City of Buffalo, N.Y. fighting lawsuit against hotel proposal

Buffalo, N.Y. Hotel Proposal Controversy
Recent Developments
  • “Old deeds threaten Buffalo, NY hotel development” — Wikinews, November 21, 2006
  • “Proposal for Buffalo, N.Y. hotel reportedly dead: parcels for sale “by owner”” — Wikinews, November 16, 2006
  • “Contract to buy properties on site of Buffalo, N.Y. hotel proposal extended” — Wikinews, October 2, 2006
  • “Court date “as needed” for lawsuit against Buffalo, N.Y. hotel proposal” — Wikinews, August 14, 2006
  • “Preliminary hearing for lawsuit against Buffalo, N.Y. hotel proposal rescheduled” — Wikinews, July 26, 2006
  • “Elmwood Village Hotel proposal in Buffalo, N.Y. withdrawn” — Wikinews, July 13, 2006
  • “Preliminary hearing against Buffalo, N.Y. hotel proposal delayed” — Wikinews, June 2, 2006
Original Story
  • “Hotel development proposal could displace Buffalo, NY business owners” — Wikinews, February 17, 2006

Saturday, April 29, 2006

Buffalo, New York —Councilmember Joesph Golombek has responded to the lawsuit filed against the city of Buffalo for allegedly ‘fast-tracking’ a hotel that will be built on the corner of Elmwood and Forest Avenues in Buffalo. The lawsuit, filed by Attorney Arthur J. Giacalone, was filed in New York State Supreme Court on April 21, 2006.

The Elmwood Village Hotel is a 72-room, seven-million-dollar hotel proposed by Savarino Construction Services Corporation and designed by architect Karl Frizlen of the Frizlen Group. Its construction would require the demolition of at least five buildings, currently at 1109-1121 Elmwood, which house several shops and residents. Although the properties are “under contract,” it is still not known whether Savarino Construction actually owns the buildings. It is believed that Hans Mobius, a resident of Clarence, New York and former Buffalo mayoral candidate, is still the owner. The hotel is expected to be a franchise of the Wyndham Hotels group. Buffalo’s Common Council, Planning Board, Mayor of Buffalo, Byron W. Brown, Savarino Construction Services Corporation, Hans J. Mobius and his son Hans S. Mobius owners of the properties at stake, Pano Georgiadis, owner of Pano’s Restaurant on Elmwood, and Cendant Corporation, the parent company of Wyndham Hotels are among those named in the suit.

Councilmember Joesph Golombek said that the Law Department is “fighting the lawsuit because they believe that we did everything fairly and properly (as well as legally).”

Golombek also stated that the lawsuit “could delay the start of the project” and that if he were “Mr. Savarino I would counter sue for any damages a postponement could bring.”

“Except for the lawsuit the city is finished with the project. In my opinion I believe those opposed to the project are simply use to the city procrastinating on projects. This one was passed quickly by comparison. Thus part of their frustration.” said Golombek.

“I understand the frustration of some of the people opposed to the project. But, in order for Elmwood to grow and thrive it will need to change. This change is a positive for that community,” he added.

Golombek also said that he is looking into “helping the displaced businesses.”

At least five businesses, Six Nations Gift Shop, Don Apparel, H.O.D. Tattoo, Skunk Tail Glass Company, and Mondo Video, will be forced to close their doors or relocate. Many of the buildings are also home to residents who will also have to move.

“I have personally contacted adjacent and nearby business associations and property owners to ask about the possibility of helping the displaced businesses. Hopefully the project will go through in a timely fashion and the displaced businesses will be able to relocate,” said Golombek.

A preliminary hearing is scheduled to take place at 9:30 a.m. on June 8, 2006 in the Supreme Court building at 50 Delaware Avenue in Buffalo, on the 8th floor, part 31.

