Cheney Observer - continued...

Yuan rises on Paulson`s comments
Bloomberg / Mumbai December 14, 2007
The yuan rose to the highest since a fixed exchange rate to the dollar ended in 2005 as the US Treasury Secretary Henry Paulson said that China understands the need for a more flexible exchange rate.

Reports this week showed inflation at an 11-year high, a widening trade surplus and rising retail sales, supporting arguments that a stronger yuan is needed to cool the economy. China “recognizes’’ the need for greater fluctuations, Paulson said in his closing statement at the Strategic Economic Dialogue meetings outside Beijing.

“China is letting the yuan gain further, but it’s still not as fast as everybody in the Western world wants,’’ said Steven Chang, vice president for global markets at State Street Bank in Hong Kong. “The focus is now shifting to China’s domestic picture and the need to control inflation.’’

The currency rose 0.11 per cent to 7.3692 a dollar as of the 5:30 pm close in Shanghai from 7.3770 late yesterday, according to the China Foreign Exchange Trade System. It earlier touched 7.3640, taking gains to more than 12 per cent since the link to the US currency was scrapped in July 2005.

http://www.business-standard.com/banking/storypage.php?tab=r&autono=307435&subLeft=1&leftnm=2



Shorter Drug Sentences, Courtesy of the Supreme Court
Jacob Sullum December 10, 2007, 2:34pm
Speaking of crack sentences, today the U.S. Supreme Court, which two years ago declared the federal sentencing guidelines merely advisory, ruled by a 7-to-2 vote that judges are free to give defendants lower sentences than indicated by the guidelines because they disagree with the differential treatment of crack vs. cocaine powder. The decision does not apply to the mandatory minimum sentences set by statute, but it should result in shorter sentences for some crack offenders and smaller disparities in punishment between people caught with crack and people caught with cocaine powder.

http://reason.com/blog/show/123839.html



US cool on closer N Korea ties
The United States says it is not ready to engage broadly with North Korea, despite recent warmer relations.
Secretary of State Condoleezza Rice said the North Koreans must first abandon all elements of their nuclear weapons programme.
President Bush previously referred to North Korea as part of an axis of evil.
But last week, he wrote a personal letter to North Korean leader Kim Jong-il and this week a US orchestra got permission to play in Pyongyang.
Ms Rice's comments come despite positive remarks by her deputy after a visit to Pyongyang, the BBC's Rajesh Mirchandani notes.
Assistant Secretary of State Christopher Hill had said he was hopeful North Korea would provide a full declaration of its nuclear programmes by around the end of the year.
This is broadly in line with the country's promise to reveal and stop all its nuclear activities in exchange for fuel and economic aid.
Even though Condoleezza Rice said she was pleased about news the New York Philharmonic Orchestra was being allowed to play in North Korea, she insisted denuclearisation was the priority and that North Korea was "not a regime the United States is prepared to engage broadly".

http://news.bbc.co.uk/2/hi/asia-pacific/7141638.stm



Rice: N. Korea Still A Nuclear Threat
Chief Diplomat Says U.S. Won't "Broadly Engage" Regime Until All Nukes Abandoned
(CBS/AP) North Korea still has a long way to go to get off the Bush administration's list of nuclear threats, says Secretary of State Condoleezza Rice.
In light of new diplomatic and cultural outreach to North Korea, and what seemed to be a warming in relations, Rice was asked Wednesday whether the United States still considers the reclusive nation part of President Bush's "axis of evil."
"They are clearly still states about which there are significant proliferation concerns," Rice said during an Associated Press interview at her State Department office. "It would be very irresponsible not to deal with those dangers."
Rice was cautious on the topic, speaking a day after the New York Philharmonic announced it would play a concert in Pyongyang, and the week after word of a personal letter from Mr. Bush to North Korean leader Kim Jong Il.
"This is not a regime that the United States is prepared to engage broadly" until the North has scrapped its nuclear weapons program, Rice said. "If we are going to engage it broadly, it's clear in the program that we have laid out how that would happen, after denuclearization."

