Gun sales spike after Obama election (video) (click title to entry, thank you)
Friday, November 07, 2008
74 Days until Inauguration
Gee, whiz. I thought there were economic hard times in the USA. Personally. I think this 'run on guns' is a waste of money. But, if people want to waste their money, who's to say differently.
Thank you to the New York Times. There might actually be a chance we can void the Bush aggressions with THE TRUTH !
The "idea" that we can actually assemble a re-alliance of Russia and the USA to defeat global terrorist networks that have escalated since the illegitimate war in Iraq is paramont to world peace and economic stability.
Dear God I don't believe this article. Pinch me.
Russia and its beautiful people are NOT our enemy ! They never have been but are easy scapegoats for Republican Neocon rhetoric and politics. Putin is a genius. I am so grateful for him and to him that he navigated the international waters as well as he did while there was a Bush in power.
Georgian forces fired rockets at South Ossetia in August.
Georgia Claims on Russia War Called Into Question (click title to entry, thank you)
This article points to the FACT that the new government in Georgia was more full of hubris and "W"rongful directives than actual competency. What was Russia supposed to do? Stand by. Stand by and let people die because to 'escalate' a cross border offensive when Bush was demanding to place a missile shield there and ANY movement by Russia would be considered an act of war that Bush, no different than Iraq, would meet with unrelenting and overpowering force?
Russia was CORRECT. Putin had Bush well contained into Iraq and overwhelmed with the inability to move into a global scale world war so that when Georgia tried to instigate same they met with appropriate and undenial opposition from Russia and its peacekeepers.
No 'Western journalist' bothers to look through the eyes of Russians. I remember when Kristof from the NY Times was covering the democratic movement in The Ukraine, Russia was demonized as a 'problem.' There is a REALITY no one bothers to discover because it might actually mean there IS NO REASON FOR NUCLEAR WEAPONS. Gee wouldn't that be a shame?
Every country is allowed to have its sovereignty UNLESS it proves to be so unstable that it complicates the well being of its people, other peoples and their governments. Russia is not only allowed to have its sovereignty, but, to lose Russia as a people and nation would be completely "W"rong and would cause a global shift of 'stability' that would destroy democracy.
Democracy in the USA under Bush/Cheney was nearly destroyed. If it weren't for those willing to be 'the counter culture' to the Neocons, the USA would be a far different country than it is today and Barak Obama would never be President. So, everyone that begins to USE the Old World Russian image of 'communism' as a reason to HATE, needs to put that idea away FOREVER. As a matter of FACT, with the new expansion of Russian influence globally and it's military fluidity, Bush actually did THE BALANCE OF POWER a great big favor.
Russia is more interested in peace than any country on Earth and when it comes to defending its sovereignty, the old Oligarchs need to MEASURE THEIR STEPS in the world. Russia is allowed to defend itself on any terms.
The issue with the breakdown of the Soviet Union isn't as much 'an issue' to Russia as one might consider. Russia has a profound vulnerability. It is HUGE. The land mass of Russia ALONE creates sovereignty issues. If a country cannot defend itself and defend itself well, it won't remain sovereign. Russia has an issue with its 'square mile' content. Every leader of that county, especially KGB, understands that, acknowledges it and acts to thwart that reality.
Into that reality governs the leadership of Russia that has demanded ONLY one thing from its 'nation-states' when it was the Soviet Union and its' 'border Former States' now that it is Russia. THAT ONE THING is the 'idea' of 'stable governing bodies' within a nation. It is a means of control for the protection of Russia. If a country, especially a border country, is 'knocked' off balance it is a direct threat to Russian sovereignty that can escalate exponentially in a short period of time.
The global community should NEVER permit incompetency in governments anywhere and the 'tone' of The West needs to begin to lead to reconciliation of Old World Images of communism and the 'ideology' that the world can actually be entirely a democracy. Its a hideous notion and one that has to end.
There is ONLY ONE approach to 'individual rights' of the peoples of any nation. That approach is to be guaranteed to any people the idea of 'human rights.' The 'rest' takes care of itself. Where people are guaranteed quality of life whereby they are fed and healthy, then and only then, can other hierarchies come into play such as education and individual freedoms. Achieving 'democracy' for the sake of democracy through war is egregious to human rights. Using the 'spread of democracy' as a reason for war is nothing but expansionism.
But, to realize that the nations bordering Russia can be lead by idiots like the kind of Georgia is to realize that Russia is not going to put up with the entire mess and shouldn't.
The FACT of the matter is that The American Military Industrial Complex was never meant to be a 'profiteers' dream come true. Under Eisenhower, it was supposed to establish MILITARY SECURITY for the USA following Hitler's reign. That 'entity' is supposed to be an intricate part of the USA national defense, but has been used by Neocons over the decades to exploit wealth and build false sense of security in places like Georgia whereby 'immature' leadership thinks they can actually roll over top of people rather than find a PEACEFUL solution to unrest within their country.
Georgia leadership attempted a 'genocide' of South Ossetia because they were a 'separatist' ETHNICITY within 'current' Georgia borders. That genocide was facilitated by the American Military Industrial Complex and it should be held JUST as responsible for arms sales that allowed the Georgian President to nearly annhilate its own people in an entire region of the country.
Russia has facilitated 'a security' for the people of South Ossetia and Abkhazia by moving into the territory, stopping the aggression by the Georgian government and declaring autonomous sovereignty of both these small countries (ethnicities) while taking them on as allies to Russia.
Russia did good and I admire them.
It will be up to the people of South Ossetia and Abkhazia to promote their small sovereignties to the global community and seek acknowledgement with international recognition by exhibiting stable economies (in a troubled economic climate that ain't easy) and a recognizable social culture. They do not need huge military complexes to protect their sovereign ethnic countries, they simply need to have strong alliances with a country such as Russia that will defend the new nation as it would defend itself while leaving autonomous and benevolent government structures in place.
Dear God I don't believe this article. Pinch me.
Russia and its beautiful people are NOT our enemy ! They never have been but are easy scapegoats for Republican Neocon rhetoric and politics. Putin is a genius. I am so grateful for him and to him that he navigated the international waters as well as he did while there was a Bush in power.
Georgian forces fired rockets at South Ossetia in August.
Georgia Claims on Russia War Called Into Question (click title to entry, thank you)
This article points to the FACT that the new government in Georgia was more full of hubris and "W"rongful directives than actual competency. What was Russia supposed to do? Stand by. Stand by and let people die because to 'escalate' a cross border offensive when Bush was demanding to place a missile shield there and ANY movement by Russia would be considered an act of war that Bush, no different than Iraq, would meet with unrelenting and overpowering force?
Russia was CORRECT. Putin had Bush well contained into Iraq and overwhelmed with the inability to move into a global scale world war so that when Georgia tried to instigate same they met with appropriate and undenial opposition from Russia and its peacekeepers.
No 'Western journalist' bothers to look through the eyes of Russians. I remember when Kristof from the NY Times was covering the democratic movement in The Ukraine, Russia was demonized as a 'problem.' There is a REALITY no one bothers to discover because it might actually mean there IS NO REASON FOR NUCLEAR WEAPONS. Gee wouldn't that be a shame?
Every country is allowed to have its sovereignty UNLESS it proves to be so unstable that it complicates the well being of its people, other peoples and their governments. Russia is not only allowed to have its sovereignty, but, to lose Russia as a people and nation would be completely "W"rong and would cause a global shift of 'stability' that would destroy democracy.
