing your inflation raise will bust your budget? Pull a Brett Favre and go back to work part time to make up the "lost" income. You probably won't need to put in more than a few hours a week - a 3% increase on a $75,000 annual withdrawal equals only $200 a month.

2009 Mazda MX-5

PARIS — Mazda's midcycle change on the 2009 MX-5 roadster seems mild enough, judging from the single official photograph — and a few unofficial images leaked on the Web ahead of the car's official debut at the 2008 Paris Auto Show.

Mazda has revised the front and rear ends of the car, with updated bumpers and lamps and a reworked grille.

Word from the Tokyo underground is that the under-the-skin hardware tweaks are relatively minor. Powertrain choices are expected to remain the same, with some mild updates to suspension and gearboxes. European customers can choose from 16- or 17-inch wheels and tires, plus at least two new exterior colors.

What this means to you: Get out the magnifying glass. — Paul Lienert, Correspondent

IF you think your being watched by satellite this is for you

are you paranoid of Big Brother, Google Maps, NSA.....if you are this a must buy

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Top 10 Star Wars TV Moments

Was it Triumph the Insult Comic Dog at the "Attack of the Clones" premier? Or, maybe it was the Family Guy "Blue Harvest" episode. Classic Star Wars TV spots and spoofs.

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Landfills to Fertilize Biofuel Crop With Trash-Juices

Two British landfills could soon use their trash’s syrupy excretions to irrigate and fertilize on-site biomass crops.

A developer, Waste Recycling Group, hopes to construct two 18-foot-deep lagoons near landfills to produce fertilizer from the leachate that oozes from the trash piles. The substance will be pumped from the dump into the lagoons where bacteria will eat away at the contaminants. The developer then hopes to use the fertilizer to grow willow coppices at the landfill for use as biofuel.

While neither of the concepts involved are entirely new, the plan for the two North Hykeham landfills is unique in that the fertilizer may be used for an onsite crop, reducing the need for shipping and making use of landfill space.

The lagoons are anything but certain. Waste Recycling Group had two similar projects rejected recently, while these remaining two will undergo thorough odor and health assessments before being approved by county planners.

Waste Recycling Group has successfully built one leachate lagoon at another landfill in Welbeck, but instead of processing the substance into fertilizer, it is pumped into the sewer system to be treated.

Photo Credit: ibjorn on Flickr under Creative Commons license.

Rare Plant Thought Extinct Re-discovered in Upstate New York

by Christine Lepisto, Berlin

Image source: Tony Eallonardo in Syracuse

A salt-marsh plant thought to have vanished from upstate New York is back. But it has not come back to the inland salt marshes, of which only four remain (three in New York and one in Michigan). Rather, the rare goldenrod was found growing alongside local streets, probably competing well where run-off from winter road salt suppresses other plant life. The species was discovered serendipitously by Dr. Leonardo of the SUNY College of Environmental Science and Forestry (ESF) as he was out walking.

"They're coming out of asphalt, with no soil anywhere," Leopold is quoted in an article in Syracuse. "And it's striking because they're all blooming right now. It's a visually spectacular plant." But the seaside goldenrod's beauty is not alone among it's benefits to humanity and the environment.

Beauty to Behold
Seaside goldenrod can grow to 8 feet tall and blooms rich yellow blossoms atop dark green stems and leaves. Seaside goldenrod is innocent of misplaced blame for causing allergies -- which are actually caused by the ragweed that blooms around the same time. It is a good nectar source for many insects, especially because it blooms later in the season than many other native goldenrod species.

Benefits to Boot
However, the most important contribution of seaside goldenrod may be applications in urban gardening. "The real value is we've been trying to find native species to use in a green approach to handling urban run-off. Not only is this plant beautiful, it is quite functional. Instead of building a multimillion treatment plant or allowing the run-off going into our creeks and streams, it looks like this could provide a natural solution," Dr. Leonard is quoted as saying in an article at the Weather Channel's Forecast Earth. Furthermore, the plants grow maintenance free, making them a better choice for urban community gardens than many imported species and superior to greenhouse plants often selected for public landscaping.

Post-doc student Tony Eallonardo is helping Dr. Leonardo locate populations of the seaside goldenrod. Two sites have been found in addition to the original plants discovered by Dr. Leonard, including a stand in the median on highway 81 (pictured). According to Eallonardo, the plant species represents "the natural and cultural heritage of Syracuse, the Salt City." The region once had thousands of inland saltwater marshes.

