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I’m spending a small in number days in Silicon Valley doing more reporting for upcoming stories. One thing that comes through loud and clear: How vital it is for Silicon Valley venture capitalists and entrepreneurs to be heavily involved in alternative energy technologies. This was very much on Andy Grove’s mind when I visited him yesterday afternoon. He pointed out that the US not to be found the direction in battery technology in the 1970s when consumer electronics went to Japan. Now we’re nowhere in the battery realm (or have little going), that is seemly one of the key technologies in the creation. The lesson: The nation can’t afford to bestow up on core technologies even if they strike one as being to be commoditizing. But how does the country continue companies in the stratagem if they don’t see it as being strategic and useful? Should there be government incentives on account of sustaining core technologies in the private sector? This is a toughie.

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Analysts’ opinions on stocks in the news Monday

From Standard & Poor’s Equity Research

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S&P UPGRADES OPINION ON HARTFORD FINANCIAL TO HOLD FROM SELL, ON VALUATION (HIG 14.70):

With shares down almost 83% year-to-date, we believe the issues weighing upon the body HIG are reflected in current price levels. While we believe the crew’s balance sheet is more susceptible to further impairments than various peers, we find some comfort in HIG’s projection of about $2 billion of excess capital at year-end. Until volatility in the capital markets subsides, we see upside in shares limited by lack of transparency touching future deferred acquisition costs and investing. losses. We are raising our 12-month target cost by $2 to $16, roughly 0.6 times our 2008 book value estimate. -B. Howlett

S&P UPGRADES OPINION ON SHARES OF GOODYEAR TIRE & RUBBER TO BUY FROM HOLD (GT; 9.78):

Before special items, GT posts third part quarterEPS from continuing operations $0.38, vs. $0.68, below our $0.44 estimate. Despite the approval of the transfer responsibility for union healthcare benefits to the union, that we expect will save GT $100 million in 2009, and other costs savings efforts, we are cutting our 2009 EPS calculate by $0.68 to $1.95, given weakening tire demand in the U.S. and abroad for renovated and replacement tires, with expected higher article of merchandise costs into 2009. We are furthermore lowering our 12-month target recompense by dint of. $5 to $14, 7.2 times our 2009 EPS calculation, based steady p-e analysis. -E. Levy-CFA

S&P REITERATES HOLD OPINION ON SHARES OF FORD MOTOR (F; 2.18):

Ford’s year-to-year October sales fell 30% from a year ago. With gas prices off their highs, and amid a push to be in possession of old models abroad the door, F-150 small commodities sales knock down just 16%, compared to declines of 27% for cars, 39% for crossover UVs and 54% for SUVs. As a possible bright spot, Ford believes it gained sell in small quantities marketshare. Even so, it has each unusually subdued near-term outlook as monthly perseverance auto sales likely malicious below 900,000 units. Economic and market concerns have do harm to the industry, along with harsher merit terms. We do not observe near-term help for Ford or its depressed shares. -E. Levy-CFA

S&P REITERATES STRONG BUY OPINION ON SHARES OF AMERICAN TOWER (AMT; 32.76):

AMT reports third quarter EPS, before one-time items, of $0.15 vs. $0.15, $0.02 ahead of our appraise. On the outperformance we are raising our 2008 EPS forecast by $0.02 to $0.52 and 2009’s by $0.02 to $0.72. We believe that AMT continues to lo strong demand in tower leasing and is starting to form new towers in India at a firm manner of walking. Additionally, we believe the company is experiencing strong demand in Brazil and is benefiting from an increase in customer competition. We raise our 12-month target price by $3 to $51, based on 27 times our 2009 free cash flow estimate. -J. Moorman, CFA

S&P MAINTAINS HOLD RECOMMENDATION ON SHARES OF OSHKOSH CORP. (OSK; 8.29):

September-quarter EPS of $0.72, vs. $1.14, on revenue growth of 6%, exceeds our $0.65 estimate. Revenue rose on demand for defense, offscouring collection and fire utensils products, partly branch by weaker demand for access equipment. We are encouraged that OSK continues to focus on cost ascendency and production efficiencies to meet demand in its current end-markets; still, we believe it remains vulnerable to U.S. Defense Dept. spending, its largest customer (21% of financial year 2007 revenue). We continue our fiscal year 2009 (September) EPS estimate of $2.75, but trim our target price by $2 to $11 on revised DCF worth. -A. Compton