Democracy in the USA under Bush/Cheney was nearly destroyed. If it weren't for those willing to be 'the counter culture' to the Neocons, the USA would be a far different country than it is today and Barak Obama would never be President. So, everyone that begins to USE the Old World Russian image of 'communism' as a reason to HATE, needs to put that idea away FOREVER. As a matter of FACT, with the new expansion of Russian influence globally and it's military fluidity, Bush actually did THE BALANCE OF POWER a great big favor.
Russia is more interested in peace than any country on Earth and when it comes to defending its sovereignty, the old Oligarchs need to MEASURE THEIR STEPS in the world. Russia is allowed to defend itself on any terms.
The issue with the breakdown of the Soviet Union isn't as much 'an issue' to Russia as one might consider. Russia has a profound vulnerability. It is HUGE. The land mass of Russia ALONE creates sovereignty issues. If a country cannot defend itself and defend itself well, it won't remain sovereign. Russia has an issue with its 'square mile' content. Every leader of that county, especially KGB, understands that, acknowledges it and acts to thwart that reality.
Into that reality governs the leadership of Russia that has demanded ONLY one thing from its 'nation-states' when it was the Soviet Union and its' 'border Former States' now that it is Russia. THAT ONE THING is the 'idea' of 'stable governing bodies' within a nation. It is a means of control for the protection of Russia. If a country, especially a border country, is 'knocked' off balance it is a direct threat to Russian sovereignty that can escalate exponentially in a short period of time.
The global community should NEVER permit incompetency in governments anywhere and the 'tone' of The West needs to begin to lead to reconciliation of Old World Images of communism and the 'ideology' that the world can actually be entirely a democracy. Its a hideous notion and one that has to end.
There is ONLY ONE approach to 'individual rights' of the peoples of any nation. That approach is to be guaranteed to any people the idea of 'human rights.' The 'rest' takes care of itself. Where people are guaranteed quality of life whereby they are fed and healthy, then and only then, can other hierarchies come into play such as education and individual freedoms. Achieving 'democracy' for the sake of democracy through war is egregious to human rights. Using the 'spread of democracy' as a reason for war is nothing but expansionism.
But, to realize that the nations bordering Russia can be lead by idiots like the kind of Georgia is to realize that Russia is not going to put up with the entire mess and shouldn't.
Russia had done the right and best 'thing' here and I defy anyone to say differently. They stopped the 'childish' ideology that was manipulated by the Bush ? diplomatic ? corp that actually thought they could justify a missile defense shield in Georgia while using Iranian potential to mask its' TRUE rational, which was to find methodologies to invade Russia.
It is my estimation that Bush/Cheney were attempting to instill enough 'false security' to Russian border states that they would actually amass armies to cause instability along the 'entire' of their shared borders.
Yeah, right !
The 'breed' of American Neocon is the worst enemy the world has had since Hitler. At least Hitler was realistic in the potential of Germany's threat. The American Neocon are nothing but 'hubris experts' that use images to create false hopes to those that are 'power hungry' laced with greed and wealth.The FACT of the matter is that The American Military Industrial Complex was never meant to be a 'profiteers' dream come true. Under Eisenhower, it was supposed to establish MILITARY SECURITY for the USA following Hitler's reign. That 'entity' is supposed to be an intricate part of the USA national defense, but has been used by Neocons over the decades to exploit wealth and build false sense of security in places like Georgia whereby 'immature' leadership thinks they can actually roll over top of people rather than find a PEACEFUL solution to unrest within their country.
Georgia leadership attempted a 'genocide' of South Ossetia because they were a 'separatist' ETHNICITY within 'current' Georgia borders. That genocide was facilitated by the American Military Industrial Complex and it should be held JUST as responsible for arms sales that allowed the Georgian President to nearly annhilate its own people in an entire region of the country.
Russia has facilitated 'a security' for the people of South Ossetia and Abkhazia by moving into the territory, stopping the aggression by the Georgian government and declaring autonomous sovereignty of both these small countries (ethnicities) while taking them on as allies to Russia.
Russia did good and I admire them.
It will be up to the people of South Ossetia and Abkhazia to promote their small sovereignties to the global community and seek acknowledgement with international recognition by exhibiting stable economies (in a troubled economic climate that ain't easy) and a recognizable social culture. They do not need huge military complexes to protect their sovereign ethnic countries, they simply need to have strong alliances with a country such as Russia that will defend the new nation as it would defend itself while leaving autonomous and benevolent government structures in place.
Thursday, November 06, 2008
Losses today on the DOW a little less than 5%.
8,695.79
–443.48
–4.85%
The severe 'fall off' slowed significantly at about 1:45 PM. I still believe 8500 is the low point. It hasn't really descended very far below 'that mark' since it started its decline this year. Lately, the markets seem to 'be happy' about 'that mark.' The other markets are sustaining losses as well, all are around 4 - 5 percent. This will go on. I'm not really more worried today than two weeks ago.
The USA has to wait for a transition into a government that are WILLING to put people back to work to re-establish the American economy rather than faux stimulus plans that simply drop enough cash in the markets to 'see it through the holidays.' It is a flash in the pan economy. It isn't sustainable and contributes to the debt of the country. Grow the tax base and solve the country's problems, basically. I don't see any other alternative.
WASHINGTON (MarketWatch) - Commercial banks, investment banks, American International Group, and commercial paper issuers borrowed $590 billion from the Federal Reserve as of Wednesday, the Fed reported Thursday. This is up from $408 billion in the previous week. The increase reflected $243.3 billion in commercial paper purchased by the central bank under a new facility. The program is aimed at allowing nonfinancial firms to restart issuing commercial paper to pay for near-term funding needs. As of Wednesday, Nov. 5, commercial banks borrowed $108.6 billion, the investment banks and broker-dealers borrowed $71.6 billion and AIG borrowed $81.2 billion.
Did the 'bailout' work?
No.
Global financial markets close with major losses (click here)
Published: Thursday 06 November 2008 21:45 UTC Last updated: Thursday 06 November 2008 21:45 UTC On Thursday, global financial markets closed showing major losses, with investors worried that the credit crisis is having an increasing impact on the real economy. Central banks in Europe announced steep interest rate cuts, but were unable to halt the markets' decline....
Paloma rapidly strengthens into Category 1 Hurricane
Interactive Atlantic hurricane tracking map (click here)
Paloma rapidly strengthens into Category 1 Hurricane (click here)
by NOLA.com
Thursday November 06, 2008, 6:06 PM
...At 6 p.m., the center of Hurricane Paloma was located near latitude 16.9 north, longitude 81.7 west, about 165 miles south of Grand Cayman and about 280 miles west-southwest of Montego Bay, Jamaica. Paloma is now moving toward the north near 12 mph. This general motion is expected to continue tonight and most of day on Friday, with a gradual turn toward the northeast forecast to occur late Friday and on Saturday.
Maximum sustained winds have increased to near 75 mph with higher gusts. Paloma is now a Category 1 hurricane on the Saffir-Simpson hurricane scale. Paloma continues to rapidly organize and additional strengthening is likely. Paloma is expected to become a category 2 hurricane on Friday.
Tropical storm force winds extend outward up to 70 miles from the center. During the past hour, NOAA buoy 42057 located just east of the center reported a one-minute sustained wind of 71 mph and a wind gust to 78 mph.
Paloma is expected to produce total rainfall accumulations of 4 to 8 inches of rain over the Cayman Islands with isolated maximum totals of 12 inches possible.
