U.S. to Buy Stakes in Nation's Largest Banks

Recipients Include Citi, Bank of America, Goldman; Government Pressures All to Accept Money as Part of Broadened Rescue Effort
By DEBORAH SOLOMON, DAMIAN PALETTA and JON HILSENRATH (WJS)

WASHINGTON -- The U.S. government is expected to buy stakes in the nation's top financial institutions as part of a wide-ranging effort to restore confidence to the battered banking system, following similar moves by European governments that sent global stock markets soaring.
As part of its new plan, the government is set to buy preferred equity stakes in Goldman Sachs Group Inc., Morgan Stanley, J.P. Morgan Chase & Co., Bank of America Corp., Merrill Lynch, Citigroup Inc., Wells Fargo & Co., Bank of New York Mellon and State Street, according to people familiar with the matter.

Not all of the banks involved are happy with the move, but agreed under pressure from the government. All told, the moves tie the banking sector to the federal government for years to come. The comprehensive approach rivals the breadth of the government's response to the Great Depression. As a result, taxpayers now have a direct stake in the future of American finance. Along with the government's involvement come certain restrictions, such as caps on executive pay.

The new plan is designed to bolster bank balance sheets by providing new capital, removing rotten assets and taking new steps to make sure they have access to the funds they use to operate. All told, the moves are designed to get money flowing through the system so that banks will lend to companies, consumers and each other.

The initiatives, which will likely supersede many of the government's previous efforts, are being formulated jointly by the Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp.
One central plank of these new efforts is a plan for the Treasury to take approximately $250 billion in equity stakes in potentially thousands of banks, according to people familiar with the matter, using funds approved by Congress through the $700 billion bailout bill.

Treasury will buy $25 billion in preferred stock in Bank of America, J.P Morgan and Citigroup; between $20 billion and $25 billion in Wells Fargo; $10 billion in Goldman and Morgan Stanley; and between $2 billion and $3 billion in Bank of New York Mellon and State Street. It was unclear whether the Bank of America stake included Merrill, which the bank has a deal to acquire.

The FDIC is expected to temporarily guarantee new debt issued by banks and thrifts for three years. One of the major problems plaguing credit markets in recent weeks has been a fear among financial institutions that it is unsafe to lend to each other even for short periods of a few days. U.S. officials hope this debt guarantee will remove that fear and encourage banks to start lending to each other again. That in turn could bring down some critical short-term lending rates, such as the London interbank offered rate, or Libor, which is a benchmark for many consumer and business loans.

The FDIC is also expected to temporarily offer banks unlimited deposit insurance for non-interest-bearing bank accounts typically used by small businesses. This would be voluntary and extend beyond the $250,000 limit per depositor that lawmakers agreed on two weeks ago. Banks might have to pay an additional fee for the coverage, though details were still being worked out. The shift brings U.S. policy more in line with other countries that rushed to offer blanket deposit insurance to try and prevent customers from withdrawing large sums of money from financial institutions.

All told, the program would put the guarantee of the government behind much of the plumbing of American financial markets, a step that would have appeared inconceivable a few months ago. But the seizure in credit markets and last week's plunging stock markets forced policy makers around the world to shift gears.

Monday, the big European powers -- the U.K., Germany, France, Spain and Italy -- provided further details of measures to buy stakes in struggling banks and offer lending guarantees. The U.K., which first formulated this plan, is planning to issue some £37 billion ($63.1 billion) in new government debt to pay for purchases of the common and preferred shares of three big banks. The U.K. will also guarantee some £250 billion in bank debts with maturities of up to three years. The guarantees extend to the vast and frozen market for interbank lending, or short-term loans made among banks, a U.K. Treasury spokeswoman said.

The current planning in Washington would bring the U.S. in line with these countries.

Treasury Secretary Henry Paulson has grown increasingly concerned about the worsening situation and wants to aim government dollars directly at bank balance sheets.

Details are still being finalized, but the equity-injection program is expected to be open to almost all banks, with a focus on getting the participation of the firms most important to the financial system, according to people familiar with the matter.

While the Treasury wants to put money into banks, its main goal is to attract private capital. To make sure private investors aren't scared away, the Treasury is expected to structure its investment on terms favorable to the banks and will inject capital in exchange for preferred shares or warrants, these people said, a move that is designed to not hurt existing shareholders.

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U.S. May Take Ownership Stake in Banks

WASHINGTON — NY Times
Having tried without success to unlock frozen credit markets, the Treasury Department is considering taking ownership stakes in many United States banks to try to restore confidence in the financial system, according to government officials.Treasury officials say the just-passed $700 billion bailout bill gives them the authority to inject cash directly into banks that request it. Such a move would quickly strengthen banks’ balance sheets and, officials hope, persuade them to resume lending. In return, the law gives the Treasury the right to take ownership positions in banks, including healthy ones.

The Treasury plan was still preliminary and it was unclear how the process would work, but it appeared that it would be voluntary for banks.

The proposal resembles one announced on Wednesday in Britain. Under that plan, the British government would offer banks like the Royal Bank of Scotland, Barclays and HSBC Holdings up to $87 billion to shore up their capital in exchange for preference shares. It also would provide a guarantee of about $430 billion to help banks refinance debt.

The American recapitalization plan, officials say, has emerged as one of the most favored new options being discussed in Washington and on Wall Street. The appeal is that it would directly address the worries that banks have about lending to one another and to other customers.

This new interest in direct investment in banks comes after yet another tumultuous day in which the Federal Reserve and five other central banks marshaled their combined firepower to cut interest rates but failed to stanch the global financial panic.

In a coordinated action, the central banks reduced their benchmark interest rates by one-half percentage point. On top of that, the Bank of England announced its plan to nationalize part of the British banking system and devote almost $500 billion to guarantee financial transactions between banks.

The coordinated rate cut was unprecedented and surprising. Never before has the Fed issued an announcement on interest rates jointly with another central bank, let alone five other central banks, including the People’s Bank of China.

Yet the world’s markets hardly seemed comforted. Credit markets on Wednesday remained almost as stalled as the day before. Stock prices, which had plunged in Europe and Asia before the announcement, continued to plummet afterward. And stock prices in the United States went on a roller-coaster ride, at the end of which the Dow Jones industrial average was down 189 points, or 2 percent.

The gloomy market response sent policy makers and outside experts on a scramble for additional remedies to stabilize the banks and reassure investors.

There is no shortage of ideas, ranging from the partial nationalization proposal to a guarantee by the Fed of all lending between banks.

Senator John McCain, the Republican presidential candidate, on Wednesday refined his proposal — revealed in a debate with the Democratic nominee, Senator Barack Obama, the night before — to allow millions of Americans to refinance their mortgages with government assistance.

As Washington casts about for Plan B, investors are clamoring for the Fed to lower interest rates to nearly zero. Some are also calling for governments worldwide to provide another round of economic stimulus through expensive public works projects.

Yet behind the scramble for solutions lies a hard reality: the financial crisis has mutated into a global downturn that economists warn will be painful and protracted, and for which there is no quick cure.

“Everyone is conditioned to getting instant relief from the medicine, and that is unrealistic,” said Allen Sinai, president of Decision Economics, a forecasting firm in Lexington, Mass. “As hard as it is for investors and jobholders and politicians in an election year, this crisis will not end without a lot more pain.”

