Required Reading
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This third position postulates that humans did go to the moon but what we saw on TV and in photographs was completely faked.
Furthermore, this third position reveals that the great filmmaker Stanley Kubrick is the genius who directed the hoaxed landings.
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Some Missouri residents and businesses soon could see a new charge on their electric bills — a fee for using less energy.Though it might seem illogical, the new energy efficiency charge has support from utilities, most lawmakers, the governor, environmentalists and even the state’s official utility consumer aadvocate. The charge covers the cost of utilities’ efforts to promote energy efficiency and cut power use.
The commission last week approved a program in which St. Louis-based AmerenUE can offer credits to businesses that voluntarily shut down or scale back their electricity use during peak demand.AmerenUE will be able to recoup the cost for the program that starts Thursday by increasing the rates it charges business customers.
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President Barack Obama says he's never believed that affirmative action is as much of an issue as it's been made out to be.
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Employers in the U.S. cut 467,000 jobs in June, the unemployment rate rose and hourly earnings stagnated, offering little evidence the Obama administration’s stimulus package is shoring up the labor market.The payroll decline was more than forecast and followed a 322,000 drop in May, according to Labor Department figures released today in Washington. The jobless rate jumped to 9.5 percent, the highest since August 1983, from 9.4 percent.Unemployment is projected to keep rising for the rest of the year just as the income boost from the stimulus package fades, undermining prospects for a sustained rebound. [...]The world’s largest economy has lost about 6.5 million jobs since the recession began in December 2007. That’s the biggest drop in any post-World War II economic slump.
Spending by lawmakers on taxpayer-financed trips abroad has risen sharply in recent years, a Wall Street Journal analysis of travel records shows, involving everything from war-zone visits to trips to exotic spots such as the Galápagos Islands.The spending on overseas travel is up almost tenfold since 1995, and has nearly tripled since 2001, according to the Journal analysis of 60,000 travel records. Hundreds of lawmakers traveled overseas in 2008 at a cost of about $13 million.That's a 50% jump since Democrats took control of Congress two years ago.
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Thousands of Venezuelans took to the streets holding separate protests to support and condemn private TV station Globovision, which leftist President Hugo Chavez has threatened to shut down.Protesters aligned with the opposition called for "defending access to information." [...]Caracas has stepped up its criticism of Globovision, the only anti-Chavez station still broadcasting on Venezuela's public airwaves, with the country's telecommunications regulator launching four different investigations into the channel for alleged violations.
Thousands of Chavez supporters also marched Saturday alongside "socialist" journalists. At their final stop before parliament, they handed a petition to the president of the national assembly, Cilia Flores, calling for "an end to media terrorism,"
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Spinning a Supreme Court decision in its favor, the White House said Monday that the justices' reversal of a ruling that high court nominee Sonia Sotomayor endorsed as an appeals court judge proves that she follows judicial precedent.The high court ruled that white firefighters in New Haven, Conn., were unfairly denied promotions because of their race.Presidential spokesman Robert Gibbs said the ruling should put to rest claims by Sotomayor 's Senate critics that she's an activist judge.
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The Supreme Court today narrowly ruled in favor of white firefighters in New Haven, Conn., who said they were denied promotions because of their race, reversing a decision by Judge Sonia Sotomayor and others that had come to play a large role in the consideration of her nomination for the high court.For years SCOTUS has existed as a way to correct the biased, inaccurate, misinformed, under-educated and blatantly wrong decisions made by lower court judges, such as Sotomayor (who has had SIXTY PERCENT of her decisions reversed).
The city had thrown out the results of a promotion test because no African Americans and only two Hispanics would have qualified for promotions. It said it feared a lawsuit from minorities under federal laws that said such "disparate impacts" on test results could be used to show discrimination. [...]
"Fear of litigation alone cannot justify an employer's reliance on race to the detriment of individuals who passed the examinations and qualified for promotions," wrote Justice Anthony M. Kennedy. [...]
The New Haven case, Ricci v. DeStefano, has become the ruling that Sotomayor's critics most point to for evidence that she lets her background influence her decisions.
Kennedy's opinion referred to the judgment of Sotomayor and the other judges only by noting the short opinion.
Kennedy said the standard for whether an employer may discard a test is whether there is a strong reason to the employer to believe that the test is flawed in a way that discriminates against minorities, not just by looking at the results.
In New Haven's case, "there is no evidence -- let alone the required strong basis in evidence -- that the tests were flawed because they were not job-related or because other, equally valid and less discriminatory tests were available to the city," Kennedy wrote. [...]
The case has drawn considerable attention not just because of Sotomayor's role but because of the sympathetic nature of the claim brought by the firefighters, who said they were discriminated against simply because of the color of their skin.
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Two U.S. Democratic lawmakers want Fannie Mae and Freddie Mac to relax recently tightened standards for mortgages. [...]I can't begin to wrap my brain around this. If ever there was someting indefensible, it is this.
In a letter to the CEO's of both companies, Representatives Barney Frank, the chairman of the House Financial Services Committee, and Anthony Weiner warned that a 70 percent sales threshold "may be too onerous."
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Fiscal threats to libraries deeply unnerve Mr. Bradbury, who spends as much time as he can talking to children in libraries and encouraging them to read.
The Internet? Don’t get him started. “The Internet is a big distraction,” Mr. Bradbury barked from his perch in his house in Los Angeles, which is jammed with enormous stuffed animals, videos, DVDs, wooden toys, photographs and books, with things like the National Medal of Arts sort of tossed on a table.
“Yahoo called me eight weeks ago,” he said, voice rising. “They wanted to put a book of mine on Yahoo! You know what I told them? ‘To hell with you. To hell with you and to hell with the Internet.’
“It’s distracting,” he continued. “It’s meaningless; it’s not real. It’s in the air somewhere.”
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The Obama administration is fighting to block access to names of visitors to the White House, taking up the Bush administration argument that a president doesn't have to reveal who comes calling to influence policy decisions.
Despite President Barack Obama's pledge to introduce a new era of transparency to Washington, and despite two rulings by a federal judge that the records are public, the Secret Service has denied msnbc.com's request for the names of all White House visitors from Jan. 20 to the present.
It also denied a narrower request by the nonpartisan watchdog group Citizens for Responsibility and Ethics in Washington, which sought logs of visits by executives of coal companies.
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Judge Sonia Sotomayor once described herself as "a product of affirmative action" who was admitted to two Ivy League schools despite scoring lower on standardized tests than many classmates, which she attributed to "cultural biases" that are "built into testing." [...]That's fantastic.
The clips [videos of speeches provided to Congress prior to her confirmation hearings] include lengthy remarks about her experiences as an "affirmative action baby" whose lower test scores were overlooked by admissions committees at Princeton University and Yale Law School because, she said, she is Latino and had grown up in poor circumstances.
"If we had gone through the traditional numbers route of those institutions, it would have been highly questionable if I would have been accepted," she said on a panel of three female judges from New York who were discussing women in the judiciary.
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In defiance of US President Barack Obama's call on Israel to stop settlement activity, defiant settlers built a new outpost on Friday morning between Migron and Kochav Ya'acov.When I say "discovered," I mean, of course, that this reaction occurred, not that Barry noticed, acknowledged or will learn from it.
At the outpost, which they named Oz Yehonatan, the settlers built a wooden structure they mockingly called the "Obama Hut," saying it was a sign of appreciation for the US president for his actions that had led to a dramatic rise in the number of outposts. [...]
One of the activists said of Obama, "He's an Arab Muslim and a gentile, he is fighting against the Jewish people and has declared that he will continue to do so. We already stated our intention to continue to build, no matter who is fighting us - Egypt, Germany or the US."
[BHB note: OK, that last sentence was a bit much.]
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Brazil’s President Luiz Inácio Lula da Silva on Thursday blamed the global economic crisis on “white people with blue eyes.” […]It's a good thing that only white people can be racist, otherwise the crackpot leaders of Brazil would be in danger of getting labeled.
Speaking in Brasília at a joint press conference with Gordon Brown, the UK prime minister, Mr Lula da Silva told reporters: “This crisis was caused by the irrational behaviour of white people with blue eyes, who before the crisis appeared to know everything and now demonstrate that they know nothing.”
Brazil, which has long campaigned unsuccessfully to be given a permanent seat on the United Nations Security Council…Ahhh, there it is. Nothing catapults a career at the UN quite like blaming America for your problems.
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* * *
There are a lot of sheep-related jokes to be made about this.
* * *
A once mighty species is about to be wiped out due to low birthrates and an influx of breeding by aggressive foreigners. It's up to you to decide if this is a story about rhinos or Western Europeans.
* * *
Another thing the BHB will never let Obama forget, this. And all the more so since he rescinded the plan only when the public backlash reached his doorstep, not out of any realization that his actions were morally depraved.
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Scientists believe that a massive tsunami hit NYC about 2,300 years ago. If you've ever walked the streets the day after St. Patrick's Day or any of the 738 parades, you know that a tsunami would be a welcome upgrade.
* * *
What a remarkable surprise: After a two year campaign wherein everyone started shouting words like "racist" whenever Barry's Muslim roots were mentioned, he is now speaking at length about the great impact Islam has had in his life. Interesting. Totally interesting. Also of note, he thinks Iran should keep up their nuclear research. The research which, according to every advisory and intelligence service on earth, is not related to power production.
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"Hey, Obama has just nationalized nothing more and nothing less than General Motors. Comrade Obama! Fidel, careful or we are going to end up to his right," Chavez joked on a live television broadcast.But don't worry, Barry has only taken over about 70% of GM -- and, to hear him tell it, that's not such a bad thing.
During a decade in government, Chavez has nationalized most of Venezuela's key economic sectors, including multibillion dollar oil projects, often via joint ventures with the private sector that give the state a 60 percent controlling stake.I am without speech.
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There was a time when such cross promotion between a network news division and its corporate entertainment sibling – during a presidential interview, no less — would have caused rebellion in the newsroom.Keyword: WAS.
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For years, Kim Jong Il's eldest son Jong Nam, 38, was considered the favorite to succeed his father until he was caught trying to enter Japan on a fake passport in 2001, reportedly to visit the Disney resort.I come away with a few thoughts from this story:
Kim considers the middle son, Jong Chol, too effeminate, according to the leader's former sushi chef.
Jong Un, however, is the "spitting image" of his father and the leader's favorite, the chef, who goes by the pen name Kenji Fujimoto, wrote in a 2003 memoir.
1) I've never met a sushi chef I couldn't trust.Furthermore, how much money would you have paid to hear Kim Jong Il hash this one out with one of his cronies (the President of the Supreme People's Assembly, Kim Yong-nam, for example)?