==Related Wikinews==

This article features first-hand journalism by Wikinews members. See the collaboration page for more details.
This article features first-hand journalism by Wikinews members. See the collaboration page for more details.
  • “Others named in lawsuit against Buffalo, N.Y. hotel proposal” — Wikinews, April 26, 2006
  • “Lawsuit sends Buffalo, N.Y. hotel proposal to New York Supreme Court” — Wikinews, April 25, 2006
Retrieved from “https://en.wikinews.org/w/index.php?title=City_of_Buffalo,_N.Y._fighting_lawsuit_against_hotel_proposal&oldid=1981809”

Natural Cures For Fibromyalgia Vs Modern Medicine

Submitted by: Jodi Ouellette

Have you tried natural cures for fibromyalgia or are you relying on medical practices? If you are afflicted with fibromyalgia, then I don’t need to explain to you how debilitating this condition is. The main objective here is to provoke you to seriously investigate natural cures for fibromyalgia.

Life without Natural Cures for Fibromyalgia

1.I don’t know about you, but becoming dependent upon prescription drugs for relief of fibromyalgia just flat out scares me. Have you seen the television commercials promoting certain medications these days? I don’t know what’s worse, my symptoms from fibromyalgia or the side effects of the drugs used to treat them. The commercial always portrays a better life from using a particular drug, then it provides a lengthy list of side effects. They include: lightheadedness, blurred vision, weight gain, sleepiness, trouble concentrating, swelling of hands and feet, dry mouth, and feeling high. The fact is, those are just the most common. Let us not forget you must seek urgent medical attention should you experience swelling of your face, mouth, lips, gums, tongue, or neck, trouble breathing, rash, hives, or blisters. Oh, and if that’s not enough, you should not drive a car, operate machinery or do anything that could be potentially hazardous. Then you learn that it could potentially worsen your depression, cause you to think about suicide, or alter your mood and behavior. Since there are so many possible side effects, wouldn’t it make sense to question what in the world are we putting into our body in the first place?

2.Often times getting on the path of taking medications can cause a spiral effect. It is not uncommon for people to begin taking a certain medicine, and soon they find them self needing multiple prescriptions. The first few drugs were given for an actual condition, but the rest were prescribed to counteract the side effects from the first drugs. Before you know it, you can’t remember what symptoms are related to your condition and what symptoms are results of the drugs you take. How do you determine the safety and efficacy of your medication? How much do you know about the long term ramifications of taking particular medications? Are you depending on your physician for that information? Before answering those questions, reflect on how often you’ve seen prescriptions being pulled off the market. Even worse, reading about cases where medications were prematurely given approval, although studies deemed them to be unsafe has also happened.

Why Consider Natural Cures For Fibromyalgia?

[youtube]http://www.youtube.com/watch?v=BG6fPIaHW80[/youtube]

Making the decision to choose natural cures for fibromyalgia is really a decision to choose health over sickness. When you choose health, you are really choosing to restore a proper balance in the body. It is literally a choice between preventing and repairing, versus managing and masking. Most medicines are not designed to cure; they are designed to manage symptoms. Given that fact, doesn’t it make more sense to identify what is actually causing your symptoms so you can address the cause, not the symptom?

With my own personal study of natural cures for fibromyalgia, I found research regarding the “Blue Zones” to be quite beneficial. If you’re not familiar, blue zone are places where the inhabitants are living longer and healthier lives than most of the worlds population. You’ll discover they are not living better because their medicine cabinet is filled with drugs. You’ll also find they are not consuming a diet of processed foods either. Most importantly, the disease, obesity, and illness rate is extremely low.

Why Do Natural Cures For Fibromyalgia Work?

Given the fact that there is no proof or any real answers for what causes fibromyalgia, the only answers the medical community can provide are really just theories. Is it caused by inflammation or something else?. Some say it is deficiencies in certain vitamins and minerals, while others say it is not.. What I can tell you from my experience, is that my fibromyalgia symptoms were completely related to my diet and lifestyle. Furthermore, when I focused more on health and prevention, my symptoms disappeared. Since there is no single common denominator among fibromyalgia patients, it is logical to me to address the areas of deficiency for people first, which is why I believe natural cures for fibromyalgia are so effective.