One concern about the Treasury’s bailout plan is that it calls for limits on executive pay when capital is directly injected into a bank. The law directs Treasury officials to write compensation standards that would discourage executives from taking “unnecessary and excessive risks” and that would allow the government to recover any bonus pay that is based on stated earnings that turn out to be inaccurate. In addition, any bank in which the Treasury holds a stake would be barred from paying its chief executive a “golden parachute” package.

Treasury officials worry that aggressive government purchases, if not done properly, could alarm bank shareholders by appearing to be punitive or could be interpreted by the market as a sign that target banks were failing.

At a news conference on Wednesday, the Treasury secretary, Henry M. Paulson Jr., pointedly named the Treasury’s new authority to inject capital into institutions as the first in a list of new powers included in the bailout law.

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BNI Support Program Towards Healthy Indonesia

Jakarta, 30 August 2008.
BNI with some network hospital (hospital) facilities on the facility and payment of hospital services. The hospital formed a partnership with BNI, among other network Pertamedika Hospital (Hospital & Clinics Pertamina), Thamrin Hospital, Cinere Hospital, Medistra Hospital, Lakespra Hospital, Police Hospital and the Hospital Eka. Through this cooperation, credit card holders get a relief payment of health services with 0% interest repayments and package discounts for medical checkups.

Cooperation is marked with the signing of cooperation agreements between the Director of BNI, Gatot M Suwondo, with the leaders of the hospital, in the event program pencanangan Towards Healthy Indonesia, in Jakarta (30 / 8). According to Gatot, the role of the BNI this is one form of commitment BNI as a national company that supports increasing the degree of the Indonesian people through the improvement of the quality of health services. "In addition, the program is also an added value for customers in the deal with Credit Card BNI," the blogosphere.

Cooperation with some of the hospital facilities for these payments also strengthen the position of a BNI Credit Card credit card family. "In addition to the needs of shopping, recreation and hobbies, Credit Card BNI also have benefits in providing the convenience of the family in the transaction meet the needs in education and health," Gatot information.

In the same opportunity, BNI also support the launch of online health information and education Click doctor. At the managed Konsil media Medical Indonesia and the Ministry of Health RI, is a partner in bank BNI, which provide access to information and banking services for the medical workers, paramedics and doctors Click area.

Number of Credit Card BNI Up 14%.
Until June 2008, the number of Credit Card BNI issued cards reached 1.4 million, or a growth of 14% from the previous year. Value of credit card transactions BNI during the semester I in 2008 reached Rp 3.5 trillion or an increase of 19% of the value of the transaction Semester I 2007. Increasing the value of credit card transactions supported the expansion of this engine electronic data capture (EDC), which until June 2008 reached 21 thousand EDC or take 62% of the amount of EDC, which is inserted in the position June 2007. In the month of Ramadan in 2008, the Credit Card program provides BNI Family Inspiration Ramadan, which provides transaction services to the customers needs for home renovations, holidays widths, open fasting, shopping in the supermarket / department stores, mudik, and other needs.

About BNI
BNI is one of the largest banks in Indonesia, which has 980 branches spread across Indonesia and 5 overseas branches (Singapore, Hong Kong, Tokyo, New York and London), and representatives in several countries in the Middle East. Is equipped network for the distribution of credit, which is 51 credits centra small (SKC), 112 units of small credit (UKC), 63 branches stand alone, 20 credits centra middle (SKM), and 54 branches of sharia.

For electronic network, BNI has 2,800 ATMs plus 6,900 ATMs and 10,500 ATMs LINK Together, the facilities and PhoneBanking 24 hours in the BNI Call 021-5789 9999 or 68888 (via mobile phone), and SMS Banking and Internet Banking BNI www.bni.co.id to the needs of banking transactions with dozens of features. For international transactions BNI Card can be used for shopping in the merchant accounts at MasterCard and Maestro ATM berlogo & Cirrus in the world.

For institutional client business, BNI has the cash management services online; trade finance, international trade (export / import) and the remittance / remittances, which is supported by a network of overseas branches and ± 900 correspondent banks all over the world. BNI shares registered in the Indonesian Stock Exchange (bei) with the code BBNI.

For more information, contact:
Intan Abdams Katoppo, Corporate Secretary of BNI
Tel: 021-5728387 Fax: 021-5728053, Email: bni@bni.co.id

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Markets Hail Fan-Fred Takeover

By PETER A. MCKAY

The government's plan to take mortgage giants Fannie Mae and Freddie Mac under conservatorship spurred the stock market higher on Monday, as investors bet that the effort will remove some of the uncertainty that has haunted Wall Street in the past few months.

The market's gains waned in the afternoon but a late round of buying pushed major indicators back within reach of their daily highs at the closing bell.

The Dow Jones Industrial Average, which was up nearly 350 points at its intraday peak, finished 290.43 points higher, its biggest one-day gain in a month. The blue-chip indicator climbed 2.6% to 11510.74, down 13% on the year. All its financial components posted big gains on Monday, led by Bank of America, up 7.8%, and Citigroup, up 6.6%. Home Depot, which could stand to benefit from any increased housing-sector activity the rescue of Fannie and Freddie stirs, jumped 5.5%.

"The government has stopped an implosion here, just like they did with Bear Stearns," said Bill King, chief market strategist at M. Ramsey King Securities in Burr Ridge, Ill. He alluded to the March acquisition of the troubled bank by J.P. Morgan Chase, in a deal facilitated by the Federal Reserve for the sake of stabilizing the broader financial system. But Mr. King added: "The question is how often are you going to have to do this? Do you have to keep doing one of these types of things every few months?"

Other market gauges also rose, though the gains were milder. The Standard & Poor's 500 Index gained 2.1%, rising 25.48 points to 1267.79, down 14% on the year. The small-stock Russell 2000 climbed 2% to 732.87, down 4.3% on the year. The technology-focused Nasdaq Composite Index edged up 0.6% to 2269.76, off 14% on the year. It was weighed down Monday by a 1.4% decline for tech bellwether Apple, which is due to unveil improvements to its iPod music players on Tuesday. Research In Motion, another industry heavyweight, was down 4%.

Trader Don Bright, of the proprietary firm Bright Trading in Chicago, said that fears about the broader economy, or activity outside the financial sector, continued to weigh on the market in the wake of several recent downbeat developments, including data last week showing an eighth straight month of job losses in the U.S.

In particular, those concerns have weighed on the most speculative corners of the market, like technology.

"That's a sector that really tends to do well when people are optimistic about the future," said Mr. Bright. "Who feels that way now? The government may be saving Fannie and Freddie, but does that get your neighbor a job or help him make a payment on his mortgage?"

Shares of Fannie Mae and Freddie Mac had been beaten down over the past few months on speculation that bleak credit-market conditions would force the government to step in and take control of the mortgage-finance giants. The plan unveiled by the Treasury Department is likely to lead to steep losses for holders of the companies' common and preferred shares. In recent trading, the common stock of both had tumbled by more than 80% to beneath $1. Fannie and Freddie preferred shares also dropped sharply, falling in line with the common shares.

Companies with large exposure to Fannie and Freddie shares were mixed. Standard & Poor's said American International Group, among other insurers, have large holdings of the preferred shares. AIG rose 1.9%. But Sovereign Bancorp, which owns roughly $900 million in the preferred securities, saw its shares fall 6.6%.

But the bailout protects Fannie and Fannie bondholders, which include many pension funds, foreign central banks and mutual funds. The government's plan is also expected to lower mortgage rates, which have remained stubbornly high despite deep cuts in borrowing costs by the Federal Reserve.