2) Imagine the stress of trying to decide which of the children you've emotionally demolished (by virtue of simply being their father) will make the best totalitarian madman?
3) Can you imagine having this guy call you effeminate?
--Kim: I'm thinking I gotta go with Jong Nam
--Yong: Wait, the Mouseketeer?
--Kim: He's not a Mouseketeer...
--Yong: I know a cop at the Customs desk in Tokyo who would disagree.
--Kim: We've been over this, he told me he was only in Japan to murder someone. And I trust him. He wouldn't do something like that.
--Yong: Like visit that whorish mouse kingdom? At least the Palestinians offer a fresh perspective on the subject. Japan just hands that duck some sushi and suddenly everyone forgets about Hello Kitty...
--Kim: Speaking of that [shows HK charm bracelet].
--Yong: He went to Disneyland!!!!!
--Kim: Ok, ok, Nam is out. Jong Chol could be good. I'm sure he could murder and crush spirits admirably.
--Yong: But isn't he a little... you know, ummm... I don't want to say that he's...
--Kim: What are you getting at?
--Yong: Well, I think his iron fist might be more of a pink glove...
--Kim: WHAT???
--Yong: Ummm... he prefers the comrades.
--Kim: You have GOT to be kidding...
--Yong: That leaves us with Un.
--Kim: Whatever.
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Rapper Tone Loc, who performed the 1980s hits "Wild Thing" and "Funky Cold Medina," was released from the hospital Friday after collapsing during an outdoor concert in Florida, officials said.While tragic, you can understand how this may have happened.
A spokesman for the Escambia County Sheriff's Department told The Associated Press it appeared Tone Loc collapsed and had a seizure because of overheating.
Tone Loc (onstage): Ahh, man! I am sweating so bad! Oh,I had the opportunity to watch him perform live in the early 2000s when he came to my college as a part of the "Back to the Old School" weekend. It was delightful.
man...
Crowd: Yeeeeeeah!
Tone Loc: No, for reals y'all, I'm burning up...
Crowd: [Believing this to be a comment about smoking marijuana, they
begin to cheer]
Tone Loc: It's getting hot in here...
Crowd: [Singing] "So take off all your clothes..."
Tone Loc: [Collapses]
Crowd: [Believing him to be intoxicated, begins cheering]
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The House passed a bill yesterday which includes disturbing language indicating young people will be forced to undertake mandatory national service programs as fears about President Barack Obama’s promised “civilian national security force” intensify.What is the Democrats' fascination with enforcing morality?
The Generations Invigorating Volunteerism and Education Act, known as the GIVE Act, was passed yesterday by a 321-105 margin and now goes to the Senate.
Under section 6104 of the bill, entitled “Duties,” in subsection B6, the legislation states that a commission will be set up to investigate, “Whether a workable, fair, and reasonable mandatory service requirement for all able young people could be developed, and how such a requirement could be implemented in a manner that would strengthen the social fabric of the Nation.
And now, after a very long wait, that goal is within reach.Never again will you be capable of ordinary human feeling. Everything will be dead inside you. Never again will you be capable of love, or friendship, or joy of living, or laughter, or curiosity, or courage, or integrity.
You will be hollow.
We shall squeeze you empty and then we shall fill you with ourselves.
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It's over — we're officially, royally f#cked.To explain just how specifically bad the crisis is, RS notes:
No empire can survive being rendered a permanent laughingstock, which is what happened as of a few weeks ago, when the buffoons who have been running things in this country finally went one step too far.
It happened when Treasury Secretary Timothy Geithner was forced to admit that he was once again going to have to stuff billions of taxpayer dollars into a dying insurance giant called AIG, itself a profound symbol of our national decline — a corporation that got rich insuring the concrete and steel of American industry in the country's heyday, only to destroy itself chasing phantom fortunes at the Wall Street card tables.
The latest bailout came as AIG admitted to having just posted the largest quarterly loss in American corporate history — some $61.7 billion. In the final three months of last year, the company lost more than $27 million every hour. That's $465,000 a minute, a yearly income for a median American household every six seconds, roughly $7,750 a second.
And all this happened at the end of eight straight years that America devoted to frantically chasing the shadow of a terrorist threat to no avail, eight years spent stopping every citizen at every airport to search every purse, bag, crotch and briefcase for juice boxes and explosive tubes of toothpaste.
Yet in the end, our government had no mechanism for searching the balance sheets of companies that held life-or-death power over our society and was unable to spot holes in the national economy the size of Libya (whose entire GDP last year was smaller than AIG's 2008 losses).
So it's time to admit it: We're fools, protagonists in a kind of gruesome comedy about the marriage of greed and stupidity. And the worst part about it is that we're still in denial — we still think this is some kind of unfortunate accident, not something that was created by the group of psychopaths on Wall Street whom we allowed to gang-rape the American Dream. [...]
Edward Liddy, the company's CEO, made AIG sound like an orphan begging in a soup line, hungry and sick from being left out in someone else's financial weather.
He conveniently forgot to mention that AIG had spent more than a decade systematically scheming to evade U.S. and international regulators, or that one of the causes of its "pneumonia" was making colossal, world-sinking $500 billion bets with money it didn't have, in a toxic and completely unregulated derivatives market.
People are pissed off about this financial crisis, and about this bailout, but they're not pissed off enough.RS also has an interesting insight on what this crisis is and isn't, and its practical impact beyond the theoretical problems tossed around on CNN.
The reality is that the worldwide economic meltdown and the bailout that followed were together a kind of revolution, a coup d'état.
They cemented and formalized a political trend that has been snowballing for decades: the gradual takeover of the government by a small class of connected insiders, who used money to control elections, buy influence and systematically weaken financial regulations.
The crisis was the coup de grâce: Given virtually free rein over the economy, these same insiders first wrecked the financial world, then cunningly granted themselves nearly unlimited emergency powers to clean up their own mess.
And so the gambling-addict leaders of companies like AIG end up not penniless and in jail, but with an Alien-style death grip on the Treasury and the Federal Reserve — "our partners in the government," as Liddy put it with a shockingly casual matter-of-factness after the most recent bailout.
The mistake most people make in looking at the financial crisis is thinking of it in terms of money, a habit that might lead you to look at the unfolding mess as a huge bonus-killing downer for the Wall Street class.So how did this whole problem start?
But if you look at it in purely Machiavellian terms, what you see is a colossal power grab that threatens to turn the federal government into a kind of giant Enron — a huge, impenetrable black box filled with self-dealing insiders whose scheme is the securing of individual profits at the expense of an ocean of unwitting involuntary shareholders, previously known as taxpayers.
The best way to understand the financial crisis is to understand the meltdown at AIG.RS examines Patient Zero of the worldwide meltdown: An AIG manager named Joseph Cassano, described as "a pudgy, balding Brooklyn College grad with beady eyes and way too much forehead...a greedy little turd with a knack for selective accounting who ran his scam right out in the open, thanks to Washington's deregulation of the Wall Street casino."
AIG is what happens when short, bald managers of otherwise boring financial bureaucracies start seeing Brad Pitt in the mirror.
This is a company that built a giant fortune across more than a century by betting on safety-conscious policyholders — people who wear seat belts and build houses on high ground — and then blew it all in a year or two by turning their entire balance sheet over to a guy who acted like making huge bets with other people's money would make his d#ck bigger.
To get AAA ratings, the CDOs relied not on their actual underlying assets but on crazy mathematical formulas that the banks cooked up to make the investments look safer than they really were.To make the purchase of this many bad CDOs possible (and, remember that the sellers knew they were terrible) a kind of insurance policy had to be created to give the buyers the illusion of safety.
"They had some back room somewhere where a bunch of Indian guys who'd been doing nothing but math for God knows how many years would come up with some kind of model saying that this or that combination of debtors would only default once every 10,000 years," says one young trader who sold CDOs for a major investment bank. "It was nuts."
Now that even the crappiest mortgages could be sold to conservative investors, the CDOs spurred a massive explosion of irresponsible and predatory lending.
In fact, there was such a crush to underwrite CDOs that it became hard to find enough subprime mortgages — read: enough unemployed meth dealers willing to buy million-dollar homes for no money down — to fill them all.
In its simplest form, a CDS is just a bet on an outcome.With this apparatus in place, Patient Zero was able to back up other people's money without necessarily having to demonstrate that AIG had the necessary money available to cover what the insurance was intended to protect.
Say Bank A writes a million-dollar mortgage to the Pope for a town house in the West Village.
Bank A wants to hedge its mortgage risk in case the Pope can't make his monthly payments, so it buys CDS protection from Bank B, wherein it agrees to pay Bank B a premium of $1,000 a month for five years.
In return, Bank B agrees to pay Bank A the full million-dollar value of the Pope's mortgage if he defaults.
In theory, Bank A is covered if the Pope goes on a meth binge and loses his job.
When a $100 corporate bond is sold, for example, someone has to show 100 actual dollars. But when you sell a $100 CDS guarantee, you don't have to show a dime. So Cassano could sell investment banks billions in guarantees without having any single asset to back it up.With this charming system in place, Patient Zero earned countless billions for AIG, and over $280 million for himself. His 400 employees took home $3.5 billion.
Cassano was selling so-called "naked" CDS deals.
In a "naked" CDS, neither party actually holds the underlying loan.
In other words, Bank B not only sells CDS protection to Bank A for its mortgage on the Pope — it turns around and sells protection to Bank C for the very same mortgage.
This could go on ad nauseam: You could have Banks D through Z also betting on Bank A's mortgage.
Unlike traditional insurance, Cassano was offering investors an opportunity to bet that someone else's house would burn down, or take out a term life policy on the guy with AIDS down the street.
For years, Washington had kept a watchful eye on the nation's banks.What happened to these safety nets? The democrats got greedy.
Ever since the Great Depression, commercial banks — those that kept money on deposit for individuals and businesses — had not been allowed to double as investment banks, which raise money by issuing and selling securities.
The Glass-Steagall Act, passed during the Depression, also prevented banks of any kind from getting into the insurance business.
But in the late Nineties, a few years before Cassano took over AIGFP, all that changed.
The Democrats, tired of getting slaughtered in the fundraising arena by Republicans, decided to throw off their old reliance on unions and interest groups and become more "business-friendly."The long series of loopholes allowed Patient Zero's operation to be supervised by (wait for it...) an advisory agency of his choosing.
Wall Street responded by flooding Washington with money, buying allies in both parties. In the 10-year period beginning in 1998, financial companies spent $1.7 billion on federal campaign contributions and another $3.4 billion on lobbyists.