November 7, 2008
1030z
UNISYS Water Vapor GOES East Satellite - click title to entry for 12 hour animation, thank you
Paloma rapidly strengthens into Category 1 Hurricane (click here)
by NOLA.com
Thursday November 06, 2008, 6:06 PM
...At 6 p.m., the center of Hurricane Paloma was located near latitude 16.9 north, longitude 81.7 west, about 165 miles south of Grand Cayman and about 280 miles west-southwest of Montego Bay, Jamaica. Paloma is now moving toward the north near 12 mph. This general motion is expected to continue tonight and most of day on Friday, with a gradual turn toward the northeast forecast to occur late Friday and on Saturday.
Maximum sustained winds have increased to near 75 mph with higher gusts. Paloma is now a Category 1 hurricane on the Saffir-Simpson hurricane scale. Paloma continues to rapidly organize and additional strengthening is likely. Paloma is expected to become a category 2 hurricane on Friday.
Tropical storm force winds extend outward up to 70 miles from the center. During the past hour, NOAA buoy 42057 located just east of the center reported a one-minute sustained wind of 71 mph and a wind gust to 78 mph.
Paloma is expected to produce total rainfall accumulations of 4 to 8 inches of rain over the Cayman Islands with isolated maximum totals of 12 inches possible.
November 7, 2008
1030z
UNISYS Water Vapor GOES East Satellite - click title to entry for 12 hour animation, thank you
Democrats need to START to define 'failure' rather than 'just chronically run for office.'
Bush is out of there. There is dearly little that matters to any of his policy decisions especially when it comes to ratching up rhetoric or the tensions in a Return to the Cold War.
But, if Democrats are already retreating on 'the ability' to even DEFINE success, then they will begin to lose the ground they have won in a 'hard fought for' majority.
Having RUSSIAN MISSILES parked at the borders of FORMER Soviet States is NOT success.
Okay?
Got that?
RUSSIAN MISSILES parked at the borders of FORMER Soviet States is NOT success.
Tauscher is reacting as a typical WASHINGTON "bureaucrat" that huffs and puffs as if there is actually something that can be done with Russia from the standpoint of strong arming that nation. There isn't. The USA is tied up in an illegal, immoral and unnecessary war in Iraq, it is the USA that has increased tensions globally by playing 'brinkmanship' at every turn and has FAILED to secure either Afghanistan or Pakistan leaving them WIDE OPEN to the resurgence and SUCCESSFUL resurgence of the Taliban.
It would seem to me that 'bureaucrats' regardless of party affiliation that have NO real way of measuring the abilities of the USA to LEVERAGE power ANYWHERE in the world right now. Let's see what is the value of the US dollar today? Need to begin to understand they have a new 'lease on life' internationally and they should harness the ability to negotiate and bring about peace and non-proliferation as a 'global answer' to any form of aggression regardless where it started.
Honestly. I thought most Democrats were at least savvy enough to realize THE MAP has changed as of November 4, 2008; but; maybe they only think they have been given FREE REIGN of the power of the USA.
I don't think so ! We've already seen what that does and if that occurs again, come 2010, the Democrats won't be very happy.
THINK ABOUT IT !!!! Jerks !
Tauscher Calls Russian Comments ?unfortunate? (click here)
Rep. Ellen O. Tauscher (D-Calif.) dismissed recent comments by Russian President Dmitri Medvedev about redeploying missiles as primarily for his country’s “domestic consumption.”In a speech Wednesday, Medvedev said that if the United States proceeds with plans to install a ballistic missile interceptor system in Poland and the Czech Republic, Russia would deploy short-range missiles near Poland.The election of Barack Obama was recognized around the world as a positive step, said Tauscher, who leads the House Armed Services Strategic Forces Subcommittee. “The only person who didn’t get the memo was President Medvedev. It was an unfortunate tenor and an unfortunate speech. But it is something we can work with.”...
Why am I not surprised? I am pleased his marriage is still intact. He should return to public office.
No Charges For New York's Ex-Gov. Spitzer
Wednesday, November 05, 2008
75 Days until Inauguration
Medvedev let his back bone slip seeking peace and non-proliferation.
During the years of escalating tensions between the USA and Russia under the current administration, Russia has proven its ability to reach every corner of the planet with its military prowess, including recently the shores of South America.
In order to facilitate non-proliferation and the reversal of the Bush / Cheney brinkmanship there needs to be a welcoming to American soil of President Medvedev.
I am confident the first 'ground breaking' of new understandings of non-proliferation between the USA and Russia can be garnered through a comprehensive policy regarding the nuclear status of Iran. Russia has been a partner to the Iranian reactor since it was discovered some time ago that the USA had given the Iranians bogus plans for its reactor. They have monitored the reactors progress and is ready to supply nuclear fuel rather than Iran's continued use of centrifuges.
There is much that can and should be pursued to insure the well being of allies.
Non-proliferation also includes removing 'safety nets' that permit a far to wide margin of potential deployment or exchange of nuclear weapons in the Star Wars Missile Shield. There is no need for pursuing a 'pre-emptive' strategy IF there is to be active reductions of nuclear weapons between these two countries. When Iran is made to 'stand down' from its ambitions and accepts Russian nuclear fuel and waste handling; the USA should be reassuring its European allies that a better strategy is emerging, one of sustained peace through nuclear disarmament.
Allowing Russia to feel secure within its borders is paramount to a sustainable trust and active return to strong alliances to facilitate stability to the region, including Afghanistan. Russia was one of our strongest allies post September 11, 2001; we need to reclaim the trust that will INSURE the defeat of al Qaeda and regional terrorist networks, including those at work in the Caucasus'.
RF ratification of treaties with Abkhazia, S Ossetia (click here)
29.10.2008, 20.52
MOSCOW, October 29 (Itar-Tass) -- The ratification of Russian treaties with South Ossetia and Abkhazia will give a start to their international recognition, Federation Council chairman Sergei Mironov said.
He welcomed the State Duma’s decision to ratify the treaties of friendship, cooperation and mutual assistance with these states and stressed that these documents “create a legal framework for the development of cooperation in all fields, including defence”.
Having recalled that most of the population in these states are citizens of Russia, Mironov said, “Our country must ensure their security and prevent a recurrence of the Tskhinval tragedy.”...
I never doubted Russian reports that appeared at RIA Novosti, in the very first days of the war by the way, that there was a reason for the actions with Georgia. Medvedev is NOT that much further from Putin. Putin was progressive. The 'good' relations between the USA and Russia has deteriorated with the Bush Executive Branch, especially since ignoring any findings by the UN Security Council regarding the invasion of Iraq.
Joe the Plumber escapes speeding ticket due to 'negative repercussions'
Another great Republican American, 'gets off' for speeding and proud of it.
Wednesday, 5 November 2008
John McCain's electoral mascot Joe the Plumber scored a victory in his battle to keep big government off his back when police let him off the hook for speeding.
Samuel Joe Wurzelbacher, dubbed Joe the Plumber, was clocked at 50mph in a 35-mph zone in Toledo, Ohio but officers didn't issue a ticket.
They did not because it could have "negative repercussions to the department and city as a whole," according to a leaked police document reported in the Washington Post.
Mr Wurzelbacher was incorporated by Republican candidate Mr McCain into his campaign after he had confronted Barack Obama about his tax.
Wednesday, 5 November 2008
John McCain's electoral mascot Joe the Plumber scored a victory in his battle to keep big government off his back when police let him off the hook for speeding.
Samuel Joe Wurzelbacher, dubbed Joe the Plumber, was clocked at 50mph in a 35-mph zone in Toledo, Ohio but officers didn't issue a ticket.
They did not because it could have "negative repercussions to the department and city as a whole," according to a leaked police document reported in the Washington Post.
Mr Wurzelbacher was incorporated by Republican candidate Mr McCain into his campaign after he had confronted Barack Obama about his tax.
Hurricane season is SUPPOSED to end November 1st.