The prospect of a housing-market turnaround lifted shares of homebuilders. Toll Brothers shares soared 9.4% and Lennar shares jumped 10.3%. The shares of buyers of Fannie and Freddie debt also gained. Annaly Capital Management, a real-estate investment trust, jumped 10.2%. But there were losers as well. Mortgage insurers including Radian Group and PMI Group coughed up gains made earlier in the day to end lower.

Other dangers remain for investors. Economic woes in the U.S., including continued job losses and slowing growth, seem to be spreading overseas. Also, prices of homes in the U.S. remain low and inventories of unsold units remain high. That situation is cutting into many average Americans' wealth and could keep prices of mortgage securities depressed in the months ahead even if it becomes easier for those instruments to change hands.

"The Fannie and Freddie deal could help mortgage rates, but mortgage rates only affect how big of a house people buy, not whether they buy one in the first place," said Kim Caughey, senior investment analyst at Fort Pitt Capital Group in Pittsburgh. "To get people to make big-ticket decisions like that, you'll really need to improve consumer confidence and other things that are still looking pretty bad."

Treasury prices rose and pushed interest rates down on Monday. The two-year note were up 2/32 to yield 2.289%. The benchmark 10-year note was up 16/32 to yield 3.648%. The dollar rose sharply against major foreign rivals. The U.S. Dollar Index was up 1.2%.

Washington Mutual, one of the lenders most affected by the credit crunch, has ousted Kerry Killinger as chief executive. And Lehman Brothers Holdings launched a sweeping shake-up of senior management, including the departure of some of its international operational chiefs. Washington Mutual shares were off 3.5%, while Lehman was down 12.7%.

Oil prices seesawed and finished little changed as traders followed the progress of Hurricane Ike, which may damage offshore facilities in the Gulf of Mexico in the days ahead. Crude futures snapped a six-day losing streak, finishing 11 cents higher at $106.34 a barrel in New York.

Write to Peter A. McKay at peter.mckay@wsj.com.

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U.S. Takeover of Mortgage Giants Lifts Global Markets

By VIKAS BAJAJ , KEITH BRADSHER and DAVID JOLLY

Published: September 8, 2008

Investors around the world breathed a sigh of relief Monday after the U.S. government took over and backed Fannie Mae and Freddie Mac, assuring a continued flow of credit through America’s wounded mortgage system.

Stocks rallied in Europe and Asia, after the U.S. Treasury’s announcement that it would transfer control of Fannie Mae and Freddie Mac to conservatorship. Stocks in Tokyo closed 3.4 percent higher.

In Europe, the FTSE 100 index in London rose 3.7 percent at the opening while the CAC 40 in Paris registered a 4.3 percent gain and the DAX in Frankfurt 3.1 percent.

Futures contracts on the Dow Jones industrial average rose 2.2 percent in early European trading as investors concluded that the Bush administration’s decision over the weekend had strengthened the prospects for American businesses, particularly banks, and for the American economy.

Shares of major Japanese banks soared. Mitsubishi UFJ Financial rose 10 percent, while Sumitomo Mitsui Financial climbed more than 15 percent.

The dollar and yen weakened in orderly trading against the euro and the British pound in European morning trading, as investors halted a recent flight to the safety of the dollar and yen and began to conclude that European economies might not be in as grave danger as they had seemed last week.

German-listed shares of Fannie and Freddie plummeted in early Frankfurt trading, losing more than 50 percent of their value.

Investors said the provision in the bailout plan under which the Treasury will begin buying some of Fannie and Freddie’s securities in the open market would help to restore confidence.

“The fact that they’ll be able to buy mortgage-backed securities from other banks is really important,” William de Vijlder, chief investment officer at Fortis Investment Management in Brussels, said, “because it means the U.S. is serious about fixing the problems in the market.” The “doomsday scenario,” in which write-downs of those securities results in a continuing cycle of bank write-downs and losses, is over, he added.

“I expect a positive reaction in the market in the near term,” he said. “The problems have not gone away, but along with the decline in the oil price, this helps to put the machinery into place by which things will eventually return to normal.”

But the takeover of the companies also reinforced concerns about troubles of the American economy and highlighted its significant reliance on foreign investors, particularly in Asia.

Almost immediately, the move will protect central banks in Asia, which have amassed hundreds of billions of dollars of Fannie Mae and Freddie Mac bonds, from taking big losses. The move should also bode well for American financial institutions and, in the short term, the broader stock market.

Investors said they expected the spread between Treasury securities and comparable Fannie Mae and Freddie Mac debt to shrink drastically, reflecting renewed faith about the safety of the market.

In recent months that spread, or premium, had ballooned significantly, eroding confidence in the health of the companies. Before the housing crisis, Fannie and Freddie could borrow money at a small premium over the federal government’s rates. “If it becomes like U.S. Treasuries, that is a positive for Asia,” said Ifzal Ali, the chief economist of the Asian Development Bank in Manila.

Treasury’s purchase of mortgage securities may help lower interest rates on home loans, which this summer rose to their highest level in a year. That reduction in housing costs should help cushion the decline in home prices, which have already fallen more than 18 percent from their peak in the summer of 2006, said Bill Gross, the co-chief investment officer of Pimco, the large bond investment firm.

“It goes a long way to stopping this housing deflation which, I think and Pimco thinks, is at the heart of the problem,” he said.

But the plan also raises a host of questions about the fragility of the American economy, which will continue to figure into investor calculations. On Friday, for instance, the Labor Department reported that the unemployment rate climbed to a five-year high of 6.1 percent.

Perhaps most important, despite the government support for Fannie Mae and Freddie Mac, any stabilization in home prices is still a way off, and the waves of foreclosures battering the housing market are not likely to reverse right away. What is more, the plan will do little to stem losses in risky home loans, commercial mortgages and debt used by private equity firms to acquire companies. Financial institutions have already taken write-downs of $500 billion and the International Monetary Fund projects that losses could reach $1 trillion.

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Boeing workers put strike on hold for 48 hours

By Julie Johnsson |Tribune staff reporter

7:22 AM CDT, September 4, 2008

For the second time in three years, members of Boeing Co.'s largest union have voted to support a strike that would halt work on its airplane production lines.

However, the union agreed to extend its contract for 48 hours and continue negotiating at the request of Washington Gov. Chris Gregoire and a federal mediator. Jim Proulx, a Boeing spokesman, said company and union negotiators would meet together with a federal mediator at an undisclosed time and location Thursday.

Members of the International Association of Machinists and Aerospace Workers were originally set to walk out at 12:01 a.m. today to man picket lines at several Boeing facilities, including the giant plant in Everett, Wash., where Boeing workers assemble planes ranging from the 737 to the delay-plagued 787 Dreamliner.

The union's chief negotiator Mark Blondin said it was worth one more try to reach agreement at the bargaining table without a strike.

"We have told you all along that our job as negotiators is to negotiate a contract that is acceptable to you, not to negotiate a strike," Blondin told 100 shop stewards and others who had been chanting "strike, strike, strike" after the extension was announced.

"If we can't do it in 48 hours, brother, it's on," Blondin said.

If Boeing's 27,000 machinist union workers do strike, the greater financial blow to Chicago-based Boeing increases the longer they are off the job. Boeing was already struggling to keep pace with orders lodged during the recent record-breaking boom in aircraft sales, analysts said.

In 2005, a dispute over retirement benefits prompted Boeing's machinists to stop work for nearly a month. A strike of similar length this year would heighten the risk of additional costly delays to three aircraft in development at Boeing: the 787 Dreamliner, which is already 18 months late; a revamp of the decades-old 747 jumbo jet; and a new 777 freighter, which began test flights earlier this summer.