Magnetic Air Car Could Be Ready by 2010

Written by Ariel Schwartz

Last week, I took a trip down to San Jose for West Coast Green, an environmentally-focused conference with an emphasis on sustainable building. One booth stood out from the crowd—Magnetic Air Cars, Inc.. The San Jose-based company claims that it is working on the world’s first fuel-less car.

The Magnetic Air Car uses three on-board substations to harness compressed air. The resulting airflow is channeled, modulated, and converted to torque that propels the car.

According to company representative Paul Donovan, the car uses a silicon salt battery that has 30% more mass power than a lead acid storage battery and can charge completely within an hour. The 95 percent recyclable battery can also can be used in a temperature range from -40 degrees Celsius to 50 degrees Celsius.

Though the Magnetic Air Car has not yet been tested, Donovan hopes to have it ready for production by 2010. The company plans on building its first prototype at Club Auto Sport in San Jose in the near future.

The car draws comparisons to Tata Motors’ compressed-air powered vehicle, but Donovan says that the Tata Motors design uses pistons while the Magnetic Air Car design uses magnetic technology.

Unfortunately, there aren’t any more details available on the Magnetic Air Car at this time. But if the prototype is successful, I’m sure we’ll hear plenty more about this company.

Spaceship dies in blaze of glory

by Alan Boyle

ESA The unmanned Jules Verne ATV cargo ship breaks up in a spectacular display during re-entry, as seen on Monday over the Pacific from an observation plane.

The European Space Agency's first cargo mission to the international space station ended in a spectacular fireworks show today, with the fiery re-entry of the unmanned Jules Verne ATV spaceship over the South Pacific.

"Jules Verne has now successfully completed its mission," ESA Director-General Jean-Jacques Dordain declared at the International Astronautical Congress in Glasgow, Scotland.

The end came at around 9:30 a.m. ET, when controllers back at Europe's mission control in Toulouse, France, directed the 17-ton craft into its final plunge. Jules Verne, the first of Europe's Automated Transfer Vehicles, was launched from the ESA spaceport in French Guiana early March 9. It linked up with the space station almost a month later, delivering tons of food, water and equipment.

During its stay, Jules Verne periodically boosted the space station's orbit, and in fact helped the station dodge a passing piece of Russian space junk last month.

But all good things must come to an end: Unlike the Italian-built space cargo modules that are carried back and forth inside NASA's space shuttle, the Euroean-built ATVs are not designed for return or reuse. Instead, each spent craft has to be disposed of safely, by directing it remotely on a plunge through the atmosphere. The wide-open South Pacific is the favorite dumping ground for such space junk, as we saw back in 2001 when Russia's Mir space station fell to its doom.

Jules Verne's re-entry was witnessed by an international team of scientists flying aboard a NASA DC-8 observation plane. Studying the spacecraft's controlled fall could lead to fresh insights about the chemical and radiation effects of falling meteors - as well as better computer models for predicting how objects fragment as the blast through the atmosphere.

ESA The Jules Verne ATV cargo craft glows during its atmospheric re-entry, in a view captured Monday from a DC-8 observation plane flying over the Pacific. A lens diffraction flare can be seen in rainbow colors at lower right.

Today's first pictures from the DC-8, posted to ESA's ATV blog, revealed a spray of fireworks similar to those seen during Mir's fall. More tragically, they also recalled what witnesses saw during the shuttle Columbia's breakup five years ago.

Although experts still have to track all the bits of debris, it looks as if Jules Verne's plunge through the atmosphere provided a great light show, but no big impact. There were far more damaging plunges elsewhere on the planet today.

FujiFilm's Real 3D Camera is Just The Beginning

By Jose Fermoso September 29, 2008 | 7:08:54 PMCategories: Cameras

Camera makers are jumping into the 3D photo market more than 20 years after the format was laughed out of town and ended up as Michael Jackson's sidekick in Captain Eo.

Last week, Fujifilm announced a two-lensed camera that takes images and movies in 3D and captures wide-angle photos of single scenes simultaneously. As a result, we've heard some rumbling in the wires about other camera manufacturers coming out with their own version in the next year or so.