S&P MAINTAINS STRONG BUY OPINION ON SHARES OF JP MORGAN CHASE (JPM; 41.25):

JPM says it will modify terms for up to 400,000 homeowners, accounting for roughly $70 billion of its loans. We believe a large portion of the loans are connected to Washington Mutual, what one. JPM acquired in late September. The move, which comes without interruption the heels of the FDIC modification of more IndyMac loans, and a similar lend modification by Bank of America (BAC; 24.00), should help to reduce foreclosures. The FDIC is also working without interruption a new program for loan modification. All together, we believe that charge-offs will ease off of levels they would have reached without these programs. -S. Plesser

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S&P likes Buffalo Wild Wings’ growth prospects and says the company’s stock represents a compelling buying opportunity

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Buffalo Wild Wings—52-week stock price

By Mark Basham From Standard & Poor’s Equity Research

Buffalo Wild Wings (BWLD; latter house price, $28), the growth-minded executor and franchiser of Buffalo Wild Wings restaurants, has excellent long-term growth prospects, in our scan. We think the crew may gain mart participate in from less skilful or less conservatively financed competitors for the time of a recessionary economic environment, as it will well-suited continue its aggressive expansion plans. Furthermore, growth is likely to continue to be financed with cash from operations, and we look forward to Buffalo Wild Wings to last debt free in the state current expansion plans.

Our 5 STARS (strong buy) approbation was prompted through the recent sell-off in the shares following third-quarter income that were below our expectations. However, the shortfall in earning per share relative to anticipated profits had very little to grant through poor operating performance, by our analysis. In performance, much of the difference was due to higher management bonuses and stock compensation expenses of the same kind with a follow of what we view as comparatively exceptional performance; same-store sales at company-operated restaurants rose 6.8% in the third quarter, and average weekly sales increased 10.1%. As our long-term watch for the company remains intact, we view the recent sell-off as a separately compelling buying opportunity.

COMPANY PROFILE

Minneapolis-based Buffalo Wild Wings owns and operates, as well as franchises, a chain of restaurants serving a menu comprised of its Buffalo-style chicken wings and a variety of signature sauces, along with some array of alternative menu items. The Buffalo Wild Wings restaurant universal is that of a neighborhood restaurant and bar, with the feel and atmosphere of a sports bar. Locations also offer calculator and takeout service options similar to those found in a typical quick casual restaurant.

From the in the first place restaurant opened in 1982 in Columbus, Ohio, and subsequent to the company’s initial public oblation in 2003, the restaurant connected series has grown to about 550 locations. Slightly more than half of its restaurants are located in six Midwestern states of Ohio, Michigan, Indiana, Illinois, Wisconsin, and Minnesota, along with Texas. As of mid-2008, we would designate the company’s presence geographically since under-penetrated in the Pacific and Mountain regions, as well as in New England.

We view the Buffalo Wild Wings concept as a hybrid casual dining/quick casual concept, with an added sports bar emphasis. Standard & Poor’s estimates that sales of commercial eating and drinking places in the U.S. will grow 2.3% in 2008 and 1.2% in 2009.

According to the latest information available from the company, wings account for 23% of average restaurant sales, boneless chicken items like as chicken sandwiches and tenders 14%, alcohol 28%, and all other food and beverage items 35%. Bar offerings include approximately 20 domestic and foreign beers, in the same manner with well for the reason that wine and liquor. Kitchen operations accept been designed in an rout line style and can be staffed typically with unskilled hourly workers who, according to the company, require only basic training before reaching full productivity.

Of the company’s 535 locations like of September 2008, 187, or 35%, were company-operated. The tract and buildings are leased for nearly all these locations. Most of the restaurants discursive power in size from 4,500 perpendicular feet to 6,500 square feet. Average money investment in 2007 was $1.4 million, exclusive of $180,000 of pre-opening costs, on medial sum. Restaurants are typically located near retail centers and other high traffic destinations, such as big receptacle retailers and multiplex theaters.

The remaining 348 locations were franchised. Franchisees may initially enter into a franchise agreement or an superficial contents evolution agreement. Initial franchise fees because of the at the outset location are $42,500 but then may vary from $12,500 to $32,500 per location depending on a variety of factors, including proximity of new restaurants to the franchisee’s existing locations.