Last year TS Olga came to visit on December 11, 2008 and Cat 1 Hurricane Noel dissipated on November 2, 2008. These storms fall outside the definition of Hurricane. As I have chronically stated, these are NOT hurricanes according to the definition. They are the 'surface' manifestations of high altitude vortices.
DIFFERENT.
Very Different !!!!
Jeeze, what does it take, an act of Congress ?
Tropical Depression SEVENTEEN (click here)
November 5, 2008
2330z
UNISYS Water Vapor GOES East Satellite (click here for 12 hour loop)
November 5, 2008
2330z
UNISYS Water Vapor Satellite of Northern and Western Hemisphere (click here for 12 hour loop)
Kinda strange. There is this huge high pressure over the Gulf, but, a gathering storm in the Caribbean east of the Yucatan. Hm?
DIFFERENT.
Very Different !!!!
Jeeze, what does it take, an act of Congress ?
Tropical Depression SEVENTEEN (click here)
November 5, 2008
2330z
UNISYS Water Vapor GOES East Satellite (click here for 12 hour loop)
November 5, 2008
2330z
UNISYS Water Vapor Satellite of Northern and Western Hemisphere (click here for 12 hour loop)
Kinda strange. There is this huge high pressure over the Gulf, but, a gathering storm in the Caribbean east of the Yucatan. Hm?
The weather at Glacier Bay National Park (Crystal Wind Chime) is:
Polar bears dying out in Russian region: expert (click here)
Oct 24, 2008
MOSCOW (AFP) — Polar bears are dying out in the remote Arctic region of Chukotka because of melting ice and increased killing by humans, an expert with the International Fund for Animal Welfare warned on Friday.
"If this tendency continues, the population will disappear very quickly, said Nikita Ovsyanikov, a researcher from Wrangel Island natural park in Chukotka who has spent the past 18 years studying polar bears in the region.
"We need to create new protected areas in the Arctic," said Ovsyanikov, who has conducted research on behalf of IFAW.
The shrinking of the Arctic ice sheet is forcing more bears to live on land in the summer where they often have trouble finding food, which means they have to go into villages to scavenge and are more likely to be shot, he said....
Lat/Lon: 58.8° N 137.0° W
Local Time: on November 4, 2008 at 8:22 PM AKST (12:22 AM EST on November 5, 2008)
Elevation :: 33 ft/ 10 m
Temperature :: 34 °F / 1 °C
Conditions :: Overcast
Windhill :: 34 °F / 1 °C
Humidity :: 87%
Dew Point :: 30 °F / -1 °C
Wind :: Calm
Pressure :: 29.80 in / 1009 hPa (Steady)
Visibility :: 10.0 miles / 16.1 kilometers
UV :: 0 out of 16
Clouds :: Overcast 7000 ft / 2133 m
(Above Ground Level)
...and what will become of Hillary?
I hope she stays in the Senate, but, I wouldn't be surprised if she ends up with a Cabinet position either. I think she is needed in the Senate to help bring in bills that will benefit health care, the environment and give her a basis of support for her next run.
Hillary Clinton Calls Obama to Offer Congratulations (click here)
By Anne E. KornblutSen. Hillary Rodham Clinton called Sen. Barack Obama at around 11:30 p.m., offering her congratulations and her condolences on the loss of his grandmother, a Clinton spokesman said. Obama thanked her for her help, and said he looked forward to speaking to her and her husband soon.
Clinton was among the first to release a statement upon Obama's victory.
"Tonight, we are celebrating an historic victory for the American people. This was a long and hard fought campaign but the result was well worth the wait," she said.
Why would Stevens run? To keep the Alaskan Senate seat RED.
But, would 'Little Miss Sunshine' state that she would be appointing a Republican if Stevens was re-elected? Heck, no. Why? Because her Veep run would be overshadowed by consenting to corruption, that's why?
McClatchy Newspapers
Wednesday, November 5, 2008
ANCHORAGE, Alaska — Alaska Sen. Ted Stevens was leading challenger Mark Begich with most of the election returns in hand Tuesday night, despite being found guilty of seven felonies and polls showing him in deep trouble.
With more than 80 percent of the precincts reporting, Stevens held a 2-percentage point advantage over Democrat Begich. About 4,000 votes separated the candidates. The razor-thin margin means the Senate race might not be decided for two weeks.
Still to be counted are roughly 40,000 absentee ballots, with more expected to arrive in the mail, as well as 9,000 uncounted early votes and thousands of questioned ballots. The state Elections Division has up to 15 days after the election to tally all the remaining ballots before finalizing the count.
If the lead holds, Stevens will shock the nation and be the first person ever re-elected to the U.S. Senate after being found guilty on criminal charges. Polls had shown the Republican down by at least 8 percentage points on the day before the election....
With more than 80 percent of the precincts reporting, Stevens held a 2-percentage point advantage over Democrat Begich. About 4,000 votes separated the candidates. The razor-thin margin means the Senate race might not be decided for two weeks.
Still to be counted are roughly 40,000 absentee ballots, with more expected to arrive in the mail, as well as 9,000 uncounted early votes and thousands of questioned ballots. The state Elections Division has up to 15 days after the election to tally all the remaining ballots before finalizing the count.
If the lead holds, Stevens will shock the nation and be the first person ever re-elected to the U.S. Senate after being found guilty on criminal charges. Polls had shown the Republican down by at least 8 percentage points on the day before the election....
A word about the media. I can have a frank opinion from time to time.
Yesterday went well. I think the jubulation about 10:30 PM last night when the West Coast reported in was wonderful. It was like a veil of freedom was returning to our presence. The enthusiasm all day has been incredible and I welcome it all.
I found the interactive maps of The New York Times incredible.
But, yesterday evening until the election was won, I watched someone with an electronic map provide expert information that enlightened me to the strategies involved in winning the elections of 2008. I think John King did a remarkable job and I learned a few things last night about 'how the game was played' this year.
I hope the relationship with the public by the mass media continues to return to a happy, healthy balance. I caution. We need our country returned without any doubt or influence peddling to the status it had before there was such doubt cast on the USA or the people that are citizens.
I thank you all for a great day yesterday and the lingering effects yet today. I hope we find the audacity to be Americans again with as free a media without reprisals or victimization.
I found the interactive maps of The New York Times incredible.
But, yesterday evening until the election was won, I watched someone with an electronic map provide expert information that enlightened me to the strategies involved in winning the elections of 2008. I think John King did a remarkable job and I learned a few things last night about 'how the game was played' this year.
I hope the relationship with the public by the mass media continues to return to a happy, healthy balance. I caution. We need our country returned without any doubt or influence peddling to the status it had before there was such doubt cast on the USA or the people that are citizens.
I thank you all for a great day yesterday and the lingering effects yet today. I hope we find the audacity to be Americans again with as free a media without reprisals or victimization.
Open Letter to All - Absence of Fear
This is a picture of a solar storm that visited Earth in 2001 (click title of entry for film loop, thank you). It created an extensive borealis near the North Pole. So bright were some of the Northern Lights, I betcha Sarah Palin could see Russia from her front door.
This is the 'type' of natural event that has happened to Earth since the beginning of time, and before and after there was Modern Day Human Induced Global Warming. It has absolutely nothing to do with Human Induced Global Warming or any other warming for that matter. See, it isn't the 'incoming' cosmic storms that cause Earth to warm. It is the daily light from Sol, our sun, AFTER it enters Earth's troposphere and is converted BY EARTH into 'infrared' that Earth actually heats.
