I have to start the day off with Mama Nature. Remember this from last Sunday?
"Next EQ on the 20th or 21st. More than likely, 6+ again. We'll see..."
Well, well, well...
This one rocked Papa New Guinea yesterday and 
this one struck off Indonesia today. We might see another today but I predict not much 6+ shaking to come for at least a few days. 
I 'aint no prophet, but hit me up if you'd like to know how I dooz what I duz. OK, on to the next...
China flooding kills 701.  A lot is going on in our world.
This is a good read from Time... 
Doomsday: Could BP Spill Kill All Life On Earth?
Ah, many of nature's wonders. Just thought this was mad cool. I love  Pele... if you happen to be in the BI then you could literally, "go wit  da flow". 
Click  here and Enjoy the show.
Money TalkOtay, on financials...
First, we start yesterday's 75 point rally off with 
regional and state unemployment rates lower in June. Of course everyone (except mokes like me and similar) and there mama is yelling, "stocks are great, recovery is here!".
Then, everyone (except mokes like me and similar) and there mama, took cracks this morning (and also, as of now are still taking cracks) because 'The Man' had announced...
Bernanke says outlook uncertain
 		2:11p ET July 21, 2010 (MarketWatch)
 		 			 				WASHINGTON (MarketWatch)  -- Federal Reserve Board Chairman Ben Bernanke said Wednesday the  outlook for the economy is "unusually uncertain" and the Fed is willing  to do more if growth proved to be weaker than forecast.
"We remain prepared to  take further policy actions as needed to foster a return" to full  employment with low and stable inflation, Bernanke said in written  testimony prepared for the Senate Banking Committee.
Bernanke did not go  further and elaborate on what the Fed might do.
His comments did not  stray from the minutes of the Federal Open Market Committee's June  policy meeting released last week. 
In his prepared remarks,  he stressed that the economy was growing and made no mention of the most  recent disappointing economic news.
Employment, retail sales,  industrial production and consumer sentiment data have been soft.
Despite these signs of a  slowdown, Bernanke, in essence, kept a stiff upper lip. "The economic  expansion that began in the middle of last year is proceeding at a  moderate pace," he said.
Consumer and business  spending should keep it going, he said.
"Although fiscal policy  and inventory restocking will likely be providing less impetus to the  recovery than they have in recent quarters, rising demand from  households and businesses should help sustain growth," Bernanke said.
The Fed is forecasting  growth in gross domestic product of 3% to 3.5% this year. This is above  private-sector forecasts, which are expecting GDP to rise about 2.6%  this year.
Bernanke repeated that  the FOMC continues to expect that economic conditions are likely to  warrant exceptionally low levels of the federal funds rate for an  extended period.
He said the housing  market remains "weak" and he said it will take "a significant amount of  time" to restore the nearly 8.5 million jobs lost in the Great  Recession.
"Financial conditions...  have become less supportive of economic growth in recent months,"  Bernanke said. Bank loans outstanding have continued to contract.
On the positive side,  Bernanke said there were some signs that the decline in spending on  office buildings and factories may be slowing. He said U.S. exports have  been expanding.
"My colleagues on the  FOMC and I expect continued moderate growth, a gradual decline in the  unemployment rate, and subdued inflation over the next several years,"  Bernanke said.
The majority of the FOMC  said the risks to growth have switched to the downside, Bernanke noted.
The Fed slashed the funds  rate close to zero in late 2008 and has kept rates there ever since.
The central bank has also  purchased over $1 trillion dollars in housing-related assets in an  attempt to keep long-term market interest rates low.
"Inflation has remained  low" Bernanke said, with core inflation trending down over the past two  years. Slack in labor markets had damped wage and price pressures and  productivity gains have further reduced costs, he said.
In his prepared remarks,  Bernanke talked a lot about the Fed's exit strategy from  ultra-accommodative policy. In contrast, he may no additional comments  about what further steps the Fed might take if the economy faltered.
He did not mention what  the triggers to more asset purchases might be. Fed officials have said  in recent speeches that the bar for further easing is quite high.
At some point, Bernanke  said, the Fed must begin raising interest rates. It also plans to sell  the housing-related assets to get back to a Treasuries-only portfolio.
"Such sales shall be  implemented in accordance with a framework communicated well in advance  and will be conducted at a gradual pace," Bernanke said.
Bernanke did not spare  the senators from technical details of the Fed's balance sheet. He told  them the Fed is considering reinvesting maturing Treasuries into  shorter-term issues to lower the average maturity of its holdings. At  the moment, the Fed reinvests in issues of identical duration.
...and so the flow shifted from stocks to treasuries and other such 'safety devices' and the rest is history (or should I say, history repeats). Don't forget the high frequency trading, skimming a few bucks, milliseconds before each buy/sell. Oh, those little black boxes, sh#!, I wish I had a few. BTW... THIS IS NOT FINANCIAL ADVICE!!!
Green DayOakland council OK's plan to set up Pot factories. Teeeehuuu! I'm guessing this is why my boy DOS went on a vacate to Oak-town, all kelly-greened out (joke).
Missing TimeHere's an interesting read... 
Is  Time Disappearing From The Universe?There's a ton of the 'inevitable war' news, but I'll post it later, unless it starts to get too hot. Other than that, enjoy Hump Day.Stay Strong and Aloha Always!Grindman