Since the lenses are 6-7cm from each other (or about the same length between most people’s eyes), the Real 3D's camera processes the images in real time to produce the stereoscopic 'trick' effect that makes them look as if they're floating in air. This is where the processing update of Fujitsu's 'Real Photo Processor 3D' chip comes in.

The chip blends the dual images and all the important metrics (focus, zoom range, and exposure) at once and pushes them out to the LCD, which is also on a 3D-display. By the time this camera is released next year, the company is promising to be able to shoot HD video on it as well.

Of course, there are several 3D custom rigs out there that are producing 3D images, but they're usually very expensive. Some have even made 3D rigs out of two mainstream digital cameras. In the case of the 3D Advantage Casio, a company has attached a tridelta beam splitter to a single point and shoot camera that creates a 3D image with a single shutter. But a pro-ready camera ready to shoot 3D images is better than a custom rig, for obvious user friendly reasons.

So while the majority of the renewed excitement about 3D imaging has come from the display side and recent focus from the movie industry, don't expect FujiFilm to be the only one coming out with a consumer 3D cam.

A few years ago, Olympus created a 3D camera system for the da Vinci Surgical robot system that works in real time and is dependable enough to used during open surgery. They only have figure out how to transfer the tech to a more affordable, consumer friendly chassis and they'll be in the 3D game. Don't be surprised if they've already figured out how to do that.

50 Rules To Being A Gentleman

For dudes who split bills on fast-food dates, KING offers a template for sophistication. Relax and take notes.

The Gentlemen Panel: Fonzworth Bentley, Pacino Bing, John Delgado, Gerrell Gaddis, Damon Gales, Claveria “JoJo” Gumersindo, Rashaun Hall, Sheldon Hall, Grant Hill, Chris Mathis, Adam Matthews, Zach McCall, Mark Rooney, Jalen Rose, Anslem Samuel, Chiun-Kai Shih, Musiq Soulchild, Jamal Sullivan, Q-Tip, Greg Watkins, Pat Wilcox

50. A warm iron and a can of spray starch can do wonders. Invest in them even if you don’t wear slacks and button-ups regularly.

49. “If you buy one pair of shoes and one suit per year, you’ll have a nice collection soon enough. It’s an investment. Also, know your measurements and sizes, because you might find a woman who wants to hook you up and get a suit made.”—Chris Mathis, 36, barber

48. Wearing a fitted hat on your commute to work with your business suit or with just pants and a dress shirt isn’t a good look.

47. “Tone down the bagginess a bit without wandering into nut-hugger territory. Showing your ass and boxers is not appealing in any setting.”—Anslem Samuel, 31, magazine editor

46. Find a good tailor.

45. T-shirts should fall just below your waist, and the seam of the shoulder should be right on your shoulder.

44. Wear a belt. It’s called underwear for a reason.

43. Don’t try to outdress a woman. She should be the center of attention and should not feel that she’s underdressed.

42. “The world is bigger than your hood and the places your favorite rappers represent. Try to travel to a place where your cell phone won’t work. That’s when you know you’ve actually gone somewhere. If you can’t afford to put your passport on pivot, try reading a book or travel guide about the place you’d like to visit.”—A. Samuel

41. Barnes & Noble should be your best friend.

40. “[As far as books], start with the classics: Catcher in the Rye, The Count of Monte Cristo, The Odyssey, Crime and Punishment.”—Q-Tip, 38, rapper/producer/actor

39. If reading books the size of War & Peace seems daunting, peruse different types of magazines—ones covering art, architecture, design or photography.

38. Try not to go straight to the sports section of the newspaper.

37. Watch the news, preferably more than one channel. Suggestions: BBC, MSNBC, CNN and, yes, even FOX News.

36. Being open-minded and aware of the world around you shows class and sophistication, but avoid seeming pretentious by being modest instead of showing off what you know.

35. “There will come a time when you outgrow the dudes you grew up with. Have a beer with them once in a while, but it’s OK to move on and be friendly with new people.”—Adam Matthews, 36, journalist

34. Go easy on the slang, especially among those who are already judging you based on race and age.

33. Don’t just talk the talk.

32. Look people in the eyes when you greet them and shake their hand.

31. “Take criticism with an open mind. You can improve from listening to superiors and by changing your actions to serve them. Don’t mess with the pack order—it’s there for a reason.”—A. Matthews

30. Be on time to meetings—early if you can.

29. In meetings, don’t hold conversations at the same time someone else is speaking. Let the person finish his point before giving yours.