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Disheartening data on manufacturing, construction spending, and auto sales weighed on equities Monday

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U.S. stocks ended mostly lower in continuance Monday with swings confined to a fairly narrow trading sweep before Tuesday’s U.S. presidential predestination and a ponderous dose of household reports later in the week, according to S&P MarketScope. The market gave up earlier gains as traders digested a bruit that Ford Motor Co.’s (F) October vehicle sales skidded 32.7% and two downbeat economic data releases: October’s ISM manufacturing index lay low to 38.9 from 43.5 in September, space of time U.S. construction spending fell 0.3% in September.

On Monday afternoon, the Dow Jones industrial average closed 5.18 points, or 0.06%, let down at 9,319.83. The broader S&P 500 index added edged from a high to a low position 2.45 points, or 0.25%, to 966.30. The tech-heavy Nasdaq composite index gained 5.38 points, or 0.31%, to finish at 1,726.33.

On the New York Stock Exchange, 16 funds advanced in price for every 13 that declined. The ratio on the Nasdaq was 14-12 positive. Consumer staples stocks were among the best performers of the session, while energy and retailing stocks that showed gains last week came back down adhering profit-taking.

Governments encompassing the world continued their efforts to war the global financial push. South Korea pledged more cash to rev up its economy, and central banks in Europe and Australia looked set to cut rates again in a raging battle to keep the financial crisis from shoving the world into its worst slump in decades, according to a Reuters report. Seoul announced $11 billion in new spending and tax cuts. Dismal Australian economic facts cemented expectations that its central bank enjoin slash interest rates on Tuesday.

In Europe, the Bank of England and the European Central Bank have both primed investors for another round of cuts later this week. The U.S. Federal Reserve and central banks in Japan, China and India every one of divide borrowing costs last week in every effort to shield their economies from the fallout from the crisis, which started when the U.S. housing boom turned sour 15 months ago. But economists cited by Reuters say that during the time that trillions of dollars in brim bailouts and stimulus packages may have averted a financial meltdown and may spare the creation a repeat of the 1930s Great Depression, the economic outlook is grim.

The Treasury and banking regulators say as many as 1,800 publicly held institutions could put for government investments in coming weeks, according to a Wall Street Journal report, out of concern that insolvency to do so could make them losers in a banking sector reshaped by dint of. the Treasury’s $700 billion rescue plan. Depending upon conditions still being crafted by Treasury, thousands more secluded banks could apply as being body of executive officers capital as well, a Treasury spokeswoman said Sunday.

The Federal Reserve’s Senior Loan Officers’ survey showed a memorandum number of banks tightened terms without ceasing business loans from beginning to end the past three months, to the degree that long as demand for loans from households and businesses also declined, Action Economics said. In an interview on Bloomberg TV, Dallas Fed President Richard Fisher declared that tight regard conditions are hurting the U.S. regulation and “blunting” the impact of Fed rate cuts. He expects naught economic growth through 2009 and admits that inflationary forces have not just subsided, but have been “vaporized.” He doesn’t see signs of a deflationary trend taking hold, however.

Richmond Fed President Jeffrey Lacker said the U.S. management is “in a contraction. Up until the summer it was a fairly mild recession,” Lacker told reporters after a oration at the Hebrew University of Jerusalem. “I think it’s definitely a recession at this point. How deep, by what means steep, and spun out it’s going to be is uncertain. We don’t know if it’s going to be a garden variety recession or something steeper. I think it’s greatest in number pleasing to be of a fairly moderate size,” he said.

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With the race finally just a day away, Wall Street economists and strategists give their take on the state of the discernment and the economy

From Standard & Poor’session Equity Research

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We’re all but there. The U.S. Presidential contest between Senators John McCain (R-Ariz.) and Barack Obama (D-Ill.) prominent its final abounding day on Nov. 3 before U.S. voters headed to the polls onward Election Day, and stock market observers pondered the meaning of the race and its potential impact on Wall Street. Competing with respect to investors’ attention on Nov. 3 were two economic reports that shed some light on the health of the factory and construction sectors—and the news was gloomy. In personal, a detonation on manufacturing sector disposition showed a far greater decline than economists had expected.

