Drought in China adds pressure to world food prices

By: Dr. Jeff Masters , 2:49 AM GMT on February 23, 2011

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The soil lies cracked and broken in China's Shangdong Province, thirsting for rains that will not come. China's key wheat producing region, lying just south of Beijing, has received just 12 millimeters (1/2 inch) of rain since September, according to the Chinese news service Xinhua. If no rains come during the remainder of February, it could become the worst drought in 200 years. The latest precipitation forecast from the GFS ensemble model predicts the possibility of rains of around 1/2 inch for Shandong Province early next week, but these rains would help only a little. A longer-range 2-week forecast from the operational GFS model shows little or no rain for the region from late next week well into March. Columbia University's International Research Institute for Climate and Society (IRI) projects that spring in Eastern China has an enhanced probability of being dry, with only a 20% - 25% chance that the region will see above average precipitation, and a 40% - 45% chance of below average precipitation. So the great drought will likely continue, and China's ability to feed itself may be greatly challenged this year.


Figure 1. A dried cornfield in a mountainous area of Jinan, capital of east China's Shandong Province, Jan. 18, 2011. Image credit: Xinhua/Zhu Zheng.


Figure 2. Drought conditions in China's Shandong Province this February have reached the "Severe" category. Image credit: Beijing Climate Center.

Impact on global food supplies and food prices
According to the Food and Agriculture Organization of the United Nations (FAO), the drought in north China seems to be putting pressure on wheat prices, which have been rising rapidly in the past few months. This has helped push global food prices to their highest levels since the FAO Food Price Index was created in 1990 (Figure 3.) China is the world's largest producer of wheat, and if they are forced to import large amounts of food due to continued drought, it could severely impact world food prices. However, the FAO's regional representative for Asia and the Pacific said in an interview with Reuters last month that the situation is not as severe as in 2008, when global food riots erupted. "In general, the supply/demand situation of food grains has become very tight at the moment but enough stocks means there is no cause for alarm," Konuma said. "We still maintain sufficient stocks, which is about 25 percent of annual production. As long as there are sufficient stocks, that means the world has enough food still to feed the people." However, he said that if food stocks continued to decline over the next few years, there would be cause for concern.

The record food global food prices have been partially driven by two other huge weather disasters, the Russian summer heat wave and drought of 2010, and the Australian floods of December - January 2011. Both Russia and Australia are major exporters of grain. Russia issued a ban last summer on grain exports because of their drought, which slashed the wheat harvest by 40% and damaged soils to such an extent that 10% of Russian wheat fields could not be planted this year. The Russian heat wave of 2010 is now estimated by the Centre for Research on the Epidemiology of Disasters to be the deadliest in human history, with 55,736 deaths. The Australian floods caused at least $1.7 billion in agricultural damage, reducing their wheat crop significantly. Fortunately, bumper crops were harvested in non-flooded areas of Australia, and the winter crop harvest in country was up 19% over the previous year's crop, and was the biggest since 2003 - 2004. Australia has been struggling with severe drought in recent years that caused more agricultural damage than the floods did.


Figure 3. The global price of food between 1990 - January 2011, as measured by the U.N.'s FAO Food Price Index. The FAO Food Price Index is a measure of the monthly change in international prices of a basket of food commodities. It consists of the average of price indices for Cereals, Oils and Fats, Sugar, Dairy, and Meat, weighted by the average export shares of each group. Food prices between 2002 - 2004 are given a benchmark value of "100". Global food prices in January 2011 were the highest since the FAO Index was established in 1990. Image credit: Food and Agriculture Organization of the United Nations.

Drought outlook for Northern Hemisphere summer of 2011
The spike in global food prices this winter raises the concern that a severe drought in a major grain producing region in North America, Europe, or Asia this summer could severely impact grain supplies and food prices. Fortunately, with La Niña conditions over the Eastern Pacific weakening, and possibly abating by summer, the chances for such a drought are lower than they would have been if La Niña were to stay strong into the summer. The latest precipitation forecast from Columbia University's International Research Institute for Climate and Society (Figure 4) shows few areas of drought concern for the coming Northern Hemisphere summer. However, our skill at predicting drought months in advance is limited. For example, IRI's February 2010 forecast of precipitation for the summer of 2010 did not highlight Russia as an area of possible concern for drought, and Russia ended up having one of its worst droughts in history. IRI did highlight the Amazon as a region likely to have below-average summer rains, though, and the Amazon ended up having a 100-year drought last summer.