28. “Memphis Bleek had one good line: ‘The strong move quiet, the weak start riots.’ Don’t be the guy who always needs attention on him or starts problems over small stuff.”—Mark Rooney, 31, salesman

27. Don’t talk down to coworkers, including subordinates. You may be above them in rank, but as a human being, you’re on a level playing field.

26. “Look for the people who will make your job easier. You can’t do everything yourself, so you’re going to need help. These people will be pivotal to your success. And always thank them and show your appreciation when they come through for you.”—Claveria “JoJo” Gumersindo, 36, quality management

25. Don’t be afraid to share the spotlight in your workplace. Rather than being self-centered, work together with somebody of equal ambition. You don’t always have to be in the front seat—the backseat is cool.

24. Don’t think because someone has money, he’s a good businessman; there are people with no money who are better.

23. “You don’t want to do anything and everything just for a buck. I’ve walked away from deals a number of times that I think were good deals, but I didn’t think they were good people.”—Grant Hill, 35, Phoenix Suns small forward

22. Learn more about food and where to eat it cheaply. Most cities have great ethnic food; you just have to go to a specific neighborhood to get it.

21. If you initiate a dinner date or meeting, then you should expect to pay. That works both ways.

20. At a restaurant, let women order food first, and stand up when a woman leaves the table.

19. Avoid unnecessary use of expletives in public, especially in the presence of a woman you’re trying to impress.

18. Unless your Fight Club membership is in danger of being revoked, walk away from altercations.

17. Always put your napkin in your lap at dinner. Stuffing it in your shirt is grounds for getting slapped.

16. Caveman behavior at the dinner table isn’t good. Use utensils, avoid chewing with your mouth open and don’t leave a messy plate.

15. When eating out, always tip more than 20 percent. Waiters live off of customers’ kindness. And you don’t want to make other people at your table reach into their pocket to cover your cheapness.

14. “Treat older women as if they were your own mother.”—C. Mathis

13. Always have a woman walk on the inside of the sidewalk and on the side of parked cars in a parking lot, basically using your body as a barrier from harm.

12. Sometimes the best movies are in the independent market. Documentaries are great educational sources, too.

11. If you’re trying to have a relationship, let the woman know. If you’re not, and you’re just trying to hit, let them know that, too.

10. Brush your teeth, gargle or have a breath mint before getting up close and personal.

9. If the opportunity presents itself on the first night, don’t pull a condom out of your wallet. She’ll get the impression that you’re premeditated and will be turned off.

8. Even if you’re having a one-night stand with a woman, be respectful. Jay-Z might brag about kicking women out five minutes after having sex with them, but he’s not having sex with your date—you are. Casual sex needn’t be disrespectful. In fact, it’s more fun when its not.

7. “Don’t fall asleep when you’re done. Just because you got yours doesn’t mean the night is over.”—JoJo

6. “If you’re not into oral, you better get into it. Not with every woman, of course, but someone you’re serious with.”—C. Mathis

5. “If you want her to be your devil, treat her like an angel.”—Gerrell Gaddis, 32, songwriter

4. Don’t ask about the last guy she was with; as in, “Was I better than he was?” Being competitive is a young man’s game.

3. Never forget to introduce your woman as your girlfriend, spouse or otherwise to people when you’re out at functions together.

2. Avoid public fights with your woman. Keep things private to let her know there’s an exclusive world that you and her share.

1. “Young guys should pump their brakes. Don’t have kids until you’re 30, and look at her family and background to know what you’re getting into.”—C. Mathis

CNN Finds Another Excuse to Report on Boobs

By W Gladstone

Hot Chicks and Wild Hair at Edgefest 2008

There were two things in abundance at Edgefest on Saturday, September 27: hot-looking women and wild-looking hairstyles. We’ve got pictures of both.

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Conservatives try to sabotage McCain's loss by asking Sarah to drop out

Sarah Palin, we are a better website because of you.

Kathleen Parker, a conservative columnist for the National Review Online, is calling for Sarah Palin to drop out of the race.

"Palin can save McCain, her party, and the country she loves. She can bow out for personal reasons, perhaps because she wants to spend more time with her newborn. No one would criticize a mother who puts her family first."

Sarah, darling, don't listen to that nasty slut Kathleen Parker. She has an ulterior motive- she's trying to get McCain in the White House. I'm not.

