Sunday, March 30, 2008
Obama: Back to a more realist foreign policy
"The truth is that my foreign policy is actually a return to the traditional bipartisan realistic policy of George Bush's father, of John F. Kennedy, of, in some ways, Ronald Reagan, and it is George Bush that's been naive and it's people like John McCain and, unfortunately, some Democrats that have facilitated him acting in these naive ways that have caused us so much damage in our reputation around the world," (read more at http://firstread.msnbc.msn.com/archive/2008/03/29/837657.aspx)
It is somewhat surprising that Obama refers so directly to a foreign policy tradition that is more associated with Republican presidents. Furthermore his rival's campaign will definately not appreciate the fact that he once again did not mention Bill Clinton when aligning himself with former presidents.
Based on current policy proposals and their voting records people might assume that there is virtually no difference between the two democratic contenders concerning foreign policy. I never thought that this is the case. And no, it is not only Obama's early opposition to the war in Iraq as examplified by the speech at an anti-war ralley. Taking a closer look at Obama's foreign policy team one might discover a surprising amount of sanity. Who could better testify to that than the always infamous neocon publication American Thinker (remember some of the most vicious Ron Paul smears?).
In the end it is the foreign policy why quite a view prominent (traditional) conservatives have weighed in on behalf of Obama recently. Andrew J. Bacevich, however reluctantly, makes the conservative case for Barack Obama in the American Conservative titled The right choice?. A real good article that goes far beyond the actual campaign, for the author, among other things , tries to define authentic conservatism and why the current GOP does not really represent it. Highly instructive is a piece by Justin Raimondo from antiwar.com called The War Party Targets Obama. Raimondo focuses on the often fierce opposition from the pro war crowd against Obama and shows that many of the same mechanisms and persons are at play that have targeted Ron Paul. Almost every link in this article is worth following. Joshua Snyder finally, gives even more examples of conservatives leaning towards Obama in his Blog entry Make Way for the Obamacons!.
-- Johannes
In 1896 McKinley ran for president on a platform of high tariffs and currency “as good as gold.”
Saturday, March 29, 2008
3 months ago in New Hampshire
My Fellow Americans
- Allan in Chicago
Friday, March 28, 2008
Ben and Ron together at last ! !
Good thing too. One city cannot handle two prophets at one time.
In fact, sometimes one state cannot even handle two (anti-Central Bank) scrappers at the same time (Andrew Jackson and "Old Bullion" Benton for example).
Who is "Old Bullion" Benton you may ask. Well, in this article from the Mises Institute, Rothbard writes that he does not think much of a US history book that does not mention Benton. That was enough for me look the man up.
History teachers out there. Do you know Sen. Benton?
- Allan in Blue Island
Illinois Congressional Maps Finally Online
CFR on the FED
More comfortable poles for me would be 1. FED intervention is justified and 2. FED intervention is never justified. Even more comfortable would be - the FED existence is justified v. FED existence is not justified.
- Allan
Tonight on Nightly Business Report
McCain pretended to like the free market.
Obama talked about something that sounded good, but did not seem to mean anything.
The journalist on "Nightly Business Report" referred to all three of them as having a stimulus plan.
--
Later, they mentioned a fact also mentioned in this WaPo article - that Jimmy Cayne, chairman of Bear Stearns did not get out of Bear stock at $2 / share. He sold for more than $10/share. This means he made $61 million instead of the nearly $1 billion in shares he owned as the company was peaking. I wonder what kind of lifestyle differences there are in having $61 million instead of $ 1 billion when you are 74 years old.
- Allan
A documentary on Eleanor Roosevelt
I just watched an excellent documentary of Eleanor Roosevelt on WTTW 11 in Chicago (the PBS station). It was an interesting view of a hard-working woman , very dedicated to social justice. It portrayed her as the eyes and ears of FDR in places where the disabled FDR could not go. Without meaning to be, the story was an insightful look at an important chapter in the creation of America's nanny state. A story of a caring woman, a caring husband, and the influence that they were able to exert over America's governmental institutions. An important reason for me to study modern American history is the answer the question for myself of "how did we get to where we are today?" This documentary helped me understand that question.