Natural Cures for Fibromyalgia that Triggered My Recovery

1.Supplements with anti-inflammatory properties. Since inflammation can stimulate nerves and cause pain, it makes sense to include in your diet anything that will decrease inflammation, removing this as a cause for your pain..

2.Include antioxidants in your diet. Because of our modern diets and environment, antioxidants are critical to fight against disease and premature aging. When you have a diet rich in antioxidants, it allows your body to fight against free radicals, and better defend yourself against disease and aging. When you are choosing your souce for good antioxidants you’ll want to learn more about ORAC scores.

3.Omega 3 Fatty Acids. Omega 3 fatty acids are needed by the body, and the only way to get them is by consuming them. If you don’t consume a diet rich in fish and nuts, you need to supplement. Omega 3 is beneficial for the prevention of various diseases such as heart disease, cancer, arthritis, and other inflammatory conditions. Omega 3’s are also associated with improved brain function and a natural mood enhancer.

4.Multivitamin. Since your goal is to restore balance in your body, make sure you choose a good quality supplement. The majority of people are consuming foods completely devoid of the valuable nutrients our bodies need, which is why taking a supplement is paramount to natural cures for fibromyalgia.

5.Make water your staple. Proper hydration is crucial to everyone. Chronic dehydration is a bigger problem than you may think, and is linked to the onset of many types of chronic conditions and diseases. The recommendation is to consume minimally 1/2 of your current weight in ounces daily. My regimen includes drinking ionized alkaline water, because it has added benefits such as better hydration, antioxidant properties and maintaining proper pH in the body.

Natural Cures for Fibromyalgia Is More Than Just Supplementing

In addition to the supplements used for natural cures for fibromyalgia, a healthy lifestyle also includes choosing your diet wisely and exercising. A person’s health can’t flourish by taking vitamins and then ordering a burger and fries from your local fast food joint on a regular basis. Furthermore, exercising is not only so you can look good, but it is vital for maintaining your health. It is my absolute belief that we can significantly reduce the number of people suffering from this condition if we simply educate them about natural cures for fibromyalgia. It is real, and it works. I am living proof and have been symptom free for almost 10 years!

This article is not intended to treat, diagnose, cure, or make any specific claims, it is simply an expression of my personal opinion and testimony.

About the Author: Jodi Ouellette is a Fibromyalgia survivor, as well as an expert in the healthy home industry. She has been helping people transform their health for almost a decade. Video reveals more link below.

becomingchangeagents.com/natural-cures-for-fibromyalgia/natural-cures-fibromyalgia/

Source:

isnare.com

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New study claims Stonehenge was a place of healing

Thursday, September 25, 2008

Archaeologists Timothy Darvill of Bournemouth University and Geoff Wainwright, President of the Society of Antiquaries, claimed to have found evidence that Stonehenge was once a center of healing. In an excavation conducted at the site, a large number of human remains were found that display signs of physical injury or disease. Study of the teeth from the skeletons indicates that about half of them were from outside the area.

A large number of bluestone or spotted Preseli dolerite chips found during the excavation led the researchers to conclude the stones were venerated for their healing properties. It is believed that about 80 of such bluestone blocks were transported from the Preseli Hills in Pembrokeshire, Wales to the Salisbury plains. The inner circle of bluestones are the earliest stone structures found in this site. Later bluestones were encircled by the imposing sandstone monoliths of sarsen stones. “It could be that people were flaking off pieces of bluestone, in order to create little bits to take away… as lucky amulets,” said Professor Darvill.

Stonehenge would attract not only people who were unwell, but people who were capable of [healing] them.

Radiocarbon dating indicates that the original bluestone circle was built around 2300 BC. This date coincides with the burial of “Amesbury Archer“, whose tomb was discovered near Stonehenge. The skeleton of this man reveals that he had serious knee injury and tooth problems. Researchers therefore conclude that the Archer came to Stonehenge to be healed.