Seriously, Sarah Heath Palin, I can't live without you. Like Paulson to Pelosi, I'm on my knees, begging you to be my partner in comedy until Nov 4th, when Barack Obama sends you and the entire GOP back to Wasilla with gift baskets of condoms and rape kits.

Every word that shoots from your sarcastic yet uninformed mouth is a gift from God. (Or a witch!) And Sarah, you head my favorite family since the Brady Bunch. The adorably miserable Bristol, soldier-boy Track and his coke habit, the Christchild Trig, Piper the licker and Willow, the mysterious one. Don't get me started on the Eskimo husband Todd who keeps puttin' it in ya after all these years. Do you know how many Palin stories we've done? 234. Whoops, this one-235. Never mind. The number rises quicker than the debt clock.

Just today, new video emerged of your swimsuit walk in the Miss Alaska competition. Yes, you were a runner up in Miss Alaska, and yes, you will lose Miss Vice-President, but 23/6 has a more impressive crown, Miss Internet Traffic.

Oh Dear God: Latest Palin/Couric interview clip released

Katie Couric interviews John McCain and Sarah Palin together on CBS news on 9/29/2008. September 29th 2008.

In a joint interview with John McCain, Vice Presidential nominee Sarah Palin responds to a report that she said the US should "absolutely launch cross border attacks from Afghanistan into Pakistan..." "to stop the terrorists from coming any further in." A view that McCain criticized Democratic nominee Barack Obama For during the first debate.

John McCain and Sarah Palin accuse Katie Couric of "gotcha journalism" even though the quote from Palin came while she was talking to a voter, not a reporter.

McCain Palin Couric joint interview 9/29/08.
Sarah Palin John McCain interview.

First Trailer to Will Smith New Movie Seven Pounds

Ben (Will Smith) is an IRS agent who is depressed and guilt-ridden about mistakes from his past. He sets out to make amends by helping seven strangers. When he meets Emily (Rosario Dawson), a beautiful woman with a heart condition, he falls in love with her, thereby complicating his plans. Woody Harrelson also appears as a blind pianist who befriends Ben.

Bill Murray Discusses Ghostbusters 3

by: nathanbloch

The comedic giant Bill Murray is at Fantastic Fest this week, says Cinematical, and gave a tasty little dollop of gossip on all things movies -- including the movie of many rumors, Ghostbusters 3. Sounds like the old man is actually on board.

Does that mean I'm any happier about a couple of hacks from The Office penning the script? No. But it's interesting to hear Murray's insights on why Ghostbusters 2 wasn't as successful as it could have been. I've always been a big fan of the second film, though he points out the first focused on the characters and the comedy, whereas the second was all about cramming as many effects into the movie as possible.

Bill Murray Discusses Ghostbusters

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The problem with the third won't be cramming in too many effects, it will be with having too many characters sharing screen time. At this point all the rumors have emphasized the original four Ghostbusters handing the business down to three or four new guys -- almost definitely to be hand-picked from Apatow's crew. What I still can't wrap my mind around is how Apatow and his henchmen have managed to get their hands all over this franchise. I mean, has anyone stopped to ask: What does Judd Apatow or Seth Rogen have to do with Ghostbusters? Dan Aykroyd and Harold Ramis's (the writers of the first two films) comedic sensibilities in no way shape or form resemble those of Apatow's.

Why aren't Aykroyd and Ramis penning the script? Are they too busy? Too many AARP meetings to chair? I mean, come on!

Rosh Hashanah: L'shanah tovah ("for a good year").

Rosh Hashanah Level: Basic

...In the seventh month, on the first of the month, there shall be a sabbath for you, a remembrance with shofar blasts, a holy convocation. -Leviticus 16:24

Rosh Hashanah occurs on the first and second days of Tishri. In Hebrew, Rosh Hashanah means, literally, "head of the year" or "first of the year." Rosh Hashanah is commonly known as the Jewish New Year. This name is somewhat deceptive, because there is little similarity between Rosh Hashanah, one of the holiest days of the year, and the American midnight drinking bash and daytime football game.

There is, however, one important similarity between the Jewish New Year and the American one: Many Americans use the New Year as a time to plan a better life, making "resolutions." Likewise, the Jewish New Year is a time to begin introspection, looking back at the mistakes of the past year and planning the changes to make in the new year. More on this concept at Days of Awe.