Figure 4. Global precipitation forecast for June, July and August of 2011, made in February 2011. Only a few scattered regions of the globe are predicted to have above-average chances of drought (yellow colors.) These areas include the Northwest U.S., Southern Brazil, and Northwest China. Image credit: International Research Institute for Climate and Society

Commentary
The recent unrest in the Middle East, which has been attributed, in part, to high food prices, gives us a warning of the type of global unrest that might result in future years if the climate continues to warm as expected. A hotter climate means more severe droughts will occur. We can expect an increasing number of unprecedented heat waves and droughts like the 2010 Russian drought in coming decades. This will significantly increase the odds of a world food emergency far worse than the 2007 - 2008 global food crisis. When we also consider the world's expanding population and the possibility that peak oil will make fertilizers and agriculture much more expensive, we have the potential for a perfect storm of events aligning in the near future, with droughts made significantly worse by climate change contributing to events that will cause disruption of the global economy, intense political turmoil, and war.

I will be doing another post on Thursday or Friday.

The New York Times' Andy Revkin in his Dot Earth Blog has a more in-depth look at the food and climate change issue that I recommend.

Jeff Masters

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893. PakaSurvivor
4:48 PM GMT on February 25, 2011
Dr. Master's has started a new blog.
Member Since: September 20, 2010 Posts: 0 Comments: 235
892. DentalPainDMD
4:45 PM GMT on February 25, 2011
couldn't rising food price also be due in part to the economic policies of the federal reserve and world bankers? Quantative Easing anyone? Oh but there is no inflation here in the US.
Member Since: May 30, 2008 Posts: 0 Comments: 39
891. Jedkins01
4:45 PM GMT on February 25, 2011
Quoting NRAamy:
John Wayne-Orange County, California

54 %uFFFDF
Mostly Cloudy


sick, its 79 and sunny here at my house in Central Florida!


This is gonna be weird year, I went hunting yesterday for the first time since January. I ran into stuff Ive never seen before this early, I was walking through a swamp in my waders and I cam across a litter of baby gators swimming around, they started doing that classic call for help for their momma which was a little scary even though I had a 12 gauge haha. I also came across several pairs of glowing eyes coming from adult gators when it got dark. Walking through swampy land with gators in "spring" is a little scary even if you are heavily armed.

There were also thousands of frogs croaking, huge 3 inch wolf and grass spiders crawling everywhere.

Hunting season is about over, but still. This is the earliest start to spring we have have ever had in my 15 years living in Florida!

What is weird is gators don't even start their mating season normally till mid March. Baby gators normally are not seen till mid April, because the eggs take a few weeks to hatch.

What that means is that gators were already mating in January, the mothers laid eggs around the beginning of this month, and now there are babies already!



Unfortunately my hunting trip wasn't successful, me nor my friend saw any hogs, even though another friend got himself a hog on monday and there were tons of them in the same spot I went to on monday, go figure.

Hunting is always an adventure, even if you don't get anything. Hunting is hard in Florida, I haven't gotten big game this entire season. Just a bad season for me in general.

I'm happy to see spring has come so early! I love this weather, and so does the wild life!
Member Since: August 21, 2008 Posts: 0 Comments: 7280
890. PcolaDan
4:39 PM GMT on February 25, 2011
Quoting NRAamy:
hey dashboard cowman..... where is Lyttelton?