Dating of charcoal fragments revealed that the site was inhabited as early as 7200 BC by groups of hunter-gatherers. This is more than 3500 years earlier than previously known.

Retrieved from “https://en.wikinews.org/w/index.php?title=New_study_claims_Stonehenge_was_a_place_of_healing&oldid=1986520”

Australia/2006

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The Possible Side Effects Of Nose Job: A Post Surgical Experience}

Submitted by: Dr Ahnsup Kim

We all know that any surgical procedure can present us with a list of possible side effects. These are the things that you have to be prepared about when you submit to invasive procedures to improve the look of your nose. So let me take you through the certain side effects that you can expect from nose job surgery.

Nausea and vomiting is one side effect that one will most likely experience after a nose surgery. This can be a patients reaction to anesthesia or some medications that are needed for the procedure. The good news is that these side effects are becoming less common nowadays, either caused by the type medications used or the kind of techniques practiced.

Swelling is also a very common side effect that you can expect post surgically. This is an inflammatory response of the body to trauma, as your immune system produce fluid into the area. Bandages and cold compress can reduce the gravity of swelling, as well as with proper positioning.

Elevating your head when lying down can significantly reduce fluid build-up. Swelling is expected to last for three months to a year.

[youtube]http://www.youtube.com/watch?v=YLDNF5spDHk[/youtube]

Bruising occurs after the swelling has gone down. The extent of bruising depends on how much you have averted the swelling. You can lessen the discoloration by applying cold compress gently on the area after surgery. Bruising usually occurs around the eyes and it lasts around 7 days at most.

Hematoma is also a possible side effect, although it is not always common. This is when blood pools underneath the skin. This should not be a cause for alarm because this will just go away.

You might also experience sinusitis after a rhinoplasty because of the compromised area which can result to the swelling of the nasal membranes. This will cause you to have a change in your voice but it can be managed with an antibiotic treatment.

Although incredibly rare, some patients may also experience a temporary loss of smell along with excessive mucus production. It should improve as you heal because these are basically just minor side effects.

Pain is also an expected sensation with a nose job operation. First, you have your skin compromised with incisions, and then your bone structures are then shifted and reshaped. Pain can be easily managed right away with analgesics and cold compress. If it persists, and you observe redness and an increase in pain intensity, this can be a telling sign of an infection, which usually occurs in 2% of patients.

Scarring is also a nose job side effect that cannot be overlooked. But you dont have to worry about this with a closed rhinoplasty. But even if you have an open procedure, the scars would also be hardly noticeable. To increase your chances that it does you should look for a highly qualified surgeon.

In some cases, a patient could also experience some nosebleeds. This is due to the changes done within the internal structures of the nose. But it does not occur often and episodes are always not that serious.

About the Author: For your rhinoplasty surgery, you can trust Advance Beauty Cosmetic Surgery to give quality service that you deserve delivered to you by the regions finest surgeon, Dr Ahnsup Kim. We specifically provide

nose job in Sydney

and Melbourne, prior to a free consultation the clinic offered. Please feel free to add him at

+Ahnsup Kim

.

Source:

isnare.com

Permanent Link:

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Media reports exaggerate cell phone risks again

Monday, September 22, 2008

Several mainstream news outlets have misstated and overstated a possible link between cellular phone use and decreased fertility in men. A single experiment, which has not yet been published in any peer reviewed journal or replicated by other scientists, observed an average decrease in sperm motility and an increase in free radicals among laboratory sperm samples that were exposed to radiation similar to the radiation produced by cellular phone use.

Dr. Ashok Agarwal of the Cleveland Clinic estimates the overall health impact of cellular phones as “very safe” and reassured a Cable News Network reporter that the research was too premature to advise lifestyle changes for the public. “Our study has not provided proof that you should stop putting cell phones in your pocket. There are many things that need to be proven before we get to that stage.” He noted that his own cell phone was in his trouser pocket while he was giving the interview. Dr. Agarwal is the lead researcher for the study and Director of the Center for Reproductive Medicine at the Cleveland Clinic.