They quickly got what they paid for.
In 1999, Gramm co-sponsored a bill that repealed key aspects of the Glass-Steagall Act, smoothing the way for the creation of financial megafirms like Citigroup.
The move did away with the built-in protections afforded by smaller banks. In the old days, a local banker knew the people whose loans were on his balance sheet: He wasn't going to give a million-dollar mortgage to a homeless meth addict, since he would have to keep that loan on his books.
But a giant merged bank might write that loan and then sell it off to some fool in China, and who cared?
The very next year, Gramm compounded the problem by writing a sweeping new law called the Commodity Futures Modernization Act that made it impossible to regulate credit swaps as either gambling or securities.
AIG might have been OK had it not been for a complete lack of internal controls.Amazingly, the thing that eventually stopped him was AIG's own terrible internal accounting -- a series of errors that "trigger[ed] clauses in the CDS contracts that forced Cassano to post substantially more collateral to back his deals."
For six months before its meltdown, according to insiders, the company had been searching for a full-time chief financial officer and a chief risk-assessment officer, but never got around to hiring either.
That meant that the 18th-largest company in the world had no one checking to make sure its balance sheet was safe and no one keeping track of how much cash and assets the firm had on hand.
The situation was so bad that when outside consultants were called in a few weeks before the bailout, senior executives were unable to answer even the most basic questions about their company — like, for instance, how much exposure the firm had to the residential-mortgage market.
By the fall of 2007, it was evident that AIGFP's portfolio had turned poisonous, but like every good Wall Street huckster, Cassano schemed to keep his insane, Earth-swallowing gamble hidden from public view.When the collapse finally hit AIG, it was -- amazingly -- a shock to the company.
That August, balls bulging, he announced to investors on a conference call that "it is hard for us, without being flippant, to even see a scenario within any kind of realm of reason that would see us losing $1 in any of those transactions."
As he spoke, his CDS portfolio was racking up $352 million in losses.
When the growing credit crunch prompted senior AIG executives to re-examine its liabilities, a company accountant named Joseph St. Denis became "gravely concerned" about the CDS deals and their potential for mass destruction. Cassano responded by personally forcing the poor sap out of the firm, telling him he was "deliberately excluded" from the financial review for fear that he might "pollute the process."
The following February, when AIG posted $11.5 billion in annual losses, it announced the resignation of Cassano as head of AIGFP, saying an auditor had found a "material weakness" in the CDS portfolio.
But amazingly, the company not only allowed Cassano to keep $34 million in bonuses, it kept him on as a consultant for $1 million a month.
In fact, Cassano remained on the payroll and kept collecting his monthly million through the end of September 2008, even after taxpayers had been forced to hand AIG $85 billion to patch up his f#ck-ups.
When asked in October why the company still retained Cassano at his $1 million-a-month rate despite his role in the probable downfall of Western civilization, CEO Martin Sullivan told Congress with a straight face that AIG wanted to "retain the 20-year knowledge that Mr. Cassano had."
What sank AIG in the end was another credit downgrade. Cassano had written so many CDS deals that when the company was facing another downgrade to its credit rating last September, from AA to A, it needed to post billions in collateral — not only more cash than it had on its balance sheet but more cash than it could raise even if it sold off every single one of its liquid assets.One of the most wealthy companies in the world had been cannibalized by the very practice which made it rich. It was the grandest, most complicated con ever devised -- much less executed.
Even so, management dithered for days, not believing the company was in serious trouble.
AIG was a dried-up prune, sapped of any real value, and its top executives didn't even know it.
So that's the first step in wall street's power grab: making up things like credit-default swaps and collateralized-debt obligations, financial products so complex and inscrutable that ordinary American dumb people — to say nothing of federal regulators and even the CEOs of major corporations like AIG — are too intimidated to even try to understand them.At this point in the story, RS makes an astute observation about where AIG's remarkable shortcomings ended, and the shortcomings of those in power in D.C. took over.
That, combined with wise political investments, enabled the nation's top bankers to effectively scrap any meaningful oversight of the financial industry.
In 1997 and 1998, the years leading up to the passage of Phil Gramm's fateful act that gutted Glass-Steagall, the banking, brokerage and insurance industries spent $350 million on political contributions and lobbying. Gramm alone — then the chairman of the Senate Banking Committee — collected $2.6 million in only five years.
The law passed 90-8 in the Senate, with the support of 38 Democrats, including some names that might surprise you: Joe Biden, John Kerry, Tom Daschle, Dick Durbin, even John Edwards.
Goldman jumped into the housing craze just like everyone else on Wall Street. Although it famously scored an $11 billion coup in 2007 when one of its trading units smartly shorted the housing market, the move didn't tell the whole story.Oh my...
In truth, Goldman still had a huge exposure come that fateful summer of 2008 — to none other than Joe Cassano.
Goldman Sachs, it turns out, was Cassano's biggest customer, with $20 billion of exposure in Cassano's CDS book. Which might explain why Goldman chief Lloyd Blankfein was in the room with ex-Goldmanite Hank Paulson that weekend of September 13th, when the federal government was supposedly bailing out AIG.
When asked why Blankfein was there, one of the government officials who was in the meeting shrugs. "One might say that it's because Goldman had so much exposure to AIGFP's portfolio," he says. "You'll never prove that, but one might suppose."
Market analyst Eric Salzman is more blunt. "If AIG went down," he says, "there was a good chance Goldman would not be able to collect." The AIG bailout, in effect, was Goldman bailing out Goldman.
Eventually, Paulson went a step further, elevating another ex-Goldmanite named Edward Liddy to run AIG — a company whose bailout money would be coming, in part, from the newly created TARP program, administered by another Goldman banker named Neel Kashkari.
The people who have spent their lives cloistered in this Wall Street community aren't much for sharing information with the great unwashed.In order to maintain this stranglehold without suffering a coup at the hands of people furious that no progress has been made on this problem, the financial sector has created a lot of "solutions." These solutions, however, are predictably impossible to translate into English.
Because all of this s#it is complicated, because most of us mortals don't know what the hell LIBOR is or how a REIT works or how to use the word "zero coupon bond" in a sentence without sounding stupid — well, then, the people who do speak this idiotic language cannot under any circumstances be bothered to explain it to us and instead spend a lot of time rolling their eyes and asking us to trust them. [...]
This whole process would be done in secret, away from the prying eyes of NASCAR dads, broke-@ss liberals who read translations of French novels, subprime mortgage holders and other such financial losers.
A whole series of new government operations had been invented to inject cash into the economy, most all of them completely secretive and with names you've never heard of.And, of course, these programs send money in directions no one understands, to destinations no one knows about.
There is the Term Auction Facility, the Term Securities Lending Facility, the Primary Dealer Credit Facility, the Commercial Paper Funding Facility and a monster called the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (boasting the chat-room horror-show acronym ABCPMMMFLF). For good measure, there's also something called a Money Market Investor Funding Facility, plus three facilities called Maiden Lane I, II and III to aid bailout recipients like Bear Stearns and AIG.
While the rest of America, and most of Congress, have been bugging out about the $700 billion bailout program called TARP, all of these newly created organisms in the Federal Reserve zoo have quietly been pumping not billions but trillions of dollars into the hands of private companies (at least $3 trillion so far in loans, with as much as $5.7 trillion more in guarantees of private investments).These programs were supposed to disappear after serving their purpose as a short-term solution, but each gets quietly renewed each time it is due to expire.
Although this technically isn't taxpayer money, it still affects taxpayers directly, because the activities of the Fed impact the economy as a whole. And this new, secretive activity by the Fed completely eclipses the TARP program in terms of its influence on the economy.
No one knows who's getting that money or exactly how much of it is disappearing through these new holes in the hull of America's credit rating.
Moreover, no one can really be sure if these new institutions are even temporary at all — or whether they are being set up as permanent, state-aided crutches to Wall Street, designed to systematically suck bad investments off the ledgers of irresponsible lenders.
None other than disgraced senator Ted Stevens was the poor sap who made the unpleasant discovery that if Congress didn't like the Fed handing trillions of dollars to banks without any oversight, Congress could apparently go f#ck itself — or so said the law.If the CEO of Boeing or Ford talked to a Congressional committee like that, we'd all be riding bikes for the next 60 years. But the financial sector has no fear of reprisal. They've effectively created a system wherein they are a very scary law unto themselves.
When Stevens asked the GAO about what authority Congress has to monitor the Fed, he got back a letter citing an obscure statute that nobody had ever heard of before: the Accounting and Auditing Act of 1950.
The relevant section, 31 USC 714(b), dictated that congressional audits of the Federal Reserve may not include "deliberations, decisions and actions on monetary policy matters."
The exemption, as Foss notes, "basically includes everything." According to the law, in other words, the Fed simply cannot be audited by Congress.
Or by anyone else, for that matter.
Stevens isn't the only person in Congress to be given the finger by the Fed. In January, when Rep. Alan Grayson of Florida asked Federal Reserve vice chairman Donald Kohn where all the money went — only $1.2 trillion had vanished by then — Kohn gave Grayson a classic eye roll, saying he would be "very hesitant" to name names because it might discourage banks from taking the money.
"Has that ever happened?" Grayson asked. "Have people ever said, 'We will not take your $100 billion because people will find out about it?'"
"Well, we said we would not publish the names of the borrowers, so we have no test of that," Kohn answered, visibly annoyed with Grayson's meddling.
Grayson pressed on, demanding to know on what terms the Fed was lending the money. Presumably it was buying assets and making loans, but no one knew how it was pricing those assets — in other words, no one knew what kind of deal it was striking on behalf of taxpayers.
So when Grayson asked if the purchased assets were "marked to market" — a methodology that assigns a concrete value to assets, based on the market rate on the day they are traded — Kohn answered, mysteriously, "The ones that have market values are marked to market."
The implication was that the Fed was purchasing derivatives like credit swaps or other instruments that were basically impossible to value objectively — paying real money for God knows what.
"Well, how much of them don't have market values?" asked Grayson. "How much of them are worthless?"
"None are worthless," Kohn snapped.
"Then why don't you mark them to market?" Grayson demanded.
"Well," Kohn sighed, "we are marking the ones to market that have market values."
In essence, the Fed was telling Congress to lay off and let the experts handle things.
When one considers the comparatively extensive system of congressional checks and balances that goes into the spending of every dollar in the budget via the normal appropriations process, what's happening in the Fed amounts to something truly revolutionary — a kind of shadow government with a budget many times the size of the normal federal outlay, administered dictatorially by one man, Fed chairman Ben Bernanke. [...]The collapse of these massive banks, and their subsequent lack of remorse at the damage they caused (but it's hard to look sorry when you get a bonus), was an opportunity to reinvest in smaller banks -- the kind with straightforward ledgers and an incentive to be competitive.
