Rapper Snoop Dogg arrested on cannabis charges

Tuesday, January 10, 2012

Music celebrity Calvin Broadus (aka Snoop Dogg) was arrested by US Customs and Border Protection on Saturday at the US/Mexico Sierra Blanca highway border checkpoint for illegal possession of drug paraphernalia.

Customs and Border Protection spokesman Bill Brooks said agents smelled cannabis when doing a routine search of Mr. Broadus’s tour bus. “When our officers did a further inspection,” he said, “they discovered a small amount of [cannabis] and turned him over to the Hudspeth County sheriff”. A local County Judge, Becky Dean Walker, stated the typical punitive measure for an illegal drug paraphernalia citation is up to a $500 mail-in fine.

Mr. Broadus’s agent was not available for comment. Mr. Broadus has stated in interviews that he has a prescription for cannabis in the US state of California, for migraines and blurry vision. He has been in trouble with the law in the past, and has had a number of convictions on weapon and drug possession charges. Willie Nelson, another music celebrity, was arrested at the same checkpoint for similar charges in November of 2010. The musicians created a song and music video together about cannabis in 2008, called My Medicine.

Pfizer and Microsoft team up against Viagra spam

Sunday, February 13, 2005

New York –”Buy cheap Viagra through us – no prescription required!” Anyone with an active email account will recognize lines like this one. According to some reports, unsolicited advertisements (spam) for Viagra and similar drugs account for one in four spam messages.

BACKGROUND

Spamming remains one of the biggest problems facing email users today. While users and systems administrators have improved their defenses against unsolicited email, many spammers now insert random words or characters into their letters in order to bypass filters. The Wikipedia article Stopping email abuse provides an overview of the various strategies employed by companies, Internet users and systems administrators to deal with the issue.

Ever since pharmaceutical giant Pfizer promised to cure erectile dysfunction once and for all with its blue pills containing the drug sildenafil citrate, spammers have tried to tap into male anxiety by offering prescription-free sales of unapproved “generic” Viagra and clones such as Cialis soft tabs. Legislation like the U.S. CAN-SPAM act has done little to stem the tide of email advertising the products.

Now Pfizer has entered a pledge with Microsoft Corporation, the world’s largest software company, to address the problem. The joint effort will focus on lawsuits against spammers as well as the companies they advertise. “Pfizer is joining with Microsoft on these actions as part of our shared pledge to reduce the sale of these products and to fight the senders of unsolicited e-mail that overwhelms people’s inboxes,” said Jeff Kindler, executive vice president at Pfizer.

Microsoft has filed civil actions against spammers advertising the websites CanadianPharmacy and E-Pharmacy Direct. Pfizer has filed lawsuits against the two companies, and has taken actions against websites which use the word “Viagra” in their domain names. Sales of controlled drugs from Canadian pharmacies to the United States are illegal, but most drugs sold in Canada have nevertheless undergone testing by the U.S. Food and Drug Administration. This is not the case for many of the Viagra clones sold by Internet companies and manufactured in countries like China and India. While it was not clear that CanadianPharmacy was actually shipping drugs from Canada, Pfizer’s general counsel, Beth Levine, claimed that the company filled orders using a call center in Montreal, reported the Toronto Star.

For Microsoft’s part, they allege that the joint effort with Pfizer is part of their “multi-pronged attack on the barrage of spam.” As the creator of the popular email program Outlook, Microsoft has been criticized in the past for the product’s spam filtering process. Recently, Microsoft added anti-spam measures to its popular Exchange server. Exchange 2003 now includes support for accessing so-called real-time block lists, or RTBLs. An RTBL is a list of the IP addresses maintained by a third party; the addresses on the list are those of mailservers thought to have sent spam recently. Exchange 2003 can query the list for each message it receives.

Global markets plunge

Friday, October 10, 2008

Stock markets across the world have fallen sharply with several seeing the biggest drop in their history.

Asian markets saw the biggest sell-off. The Nikkei dropped 9.62% to reach a 20 year low. Japan also saw a collapse of a mid-size insurance company, Yamato Life Insurance Company, which declared bankruptcy. The Hang Seng, which was one of the few markets that was positive yesterday, fell 7.19%. Australia dropped by 8.4% and South Korea saw a 9% fall.