"In our opinion, a short strike would not be a serious problem because the lost revenues and profits could be recouped next year," wrote Michael Derchin, aerospace analyst with FTN Midwest Securities Corp., in a Sept. 3 research report. "A longer one could have serious consequences for Boeing and the industry."

Boeing officials had sought to avoid a strike, even launching an advertising and public relations blitz in an effort to dissuade workers from voting for the walk out.

While Boeing met many of the union's demands, it refused to compromise on the issue of outsourcing. The union had sought to revoke language from the 2002 contract that enabled Boeing to shift much of the design and construction work traditionally done in-house to supply partners.

The move enabled Boeing to cut its construction costs sharply on the 787, but resulted in costly delays when suppliers struggled to keep pace with an aggressive production schedule or meet Boeing's quality standards for the ground-breaking new plane.

Boeing's unions are concerned they will lose thousands of jobs over the next decade as Boeing creates successors to two aircraft largely built by its employees now: the 737, its popular narrow-body jet, and the larger 777.

"This has been a long-standing concern," said aviation consultant Scott Hamilton. "Clearly, they're looking at the prospects for the next airplane . . . and are concerned even more jobs will be outsourced."

jjohnsson@tribune.com

The Associated Press contributed to this report.

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Dow Industrials Fall 340 Points

By MICHAEL M. GRYNBAUM

Published: September 4, 2008, NY Times

Stocks on Wall Street plunged on Thursday, but few investors seemed to settle on one reason.

A broad sell-off sent the Dow Jones industrial average down 344.65 points at the close — the index’s worst performance since June — hours after the government reported that the number of Americans filing for unemployment benefits unexpectedly rose last week.

But the sharpest declines came nearly two hours after that report was released, a lag that rarely occurs in today’s overheated financial world. The other financial news of the day, including a $1.70 drop in the price of oil, would usually cheer investors. So what gives?

“I’m trying to answer the same question,” Steve Sachs, who directs trading at Rydex Investments, said. With no clear catalyst, Mr. Sachs pointed out that trading was relatively light on Thursday, which means big trades by a handful of investors can cause major swings.

“Volumes overall are very, very light,” he said. “If this was happening last week, before Labor Day, everyone would be saying, ‘Don’t read too much into it.’ Nobody’s around. There aren’t a lot of players.”

Speculation focused on fears about the direction of the economy, though it remained unclear why anxieties that have been around for months would suddenly take hold. Some investors said they were worried about the unemployment report for August, which will be released Friday. Economists expect the economy to have shed another 70,000 jobs last month; a worse-than-expected showing would be an ominous sign for the economy’s health in the rest of the year.

At the close, the Standard & Poor’s 500-stock index was off 2.9 percent, or 38.15 points, to 1,236.83. The Dow was also down 2.9 percent, to 11,188.23, and the Nasdaq had declined 3.2 percent, or 74.69 points to 2,259.04.

The worst performers were in the energy sector, where the decline in oil prices has soured investors’ mood on refineries and commodity companies. Exxon Mobil shares traded down 1.5 percent, and shares of Chevron were off nearly 3 percent.

Usually, lower oil prices mean a good day for stocks. While shares of energy companies may decline, investors tend to buy into businesses more dependent on consumer spending, which has been curtailed by high gasoline prices.

But on Thursday, reports from the nation’s biggest retailers revealed a consumer that has been opting to shop at discount stores. Big-box retailers like Target saw their sales decline in August, while sales rose at Wal-Mart, Costco and other wholesale stores. The reports suggested that profits at many American retailers would continue to fall even as gas prices come down.

“When oil was $145, everyone screamed inflation. At $105, everyone is screaming, ‘Where is the demand?’,” said Ryan Larson, a trader at Voyageur Asset Management. “It’s like the markets can’t really be happy one way or the other.”

Other analysts suggested that computerized trading models may be the culprit for Thursday’s sell-off. Richard Sparks, an analyst at Schaeffer’s Investment Research, noted that the S.&P. 500 index fell below 1,260 just minutes before the day’s biggest decline. He suggested that some investors may be using computers that are programmed to sell stocks after that level was reached.

Or the sell-off may be a result of simple momentum.

“The acceleration is feeding on itself,” Mr. Sparks said.

While Thursday’s declines are the worst since June, the market could move in an entirely different direction depending on the data released on Friday by the Labor Department, which will report the unemployment rate for August and estimate how many Americans were laid off during the month.

A report on Thursday suggested that the figure could be dire. The number of Americans who registered for unemployment benefits last week rose to 444,000, near a five-year high, according to data compiled by the Labor Department.

“This morning’s employment numbers continue to indicate that the labor sector remains soft at best and looks to continue to shed jobs throughout the remainder of the year,” Joseph Brusuelas, chief economist at Merk Investments, wrote in a note.

Other economic data released on Thursday was more positive. Productivity was revised up to 4.3 percent last quarter, far higher than economists had estimated.

A separate private report showed that activity in the services sector grew in August after contracting for months. The non-manufacturing index of the Institute for Supply Management rose to 50.6 from 49.5 in July, on a scale where readings above 50 indicate growth.

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McCain speech to emphasize life of service to country

By Alan Gomez and Randy Lilleston, USA TODAY

ST. PAUL — In his speech to the Republican National Convention later Thursday, John McCain will present himself as a leader who has acted to change the way government works, according to excerpts released by his campaign.

"I will reach out my hand to anyone to help me get this country moving again. I have that record and the scars to prove it. Senator Obama does not," McCain will say, according to the excerpts.

The excerpt is consistent with a major claim of this week's convention — that McCain's Democratic opponent, Barack Obama, has talked at length about changing government without backing his words with action.

McCain, the 72-year-old Arizona senator, will emphasize his life in public service and draw out the policy differences between him and Obama.

"I fell in love with my country when I was a prisoner in someone else's," McCain will say, according to the excerpts. "I loved it because it was not just a place, but an idea, a cause worth fighting for.

"I was never the same again. I wasn't my own man anymore. I was my country's."

He also will praise his pick for vice president, Alaska Gov. Sarah Palin.

"I'm very proud to have introduced our next vice president to the country, but I can't wait until I introduce her to Washington. And let me offer an advance warning to the old big-spending, do-nothing, me-first, country-second Washington crowd: change is coming."

McCain will repeatedly emphasize the "country first" theme that has been a major part of the convention, Minnesota Gov. Tim Pawlenty, national co-chair of the McCain campaign, told USA TODAY.

Obama's message of change "does not ring true," Pawlenty said, calling the Illinois senator a strong partisan with little record of stepping away from the party orthodoxy. McCain, on the other hand, has a clear record of independence, Pawlenty said, and the speech will give him a chance to outline those credentials.

In contrast to Obama's nomination speech last week, given to more than 80,000 people in a Denver football stadium, McCain will give his address in a far more intimate setting.

The convention's stage and podium have been reconfigured to create the "town hall" atmosphere McCain used so successfully in the primary season. The stage brings the crowd closer to McCain in what campaign manager Rick Davis called a "symbolic and practical" measure.

"His strength is in more of an intimate setting, a more conversational setting in tone," Pawlenty said.

McCain checked out the setup in midafternoon, chatting on stage with his wife, Cindy, and Sens. Lindsey Graham of South Carolina and Joe Lieberman of Connecticut.