The name "Rosh Hashanah" is not used in the Bible to discuss this holiday. The Bible refers to the holiday as Yom Ha-Zikkaron (the day of remembrance) or Yom Teruah (the day of the sounding of the shofar). The holiday is instituted in Leviticus 23:24-25.

The shofar is a ram's horn which is blown somewhat like a trumpet. One of the most important observances of this holiday is hearing the sounding of the shofar in the synagogue. A total of 100 notes are sounded each day. There are four different types of shofar notes: tekiah, a 3 second sustained note; shevarim, three 1-second notes rising in tone, teruah, a series of short, staccato notes extending over a period of about 3 seconds; and tekiah gedolah (literally, "big tekiah"), the final blast in a set, which lasts (I think) 10 seconds minimum. Click the shofar above to hear an approximation of the sound of Tekiah Shevarim-Teruah Tekiah. The Bible gives no specific reason for this practice. One that has been suggested is that the shofar's sound is a call to repentance. The shofar is not blown if the holiday falls on Shabbat.

No work is permitted on Rosh Hashanah. Much of the day is spent in synagogue, where the regular daily liturgy is somewhat expanded. In fact, there is a special prayerbook called the machzor used for Rosh Hashanah and Yom Kippur because of the extensive liturgical changes for these holidays.

Another popular observance during this holiday is eating apples dipped in honey, a symbol of our wish for a sweet new year. This was the second Jewish religious practice I was ever exposed to (the first one: lighting Chanukkah candles), and I highly recommend it. It's yummy. We also dip bread in honey (instead of the usual practice of sprinkling salt on it) at this time of year for the same reason.

Another popular practice of the holiday is Tashlikh ("casting off"). We walk to flowing water, such as a creek or river, on the afternoon of the first day and empty our pockets into the river, symbolically casting off our sins. Small pieces of bread are commonly put in the pocket to cast off. This practice is not discussed in the Bible, but is a long-standing custom. Tashlikh is normally observed on the afternoon of the first day, before afternoon services. When the first day occurs on Shabbat, many synagogues observe Tashlikh on Sunday afternoon, to avoid carrying (the bread) on Shabbat.

Religious services for the holiday focus on the concept of G-d's sovereignty.

The common greeting at this time is L'shanah tovah ("for a good year"). This is a shortening of "L'shanah tovah tikatev v'taihatem" (or to women, "L'shanah tovah tikatevi v'taihatemi"), which means "May you be inscribed and sealed for a good year." More on that concept at Days of Awe.

You may notice that the Bible speaks of Rosh Hashanah as occurring on the first day of the seventh month. The first month of the Jewish calendar is Nissan, occurring in March and April. Why, then, does the Jewish "new year" occur in Tishri, the seventh month?

Judaism has several different "new years," a concept which may seem strange at first, but think of it this way: the American "new year" starts in January, but the new "school year" starts in September, and many businesses have "fiscal years" that start at various times of the year. In Judaism, Nissan 1 is the new year for the purpose of counting the reign of kings and months on the calendar, Elul 1 (in August) is the new year for the tithing of animals, Shevat 15 (in February) is the new year for trees (determining when first fruits can be eaten, etc.), and Tishri 1 (Rosh Hashanah) is the new year for years (when we increase the year number. Sabbatical and Jubilee years begin at this time).

See Extra Day of Jewish Holidays for an explanation of why this holiday is celebrated for two days instead of the one specified in the Bible.

List of Dates

Rosh Hashanah will occur on the following days of the Gregorian calendar:

• Jewish Year 5768: sunset September 12, 2007 - nightfall September 14, 2007
• Jewish Year 5769: sunset September 29, 2008 - nightfall October 1, 2008
• Jewish Year 5770: sunset September 18, 2009 - nightfall September 20, 2009
• Jewish Year 5771: sunset September 8, 2010 - nightfall September 10, 2010
• Jewish Year 5772: sunset September 28, 2011 - nightfall September 30, 2011

For additional holiday dates, see Links to Jewish Calendars.