The lies and 'enforced' depetions of the Republican Party for decades have been toxic to the truth and this is simply one example. To enter into conversation otherwise, 'in the days of Republican domination, especially under the juvenile administration of Bush,' regarding Human Induced Global Warming, was to allow attacks that would cause real damage to the facts and allow 'doubt' to surface by those that would hammer away at 'the truth.' It is called oppression and intimidation. And for those that weren't intimidated and knew the truth, the Republicans inflicted 'hell' into daily lives.
The last eights years have been nothing short of a nightmare. When the election was stolen from Al Gore it seemed like there was some kind of 'glitch' in the voting status of the American Electorate. In reality, it was the Floridian Republican Machine at its best while insuring a victory for "W."
Then there was the defaming of John Kerry, who still has image problems due to Vietnam Veterans that can't live with 'the truth' of that war. His potential win was reclaimed by a Revolutionary Filmmaker and a man determined to protect the democracy promised to all of us by our Constitution. Those of us that saw through the deception and realized that 'profiteers' were along for the ride including main stream media, became those 'rebels' and 'counter culture' folks that would keep 'the truth' alive enough to make it count in 2006 and 2008.
Yesterday, the definition of "American Hero" returned to my vocabulary along with the FREELY SPOKEN truth regarding science and the dangers that lay ahead of us as we prepare to return balance to Earth's troposphere. There aren't muted words anymore. Every discussion can now be engaged without fear of reprisal. The 'oppression' of 'truth' is over and we now have an administration that says words like, "...planet in peril." He also said words like gay and lesbian. He isn't afraid of science and seeks expertise to find solutions based in solid math and science.
The Elections of 2008 have done more than give us our first real President to cross the racial divide. The Elections of 2008 have returned 'the freedom of speech' to our country without FEAR of reprisal. Reprisal that came swiftly through programmed lies to insure the status quo wasn't so rattled that it couldn't be recaptured at any given 'power play.'
Rovian hatred of 'the truth' is over. The USA is again a free country. I am looking forward to the day we have our new Hero in the White House and we can return our country to greatness.
Wasn't his speech something yesterday?
Why is it I am breathing easier today?
Joe Biden and Barak Obama to resign as US Senators
If the Obama / Biden ticket isn't careful they might lose their clear House and Senate majorities. The Governors of Delaware and Illinois will appoint new Senators to the vacant seats with the victory yesterday of the President-Elect and Vice-President Elect. But, how many more will follow suit?
Finding good help for their administration and cabinet won't be easy and a clean sweep of the Bush Bunch has to be mandatory as well as the US and global economies. Both wars are a disaster and in Afghanistan and Pakistan they are asking The Taliban to please negotiate.
So, the question remains, whom will join the new Democratic Executive Branch, how much talent will leave the House and Seante and what will Michelle's responsibilities be? The First Clinton White House saw a very active First Lady attempting health care reform, what indeed will the New First Lady's pleasure be after standing by the President on Inauguration Day?
Vice president-elect Joe Biden holds one his grand-daughters during President-elect Barack Obama's election night party at Grant Park in Chicago, Tuesday night, Nov. 4, 2008. (AP Photo/M. Spencer Green)
Finding good help for their administration and cabinet won't be easy and a clean sweep of the Bush Bunch has to be mandatory as well as the US and global economies. Both wars are a disaster and in Afghanistan and Pakistan they are asking The Taliban to please negotiate.
So, the question remains, whom will join the new Democratic Executive Branch, how much talent will leave the House and Seante and what will Michelle's responsibilities be? The First Clinton White House saw a very active First Lady attempting health care reform, what indeed will the New First Lady's pleasure be after standing by the President on Inauguration Day?
Vice president-elect Joe Biden holds one his grand-daughters during President-elect Barack Obama's election night party at Grant Park in Chicago, Tuesday night, Nov. 4, 2008. (AP Photo/M. Spencer Green)
The NEW Senator from Delaware is?
The NEW Senator from Illinois is?
76 Days until Inauguration
...And I know you didn't do this just to win an election. And I know you didn't do it for me.
You did it because you understand the enormity of the task that lies ahead. For even as we celebrate tonight, we know the challenges that tomorrow will bring are the greatest of our lifetime -- two wars, a planet in peril, the worst financial crisis in a century....
Tuesday, November 04, 2008
Monday, November 03, 2008
Time to get out the vote.
Former Vice President of the United States of American, Al Gore, reminded me in an e-mail how important 'the vote' sincerely is. He stated:
In 2000, the entire election came down to a small number of votes in one county in Florida.
Four years later, we came up short by an average of nine voters per precinct in Ohio.
A small change in voter turnout would have made all the difference. Take it from me, elections matter.
And this time, supporters like you can make it happen.
That is a stark reality. Our country is about to be reclaimed, but, just a few MISSING voters here and a few MISSING voters there could actually defeat that initiative we all desire to take our country back.
Please remember the words and sentiment of our former Vice President. Please remember that every vote counts and we need all the votes that are rightfully ours to have. We need people that feel strongly about our democracy to vote and in time to make a difference.
It is magnificent to realize the effort to date and the turn out in early voting. I cast my ballot last week. I had made up my mind based on solid commitment to long established American values.
When I cast my ballot, I could not believe that so many at a 'Senior Center' (you don't have to be a Senior to vote at a Senior Center, although that might be a good idea) were coming to vote in a NEW venue of 'Curb Side Voting.' People that normally would stay home or perhaps would ask for an absentee ballot were now coming to the polling area to vote. One women drove up to the 'curb side voting' area in her van. When I looked to see why she needed to be treated specially, it was obvious, she was wearing oxygen and found it difficult to wait in line. She cast her ballot right there, in her van, with the assistance of a poll worker that came to her and provided the necessary ballot to fill out.
CURBSIDE VOTING (click here)
Any voter who, because of physical handicap or age (65 or older), cannot enter the polling place in which he is registered to vote, or is unable to stand in line to vote, may vote outside that polling place in the closest available parking area utilizing the vehicle in which he has driven or has been driven to the polls.
That was an incredible moment. How far we have come and yet how far we still need to go.
Please go vote.
If a disabled lady on oxygen can find the will to make it to the polling area to cast her ballot, so can everyone of us.
It's time to take back our country.
Its time to vote.
Please vote and ask all those you know to do the same thing.
Thank you.
In his Grandmother's shadow. Sincerest sympathies for her loss at this pivotal time.
HONOLULU — Barack Obama's trailblazing effort to become the nation's first black president has a family precedent.
Madelyn Dunham, Obama's grandmother, blazed a feminist trail in Hawaii banking circles in the late 1960s and early 1970s and rose to become one of the Bank of Hawaii's first female vice presidents....
Sunday, November 02, 2008
The Cheney Observer
Filing for Bankrupcy Protections doesn't necessarily mean increased joblessness. Keeping jobs in the face of poor business performance to maintain product production and marketing also provides 'economic stimulus' instead of unemployment.
There was nothing so wrong with the existing fiscal infrastructure that wouldn't provide BETTER for continued economic bouyancy than any 'bailout.'
When Silverado was 'bailed out' the federal banking system was sound and the FDIC provided funding for the S&L bailout. But, this was different. This literally was the federal system taking a huge nose dive into insolvency.
Republicans don't listen. They like to 'cover their tracks' long enough to blame others. You try to tell folks that if allowed to file bankrupcy rather than face a bailout would provide PROTECTIONS rather than the continued accumulation of 'continued bad' debt. They just don't 'get it.' Or don't WANT to 'get it.'
