Here are some other stories that are making the rounds today.

General Motors has filed for a public stock offering. The company said that it would offer both common stock and preferred stock in the offering, which could begin as early as October. The deal is being lead-managed by Morgan Stanley. The US government has invested about $50 billion in GM and holds a 61 percent share. The IPO will allow the Treasury Department to bring its holding below the 50 percent share but the filing made clear the government will continue a sizable portion of the automaker. The company has already repaid about $6.7 billion in loans, but most of the rest was converted into equity and can be repaid only by selling those shares. The full story in the New York Times.

Afghan and coalition security forces captured or killed several Haqqani Network and several Talban leaders to include a dual-hatted Taliban sub-commander and Al Qaeda group leader in Afghanistan during 36 separate operations this week according to the ISAF. The Afghan-led operations resulted in more than 110 suspected insurgents detained and more than 20 insurgents killed.Afghan locals in Kunduz province. Meanwhile, the Washington Post reports that as of Thursday, Aug. 19, 2010, at least 1,130 members of the US military had died in Afghanistan as a result of the US invasion of Afghanistan in late 2001. Additionally since the start of U.S. military operations in Afghanistan, 7,529 U.S. service members have been wounded in hostile action, according to the Defense Department.

In a military-related story, Paul Rieckhoff, the founder of Iraq and Afghanistan Veterans of America, has a post on Big Think that looks at the disturbing rise in military suicides.

A Federal grand jury has indicted former All Star pitching ace Roger Clemens on charges of making false statements to Congress about use of performance-enhancing drugs. Clemens last pitched in the Majors in 2007 after a long career mostly with the Boston Red Sox and New York Yankees. The New York Times has more on the story.

President Barack Obama made four recess job appointments to his Administration, including a new US Ambassador to El Salvador, postponing the need for Senate approval. Recess appointments, which have been made by presidents of both parties, allow a president to temporarily bypass the Senate confirmation process required for senior Federal posts by filling vacant positions while lawmakers are on vacation. Mari Carmen Aponte is the new envoy to San Salvador. More on her background from Foreign Policy.

Felix Salmon writes on the Treasury Bubble meme.

GM in development of triple-digit gas milage car.

General Motors Corp. said Tuesday its Chevrolet Volt rechargeable electric car should get 230 miles per gallon of gasoline in city driving, more than four times the mileage of the current champion, the Toyota Prius.

The Volt is powered by an electric motor and a battery pack with a 40-mile range. After that, a small internal combustion engine kicks in to generate electricity for a total range of 300 miles. The battery pack can be recharged from a standard home outlet.

Now, I'm thrilled that automakers' R&D are finally making a concerted effort to develop electric cars, but GM finding religion on this only now, after they've been faced with bankrupcy, a major oil crisis, and an ecological disaster in the making, makes me roll my eyes.

There's more...

by Zach Carter, Media Consortium MediaWire Blogger  

It's official: The U.S. economy has been in a recession for a year and a half and many of the economic troubles worrying progressives in 2007 have yet to be addressed. While the Obama administration has taken steps to relieve some problems, a series of counterproductive bailouts, woefully inadequate labor laws and rampant inequality are still in urgent need of attention.  

There's more...

Sound familiar?

From Wikipedia: Lurching downward

Lurching Downward

The Great Depression was not a sudden total collapse. The stock market turned upward in early 1930, returning to early 1929 levels by April, though still almost 30 percent below of peak in September 1929.[2] Together government and business actually spent more in the first half of 1930 than in the corresponding period of the previous year. But consumers, many of whom had suffered severe losses in the stock market the prior year, cut back their expenditures by ten percent...

...In the spring of 1930, credit was ample and available at low rates, but people were reluctant to add new debt by borrowing. By May 1930, auto sales had declined to below the levels of 1928. Prices in general began to decline, but wages held steady in 1930, then began to drop in 1931. Conditions were worst in farming areas where commodity prices plunged, and in mining and logging areas where unemployment was high and there were few other jobs. The decline in the American economy was the motor that pulled down most other countries at first, then internal weaknesses or strengths in each country made conditions worse or better. By late in 1930, a steady decline set in which reached bottom by March 1933.

There's more...

Today, the news posted a glimpse of the promise of Obama's green economic initiatives:

From the Detroit Free Press:  http://www.freep.com/article/20081215/BU SINESS01/81215041

Granholm's remarks on the rescue came after her announcement that state tax breaks for 20 business projects will net the state $2.3 billion in new investments.

That will ultimately produce 7,400 new jobs, directly and indirectly, according to the Michigan Economic Development Corp. (MEDC).

Among the ventures is a company that makes wind turbines and a firm that will make a lightweight bus that gets three times the gas mileage of conventional buses.

Such a vision might transform manufacturing in the midwest and bring new prosperity to the long suffering rust belt...  Except that this initiatives is very close to failing, if... if...  (more over the break)

There's more...