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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: CalculatedRisk who wrote (54471)	8/8/2006 3:20:39 PM
From: mishedlo	Respond to of 116555

sorry - did not see you post. I had that post up for 15 minutes but forgot to hit the final enter. Mish

To: CalculatedRisk who wrote (54471)	8/8/2006 3:37:17 PM
From: mishedlo	Read Replies (1) \| Respond to of 116555

all the talk made it happen - LOL and it's your fault ============================= nytimes.com Richard Gross, an investor from New York City who bought a three-bedroom house in New Rochelle in February 2005, hoping to resell it at a profit after making renovations, said he had had trouble getting the price he wanted. He bought the house for $315,000 and put in more than $100,000 in repairs and renovations, he said. Now, despite having had the house appraised at $555,000 and putting it on the market three months ago, he has yet to receive an offer that exceeds $500,000. “It seems like the boom kind of ended with everybody's talk of the bubble bursting,” he said. “I think all the talk actually made it happen.”

To: CalculatedRisk who wrote (54471)	8/8/2006 4:08:09 PM
From: mishedlo	Respond to of 116555

Johnson wants Bush to release oil Prudhoe Bay pipeline not inspected for 14 years. Most firms carry-out this type of detailed inspection every three years. "News reports indicate the Prudhoe pipeline has not been aggressively inspected since 1992," Johnson's letter said. "An investigation into BP's action is warranted and stronger oversight by the DOT's Office of Pipeline Safety is necessary." registercitizen.com NEW BRITAIN - U.S. Rep. Nancy Johnson, R-5, wants President George Bush to release oil from the Strategic Petroleum Reserve to keep prices down in the wake of the Prudhoe Bay facility shutdown in Alaska. "The strategic reserve is designed to keep oil prices down during this type of short-term emergency," Johnson said in a letter to Bush Monday. "Releasing strategic reserves will help mitigate the increased prices consumers pay while the pipeline is repaired and production is restored." The facility owned by British Petroleum (BP) had to be closed Monday due to corrosion in the pipeline. Johnson is also calling on the federal Department of Transportation to investigate BP's operations at the facility, spokesman Jamie Cheshire said. "The first steps will be taken by the energy department," Cheshire said. "Johnson will be speaking with the energy and commerce committees about congressional action." "News reports indicate the Prudhoe pipeline has not been aggressively inspected since 1992," Johnson's letter said. "An investigation into BP's action is warranted and stronger oversight by the DOT's Office of Pipeline Safety is necessary." As of Aug. 4, there were a total of 687.8 million barrels of sweet crude and sour crude in the Texas reserve, according to the U.S. Department of Energy Web site. The reserve is the largest stockpile of government-owned crude oil in the world and was established following the 1973-74 Arab oil embargo. It is a supply of emergency oil for times of national emergency and has only been used twice during Operation Desert Storm in 1991 and for relief during Hurricane Katrina last year, according to the department. Around 25 percent of the nation's production capacity was knocked out when the category 5 storm came ashore along the Gulf Coast. The recently enacted Energy Policy Act of 2005 directs the department's secretary to fill the reserve to its 1 billion capacity. =============================================