BusinessWeek and S&P MarketScope staff compiled some insights on the election and the economy from Wall Street economists and strategists on Nov. 3:

Ryan Brecht, Action Economics

The odds upon the Presidential race shifted toward McCain following the Republican convention, widened back in Obama’s favor through the Presidential debates and ongoing credit critical situation, then narrowed a bit in novel weeks. The situation in one during the time that well as the other the House and the Senate has persistently favored the Democrats. Futures contracts in continuance the Iowa Electronic Markets (chart) and intrade.com remain priced since some Obama get, matching the opinion polls. Interestingly, the chances for a blockbuster Obama win have softened since mid-October, as futures are now pricing in a 53% vote share for Obama vs. the post-financial crisis point of 58% seen in the midst of October. The futures contracts suggest the contest may be closer than the wider gap reported in many polls, although the market is silence conformable with an Obama win.

Robbert van Batenburg and Wilson Mui, Louis Capital Research

The credit critical situation has forced Obama and McCain to utter the economy at the center of their campaigns, and the two have launched a range of proposals to ingenuity this issue.… Obama’sitting plans benefit the domestic carmakers, infrastructure companies, and civil bonds. Both candidates’ pledge relief plans should benefit low-end homebuilders, as long as McCain’session plans benefit domestic drillers and nuclear fuel companies while punishing ethanol refiners. Beyond the plans to address the place to the credit of crisis, health care and taxes are the important issues. Obama’s plans hurt the health-care insurers while helping the reduction retailers. On balance a McCain victory is considered more favorable to the stock market.

Bruce Bittles, Robert W. Baird & Co.

The powerful downside momentum in the stock market was in the long run broken last week as the popular averages soared by double digits. The fact that Tuesday’s record single-day advance included nearly 18 times more upside volume than downside volume also suggested that moment now favors the upside. Despite last week’s very great rally, stocks remain oversold, with without more 5% of the New York Stock Exchange issues trading above their 30- and 50-day moving averages. In addition, competent investor fear and skepticism remain to grant since further gains. Although the highly contested election could be an issue this week, historically stocks tend to ridicule once the votes are counted regardless of the issue. The largest area of concern is Friday’s October jobs set forth, which could show that more than 200,000 people invisible work in October.

Sam Stovall, Standard & Poor’s

The S&P 500’s price performance for the time of the three list months leading up to the Presidential election has in the past been a good predictor of whether the President or his party would be reelected or replaced. An S&P 500 price rise traditionally has predicted the reelection of the incumbent person or party, while a price decay has pointed to a replacement. Since 1928, this election-prognostication technique did an excellent work at jobs, in our view, recording a 79% exactitude rate in predicting the reelection of the party in domination and an 83% success ratio in calling for a change of party. …Since the S&P 500 has declined 24.7% from July 31, 2008, end Oct. 30, it would be fair to say that the form points to—but does not guarantee—an Obama victory.

Ted Wiseman, Morgan Stanley

The composite [ISM manufacturing] index slipped 4.5 points in October, in continuance the heels of an even sharper drop in September, to the lowest level since September 1982. Up until a couple of months ago, the manufacturing sector was root supported by the agency of strength in exports even as domestic demand proved sluggish. However, domestic activity has slackened more distant and exports are at once starting to show some softness. In thing done, the 16-point globule in the export orders gauge recorded from hand to hand the past two months is more than twice as large as in any degree previous decline seen in the 20-year history of this series. An inventory overhang is also starting to become more apparent. The customers inventory index (a gauge of whether stockpiles are perceived to be too luxuriously or too low) advanced to 55.0—the highest since the 2001 recession. This is probable to grant to further declines in orders and production over the coming months. The manufacturing sector is now in the grips of a major recession—and conditions are likely to get a good deal worse before they get any better.

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A new poll finds that this pillar of Republican support has shifted something toward Obama. McCain is fighting to win it back

By Moira Herbst

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The pounding of the U.S. economy and stock markets seems to be in possession of shaken the support of key "investor rank" voters for the Republican Presidential nominee, Arizona Senator John McCain.

In a nationwide telephone poll of 1,208 nation taken from Oct. 26-30 by dint of. Reuters/C-SPAN/Zogby, McCain edged the Democratic nominee, Illinois Senator Barack Obama, among those who identified themselves as "investors" by 50.4% to 43.8%, with 5.8% "not sure." That was down sharply from a 15-point lead on the side of McCain in a similar poll taken a month earlier. (Among non-investors, Obama led 56% to 36.1% in the most recent survey.)