The city at the epicenter of the NZ earthquake.
Member Since: August 22, 2008 Posts: 12 Comments: 6010
889. NRAamy
4:37 PM GMT on February 25, 2011
hey dashboard cowman..... where is Lyttelton?
Member Since: January 24, 2007 Posts: 317 Comments: 31946
888. PcolaDan
4:29 PM GMT on February 25, 2011
WOW


A huge boulder smashed through this bungalow in Lyttelton

Morning Amy
Member Since: August 22, 2008 Posts: 12 Comments: 6010
887. NRAamy
4:16 PM GMT on February 25, 2011
John Wayne-Orange County, California

54 °F
Mostly Cloudy
Member Since: January 24, 2007 Posts: 317 Comments: 31946
886. RitaEvac
4:15 PM GMT on February 25, 2011
Luckily that air isn't coming south, looks now like any frigid outbreak coming south is over for the winter as the jet stream is zonal well into March
Member Since: July 14, 2008 Posts: 1 Comments: 9628
885. VAbeachhurricanes
4:09 PM GMT on February 25, 2011

Magnitude
3.6
Date-Time
Friday, February 25, 2011 at 09:49:01 UTC
Friday, February 25, 2011 at 03:49:01 AM at epicenter
Time of Earthquake in other Time Zones
Location
35.277°N, 92.374°W
Depth
6 km (3.7 miles)
Region
ARKANSAS
Distances
5 km (3 miles) NNE (15°) from Greenbrier, AR
6 km (4 miles) SE (134°) from Twin Groves, AR
6 km (4 miles) SW (214°) from Guy, AR
22 km (14 miles) NNE (19°) from Conway, AR
60 km (38 miles) N (356°) from Little Rock, AR
418 km (260 miles) SSW (208°) from St. Louis, MO
Location Uncertainty
horizontal +/- 0.5 km (0.3 miles); depth +/- 0.3 km (0.2 miles)
Parameters
NST= 17, Nph= 26, Dmin=2 km, Rmss=0.21 sec, Gp= 54°,
M-type="Nuttli" surface wave magnitude (mbLg), Version=B
Source
Cooperative New Madrid Seismic Network
Event ID
nm022511a
Member Since: September 6, 2007 Posts: 0 Comments: 6068
883. NRAamy
3:56 PM GMT on February 25, 2011
Southern Calif. Weather update:

Dark, cloudy and cold, with SQUAWK later on this afternoon....
Member Since: January 24, 2007 Posts: 317 Comments: 31946
882. RitaEvac
3:53 PM GMT on February 25, 2011
-31F in Cut Bank Montanna
Member Since: July 14, 2008 Posts: 1 Comments: 9628
881. RitaEvac
3:52 PM GMT on February 25, 2011
Member Since: July 14, 2008 Posts: 1 Comments: 9628
880. Portlight
3:45 PM GMT on February 25, 2011
Four Amish children die in
Kentucky flooding
Link
Member Since: January 7, 2009 Posts: 119 Comments: 412
878. Jax82
3:02 PM GMT on February 25, 2011
Member Since: September 2, 2008 Posts: 1 Comments: 1261
877. Orcasystems
2:23 PM GMT on February 25, 2011
Complete Update





Member Since: October 1, 2007 Posts: 81 Comments: 26511
876. aquak9
1:54 PM GMT on February 25, 2011
that one was almost 83 miles deep, keeper. Thank goodness.
Member Since: August 13, 2005 Posts: 163 Comments: 25732
875. KEEPEROFTHEGATE (Mod)
1:46 PM GMT on February 25, 2011
Member Since: July 15, 2006 Posts: 169 Comments: 53296
874. Patrap
1:33 PM GMT on February 25, 2011
3 Amish kids swept to deaths in swollen creek
Fourth child still missing; mother was trying to cross in horse-drawn buggy



MAYFIELD, Ky. — The bodies of three Amish children were found early Friday after their horse-drawn buggy overturned in a creek swollen by heavy rains in southwestern Kentucky. A fourth child was still missing.

A mother and her six children were trying to cross the creek on a roadway Thursday when the accident happened.

The woman and two of her children escaped but three girls and a boy were swept away.NBC station WSMV-TV reported that they were aged 11, 5, 8 and 6 months old.

One of the bodies was found at around 12:30 a.m. on Friday, Graves County Sheriff Dewayne Redmon told NBC's TODAY. Two siblings were discovered about 30 minutes later.