In Europe, markets dropped at the open with the FTSE losing 11%. They have recovered only sightly with all European markets losing more than 5%. The European sell off was more about the Asian lows then any specific news. European banks and financial institutes saw the most selling. Also, oil related companies saw large drops as an result of an expected decrease in oil consumption.

The U.S. markets opened lower with the Dow Jones Industrial Average falling below 8,000, before recovering slightly. President George W. Bush made an address on the economy and said markets were being “driven by uncertainty and fear.”

Oil has seen losses of more than US$6 in trading with the current price of a barrel of oil less than $80. This is a year low for oil. News also came out that OPEC will hold an emergency meeting on November 18 to discuss the falling price of oil.

Charities, such as Cats Protection, today said that they have lost much of their funds in collapsing banks. Cats Protection had a total of £11.2 million saved in the now-collapsed Kaupthing bank.

The British National Council for Voluntary Organisations said that 60 of its 6,500 have lost money due to the collapse of banks.

Contents

  • 1 Stock markets
    • 1.1 Dow Jones Industrial Average
    • 1.2 FTSE 100
    • 1.3 Nikkei 225
  • 2 International reaction
    • 2.1 George W. Bush
    • 2.2 Gordon Brown
    • 2.3 Jim Flaherty
  • 3 Market data
  • 4 Sources

The Dow Jones Industrial Average fell to its lowest level in five years at 8,579.19, falling 679 points in one day. This, at 7.3%, is the eleventh largest percentage fall in the history of the index. The growth then continued, with the index being up over 150 points on the start of the day at one point.

The index, did however, recover, and as of 19:30 UTC was up 17.68 points, or 0.21%, pushing the index up to almost 8600.

Peter Cardillo, chief market economist at Avalon Partners, commented on these massive falls. “What we’ve seen here was one big margin call that just kept feeding on itself, so the opposite could happen. But you need a catalyst,” he said. “I’m more convinced now than ever that this market has made a bottom. The capitulation came when we breached 8,000,” he continued. “It doesn’t mean we can’t go back and revisit that level.”

The UK’s FTSE 100 index fell dramatically to close below 4000, in the index’s worst week in history. This is despite the fact that just a few days ago the index was above 5000, and the index peaked above 5500 in September.The FTSE 100 index has fallen by 41% this year.

Barclays Wealth analyst Henk Potts commented on this massive fall. “We are drowning in a sea of red numbers,” he claimed. “Investors are concerned about the exacerbation of the credit crunch and the gloomy forecasts for economic growth. The reality is that most investors have been spooked by the sheer pressure that the credit crunch is putting on the global economy.”

The Japanese Nikkei 225 has recorded it’s third biggest drop in history with a massive sell-off in the exchange that has resulted in USD 250 billion being knocked of the index’s value.

Toyota, which is the second largest carmaker in the world, fell by the largest amount in 21 years, while Elpida Memory, the world’s largest manufacturer of computer memory, dropped in value to a record low.

Masafumi Oshiden, a fund manager in Toyota commented on the drop.”It’s capitulation,” he said. “There are lots of forced sellers. If you’re a fund that’s going bust you need to close out all your positions.”

George W. Bush commented on the financial situation earlier today. “Over the past few days, we have witnessed a startling drop in the stock market — much of it driven by uncertainty and fear,” he said. “This has been a deeply unsettling period for the American people. Many of our citizens have serious concerns about their retirement accounts, their investments, and their economic well-being.”

Bush then continued by promoting the government’s plan’s to get through the crises. “Here’s what the American people need to know: that the United States government is acting; we will continue to act to resolve this crisis and restore stability to our markets. We are a prosperous nation with immense resources and a wide range of tools at our disposal. We’re using these tools aggressively.”

Gordon Brown, the UK Prime Minister, also spoke on the economy. “I think we quickly realised that we cannot solve the problems we have got as a result of the sub-prime market collapse simply by improving liquidity,” he said speaking in Birmingham to business leaders earlier today. “That would simply not be enough to deal with the bigger problem of rebuilding the banking system for the future and restoring trust is a fundamental element of that.”