And the Fed isn't the only arm of the bailout that has closed ranks. The Treasury, too, has maintained incredible secrecy surrounding its implementation even of the TARP program, which was mandated by Congress.
To this date, no one knows exactly what criteria the Treasury Department used to determine which banks received bailout funds and which didn't — particularly the first $350 billion given out under Bush appointee Hank Paulson.
The situation with the first TARP payments grew so absurd that when the Congressional Oversight Panel, charged with monitoring the bailout money, sent a query to Paulson asking how he decided whom to give money to, Treasury responded — and this isn't a joke — by directing the panel to a copy of the TARP application form on its website.
Elizabeth Warren, the chair of the Congressional Oversight Panel, was struck nearly speechless by the response.
The lion's share of the bailout money has gone to the larger, so-called "systemically important" banks. "It's like Treasury is picking winners and losers," says one state banking official who asked not to be identified.This situation leaves us with a lot of unbelievably awful questions:
This itself is a hugely important political development. In essence, the bailout accelerated the decline of regional community lenders by boosting the political power of their giant national competitors.
Which, when you think about it, is insane: What had brought us to the brink of collapse in the first place was this relentless instinct for building ever-larger megacompanies, passing deregulatory measures to gradually feed all the little fish in the sea to an ever-shrinking pool of Bigger Fish. [...]
Instead, federal regulators closed ranks and used an almost completely secret bailout process to double down on the same faulty, merger-happy thinking that got us here in the first place, creating a constellation of megafirms under government control that are even bigger, more unwieldy and more crammed to the gills with systemic risk.
In essence, Paulson and his cronies turned the federal government into one gigantic, half-opaque holding company, one whose balance sheet includes the world's most appallingly large and risky hedge fund, a controlling stake in a dying insurance giant, huge investments in a group of teetering megabanks, and shares here and there in various auto-finance companies, student loans, and other failing businesses.
Like AIG, this new federal holding company is a firm that has no mechanism for auditing itself and is run by leaders who have very little grasp of the daily operations of its disparate subsidiary operations.
In other words, it's AIG's rip-roaringly sh#tty business model writ almost inconceivably massive — to echo Geithner, a huge, complex global company attached to a very complicated investment bank/hedge fund that's been allowed to build up without adult supervision.
How much of what kinds of crap is actually on our balance sheet, and what did we pay for it?What are the odds Obama is going to save us? You know things are bad when RS isn't too hopeful (excuse the pun) about our chances:
When exactly will the rent come due, when will the money run out?
Does anyone know what the hell is going on?
And on the linear spectrum of capitalism to socialism, where exactly are we now?
Is there a dictionary word that even describes what we are now?
It would be funny, if it weren't such a nightmare.
The real question from here is whether the Obama administration is going to move to bring the financial system back to a place where sanity is restored and the general public can have a say in things or whether the new financial bureaucracy will remain obscure, secretive and hopelessly complex. [...]RS wraps up with a series of sentiments expressed in the BHB many times:
Most of Geithner's early moves reek strongly of Paulsonism. He has continually talked about partnering with private investors to create a so-called "bad bank" that would systemically relieve private lenders of bad assets — the kind of massive, opaque, quasi-private bureaucratic nightmare that Paulson specialized in.
As complex as all the finances are, the politics aren't hard to follow.And, after all this, RS bids the only farewell possible. Here's what we have to look forward to:
By creating an urgent crisis that can only be solved by those fluent in a language too complex for ordinary people to understand, the Wall Street crowd has turned the vast majority of Americans into non-participants in their own political future.
There is a reason it used to be a crime in the Confederate states to teach a slave to read: Literacy is power. In the age of the CDS and CDO, most of us are financial illiterates.
By making an already too-complex economy even more complex, Wall Street has used the crisis to effect a historic, revolutionary change in our political system — transforming a democracy into a two-tiered state, one with plugged-in financial bureaucrats above and clueless customers below.
The most galling thing about this financial crisis is that so many Wall Street types think they actually deserve not only their huge bonuses and lavish lifestyles but the awesome political power their own mistakes have left them in possession of.It is scary to consider just how scary this is going to get before it's over. And, when it's over, what will our frame of reference be to decide it's all back to normal?
When challenged, they talk about how hard they work, the 90-hour weeks, the stress, the failed marriages, the hemorrhoids and gallstones they all get before they hit 40.
"But wait a minute," you say to them. "No one ever asked you to stay up all night eight days a week trying to get filthy rich shorting what's left of the American auto industry or selling $600 billion in toxic, irredeemable mortgages to ex-strippers on work release and Taco Bell clerks.
Actually, come to think of it, why are we even giving taxpayer money to you people? Why are we not throwing your @ss in jail instead?"
But before you even finish saying that, they're rolling their eyes, because You Don't Get It.
These people were never about anything except turning money into money, in order to get more money; valueswise they're on par with crack addicts, or obsessive sexual deviants who burgle homes to steal panties.
Yet these are the people in whose hands our entire political future now rests.
Good luck with that, America. And enjoy tax season.
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In 2003, imams in northern Nigeria promoted a boycott of polio vaccinations, claiming they were a Western plot to make Muslims infertile or infect them with AIDS.This seems completely rational.
The result: The number of newly crippled children rose by more than double the following year, and there were fears that the disease would spread into a dozen neighboring countries. [...]
Last year's spike has raised fears that the disease could be exported again to surrounding polio-free countries and threaten a multibillion dollar effort to wipe the disease from the globe.
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While the Senate was constructing the $787 billion stimulus last month, Dodd added an executive-compensation restriction to the bill.Well that seems odd. You'd think the chairman of the Senate Banking Committee would have more control over what he writes.
The provision, now called “the Dodd Amendment” by the Obama Administration provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009” -- which exempts the very AIG bonuses Dodd and others are now seeking to tax. [...]
“I can't point a finger at someone who was responsible for putting those dates in,” Dodd told FOX. “I can tell you this much, when my language left the senate, it did not include it. When it came back, it did.”
Sen. Chris Dodd (D-Conn.) looks like he may be facing a fresh political firestorm.
Dodd just admitted on CNN that he inserted a loophole in the stimulus legislation that allowed million-dollar bonuses to insurance giant AIG to go forward – after previously denying any involvement in writing the controversial provision. [...]
Dodd had previously said that he played no role in writing the controversial language, and was not a part of the conference committee that inserted the language in the bill. As late as today, Dodd’s spokeswoman denied the senator’s involvement.Like any proper slime bag, Dodd is pointing the finger elsewhere, of course.
Senate Banking Committee Chairman Christopher Dodd said the Obama administration asked him to insert a provision in last month’s $787 billion economic- stimulus legislation that had the effect of authorizing American International Group Inc.’s bonuses.And showing their own ability for slime baggery, the White House has already responded.
An administration official said last night that representatives of President Barack Obama didn’t insist on the change, though they did contend that the language in Dodd’s amendment could be legally challenged because it would apply retroactively to bonus agreements.So how did this even happen in the first place?
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Using 'Miss' and 'Mrs' has been banned by leaders of the European Union because they are not considered politically correct.What is the solution for this? Does the the EU just expect everyone to start referring to each other as "Dude?"
Brussels bureaucrats have decided the words are sexist and issued new guidelines in its bid to create 'gender-neutral' language. [...]
This also means Madame and Mademoiselle, Frau and Fraulein and Senora and Senorita are banned.
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Up to 1,000 Gambian villagers have been abducted by "witch doctors" to secret detention centres and forced to drink potions, a human rights group says.Cancel your plans to the Horn of Africa!
Amnesty International said some forced to drink the concoctions developed kidney problems, and two had died.
Officials in the police, army and members of Gambian President Yahya Jammeh's personal protection guard had accompanied the "witch doctors" in the bizarre roundup, said witnesses. [...]
The London-based rights group said the witch hunters, said to be from neighbouring Guinea, were invited into Gambia after the death of the president's aunt earlier this year was blamed on witchcraft.
Amnesty spoke to villagers who said they had been held for up to five days and forced to drink unknown substances, which they said caused them to hallucinate and behave erratically.Hmmmmm... let's look up the standard definition for "hallucinate and behave erratically." For example, this definition.
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“Two weeks ago, the president’s spokesman said they were confident that they knew how every dime was being spent at AIG,” House Republican Leader John Boehner of Ohio told reporters yesterday. “They didn’t know what they were talking about,” Boehner said.The problem with Barry getting righteous about this is that now the GOP can turn that wrath back at him for being so dumb in the first place.
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The economy is fundamentally sound despite the temporary “mess” it’s in, the White House said Sunday in the kind of upbeat assessment that Barack Obama had mocked as a presidential candidate. [...]Well isn't that convenient. The economy sucks until he's the one in charge of it -- and then, suddenly, it is healed.
During the fall campaign, Obama relentlessly criticized his Republican opponent, Sen. John McCain, for declaring, “The fundamentals of our economy are strong.” Obama’s team painted the veteran senator as out of touch and failing to grasp the challenges facing the country.
But on Sunday, that optimistic message came from economic adviser Christina Romer. When asked during an appearance on NBC’s “Meet the Press” if the fundamentals of the economy were sound, she replied: “Of course they are sound.”
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While publicly identifying with the nation's have-nots, the Obama administration has been cultivating the Beltway social elite behind the scenes.At this rate, the economy may rebound just on the sale of pitchforks and torches in the D.C. area.
Earlier this year, the Obama administration invited top editors of three of Washington's local luxury lifestyle magazines — Capitol File, DC magazine and Washington Life — to a meeting where they discussed, among other things, how President Obama and first lady Michelle Obama can embrace Washington's glittery social scene.
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U.S. President Barack Obama and Treasury Secretary Timothy Geithner received failing grades for their efforts to revive the economy from participants in the latest Wall Street Journal forecasting survey. [...]But, in his defense, Barry expected a different teacher to be grading his work.
On average, they gave the president a grade of 59 out of 100, and although there was a broad range of marks, 42% of respondents rated Mr. Obama below 60. Mr. Geithner received an average grade of 51. Federal Reserve Chairman Ben Bernanke scored better, with an average 71. [...]
The economists' negative ratings mark a turnaround in opinion. In December, before Mr. Obama took office, three-quarters of respondents said the incoming administration's economic team was better than the departing Bush team. However, Mr. Geithner's latest marks are lower than the average grade of 57 that former Treasury Secretary Henry Paulson received in January.
