McCain needs a drink of water – he stuck both feet in his mouth. Yesterday’s speech in MI on adding 45 nuclear reactors was at the site of the near-miss Fermi nuclear meltdown – the one that almost took out Detroit in 1974 but didn’t get reported until a few savvy researchers uncovered the evidence in government archives. GE and Westinghouse must have made their campaign donations.
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In other news, WCI Communities (a construction corp)declared bankruptcy today in Delaware. JP Morgan Chase and BONY face a loss of over over $800 million dollars in unsecured credit in this single bankruptcy case. This is why the economy is gonna get a lot worse before it get’s better. The domino effect – which ties everything from housing, to small business loans, to large business credit, and everything else – to a quadrillion dollar derivitaves/hedge market that’s based upon nothing more than confidence and hot air. And that’s where the majority of local and state governemnt bonds reside.