7 June 2008
News and Comments - 06/07/08
Posted by Joy Bischoff under: What's News .
Police were called to a daycare center where a three-year-old was resisting a rest.
5 Comments so far...
Cameron Says:
7 June 2008 at 8:12 am.
Clinton poised to end historic presidential bid
By BETH FOUHY, Associated Press Writer 2 hours, 7 minutes ago
WASHINGTON - Hillary Rodham Clinton is ready to thank her supporters for hanging on during her 17-month roller coaster journey from sure thing to also ran and to urge them to rally behind Barack Obama.
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The former first lady was to formally end her historic quest to become the first female president with a speech Saturday at the at the National Building Museum in Washington. Her husband, former President Clinton, and other family members were expected to be at her side.
Obama secured the 2,118 delegates needed to clinch the Democratic presidential nomination Tuesday after primaries in South Dakota and Montana. He was spending the weekend at home in Chicago and was not planning to attend Clinton’s exit.
Aides said Clinton would be unequivocal in her praise for Obama, whom she battled in an epic, 50-state nominating contest pitting the first serious female candidate for president against the most viable black candidate.
The two had a face-to-face meeting Thursday evening at the home of a Senate colleague, Democrat Dianne Feinstein, where they discussed the campaign to come. They spoke alone for about an hour. Both were laughing when they finished.
http://news.yahoo.com/s/ap/20080607/ap_on_el_pr/clinton
Matt Says:
7 June 2008 at 9:26 am.
I missed all the excitement yesterday. I need to trade out my SUV.
Record Oil Spike, High Jobless Rate Sink Stock Market
Dow’s Plunge Casts Doubt on Recovery
A soaring jobless rate, an unprecedented jump in oil prices and a sliding dollar sent tremors through financial markets yesterday and cast fresh doubt on how soon the U.S. economy would be able to break out of a pattern of feeble growth and financial instability.
The nation’s unemployment rate shot skyward last month to 5.5 percent, the biggest leap in more than two decades, and crude oil prices rocketed up $10.75 a barrel, sending U.S. stock markets tumbling and shaking the economic and political landscape just as the general election season begins.
It was one of the worst days of economic news in a year already well-stocked with disappointment. The Dow Jones industrial average reacted by plunging 394.64 points, or 3.13 percent, its sharpest decline since Feb. 27, 2007. Other major indicators also dropped about 3 percent.
“Today’s events are a combination of really nasty news for American consumers,” said Andrew Tilton, a senior economist at Goldman Sachs.
Matt Says:
7 June 2008 at 10:08 am.
U.S., Asia Express `Serious Concern’ Over Oil Prices
June 7 (Bloomberg) — The U.S. and Asia expressed “serious concern” over record oil prices one day after the market posted its biggest dollar gain ever, and urged consumer-nations to shift to alternative sources of fuel as energy costs rise.
Oil prices have reached “unprecedented” levels, officials from Japan, China, India, South Korea and the U.S. said in a joint statement issued after a meeting in Aomori in northern Japan today. Crude oil climbed $10.75 in New York yesterday to settle at $138.54 a barrel, its biggest one-day increase.
“There are few things we can do for the short term,” U.S. Energy Secretary Samuel Bodman told reporters in Aomori today. “There are things we can do on increasing efficiency and we are working on them.”
Prices more than doubled over the past year, sparking concern oil will fuel inflation and retard economic growth. The U.S. and the four Asian nations, together accounting for half the world’s energy consumption, said today wider use of alternative fuels such as clean coal, nuclear power, and renewables will help bolster energy security.
Investing more in oil and gas to boost output capacity and greater effort in accessing petroleum reserves will also expand supplies of conventional fuels, helping to tame energy prices, according to the joint statement.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aZAthJYQmF4I&refer=home
E.E. Says:
7 June 2008 at 12:25 pm.
Clinton suspends her historic presidential bid
WASHINGTON - Hillary Rodham Clinton ended her historic campaign for the presidency on Saturday and told supporters to unite behind rival Barack Obama, closing out a race that was as grueling as it was groundbreaking.
The former first lady, who as recently as Tuesday declared herself the strongest candidate, gave Obama an unqualified endorsement and pivoted from her role as determined foe to absolute ally.
“The way to continue our fight now to accomplish the goals for which we stand is to take our energy, our passion, our energy and do all we can to help elect Barack Obama, the next president of the United States,” she said in a speech before cheering supporters packed into the ornate National Building Museum, not far from the White House she longed to reign in.
“Today as I suspend my campaign, I congratulate him on the victory he has won and the extraordinary campaign he has won. I endorse him and throw my full support behind him and I ask of you to join me in working as hard for Barack Obama as you have for me,” the New York senator said.
With that, Clinton placed herself solidly behind her Senate colleague from Illinois, a political sensation and the first black to secure a presidential nomination.
Benjamin Says:
7 June 2008 at 6:11 pm.
Gold Surges Most in Six Months on Jobs Data, Dollar’s Slump
By Millie Munshi and Halia Pavliva
June 6 (Bloomberg) — Gold jumped the most in six months after the U.S. jobless rate had the biggest gain in more than two decades, spurring a drop in the dollar. Silver also rose.
The unemployment rate increased to 5.5 percent in May from 5 percent in April, marking the biggest increase since February 1986, the U.S. Labor Department said today. The dollar dropped as much as 1 percent against the euro. Gold has gained 33 percent in the past 12 months as a slump by the dollar boosted demand for the metal as an inflation hedge.
“The dollar is much weaker, and that’s what is creating the bounce in the market,” said Leonard Kaplan, the president of Prospector Asset Management in Evanston, Illinois.
Gold futures for August delivery rose $23.50, or 2.7 percent, to $899 an ounce on the Comex division of the New York Mercantile Exchange. That marks the biggest gain for a most- active contract since Nov. 23.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ac.NFBALf3d0
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