Tuesday, November 17, 2009
$12 trillion for first time ever..................
The US public debt topped 12 trillion dollars for the first time in history, Treasury officials disclosed Tuesday, moving past a key barrier that raised hackles in Congress. Treasury data showed Monday's outstanding debt at 12.031 trillion dollars, up from 11.999 trillion on Friday. The ballooning debt reflects the massive deficit spending by the government in an effort to revive an ailing economy over more than one year. The public debt topped 10 trillion dollars in September 2008...Link
One word: bioplastics...................
Every year, more than 250 billion pounds of plastic are produced worldwide. Much of it ends up in the world’s oceans, a fact that troubles MIT biology professor Anthony Sinskey. “Plastic does not degrade in the ocean. It just gets ground up into tiny particles,” he says. In the Pacific Ocean, a vast swath twice the size of Texas teems with tiny bits of oil-based plastic that can poison ocean life. Sinskey can’t do much about the plastic that’s already polluting the Earth’s oceans, but he is trying to help keep the problem from getting worse. Next month, a company he founded with his former postdoc, Oliver Peoples, will open a new factory that uses MIT-patented technology to build plastic from corn. The plant aims to produce annually 110 million pounds of the new bioplastic, which biodegrades in soil or the ocean...Link
billions extra................
There are two sides to every story, and sometimes three, four or five. An audit by the Special Inspector General for the Troubled Asset Relief Program (TARP) claims that the Federal Reserve Bank of New York allowed banks to get 100% of the value of complicated financial instruments that they had insured with AIG (AIG). The transactions involved over $60 billion. The full report was issued today...Link
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