"[The data] underscores more than anything else how much the financial crisis hurt McCain," says John Zogby, founder of the Utica (N.Y.)-based polling firm Zogby International. "In response to the crisis, McCain was erratic, frantic, and misspoken."

The good news for McCain? He seems to have recovered a mite since the darkest days of the financial crisis. A deposit taken on Oct. 21, while public funds were at their most hare-brained, had him tied with Obama amidst investors.

Clearly, the investor class—which many pollsters define as those who have more than $5,000 invested in the stock market—is critical to a McCain victory. About 35% of voters belong to that group, and it was a key building block of George W. Bush’s two victories, especially in 2004, when Bush won the support of investors by a wide margin over Democrat John Kerry. "If McCain doesn’familiarily win it—and win it swollen—he loses the election," says Zogby.

Candidates on both the Republican and Democrat sides aimed their pitches at this collection early without ceasing, whether it was McCain’s vow to maintain the Bush excise cuts or Senator Hillary Clinton (D-N.Y.) and Obama’s promise to limit capital-gains tax increases. In February, BusinessWeek revisited some of the investor-class voters (BusinessWeek, 2/14/08) we profiled in September 2004. We set they had done origin in the interstitial years but were just beginning to feel the pinch of the downturn in home prices and household growth.

McCain’s recent recruiting may reflect his pounding at Obama upward of tax plans. He altered his tax plan on Oct. 31, saying for the first time that he would like to snap capital-gains taxes in half on a permanent basis, and not just for the next two years, as he’first attempt antecedently promised.

Pat Consolmagno, an 87-year-old retiree in Englewood, Fla., seems typical of those investors who are sticking with McCain. She voted for Bush in 2004 and is adamantly backing the Republican candidate this cycle. Consolmagno and her 90-year-old husband, Joe, live off the roughly $80,000 they get from earnings upon their correlative funds and savings, Social Security, and a Chrysler pension. She says their investments "are not virtue the sort of they were." But she doesn’t believe the financial meltdown is the imperfection of one political party, and doesn’t trust Obama to solve the problems.

"Obama? I dress in’t think he’s got a clue," she says. "I don’t think either [candidate] is a genius when it comes to the markets; we’re just session in this place waiting to see what happens."

On the other conduct, Scott Berrie, a resident of Manhattan who sold his eyewear business ultimate July, is pulling on account of Obama. When interviewed by dint of. BusinessWeek be unconsumed February, he said his portfolio was off by 5% to 10% and he couldn’t wait for the Bush Administration to end. In an email interview things being so, he says his investments are "right side considerably more" and "things are more difficult than in front of, financially."

"Obama is articulate, level-headed, and projects a quiet, self-assured and measured persona, that is welcome back eight years of inarticulate, hot-headed, and antagonistic policies," says Berrie.

McCain seemed to have a strong hold forward investors’ fidelity early in the fall, as he promoted his "maverick" image and tried to distance himself from Bush. But after the implosion of AIG (AIG) and Lehman Brothers, and the ensuing war of words hither and thither a Wall Street bailout, McCain’s lead began to recoil.

Investors in general acquire been more skeptical of the Republican Party (BusinessWeek, 4/24/06) since 2006. At that time, investors polled by Zogby expressed uneasiness with President Bush’sitting handling of Hurricane Katrina, the Iraq war, and the deficit. While Bush admitted the votes of 61% of investors in 2004, he had slid to a 43% job-approval rating by 2006, according to Zogby.

"The Republican Party brand has clearly been hurt," says Dan Clifton, a Washington-based analyst with Strategas Research Partners, a New York investment research firm. Clifton points to the end that as the financial crisis hit in earnest at the end of September, McCain’s luck began to change.

"Obama stood up with American flags and economic advisers saying, ‘I comprehend you are hurting. Help is adhering the way,’" says Clifton. "He offered consolation and guidance while McCain offered confusion."

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Some critics wonder if the financial rescue plan may verify more costly to taxpayers than expected and delay the financial stability it was supposed to foster

By David Bogoslaw

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Is it too soon to astonishment whether the sway’s $700 billion fiscal rescue program has gone opposite to track? The U.S. Treasury has taken a lot of flack in the past few weeks for shifting the focus of the plan from buying distressed estate off banks’ surplus sheets to direct capital injections into financial institutions that may or may not need it, Meanwhile, critics say there are no indications that lending has increased, which was the original belonging to of the whole plan.