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The life-and-death struggle took place off New Orleans when Clasen, filmmaker Ryan McInnis and two friends were hunting tuna.Congratulations, Craig. Your trophy now stands in the hallowed halls shared with squirrel-suit skydivers, bare-knuckled grizzly bear fighters, and people who race jets.
Suddenly McInnis found himself cut off and the shark began circling. [...]
During the underwater struggle, Clasen speared the shark seven times and even attempted to drown it before finishing it off with a long-blade knife.
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The Department of Justice (DOJ) has launched an investigation of the Maricopa County Sheriff's Office in Arizona following requests by congressional Democrats and allegations by liberal activists that the department has violated the civil rights of illegal aliens.Let's examine that last sentence for a moment.
Reps. John Conyers (D-Mich.), Jerrold Nadler (D-N.Y.), Zoe Lofgren (D-Calif.), and Robert Scott (D-Va.) requested the investigation, and activists groups such as National Day Laborer Organizer Network and ACORN launched petition drives and rallies in support of the probe. [...]
In a letter dated March 10, 2009, Loretta Smith, acting assistant attorney general at the DOJ, detailed what her department would be investigating:
"The investigation will focus on alleged patterns or practices of discriminatory police practices and unconstitutional searches and seizures conducted by the MCSO, and on allegations of national origin discrimination, including failure to provide meaningful access to MCSO services for limited English proficient (LEP) individuals."
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President Obama weighed in Wednesday on the escalating drug war on the U.S.-Mexico border, saying that he was looking at possibly deploying National Guard troops to contain the violence but ruled out any immediate military move.Not interested in militarizing? No crap -- the National Guard had better be careful; the government has shown a zero tolerance policy for any law enforcement official who tries to apply "law" or "enforcement" towards armed illegals.
"We're going to examine whether and if National Guard deployments would make sense and under what circumstances they would make sense," Obama said. [...]
Obama was cautious, however. "We've got a very big border with Mexico," he said. "I'm not interested in militarizing the border."
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President Barack Obama Wednesday paid poignant tributes to the grandmother who raised him and his mother who died of cancer, at the launch of a high-level forum to advise him on women's issues.This is another nominee for "Absolute Dumbest Thing I've Ever Heard Of."
Obama also held up the life story of his wife and "rock" Michelle and the example of his foe turned ally, Secretary of State Hillary Clinton, as he signed an executive order creating the White House Council on Women and Girls.
"The purpose of this Council is to ensure that American women and girls are treated fairly in all matters of public policy," Obama said.
The council will meet regularly, he said, and will include Clinton, Secretary of the Treasury Timothy Geithner, Secretary of Defense Robert Gates and Attorney General Eric Holder among other members, Obama said.
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Mexico's most wanted man Joaquin "Shorty" Guzman, blamed for thousands of deaths in a drug war, has made it onto the Forbes Magazine list of the world's richest people with an estimated $1 billion fortune.Now that the underworld is having their wealth compared equally to that of legitimized international businessmen (a creepy precedent, if you think about it -- and, arguably, a strange first step toward tacitly acknowledging acceptance of the drug trade), it's worth wondering how the personal fortune of Tony Montana or the Corleone family might have stacked up.
Guzman, who is just 5 feet tall (1.55 metres), escaped from prison in 2001 to set off a wave of killings across Mexico in an attempt to dominate the country's highly lucrative drug trade into the United States.
"He is not available for interviews," Luisa Kroll, senior editor of Forbes, said on Wednesday. "But his financial situation is doing quite well."
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The election of Barack Obama offered the promise of a new set of fixes for the financial crisis and the economy, a do-over that might help nurse the stock market back to health.Who are the racists writing this kind of stuff?
Since then, the market hasn't just gotten worse — it's turned in its worst performance ever for a new president.
The Dow Jones industrial average has fallen 21 percent during Obama's first seven weeks in office. Count back to Election Day and the results are even bleaker: That afternoon, the Dow closed at 9,625. Now it stands at 6,547, a loss of 32 percent.
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They are often tucked away in the rough-and-tumble sections of the city's south side, hidden beneath dingy hotels and guarded by men in dark coats. Known as "black houses," they are unofficial jails for the pesky hordes of petitioners who flock to the capital seeking justice. This month, Wang Shixiang, a 48-year-old businessman from Heilongjong Province, came to Beijing to agitate for the prosecution of corrupt policemen. Instead, he was seized and confined to a dank room underneath the Juyuan Hotel with 40 other abducted petitioners. During his two days in captivity, Wang said, he was beaten and deprived of food, and then bundled onto an overnight train. Guards who were paid with government money, he said, made sure he arrived at his front door. [...] According to the state media, 10 million petitions have been filed in the last five years on complaints as diverse as illegal land seizures and unpaid wages. The numbers would be far higher but for the black houses, also called black jails, the newest weapon local officials use to prevent these aggrieved citizens from embarrassing them in front of central government superiors. Officially, these jails do not exist. [...] Rights advocates say that black houses have sprouted in recent years partly because top leaders have put more pressure on local leaders to reduce the number of petitioners reaching Beijing. Two of the largest holding pens, Majialou and Jiujingzhuang, can handle thousands of detainees who are funneled to the smaller detention centers, where cellphones and identification cards are confiscated.How does this system operate? Why does it operate? The IHT explains,
In China's authoritarian state, senior officials tally petitions to get a rough sense of social order around the country. A successfully filed petition — however illusory the prospect of justice — is considered a black mark on the bureaucratic record of the local officials accused of wrongdoing. So the game, sometimes deadly, is to prevent a filing. The cat-and-mouse contest has created a sizable underground economy that enriches the interceptors, the police and those who run the city's ad hoc detention centers. Human rights activists and petitioners say plainclothes security officers and hired thugs grab the aggrieved off the streets and hide them in a growing constellation of unmarked detention centers. [...] The police in Beijing have done little to prevent such abuses. They are regularly accused of turning a blind eye or even helping local thugs round up petitioners. That raises suspicions that the central government is not especially upset about efforts to undermine the integrity of the petition system. The petition system provides people with the semblance of an appeals process that top leaders hope will keep them off the streets. But for officials at all levels, it seems, the appearance of order — measured by reducing the number of petitions — is an acceptable approximation of actual order. [...] The authorities insist that there is no such system. During testimony to the United Nations Rights Council last month, Song Hansong, a representative of China's Supreme People's Procurate, said, "There are no such things as black jails in our country." But over the past year, rights workers have been gathering evidence of what they say is an underground network of jails, first established in 2005, that was aggressively expanded in the months leading up the Olympics.Sounds fun, right? So how does this typically play out?
The story of Wu Bowen, 61, a retired shop clerk from Zhejiang Province, is typical. On Feb. 25 she came to the capital to file a petition seeking more compensation for the demolition of her home. The next day, as she sat on the curb, a policeman told her that as an out-of-towner, she had to register at the precinct. Once there, however, the officer phoned the Zhejiang Province liaison office in Beijing. A short time later, a clutch of retrievers escorted her to a hotel not far from the city's main tourist attractions.And this is what happens when you offer concessions or bargains to a party you cannot trust or hold accountable.
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His handling of the visit of the Prime Minister, Gordon Brown, to Washington was appalling. First Brown wasn't granted a press conference with flags, then one was hastily arranged in the Oval office after the Brits had to beg.Be careful Britain -- pointing out the Manchurian Messiah's glaring character flaws is an easy way to get labeled a racist.
Obama looked like he would rather have been anywhere else than welcoming the British leader to his office and topped it all with his choice of present for the PM. A box of 25 DVDS including ET, the Wizard of Oz and Star Wars?
Oh, give me strength.
We do have television and DVD stores on this side of the Atlantic. Even Gordon Brown will have seen those films too often already.
This was coupled with Michelle Obama's casual choice of gifts for the Brown sons - matching models of the helicopter which ferry her husband around.
While Sarah Brown had spent time choosing gifts for the Obama girls, Michelle had clearly sent an aide to the White House gift shop at the last moment. [...]
But what's this? Something, suddenly, seems to have made the Obama White House perk up and start to take an interest in the Brits. The Queen has invited the President to tea when he's here for the G20 in April. [...]
Note how the coolness of Team Obama disappears when a bit of regal glamour is introduced into the equation. He might not like the Brits, but he can recognise a global superstar when he encounters one. He wants to be associated with her.
He's shameless.
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You’re all heard lots of great stuff about Mitt Romney, no doubt. He’s quickly become the darling of the East Coast elite media establishment. And why not? He’s rich, handsome, successful, more stable than Giuliani, and….not all that conservative.No, I'm not making this up.
He makes himself out to be a family values kind of guy, but if you look at the name of his pet, you’ll see that 60s hippie values still have a strong hold on him: his dog, who recently passed away, was named Marley.
As in Bob Marley. As in pot-smoking, America-hating, Jamaican radical.
No offense to anyone who likes Bob Marley’s music. But it’s one thing to listen to a man’s songs on the radio and quite another to endorse his values by naming a pet after him.
This ought to be the final nail in the coffin of Romney’s supposed appeal to social conservatives.
-- Bob Marley was an evil, evil man. The body is the temple of God, and he filled his with poison and sin. I’m glad he is in Hell for that.You have to get almost to the bottom of the list before you find this.
-- I hope Mitt burns in hell for naming his dog after a pot smoking Islamohippy. Bob Marley was a well known terrorist (and probably from the Middle East). Kudos to this God-fearing site for exposing Mitt for his real sins.
-- Not only did Mitt Romney endorse Anti-American Radical Terrorism when he named his dog Marley, he also endorsed Violent Crime. Bob Marley was a musical forrunner of todays Rap Music and Gangs.
-- Why won’t Mitt answer questions about it? Why is he so evasive? What is he trying to hide?
-- Mitt Romney is has bad family values. Not only does do drugs but he also is a polygamist. I cannot support anyone for president that has more than one wife.
-- I appreciate your complete inability to use simple logic and reason, as it provides me with a regular laugh.Democracy and the marketplace of ideas -- it's FANtastic!
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Headline: Man, 28, Dies After 'Guzzling' Viagra During 12-Hour RompAs is usually the case with these stories, there are so many questions.
A Russian man died after guzzling a bottle of Viagra to keep him going for a 12-hour orgy with two female pals.
The women had bet mechanic Sergey Tuganov $4,300 that he wouldn’t be able to follow through with the half-day sex marathon.
But minutes after winning the bet, the 28-year-old died of a heart attack, Moscow police said.
“We called emergency services but it was too late, there was nothing they could do,” said one of the female participants who identified herself only as Alina.