Nobel Winner Aumann Says Bernanke, Paulson Steps `Not Smart' (click here)
By Tal Barak and Alisa Odenheimer
Nov. 2 (Bloomberg) -- Robert J. Aumann, the Israeli economist who won the 2005 Nobel Prize in economics, said the steps taken by Federal Reserve Chairman Ben S. Bernanke and U.S. Treasury Secretary Henry Paulson to save financial markets ``weren't smart.''
``The intervention by the regulators to save the U.S. economy will lead to further bankruptcies of banks and insurance companies,'' Aumann said at a rabbinical conference in Jerusalem yesterday. ``They are only encouraging institutions to take more uncalculated risks.''
The crisis in the financial markets was caused by the incentives provided to managers of banks and other financial institutions that caused them to act to their own benefit and not the banks', he said. Bonuses were given on the basis of loan sales, without considering who the borrowers were, he said.
More than 100 of the world's biggest banks and securities firms have posted about $685.4 billion in asset writedowns and credit losses because of the financial turmoil. A month ago, Congress approved a $700 billion rescue package that gave the Treasury wide authority to buy and guarantee assets to prevent a U.S. financial collapse.
Aumann, who won the Nobel Prize for his work on game theory, said there is ``no financial crisis'' in Israel. The Israeli government's decision not to intervene in the financial markets was correct, he said.
To contact the reporters on this story: Tal Barak in Tel Aviv at tbarak@bloomberg.net; Alisa Odenheimer in Jerusalem at aodenheimer@bloomberg.net. Last Updated: November 2, 2008 11:19 EST
George Magnus, senior economic adviser to UBS, is widely acknowledged to have predicted that the US sub-prime mortgage crisis would trigger a global recession. Photo: Jane Mingay
George Magnus: the man who predicted the sub-prime crisis would lead to recession (click here)
George Magnus does not look like a prophet. Yet this is the man widely acknowledged to have predicted that the US sub-prime mortgage crisis would trigger a global recession.
By Josephine Moulds
Last Updated: 11:22PM GMT 02 Nov 2008
George Magnus, senior economic adviser to UBS, is widely acknowledged to have predicted that the US sub-prime mortgage crisis would trigger a global recession. Photo: Jane Mingay
Last March, when US Treasury Secretary Henry Paulson was busy reassuring the world that he for one was not concerned about global market gyrations, Magnus wrote a paper that now seems eerily prescient. As senior economic adviser to UBS, he suggested that the US sub-prime mortgage crisis could cause the end of the credit cycle "with potentially systemic economic consequences".
Liquidity could dry up, exposing the stratospheric levels of debt in the system, with knock-on reactions in complex financial asset structures and prices. Financial institutions, he wrote, could put a freeze on lending, prompting a recession that would give rise to more defaults, a downturn in the credit cycle and a negative feedback loop with the economy.
So, how does it feel to forecast the biggest financial crisis since the 1930s? "I'd like to have predicted something really nice," laughs Magnus, who at 59 has the air of a University lecturer rather than an investment banker....
Cotton merchant Paul Reinhart AG's US unit files for Bankruptcy Protection (click here)
10/18/2008 3:57 AM ET
(RTTNews) - Paul Reinhart Inc., Dallas, an indirect subsidiary of cotton merchant Paul Reinhart AG of Switzerand, announced the recent filing of protection under Chapter 11....
Digital Vision handed bankruptcy protection (click here)
Published: 16 October 2008 19:54
Author: Will Strauss
Last Updated: 16 October 2008 19:54
The short-term future of Digital Vision, the Swedish manufacturer behind the Film Master grading system, has been secured after the company successfully applied for its domestic equivalent of Chapter 11 bankruptcy....
Frontier gets OK to toss union pact (click here)
Machinists, judge hope outsourcing can be avoided
Bloomberg News
Published October 31, 2008 at 8:05 p.m.
Frontier Airlines can reject a contract with unionized machinists after agreeing to changes that make outsourcing aircraft maintenance work less likely....
Infinity condo developer files for bankruptcy protection (click here)
By Ryan Starr - Surrey North Delta Leader
Published: October 15, 2008 5:00 PM
Updated: October 16, 2008 10:46 AM
Wall Street woes have sent shockwaves through Surrey's Main Street.
The developer of the five-tower Infinity project in North Surrey has filed for bankruptcy protection as a result of the collapse of one of its chief financiers, Lehman Brothers.
The global investment bank filed for bankruptcy Sept. 15 after the U.S. Treasury Department refused to bail it out in the midst of the global credit-market meltdown....
Hilander loses bankruptcy protection (click here)
Wednesday, October 15, 2008 12:52 PM PDT
By Erik Olson
A federal bankruptcy judge in Tacoma revoked bankruptcy protection for the Hilander Family Fun Center in Kelso last week, leaving the business vulnerable to shutdown for failure to pay as much as $436,000 in back taxes....
Auto parts supplier base teetering in downturn (click here)
By Sharon Silke Carty, USA TODAY
DETROIT — While the big U.S. automakers lobby the government for some form of bailout, industry watchers are bracing for a major failure of the auto supply base if one or more of the Detroit 3 seek bankruptcy court protection....
Goody's says court confirms reorganization (click here)
Associated Press 10.08.08, 7:59 AM ET
NEW YORK -
Apparel retailer Goody's Family Clothing Inc., which filed for bankruptcy protection in June, said a court confirmed its reorganization plan.
The U.S. Bankruptcy Court for the District of Delaware confirmed the plan, which is expected to become effective in about 10 days.
In a statement Tuesday, Goody's Chief Executive Paul White said the decision will allow the business to move forward with "renewed vigor."...
Vocations go on vacation as the Mid-South economy stumbles (click here)
By David Flaum , Memphis Commercial Appeal
Sunday, November 2, 2008
Rising foreclosures and bankruptcy filings, more small businesses launched, fewer apartment renters, lower new-car sales and higher used-car sales -- all signs of one troubling trend: rising unemployment.
The September jobless rate of 7.1 percent for Tennessee was the highest in 21 years -- including during two recessions -- said William Fox, executive director of the Center for Business and Economic Research at University of Tennessee-Knoxville....
By ANNE D'INNOCENZIO – 2 days ago
NEW YORK (AP) — After slashing their spending in September as the financial meltdown intensified, shoppers went into full retreat in October, spooked by rising layoffs and shriveling retirement funds.
Retailers reporting October sales data for established stores next week expect to see the weakest performance for that month since at least 1969 — in many cases percentage declines in the mid-teens — and are frantically cutting prices even more to pull in shoppers.
"Consumers just stopped shopping," said Michael P. Niemira, chief economist at the International Council of Shopping Centers....
BY NANCY COLE
Posted on Thursday, October 30, 2008
Arkansas cotton producers holding contracts to sell at least a portion of their 2008 crop to Paul Reinhart Inc. are breathing a little easier this week.
U. S. Bankruptcy Judge Harlin DeWayne Hale for the Northern District of Texas has authorized Reinhart, the fourth-largest U. S. cotton merchant, to reject all of its outstanding cotton-purchase contracts....
North Georgia business bankruptcy filings surge (click here)
By MARGARET NEWKIRK
The Atlanta Journal-Constitution
Sunday, October 26, 2008
The popped housing bubble and crushed credit market have pushed record numbers of North Georgia businesses into bankruptcy court this year.
Chapter 11 filings are up between 50 percent and 70 percent over all of last year, depending on how they’re counted....
BUSINESS CH. 11FILINGS IN N. GEORGIA•
1998 -- 113
1999 -- 80
2000 -- 152
2001 -- 132
2002 -- 185
2003 -- 128
2004 -- 177
2005 -- 148
2006 -- 148
2007 -- 161
2008 to date -- 283
This year
January -- 6
February -- 53
March -- 24
April -- 15
May -- 34
June -- 29
July -- 16
August -- 53
September -- 24
October-- 29
Figure includes multiple related filings.
