The Weekend Blues

During a time when AP economics writer, Jeannine Aversa, informs us 'Stores, factories and other businesses large and small showed workers the door last month, sending unemployment to its highest rate in four years and adding to the evidence an economic recovery remains far off. Employers clamped down on hiring and cut 51,000 jobs in July, the Labor Department said Friday. The economy has shed jobs each month this year — 463,000 in all.'

Also reports like that of Jim Marshall in the Reuters news report, 'the analysts at Standard & Poors warned against mortgage related debt products in Internet emails, stating in one email, where a S&P manager wrote that the 'ratings agencies were helping to create an "even bigger monster -- the CDO (collateralized debt obligation) market. Let's hope we are all wealthy and retired by the time this house of card falters."'

While still getting news of 'U.S. auto sales plunged to a 16-year-low in July, led by a 27 percent drop at General Motors Corp , as high gas prices and tight credit sent the industry into a tailspin' , written by Poornima Gupta of the Reuters news on-line.

And as many stories of the 'Oil giants Chevron Corp. and Total SA wrapped up a string of gargantuan, record-breaking earnings reports Friday, a stretch in which six of the major international oil companies topped $50 billion in combined profit for the first time.' Like the one told to us by John Porretto, AP Business Writer during the same time period people are struggling to decide whether they buy gas for their cars to get to work or groceries to eat. During a time when people begin to purchase that heating oil to prepare for the winter, wondering if the Oil giants are planning to create another questionable paper written demand and supply to call it a shortage while raising prices even higher.

There is a new story brewing in the works about 'New York Attorney General Andrew Cuomo plans to imminently charge Citigroup Inc , accusing it of fraudulently marketing and selling auction-rate securities, and destroying documents that had been subpoenaed' in the Reuters by Joseph A. Giannone and Jonathan Stempel.

http://news.yahoo.com/s/nm/20080802/bs_nm/citigroup_subpoenas_dc;_ylt=Ar2mX7W1.bpaHLPLWs0iq4SyBhIF