Jim Flaherty, the Canadian minister for finance, also commented today on the recent incidents in the economy. “It is important to underline that Canada’s banks and other financial institutions are sound, well capitalized and less leveraged than their international peers,” he claimed. “Our mortgage system is sound. Canadian households have smaller mortgages relative both to the value of their homes and to their disposable incomes than in the U.S.”

“”However, it is becoming increasingly clear that the continuing disruption of global credit markets, which has been severe and protracted, is making it difficult for our financial institutions to raise long-term funding. This is beginning to affect the availability of mortgage loans and other types of credit in Canada,” he continued. “The Government has therefore decided to act to address the current scarcity of private sector lending to Canadian mortgage markets and lending markets overall. This is going to make loans and mortgages more available and more affordable for ordinary Canadians and businesses.”

20:15, 10 October, 2008 (UTC)
  • DJIA
  • 8.451,19 128,00 1,49%
  • Nasdaq
  • 1.649,51 4,39 0.27%
  • S&P 500
  • 899,22 10,70 1,18%
  • S&P TSX
  • 9.264,57 335,61 3.50%
  • IPC
  • 19.952,30 357,87 1,76%
  • Merval
  • 1.215,990 71.340 5,54%
  • Bovespa
  • 35.615,26 1,474.03 3,97%
  • FTSE 100
  • 3.932,06 381,74 8,85%
  • DAX
  • 4.544,31 342,69 7,01%
  • CAC 40
  • 3.176,49 266,21 7,73%
  • SMI
  • 5.347,22 451,62 7,79%
  • AEX
  • 258,05 23,92 8,48%
  • BEL20
  • 2.123,44 117,44 5,24%
  • MIBTel
  • 15.438,00 1,081,00 6,54%
  • IBEX 35
  • 8.997,70 905,20 9,14%
  • All Ordinaries
  • 3.939,50 351,80 8,20%
  • Nikkei
  • 8.276,43 881,06 9,62%
  • Hang Seng
  • 14.796,90 1,146,37 7,19%
  • SSE Composite
  • 2.000,57 74,01 3,57%

    Business Finance

    Attorneys, Naples, Fl: The Benefits Of Filing For Bankruptcy

    byalex

    Over 1.5 million people filed for bankruptcy in Federal Courts across the United States in 2010. There is no longer stigma attached to filing for bankruptcy and the consequences are manageable too. However, you should let experienced attorneys from Naples, FL, handle your case to gain the benefits that bankruptcy offers. Bankruptcy defines the legal status of a person or an organization that can no longer repay its creditors. It is always better to file for bankruptcy before a petition is made against the business or an individual debtor.

    Attorneys, Naples, FL: Top 3 Advantages of Filing for Bankruptcy

    Only months after filing for bankruptcy experienced attorneys in Naples, FL, can help you reestablish your credit rating. Given below are some more benefits.

    1. Bills away: A Chapter 13 bankruptcy plan can help you eliminate most, if not all, of your credit card debt, old medical bills and other unsecured debts. It helps you get a handle on the debt you may have incurred. Chapter 13 Bankruptcy creates an affordable payment plan, in which a period of 3 to 5 years is given to you, so that you may make monthly payments to the bankruptcy court.
    2. Creditors: Once you have filed for bankruptcy, no creditor can try to collect what you owe them, or even talk to you about it. The collection must immediately cease, pending the outcome of the bankruptcy petition. If you hire attorneys in Naples, FL, the creditors must then contact your attorneys directly. However, in case you don’t, the creditors are still allowed to contact you even after filing a bankruptcy petition. Two key legal protections that are offered while filing personal bankruptcy is the automatic stay and the debt discharged. Both are to protect you from creditors and end your legal obligation to pay them.
    3. Credit Score: A bankruptcy will not help your score immediately, but since the bills that were not getting paid will be gone, you can rebuild your credit quickly. It allows you to start over from scratch without the burden of debt. Late payments have the biggest effect on your credit score.

