Why the Fed is learning nothing

http://ftalphaville.ft.com/blog/2008/10/31/17683/artificial-markets-the-bailout-isnt-working/
In short the junkie gets a fix and we will all pay a lot for this very soon. The bailout is not working, things are getting worse.

Iran test a Nuclear Bomb?

http://www.israeltoday.co.il/default.aspx?tabid=178&nid=17436
God help us if this true, I remain very concerned that Isreal will bomb Iran before the election fearing an Obama would not support them if he wins.

http://www.atimes.com/atimes/Middle_East/JK01Ak02.html

india

http://timesofindia.indiatimes.com/Business/India_Business/Indias_forex_kitty_shrinks_by_15bn/articleshow/3659846.cms
Another case of quickly falling reserves.

Seychelles Joins List of Broke Countries Seeking IMF Help

http://www.findingdulcinea.com/news/Asia-Pacific/September-October-08/Seychelles-Joins-List-of-Broke-Countries-Seeking-IMF-Help.html
What government would go 175% of its GDP in debt? I think the entire political structure is collapsing. At some point we will get strong leaders who say no to spending. When we do it will be painful but should bring us back to what is normal

Sad

http://www.washingtonpost.com/wp-dyn/content/article/2008/10/30/AR2008103003244.html?nav=hcmodule
I find it sad that listen to a viewpoint which you don't agree is akin to treason now. How are we going to slow problems if we can not listen to and understand the other side. We are moving to the point where everyone is yelling and no one is listening. In sum that is the McCain stragery, he portrays Obama as a listener who hold the views of the people he hears. I would think most people hear a lot of things we don't agree with. While I support neither candidate I find it sad that the discourse is now all about what is wrong and nothing about solutions to fix things. If either candidate clearly said this is my solution, this is what it will cost and this is way it is good I might be swayed to support them. At this point all I hear is campaign lines about drilling and stopping job loss. Really and how would you do it? What is the cost and What are you plans for the greatest threat to the economy we have ever seen. The Great Depression was bad but no one knew how bad till it was over. I fear 10 years from now we will talk about the fact no one knew how bad it was and why we could not do something.

Russia

http://www.themoscowtimes.com/article/600/42/372068.htm
Continues to burn through its cash reserve at a record pace. It is assumed at some point they will have to devalue it currency to survive, people we know in Russia say it like the last collapse and fear is running high.

Russia

http://www.themoscowtimes.com/article/600/42/372068.htm

Argentine Debt Rating Cut by S&P Amid Default Concern

http://www.bloomberg.com/apps/news?pid=20601068&sid=aFsvZ1XKaO9U&refer=home

The last time argentine had problems it brought Citi to verge of collapase and was at the time one the largest bailouts of its times.

http://ideas.repec.org/p/fip/fedgfe/2003-25.html
One might want to review what happen.

This time it would be much worse and would continue to fuel the ongoing crises in the currency trade.

Pakastain gets 9B

http://www.cnbc.com/id/27465133
Good for a month? We can only hope that in the Nov. meetings more money is ponied up for pakastain.

Volvo loses 99.86 of orders for Q4

http://www.bloomberg.com/apps/news?pid=20601039&sid=a7AhRhE4NJlM&refer=home
Further signs of problems.

Greece

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/3275375/Investors-shun-debt-as-shipping-crisis-deepens.html
The list grows of countries in trouble, with Greece controlling a third of world shipping and shipping rates dropping like no tomorrow. It is only a matter time before something will happen.

IMF to Launch New Facility for Emerging Markets Hit by Crisis

http://www.imf.org/external/pubs/ft/survey/so/2008/POL102908A.htm

In short just a faster clearning house to help get the money to the people quicker,
Only problem with reserves of 500B, why allow up to 500% unless the IMF plans not to help large countries like Pakistain,Poland,Belarus?

Brazil, Korea, Mexico and Singapore

Get a $30 Billion Credit line from the fed. Calling the countries sound and well run.

5 who got it right

http://www.thedailybeast.com/blogs-and-stories/2008-10-28/5-big-shot-investors-who-predicted-the-crash/
and 5 who where clueless.

Kuwait

http://www.businesssheet.com/2008/10/gulf-billionaire-credit-crunched
Further problems in kuwaitt.