While still young, Eleanor played a role that many society women would not play. Not only did she stop in at a settlement house for immigrants, but she came regularly and assumed a role of responsibility. She taught dance and calisthenics. The Roosevelt family seemed to have a strong sense of social responsibility and Eleanor exposed FDR to a view of the world that he was unfamiliar with. For example, one experience was mentioned, where FDR over and over, afterwards, talked about how shocked he was that human beings actually lived that way. The documentary did not draw a distinction between volunteer organizations and government, but at this point, Eleanor was still very active in charitable organizations playing a philanthropic role.
Soon, however, that transitioned into the concept of Eleanor being well-aware of the misery in which people lived, and Franklin being well-aware of how government could be moved to help people. This team, as alluded to by the documentary, led to what would become the New Deal. The filmmaker went on to tell the story of people with unhappy family lives, going on to use government to make happy lives for everyone. FDR is depicted as a man who could not confront his own mother, who ignored the negatives believing they would disappear, who played a very limited role in the upbringing of his children, other than coming home and playing with them at the end of a work-day. Eleanor grew up in an out of control environment and the idea of people behaving in an "out of control way" (as stated by the filmmaker) was very unappealing to her. She had a very difficult time being comfortable with the idea of being a mother.
One gentleman interviewed for the documentary said some viewed the Roosevelts as a traitor to their class. That sounded plain ignorant, but something that I none-the-less believed was said and thought. He said that Eleanor more or less viewed the world as one big vast slum project. Also he added that she had "a large political equivalent of the housewife's desire to redecorate." This expanded from domestic affairs into foreign affairs as well.
The filmmaker claimed that FDR laid the groundwork for what would be the UN. Eleanor showed excellent political acumen in roles that she played at the UN and was chosen to chair the committee for drafting the Universal Declaration of Human Rights. In a speech that she gave, she pointed out that it would not be a treaty, would not be a law, it would simply be a declaration.
Later, as she was campaigning for Adelaide Stevenson, she received an interesting introduction. Evidently this was from an America and perhaps a world, much more comfortable with the concept of an American empire. In August 1956, she was introduced to the Democratic national convention as "the first lady of the world."
Woven throughout all of this, Eleanor Roosevelt was depicted as a tough, impressive, influential, hard-working woman.
- Allan in Blue Island
Digital TV - February 2009 - Right Around the Corner - BE CAREFUL NOT TO FORGET ABOUT THE SWITCH
- Allan
ADDENDUM - 30 minutes later - Another announcement about the Digital TV switch just happened. This time the public service announcement starred two of America's favorite handymen.
McCain is Breaking Laws that He Shepherded Through Congress
John McCain is breaking the law. Not just any law, but campaign finance law—an issue that he claims to champion. MoveOn has joined together with some leading bloggers to file a complaint with the Federal Elections Commission.
Will you sign on to the complaint with us? The more of us who add our names, the more the media will take notice of McCain abandoning his principles.
You can read the complaint against McCain and sign your name to demand accountability here:
http://action.firedoglake.com/page/petition/mccainfec
Here's the basic issue: Last summer, when McCain's campaign was seemingly on its last legs, he sent the FEC notice that he would abide by campaign finance spending limits in exchange for federal matching funds.1 He used the government's promise of those funds to secure a bank loan that kept his campaign alive.2
Now that he's got the nomination and has more money, he's trying to withdraw from the public finance spending limits. But that's plainly illegal. A past FEC ruling clearly said that candidates can withdraw from public financing "provided that the certification of funds has not been pledged as security for private funding."3 That's what McCain did. The American Prospect points out:
McCain has now raised and spent more than the $56,757,500 that was allowed under the rules he agreed to!5 That means every penny McCain raises and spends before the Republican National Convention is illegal—and he knows it.
Oh, and there's one more wrinkle. The FEC currently lacks enough commissioners to hold a vote against McCain! That's because Republican Senators want to appoint a dirty trickster to the FEC and won't let three good appointees through until that happens. Our new FEC complaint will draw some sorely needed publicity to McCain's flagrant lawbreaking and the Republican obstruction in the Senate—it'll also make sure there's something to vote on as soon as new commissioners are confirmed.