    The greatest benefit of filing for bankruptcy may well be the psychological upliftment you feel. Once the burden of bills, creditors and an overwhelming debt is lifted off your shoulders, with the help of experienced attorneys in Naples, FL, you get a fresh start. It is a chance to start over from scratch and do it better. You get your dignity back and it affects your entire outlook on life. Make sure you take up the opportunity of a free case review/consultation with an experienced bankruptcy law firm to reap all these benefits.

    New South Wales Liberal leader attempts suicide

    Friday, September 2, 2005

    Australian New South Wales Liberal Party leader John Brogden was found to have attempted suicide in his electoral office late on the night of August 30, after he resigned due to heavy media criticism of comments he had made against the previous Government premier Bob Carr‘s wife, Helena Carr. Mr Brogden called her a “mail-order bride”.

    He was rushed to a North Shore hospital. Carr, who originally had stated he did not accept Brogden’s earlier apology, later capitulated, stating that his wife had asked to forgive him.

    It was also argued whether The Daily Telegraph newspaper, which was aiming to release new allegations of sexual harassment after Brogden had resigned, played any part in the suicide attempt. Many in the community, such as Rod Tiffen of the University of Sydney, on ABC Radio National’s The Media Report had decried tabloid journalism and the Telegraph for “only wait[ing] till the man’s down before they start kicking” with allegations that were found to be unsourced, whilst the editor of the Telegraph, David Penberthy, claimed that they were only acting in their duty to publish what they had discovered, and said that “to say that [Brogden’s attempt] is our fault off the basis of one story is I think, just fatuous.”

    One political editor, Andrew West, for The Australian, a publication produced by the same company that owns The Daily Telegraph, resigned over the placement of his byline on a story where he said he only produced a memo noting the unreliability of the sources for a similar story that the Telegraph were to publish.

    Europe hit by storms, 45 deaths reported

    Sunday, January 21, 2007

    Europe has been hit by fierce wind and storms, with gusts over 150 kilometers per hour reported from the UK to Southern Germany. Most major motorways are blocked/shut due to lorries being overturned by the wind.

    Most European Airports, Train and Motorways have been affected. Amsterdam has been cut off, with planes grounded, and the train system from Amsterdam city halted.

    Contents

    • 1 Casualties and fatalities
      • 1.1 Western Europe
        • 1.1.1 United Kingdom
        • 1.1.2 Germany
        • 1.1.3 The Netherlands
        • 1.1.4 France
        • 1.1.5 Belgium
      • 1.2 Central and Eastern Europe
    • 2 Sources

    According to the BBC, at least 45 people have been killed so far, with more deaths expected. Reports of numbers currently vary as the damage is assessed.

    The casualties were distributed as follows:

    • United Kingdom: 13 (8 in North West England)
    • Germany: 13
    • Ireland: 7 – lost at sea
    • The Netherlands: 7
    • Poland: 6
    • Czech Republic: 4
    • Belgium: 2
    • France: 2
    • Austria: 1

    The UK saw a total of eleven casualties, most of them in England. All incidents took place on January 18.

    • The first casualty of the storm was the chief of Birmingham International Airport who was killed around 05:45 GMT when his car windscreen was smashed by a falling branch in Shropshire.
    • In the London district of Kentish Town, a two-year-old boy died in hospital after receiving severe head injuries. These were caused by a wall collapsing onto the boy whilst he was walking with his childminder in the afternoon of January 18.
    • A female lorry driver was killed on the A269 in Yorkshire when her vehicle overturned and was blown into a canal.
    • A male lorry driver, who was a German national, was killed on the A55 in Chester in a similar incident.
    • The front-seat male passenger of a car on the A329 was killed when a branch hit the car near Streatley, Berkshire, the driver was injured.
    • A man was blown into metal shutters at an industrial estate in Manchester and died.
    • In Byley, Cheshire, a man was hit by a tree whilst working on a construction site.
    • An elderly man was killed at Humberside by a collapsing shed.
    • A woman in Stockport was killed when a wall she tried to shelter behind collapsed onto her.
    • In Lancashire, a man was hit by a falling canopy at a petrol station whilst refuelling and later died in hospital.
    • In Woofferton, Shropshire, a lorry driver collided with another vehicle and died on the scene.

