WASHINGTON Wild gyrations on Wall Street, a loss of confidence in the U.S. banking system and worries the economy will be weak for some time are raising Americans' anxiety level.

Against this backdrop, President Bush on Friday was to give the nation a more detailed explanation of what the government is doing to battle the worst financial crisis in more than a half-century.

Despite a flurry of radical actions by the Bush administration and the Federal Reserve, banks in the United States and abroad are still wary of lending money to each other and to their customers. The credit clog is depriving the wheezing U.S. economy of oxygen.

Financial and credit problems have dragged on for more than a year and took a dangerous turn for the worse last month. All the fallout threatens to plunge the U.S. economy as well as the world economy into a painful recession.

White House officials said Bush didn't intend to put forward any new policy actions. The president was delivering his address at the U.S. Chamber of Commerce headquarters across from the White House.

Earlier this week, the Treasury Department announced it would inject up to $250 billion in U.S. banks in return for partial ownership stakes, something that hasn't been done since the Great Depression of the 1930s. The government hopes banks will use the capital infusions to rebuild their reserves and bolster lending to customers.

Bush and his top economic aides have repeatedly asked Americans to be patient and give the government's relief efforts time to work. Democrats on Capitol Hill, though, insist another round of economic stimulus is needed.

So far this year, 15 banks have failed, compared with three last year. And Wall Street's five biggest investment firms were swallowed by other companies, filed bankruptcy or converted themselves into commercial banks to weather the financial storm.

At the same time of the Treasury announcement, the Federal Deposit Insurance Corp. said it would temporarily guarantee new issues of bank debt fully protecting the money even if the institution fails.

The FDIC also said it would provide unlimited deposit insurance for non-interest bearing accounts, which are mainly used by small businesses to cover payrolls and other expenses. Frequently, these accounts exceed the current $250,000 insurance limit, so the expanded insurance should discourage nervous companies from pulling their money out.

Last week, the Fed and the world's other major central banks joined forces to slice interest rates, the first coordinated action of that kind in the Fed's history. The United States and other top economic powers adopted a five-point action plan last week and pledged to do all they can to stem the crisis.

Even with so many unprecedented steps taken, Wall Street has convulsed. On Thursday, the Dow Jones industrials finished up 401.35 points, after falling 380 points early in the session. A day earlier, the Dow fell a staggering 733 points. The index started the week with a record-shattering 936-point gain.

Fed Chairman Ben Bernanke warned this week that even if financial markets were to stabilize, the economy would not quickly snap back to good health.

Unemployment now at 6.1 percent could hit 7.5 percent or higher by next year. Many analysts predict the economy will shrink later this year and early next year, meeting the classic definition of a recession. Some believe the economy already jolted into reverse during the July-to-September quarter.

Americans are feeling strained as their paychecks shrink and their savings shrivel. That's causing shoppers to cut back, one of the reasons the economy is losing traction. Economic slowdowns overseas, meanwhile, are expected to crimp demand for U.S. exports, which has been a main force keeping the economy afloat.

source: http://news.yahoo.

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The world has 117 days to figure out who the heck these guys at the World Series of Pokers final table are.
Earlier this year, WSOP commissioner Jeffrey Pollack made the call to postpone the MEs final table for four months. He claimed that one of the benefits was that the public would get a chance to know the participants. It seemed like an acceptable idea at the time, but now that the WSOP is down to its final 9 players I just want to see who wins!
Ill tell you who wont be winning. Phil Hellmuth. The Poker Brat was eliminated on Sunday when his AQ ran into Jacks. Poor Phil. I can only imagine what the next 11 months of living with him would be like.
So, who will win? Somebody youve never heard of. Heres the Final Nine
Seat 1: Dennis Phillips 26,295,000
Seat 7: Ivan Demidov 24,400,000
Seat 4: Scott Montgomery 19,690,000
Seat 9: Peter Eastgate 18,375,000
Seat 3: Ylon Schwartz 12,525,000
Seat 5: Darus Suharto 12,520,000
Seat 6: David Rheem 10,230,000
Seat 2: Craig Marquis 10,210,000
Seat 8: Kelly Kim 2,620,000
Dean Hamrick, of East Lansing, finished on the final table bubble in 10th place when his AJ ran into Marquis pocket queens. Hamrick still won $591,869. Not too shabby.

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The slick design is a huge improvement on the previous table, which despite serving players so well over the years, had become a little dated. Players who can’t bear to part with the old design will still have an option to continue with it if they wish.
But everyone else will love to play on the slickest, most eye-catching and ergonomically-pleasing table available anywhere.
The new look is part of a major overhaul of PartyPoker.com will go live next week. There are loads of changes and new features.
Here’s just some of the improvements:
* Fine new design that makes playing easier and more user-friendly
* Now you can select your own player photo - either an image from our new, extensive library, or you can upload your own photograph
* All your action buttons are in a more logical position, and they are easier to use
* The bet slider is simpler and more responsive
* You’ve now got access to pre-set bet buttons: Min, 1/2 Pot, 3/4 Pot, Pot and Max (all-in).
* There’s an improved note-taking facility
* The chat area will be easier to read and manage
More details on the big changes will be revealed here over the next week.

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Sitting on a diamante "M" throne in a fringed black leotard and over-the-knee leather boots, Madonna kicked off her Sticky and Sweet tour Saturday night at Cardiff's Millennium Stadium in Wales, opening with "Candy Shop."

The 40,000-strong audience was in for a night of treats, including onscreen appearances by Kanye West, Britney Spears and Justin Timberlake, who dueted on "4 Minutes."

The image of rapper West encircled the stage for "Beat Goes On" as fans screamed and Madonna cruised through on a white vintage convertible car.

Spears made her virtual guest spot during "Human Nature," writhing while trapped in an elevator as Madonna played the guitar. The popster departed with her trademark line "It's Britney B!"

Madonna switched themes multiple times, going sporty for "Into the Groove" in diamante-encrusted shorts and a hoodie, and invoking the Far East for a segment that had her in a cage with computer-generated water gushing around it. "La Isla Bonita" turned the stage into a Mediterranean street party with Greek dancing and a flamenco solo performance.

While fans went wild, husband Guy Ritchie was lending support backstage, according to the singer's rep, who also said Madonna had spent the day rehearsing. "She's been putting the finishing touches to some of the dance routines today, in a good way, she's a perfectionist!"

The 50-year-old singer pulled out all the stops, even using a video interlude to send a political message with images of peace campaigners, Al Gore, Bono and Barack Obama mixed with scenes of war-torn continents and poverty.

Religious messages flashed on the screens behind her for a remixed house version of "Like a Prayer," which was met with mass cheers.

At one point the singer shouted to the crowd, "This is the bit where I take requests," and started singing "Express Yourself" then changed her mind. "F that s. I choose the songs."

After two hours, Madonna left the stage as the screen flashed "Game Over."

The singer heads back to London before traveling to France to continue the tour around Europe before arriving in New Jersey on Oct. 4.
credit:people.

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