Cindy McCain will not introduce her husband, as first lady Laura Bush did for President Bush's video address on Monday. Instead, Davis said McCain's wife would talk about her humanitarian work around the world. A video will introduce the nominee before he speaks at about 10 p.m. ET.

She admitted that she was nervous about addressing delegates.

"I'd like people to know what makes me work and what makes me tick and who I am, what I'm all about and where I come from," she told ABC's Good Morning America. "I have an interesting story to tell as well in that it combines the two of us and makes us a couple and what we will represent."

She also told ABC "I don't agree" with McCain running mate Sarah Palin's opposition to abortion in cases of rape and incest, "but I do respect her for her views."

John McCain opposes most abortion rights, but has supported allowing abortions in cases of rape and incest. Palin's view that all abortions should be illegal has helped mollify social conservatives in the party who have had doubts about McCain because of his work with Democrats.

Other speakers tonight include Pawlenty and former Pennsylvania Gov. Tom Ridge — both considered finalists for the vice presidential slot eventually given to Palin.

The address comes one night after a well-received acceptance speech from Palin. Davis said the Alaska governor delivered a speech that immediately made her "a household name."

Thursday, Palin said she was looking forward to McCain's acceptance speech. "We are all very excited about tonight," she told reporters after meeting with a group of Republican governors in next-door Minneapolis. "The people of this country will once again see tonight the conviction and the character that make him a great man, an honorable man and will make him a great president."

In her Wednesday speech, Palin offered a sharp critique of Obama and Democratic running mate Joe Biden while explaining how her time as mayor in tiny Wasilla, Alaska (population 9,780) and governor have prepared her for the vice presidency.

"I guess a small-town mayor is sort of like a 'community organizer,' except that you have actual responsibilities," she said. Before entering politics, Obama worked as a community organizer on the South Side of Chicago.

Biden told USA TODAY this morning that he thought Palin was "very poised" and said he won't be able to match her "zingers." He said he believes she got a "raw deal" from critics and commentators who have zeroed in on her family and questioned her ability to raise her five children while serving as vice president.

"C'mon. This is 2008," Biden said in an interview in Norfolk, Va.

Obama, campaigning in York, Pa., dismissed the Republican criticisms of him.

"You're hearing an awfully lot about me — most of which is not true — but you're not hearing a lot about you," Obama said at a campaign event. "You haven't heard a word about how we're going to deal with any aspect of the economy that is affecting you and your pocketbook day-to-day."

McCain and Palin will leave St. Paul immediately after the speech and travel to the Milwaukee area for a Friday campaign rally. Obama and McCain meet in the first presidential debate on Sept. 26 at the University of Mississippi, while Palin and Biden will face off Oct. 2 at Washington University in St. Louis.

Contributing: David Jackson and Jill Lawrence in St. Paul; Charisse Jones in New York; Associated Press

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The basics of inheritance tax

Most people think the negligence of the inheritance tax. It can be complicated to understand and unpleasant to learn. But the time has come to examine the items you leave behind you to your children or relatives, understanding the May issue quickly become a priority. The inheritance tax is essentially a tax applied by the government for a deceased person of succession. This is essentially the last chance the government to extract a final tax of a person. That is why it is important to understand the basics of inheritance tax.

Thresholds and Estate Tax

The inheritance tax is levied on the remainder of a succession on a defined threshold. The threshold is determined by marital status and the opportunity is adjusted to reflect changes in the economy. For example, married couples have a threshold (at the time of this writing) £ 624000. If the couple domain is a cumulative value of £ 1000000, inheritance tax would be applied to the balance between mass and the value of the couple threshold (£ 376,000). Understand how it works, is the first step in planning to minimize taxes on your estate.

Understand deductions and exemptions

There are many types of deductions that can reduce the amount of inheritance tax imposed on your estate. For example, gifts valued at a certain amount (currently £ 3000) May be deducted from your estate value each year. Donations policies and assets donated to a charity which is registered in the United Kingdom may also be deducted.

A number of exemptions are also available. The government allows the donation of nearly £ 5000 to give each of your children as a wedding gift. Similarly, £ 2500 can be regarded as a wedding gift to each grandchild (£ 1000 can be given to anyone as a wedding gift). These exemptions (there are others) to reduce the value of your estate.

Help to minimise inheritance tax

Although understanding the basic concept of inheritance tax is simple, it is difficult to keep up with adjustments to the thresholds and changes in the law regarding deductions and exemptions. Consult a financial advisor. An experienced adviser can help you build a long-term plan is to minimize inheritance tax on your estate or eliminate it altogether. Without financial career, your estate could be vulnerable to a devastating final tax government.

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Gold Bullion, Invest or Not ?

Investing in gold is an excellent investment strategy. There are many reasons why you want to invest in this form of investment. But as an investment May not to double your investment, but it is certainly one that the super-rich use in the context of a balanced investment strategy. But how can we invest in gold?

Ingots of gold are officially recognized gold in the form of bars, which is at least 99.5%. The misconception is that gold can not be in this form. In reality, gold, a refined and stamped weight of precious metal refining. Traditionally, gold is kept in the form of coins or bars. In the past, it was in the form of coins in modern times, it is stored in the form of bars.

But this is where errors can occur in investment gold. As investors, we want our investments to be able to make returns, but what use is it if when you need access to this investment, we can not get the cash?

This is a great concern to investment in gold bullion. It may seem great to be able to buy a "good supply of London 'bar, but if you need to sell, could you find a buyer?

It's like selling a suit or shoes, yes, May you be able to get a good price, but how is it liquid? Probable it ends with less than you expected, and that is a position that is not desirable for any investor.

A good strategy that worked for me and many others is to have a small percentage of your investment portfolio in gold. Gold Ingots are an excellent investment because it allows you to invest in something that will always good value.

But prices will not shoot, nor their diving. Gold is a stable form of investment, it is much safer than the stock market. And several years, as gold is likely to be increased, at least slightly. But it is likely to be an increase, because gold is relatively limited.

Another important factor which, I hope you consider, is that, thanks to an exit strategy for your investment. We all want our investments to be stable and almost certain to work, but we still have to consider whether we wanted to convert this investment in money and this is no different to investing in gold.

It is here that gold coins can be a good decision. Investing in gold coins, you can have several pieces of gold. You can buy pieces of gold over time, and increase your collection.

If you want to convert this gold to money, you can free a party, without having to sell everything. It is not as easy to cut up a bar of gold, and get money for it!

Although gold is there rather than investment. Imagine that you have collected several gold coins. Now, you find that you have enough money to invest in a bar of gold. Now, a bar of gold could be your main investment, while gold coins become extras.

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Evaluate Your the Best Car Insurance

Can you find the best car insurance for you? Well, it depends. What you want to do is find the auto insurance that covers your needs exactly, for the lowest possible premiums. Hence, we'll take a look at how you can find insurance companies that cover your needs and offer the best value for money.

First, everyone, no matter who they are, needs liability insurance that covers both personal injury and property damage. You must in this case you are involved in an accident and are at fault. Keep in mind that this is not to cover any damage to your car. It is simply intended to pay the other party damages should they become injured or need repairs to their cars because of damage you caused by the accident.

Now, insurance, which covers in fact the car itself. If your car is new, less than two years, or not yet borne fruit, you'll want and need to find a company that you fully cover the event, you have to replace your car. In this case, you'll have both comprehensive and collision insurance. Full insurance covers your car for things like hail, weather, vandalism and so on. Typically, these are "non-driving" types of incidents to damage your car.