Indeed, some financial institutions that have received government money seem to be using the capital for other purposes, such as acquisitions of other banks, though the methods used in the redeem—and the purpose behind it—be seen to be changing every week. And that has made even some of the legislation’s original champions take down notice.

Representative Barney Frank (D-Mass.), chairman of the House Financial Services Committee, went so more distant as to say on Oct. 31 that somewhat use of the cash from the rescue plan by banks for acquisitions, executive bonuses, or other purposes besides lending is "a violation of the provisions of the act."

The leading indication that the bailout stratagem plan was changing: In at dawn October, Treasury Secretary Henry Paulson called a meeting with the leaders of nine of the largest U.S. banks and forced them to take a total of $125 billion in capital injections. In return, the government received preferred stock and stock warrants in each bank.

It’s true the original intention of the Troubled Asset Relief Program (TARP) was to raise lending exercise, which had frozen up by the end of August viewed like financial services companies became more concerned about capital preservation, tumor default rates on loans, and renownless risks involving trading counterparties. But in rethinking its methods, the Treasury still seems to have the corresponding; of like kind end flow in be inclined, despite what its critics take for granted.

Here’s for what cause. Buying $1 billion credit of distressed assets of the like kind as mortgage-backed securities from financial institutions provides those firms with $1 billion that can then be used to buy other estate or debt. That same $1 billion, when injected in a straight line into a bank in exchange for preferred shares and stipe warrants, adds to existing forfeiting life and can generate up to $10 billion worth of lending at a conservative debt-to-equity ratio of 10 to one, says Gerard Cassidy, an equity algebraist who covers regional banks with regard to RBC Capital Markets . "The impact of TARP going into equity is much greater because of purchase, and therefore over a longer period of time it will have a more stimulative effect to the system," he says.

The favor of buying troubled property off banks’ books under the TARP’s capital purchase program is any greaten in liquidity that have power to facilitate broader trading etc. in the short term, however it won’t produce as big a bang for the buck in terms of generating lending activity as the equity program, he adds.

Cassidy believes criticism of the Treasury’s moves to directly inject capital into banks has stemmed from the fact that many people are focused more on short-term solutions and aren’t expeditious to accept that in which case the government has managed to calm the critical situation prostrate, a full resolution of the problems will take a part longer.

Why did the Treasury shift gears? Blame the problems around the pricing of the troubled assets, says Professor Cornelius Hurley, director of the Graduate Program in Banking and Financial Law and its related Morin Center for Banking and Financial Law at the Boston University School of Law. Paulson and his staff decided they would subsist damned for overpaying for assets and despite underpaying, because buying the assets at a lower value than what the banks were carrying on their balance sheets would cause a corresponding hit to theoretical, reduce the amount of lending that would be possible off the revised equity, and defeat the whole purpose of the program, says Hurley.

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WASHINGTON

Fans of Rep. Ron Paul, the former Republican presidential candidate who was an Internet sensation, be able to to this time vote for him for president

The candidates of the three “major” third parties

There are a number of obscure third parties, still, that are also on the ballot in multiple states.

Nader, whose third part presidential run is based on his anti-corporate mantra, is in succession the ballot in 45 states and the District of Columbia.

Libertarian candidate Bob Barr, who’s also on the ballot in 45 states, is a prior Republican congressman from Georgia who’s backing the litigant’s small-government credo.

Green Party nominee Cynthia McKinney, a constructer Democratic congresswoman who’s in like manner from Georgia, is touting the party’s environmental, anti-war platform and is on 31 state ballots and D.C.

Chuck Baldwin, a conservative Florida afford, is the Constitution Party’session nominee, on the ballot in 37 states. An opposer of legal abortion, Baldwin wants to end the federal income tax and stop U.S. militia interference.

Paul, the Libertarian Party standard-bearer in 1988, is a congressman from Texas who, having failed to win the Republican nomination, didn’t support having his name placed on ballots for president, but some admirers persevered anyway.

Perhaps the smallest but mostly enduring third party is the Prohibition Party. Founded in 1869, it’s the same party behind the temperance motion that led to the 1919 prohibition of alcohol by the 18th Amendment to the Constitution.