States and there credit

http://www.bloomberg.com/apps/news?pid=20601103&sid=awwC885Wuqnc&refer=us
At some point I want to look at each state and where the stand, but once again as California goes, so goes the rest of the USA later.

Pakistan can not last over 6 days

http://www.time.com/time/business/article/0,8599,1854541,00.html?xid=site-cnn-partner

Pakistan has just six days before its dwindling foreign-exchange reserves run out, the Foreign Minister told his German counterpart, Frank-Walter Steinmeier, on Tuesday.

One can not imaging the problems of Pakistan going broke.

http://www.newsweek.com/id/163349
China has said it will not allow them to default on there loans.

http://www.npr.org/templates/story/story.php?storyId=96261522

"Because they've borrowed in foreign currency [and] their income is in domestic currency ... if the foreign currency goes way up, it makes the debt burden impossible."

"If you just look at a country like Turkey or Brazil, both of whom are having difficulties, the kind of number one might need is a hundred billion or more," says former IMF economist Rogoff, who is now at Harvard University. "The IMF is not in a position to come in with overwhelming force. It really can't stop the panic by itself."

With turkey in talk now it is clear the IMF Cash reserve is quickly looking like it will dry soon. Pakistan can not last over 6 days per its government. IMF wants it to cut defense spending and government spending both of which will sink the current government. Rock and Hard place comes to mind, expect the one in the middle has nuclear weapons.

The russian way

http://www.clusterstock.com/2008/10/russia-s-housing-solution-government-buying-up-homes
Buy out homes and resuce the weathist person in the country.
Wonder how that will work out...

These guy

http://online.wsj.com/article/SB122523704293478077.html
Anyone remember when he went broke the last time? Donald may be done this time since he put up his personal wealth as well.

Who will buy the bonds

http://fistfulofeuros.net/afoe/economics-and-demography/the-bank-bailouts-are-very-well-intended-but-where-is-all-the-money-going-to-come-from/

My thoughts exaclty, we have no clue who will buy all this new debt and we are pushing into a bond dislocation where the bond market collapes. 1932-1993 all over again.

Credit cards are the root of all evil (Sorry lewis black)

http://www.nytimes.com/2008/10/29/business/29credit.html?_r=2&ref=business&oref=slogin&oref=slogin
This is wave we can see and no one seem real prepared for it.

Now is the time to rethink modeling of the future

http://www.financialsense.com/fsu/editorials/2008/1027.html
Clearly we need to have various outlooks as opposed to one view. Great post by the way.

Now is the time

http://www.ft.com/cms/s/0/6e23cdc8-a517-11dd-b4f5-000077b07658.html

Decisions made over the next few months may well shape the world for a generation. At stake could be the legitimacy of the open market economy itself. Those who view liquidation of past excesses as the solution fail to understand the risks. The same is true of those dreaming of new global orders. Let us first get through the crisis. The danger remains huge and time is short.

Mints cant meet demand

http://www.canada.com/calgaryherald/news/story.html?id=5fc11134-5617-40d4-8a9a-d10f1e92ca5f

What is up with spread between the delviery price of gold (740 ish) and the spot price around $1200? Why are the mints which are profit centers for the goverments having problems. It seems like any goverment would be rushing to take people money like this.

Banks think it is a great idea to lower

http://online.wsj.com/article/SB122481496976965627.html?mod=todays_us_money_and_investing
Loan losses reservers, said banks later went out of business.

China lose 75%

http://www.minyanville.com/articles/CHINA-Credit-BX-real-estate-funds/index/a/19725
On blackstone, whoops.

Releash the mob!

http://ftalphaville.ft.com/blog/2008/10/29/17584/from-the-desk-of-henry-waxman/
If you think politians will not sell you down the river you must be crazy. To come and ask for a massive bailout and then expect the goverment not dicated what is too much is also crazy. You make a deal with devil you will get burned.

Why is always the 20's we go back to.

http://ftalphaville.ft.com/blog/2008/10/29/17590/if-history-repeats-porsche-will-now-go-bust/

Market to Market

http://ftalphaville.ft.com/blog/2008/10/29/17592/asymmetrical-accounting/
If you think removing transpancy from you books will make you more profitiable you should talk with Ken Lay, oh yeah he went to jail for cooking the books.