http://www.cbsnews.com/stories/2007/12/13/world/main3613854.shtml



Condoleezza Rice praises Putin's choice
Front page / World
12/13/2007 02:24
Mrs. Rice also stated in an interview released Wednesday that the U.S. administration asked Russia to be constructive in the Balkans despite its disagreement about whether Kosovo should be recognized as independent of Serbia.
Speaking about Putin's successor, Rice said that she believes that Dmitry Medvedev, 42, is an intelligent man representing a younger generation of Russians.
"He is somebody who has had responsibility for some kind of interesting programs in Russia, which is essentially trying to diversify the economy and a lot of work with the regions on efforts to wire the country with the internet and a variety of things like that," she said in an interview with the USA Today conducted Tuesday.
But she said that the U.S. remains concerned that Russia is stifling political opposition.

http://english.pravda.ru/news/world/13-12-2007/102762-rice_putin-0



Condoleezza Rice announces U. will help train Afghan prosecutors
By Brian Maffly
The Salt Lake Tribune
Article Last Updated: 12/13/2007 10:49:08 PM MST
Posted: 3:06 PM- The University of Utah's law faculty will play a hand in efforts to restore the rule of law in war-ravaged Afghanistan under an initiative to bring prosecutors to the S.J. Quinney College of Law for training.
On Thursday in Washington, D.C., Secretary of State Condoleezza Rice announced the U. project as part of the formal launch of a program called the Public-Private Partnership for Justice Reform in Afghanistan. This larger effort is designed to rebuild judicial infrastructure that was dismantled during the five years of Taliban misrule that came to an end with the 2001 U.S.-led invasion.
"This is an exciting moment for the law school," said dean Hiram Chodosh. "We are increasingly known for having assembled an unparalleled level of expertise with an ability to meet this kind of challenge." In the program's first year, 15 key Afghan prosecutors will come to Utah for three to four weeks of intensive training this summer.

http://www.sltrib.com/news/ci_7713616



Kucinich Putting Finishing Touches to Articles of Impeachment Against Bush
12.11.07 -- 7:49 AM
By Reno Gazette Journal
Touching on issues ranging from Yucca Mountain to the Patriot Act and the war in Iraq, presidential hopeful Dennis Kucinich spoke to a crowd of several hundred people in Reno Saturday.
Despite a steady snowfall outside, a standing-room-only crowd packed into two meeting rooms at the Reno-Sparks Convention Center to hear what the Ohio Congressman and Democrat had to say about issues he's most closely associated with: the environment and opposition to the war and the Bush administration in general. Those expecting Kucinich to deliver harsh words about the president weren't disappointed, as the half-hour campaign speech soon turned to talk of impeachment.
"On the way over here, I was reading a 50-page document that relates to Articles of Impeachment for the President of the United States," Kucinich said to a standing ovation. "And I want you to know that I'm actually preparing this document for submission to the House."

http://www.newsandcurrents.com/news/2007/12/kucinich-putting-finishing-touches-to-articles-of.html



George W. Bush Vetoes Children's Heath Insurance and strangles puppy
(Washington DC) US President George W. Bush took time out from his busy schedule to deny low income children heath benefits for the second time this session. To celebrate the veto the President then strangled a 3 week old Golden Labrador puppy.
According to white house staffers, the President feels good to is back on the offensive, blocking the majority Democrats in Congress and killing puppies "Gets is blood up for another fight".
Democratic leaders acknowledge that they lack the votes to override him, so Bush will again prevail, as he did the first time, on any override vote. Yet Democratic strategists argue that while Bush may be winning some legislative battles, the killing of puppies is a public relations nightmare.
Of course, White House insiders argue it is the Democrats who are on the wrong side of the issues, and the voters will move back toward the Republican ideals of hurting kids and killing puppies.