–Adam G., Noah, Ilyse, Karin, Justin and the MoveOn.org Political Action Team
Thursday, March 27th, 2008
1. "Acknowledgment of Receipt, Request for Presidential Primary Matching Funds," Federal Election Commission documentation to John McCain's campaign, August 10, 2007
http://www.fec.gov/finance/2008matching/mccain_docs_001.pdf
http://www.moveon.org/r?r=3537&id=12393-4873694-p8qScB&t=33
3. FEC Advisory Opinion 2003-35, to Richard Gephardt, December 12, 2003
http://saos.nictusa.com/aodocs/2003-35.pdf
5."Complaint Against Senator John McCain and John McCain 2008," March 24, 2008 (Citing McCain's March 2008 Monthly Financial Report
http://www.moveon.org/r?r=3539&id=12393-4873694-p8qScB&t=34
6. "Senate Battle Over FEC Nominee May Hamper Agency's Ability to Act," Washington Post, October 26, 2007
http://www.moveon.org/r?r=3538&id=12393-4873694-p8qScB&t=35
Support our member-driven organization: MoveOn.org Political Action is entirely funded by our 3.2 million members. We have no corporate contributors, no foundation grants, no money from unions. Our tiny staff ensures that small contributions go a long way. If you'd like to support our work, you can give now at:
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Not authorized by any candidate or candidate's committee.
Thursday, March 27, 2008
Will the troubles of Iceland spread to Eastern Europe?
How much inflation?
What these changes are and the political rationale behind them is well explained by John Williams in this article. John Williams runs the website Shadow Governement Statistics which is dedicated to esposing biased and manipulated government statistics (Huw made me aware of this site a while ago).
Concerning inflation he provides the useful service of computing CPI numbers by using the methods formerly in place. Thus, when computed the same as in 1990 (=Pre Clinton era CPI) actual inflation would be well over 7 percent (see the chart here). When computed the same as in 1980 it would be even as high as 11 percent. For the latter numbers and more see the Alternate Data Series.
So, any claims that inflation is historically low in comparison ring pretty hollow. After all, it depends on how you measure it.
John Williams was on CNN recently. His economic outlook was expectedly gloomy, but see for yourself . - Johannes
Ben and Ron together at last ! !
Good thing too. One city cannot handle two prophets at one time.
In fact, sometimes one state cannot handle two (honest money) prophets at the same time (Andrew Jackson and "Old Bullion" Benton for example).
Who is "Old Bullion" Benton you may ask. Well, in this article from the Mises Institute, Rothbard writes that he does not think much of a US history book that does not mention Benton. That was enough for me look the man up.
History teachers out there. Do you know Sen. Benton?
- Allan in Blue Island
I think the blackout has come to an end
Here he is referred to by the Guardian as "one of America's most fascinating political figures" and the author calls for him to be Secretary of State. Here he is receiving praise from FOX! WaPo wants a Paul-Gravel libertarian ticket. And, of course, here we can always count on Andrew Sullivan for some good Ron Paul talk. Sullivan explains why Paul still scares the GOP, says look at this mess Ron Paul is right, talks about the concept of being conservative, and says that RP will be remembered much more kindly by history than the chattering classes presently realize.
- Allan in Blue Island
Tuesday, March 25, 2008
Demand for Gas?
The Fifth Anniversary
- Allan
How Cheney Celebrated the 5th Anniversary
- Allan
How to Humiliate and Convert a Right Winger
The Conventions Ahead are Very important
Who will test this for us?
|
Dear CIGAs,
This weekend’s meeting of four heads of central banks communicates the size of the OTC derivative disaster. It is a system that is broken. A bailout will require the printing of trillions of dollars worth of monetary stimulation making Bernanke’s helicopter drop look like chump change.
The dollar number of pending derivative bankruptcies is the size of the mountain of garbage paper issued by just those who are to be bailed out. That number is greater than the total world economies.
There simply isn’t enough money in the world for central banks to buy up the mountain of worthless paper sold by those who need bailouts; all of which made fortunes for their directors, officers and key people.
When an OTC derivative fails to perform, notional value becomes real value.
The notional value of all OTC derivatives exceeds $500 trillion.
Credit default swaps (OTC derivatives) alone account for over $20 trillion dollars of notional value and are failing. Major dealers in these items, Lehman and JP Morgan, had their debt downgraded last week.
Maintaining the AAA rating on debt of public companies primarily issuing default swaps as credit guarantees is a sick JOKE of fabrication. This is a JOKE that in all probability will lead to litigation that destroys the rating companies.
You can be absolutely sure that all the biggies have their money out.
No one mentions these firms being bailed out are the ones who created this disaster, making billions for their economic sin. You can be sure the big boys have their money out of the now on-the-rocks international institutions.