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Sen. Robert Byrd (D-W.Va.), the longest-serving Democratic senator, is criticizing President Obama’s appointment of White House “czars” to oversee federal policy, saying these executive positions amount to a power grab by the executive branch. [...]Thanks for taking a stand, Bob. Now that you are on no committees, wield no power and have zero ability to make an impact, I'm glad you felt comfortable speaking your mind.
While it's rare for Byrd to criticize a president in his own party, Byrd is a stern constitutional scholar who has always stood up for the legislative branch in its role in checking the power of the White House.
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As California goes, says an old cliché, so goes the nation. Oh my.But at least Obama's Pork-o-Rama stimulus bill will save us!
These days, the Golden State leads the nation on economic and fiscal dysfunction, from the empty homes spread across the Central Valley to the highest state budget shortfall in the nation's history. [...]
California could soon be back in line to mark another first -- state bankruptcy. In anticipation, Standard & Poor's this month downgraded its bond rating a notch below Louisiana's.
Even discounting for the impact of global recession, the most populous state's ills are unique and self-inflicted -- and avoidable. In the last three decades, California expanded the public sector and regulation to Europe-like dimensions. Schools, state employees, health care, even dog kennels, benefited from largesse in flush times. Government workers got 16 official holidays, everyone else six. The state dabbled with universal health care and adopted strict environmental standards. In short, California went where our new president and Nancy Pelosi of San Francisco want America to go.
Now there's much to recommend the Old World. California brings to mind my last home, France -- God's country blessed with fertile soil for wines, sun-blanched beaches, and a well-educated populace. Amusingly, both states are led by bling-bling immigrants married to glamorous women and elected to shake up the status quo. In both departments, the governator got a head start on Nicolas Sarkozy in Paris.
The parallels are also disquieting. The French have long experienced the unintended consequences of a large public sector. Ask them about it. As the number of people who get money from government grows, so does the power of constituencies dedicated to keep this honey dripping. Even when voters recognize the model carries drawbacks, such as subpar growth, high taxes, an uncompetitive business climate and above-average unemployment, their elected leaders find it near impossible to tweak the system. This has been the story of France for decades, and lately of California. [...]
California is in a French-like bind: unable to afford a welfare-type state, and unable to overhaul it. [...]
Some Democrats and Republicans privately say the best option may be failure. The rough scenario is fiscal insolvency, followed perhaps by federal receivership. No precedent or legal avenue exists for a state to reorganize its affairs under a form of Chapter 11 protection, but that striking suggestion sounds better by the day. [...]
For the nation, California is the what-might-be.
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Other than having a bit of a headache, a Kansas City woman was uninjured after a bullet fired at her ended up tangled in her hair weave.Truly great writing creates a vibrant picture in your head. Truly great stories create a full-blown Hollywood production.
Police said the 20-year-old woman was in a convenience store parking lot late Wednesday when a man flagged her down and told her that her ex-boyfriend still loved her.
She replied, "Well I dont love him," then heard gunshots. She said she looked behind the vehicle and saw her ex-boyfriend firing a handgun at her. She stomped her accelerator and fled, then turned into another parking lot and called police.
She told officers she recently had ended an eight-month relationship with the suspect.
Police arrested the ex-boyfriend and his friend in a car.
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Mr. Obama has had some banner-based troubles in recent years. The issue arose in 2007 when he chose not wear a flag pin, defending his decision by saying that flag pins had become a substitute for "true patriotism."Apparently after a lifetime of spent without any reason to "be proud" of his country, MM is suddenly very excited about the country now that he's in charge of it. How convenient.
There was another partisan ruckus when Mr. Obama neglected to salute the flag during "The Star-Spangled Banner" at a campaign stop, and again when an American flag disappeared from the tail of his campaign jet, replaced by an attractive red, white and blue "O."
"Neo-Marxists recognize the power of Old Glory as they steadfastly pursue their agenda," said talk-radio host Michael Savage.Ultimately, the use of flags has far less to do with America, and much more to do with the deliberate cultivation of a cult of personality.
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One brother was arrested and another treated for minor cuts after a dispute over chores turned violent.This brings up a lot of questions.
The two men got into a disagreement about chores at their house, just before 7 p.m. Saturday, said Salt Lake police detective Dennis McGowan.
The disagreement became heated, and one brother attacked the other with a kitchen knife, McGowan said. The victim received only minor cuts.
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Has Barack Obama’s presidency already failed? In normal times, this would be a ludicrous question. But these are not normal times. They are times of great danger.But, to be fair, the Manchurian Messiah was elected under the “I’m not Bush or McCain” banner more so than “I’m Capable of Leading a Superpower” mantra. Only the most detached Obama supporters believed the latter, but 52% of the country scrambled at the ostensibly bright future promised by the former.
Today, the new US administration can disown responsibility for its inheritance; tomorrow, it will own it. Today, it can offer solutions; tomorrow it will have become the problem. Today, it is in control of events; tomorrow, events will take control of it. Doing too little is now far riskier than doing too much.
If he fails to act decisively, the president risks being overwhelmed, like his predecessor.
The costs to the US and the world of another failed presidency do not bear contemplating.
On being presented the Nobel Prize in economics in 1974, Friedrich von Hayek devoted his Stockholm lecture to acknowledging the severe limitations of his profession.But this kind of thinking – regardless of what kind of awards it has won – runs diametrically to the governing philosophy of the majority party.
“It seems to me,” he said, “that this failure of the economists to guide policy more successfully is closely connected with their propensity to imitate as closely as possible the procedures of the brilliantly successful physical sciences—an attempt which in our field may lead to outright error.”
Government simply cannot know enough to direct an economy successfully, and when the President claims that his fiscal stimulus plan will create (or save) at least three million jobs, he is taking a wild, and dangerous, leap. Said Hayek:
If man is not to do more harm than good in his efforts to improve the social order, he will have to learn that in this, as in all other fields where essential complexity of an organized kind prevails, he cannot acquire the full knowledge which would make mastery of the events possible. He will therefore have to use what knowledge he can achieve, not to shape the results as the craftsman shapes his handiwork, but rather to cultivate a growth by providing the appropriate environment, in the manner in which the gardener does this for his plants.
Americans have undergone a financial calamity and…we need time to adjust; we cannot, like a car battery, be shocked back to life.But MM isn’t going to allow the private sector to correct the market. He keeps pointing the finger at greed, rather than the government mandated programs that allowed criminal financiers to operate with impunity. To assume that Wall Street could somehow benefit from creating its own long-term collapse is so absurd it doesn’t need a metaphor to assist in clarifying how inane the notion is.
In fact, stimulus may be precisely the wrong metaphor.
Rather than getting jazzed up, we need to be calmed down and to take the time to learn from the Great Depression, a time when government did too much, not too little.
Fannie and Freddie provided mounds of materials defending their practices. Perhaps some found their propaganda convincing.An op-ed in Wednesday’s WSJ – a paper far more impacted by fiscal realities than philosophy – looked back at another economic crisis.
But we now know that many of the senators who protected Fannie and Freddie, including Barack Obama, Hillary Clinton and Christopher Dodd, have received mind-boggling levels of financial support from them over the years.
Throughout his political career, Obama has gotten more than $125,000 in campaign contributions from employees and political action committees of Fannie Mae and Freddie Mac, second only to Dodd, the Senate Banking Committee chairman, who received more than $165,000.
In his inaugural address, President Barack Obama said, "The question we ask today is not whether our government is too big or too small, but whether it works -- whether it helps families find jobs at a decent wage, care they can afford, a retirement that is dignified." […]The WSJ outlines four straightforward policies Reagan applied to jump start an economy in far worse straights than we are now.
Unfortunately, this rhetoric is not true. Mr.
Obama's economic policy is following not what has been proven to work but liberal ideology.
-- First was across-the-board reductions in tax rates to provide incentives for saving, investment, entrepreneurship and work.The critical difference with these policies, compared to the ones MM and Congress have in store, is that each of the above mentioned items takes control away from the government and puts it back into the hands of people and businesses. MM’s plan will permanently but control of the market, banks, and business in the hands of a centralized bureaucracy.
-- The second component was deregulation to remove unnecessary costs on the economy. In today's world, that would especially mean removing the onerous restrictions on energy production
-- Third was the control of government spending. In 1981, Reagan forced through Congress not only his famed, historic tax cuts, but also a package of budget cuts close to 5% of the federal budget -- equivalent to roughly $150 billion today
-- The fourth component of the Reagan recovery plan was tight, anti-inflation monetary policy, which was spectacularly successful. Inflation was cut in half to 6.2% in 1982 from 13.2% in 1980, and cut in half again to 3.2% in 1983.
We know such policies work because they turned around in just two years an economy far worse than today's. We were suffering from multiyear, double-digit inflation, double-digit unemployment, double-digit interest rates, declining incomes, and rising poverty.But rather than providing leadership, the Democrats are in frantic CYA mode.
In fact, what we suffer with today is not the worst economy since the Great Depression, but the worst economy since Jimmy Carter -- the last time liberals were dominant politically and intellectually.
The Obama administration's economic policies do not include any of the four Reagan components. In fact, the stimulus plan is the greatest increase in government spending in the history of the planet.
Meanwhile, the Fed is furiously reinflating, sowing more havoc down the line. Mr. Obama is still promising future increases in tax rates by letting the Bush tax cuts lapse, because for ideological reasons he thinks even current rates are too low.
And instead of deregulating for more energy production, he is still promising massive increases in regulatory barriers -- through global warming cap-and-trade legislation -- to increased production from proven energy sources to serve an extreme environmentalist ideology.
This is why America seems so hopeless right now, and so depressed. We are stuck going in exactly the wrong direction on economic policy because of currently dominant ideological fashions.
Whenever the market expires people want to know what Adam Smith would say. It is a moment of, “Hello, God, how’s my atheism going?”The thought of the cancer about to be unleashed on the next three generations of American taxpayer has chased away the would-be Commerce Secretary and, in an even more stunning move, earned the wrath of liberal champion Michael Moore's next movie -- a film that characterizes MM's bailout as “the biggest swindle in American history.”
Adam Smith would be laughing too hard to say anything. Smith spotted the precise cause of our economic calamity not just before it happened but 232 years before – probably a record for going short. [...]
How then would Adam Smith fix the present mess? Sorry, but it is fixed already. The answer to a decline in the value of speculative assets is to pay less for them. Job done.
We could pump the banks full of our national treasure. But Smith said: “To attempt to increase the wealth of any country, either by introducing or by detaining in it an unnecessary quantity of gold and silver, is as absurd as it would be to attempt to increase the good cheer of private families, by obliging them to keep an unnecessary number of kitchen utensils.”