Cell phone industry spokesman Joe Farren agreed with Dr. Agarwal’s assessment about the devices’ overall safety: “The weight of the published scientific evidence, in addition to the opinion of global health organizations, shows that there is no link between wireless usage and adverse health effects.”

The controlled experiment used sperm samples from thirty-two donors: twenty-three healthy men and nine men who had fertility problems. Sperm were then exposed to radiation for one hour at 850 megahertz, the most common frequency for cell phones in the United States. Dr. Agarwal’s study raises a possible concern that cell phones kept on belts or trouser pockets and used in conjunction with wireless bluetooth earpieces “could cause harmful effects due to the proximity of the phones and the exposure that they are causing to the gonads.” He also noted that follow-up research is needed to determine whether the body’s skin and other tissue affords protection from the potential damage.

Several news sources ran misleading reports that overstated the risk.

The Los Angeles Times asserted a fallacious causal relationship that Dr. Agarwhal had not drawn and ignored his opinions that cellular phones are safe and no change in phone use is necessary. Instead, the piece opened by ordering men to stop keeping cell phones in their pockets:

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“Attention male cellphone users of reproductive age: Take that phone out of your pocket. Information published today suggests that the radio-frequency energy released by cellphones decreases sperm quality in men.”

Ciol News ran a similar account:

“Beware men! Do you have the habit of keeping your mobile phone in the pockets of your trousers while talking on hand-free? Or do clip the mobile to your belt while talking? If so you are doing that at the cost of your fertility, warns a recent study.”

Mobile Magazine went a step further, also alluding to previous media exaggerations about cellular phone dangers:

“Oh no! It seems that mobile phones are getting even more problematic than ever. After getting linked to everything from migraines to cancer, it seems that the radiation from cell phones is now being connected to stupid sperm. Yes, I’m talking about the little swimmers that lead into a conversation about the birds and the bees.”

Mobile Magazine also ended in a misleading manner with “I wonder if it’s healthier to put your phone in your shirt pocket instead,” failing to mention that Dr. Agarwal had addressed that concern and had called it an unnecessary precaution.

Not all news sources overplayed the findings. CNN and United Press International ran balanced reports that did not suggest dangers or precautions beyond the lead researcher’s conclusions.

This article features first-hand journalism by Wikinews members. See the collaboration page for more details.
This article features first-hand journalism by Wikinews members. See the collaboration page for more details.
Retrieved from “https://en.wikinews.org/w/index.php?title=Media_reports_exaggerate_cell_phone_risks_again&oldid=775847”

Suicidal man pushed off Chinese bridge

Saturday, May 23, 2009

A passerby pushed a man, who was threatening to commit suicide, off Haizhu Bridge in Guangzhou, China.

The 66-year-old passerby, Lai Jiansheng, told China Daily that “I pushed him off because jumpers… are very selfish. Their action violates a lot of public interests.”

Lai initially volunteered his services to police to persuade the man not to jump, but police rejected these. Following this, Lai broke through a police barrier to push the man.

The pushed man, Chen Fuchao, survived with spinal and elbow injuries, because he landed on a partially-inflated air cushion 8 metres (26 feet) below. Lai was taken away by police.

The man threatening to jump was in 2,000,000 yuan (U.S.$293,000) of debt.

At least 12 people have threatened to jump off the bridge since the start of April, causing “traffic … to become worse” according to a spokesman for the Guangzhou public security bureau.

Retrieved from “https://en.wikinews.org/w/index.php?title=Suicidal_man_pushed_off_Chinese_bridge&oldid=4460905”

Why Are Comp Tech Acura Nsx Racing Engines So Fast?

