Life After the Oil Crash

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Breaking News: Wednesday August 19th, 2009

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Editor's Note: Great Article on FEMA and Emergency Prep at the Atlantic

I'm actually amazed, the new head of FEMA - in stark contrast to "Heck of a Job" Brownie - is both A) a hardcore doomer and B) seems exceptionally competent. An excerpt from an article The Atlantic just published on him, emphasis mine:


















You can read the full article at The Atlantic website here, we're having a discussion of it at the LATOC Forum here. On to the day's most important financial collapse news:

Reuters: Buffet Says Debt Spiraling Out of Control, Poses Major Threat

Bloomberg: If You Took Wall Street's Advice in Rally, Now Owe $6,000

Market Watch: Delinquency Rate on Banks Loans Hits a Record 6.49%

UK Guardian: Rate of US Home Repossessions Rocket to Record Levels

Bloomberg: American Incomes Fall 4.7% in One Year, Most on Record

Wall Street Journal: New American Housing Dream Now to be a Renter

Los Angeles Times: 51% of L.A. Area Homeowners Now Underwater

Los Angeles Times: Desperate Retailers Resorting to "One Cent" Sales

Wall Street Journal: Big Retailers Reporting Foreboding Sales Plunges

Wall Street Journal: Ivy League Schools See Endowments in "Freefall"

Wall Street Journal: Hoardes of College Students Scramble for Tuition

Wall Street Journal: Credit Card Issuers Canceling Accounts en Masse

Los Angeles Times: California to Get $1.5 Billion Loan from JP Morgan

Los Angeles Times: Producers of "Terminator" Film File for Bankruptcy

USA Today: Americans Back to Panning for Gold as Economy Collapses

Exiled Online: Americans So Poor They Can't Afford their Own Funerals

Important FDIC news from yesterday in case you missed it:

Nancy Miller: Has FDIC Run Out of Money? This Graph Speak Volumes

Corn and Soybean Digest: FDIC Sees Ag Bank as the Next Big Failure

Calculated Risk: FDIC Loss Rates Eclipsing Those During the S&L Crisis

Energy, Peak Oil, and Resources:

CNN: China Snapping Up Oil Fields from South America to the Mid East

Wall Street Journal: U.S. Oil Firms Working with Mexican Drug Cartels?

Alternet: America Now Totally Dependent on Rare Metals from China

Crimes, Conspiracies, and High Weirdness:

Alternet: Police Tasering More and More Grandmas, Pregnant Women

Clare Swinney: What to do if the Government Force Vaccinates You

Courant: FBI Trained Blogger Hal Turner to be an Agent Provocateur

Reuters: IBM to Use DNA to Manufacture Next Generation Microchips

Bloomberg: Monsanto to Raise Prices for GMO Seeds by 42% in 2010

Save Big on the Ultimate Year Supply of Freeze Dried Food Available from LATOC Affiliate Nitro-Pak:
Fugate is well respected, which is not the same thing as being well liked. "If they wanted a politician, Craig’s not your man,” says Ed Kennedy, who drove ambulances with him in Alachua. "Craig’s personality is more ‘Speak straight, don’t powder-puff it.’” Already, Fugate is saying things most emergency managers say only in private. Source
At his first all-staff meeting with FEMA employees, Fugate asked for a show of hands: "How many people here have your family disaster plan ready to go? [If you don’t], you just failed your first test … If you’re going to be an emergency manager, the first place you start is at home."

In Florida, Fugate was notorious for what he called “Thunderbolt” drills. Once a month, he’d walk into the office with a large Starbucks coffee and tell everyone to stop what they were doing and respond to a catastrophe baked in his imagination. Sometimes it was a blackout; other times it was a nuclear bomb. Source
A bit later in the article, how he handles his staff:


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