Our Economic Editor sent us another huge batch of news and commentary--plenty for you to digest over the weekend: But I'll focus on perhaps the most important article, that confirms my prediction of a gargantuan Mother of All Bailouts (MOAB): Paulson plan could cost $1 trillion. And now for the rest: Treasury pulls out stops to support money markets -- Fed, Central Banks Move to Boost Global Confidence ("Wall Street's biggest crisis since the Great Depression forced the Federal Reserve and central banks in other countries to pump billions of dollars into the world's banking system in an urgent bid to stop further damage.") -- Fed Quadruples Money Central Banks Can Auction -- Drowning Fed Swims Against Credit Crisis Tide -- Gold Largest One-Day Price Rise In History -- AIG Collapse: Too Awful To Contemplate -- America Will Need Trillion Dollar Bail-Out -- Russia Injects $19.6bn To Restore Markets -- Central Banks Pump $180bn To Ease Strain -- Global Credit System Suffers Cardiac Arrest on US Crash -- Winter to Bring Avalanche of Job Losses -- More Banks to Die -- Investors Rush Into Gold and Bonds -- Bright Side of a Total Financial Collapse -- Morgan Stanley, Sachs Goldman Shares Sink: Fear Spreads -- Crash: The World As We Know It Is Going Under -- After Lehman, Banks Jettison Commercial-Property Debt -- 3-Month T-Bill Rates Lowest Since WWII -- Treasury to Sell $100 Billion in Bills to Help Fed Balance Sheet -- SEC Bans Naked Shorting For All Securities -- FDIC Heading For Failure -- Morgan, Goldman, HBOS Crashing (WaMu Too) -- Barclays Buys Lehmans for $1.75bn -- Feds Shopping For WaMu Buyer -- Bank of Scotland Faces Its End -- Economist Recounts Talk With Fed Chairman -- Panic Grips Credit Markets -- Federal Bank Insurance Fund Dwindling -- WaMu Next To Fail? -- It's The Derivatives, Stupid! -- Hedge Funds Crash Halifax, HBOS Rescued By Lloyd's TSB -- Credit Crisis Darkens US Outlook -- Crisis Seeps Into Everyday Life.
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Anyone with a Saiga 12 gauge shotgun should check out the new drum magazines from MDArms. They reportedly work very well, and require less fitting than the Wraithmaker drums that I mentioned in blog previously. They are also less expensive.
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Welcome to sunspot minimum: NASA to hold press conference on the state of the sun. (A hat tip to KAF for the link.)