By Fred

Comptech is one of the premier race engine builders in the world. Comptech has had an array of championship motors in the IMSA Camel Light division, IRL (Indy Racing League) and SCCA among others. In 1992 Acura came out with a new sports car called the NSX. This new NSX was powered by a 3 liter vetec engine. With the advent of this new engine Honda came to Comptech and asked if they would rebuild and run this new motor in the Camel Light series. This was the beginning of a rich winning history with Comptech and the three liter vetec Honda motor.

Soon, many of the street NSX owners longed for a Comptech powered race engine in their NSX. Thus, in the early 1990’s Comptech was not only winning most of the races in the Camel Lights division on the race track but was winning the souls of the NSX owners on the road. It was bragging rights on the streets to have a Comptech powered racing engine in your street Acura NSX. Porsche’s and Ferrari’s were now trying to keep up with the new high speed, high torque Comptech NSX’s on the street.

Later the Acura NSX increased the engine to a 3.2 liter. However, not happy with that, Comptech developed a new 3.5 and 3.8 liter Acura NSX engine that became the envy and need of almost every NSX owner. These newly developed Comptech engines were soon found on the race track and on the street. Many racing and street car magazines were raving about the newly build NSX racing engine.

[youtube]http://www.youtube.com/watch?v=sUxmYG1FXsE[/youtube]

Even today in 2010, Comptech is developing a new version of the popular NSX motor that will be even stronger and more powerful than before. We are not talking about ten or twenty more horsepower than the 1990’s version, we are talking about a horsepower increase that is almost double than the original NSX engine. Yes, the word ‘doubled’ was used. That is a racing engine that will compete with the best v6 engines in the world. This newly designed engine has been tested in some of the toughest racing series cars in the world. Though few have seen it tested, it was indeed fast and ready for a test on the race track. These hot rod engines presently sit at the Comptech facility in a secret location.

Anyone that wants to use this new technology in their NSX either on the street or on the race track can contact Comptech for further details. Though not all the secrets will be learned, you can still have your NSX again become the talk of the town.

Many people do not have an NSX but enjoy the thrill of having muscle under the hood of their car or street rod. Times are tight with a recession in full swing, people think very carefully where to put their money. That is why it is important to get the most bang for your buck. Cheaper is not better. In fact you get what you pay for and at Comptech we are not the cheapest priced but cheaper is not better. Keeping with Comptech tradition, a Honda CRX, Acura, Mazda 3 or 6, Nissan, Chevy, Ford, Dodge or any other type of engine can be built to run strong and fast if Comptech’s hands are put on it. Comptech has won championships for Mazda in the Speed World Challenge Series, among others. Comptech is currently the only certified engine builder to dyno, tech and seal the Mazda MX-5 Cup (Playboy MX-5 Cup) engines.

Comptech is excited to work with Mazda to try to improve and build fast Mazda racing engines. Look for our name in the future tied in with some exciting new Mazda 3 and Mazda 6 racing engine technology that will continue to give Mazda an edge over the competition.

Many of the same staff and engine builders that built the Comptech championship winning engines are still working at Comptech in their new state of the art 19,000 square foot facility in Sacramento, California.

About the Author: Convert your Honda Civic into a race car at Comptech

Source: isnare.com

Permanent Link: isnare.com/?aid=577869&ca=Automotive

Sweden’s Crown Princess marries long-time boyfriend

Monday, June 21, 2010

Sweden’s first royal wedding since 1976 took place Saturday when Crown Princess Victoria, 32, married her long-time boyfriend and former personal trainer, Daniel Westling, 36. The ceremony took place at Stockholm Cathedral.

Over 1,200 guests, including many rulers, politicians, royals and other dignitaries from across the world, attended the wedding, which cost an estimated 20 million Swedish kronor. Victoria wore a wedding dress with five-metre long train designed by Pär Engsheden. She wore the same crown that her mother, Queen Silvia, wore on her wedding day 34 years previously, also on June 19. Victoria’s father, King Carl XVI Gustaf, walked Victoria down the aisle, which was deemed untraditional by many. In Sweden, the bride and groom usually walk down the aisle together, emphasising the country’s views on equality. Victoria met with Daniel half-way to the altar, where they exchanged brief kisses, and, to the sounds of the wedding march, made their way to the the silver altar. She was followed by ten bridesmaids. The couple both had tears in their eyes as they said their vows, and apart from fumbling when they exchanged rings, the ceremony went smoothly.