We could send in the experts to manage our bail-out. But Smith said: “I have never known much good done by those who affect to trade for the public good.”
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The return of Ken Griffey Jr. to Seattle, nine years after he departed for Cincinnati, appears to be imminent.Ahhhhhhhh!!!!!!
Baseball sources confirmed that talks between the club and Griffey, a free agent, have heated up in recent days. The parties appear to be on course for a one-year contract that could be announced next week, provided Griffey passes a physical examination.
Griffey comes into the season -- his 19th in the Major Leagues -- as the active career home run leader with 611. The first 398 home runs of his career were hit with the Mariners, from 1989, when he was known as The Kid, through 1999.Seriously, let's get this one done.
A 10-time All-Star during his 11 seasons with the Mariners, Griffey reached superstar status in the early 1990s, when he helped put Seattle on the big-league map, and the mid-90s, when he hit 49, 56, 56, 48 and 40 home runs during a five-year stretch. [...]
Gone from Seattle but never forgotten, Griffey returned to the city in June 2007 for a three-game Interleague Play series.
It was a virtual love-fest as fans filled Safeco Field for all three games and presented Junior with numerous standing ovations.
Before the series-opening game, the Mariners honored him with a 15-minute presentation that included a highlight reel of his playing career with the Mariners and a presentation of a "The House that Griffey Built" memorial by club president Chuck Armstrong, which drew a four-minute standing ovation.
Griffey hit two home runs in the final game of the series and in a TV interview broadcast on the local FSN affiliate following the series finale, Griffey emotionally expressed an interest in returning to the Seattle ballclub in the future should circumstances warrant it.
Griffey said during the interview that he would like to end his career as a Mariner and felt that he owes it to the fans of Seattle.
"I think for the simple reason that this is the place where I grew up and I owe it to the people of Seattle and to myself to retire as a Mariner," he said.
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So much for the president who in his inaugural address two weeks earlier declared "we have chosen hope over fear."Predictably (I mean really predictably), that's not the only thing MM has failed tremendously at doing.
Until, that is, you need fear to pass a bill.
And so much for the promise to banish the money changers and influence peddlers from the temple.This isn't just an angry conservative writer grousing about the second coming of the Grant administration, even the former groupies at the AP have found themselves unable to ignore the obvious.
An ostentatious executive order banning lobbyists was immediately followed by the nomination of at least a dozen current or former lobbyists to high position.
Followed by a Treasury secretary who allegedly couldn't understand the payroll tax provisions in his 1040. Followed by Tom Daschle, who had to fall on his sword according to the new Washington rule that no Cabinet can have more than one tax delinquent. [...]
At least Tim Geithner, the tax-challenged Treasury secretary, had been working for years as a humble international civil servant earning non-stratospheric wages. Daschle, who had made another cool million a year (plus chauffeur and Caddy) for unspecified services to a pal's private equity firm, represented everything Obama said he'd come to Washington to upend.
Headline: PROMISES, PROMISES: No lobbyists except ...Apparently, hell hath no fury like a scorned wire writer.
Barack Obama promised a "clean break from business as usual" in Washington. It hasn't quite worked out that way.
From the start, he made exceptions to his no-lobbyist rule. And now, embarrassing details about Cabinet-nominee Tom Daschle's tax problems and big paychecks from special interest groups are raising new questions about the reach and sweep of the new president's promised reforms.
Maybe he shouldn't have promised so much, some open-government advocates say. They're willing to cut him some slack — for now.
On Jan. 21, the day after his inauguration, Obama issued an executive order barring any former lobbyists who join his administration from dealing with matters or agencies related to their lobbying work. Nor could they join agencies they had lobbied in the previous two years.
However, William J. Lynn III, his choice to become the No. 2 official at the Defense Department, recently lobbied for military contractor Raytheon. And William Corr, tapped as deputy secretary at Health and Human Services, lobbied through most of last year as an anti-tobacco advocate. [...]
That was a big step back from Obama's unambiguous swipe at lobbyists in November 2007, while campaigning for the Democratic presidential nomination. "I don't take a dime of their money," he said, "and when I am president, they won't find a job in my White House."
And yet more damaging to Obama's image than all the hypocrisies in the appointment process is his signature bill: the stimulus package. He inexplicably delegated the writing to Nancy Pelosi and the barons of the House.MM's surplus package is not about stimulating the American people's bank accounts, it's about paying off his debts.
The product, which inevitably carries Obama's name, was not just bad, not just flawed, but a legislative abomination.
It's not just pages and pages of special-interest tax breaks, giveaways and protections, one of which would set off a ruinous Smoot-Hawley trade war.
It's not just the waste, such as the $88.6 million for new construction for Milwaukee Public Schools, which, reports the Milwaukee Journal Sentinel, have shrinking enrollment, 15 vacant schools and, quite logically, no plans for new construction.
It's the essential fraud of rushing through a bill in which the normal rules (committee hearings, finding revenue to pay for the programs) are suspended on the grounds that a national emergency requires an immediate job-creating stimulus -- and then throwing into it hundreds of billions that have nothing to do with stimulus, that Congress's own budget office says won't be spent until 2011 and beyond, and that are little more than the back-scratching, special-interest, lobby-driven parochialism that Obama came to Washington to abolish. He said. [...]
A bottom-up, grass-roots participatory democracy. That is what made Obama so dazzling and new. Turns out the "fierce urgency of now" includes $150 million for livestock (and honeybee and farm-raised fish) insurance.
The Age of Obama begins with perhaps the greatest frenzy of old-politics influence peddling ever seen in Washington.And that is just one example out of thousands.
By the time the stimulus bill reached the Senate, reports the Wall Street Journal, pharmaceutical and high-tech companies were lobbying furiously for a new plan to repatriate overseas profits that would yield major tax savings.
After Obama's miraculous 2008 presidential campaign, it was clear that at some point the magical mystery tour would have to end. The nation would rub its eyes and begin to emerge from its reverie. The hallucinatory Obama would give way to the mere mortal.Yes, change indeed.
The great ethical transformations promised would be seen as a fairy tale that all presidents tell -- and that this president told better than anyone.
I thought the awakening would take six months.
It took two and a half weeks.
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These are extraordinary times, and like a lot of Republicans I believe that a well-crafted stimulus plan is needed to put people back to work.Although he doesn't say it explicitly, Mitt notes that Executive Powers to fix this problem currently reside with a man entirely incapable of solving it.
But the Obama spending bill would stimulate the government, not the economy. We're on an economic tightrope.
The package that passed the House is a huge increase in the amount of government borrowing. And we've borrowed so much already that if we add too much more debt, or spend foolishly, we could invite an even bigger crisis.
It's his job to set priorities. I hope for America's sake that he knows that a chief executive can't vote "present." He has to say yes to some things and no to a lot of others.Obama, as we already know, has zero executive experience. He's never been in a position to make executive decisions, at any level of business, civics or politics. The rebuttal that he "led" his campaign is ludicrous because whenever he tried to act, think, or speak extemporaneously, he made uniformly poor choices. The credit for his campaign "leadership" rests with the army of handlers, not the puppet.
As someone who spent a career in the private sector, I'd like to see a stimulus package that respects the productivity and genius of the American people. And experience shows us what it should look like.If some elements of the stimulus are cut out in favor of other things, what should stay, and what should go?
First, there are two ways you can put money into the economy, by spending more or by taxing less. But if it's stimulus you want, taxing less works best. That's why permanent tax cuts should be the centerpiece of the economic stimulus.
Any new spending must be strictly limited to projects that are essential. How do we define essential?Mitt also emphasizes the need to offer actual tax cuts rather than sending rebate checks -- two financial options that are very different. The former causes long term spending and consumption habits, the latter produces a brief, albeit intense, spike in disposable income, but nothing of any tangible economic benefit.
Well, a good rule is that the projects we fund in a stimulus should be legitimate government priorities that would have been carried out in the future anyway, and are simply being moved up to create those jobs now.
As we take out nonessential projects, we should focus on funding the real needs of government that will have immediate impact. And what better place to begin than repairing and replacing military equipment that was damaged or destroyed in Kuwait, Iraq and Afghanistan?
If we're going to tax less and spend more to get the economy moving, then we have to make another commitment as well.The comment that many will find most radical, however, is Romeny's concluding remark.
As soon as this economy recovers, we have to regain control over the federal budget, and above all, over entitlement spending for programs such as Social Security and Medicare.
This is more important than most people are willing to admit.
There is a real danger that with trillions of additional borrowing -- from the budget deficit and from the stimulus -- world investors will begin to fear that our dollars won't be worth much in the future.
It is essential that we demonstrate our commitment to maintaining the value of the dollar. That means showing the world that we will put a stop to runaway spending and borrowing.
In the final analysis, we know that only the private sector -- entrepreneurs and businesses large and small -- can create the millions of jobs our country needs. The invisible hand of the market always moves faster and better than the heavy hand of government.Instead, our President is excited about this cool hole he keeps hearing about.
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Obama is the most remarkable Democratic communicator of my lifetime, I think, and even he's not rising to the task, yet. He needs to lay out his priorities, clearly.Who's to blame for MM's inability to explain his horrible economic plan in more alluring ways? Who's at fault for America slowly coming to the realization that this "stimulus" plan ought to be tossed off a very high bridge?
Obama is stumbling in the stimulus debate -- and public support is dropping -- because for 30 years Republicans have lied about the role of government.Of course. No mention of how Chris Dodd and Barney Frank "lied about the role of money" in regards to the long-term health of a nation.
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A self-described "vampyre" and former fringe political candidate faces charges for threatening a teenage girl who tried to break off their relationship by telling him she was actually a vampire hunter. [...]What else were we doing when society called out in need? Where else have we applied ourselves while we might have been joining these elite vampire hunting societies?
Sharkey, who calls himself the "The Impaler," ran as the Vampyres, Witches and Pagans party candidate for Minnesota governor in 2006, when he listed Princeton, Minn., as his address.
The criminal complaint says he was running for president in 2007 when the 16-year-old Rochester girl wrote a message of support on his MySpace page.
She told police they began dating online, and the threats began when she tried to break off the relationship.
She told police that "in a desperate attempt" to get him to leave her alone, she had e-mailed him that she was a member of an elite vampire hunter society and that continuing their relationship would put him in danger.
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Total Calories: 24,375In other words, the 8th Wonder of the World.
Total Grams of Fat: 1,285
Total Cost: $86.47
Total Deliciousness: 1 Billion trillion, dude. One billion trillion.
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We do not want the word to go out that we want to exterminate the Negro population, and the minister is the man who can straighten that idea out if it ever occurs to any of their more rebellious members.And also: "Our failure to segregate morons who are increasing and multiplying . . . demonstrates our foolhardy and extravagant sentimentalism."