PG

http://www.cnbc.com/id/27431934
What is not to love about PG, Solid Brands, Solid Credit, and worldwide presense.
The only real problem for them is the dollar.

Disclosure I own PG.

IMF Hungary Loan

http://danskeresearch.danskebank.com/link/IMFtotherescue081029scu/$file/IMFtotherescue_081029_scu.pdf
Much larger than thought at $25B 10% if the IMF reserves. We are now looking at the IMF to have committed over 25% of reservers in a week. More to come for sure.

Bank are changing the game

http://www.bloomberg.com/apps/news?pid=20601087&sid=aw9G3aJuxjkc&refer=home
Is it really a good idea to try something new with things that are causing huge problems right now?

http://www.landsbanki.is/english/markets/research/dailyeconomicbriefing?NewsID=13392

A negative real interest rate is therefore unsustainable under the current situation.

Taming the ISK is a necessary first step in restoring economic stability in Iceland.

Deflation and currency stability are key to restoring the economy. Replace Iceland with any other country in trouble right now for future headlines. Also note that it was the IMF which dictated this. One has to wondering what other policies will be enforced on other countries in trouble? Also one has to wondering if excessive rate cuts can cause these problems. I wonder if any one told Ben and Hank?

Viacom

http://www.nypost.com/seven/10282008/business/sumner_squeeze_135678.htm
Any company in this situation is screwed, Plain and simple.

CLO is the new CDO

http://www.nypost.com/seven/10282008/business/clo_se_to_default_135681.htm
Watch for this new buzz word to heat up.

NY state Screwed

http://www.nypost.com/seven/10282008/news/regionalnews/paterson__ny_deficit_to_hit_47b_over_fou_135705.htm
When did the post get such good business coverage? Deficit for the state at 12.5 B next year. Gov says unemployment to go up reaching 6.5%.

I say we underestimated so far, more likely 8% unemployment. 20B Deficit. That is just the state.

Theroy for big bounce

http://ftalphaville.ft.com/blog/2008/10/28/17543/is-this-the-real-reason-for-todays-equity-market-gains/
Could be...Or maybe eaveryone thinks the goverment will save the day

Currency problems for the Franc

http://www.bloomberg.com/apps/news?pid=20601087&sid=aI.oyiCLUfoU&refer=home
We continue to see problems in the currency trade the are unprecented. Watch for this wave to make news very soon.

Humor.

http://www.marketwatch.com/news/story/King-Henrys-bank-edict-trigger/story.aspx?guid=%7B52A2D9BC%2DE319%2D44B4%2D8FA7%2D8FAA0E67BFFE%7D&dist=SecMostRead
Some comedy from market watch. If only it wasnt so true.

White House and the bailout

http://biz.yahoo.com/ap/081028/financial_meltdown.html
The white house is shocked! Shocked I tell you! No one will lend, Dug if the goverement makes it easy for every freaking company to borrower money at low rates, why go to a bank?

ACLU looks into why the Army is stationing active units

http://www.armytimes.com/news/2008/10/military_aclu_northcom_102108w/
In the north East of the US. This is not the first time active units have been used in the USA, however it is a first that there is no disater at the moment to cause this to happen.

Car dealerships closing

http://online.wsj.com/article/SB122515313773474407.html
Very bad signs for the retail.

Signs of trouble at Google

http://www.247wallst.com/2008/10/google-goog-bur.html#more
Benchmark for the Post-Dot.com bust. May lead the way down for the next bust.

I Have puts against Google.

Russia now close to recession

http://www.themoscowtimes.com/article/600/42/371967.htm

Romania

http://www.bloomberg.com/apps/news?pid=20601095&sid=aSz7le6wbS.4&refer=east_europe

But they dont need a loan today. yet. Whatever.

Why it is different

http://www.financialarmageddon.com/2008/10/worse-this-time.html
and in very bad ways.

Where to invest today

http://nihoncassandra.blogspot.com/2008/10/stuff-vs-claims-on-producers-of-stuff.html

The world revoles around goldman

http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/10/goldman_hungary_and_regulators.html
Guess we never know that, oh what arent the smart guys all goldman. Guess it is goldman first and everyone else second.