He said authorities were continuing to look for the other child — an 11-year-old girl.

"We're hoping that she ... was maybe able to cling onto something," Redmon told TODAY.

Around 75 people were searching the creek area on foot with flashlights, calling out for the children, NBC station WPSD-TV reported.

Redmon said that the search was hampered by high water and "very muddy" conditions.

The accident happened as severe storms pummeled the nation's midsection and southeast , leaving behind a trail of downed trees and splintered power lines.

Torrential rains drenched parts of Kentucky and other states Thursday night. The rural area is about 25 miles south of Paducah.
Member Since: July 3, 2005 Posts: 421 Comments: 127550
873. nocaneindy
1:17 PM GMT on February 25, 2011
It's hard to believe, after all the big snows around this area all winter long, that this report below gives us here in Muncie our biggest snow event of the season. Even sadder, it will all be gone by Monday.

000
NWUS53 KIND 251250
LSRIND

PRELIMINARY LOCAL STORM REPORT
NATIONAL WEATHER SERVICE INDIANAPOLIS IN
750 AM EST FRI FEB 25 2011

..TIME... ...EVENT... ...CITY LOCATION... ...LAT.LON...
..DATE... ....MAG.... ..COUNTY LOCATION..ST.. ...SOURCE....
..REMARKS..

0742 AM SNOW 1 E MUNCIE 40.20N 85.37W
02/25/2011 E6.0 INCH DELAWARE IN PUBLIC

BLOWING AND DRIFTING. 14 INCH SNOW DRIFTS.

Member Since: September 21, 2007 Posts: 34 Comments: 515
872. pottery
12:41 PM GMT on February 25, 2011
Good Morning.
The remnants of an active T Wave is still giving us un-seasonal rain.
Showers overnight and this morning.
The trees still cannot decide if to drop their leaves, flower, or what.
Strange weather.
Member Since: October 24, 2005 Posts: 0 Comments: 24026
871. islander101010
11:31 AM GMT on February 25, 2011
china is in better position to handle of potential disaster of a food shortage than it would of been because of their 2 children per couple quota set about 2 decades ago. but you really dont know for sure. one the those third kids could of changed the world and solved our problems i dont like their system
Member Since: September 11, 2010 Posts: 1 Comments: 4332
870. greentortuloni
9:06 AM GMT on February 25, 2011
Quoting washingtonian115:
Oh yeah,and for anyone visiting D.C we have one an award for the most rudest drivers.Way to go D.C(rolls eyes).So we even beat Los angelas,and New York city.


I totally agree. Driving in NY was crazy but fair. Driving in DC is cutthroat.
Member Since: June 5, 2006 Posts: 0 Comments: 1220
869. HadesGodWyvern (Mod)
8:27 AM GMT on February 25, 2011
Tropical Cyclone Warning Center Perth
Tropical Cyclone Advice #1
TROPICAL LOW 18U
4:00 PM WST February 25 2011
========================================

At 2:00 pm WST, Tropical Low (998 hPa) located at 14.0S 126.0E, or about 75 km west northwest of Kalumburu and 445 km northeast of Derby has 10 minute sustained winds of 25 knots with gusts of 40 knots. The low is reported as moving slowly southwest.

The low may develop into a tropical cyclone on Sunday as it moves southwest close to the west Kimberley coast. Gales are not expected in coastal areas within the next 24 hours, however gales could develop on Sunday between Kalumburu and Wallal.

Tropical Cyclone Watches/Warnings
================================
A Cyclone WATCH has been declared for a developing tropical low for coastal areas from Kalumburu to Wallal.

The next tropical cyclone advice from Perth Tropical Cyclone Warning Center on Tropical Low 18U will be issued at 13:00 PM UTC..
Member Since: May 24, 2006 Posts: 50 Comments: 44740
867. Patrap
6:00 AM GMT on February 25, 2011
437
WFUS54 KHUN 250556
TORHUN
ALC071-TNC051-250630-
/O.NEW.KHUN.TO.W.0009.110225T0556Z-110225T0630Z/

BULLETIN - EAS ACTIVATION REQUESTED
TORNADO WARNING
NATIONAL WEATHER SERVICE HUNTSVILLE AL
1156 PM CST THU FEB 24 2011

THE NATIONAL WEATHER SERVICE IN HUNTSVILLE HAS ISSUED A

* TORNADO WARNING FOR...
SOUTHERN FRANKLIN COUNTY IN TENNESSEE...
NORTHERN JACKSON COUNTY IN NORTHEAST ALABAMA...