Thursday, October 23, 2008
Dynamic Leisure files for bankruptcy protection (click here)
Tampa Bay Business Journal
Wholesale travel company Dynamic Leisure Corp. has filed for Chapter 7 bankruptcy protection.
The company’s most recent quarterly report filed in May with the Securities and Exchange Commission several references to its failed attempts to gain capital.
“We have experienced historical losses and a substantial accumulated deficit. If we are unable to reverse this trend, we will likely be forced to cease operations,” the filing said.
At the time of the filing, the company reported $8.7 million in assets....
AND THEN out of tragedy comes a little ray of economic sunshine. Will there be insurance available to prevent complete losses in the future? Sure. At a price. Who cannot afford to pay the price actually? Someone is making money.
Lloyd's investors benefit from AIG fallout (click here)
By Ellen Kelleher
Published: November 1 2008 02:00
Last updated: November 1 2008 02:00
The black cloud hanging over the American International Group (AIG) may be poor news for the US economy, but it is good news for the syndicates of Lloyd's of London which are already seeing business flow their way as a result.
The troubles at AIG, which has received $123bn in emerging lending from the US Federal Reserve, are forcing both underwriters and clients of AIG to defect to Lloyd's. So the UK group's trading prospects are set to improve even after a long hurricane season, as rates are expected to rise in the wake of the US insurance giant's near-collapse and the credit crisis.
Indeed, some of the most popular of Lloyd's 75 syndicates, including Hiscox, are already looking to increase their capacity - or the amount of business they are able to write - next year to prepare for growing demand. And the tectonic shifts in the balance of power of the world's insurance sector are being welcomed by the 2,500 or so private investors who now underwrite about 17 per cent of the £16bn Lloyd's has in capacity. As rates rise, profits tend to rise with them.
"We believe that the effective nationalisation of AIG, the losses from hurricanes Gustav and Ike and the damaged financial health of several other leading insurers and reinsurers will lead to a steady improvement in Lloyd's prospects over the next two to three years," said James Sparrow, chief executive of Alpha Insurance Analysts, a members agency which offers private investors the chance to underwrite premiums in Lloyd's syndicates....
The list of bankrupcies filed in the month of October are far to numerous to continue to list here. The point is that although banks failed and were sold, the businesses within the American Landscape might be surviving okay.
Job preservation and creation needs to be the focus of any federal plan to protect the American economy.
Wall Street will take care of itself.
The businesses that provide the economy 'with purpose' and 'longevity of purpose' while employing a widening tax base will determine the best outcome to the failing and flailing USA economy.
There was nothing so wrong with the existing fiscal infrastructure that wouldn't provide BETTER for continued economic bouyancy than any 'bailout.'
When Silverado was 'bailed out' the federal banking system was sound and the FDIC provided funding for the S&L bailout. But, this was different. This literally was the federal system taking a huge nose dive into insolvency.
Republicans don't listen. They like to 'cover their tracks' long enough to blame others. You try to tell folks that if allowed to file bankrupcy rather than face a bailout would provide PROTECTIONS rather than the continued accumulation of 'continued bad' debt. They just don't 'get it.' Or don't WANT to 'get it.'
The 'thing' is this, now, AIG is losing ground again. And why? Because it didn't have the protections it needed to 'reorganize' and attempt survival. The monies that Paulson and Bernanke gave AIG simply went to 'continue' the losses that existed in the first place. AIG never had a breather, simply continued financing of their previous 'bad decisions.' Let's put it this way: the AIG 'bailout' wasn't so much a bailout as a chance to tread water a little bit longer. Why? Anyone's guess.
The chances the $700 billion 'bailout' will 'come back' to the USA Treasury is skeptical at best. The Paulson 'sell-out' of the financial markets may have staved off the liquidation of Goldman-Sachs, but, the 'idea' that all the bailout money was simply 'short term' bouyancy to a recovery is unrealistic. Besides, why 'bailout' rather than file for 'bankrupcy protections.' The USA Legislature was sold a 'bill of goods' under pressure from a panicked public.
Effectiveness of AIG's $143 Billion Rescue Questioned (click here)
By Carol D. Leonnig
Washington Post Staff
Writer Monday, November 3, 2008; Page A18
A number of financial experts now fear that the federal government's $143 billion attempt to rescue troubled insurance giant American International Group may not work, and some argue that company shareholders and taxpayers would have been better served by a bankruptcy filing....
Nobel Winner Aumann Says Bernanke, Paulson Steps `Not Smart' (click here)
By Tal Barak and Alisa Odenheimer
Nov. 2 (Bloomberg) -- Robert J. Aumann, the Israeli economist who won the 2005 Nobel Prize in economics, said the steps taken by Federal Reserve Chairman Ben S. Bernanke and U.S. Treasury Secretary Henry Paulson to save financial markets ``weren't smart.''
``The intervention by the regulators to save the U.S. economy will lead to further bankruptcies of banks and insurance companies,'' Aumann said at a rabbinical conference in Jerusalem yesterday. ``They are only encouraging institutions to take more uncalculated risks.''
The crisis in the financial markets was caused by the incentives provided to managers of banks and other financial institutions that caused them to act to their own benefit and not the banks', he said. Bonuses were given on the basis of loan sales, without considering who the borrowers were, he said.
More than 100 of the world's biggest banks and securities firms have posted about $685.4 billion in asset writedowns and credit losses because of the financial turmoil. A month ago, Congress approved a $700 billion rescue package that gave the Treasury wide authority to buy and guarantee assets to prevent a U.S. financial collapse.
Aumann, who won the Nobel Prize for his work on game theory, said there is ``no financial crisis'' in Israel. The Israeli government's decision not to intervene in the financial markets was correct, he said.
To contact the reporters on this story: Tal Barak in Tel Aviv at tbarak@bloomberg.net; Alisa Odenheimer in Jerusalem at aodenheimer@bloomberg.net. Last Updated: November 2, 2008 11:19 EST
George Magnus, senior economic adviser to UBS, is widely acknowledged to have predicted that the US sub-prime mortgage crisis would trigger a global recession. Photo: Jane Mingay
George Magnus: the man who predicted the sub-prime crisis would lead to recession (click here)
George Magnus does not look like a prophet. Yet this is the man widely acknowledged to have predicted that the US sub-prime mortgage crisis would trigger a global recession.
By Josephine Moulds
Last Updated: 11:22PM GMT 02 Nov 2008
George Magnus, senior economic adviser to UBS, is widely acknowledged to have predicted that the US sub-prime mortgage crisis would trigger a global recession. Photo: Jane Mingay
Last March, when US Treasury Secretary Henry Paulson was busy reassuring the world that he for one was not concerned about global market gyrations, Magnus wrote a paper that now seems eerily prescient. As senior economic adviser to UBS, he suggested that the US sub-prime mortgage crisis could cause the end of the credit cycle "with potentially systemic economic consequences".
Liquidity could dry up, exposing the stratospheric levels of debt in the system, with knock-on reactions in complex financial asset structures and prices. Financial institutions, he wrote, could put a freeze on lending, prompting a recession that would give rise to more defaults, a downturn in the credit cycle and a negative feedback loop with the economy.
So, how does it feel to forecast the biggest financial crisis since the 1930s? "I'd like to have predicted something really nice," laughs Magnus, who at 59 has the air of a University lecturer rather than an investment banker....
Cotton merchant Paul Reinhart AG's US unit files for Bankruptcy Protection (click here)
10/18/2008 3:57 AM ET
(RTTNews) - Paul Reinhart Inc., Dallas, an indirect subsidiary of cotton merchant Paul Reinhart AG of Switzerand, announced the recent filing of protection under Chapter 11....
