Thursday, June 11, 2009

THE POWER HOUR Team Network News | June 11, 2009

Oil price leaps to year's high -- The price of oil burst through the $71 a barrel mark today amid revelations that proven reserves had fallen for the first time in 10 years and predictions that the price could eventually hit $250.

Economic Decline Slows in Some Regions -- The economy continues to slog its way through the recession, held back by tight credit conditions and weak demand, according to the Federal Reserve's "beige book" survey.

Look out! WHO is ready to declare a pandemic -- The World Health Organization is gearing up to declare a swine flu pandemic, a move that could trigger both the large-scale production of vaccines and questions about why the step was delayed for weeks as the virus continued to spread.
Related Article: 19 U.S. airports to be quarantine sites in pandemic -- In the event of a pandemic, flights would be rerouted to Miami International Airport and 18 other major U.S. airports, according to plans by the U.S. Centers for Disease Control and Prevention.

Getting Americans ready for mandatory vaccinations -- At least three US federal laws should concern all Americans and suggest what may be coming - mandatory vaccinations for hyped, non-existent threats, like H1N1 (Swine Flu).

US government will own 34% of Citigroup -- Many of its rivals are getting ready to throw back the government’s lifeline, but not Citigroup: To the contrary, Citi on Wednesday said it was moving forward with a plan to convert a large chunk of its preferred shares into common equity. The long-awaited move is expected to give the United States government a 34 percent ownership stake in the troubled bank.

Army Closing Some Special Care Units -- The Army plans to reduce the size of some of its 36 wounded warrior units by the end of the month and close three by October after tightening standards to stem a flood of patients, a spokesman said Tuesday.

Pentagon investigates pill popping PTSD prevention -- As many as 300,000 Iraq and Afghanistan veterans may have suffered from PTSD or depression at some point, and the military has already spent millions on treatment for returning troops - everything from “samurai meditation” to at-home computerized counselors. Now the Pentagon’s advanced research arm is hoping that a combination of neuroscience, psychology, and creative pill-popping can stop battlefield stress before it even starts.

Ft Bliss building complex for wounded personnel -- The U.S. Army Corps of Engineers’ first project funded under the American Recovery and Reinvestment Act was awarded by the Ft. Worth District May 1 to Sundt Construction, Inc., Tempe, Ariz., for construction of the $30-million first phase of a $57-million Warriors in Transition complex to be built at Ft. Bliss, Texas.

Obscene drug price markups (this is incredible) -- Did you ever wonder how much it costs a drug company for the active ingredient in prescription medications? Some people think it must cost a lot, since many drugs sell for more than $2.00 per tablet. We did a search of offshore chemical synthesizers that supply the active ingredients found in drugs approved by the FDA. Read More...

Patient upside murky in drug price cases -- The prices of hundreds of brand-name drugs are about to be cut 4%, and millions of Americans may soon receive a check in the mail as compensation for having overpaid for their prescriptions. But the extent to which the average consumer will benefit isn't yet clear.

FDA approves use of antipsychotic drugs on children -- Today an FDA advisory panel approved the prescribing of powerful mind-altering chemicals for children. Seroquel, Zyprexa and Goedon have now been approved by the advisory panel to be prescribed to children as young as 10 years old to treat a fictitious disease invented by psychiatrists and given the name "bipolar disorder." (There is no such thing as a bipolar disorder disease. It is merely a name assigned to children demonstrating the predictable side effects of correctable dietary imbalances.)

Venezuela bans Coke Zero, cites "danger to health" -- The Venezuelan government of U.S.-critic President Hugo Chavez on Wednesday ordered Coca-Cola Co to withdraw its Coke Zero beverage from the South American nation, citing unspecified dangers to health. Health Minister Jesus Mantilla did not say what health risks Coke Zero, which contains artificial sweeteners, posed to the population.

Health minded consumers are tricked into eating more sugar -- Sugar and monosodium glutamate have one thing in common. People are more likely to buy products containing them if they are called something else. Consumers trying to avoid sugar have started reading food labels.

Stupid news: New GM chair "I don't know anything about cars" -- The new chairman of General Motors is already under fire. Edward Whitacre, a former AT&T hotshot whose long corporate career has been touted as an example of his big-business prowess, delivered a rather startling comment to a Bloomberg reporter on Tuesday — saying he knows nothing about the auto industry.

House committee subpoenas Federal reserve -- The congressional panel investigating what happened to all that bank bailout money has issued a subpoena to the Federal Reserve, asking them to hand over all documents relating to the takeover of Merrill Lynch by the Bank of America.

Fed would be shut down if it were audited says expert -- The Federal Reserve's balance sheet is so out of whack that the central bank would be shut down if subjected to a conventional audit, Jim Grant, editor of Grant's Interest Rate Observer, told CNBC.

FDA issues warning on some hand sanitizers -- On Monday, the Food and Drug Administration (FDA) issued a warning concerning hand sanitizers developed by Clarcon Biological Chemistry Laboratory Inc. of Utah – marketed under several brand names – which were recalled due to “high levels of disease-causing bacteria.”

Peru: Battle lines drawn over the Amazon -- After a joint police-military operation aimed at stopping an Indigenous protest had gone awry, leaving many dead on both sides, Garcia declared the Indigenous elements to be standing in the way of progress, in the path of national development, wrenches in the gears of modernity, and part of an international conspiracy to keep Peru down.

Obama move would eliminate 8 out of 10 POCKETKNIVES! -- The U.S. Customs and Border Protection Agency is proposing a new definition that could be used to eliminate 8 of 10 legal pocketknives in the United States right now, according to activists who are gearing up to fight the plan.

Truckers oppose tolling I-80 in Wyoming -- Truckers who use Interstate 80 in the West – and there are a lot of them – should know that state officials in Wyoming are continuing to push forward with a plan to convert it to a toll road.

Something for fun: Brewer names new beers after exits on NJ Turnpike -- The Flying Fish Brewing Company (FFBC) are naming a series of their beers for Exits on the New Jersey Turnpike. General manager Gene Muller says he got tired of jokes about which exit he came from after he said he was from New Jersey, so he decided to try a line of brews inspired by the distinctive character of each Exit of the Turnpike, starting with Exit 4 nearest Flying Fish, which they describe as a Belgian-style Trippel with a hazy golden hue and the aroma of citrus with hints of banana and clove.

Freak storm brings Welsh town to a standstill -- A FREAK storm has brought a Welsh town to a standstill this afternoon, with four-feet of water leaving homes and businesses flooded and hundreds of staff "marooned" in their offices.