http://www.unconfirmedsources.com/?itemid=2881



Tony Blair cameos with Bush's dog in video
By Alex Spillius in Washington
Last Updated: 6:20pm GMT 13/12/2007
Watch: President Bush's dog stars in this year's White House Christmas video - alongside Tony Blair
It is not so much Blair the poodle as Blair a dog’s best friend.
The canine in question is Barney, President George W Bush’s Scots Terrier.
The former Prime Minister makes a cameo appearance in Barney Cam, a seasonal feature of the Bush administration that offers a light-hearted look behind the doors of the White House and raises awareness for a worthy cause.
In this year’s offering, Barney and his fellow terrier Miss Beazley aspire to become junior park rangers and scamper around the White House as it is decorated for the Christmas holidays.
Mr Blair appears in the dogs’ dreams, congratulating them on their new role.

http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2007/12/13/wbush213.xml


Lewisville warehouse is new site for Bush records
09:10 PM CST on Wednesday, December 12, 2007
By PAUL MEYER / The Dallas Morning News
pmeyer@dallasnews.com
Millions of records, photos and artifacts tracing the presidency of George W. Bush will move from the White House to a white North Texas warehouse by early 2009 under a recently awarded government contract.
RANDY ELI GROTHE/DMN
A six-year, $12.7 million contract will turn Lewisville's 1725 Lakepointe Drive into the hub of work to organize and catalogue a massive cache of presidential materials before they move into a permanent library.
The six-year, $12.7 million contract, overseen by the National Archives and Records Administration, will turn Lewisville's 1725 Lakepointe Drive into the hub of work to organize and catalogue a massive cache of presidential materials before they move into a permanent library.
"It is expected that the collection will be greater than the Clinton holdings, which consist of over 30,000 cubic feet of textual and non-textual holdings," National Archives spokeswoman Susan Cooper said by e-mail Wednesday. "The electronic component will also be greater than the Clinton administration holdings."

http://www.dallasnews.com/sharedcontent/dws/dn/latestnews/stories/121307dnmetbushwarehouse.228bcc3.html


Destruction of CIA Tapes Can't Hide Barbaric U.S. Torture Methods
A boyish, inquisitive face with an innocent look peered out from the Washington Post's lead story Tuesday on torture. It was well-groomed, pink-shirted John Kiriakou, a CIA interrogator who could just as easily pass for the local youth minister.
The report by the Post's Joby Warrick and Dan Eggen, which describes Kiriakou's experience in interrogating suspected terrorists, raises in an unusually direct way an abiding question: Should the United States of America be using forms of torture dating back to the Spanish Inquisition?
Nowhere is the mood of that infamous period better portrayed than in the famous Grand Inquisitor chapter of Dostoyevsky's Brothers Karamazov. Dostoevsky was unusually gifted at plumbing the human heart. While it has been 127 years since he wrote Brothers Karamazov, he nonetheless captures the trap into which so many Americans have fallen in forfeiting freedom through fear. His portrayal of Inquisition reality brings us to the brink of the moral precipice on which our country teeters today. It is as though he knew what would be in store for us as fear was artificially stoked after the attacks of 9/11.

http://www.alternet.org/story/70490/



Treason
Brian Napier, Concord
For the Monitor
December 13. 2007 7:16AM
In light of the latest release of the NIE on Iran, it is time for Shooter Cheney to go.
Even knowing that Iran had abandoned its hopes for a nuclear weapon all the way back in 2003, for more than two years, both he and Bush continued to beat that particular oil war drum, even to the point of trying to scare Americans (yet again!) with the specter of Iran starting a nuclear World War III.
Enough already! Intentionally lying our entire nation into their Iraqi oil war was and remains high treason. Outing Valerie Plame and wantonly destroying her invaluable international assets at a time of war was high treason. Attempting to lie us all into yet another doomed-to-failure oil war is no less high treason just because they were caught just in the nick of time.
Benedict Arnold probably feels a hell of lot less lonely nowadays!
BRIAN NAPIER
Concord

http://www.concordmonitor.com/apps/pbcs.dll/article?AID=/20071213/OPINION/712130351



Limbaugh misrepresented Bill Moyers, said "I'm pretty sure he's lost his mind"
Summary: On his radio show, Rush Limbaugh aired a clip of Bill Moyers saying: "And you couldn't say, 'How are we going to defeat the nigger?' How are we going to -- which is the word that was so common when I was growing up in the South. 'How are you going to defeat the kike?' referring to Jews -- you wouldn't do -- that woman would not have done that, I don't think." After the clip, Limbaugh said: "I have no idea what he's talking about. I do -- I'm pretty sure he's lost his mind. Meanwhile, they accuse us of saying those words and harboring those thoughts, and now look who's out saying them on PBS." At no point during the show did Limbaugh note that Moyers was discussing Sen. John McCain's response to a woman who asked him: "How do we beat the bitch?"