Digital Vision handed bankruptcy protection (click here)
Published: 16 October 2008 19:54
Author: Will Strauss
Last Updated: 16 October 2008 19:54
The short-term future of Digital Vision, the Swedish manufacturer behind the Film Master grading system, has been secured after the company successfully applied for its domestic equivalent of Chapter 11 bankruptcy....
Frontier gets OK to toss union pact (click here)
Machinists, judge hope outsourcing can be avoided
Bloomberg News
Published October 31, 2008 at 8:05 p.m.
Frontier Airlines can reject a contract with unionized machinists after agreeing to changes that make outsourcing aircraft maintenance work less likely....
Infinity condo developer files for bankruptcy protection (click here)
By Ryan Starr - Surrey North Delta Leader
Published: October 15, 2008 5:00 PM
Updated: October 16, 2008 10:46 AM
Wall Street woes have sent shockwaves through Surrey's Main Street.
The developer of the five-tower Infinity project in North Surrey has filed for bankruptcy protection as a result of the collapse of one of its chief financiers, Lehman Brothers.
The global investment bank filed for bankruptcy Sept. 15 after the U.S. Treasury Department refused to bail it out in the midst of the global credit-market meltdown....
Hilander loses bankruptcy protection (click here)
Wednesday, October 15, 2008 12:52 PM PDT
By Erik Olson
A federal bankruptcy judge in Tacoma revoked bankruptcy protection for the Hilander Family Fun Center in Kelso last week, leaving the business vulnerable to shutdown for failure to pay as much as $436,000 in back taxes....
Auto parts supplier base teetering in downturn (click here)
By Sharon Silke Carty, USA TODAY
DETROIT — While the big U.S. automakers lobby the government for some form of bailout, industry watchers are bracing for a major failure of the auto supply base if one or more of the Detroit 3 seek bankruptcy court protection....
Goody's says court confirms reorganization (click here)
Associated Press 10.08.08, 7:59 AM ET
NEW YORK -
Apparel retailer Goody's Family Clothing Inc., which filed for bankruptcy protection in June, said a court confirmed its reorganization plan.
The U.S. Bankruptcy Court for the District of Delaware confirmed the plan, which is expected to become effective in about 10 days.
In a statement Tuesday, Goody's Chief Executive Paul White said the decision will allow the business to move forward with "renewed vigor."...
Vocations go on vacation as the Mid-South economy stumbles (click here)
By David Flaum , Memphis Commercial Appeal
Sunday, November 2, 2008
Rising foreclosures and bankruptcy filings, more small businesses launched, fewer apartment renters, lower new-car sales and higher used-car sales -- all signs of one troubling trend: rising unemployment.
The September jobless rate of 7.1 percent for Tennessee was the highest in 21 years -- including during two recessions -- said William Fox, executive director of the Center for Business and Economic Research at University of Tennessee-Knoxville....
Stores may post weakest October sales on record (click here)
By ANNE D'INNOCENZIO – 2 days ago
NEW YORK (AP) — After slashing their spending in September as the financial meltdown intensified, shoppers went into full retreat in October, spooked by rising layoffs and shriveling retirement funds.
Retailers reporting October sales data for established stores next week expect to see the weakest performance for that month since at least 1969 — in many cases percentage declines in the mid-teens — and are frantically cutting prices even more to pull in shoppers.
"Consumers just stopped shopping," said Michael P. Niemira, chief economist at the International Council of Shopping Centers....
Oct. 07, 2008 IN BRIEF
Sun Country will seek bankruptcy protection (click here)
Vacation-oriented Sun Country Airlines will file for bankruptcy protection but will keep flying to Southern Nevada and other destinations...
Cotton firms get relief in Reinhart bankruptcy (click here)
BY NANCY COLE
Posted on Thursday, October 30, 2008
Arkansas cotton producers holding contracts to sell at least a portion of their 2008 crop to Paul Reinhart Inc. are breathing a little easier this week.
U. S. Bankruptcy Judge Harlin DeWayne Hale for the Northern District of Texas has authorized Reinhart, the fourth-largest U. S. cotton merchant, to reject all of its outstanding cotton-purchase contracts....
North Georgia business bankruptcy filings surge (click here)
By MARGARET NEWKIRK
The Atlanta Journal-Constitution
Sunday, October 26, 2008
The popped housing bubble and crushed credit market have pushed record numbers of North Georgia businesses into bankruptcy court this year.
Chapter 11 filings are up between 50 percent and 70 percent over all of last year, depending on how they’re counted....
BUSINESS CH. 11FILINGS IN N. GEORGIA•
1998 -- 113
1999 -- 80
2000 -- 152
2001 -- 132
2002 -- 185
2003 -- 128
2004 -- 177
2005 -- 148
2006 -- 148
2007 -- 161
2008 to date -- 283
This year
January -- 6
February -- 53
March -- 24
April -- 15
May -- 34
June -- 29
July -- 16
August -- 53
September -- 24
October-- 29
Figure includes multiple related filings.
Thursday, October 23, 2008
Dynamic Leisure files for bankruptcy protection (click here)
Tampa Bay Business Journal
Wholesale travel company Dynamic Leisure Corp. has filed for Chapter 7 bankruptcy protection.
The company’s most recent quarterly report filed in May with the Securities and Exchange Commission several references to its failed attempts to gain capital.
“We have experienced historical losses and a substantial accumulated deficit. If we are unable to reverse this trend, we will likely be forced to cease operations,” the filing said.
At the time of the filing, the company reported $8.7 million in assets....
AND THEN out of tragedy comes a little ray of economic sunshine. Will there be insurance available to prevent complete losses in the future? Sure. At a price. Who cannot afford to pay the price actually? Someone is making money.
Lloyd's investors benefit from AIG fallout (click here)
By Ellen Kelleher
Published: November 1 2008 02:00
Last updated: November 1 2008 02:00
The black cloud hanging over the American International Group (AIG) may be poor news for the US economy, but it is good news for the syndicates of Lloyd's of London which are already seeing business flow their way as a result.
The troubles at AIG, which has received $123bn in emerging lending from the US Federal Reserve, are forcing both underwriters and clients of AIG to defect to Lloyd's. So the UK group's trading prospects are set to improve even after a long hurricane season, as rates are expected to rise in the wake of the US insurance giant's near-collapse and the credit crisis.
Indeed, some of the most popular of Lloyd's 75 syndicates, including Hiscox, are already looking to increase their capacity - or the amount of business they are able to write - next year to prepare for growing demand. And the tectonic shifts in the balance of power of the world's insurance sector are being welcomed by the 2,500 or so private investors who now underwrite about 17 per cent of the £16bn Lloyd's has in capacity. As rates rise, profits tend to rise with them.
"We believe that the effective nationalisation of AIG, the losses from hurricanes Gustav and Ike and the damaged financial health of several other leading insurers and reinsurers will lead to a steady improvement in Lloyd's prospects over the next two to three years," said James Sparrow, chief executive of Alpha Insurance Analysts, a members agency which offers private investors the chance to underwrite premiums in Lloyd's syndicates....
The list of bankrupcies filed in the month of October are far to numerous to continue to list here. The point is that although banks failed and were sold, the businesses within the American Landscape might be surviving okay.
Job preservation and creation needs to be the focus of any federal plan to protect the American economy.
Wall Street will take care of itself.
The businesses that provide the economy 'with purpose' and 'longevity of purpose' while employing a widening tax base will determine the best outcome to the failing and flailing USA economy.
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