    Germany was the country most severely hit by the storm, with 13 casualties as of January 21, 2007. Most deaths occurred on the 18th and 19th of January, though some victims were only injured at first and later died in hospital.

    • In the Munich bourough Milbertshofen, an 18-month old child was severely injured by a patio door that had broken out of its hinges. The child later died in hospital.
    • Near Kirrlach in the state of Baden-Württemberg, a motorist tried to avoid a tree that had fallen onto the road and crashed into an oncoming vehicle. He was pronounced dead on the scene.
    • A 73-year old man was crushed by a barn door in Gersthofen in the district of Augsburg.
    • A fireman was killed in Tönisvorst in North Rhine-Westphalia whilst performing storm cleanup work.
    • A 36-year motorist was killed in Hildesheim by a fallen tree.
    • A motorcycle driver slid under a tree in Essen, dying in hospital on January 21.
    • On the B 55 near Lippstadt, a 23-year woman was killed when her car was hit by a falling birch tree.
    • A man was killed when the gable of a nearby building collapsed in Groß Rodensleben in the state of Saxony-Anhalt.
    • In Strausberg in Brandenburg, a 25-year man crashed into a fallen tree with his car.
    • Near Finnentrop, a man died after not noticing a tree that had fallen onto the road and crashing into it.

    Seven people in the Netherlands were killed as a result of the weather. Two people died when a falling tree hit their car between Arnhem and Ede. A man near Oosterhout was killed in a collision with a truck. A motorcyclist died near Leersum after a collision with a tree, as well as a 17-year old boy on a moped in Sint Oedenrode. An 11-year old boy in Riel was blown in front of a car, which drove over him. The boy died on the scene. A 59-year old man in Staphorst was blown off of the roof of his barn, as he was repairing the damage caused by the storm. Six people were injured when a crane fell through the roof of a Utrecht University building. The National Crisis Centre has advised people to stay indoors, the first time such a warning has been issued.

    In France, a driving instructor in Roubaix was killed when an electricity pole fell on top of her car. The student was severely injured. A 30-year old man died near Abbeville, when a swerving truck crashed into his car. A woman in Lille is missing after the roof of a store collapsed. There was significant damage to the cathedral at Saint-Omer.

    Two people in Belgium fell victim to the storm; a 16-year old girl in Halle died when a wall she was standing by collapsed and a man died in the province of Liège after a tree fell on top of his car.

    In Poland, a crane operator was killed in Katowice when a 25-metre-high (82ft) crane broke in half. By January 19 a total of 6 casualties and 19 people wounded have been reported, nearly 800 thousand households lack electricity due to the damage done by the storm, about 500 were damaged.

    In the Czech Republic, a fireman died in Slune?ná (Liberec Region) when the wind threw a tree trunk on him while he was clearing the road with his colleagues. Two young men died in Vestec near Prague when a tree fell on their car.

    Polish drug company Jelfa ordered to shut-down over mislabelled drugs

    Wednesday, November 8, 2006

    Polish Prime Minister Jaros?aw Kaczy?ski has ordered the pharmaceutical company Jelfa to halt production following revelations that Jelfa had placed mislabelled medication on the market, whose use could be potentially fatal.

    Jelfa distributed vials labelled as Corhydron, a hydrocortisone used to treat allergies and inflammation, but in fact containing Suxamethonium chloride, a drug normally used to cause muscle paralysis during emergency surgery.

    The Health Ministry has appealed to people suffering from asthma or allergies to check their medication and return any Corhydron ampoules they possess to the pharmacy.

    Polskie Radio reports that the mislabelling was discovered a month ago, but Jelfa and the Polish Health ministry did not inform of the problem.

    Prime Minister Jaroslaw Kaczynski ordered Jelfa to halt production until it can assure the Polish Government that it can properly manage its production.

    The Polish Outlook reports that that drug companies in Poland were operating unregulated since December, 2005 as the regulations has expired. The government was putting in place new regulations.

    The owner of Jelfa is AB Sanitas, the largest drug producer in neighbouring Lithuania. The shut-down has been questioned by the Lithuanian Prime Minister Gediminas Kirkilas, who expressed concern over the situation and said that he wants to try to settle the issue diplomatically.