Idiots post dividend.

http://online.wsj.com/article/SB122513509739672967.html
MER which should know better to let capital go out the door, decided the dividend must live! If this is a not a short signal I dont know what is.

IMF commits 25% in a week....

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/3269669/IMF-may-need-to-print-money-as-crisis-spreads.html
I feel glad to be ahead of this story! Turkey will likey join the que. As the contiagin spreads be very concerned about a currency event.

From Minyanville

Debt Repudiation



"Hear me, people: We have now to deal with another race – small and feeble when our fathers first met them, but now great and overbearing. Strangely enough they have a mind to till the soil and the love of possession is a disease with them. These people have made many rules that the rich may break but the poor may not. They take their tithes from the poor and weak to support the rich and those who rule."
- Chief Sitting Bull, speaking on Capitol Hill following passage of the Bank Bailout Bill earlier this month

Actually, that little gem was delivered at the Powder River Conference in 1877. But it could have been delivered last week. Which is to say, some things - like The Rich living by different rules - never change. But so what? Well, for starters, one unintended consequence of the repudiation of debt could be a rejection of terms by the debtor class.

As the government inevitably attempts to nationalize more industries and bailout more companies, there is an increasing chance that the societal angst that follows could trigger a consumer debt revolt.

For example, take Capital One (COF), which today was among a handful of banks that "accepted" a $31 billion "capital infusion" from the federal government. At a point, you have to wonder how much more consumers take before they wake up and say, "Wait a minute, I have a Capital One credit card. So they're charging me a pretty high interest rate on my revolving debt while simultaneously using my tax dollars to support themselves?"

Where will it end? The incentive being inadvertently created by the federal government here is for consumers to begin to demand their bailout money too... and I don't mean a check in the mail for $600. At a point, people may simply decide to stop paying their revolving debt.

Government interventions will always have unintended consequences.

VW bigger than god.

http://ftalphaville.ft.com/blog/2008/10/28/17519/volkswagencomedy-the-911-price-target/
Is it a good idea to slam people who will likey buy your product porsche??

Price is a selling point

http://freakonomics.blogs.nytimes.com/2008/07/24/keep-the-cheap-wine-flowing/
No surpirsie if you pay more you expect more. If you have no idea of the price you palate of taste will rule.

Wii is recession proof?

http://www.engadget.com/2008/10/27/nintendo-cranking-on-wii-production-for-the-holidays-still-maki/
Looks that way.

Bailout expands

http://www.washingtonpost.com/wp-dyn/content/article/2008/10/27/AR2008102703013.html?hpid=topnews
In what is a shock to no one, the bailout will likely be expand to non-financial institutions.

They Didn't See The Great Depression Coming Then, Either

http://www.clusterstock.com/2008/10/they-didn-t-see-the-great-depression-coming-then-either
We like to think we have modeled one of the most complex system there is. Just not true.

Winners of 1929

http://www.cnbc.com/id/27404980
No big surpises, What you eat or drink, duh you can not stop those. More interesting utilities, they always get paid if you want heat and cooling. Movie companies, cause we all need to escape the depression. Of interest RCA the tech giant of the time did not make the list. I would state that tech may be in serious trouble excluding Microsoft who has massive cash reservers.

for those who think we are the only gold bugs.

http://business.timesonline.co.uk/tol/business/economics/article5019424.ece

Signs of big problems in NYC

http://www.nypost.com/seven/10222008/business/lehman_carnage_harming_nyc_real_estate_p_134745.htm
When you cant get money projects come to halt, and not just small business.

Why arent gun makers seens a boost in there stock?

http://www.clusterstock.com/2008/10/long-guns-ammo

Aside from S&W, I would think winchester or remington should be seen imporvements are ammo sales are up.
The bad thing is there is not a whole lot you can invest in, remington is owned by cerebus, winchester by OLN (Which is sucking wind), Maybe a small bonus walmart, bass pro is privately held. Along the same lines, safe companies are booming, but I can not find any public companies you can buy into.

We're not buying any more

http://www.bloomberg.com/apps/news?pid=20601109&sid=a0jln3.CSS6c&refer=home
Wow is all can say after reading this. A huge Con game run by the banks.
Ponzi scheme and no one called the bluff till it was too late.
Thanks Greenspan

Europe on the brink of currency crisis meltdown

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/3260052/Europe-on-the-brink-of-currency-crisis-meltdown.html
Now this would a big wave for the markets to indure.