On the December 10 broadcast of his nationally syndicated radio show, Rush Limbaugh aired a clip of PBS' Bill Moyers saying on the December 7 edition of Bill Moyers Journal, "And you couldn't say, 'How are we going to defeat the nigger?' How are we going to -- which is the word that was so common when I was growing up in the South. 'How are you going to defeat the kike?' referring to Jews -- you wouldn't do -- that woman would not have done that, I don't think." Immediately after playing the clip, Limbaugh said: "I have no idea what he's talking about. I do -- I'm pretty sure he's lost his mind. Meanwhile, they accuse us of saying those words and harboring those thoughts, and now look who's out saying them on PBS." At no point during the show did Limbaugh note that Moyers was discussing Sen. John McCain's (R-AZ) response to a woman who asked him at a presidential campaign event in November: "How do we beat the bitch?" Moyers was arguing that there is much greater tolerance in public discourse of misogynistic language than other forms of bigotry.

http://mediamatters.org/items/200712120007?f=h_latest



KBR Chief Knocks Alleged Victim's Rape Claims
KBR CEO Says Jones' Rape Allegations Contain 'Inaccuracies'
By BRIAN ROSS, JUSTIN ROOD and MADDY SAUER
Dec. 13, 2007
KBR "disputes portions of Ms. [Jamie Leigh] Jones' version and facts," reads the memo from Bill Utt, KBR's president, chairman and CEO. The memo's authenticity was confirmed by a KBR spokeswoman, who said the company had no further comment.
Through a spokesperson, Utt has declined to be interviewed by ABC News.
Jones alleges that several Halliburton/KBR employees drugged and gang-raped her in company quarters inside Baghdad's Green Zone in July 2005, and that the company held her for more than a day without food, drinking water or the ability to contact the outside world.

http://www.abcnews.go.com/Blotter/story?id=3997377&page=1



Victim: Gang Rape Cover-Up by U.S., Halliburton/KBR
Jones, whose Baghdad living quarters are shown to the left, was raped by "several attackers who first drugged her, then repeatedly raped and injured her, both physically and emotionally," according to her lawsuit filed in federal court against Halliburton and its then-subsidiary KBR.
(ABC News)

http://www.abcnews.go.com/Blotter/popup?id=3948132&contentIndex=1&page=2



Oil-field-services companies likely to see more mergers
They require additional technology, says chief executive of Baker Hughes
By BRETT CLANTON
Copyright 2007 Houston Chronicle
Oil-field services companies may have to consolidate to win more business from state-owned oil firms in the Middle East and elsewhere, the top officer of the world's third-largest oil-field services company said Wednesday.
"Over the next five years, I think that will happen," said Chad Deaton, chairman and CEO of Houston-based Baker Hughes.
Mergers will be driven by the need to acquire more technology and to strengthen balance sheets, Deaton said during a presentation at the Deloitte Oil & Gas Conference at the Hilton Americas Hotel downtown.
Newly flush as crude prices touch new highs, nationalized oil companies in Asia, Africa and South America are spending more to develop oil and natural reserves in their countries.
Those state-owned companies often prefer contracting with oil-field services firms over international oil companies, such as Exxon Mobil and BP, which typically demand an ownership stake in the projects. Yet even the largest oil-field services firms lack the expertise to lead some foreign jobs.