The collision insurance covers your car in case of accident or if you are not at fault. (Note that this is different from liability insurance, which covers the other party in the accident for property damage and personal injury damages in the event that you found at fault.) This means that you are sure to have your vehicle repaired or replaced beyond any franchise that you pay if you damage your car in a vehicle accident in motion.

Now, there are moments where you're not going to want either a collision or comprehensive coverage for your car. If the value of your car is less than premiums you pay in one year (including franchise), it's not worth of insurance coverage or collision. The reason is that the money you save on premiums simply the exercise by liability insurance and nothing else will the money you can put in the bank to repair or replace the car yourself even. It is a good idea if you are someone who drives a car more than fully borne fruit and that does not cost you money beyond maintenance, gas and oil. In this case, you're better off putting the money you would normally spend a premium to buy another car if it is made undrivable in an accident.

Finally, shop around for car insurance. Even for exactly the same coverage in the same region of the country, different insurance companies are going to give you different premium rates. The Internet is an excellent way to comparison shop and find a bargain, so you pay the lowest premiums for the greatest amount of coverage you need. When you comparison shop, make sure you read the comments of assurance that the results of the company, so you are sure that the company may register to really provide a good service to its customers.

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Points to consider in your auto insurance quote

The auto insurance online quote you receive from different companies may be different because you're comparing different types of insurance. When you need auto insurance and you want to compare the rates of several companies to see which is the best deal, you should make sure that the covers are exactly the same, as well as franchises. This is the only way you can get a genuine offer of two insurance companies.

What affects insurance rates? There are several factors that can affect the rates you receive an online quote car insurance. Among these factors are:

* Your age

* Male or female?

* Your car make and model

* When you live

* The frequency with which you drive

* The price of tickets for moving violations

* Accidents

All these factors have an impact on the price you are charged by insurance companies. One thing that can compensate for the age factor is if you were the mother of your insurance policy and had no accidents or tickets. This may show an established practice of good conduct and May can get a better rate on your insurance as long as you do not receive tickets or are not involved in an accident. Being a safe driver has its advantages.

Also for drivers still in school, many car insurance companies offer additional cuts, sometimes up to 10-15% if you maintain a 3.0 grade point average while you are at school. The insurance company May not offer it, but you find May it is available if you ask.

One way to reduce your premium is to increase the franchise. This means more money in your pocket in case of disaster, but it can save money when you need it.

A good insurance agent can explain all charges which are necessary and which are optional. An online car insurance quote can give you an idea of what your insurance will cost. Although the company that you purchase your insurance with their own sets of rates based on requests she has had to bear, it is just one more reason to shop when you try decide which company from which you purchase your insurance.

The following is an example of coverage that you can buy. These are the deductibles and coverage that you should check with each insurance company with which you are applying for a quotation. If you do not ask exactly the same franchise and coverage May you be not get a quote for the same type of insurance so you will not know if it is less expensive than others or not.

* Liability insurance - and the tangible, the damage is covered.

* Personal injury protection - which covers medical care, rehabilitation, lost wages from your job, funeral expenses, legal fees and court costs

* Medicine - also supports treatment for funeral expenses or if the accident is automatically linked.

* Collision - pay for damage to the vehicle which is covered by the policy in the event of a collision with vehicles, objects, or a vehicle rolled.

* Global - pay for damage or loss of an automobile which are not covered under the foregoing, such as floods, wind, hail, hitting an animal, vandals, car theft, or fire.

* Motorists uninsured - pays for the coverage if you are in an accident and it is caused by another driver who does not have insurance.

Make a list. Check online all quote auto insurance as well as agents in your town or village. You can find the best price if you take the time to go around.

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Why Some People Think Forex Killer is a scam!

The trade exchange currency market has become a popular exercise for many traders. As a result, a multitude of commercial products have emerged to fill the information gap on how to use the commercial market profitably. One of these tools is the commercial software known as the Forex Killer promoted by Andreas Kerchberger. The software works by providing a signal designed to capture trade trend.

The only catch is that you need to know what you're doing in order to enable the software to help you make a profit. If you are inexperienced in Forex Trading, not to fall into the false assumption that all you have to do is listen to what the Forex Killer software and recommends follow his advice. It is equally easy back in a bad trade as it is to find a good one. Having a solid foundation Forex Trading will help you to exercise caution when using any kind of mechanized system.

If Forex Killer is often able to find a trend, it can sometimes give signals too late for the professional comfortably make a decent profit. This is where a person negotiating for their part, in practice, be able to detect a trend fairly close to its beginnings to be able to enjoy the journey. That is why some people are not particularly impressed by this software. This is not to tell them something more than their knowledge of maps and so on have already been disclosed.

This means that once the trend has been identified and that trade is, the person must know enough to be able to check the cards of all major levels of support or resistance which trade May meeting during its prosecution. Without being able to make these critical decisions regarding the support and resistance price levels, a person could quickly find itself in a losing position.

So if you are a beginning currency trader in particular, not to fall into the trap of thinking that the software will be able to save your investment by giving you always timely information that allows you to get out of a lucrative trade in time to preserve its profit. You May on the occasion have to rely on other resources (in particular, past experience) to give you a headache.

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Health Savings Account Plan

There are some advantages of a savings account Heath plan. First, HSAs are a great safety net for those with a high deductible on their health insurance policy. People choose high-deductible plans so that they can obtain less monthly premiums and more affordable insurance.

With ever rising costs of health insurance premium, many people have been held without coverage. Those who are determined to have the coverage, often have no other choice but to accept a higher deductible high. High deductible plans are much better than having no health insurance coverage to all and HSAs, with the production of their interest, tax deductible bank makes these plans more acceptable.

With a health savings account plan, you put funds into an account to cover the deductible and other small medical needs. You get to decide (to the ceilings set by the government for individuals and families) how much money you deposit each month to the plan. This system offers the consumer greater control of its own health costs.

We hope that you rarely have access to funds to pay medical bills, but it is good to be readily available and the funds can be used for doctor visits, vision, dental, prescription and many-the-counter drugs as well.

The money placed in a health savings account is yours. They can be transferred elsewhere, in conjunction with any other insurance HSA account and transferred as part of your estate. Although the funds deposited in your health savings account belongs to you forever, if you choose to use the funds for anything other than a qualified medical expense, you'll be charged a penalty by the IRS.

As long as the funds you put in your savings account health plan are used for qualified medical expenses. they remain exempt from taxes and tax deductible. That means you end up paying less money for taxes during the year.

This may result in a big tax cut. At the same time, you can have money set aside for small medical bills that go with May. The main bills will be covered by your high deductible health insurance.

To prepare for these unforeseen emergencies is very important. It can make the difference between you remaining financially stable or underway in a situation one can not escape. High medical costs can lead to financial difficulties, the loss of your house and ruin your credit. For most people, is an excellent alternative to traditional health plans and for those who want better control and reduce expenditures, it is their first choice.

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Choosing to Obtain Classic Car Insurance

Those who own classic cars know the love, care and attention which are in the care of these cars. If you drive around or not, there is always a good idea to get automobile insurance, which was specially made for those who own classic cars. One reason for car insurance classic is because cars are very expensive, so it is more likely a thief compared to other types of cars. Since classic cars are more expensive and are exposed to a higher risk of thief, obtain insurance coverage regular May not really be sufficient to protect your classic car.

To make sure your car is fully protected, you should always buy some classic automobile insurance for your car. The good thing about a classic automobile insurance is that it allows to make sure your vehicle on the basis of its actual value rather than the value assigned. Yes, get car insurance classic May be a little expensive, but if you really want to protect your car against theft, accidents and the likes, obtain auto insurance is a classic must.