Avinu Malkeinu - Our Father Our King

sung by Barbara Streisand


An array of images representing Jewish, Muslim and Christian Prayer, Pointing to the idea that G-d is One and The Same for all of us...
---
Our Father Our King
Hear our prayer
We have sinned before Thee
Have compassion upon us and upon our children
Help us bring an end to pestilence, war, and famine
Cause all hate and oppression to vanish from the earth
Inscribe us for blessing in the Book Of Life
Let the new year be a good year for us

Avinu malkeinu sh'ma kolenu
Avinu malkeinu chatanu l'faneycha
Avinu malkeinu alkenu chamol aleynu
V'al olaleynu v'tapenu

Avinu malkeinu
Kaleh dever v'cherev v'raav mealeynu
Avinu malkeinu kalehchol tsar
Umastin mealeynu

Avinu malkeinu
Avinu malkeinu
Kotvenu b'sefer chayim tovim
Avinu malkeinu chadesh aleynu
Chadesh a leynu shanah tovah

Sh'ma kolenu
Sh'ma kolenu
Sh'ma kolenu

Avinu malkeinu

Avinu malkeinu
Chadesh a leynu

Shanah tovah

Avinu malkeinu
Sh'ma kolenu
Sh'ma kolenu
Sh'ma kolenu
Sh'ma kolenu

"Sung during Rosh Ha' Shanah (the Jewish New Year), "Avinu Malkeinu" ("Our Father, Our King") is a supplication to God to treat us with kindness and generosity, even when we haven't always lived up to His ideals for us. The melody I sing here is so beautiful, surely the hand of God touchedthe composer." Barbara Streisand

Music: Traditional

Another Sneak Image of Lamborghini's rumored 4 Door

Following a series of images consisting of exhaust pipes, taillights, and a front fender, the folks in Sant'Agata Bolognese want you to see this: a headlight. Although the tight shot offers little to the untrained eye, it does provide a few clues.

First, any doubts that this isn't a front-engined car can be erased, thanks in part to that large air vent just behind the headlamp. Second, the headlamp's shape is drastically different than those used on both the Gallardo and the Murciélago. It's squat shape recalls lamps used on the original Lamborghini 350 GT, which was also a front-engine car. Coincidence? We think not.

There's still plenty of mystery surrounding the car. Some suggest it will be a full-fledged four-door sedan, while other sources imply it'll borrow the Espada's layout, that of a four-passenger, two-door touring car.

We still aren't even sure what to call it. Urus? Estoque? Espada? The rumor mill continues to turn, but we'll know for certain in just a few days. Stay tuned to Automobile Magazine for breaking news on the latest Lamborghini.

Stogie Guys Review: Bolivar Royal Corona (Cuban)

Call it quality or call it hype, but I’m never surprised when I see Cubans rated highly in mainstream cigar publications. I think the greater stogie community, however, was caught off guard when a Bolivar—not considered one of Habanos SA’s flagship brands—was named Cigar of the Year by Cigar Aficionado in 2006.

The four and 7/8 inch by 50 ring gauge Royal Corona earned that title, along with a rating of 94, for its “sophisticated flavor bomb of smoke with an array of rich character, including touches of chocolate, coffee, and leather.” You can watch Gordon Mott and James Suckling of CA profess their admiration in this video.

Produced at the H. Upmann factory in relatively limited quantities (only 300,000 were made in 2006), this cigar has been hailed as symbolic of Cuba’s return to glory and reminiscent of Habanos from the golden ’80s and ’90s. Textured, clean, and firm, a slight box press and a beautifully adhered flat cap add to its character and mystique.

I’ve had the good fortune to smoke six Royal Coronas over the past few months, and I’m happy to report all the accolades and rave reviews are well deserved. This is simply one of the most satisfying cigars around, and the price—about $10 for a single or $215 for a box of 25—is very fair for the tremendous, full-bodied experience.

If the radiant prelight aromas of nuts and milk chocolate don’t make you salivate, toasting the foot certainly will. From there, you’ll find a dry, woody spice with hints of cocoa sweetness. Other tastes also pop in and out, including leather, coffee, and plenty of floral notes.

Aside from being extremely well-balanced and complex, this exquisite smoke doesn’t fall into the same construction traps with which many of its Cuban cousins grapple. The ash holds well, the draw is clear and deliberate, and the burn, albeit imperfect, self-corrects its own missteps. Expect the slow smoke time to be closer to a toro than a robusto.

Awards and ratings aside, this is the sort of creation that makes me proud to be a cigar enthusiast. I’m simply infatuated with the Bolivar Royal Corona, and I have no qualms about adding a rating of five out of five stogies to its growing trophy case.

[To read more StogieGuys.com cigar reviews, please click here.]

-Patrick A