“It’s easily the most ancient third part party in American history.” said Richard Winger, the editor of Ballot Access News, which tracks third parties.

Although it’s now down to about 12 effective members

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WASHINGTON —

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Banks tightened the spigots further on all sorts of lending, from home mortgages to credit cards and business loans, as the worst financial crisis in seven decades took a bigger toll on the economy.

The Federal Reserve said Monday that its latest quarterly survey of bank lending practices found high numbers of banks reporting tighter credit standards across a broad range of lend products. Nearly 60 percent of banks responding to the survey said they had tightened lending standards without interruption credit card debt.

“We’re into the eye of the storm in the present life,” said Brian Bethune, master U.S. financial economist at IHS Global Insight in Lexington, Mass.

The latest Fed survey was conducted in the primary two weeks of October, too soon to reflect possible effects of the government’s program to dart in relating to $250 billion into U.S. banks by directly buying shares in them in the manner that party of a broader financial rescue effort. The government also plans to bribe billions in distressed mortgage-related property that banks clinch.

The unprecedented government moves are designed to bolster banks’ balance sheets and break the logjam in bank lending to get the credit system moving again - and avoid the population subsiding into a deep and prolonged recession.

The Fed survey of 55 domestic banks and 21 U.S. offices of foreign banks fix that sizable percentages of banks had “continued to tighten their lending standards and provisions put on all major lend categories throughout the previous three months.”

The figures reflect the condition of bank lending “as the economy has entered into a recession,” said Keith Leggett, senior economist at the American Bankers Association.

The Fed found 85 percent of the domestic banks responding to the survey reported that they had tightened their lending standards for a major archetype of commerce loans known as “commercial and industrial” loans, up from 60 percent in the June survey. Nearly all banks - 95 percent - reported tighter standards for the lines of power they reach to large and medium-sized businesses.

A large account of banks also reported they were tightening standards for both credit cards and other types of consumer loans.

Besides the pressingly 60 percent of banks tightening standards on credit card debt, 65 percent said they had tightened lending standards toward other types of consumer loans over the past three months.

About 20 percent of the domestic banks reported cutting limits for existing regard card accounts held by prime, or strong credit, customers. Around 60 percent of domestic banks had reduced those limits for “nonprime” borrowers.

Amid the souring economy and rising job losses, defaults on credit card debt have mounted and banks already staggering from the pledge and credit crises are loss billions more from due credit card bills.

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BAGHDAD

Also on Monday, parliament passed a bill that would grant the rustic’s embattled minorities fewer guaranteed seats in upcoming elections than the United Nations had recommended.

The prospects for act of the bill, which requires the approval of Iraq’s executive council, are unclear. In September, british legislature passed a law on provincial elections but, in a polemical action, deleted from it an article dealing with representation of Iraq’s many minorities.

The council, composed of the country’s president and two vice presidents, signed that measure into form seasonably last month but directed parliament to pass separate legislation on the issue.

In the most lethal attack of the day, 6 race were killed and 20 wounded at the time that two roadside bombs exploded in quick succession in facade of the headquarters of the Ministry of Interior’s criminal-investigations unit in Baghdad’session central Karradah district, according to an official at the ministry.

The deadlier bomb was planted in front of the protective concrete wall ringing the control building. The other was about 70 yards away.

“I cannot believe what happened,” said a bewildered policeman at the scene, who said he had worked for the directorate for 35 years. “Who can plant a bomb in this fortified area in the personality of police patrols?”

The murderous assault attempt against the deputy oil minister came on the point 30 minutes before the Karradah blasts. The official, Abdul-Sahib Salman Qutub, was wounded, along with his driver, when a bomb planted in his car exploded, according to a ministry spokesman, Asim Jihad.

The explosion occurred of the same kind with Qutub was acquirement into the car at his domicile in the northern Baghdad neighborhood of Atafiya to go to work, Jihad said.

In other injustice, a huge car bomb exploded in a parking lot nearest to the headquarters of the local government in Baqouba in Diyala province, killing at in the smallest degree three people and wounding 13, including eight police officers, according to guarantee and provincial officials.

The blast destroyed 22 vehicles and badly damaged several nearby government buildings.

Ibrahim Bajlan, who heads the Diyala provincial council, said the storm was fixed that the situation in the province remained “weak” and that the government’s lauded novel security operation in Diyala had “only educated a fraction of its goals.”

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