Following the ceremony, the couple headed a fast-paced procession through central Stockholm on a horse-drawn carriage, flanked by police and security. Up to 500,000 people are thought to have lined the streets. They then boarded the Vasaorden, the same royal barge Victoria’s parents used in their wedding, and traveled through Stockholm’s waters, accompanied by flyover of 18 fighter jets near the end of the procession. A wedding banquet followed in the in the Hall of State of the Royal Palace.

Controversy has surrounded the engagement and wedding between the Crown Princess and Westling, a “commoner”. Victoria met Westling as she was recovering from bulemia in 2002. He owned a chain of gymnasiums and was brought in to help bring Victoria back to full health. Westling was raised in a middle-class family in Ockelbo, in central Sweden. His father managed a social services centre, and his mother worked in a post office. When the relationship was made public, Westling was mocked as an outsider and the king was reportedly horrified at the thought of his daughter marrying a “commoner”, even though he did so when he married Silvia. Last year, Westling underwent transplant surgery for a congenital kidney disorder. The Swedish public have been assured that he will be able to have children and that his illness will not be passed on to his offspring.

Westling underwent years of training to prepare for his new role in the royal family, including lessons in etiquette, elocution, and multi-lingual small talk; and a makeover that saw his hair being cropped short, and his plain-looking glasses and clothes being replaced by designer-wear.

Upon marrying the Crown Princess, Westling took his wife’s ducal title and is granted the style “His Royal Highness”. He is now known as HRH Prince Daniel, Duke of Västergötland. He also has his own coat-of-arms and monogram. When Victoria assumes the throne and becomes Queen, Daniel will not become King, but assume a supportive role, similar to that of Prince Phillip, the husband of the United Kingdom’s Queen Elizabeth II.

Retrieved from “https://en.wikinews.org/w/index.php?title=Sweden%27s_Crown_Princess_marries_long-time_boyfriend&oldid=4509139”

US stock markets reach 12-year lows

Thursday, March 5, 2009

US stock markets dropped to twelve-year lows on Thursday, amidst falling confidence in the financial sector and worries over whether the US automobile manufacturer General Motors will be able to keep operating.

The Dow Jones Industrial Average dropped by 4.08%, or 280.52 points, at the closing bell, reaching a level of 6595.32, a new 12-year low. The Nasdaq Composite lost 54.15 points, or 4%, to 1299.59, while the Standard & Poor’s 500 plunged by 30.27 points, or 4.25%, closing at 682.60.

Every stock in the Dow Jones, other than Wal-Mart, either lost ground or remained even, and all stocks in the S&P 500 index lost ground.

General Motors’ shares lost 15.5% after the auto firm announced that its auditors had “substantial doubt” over whether it would be able to keep operating.

Shares of financial companies were lower by nine percent, with Bank of America losing 11.7% and Citigroup falling by 9.7%.

“What’s most worrisome is that we haven’t hit the crescendo yet,” said Bill Groeneveld, the head trader for vFinance Investments. “Asset-management divisions are getting calls to just liquidate everything, and we haven’t seen the big players come back in at all.”

“This is one of the worst bear markets in the last 100 years; it started out with the credit crisis and the subprime [loans], but it is like a forest fire that has raced across the clearing and ignited other parts: Autos, auto parts, the insurance companies have been hit very hard. The credit crisis is causing an unraveling of industry after industry because the banks don’t lend,” said David Dreman, the chief investment officer of Dreman Value Management.

European markets were also lower today, with the London’s FTSE index losing 3.2% and the DAX index of Germany falling by five percent.

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