* UNTIL 1230 AM CST

* AT 1153 PM CST...NATIONAL WEATHER SERVICE DOPPLER RADAR INDICATED A
SEVERE THUNDERSTORM CAPABLE OF PRODUCING A TORNADO NEAR
ESTILLFORK MOVING EAST AT 65 MPH.

* LOCATIONS NEAR THE PATH OF THIS TORNADO INCLUDE...
ANDERSON.
RUSSELL CAVE NATIONAL MONUMENT.
LONG ISLAND.
LONG ISLAND.

PRECAUTIONARY/PREPAREDNESS ACTIONS...

TORNADOES AT NIGHT ARE ESPECIALLY DANGEROUS. DO NOT WAIT UNTIL YOU
SEE OR HEAR THE TORNADO...IT MAY BE TOO LATE. TAKE COVER NOW.

A TORNADO WATCH REMAINS IN EFFECT UNTIL 200 AM CST FRIDAY MORNING FOR
NORTHERN ALABAMA AND CENTRAL TENNESSEE.



LAT...LON 3486 8620 3507 8626 3516 8587 3500 8586
3500 8561 3499 8561
TIME...MOT...LOC 0556Z 253DEG 57KT 3498 8611


SL


CLICK HERE TO GO TO PREVIOUS BULLETINS.

Member Since: July 3, 2005 Posts: 421 Comments: 127550
866. Patrap
5:56 AM GMT on February 25, 2011
Member Since: July 3, 2005 Posts: 421 Comments: 127550
865. Orcasystems
5:55 AM GMT on February 25, 2011
Quoting hydrus:
Line just past through the western plateau. Moved very fast. One gust to 65 mph.


Trade??

Summary

Northeasterly winds of 70 km/h will develop over the Southern Gulf Islands and sections of Greater Victoria this evening. Northerly winds of 70 km/h with gusts to 90 over Howe Sound will persist through this evening. This is a warning that potentially damaging winds are expected or occurring in these regions. Monitor weather conditions..Listen for updated statements.

Details

A strong Arctic ridge of high pressure over the interior of British Columbia is driving cold air and strong winds through valleys and inlets of the coast. Windchill values of minus 20 to minus 25 are expected tonight. Through Howe Sound windchill values are not quite as cold however very strong outflow winds of 70 km/h with gusts to 90 will persist through this evening. Further south, outflow winds from the Fraser Valley will strengthen this evening as they cross towards the Southern Gulf Islands and sections of Greater Victoria near Haro strait. Northeast winds of 70 km/h with gusts to 90 will begin to abate in these regions by Friday morning as the ridge weakens.
Member Since: October 1, 2007 Posts: 81 Comments: 26511
864. Patrap
5:54 AM GMT on February 25, 2011
251
WFUS54 KHUN 250547
TORHUN
ALC071-089-095-250615-
/O.NEW.KHUN.TO.W.0008.110225T0547Z-110225T0615Z/

BULLETIN - EAS ACTIVATION REQUESTED
TORNADO WARNING
NATIONAL WEATHER SERVICE HUNTSVILLE AL
1147 PM CST THU FEB 24 2011

THE NATIONAL WEATHER SERVICE IN HUNTSVILLE HAS ISSUED A

* TORNADO WARNING FOR...
SOUTHEASTERN MADISON COUNTY IN NORTH CENTRAL ALABAMA...
SOUTHWESTERN JACKSON COUNTY IN NORTHEAST ALABAMA...
NORTH CENTRAL MARSHALL COUNTY IN NORTHEAST ALABAMA...