About classic car insurance

In America today, less than half of collector cars on the road are insured with the classic automobile insurance. These policies have been available for a time, but many people do not know them. Most people have an insurance policy with regular premiums and restrictive policies. You will not get that with the classic automobile insurance. Standard premiums can be up to 500 percent higher. Why pay more for such a limited amount of coverage?

There are a few different types of coverage you have with the classic automobile insurance. There is real value that gives you the value of the car on a claim, the state value that allows you to specify the value of the vehicle for cover, and it was agreed that the value of all guarantees of repayment in the event of a total loss. This is the only policy that will depreciate over the years.

If you are wondering what is considered as a vehicle for collection, May it is difficult to define. There are many types of cars that are raised these days to see if your beauty is regarded as a collection, you want to come into contact with a classic car insurance to see if your vehicle is eligible for this great insurance.

Find the best classic car insurance

Before you start hunting for a classic car insurance company for your car, you must first find how the real value of your car. Getting the true value can sometimes be difficult. Keep in mind that an insurance company want to know how much insurance you want on your car if you need to know the true value of your car.

The value of cars may vary and may be much more on the basis of its uniqueness, its model, its current state, his age and history. If your car really has a great history related to it which can be verified, you can fetch a good price on this car. To determine the true value of your classic car, take your car to an appraiser who works with classic cars in your city. The classic car appraiser should be able to give you the true value of your classic car.

After determining the market value which is the real value of your car, you May now begin the hunt for a classic car insurance company. First, you should call the well-known classic car insurance companies. Ask these classic car insurance companies for insurance quotes based on the true value of your classic car. If you compare insurance quotes from all these classic car insurance companies, pay special attention to the characteristics of politics and cost. Make sure the cost of insurance is quite justified. You do not really want to pay more money than you have on your car insurance.

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Saving by using only as many cars automobile insurance as required

If you drive a car and, during car you need automobile insurance. In all, it is necessary to have at least liability insurance for bodily injury and property damage. It is your responsibility to perform as a driver in case you are involved in an accident and are at fault. How much of this insurance, you need varies state by state (for example, $ 50k damage to property over $ 25k per person injured by accident). Check with your state to see how much insurance you have to carry, because most states have a minimum amount that is required.

Whether or not you need another type of car insurance car is debatable. There are two other major types of insurance, and collision insurance. It should be noted that liability insurance does not cover everything about you or your car. This insurance is only to provide monetary damages to the other party for damage or injury if you are seen as a fault in the accident. Of course, the other party is also carrying liability insurance - or should be - so that you are paid damages in case of fault in the accident.

Collision and comprehensive insurance, however, protect your car in case of accident or damage, regardless of who is at fault. With collision insurance, are specific to damage car accident. This type of insurance pays for damage to your car, regardless of who is responsible for the accident.

Full insurance, however, pay for damage to your car that, owing to non-accident damage. For example, if your car is vandalized or if you're in a hailstorm and the car body damage as a result, the insurance will pay for such damage.

These days, car insurance companies are very competitive and you want your company. If you are a good driver in particular, you should be able to get a very good rate of decent coverage. Many companies offer discounts for various things, like your son or your daughter carrying at least a 3.0 grade point average at school, or having multiple policies with them, such as insurance your car and home insurance owners. However, another way you can put money is only to bring the correct insurance you need.

If your car is paid and is more than two years, you should not be exercising comprehensive or collision insurance, probably. That's because you'll probably pay more in premiums than you can simply if you have the car replaced or repaired, as appropriate. A better placing in this case is simply the responsibility of insurance and overall decline and collision insurance. This can save you hundreds of dollars per year.

However, if your car is new or less than two years and is not paid, you must complete and collision insurance to cover the car to the replacement value. In this case, the money you pay premiums worthwhile because you will not make full price to replace a car pocket.

Know your rights and know the laws of your state. If you carry the car just auto insurance you need and no more, you'll save yourself a lot of money and still have all the protection you need.

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Find your best offer health insurance online

Good health insurance company online is possible to find. There are many who took their business online to save time and expense of renting an office for their business. With the high cost of insurance today, do you feel May can not afford it online or offline, but the fact is we can not afford not to have health insurance.

Many workers are without health coverage and do not know what they would do if the unthinkable were to occur. They can not imagine being without work, requiring hospitalization, and not having insurance. One way you keep your premiums May to a minimum level is to determine exactly what type of insurance you need.

The health insurance you choose must be determined by your age, health, and what type of coverage you think you need May. A guide to general types of health insurance online can help you decide which one is right for your needs. If you're looking for basic coverage package, which covers hospitalization in case of accident or illness and ambulatory services, are certainly available.

Keep in mind that the broadest coverage of your choice, plus premiums are being, so do not forget to carefully assess and only elect coverage imperative that you feel you must have, and then if your budget allows, you can add more coverage options.

All care services which covers doctor visits, assessments of well-being and prolonged hospital visits will be more expensive. According to the latest statistics available, there were 47 million Americans who did not have any type of health insurance. These figures are enormous given the high cost of medical care, but this is the simple reality for many people.

With one doctor visit cost between $ 50 and above, the rising cost of medical insurance is a necessity. Health insurance online sites can offer the most comprehensive plans for the best price possible ... The only way you're going to stay one step ahead of the soaring cost of health care is to have insurance that covers your expenses.

When you take the risk of not having health care insurance, you are walking a very dangerous line. The chances of having an illness or accident are quite high and can be exacerbated by the profession in which you are engaged. Self-employed are at a very high risk unless they have an insurance policy to protect themselves from bankruptcy in the event of an accident. Doctor bills and hospitalization can wipe out a savings account in a short period of time, even during the night.

From online health insurance companies can do the job of finding health coverage affordable simple allowing you the convenience of shopping to find the best solution available.

Because 8 out of 10 are uninsured for a typical family of work, the question is often between paying an insurance premium or payment of bills. The cost of health care can be adjusted to cover the insurance you need and no "extras" or "unnecessary". If anybody thinks they can not afford health insurance, they really need to check coverage available online. Insurance companies are coming with different packages that are more suited to the family of work than ever before.

Before deciding to health insurance that is beyond your reach, you should definitely consult health insurance online sites and see what they offer. It May be more affordable than you might think.

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Learn about the market managed Forex Trading

The negotiation on the foreign exchange market can be dangerous and costly. Furthermore, it is not uncommon for new operators to be intimidated by the pragmatic and logistics of this rapid trade regime. However, good management and policy can significantly reduce these feelings and allow the operator to act in a manner much more without feeling under pressure. Managed Forex Trading can also help traders understand the signals and know how to act reasonably with them. The signals are an integral part of the bargaining chip, this system will help operators to use their knowledge to the best of their abilities.

The foreign exchange market is the largest market in the world. This market deals with foreign currency and foreign financial institutions. The Forex market is likely to give traders a lot of money, but it can also hamper their profits while the trader is not paying attention to the signals. Whether feelings of fear and intimidation are guaranteed, the presence of these feelings can manifest itself through non-commercial profitable. This fear-based trading is emotional and not necessarily rational. With Managed Forex Trading, operators are able to better understand the foreign exchange market, and cope with feelings of fear and intimidation. The knowledge of having a system in your corner is also a great psychological advantage. Knowing that you have someone to go to questions and concerns is a huge advantage over the foreign exchange market, and not a privilege that is presented to everyone.