No one mentions that bailing out the bankers will leave the average man victimized and paying for the pleasure of the economic rape.
Meanwhile Derivative Traders (salesmen of perdition, not traders) and their hedge fund managers are all in Greenwich Connecticut with their hundreds of millions and billions, now retired playing tennis on their indoor courts at their waterfront mansions as the mess deepens.
Litigation against the officers and directors of these international banking firms, both against the biggies personally as well as the company, will make the biggies occupation one of defending against litigation for the rest of their lives.
For those biggies in these companies who trust no one and therefore have wives with no money will lose everything. Some of them I know. What goes around certainly comes around.
Litigation against OTC derivatives are slam-dunk victories for the injured plaintiffs. The biggies will pay.
This is the greatest act in history of “Public Be Damned” and “Let them Eat Cake.” It will not come about because in the USA it is already the hottest political potato.
The problem is that the plan of the US legislative is down right STUPID. It is an embarrassment that legislators are so publicly moronic when it comes to economics.
The problem that no one is focusing on right now is the tracking of the mortgage itself to the structured product, which has broken down. That means in these items many can’t connect the underlying mortgage to the structured investment product (derivative).
So far courts have held that the only entity that can foreclose is the entity that actually lent the money. The average guy does not know that with an attorney to protect him he has a free house!
The entity that actually lent the money has sold the mortgage and been paid. Therefore where is the incentive for original lender to foreclose? The answer is there is none. Bankers do not help bankers in the same way that sharks do not help sharks.
Conclusion:
Because of the unthinkable size of the problem it is impossible to construct a Resurrection Trust to buy all these worthless and never to be anything but worthless items.
Should any item surface to do this it will destroy all the National currency of the central banks that participate.
If there were an attempt to construct such an entity with the cooperation of the USA, the US dollar would go much lower than .5200. Gold would go to many thousands of US dollars.
Anyone who last week assumed the problem was over and we would be improving from there on out is simply nuts.
Dishonest reporting of honest facts
Monday, March 24, 2008
Speaker of the House
Dr. Ben
We had family time today, reading this dispatch from Ben.
His name is revered in my family these days. - Allan
Dear Peter, Matej, Maros, Johannes, all my friends
in Bratislava and Vienna:
Happy Easter to you all!
I am having the most wonderful trip, meeting with
students almost every day. They are eager now to
hear the ideas that I talked about for 25 years
before I came to Slovakia in 2001. Things sure have
changed! I am looking forward to telling you about
all this.
I have not figured out what the Ron Paul people or
campaign are doing. I cannnot believe that it has
dissolved, but I just don't see much. It is amazing
how many people have not heard of him!
That brings usp my most disturbing observation of
this trip: that Americans receive almost no news
of the rest of the world in the media--newspapers,
news magazines, and especially television. The lack
of any news of the rest of the world, or even of the
state of the American economy is truly startling! I
was in Philadelphia for 3 days, which I mostly spent
relaxing and watching news stations. It is utterly
amazing. One gets much more news on Euronews every day
than Americans get a week from Fox, CNN, or MSNBC.
Even CNN's world news Europe gives more news than Fox
gives over here. One hears a lot of the "dumbing down"
of American education, but I had no idea that it
could affect even public news so much, too.
Obama's speech on race was one of the finest I have
seen since John F. Kennedy. But I am not so sure he
is sincere---or what his ideas will mean for the future.
Well, there will be vey much to talk of when I get back.
I will arrive back on April 9th in the morning.
I am looking forward to seeing you all and telling
you about it.
Ben
Dr. Mike
Making sure every single American viewer knows that TV signals will be different
What does it say about a country that more resources seem to be spent on preparing every TV viewer for the switch in technology than was spent presenting multiple viewpoints in the invasion leading to the war in Iraq five years ago.
I actually feel insulted every time I see a reference to the DTV switch. I feel insulted every time I'm reminded by someone that the US taxpayer is going to finance the switch for just about anyone who wants the switch to occur.
Above, I'm posting a letter from our dear friend Ben, that deals with a similar theme. What I must say I am grateful for, however, is how many dedicated people there are out there to fighting the lack of information that Ben mentions.
I too am looking forward to hearing more of Ben's future plans.