    Three men arrested under suspicion of organising dog fights in southern Finland

    Wednesday, August 15, 2007File:240-dogFighting.jpg

    Three Finnish men have been arrested as part of an investigation by the Finnish National Bureau of Investigation (NBI) into apparent illegal dogfights in various locations in the south of the country.

    Dog fights, in which two dogs are pitted head-to-head for the entertainment of spectators and for gambling, is illegal in Finland, and is covered by Finland’s animal protection laws, as dogs often sustain severe or even fatal injuries. It is believed this case also involved gambling, thus rendering the suspects, if convicted, in breach of gambling laws also.

    The investigation was started in July after the British Broadcasting Corporation (BBC) forwarded information to the NBI, claiming that during an investigation of its own for a programme it was making into dog fighting in the United Kingdom, they had uncovered connections to comparable activity in Finland.

    “We are trying to find out when the activity has started and how widespread it has been. Apparently, just a small gang of people has been involved.” said Detective Chief Inspector Göran Wennqvist, adding that “We are now trying to find out whether or not this is part of a larger international organisation or just local criminal activity.”

    It is believed the dogs went through training fights to test if they were suitable for fighting prior to actual events. A number of animals thought to have been used for fighting have been examined by a veterinarian to determine the types of injuries sustained by the dogs.

    Despite the fact that dog fighting is known to have occurred in various countries – including countries close to Finland, such as Sweden, Norway, and Russia – neither the police or the Finnish Kennel Club were aware of any previous incidents occurring in Finland, although chairman of the board of the Finnish Kennel Club Martti Mannersuo told reporters that he recalled a rumour “many years ago” of domestic dog fights occurring in Finland, although this went unconfirmed. Wennqvist, however, independently told YLE “In other Nordic countries, they have seen incidents of dog fighting since the 90’s, but I haven’t come across any cases in Finland in 32 years,” although it is unclear if this was a confirmed case or if it were linked to the rumour Mannersuo had reported.

    US Senate passes new bankruptcy bill

    Saturday, March 12, 2005In a vote of 74-25 last Thursday, the US Senate passed a measure that would change bankruptcy laws, making it harder for individuals seeking relief from their debt burden to avoid repayment. Almost twenty Democrats joined Republicans, who currently hold a majority of the seats in the US Senate, in passing the bill.

    Lobbyists for credit card companies and financial services firms have worked for the bill during the last two administrations. A similar measure passed both the Senate and House during the previous administration, but then President Bill Clinton pocket-vetoed the measure in 2000.

    Democrats sought to soften the bill by allowing bankruptcy filers to negotiate directly with lenders for relief, but the amendments were defeated by the Republican-controlled Senate. Proponents of the bill claim the rise of bankruptcy filings to nearly 1.5 million a year shows that abusers of credit use the filings to shield themselves from irresponsible practices.

    “There has been an explosion of bankruptcy,” said Iowa Republican Sen. Charles E. Grassley, the bill’s sponsor. “We preserve the principle of a fresh start, but we also establish a principle that if you have the ability to repay some of your debt, you are not going to get off scot-free.” However, Massachusetts Democratic Sen, Edward M. Kennedy said, “This legislation makes the bankruptcy courts of the United States the collection agency for the credit-card industry.”

    The bill impacts a broad spectrum of bankruptcy law, but the most significant impact is on personal bankruptcy filings. Individuals who get behind in repaying credit card debt face high interest charges and stiff late payment fees. By only meeting minimum payment requirements, borrowers remit to the lender over the life of the loan an amount in interest and other fees that can far exceed the value of the principal balance of the loan. This can put consumers who run up high balances on various cards at financial risk of default. Critics of the bill blame these aggressive lending practices as a contributing factor in the rising trend of bankruptcy filings from 1996.

    The proposed bill doesn’t only affect debtors with credit card debt.

    It also affects debtors who have run up large medical bills.

    Patients with a past medical history that disqualifies them from full medical coverage, can easily find themselves facing insurmountable medical bills after just a short stay in the hospital. These individuals will no longer be able to get a fresh start after these personal disasters, and will be forced to live in poverty until they can pay off their medical bills as part of their Chapter 13 filing. (Prior to this bill, they would have been able to file Chapter 7, completely discharging their debt.)