Perhaps more important than the psychological benefits of this type of service is that it allows the operator to understand the market signals. There are many human and non-human factors contributing to the ups and downs of market changes. Traders who are not careful and do not know everything about the scope and range of market signals May be caught off guard and may lose a large sum of money. Perhaps the most important thing is supply and demand. Under this broad category are multiple factors affecting supply and demand. Natural disasters, psychological affects, political upheavals, major scandals, and national attitudes all play an important role in supply and demand and supply and demand is only one market signals. Not only market signals important to identify, but it is also important to understand how they play in the operator of individual investment plan. For example, they show a May loss in the short term but long term gain. Managed Forex Trading can provide operators with the tools they need to identify and act accordingly based on market signals.

It can also provide broad support and a wealth of information to help investors understand and trade with confidence. In addition, the two heads are better than a mentality is a big advantage in this volatile market. Understanding and businesses overcome psychological factors are the main advantages of this situation. With the right tools and assistance, Managed Forex Trading can turn a huge profit.

Despite the technical aspects and pragmatic foreign exchange market, traders can look to invest with confidence. Many companies offer courses of instruction and assistance. The department may provide individuals with the information and assistance they need to run a large and quick profit. With sufficient consultations and useful tutorials, traders can rest sure that they will be provided with most technical updates, tips and advice to help then in their trade. It enables traders to feel flexible and informed during the exchange on the fly. You only need a short consultation on preferences and interests, then an online tutorial can help operators to achieve their goals of commercial profitability.

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Trend lines

From Wikipedia, the free encyclopedia

A trend line is formed when you can draw a diagonal line between two or more price pivot points. They are commonly used to judge entry and exit investment timing when trading securities.

A trend line is a bounding line for the price movement of a security. A support trend line is formed when a securities price decreases and then rebounds at a pivot point that aligns with at least two previous support pivot points. Similarly a resistance trend line is formed when a securities price increases and then rebounds at a pivot point that aligns with at least two previous resistance pivot points. The following chart provides an example of support and resistance trend lines:

Trend lines are a simple and widely used technical analysis approach to judging entry and exit investment timing. To establish a trend line historical data, typically presented in the format of a chart such as the above price chart, is required. Historically, trend lines have been drawn by hand on paper charts, but it is now more common to use charting software that enables trend lines to be drawn on computer based charts. There are some charting software that will automatically generate trend lines, however most traders prefer to draw their own trendlines.

When establishing trend lines it is important to choose a chart based on a price interval period that aligns with your trading strategy. Short term traders tend to use charts based on interval periods, such as 1 minute (i.e. the price of the security is plotted on the chart every 1 minute), with longer term traders using price charts based on hourly, daily, weekly and monthly interval periods.

However, time periods can also be viewed in terms of years. For example, below is a chart of the S&P 500 since the earliest data point until April 2008. Please note that while the Oracle example above uses a linear scale of price changes, long term data is more often viewed as logarithmic: e.g. the changes are really an attempt to approxiamate percentage changes than pure numerical value. If we were to view this same chart linearly, we would not be able to see any detail from 1950 to about 1990 simply because all the data would be compressed to the bottom.

Trend lines are typically used with price charts, however they can also be used with a range of technical analysis charts such as MACD and RSI. Trend lines can be used to identify positive and negative trending charts, whereby a positive trending chart forms an upsloping line when the support and the resistance pivots points are aligned, and a negative trending chart froms a downsloping line when the support and resistance pivot points are aligned.

Trend lines are used in many ways by traders. If a stock price is moving between support and resistance trendlines, then a basic investment strategy commonly used by traders, is to buy a stock at support and sell at resistance, then short at resistance and cover the short at support. The logic behind this, is that when the price returns to an existing principal trendline it may be an opportunity to open new positions in the direction of the trend, in the belief that the trendline will hold and the trend will continue further. A second way is that when price action breaks through the principal trendline of an existing trend, it is evidence that the trend may be going to fail, and a trader may consider trading in the opposite direction to the existing trend, or exiting positions in the direction of the trend.

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Forex Technical Analysis

The difference between forex technical and fundamental analysis is that forex technical analysis ignores fundamental factors and is applied only to the price action of the market. Forex technical analysis primarily consists of a variety of forex technical studies, each of which can be interpreted to predict market direction or to generate buy and sell signals. The technical analysis works by correlating the results of current and moves markets to create a short-term outlook for currencies. The rolling data that is produced throughout the trading day creates the interest in the markets and informs traders of the strong markets to back.

Technical Analysis is analysing pursuant to historical data graph. The graph can be made by various analysis. One example of the trend-line is to see the direction of market movement. Other analysis is Relative Strength Index (RSI), Parabolic SAR, Pivot Point (Support / Resistance Level) and Elliot Wave theory.

The Trend is Your Friend

Forex technical analysis is largely based around forex market movement trends, thus creating the widely used phrase 'the trend is your friend' amongst traders. Buying and selling at the right time is the key in maintaining good levels of profits, following a trend is also about knowing where to entry a trade and more importantly where to exit.

Support and Resistance

Support and resistance is the basic of forex technical analysis. Support and resistance levels are points where a chart experiences recurring upward or downward pressure. A support level is usually the low point in any chart pattern (hourly, weekly or annually), whereas a resistance level is the high or the peak point of the pattern. Buying and selling at the support and resistance points makes a greater profit margin as long as they remain unbroken.

Tends To History Repeat Itself

Another important idea in technical analysis is that history tends to repeat itself, mainly in terms of price movement. The repetitive nature of price movements is attributed to market psychology, in other words, market participants tend to provide a consistent reaction to similar market stimuli over time. Forex technical analysis uses chart patterns to analyze forex market movements and understand trends. Although many of these charts have been used for more than 30 years, they are still believed to be relevant because they illustrate patterns in price movements that often repeat themselves.

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Forex, What is it ?

According to the survey of the BIS (Bank for International settlement - World central bank), is done by the end of 2004, the forex market transaction value reaching more than USD $ 1.4 Trilyun by his time. As a result, perspective investment in forex trading is very good.

Forex, What is it?

The international currency market Forex is a particular kind of world financial markets. The purpose of Trader on the Forex to get profits as a result of foreign exchange buying and selling. The exchange rates of all currencies currently on the market turnover are constantly changing under the action of supply and demand change. The latter is a solid under the influence of any important for human society event in the field of economics, politics and nature. Accordingly, the current prices of currencies measured by example in the U.S. dollar fluctuates with a view to its top and bottom lines. The use of these fluctuations, according to a principle known "buy cheaper - sell higher" operators to obtain gains. Forex is different in comparison to all other sectors of the global financial system due to its increased sensitivity to a large and ever-changing number of factors, accessibility to all traders and corporate exclusively top trade turnover which creates an ensured liquidity of currency and exchange tower - the clock working hours that enable professionals to cope after hours or during holidays in their country seeking to open markets abroad.

Like any other market trading on the Forex, and only with a great potential for profitability, risk is essentially - wearing. It is possible to get a hit on the right after some training, including familiarization with the structure and nature of Forex, the principles of price formation currencies, the factors affecting prices of transformation and exchange risk levels, sources of information necessary to account all these factors, technical analysis and forecasting market movements as well as negotiating tools and rules. An important role in the process of preparation of trading on the Forex is the demotrading (ie trade using a demonstration with some virtual currency), which allows to testify all the theoretical knowledge and gain a minimum requirement of experience in the trade are not subject to damage equipment.

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