http://www.chron.com/disp/story.mpl/business/5373877.html



London's $32 Billion Crossrail Proposal Clears House of Commons
By Reed V. Landberg
Dec. 13 (Bloomberg) -- London's effort to build the 16 billion-pound ($32 billion) Crossrail link from Heathrow Airport to Canary Wharf won the support of the House of Commons today, bringing the 18-year-old proposal closer to reality.
The lower chamber of Parliament approved the Crossrail Bill at its third reading without a vote, allowing the proposal to pass to the upper House of Lords in the coming weeks. Both houses must approve the measure for it to become law....
...Bechtel Group Inc., the San Francisco-based construction company that built the Channel Tunnel, was hired in 2005 to oversee the design of Crossrail. London Mayor Ken Livingstone has said Bechtel will be one of a handful of companies considered to build the railway. Construction may begin in 2010.
To contact the reporter on this story: Reed Landberg in London at landberg@bloomberg.net

http://www.bloomberg.com/apps/news?pid=20601102&sid=aGmxvfqUD318&refer=uk



Zacks Industry Rank Analysis Highlights: Bear Stearns, Goldman Sachs, Lehman Brothers, Morgan Stanley and Western Digital
CHICAGO--(BUSINESS WIRE)--Zacks.com releases the latest Zacks Industry Rank. Stocks featured in this week
’s analysis includes Bear Stearns (NYSE: BSC), Goldman Sachs (NYSE: GS), Lehman Brothers (NYSE: LEH), Morgan Stanley (NYSE: MS) and Western Digital (NYSE: WDC). To see the Zacks Industry Rank and the trend in earnings estimates revisions for more than 200 industry groups, visit http://at.zacks.com/?id=3154.
Zacks Industry Rank Analysis is written by Charles Rotblut, CFA, Senior Market Analyst for Zacks.com….
...It's not just Lehman that analysts have become increasingly cautious about. Earnings estimates have also been falling on several financial companies. Here is a breakdown for four of the largest investment banking firms, including LEH:
Lehman Brothers - The fiscal 2008 consensus earnings estimate of $7.39 per share is 26 cents below the average forecast of a month ago. LEH is a Zacks #3 Rank ("hold") stock.
Bear Stearns (NYSE: BSC) - Fiscal 2008 per share profit forecasts have fallen 73 cents over the last 30 days to $11.61 per share. BSC is a Zacks #5 Rank ("strong sell") stock.
Goldman Sachs (NYSE: GS) - Fiscal 2008 per share profit forecasts have fallen 41 cents over the last 30 days to $22.55. GS is a Zacks #3 Rank stock.
Morgan Stanley (NYSE: MS) - Fiscal 2008 estimates have fallen 92 cents over the past 30 days to $7.21 per share. MS is a Zacks #5 Rank stock.
The subprime fallout is causing multiple financial institutions to take large write-offs, a trend that is likely to continue as foreclosures rise. BSC said last month that is was taking a $1.2 billion write-down for mortgages and mortgage-related securities. MS announced that it was taking a $3.7 billion write-down in the fourth quarter. (GS seems to have been sidestepping the mortgage crisis, so anything that suggests the company is getting directly hit would be a negative surprise.)
The combination of rising defaults and complex financial instruments makes it extremely difficult for firms to accurately determine their exposure.
The credit crunch is compounding matters. Tighter liquidity makes it more difficult to fund deals. Initial data suggests that the number of mergers and acquisitions does appear to have slowed considerably this fourth quarter. Fewer deals mean less fees for brokers.

http://www.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20071213005723&newsLang=en



Brazil May Raise Interest Rates in 2008, Goldman Sachs Says
By Guillermo Parra-Bernal
Dec. 13 (Bloomberg) -- Brazil's central bank may begin raising the benchmark lending rate in June, signaling that an increase in food prices in Latin America's largest economy may persist longer than expected, Goldman Sachs Group Inc. said.
Goldman Sachs, the world's biggest securities firm, said the bank would probably start by boosting the so-called Selic rate by a quarter of a percentage point at its June 3-4 meeting, according to Paulo Leme, Goldman's Miami-based managing director for emerging markets, and Luiz Fernando Cezario, its Sao Paulo- based economist. The bank may raise borrowing costs by as much as 2.25 percentage points, pushing the Selic rate to 13.5 percent over an unspecified period of time, according to Goldman.

http://www.bloomberg.com/apps/news?pid=20601086&sid=axiE_GcuhqAo&refer=latin_america

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