Europe has already had its first foretaste of what this may mean. Iceland’s demise has left them nursing likely losses of $74bn (£47bn). The Germans have lost $22bn.

Stephen Jen, currency chief at Morgan Stanley, says the emerging market crash is a vastly underestimated risk. It threatens to become “the second epicentre of the global financial crisis”, this time unfolding in Europe rather than America.

Ouch. Iceland was a very small country and they lost 74 Billion.

What warm and cold hands might make you do

http://www.cnn.com/2008/TECH/science/10/23/warm.hands.study.ap/index.html
Fun stuff, look out for hot samples in the store.

IT spending to be limited.

http://www.alleyinsider.com/2008/10/next-bubble-to-burst-tech-financing-e-g-cisco-
No question IT spending will decrease and with the removal of financing expect for MS which has a major war chest, we will major declines in revenue/profit for the whole sector.

More banks join the TARP

http://www.washingtonpost.com/wp-dyn/content/article/2008/10/23/AR2008102303946.html
Wonder why the safe Zion bank had to join, maybe there is something going on they forgot to mention?

But progress remains halting. The Treasury has yet to give federal money to the first nine banks because of continued legal wrangling over the details of the investment agreements.

Of greater interest is the fact the first nine still do not have the money. Would a banker risk BK instead of taking the money? Hmm....

Follow up on the bailout in the mideast

http://online.wsj.com/article/SB122501263428669773.html

"Nobody wants to buy," says Lillian Gold, a property consultant at Blue Horizon Real Estate in Dubai. "Everyone wants to sell."

Who would have thought a red hot propery market was in a bubble....

WOW One scary chart.

http://ftalphaville.ft.com/blog/2008/10/27/17469/we-just-dont-know/
Dont know about anyone else but that chart is crazy scary.

Hedge Funds say no to mortgage adjustments

http://www.nytimes.com/2008/10/24/business/24modify.html?_r=1&scp=1&sq=HEDGE%20FUND%20MORTGAGE&st=cse&oref=slogin
Hedge funds are saying that the goverments plan to adjust mortages is not lawful cause it would cause the secuirties that are back by them to fall in value. Not to mention the fact that you are allowing the goverment to adjust a contract after it was accepted by both parties.

Tech Elite Gather at DLA Piper Summit
Here are a few of the highlights that were talked about at the summit:

Amazon.com, one of the clear Web 2.0 world leaders, now sees its future in the Web services subscription and storage business. The evidence? It is now using nearly two-thirds of its available bandwidth for that part of the business—even though its stores continue to process thousands of transactions a minute.
Cloud computing for large enterprises is a dead duck, in the opinion of several venture capital firms.
The current slowdown in the U.S. macroeconomy is definitely going to hurt the IT industry, as it will most of the nation's businesses, for at least the next year and most likely into the next two years.
The major pharmaceutical companies are fast becoming glorified marketing and sales organizations, and if they aren't careful, they could soon become irrelevant as consumers move more and more toward generic brands. Biotech companies are "where the biopharm[aceutical] money is at," one astute observer said.

Nothing really earth shattering

Germany

http://www.ft.com/cms/s/0/66e22082-a396-11dd-942c-000077b07658.html
Must be tough to be right.

IMF report on the financial Crises

http://www.imf.org/external/pubs/ft/gfsr/2008/02/pdf/text.pdf

Some Highlights from the 256 page report.

Moreover,
the risk of a more severe adverse feedback loop
between the fi nancial system and the broader
economy represents a critical threat.

IE We face the chance of a complete financial meltdown

As fi nancial institutions attempt to delever and
reduce risks, their willingness and ability to
continue extending credit has been curtailed,
resulting in a tightening of monetary and fi nancial
conditions. The pressure to reduce leverage
and risk has also had a pronounced impact on
nonbank fi nancial institutions, including hedge
funds and other leveraged entities, leading to
the demise of the independent broker-dealer
model. Exacerbated by the adverse feedback
loop between the fi nancial system and the real
economy, credit supply constraints could persist
for a prolonged period.

The more they lose the less they will have to loan. All other non-financial companies will be in a more strained postion on a going foward base.