* UNTIL 1215 AM CST

* AT 1144 PM CST...NATIONAL WEATHER SERVICE DOPPLER RADAR INDICATED A
SEVERE THUNDERSTORM CAPABLE OF PRODUCING A TORNADO NEAR OWENS
CROSSROADS...OR ABOUT 11 MILES SOUTHEAST OF HUNTSVILLE...MOVING
EAST AT 60 MPH.

* LOCATIONS NEAR THE PATH OF THIS TORNADO INCLUDE...
LIM ROCK.
LARKINSVILLE.
SCOTTSBORO.
MARTINTOWN.

PRECAUTIONARY/PREPAREDNESS ACTIONS...

TORNADOES AT NIGHT ARE ESPECIALLY DANGEROUS. DO NOT WAIT UNTIL YOU
SEE OR HEAR THE TORNADO...IT MAY BE TOO LATE. TAKE COVER NOW.

A TORNADO WATCH REMAINS IN EFFECT UNTIL 200 AM CST FRIDAY MORNING FOR
NORTHERN ALABAMA AND CENTRAL TENNESSEE.



LAT...LON 3486 8587 3460 8591 3450 8647 3476 8645
TIME...MOT...LOC 0547Z 256DEG 53KT 3466 8637


SL


CLICK HERE TO GO TO PREVIOUS BULLETINS.

The Nexlab AL Page
The Nexlab TN Page Main Text Page

Member Since: July 3, 2005 Posts: 421 Comments: 127550
863. HadesGodWyvern (Mod)
5:51 AM GMT on February 25, 2011
Tropical Cyclone Warning Center Perth
TROPICAL CYCLONE OUTLOOK
Forecast for area south of 10S between 90E-125E
12:58 PM WST February 25 2011
=====================================

At 11:00am WST a developing tropical low [18U], 1001 hPa, was located near 13.7S 125.5E, about 140km west northwest of Kalumburu, moving west southwest. It is likely that the low will move towards the southwest during the next three days and deepen as it moves into a more favourable environment. On Saturday the low is expected to be in the Western Region. The low may form into a tropical cyclone on Sunday. Tropical Cyclone Advices [IDW24100] will be issued for this low by Thursday evening. Please refer to the latest Advice for further details.

Tropical Cyclone Formation Potential
===================================
Saturday: Moderate
Sunday: High
Monday: High
Member Since: May 24, 2006 Posts: 50 Comments: 44740
860. hydrus
5:44 AM GMT on February 25, 2011
Quoting EYEStoSEA:
Just some wind damage around my area as the line passed thru , no tornadoes. Did get some needed rain. All in all, everything ok. Hope others fair as well.
Line just past through the western plateau. Moved very fast. One gust to 65 mph.
Member Since: September 27, 2007 Posts: 1 Comments: 20506
859. EYEStoSEA
4:48 AM GMT on February 25, 2011
Just some wind damage around my area as the line passed thru , no tornadoes. Did get some needed rain. All in all, everything ok. Hope others fair as well.
Member Since: September 16, 2010 Posts: 0 Comments: 1492
858. KEEPEROFTHEGATE (Mod)
4:34 AM GMT on February 25, 2011
<
Member Since: July 15, 2006 Posts: 169 Comments: 53296
857. sunlinepr
4:20 AM GMT on February 25, 2011
New Zealand quake toll rises to 113 dead
By KRISTEN GELINEAU, Associated Press Kristen Gelineau, Associated Press 1 hr 6 mins ago

CHRISTCHURCH, New Zealand - Relatives of people still missing three days after an earthquake shattered the New Zealand city of Christchurch arrived Friday from several countries to join an anxious vigil for news that looked increasingly likely to be grim.

The official death toll continued to climb, to 113, and officials said rescue teams had pulled nothing but bodies from the rubble of collapsed buildings for 48 hours. Foreign Minister Murray McCully said the government was preparing to give family members from several countries "the worst type of news."
Member Since: August 2, 2010 Posts: 21 Comments: 9695
855. atmoaggie
3:53 AM GMT on February 25, 2011
LOL.