    Chapter 7, which accounts for 70% of bankruptcy filings, allows individuals to eliminate most non-secured debts after liquidating assets, with the notable exemption of one’s principle residence in most states. The Senate passed bill would change Chapter 7 eligibility by applying a means-test, where those with a median income higher than the state average would be required to file under Chapter 13 provisions. Under Chapter 13 protection, an individual’s debt is not forgiven; rather it is restructured for payment under more lenient terms.

    This was the first major overhaul of federal bankruptcy law in many years.

    Under the old bankruptcy law, a personal bankruptcy attorney could not be held financially responsible for his clients mendacity. Under the new bankruptcy law, the bankruptcy attorney is responsible for his client’s lies to the Court about his assets and the bankruptcy attorney and his insurance carrier can be held responsible by the Bankruptcy Court.

    The result is that personal bankruptcy attorneys (this does not apply to corporate bankruptcy attorneys) are likely to flee the personal bankruptcy field when the new law takes effect. Their insurance companies will not offer the sort of coverage that they would need to continue to practice.

    So when consumers need to file personal bankruptcy under the new law, they will be unlikely to find a bankruptcy attorney to represent them. Consumers will have to file pro se: such consumers will be likely to fail due to the complexity of the law.

    The bottom line is that the field of personal bankruptcy law as a practice area of law will cease to exist when the new bankruptcy law takes effect, and consumers will be unable to secure legal counsel and so consumers will lose what legal protections counsel now affords them.

    Under the new bankruptcy law about one half million Americans will be forest to pay for at lest 5 years on longer they will be held in servitude as chattel they will be completely subservient to a dominating influence of the company that holds the loan. Their loan will be put on the market for sale for profit. The people will be forced to work harder. People who fail to go to court will have a arrest warrant made out in their name and people who refuseto pay. They will be subject to fines and or jail. About fifty thousand Americans will punished by a fine and or about three thousand Americans every year will go to jail under the new bankruptcy law. For some people this will be a third strike they will be put in jail for life.

    The bill has the support of President Bush, and its passage in the House sometime next month seems likely. If enacted into law, lending companies will recover more money on what otherwise would be written off as bad loans. Those persons of median and higher income seeking relief would be required to file under Chapter 13 status and pay up to $100 per month under court imposed conditions. It is expected the proposed changes would cause a sharp increase in filings before the new law could take effect.

    US Federal deficit reaches record high of $455 billion

    Wednesday, October 15, 2008

    The United States 2008 federal deficit has reached a record high, US$454.8 billion—more than double last year’s deficit. Financial experts believe that next year, the deficit will reach over $700 billion, while the National Debt Clock has recently run out of digits to record over $10 trillion in national debt.

    The deficit is now equivalent to 3.2% of the Gross Domestic Product (GDP) of the United States, with the government’s total income being 17.8% of GDP, and total outlays being equivalent to 21% of GDP.

    Treasury Secretary Henry Paulson blamed the deficit on the housing market, related markets, and slow growth. He said the news would “reinforce the need to not only address short-term challenges, but pursue policies that promote economic growth and fiscal responsibility, and address entitlement reform”.

    Democrats like Senator Kent Conrad, however, placed the blame on “President Bush’s failed policies“. “The reality is that the next president will be inheriting a fiscal and economic mess of historic proportions,” said Conrad, adding that “it will take years to dig our way out”.

    Another Democrat, House Budget Committee Chairman John Spratt, also blamed the Bush administration. “The eight years of this administration will include the five biggest budget deficits in history,” he said. “The resulting debt will be passed to our children and grandchildren.”

    Jim Nussle, director of the Office of Management and Budget said that he believes that the deficit will start to decline. “The bipartisan stimulus bill and the slow economy are the primary reasons for the increase in deficit as reflected in this year’s budget results. This increase reinforces the need to adopt and maintain policies that promote economic growth and fiscal responsibility, including entitlement reform and pro-growth tax policies. I am confident the economy can return to stronger growth with a declining deficit—after working through current challenges if Congress limits wasteful and excessive spending.”