Funding in interbank and commercial paper
markets have locked up with mostly overnight
rolls and little to no term activity, refl ecting
persistent and increasing concerns about counterparty
credit risk and future liquidity needs

All that money dump in and nothing is coming out. Whoops.

The deleveraging process may continue past
the end of the decade

.
2010, ouch

Indeed, the likelihood of
offi cial intervention in less viable banks may, in
some cases, have accelerated the downward pressure
on equity prices of other banks struggling
to delever or absorb the economic downturn.

IE if the goverment says your name you are toast.

Mounting credit losses could result in further bank
solvency issues, potentially stretching deposit insurance
resources.

More losses are coming and the FDIC is underfunded.

Macroeconomic shocks with the potential to
trigger a sharp market correction, given existing
conditions in capital markets

The swam waits to flap its wings and bring the world to its knees.

Changes in, and perceptions of, credit quality
that have the potential for creating losses resulting
in stress to systemically important fi nancial institutions

IE if you are not rock solid and with no debt, forget about it.

IMF Loan to Hungray

http://www.imf.org/external/np/sec/pr/2008/pr08260.htm
No Dollars amount disclosed, but one may guess 6-10 Billion. That makes about $30 over the weekend.

Korea

South Korean banks, scrambling to find anyone willing to lend them increasingly expensive dollars to pay off foreign currency loans, have looked particularly at risk from the impact of the global economic downturn and officials fear the squeeze threatens the wider economy.

http://www.cnbc.com/id/27391959
Credit crunch continues to wreck damage around the globe.

Mish and GE

http://globaleconomicanalysis.blogspot.com/2008/10/ge-needs-fed-bailout-to-finance.html
Another excellent post from Mish about GE and why its problems are a symptoms of the wider problems.
Full Disclosure I have PUTS against GE.

Tawain Changes its circuit breakers

http://www.chinapost.com.tw/taiwan/t-business/2008/10/27/180470/Stocks-drop.htm
Upping from 3.5% to 7% to restore 'confidence' in market. Right.

Forced selling

http://business.theage.com.au/business/another-tough-week-ahead-20081026-591l.html

Exacerbating the falls is the rush of forced selling because of calls on margin loans once shares sink to critical price levels.

Oh ,wait did you think I meant the usa? Fear in the markets? Hmm...Guess things down are under are taking a turn for the worse

Tens of thousands of Australians, many of them retirees, are now unable to get immediate access to their capital

http://business.theage.com.au/business/go-to-centrelink-swans-advice-on-frozen-funds-20081023-57gk.html
Guess those bank guarantees did not work out so well.

Never truse the bankers.

http://www.nytimes.com/2008/10/25/business/25nocera.html
Guess what the bailout money is going to be used to help banks buy other banks.
Great, in the mean time I guess the rest of us are screwed.

Problems in the mid-east

http://www.businessweek.com/ap/financialnews/D9428NBG0.htm
With the wild movies in the currency market will continue to see problems with this and this is just one case, Mexico largest dept store was caught by the same thing and forced into Bankruptcy.

IMF Loan to Pakastain

http://www.dawn.com/2008/10/26/top18.htm
Emergency loan of $10 Billion. Another 5%. This makes it almost 10% of there reserve committed in one weekend.

IMF loan to Ukairne

http://www.bloomberg.com/apps/news?pid=20601087&sid=a18JfLSl6Zuw&refer=home
16 Billion to Ukairne, 5% of total reserves.

From the hedge fund conference 10.28.08

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3248965/GLG-chief-Emmanuel-Roman-warns-thousands-of-hedge-funds-on-brink-of-failure-financial-crisis.html
With 7 trillion still under control by Hedge funds and the market that continues to go lower we could see more forced selling.

Policitcs UK take

http://www.telegraph.co.uk/news/newstopics/uselection2008/barackobama/3260074/Republican-fears-of-historic-Obama-landslide-unleash-civil-war-for-the-future-of-the-party.html
Why is the best commentary from the UK. Clearly if Palin is the front runner in 2012 the republican party will continue to self destruct.

Food

http://www.washingtonpost.com/wp-dyn/content/article/2008/10/25/AR2008102502293.html?hpid=topnews
Clear sings the governments are turn protections. Never a good sign.