American Chemical Society National Meeting & Exposition, March 27-31, Anaheim, Calif.
http://www.eurekalert.org/pub_releases/2011-02/ac s-acs022411.php

My feeble little mind inserted "explosion" rather than "exposition". Chemists, explosion? Sure, that's possible.
Member Since: August 16, 2007 Posts: 6 Comments: 12461
854. hydrus
3:45 AM GMT on February 25, 2011
Quoting pottery:
True,
then it has to cross Antartica.
But it looks bad anyway.
If I was stmchsr, I would be frantic.
Good evening Pott..We are about to get blasted by severe thunderstorms here on the plateau. Wind is already blowin 20 gust 38. The weather dude says gusts to 70 when the line moves through and gusts over 50 from the low pressure system that spawned the squall line. Hope you are well...:)
Member Since: September 27, 2007 Posts: 1 Comments: 20506
853. sunlinepr
3:37 AM GMT on February 25, 2011
Member Since: August 2, 2010 Posts: 21 Comments: 9695
852. sunlinepr
3:35 AM GMT on February 25, 2011
Freddie Mac posts $1.7B loss for Q4
By MARCY GORDON, AP Business Writer Marcy Gordon, Ap Business Writer Thu Feb 24, 7:05 pm ET

WASHINGTON - Government-controlled mortgage buyer Freddie Mac managed a narrower loss of $1.7 billion for the October-December quarter of last year. But it has asked for an additional $500 million in federal aid %u2014 up from the $100 million it sought in the previous quarter.

Freddie Mac also posted a $19.8 billion loss for all of 2010.

The government rescued Freddie Mac
and sibling company Fannie Mae in September 2008 to cover their losses on soured mortgage loans. It estimates the bailouts will cost taxpayers as much as $259 billion....

The current administration unveiled a plan earlier this month to slowly dissolve the two mortgage giants. The aim is to shrink the government's role in the mortgage system. The proposal would remake decades of federal policy aimed at getting Americans to buy homes and probably would make home loans more expensive.


Bought my home 2007 - 30 year loan for $200,000
Sold my home 2011 - $145,000
I need a rescue

rescue (rsky)
tr.v. rescued, rescuing, rescues
1. To set free, as from danger or imprisonment; save. See Synonyms at save1.
Member Since: August 2, 2010 Posts: 21 Comments: 9695
851. pottery
3:29 AM GMT on February 25, 2011
Quoting atmoaggie:
Assuming it survives it's second trip through the Himalayas, that is.
True,
then it has to cross Antartica.
But it looks bad anyway.
If I was stmchsr, I would be frantic.
Member Since: October 24, 2005 Posts: 0 Comments: 24026
850. Patrap
3:28 AM GMT on February 25, 2011
almost Landfall.



Member Since: July 3, 2005 Posts: 421 Comments: 127550
849. washingtonian115
3:27 AM GMT on February 25, 2011
Anyway before I head off tonight look at my avatar,and tell me have you seen this cat/bunny thing.Been on a look out for him....
Member Since: August 14, 2010 Posts: 10 Comments: 16409
848. atmoaggie
3:24 AM GMT on February 25, 2011
Quoting pottery:
You should be more concerned about the June 16 th one....
Assuming it survives it's second trip through the Himalayas, that is.
Member Since: August 16, 2007 Posts: 6 Comments: 12461
847. gordydunnot
3:21 AM GMT on February 25, 2011
The Neville Bros.
Member Since: August 18, 2008 Posts: 0 Comments: 3112
846. atmoaggie
3:20 AM GMT on February 25, 2011
Quoting KEEPEROFTHEGATE:

Wow. that's quite a feature in the middle of that...

(re: post 832)
Member Since: August 16, 2007 Posts: 6 Comments: 12461
845. pottery
3:19 AM GMT on February 25, 2011
Quoting clwstmchasr:
Can someone tell me if that disturbance that is going to form in the NW Caribbean on June 22 is going to come my way?
You should be more concerned about the June 16 th one....
Member Since: October 24, 2005 Posts: 0 Comments: 24026

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Jeff co-founded the Weather Underground in 1995 while working on his Ph.D. He flew with the NOAA Hurricane Hunters from 1986-1990.