A stern and rigid policy of sterilization and segregation to that grade of population whose progeny is already tainted or whose inheritance is such that objectionable traits may be transmitted to offspring.And also,
It is a vicious cycle; ignorance breeds poverty and poverty breeds ignorance. There is only one cure for both, and that is to stop breeding these things.Regarding the "uncivilized peopled" of the world, she wrote,
Stop bringing to birth children whose inheritance cannot be one of health or intelligence. Stop bringing into the world children whose parents cannot provide for them.
Herein lies the key of civilization. For upon the foundation of an enlightened and voluntary motherhood shall a future civilization emerge.
Her organization, she argued, would address a the most terrible crisis facing humanity: "The most urgent problem today is how to limit and discourage the over-fertility of the mentally and physically defective."It is said that a fish as large as a man has a brain no larger than the kernel of an almond. In all fish and reptiles where there is no great brain development, there is also no conscious sexual control.
The lower down in the scale of human development we go the less sexual control we find.
It is said that the aboriginal Australian, the lowest known species of the human family, just a step higher than the chimpanzee in brain development, has so little sexual control that police authority alone prevents him from obtaining sexual satisfaction on the streets.
"Organized charity itself is a symptom of malignant social disease…the surest sign that our civilization has bred, is breeding, and perpetuating constantly increasing numbers of defectives, delinquents, and dependents. [...]Indeed, in her estimation, things like "charity" ought not to be wasted on the scourge races -- they were not worthy of the hope and change future politicians would eventually offer them.
Such a plan would…reduce the birthrate among the diseased, the sickly, the poverty stricken and anti-social classes [i.e. black], elements unable to provide for themselves, and the burden of which we are all forced to carry."
It [charity] encourages the healthier and more normal sections of the world to shoulder the burden of unthinking and indiscriminate fecundity of others; which brings with it, as I think the reader must agree, a dead weight of human waste.
Instead of decreasing and aiming to eliminate the stocks that are most detrimental to the future of the race and the world, it tends to render them to a menacing degree dominant. [...]
The most serious charge that can be brought against modern “benevolence” is that it encourages the perpetuation of defectives, delinquents and dependents. These are the most dangerous elements in the world community, the most devastating curse on human progress and expression.
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The stimulus bill currently steaming through Congress looks like a legislative freight train, but given last week's analysis by the Congressional Budget Office, it is more accurate to think of it as a time machine.In other words, now that the GOP is out of your way, your solution to problems has become, "Blame the democrats!"
That may be the only way to explain how spending on public works in 2011 and beyond will help the economy today. According to Congressional Budget Office estimates, a mere $26 billion of the House stimulus bill's $355 billion in new spending would actually be spent in the current fiscal year, and just $110 billion would be spent by the end of 2010.
This is highly embarrassing given that Congress's justification for passing this bill so urgently is to help the economy right now, if not sooner.
And the red Congressional faces must be very red indeed, because CBO's analysis has since vanished into thin air after having been posted early last week on the Appropriations Committee Web site. [...]
In addition to suppressing the CBO analysis, Democrats have derided it. Appropriations Chairman David Obey (D., Wis.) called it "off the wall," never mind that CBO is now run by Democrats.
The stimulus bill is also a time machine in the sense that it's based on an old, and largely discredited, economic theory. As Harvard economist Robert Barro pointed out on these pages last Thursday, the "stimulus" claim is based on something called the Keynesian "multiplier," which is that each $1 of spending the government "injects" into the economy yields 1.5 times that in greater output.So what's the solution? Let me guess... Hope? Change? Maybe some advice for everyone to get a second and/or third job? "You, brothers and sisters, are the stimulus you've been waiting for!"
There's little evidence to support this theory, but you have to admire its beauty because it assumes the government can create wealth out of thin air.
If it were true, the government should spend $10 trillion and we'd all live in paradise.
The problem is that the money for this spending boom has to come from somewhere, which means it is removed from the private sector as higher taxes or borrowing. For every $1 the government "injects," it must take $1 away from someone else -- either in taxes or by issuing a bond.
In either case this leaves $1 less available for private investment or consumption.
The spending portion of the stimulus, in short, isn't really about the economy. It's about promoting long-time Democratic policy goals, such as subsidizing health care for the middle class and promoting alternative energy.So how on earth is this going to work? Unfortunately, I think your old tricks will probably keep working.
The "stimulus" is merely the mother of all political excuses to pack as much of this spending agenda as possible into a single bill when Mr. Obama is at his political zenith.
Apart from the inevitable waste, the Democrats are taking a big political gamble here. Congress and Mr. Obama are promoting this stimulus as the key to economic revival.But, by Spring, I'm pretty sure you'll be leading us to something else that's so glorious we won't even notice we're selling kidneys and eating pets to break even.
Americans who know nothing about multipliers or neo-Keynesians expect it to work.
The Federal Reserve is pushing trillions of dollars of monetary stimulus into the economy, and perhaps that along with a better bank rescue strategy will make the difference.
But if spring and then summer arrive, and the economy is still in recession, Americans are going to start asking what they bought for that $355 billion.
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Al Gore is scheduled before the Senate Foreign Relations Committee on Wednesday morning to once again testify on the 'urgent need' to combat global warming.I feel badly for you, Al. Normally when the mentally ill (I define this term as applicable to someone who would say, for example, that the world is getting much colder due to the fact it is getting much hotter) are subjected to public ridicule, there is outcry regarding the exploitation of such a terrible disease.
But Mother Nature seems ready to freeze the proceedings.
A 'Winter Storm Watch' has been posted for the nation's capitol and there is a potential for significant snow... sleet... or ice accumulations.
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A 14-year-old aspiring police officer donned a uniform, walked into a Chicago police station and managed to get an assignment — patroling in a squad car for five hours before he was detected, police said Sunday. [...]Bravo, young man. Bravo.
Assistant Superintendent James Jackson said the ruse was discovered only after the boy's patrol with an actual officer ended Saturday.
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A man convicted of manslaughter over a "wedgie" has been sentenced to probation.As I've warned BHB readers many times before, please take stock of the hit lists which feature your name, and then take appropriate action. We've seen what can happen if you don't.
Erik Kurtis Low, 40, was sentenced Monday here in 3rd District Court on a charge of reckless manslaughter, a second-degree felony. Court records show a one-to-16-year prison sentence was suspended, and the judge imposed a 36-month probation term. Low also was ordered to pay restitution, write an apology letter and complete 100 hours of community service.
Low was charged in 2003 with murder after he shot and killed 38-year-old Michael Hirschey. Low claimed it was self-defense after being teased and given a wedgie by Hirschey. He was convicted of manslaughter, but it was overturned by the Utah Supreme Court.
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Citing a lack of experience, Rep. John Conyers Jr. is leading an effort to thwart Barack Obama’s expected nomination of CNN’s Sanjay Gupta to become surgeon general. [...]Conyers may very well be right, but where were these sentiments back in November?
In his letter, Conyers wrote, “It is not in the best interests of the nation to have someone like this who lacks the requisite experience needed.
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On the positive side, 1% of Chicago students tested as "advanced," and Duncan did charter a special public high school for gay students.
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In 1993, he testified before Congress that the scientific data didn't support widespread fears about the dangers of the ozone hole and global warming, remarks that caused then-Vice President Al Gore to fire him. "I was told that science was not going to intrude on public policy"Only the blindness of a zealot causes him to rely on his faith to overcome the gap between the facts which face him and the actions he takes.
Gore and his unthinking followers have...assumed that, precisely because climate science is so complex, they can get away with fabricating and then exaggerating the imagined “threat” of “global warming”, because ordinary people will be unable to understand the science, and because young people can be relied upon to favor projects that are Left-leaning and that exploit their idealism.It is absurd to think that a group of scientists who do see a crisis coming would dedicate their lives to hiding a fact that, if ignored benefits no one. But it is not beyond the dark reaches of human nature to use something as ostensibly malleable as climate science to obfuscate facts and, in short order, consolidate power and control under the guise of altruism.
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Consumers who rely on secondhand shops for low-cost children's items might face bare shelves next month. [...]Luckily, the CPSC has backed off this plan.
The new rules, which impose stricter limits on lead allowed in children's products, also make it illegal to sell recalled products. But it is difficult for thrift shops to verify whether the items they sell comply with safety regulations, says the National Association of Resale & Thrift Shops, which represents 1,000 stores in the multibillion-dollar secondhand retail industry.
Stores can be fined up to $100,000 per violation. And many shops are in danger of going out of business or suffering significant losses when the standards go into effect on Feb. 10, says the group.
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An Australian court has issued a blunt warning about the sexual predators a young driver faces in jail if he does not stop speeding, as authorities struggle to stop teenagers street racing.The lesson to be learned here: Avoid sharing a cell, apartment or continent with any Australian primates or ex-cons.
"You'll find big, ugly, hairy strong men (in jail) who've got faces only a mother could love that will pay a lot of attention to you -- and your anatomy," said Magistrate Brian Maloney.
The 19-year-old male appeared in Sydney's Downing Center Court on Monday charged with driving without a license, failing to stop at a police alcohol check point and driving dangerously.
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Residents of a model housing estate bankrolled by Hollywood celebrities and hand-built by Jimmy Carter, the former US president, are complaining that it is falling apart.Anyone who has ever worked with Habitat has come away with two very distinct feelings:
Fairway Oaks was built on northern Florida wasteland by 10,000 volunteers, including Carter, in a record 17-day “blitz” organised by the charity Habitat for Humanity.
Eight years later it is better known for cockroaches, mildew and mysterious skin rashes.
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The Multnomah County Sheriff's Office said an 88-year-old woman fended off a naked intruder by grabbing the man's crotch and squeezing.The cops haven't figured out that this is not what it seems. I mean, the gentleman in question was using a pretty obvious fake name.
Deputy Paul McRedmond said the man got into the house Tuesday through a sliding door. He backed the woman into her living room and pushed her face down onto a chair.
That's when the woman reached behind and squeezed.
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A Delaware man has been arrested after being accused of arranging a bizarre plot that involved castrating his ex-son-in-law.This may at first seem barbaric, but it is a story as old as recorded history.
Wilbur Eichman has been charged with one count of criminal solicitation after he paid a man cash to beat up his ex-son-in-law.
Police say Eichman paid 34-year-old Charles Pernot $1,200 to beat up the victim and even offered up a $3,000 bonus if Pernot cut off the victim's genitals. [...]
Investigators said Eichman even wanted his ex-son-in-law's genitals brought to him.
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