The really shocking numbers are in the unused line of credit commitments of banks to U.S. business. This is the canary number I like to look at because it is a direct expression of banking and finance confidence in Main Street industry. It's gone from $92 billion in Dec -2007 to just $24 billion as of Sep-2010. More importantly, the vast majority of this contraction of credit availability to American industry has been by the larger banks, C&I LOC from $87B down to $18.8B by the institutions with assets over $10B. Poof!This once again confirms what I have been saying for years: the giant banks are causing most of the credit contraction.
Puppet Masters
It's not the crime, it's the cover-up, as the saying goes. In the case of former University of Virginia climate scientist Michael Mann and his supporters, it may be both. Not only did Mann participate in perhaps the greatest scam of modern times, but he may have also have fraudulently used taxpayer funds to do so.
At least Virginia Attorney General Ken Cuccinelli thinks so, and has been diligently trying to obtain from U.Va. documents and e-mails related to Mann's work there. Mann reportedly received around $500,000 from taxpayer-funded grants from the university for research there from 1999 to 2005.
The documents, which will include the eye's image as well as fingerprints, a photo and signature, will be 99 per cent reliable, according to Felipe Zamora, who is responsible for legal affairs at the Mexican interior ministry.
"The legal, technical and financial conditions are ready to start the process of issuing this identity document," Felipe Zamora, responsible for legal affairs at the Mexican Interior Ministry, told journalists Thursday.
Well, get ready for the media storm, because that's essentially what Hersh told an audience in Doha, Qatar recently, according to a report published earlier this week by Foreign Policy.
Speaking at a campus operated by Georgetown University's School of Foreign Service, Hersh said he was working on a new book that details "how eight or nine neoconservative, radicals if you will, overthrew the American government."

In this April 13, 2010 file photo, Andy Coulson, the ruling Conservative Party's Director of Communications speaks on the phone in London, England. Coulson quit as Downing Street communications chief Friday Jan. 21, 2011, saying the continuing row over phone-hacking when he was editor of the News of the World newspaper was distracting from his job.
Andy Coulson denies any knowledge of the hacking, but admitted he'd committed a cardinal sin for a back room operator - he became the story.
Coulson said "continued coverage of events connected to my old job at the News of the World has made it difficult for me to give the 110 percent needed" in his role as Downing Street communications chief.
"I stand by what I've said about those events but when the spokesman needs a spokesman, it's time to move on."
A reporter and a private investigator working for the News of the World were caught illegally eavesdropping on the phones of the British royal family's entourage in 2007. Coulson quit the paper when the pair were convicted, but says he knew nothing of the hacking.
His resignation is a blow to Prime Minister David Cameron, who has resisted calls to fire Coulson despite the scandal.
Some analysts have reached dramatic conclusions, suggesting the near-certainty of hundreds of billions of dollars in government defaults within the US over the next 12 months. Such predictions will undoubtedly turn out to be substantially overblown. Yet the rejection of one extreme is not the affirmation of the other. International investors would be wise to pay close attention to fiscal trends within the US.
The severity of fiscal risk varies considerably depending on which level of government is under discussion. At the federal level the combination of ongoing weakness in the labour market and large structural budget deficits means that the right policy mix should be more stimulus now and much more deficit reduction, enacted now, to take effect in two to three years. Policymakers have acted on the first part, most prominently through the payroll tax holiday announced in December - one of the factors making the short-term outlook more promising.
The 235ft-tall Delta IV Heavy Launch Vehicle lifted off at 1.10pm local time yesterday with a classified U.S. government defence satellite on board.
Carrying cargo for the National Reconnaissance Office (NRO), the booster rose into the sky over California's central coast and arced over the Pacific Ocean, a spectacle visible from 50 miles away.

Blast off: The Delta IV Heavy Launch Vehicle lifts off from Vandenberg Air Force Base in the California desert at 1.10pm local time yesterday

Former British prime minister Tony Blair arrives at the Queen Elizabeth II conference centre in central London on Friday.
Blair arrived several hours before he was due to give evidence to the five-member inquiry panel, as a group of about 100 anti-war demonstrators gathered outside London's Queen Elizabeth II conference centre to denounce the former leader's decision to join the 2003 U.S.-led invasion.
Protesters shouted "Tony Blair, terrorist," an echo of massive protests in London in the buildup to the conflict almost eight years ago.
Blair, wearing a dark blue suit and tie, flashed a wide smile at the panel as he began his testimony and confidently fielded questions.
Offering a familiar argument from his session a year ago, Blair said he believed there were two, competing world views in the aftermath of the Sept. 11, 2001, attacks on the United States. Some, including then-French President Jacques Chirac, believed the threat from terrorism could be managed without the need for major conflict, Blair said.

Silvio Berlusconi has been tried on at least 17 charges since first taking office as prime minister in 1994.
Pope Benedict XVI didn't mention the scandal or Berlusconi by name. But during an audience with Rome's police chief and police officers, he said public officials must "rediscover their spiritual and moral roots."
"The singular vocation that the city of Rome requires today of you, who are public officials, is to offer a good example of the positive and useful interaction between a healthy lay status and the Christian faith," Benedict said, echoing more direct comments about the scandal a day earlier by his No. 2.
Prosecutors have placed Berlusconi and three associates under investigation, alleging he paid for sex with a 17-year-old girl nicknamed Ruby and used his office to cover it up. Prosecutors have said Berlusconi had sex with several prostitutes during parties at his Milan estate.
The Italian prime minister says he has nothing to be ashamed of, and that he has just been having fun. But the sheer mass of sordid details of his "bunga bunga" parties has now been revealed for the first time. The descriptions provided by prosecutors, investigating allegations of wrongdoing, prostitution and sex with an under age dancer, read like a bacchanalia.