- Allan in BI
Saturday, March 22, 2008
More scathing critique of the FED
"Had I been the professor who would have judged his thesis for his Phd I would not have let him pass. I would have told him actually, Mr Bernanke, I give you one condition under which i let you pass, and this is that you never join a central bank, because you are a destroyer of money's store of value function... The only central bank that I would allow you to go to is the one under Mr Mugabe in Simbabwe... Mr Bernanke with his monetary policies, he will destroy the dollar."
Here is the full interview:
-- Johannes
The chickens are coming home to roost
"We have supported state terrorism against the Palestinians and black South Africans, and now we are indignant, because the stuff we've done overseas is now brought back into our own front yards. Americans chickens are coming home to roost." (see the broader segment beyond the soundbyte here).
The definition for this very phrase given here reads as follows: "if you say that chickens are coming home to roost, you mean that bad or silly things done in the past are beginning to cause problems". Well that to me sounds pretty much like a definition of the, now familiar, term "blowback". Thus, the fiery delivery and the religious implications aside, what Wright said seems to be a rather reasonable political assessment to me. Of course you get called a kook for that. Others have experienced this before, which is the implication of the following video, featuring Ron Paul among others.
The referral to Israel/Palestine is a particularly delicate one, and it is no secret that Barack Obama has experienced lots of headwind coming from Israeli backers in the US (see for example Good for the Jews? on Newsweek). In his speech on race (which was undeniably great) he consequently addresses the issue. There it reads as follows:
"But the remarks that have caused this recent firestorm weren’t simply controversial. .. Instead, they expressed a profoundly distorted view of this country — ... a view that sees the conflicts in the Middle East as rooted primarily in the actions of stalwart allies like Israel, instead of emanating from the perverse and hateful ideologies of radical Islam."
And here we are again: They simply hate us for what we are. To suggest otherwise is blasphemy.
-- Johannes (from Chicago)
45 minutes of good RP from '88
The Federal Reserve Bank is a Free Market Institution?
- Allan
Hooray Missouri - a party takeover underway
Our Sacred Honor
Anti-War March in Chicago
It was off-putting when the anti-war gathering was used as a platform for other political viewpoints. The presence of Puerto Rican flags, for example, outnumber American flags on the podium.
When I asked the folks near me aloud "Wasn't this supposed to be an anti-war march?" the five who were within earshot turned to me showing empathy for my annoyance. They too did not seem to appreciate the political tangent that the speakers were going off on.
Before the 10th or so speaker had finished speaking, a group had congregated in the street and start marching away. I was all too happy to come see the demonstration begin.
Along the route, I met some interesting folks there and it was great getting to bounce my ideas off of other well read regular folks with opposing viewpoints. Excellent time for dialog along the several mile long route.
Afterwards, some folks in the street refused to move and there was a little "We are tougher than you" contest between them and some police officer on four-wheelers.
Back home from there.
A good Easter weekend to all of you.
- Allan in Blue Island, IL
Wednesday, March 19, 2008
Will March 14th be Remembered as an Historic Day?
That is the day that the U.S. Federal Reserve announced that it will make capital available to loan J.P. Morgan any amount of money, and accept Bear Stearns' bonds (including mortgage bonds and other bonds which have no relation to the conservative kinds of securities the Fed used to take in) as collateral. Then, J.P. Morgan will loan this money to Bear Stearns and be guaranteed against losses by the U.S. Federal Reserve.
THIS WAS A MASSIVE BAILOUT AND IT WILL BE REPEATED IF ANY OTHER BIG FIRMS GET INTO TROUBLE
Let us call a spade a spade. This is a FULL ON...OPEN FOR ALL TO VIEW...NOTHING HIDDEN...BAILOUT...and one which must be continued in the coming days and weeks when government authorities do this for as many big financial institutions as need it.
By the end of Sunday, March 16th, Bear Stearns had been acquired by J.P. Morgan Chase for a small fraction of the stated book value.
THE SUNDAY NIGHT, MARCH 16 FEDERAL RESERVE ANNOUNCEMENT IS MOST IMPORTANT POINT IN THIS LETTER, AND THE MOST IMPORTANT THING THAT HAS HAPPENED TO WORLD FINANCIAL MARKETS IN DECADES. THE FED WILL PROVIDE SUPPORT FOR ALL PRIMARY DEALERS.
The U.S. Federal Reserve has just announced that they will provide capital to all primary dealers in U.S. Government securities, and will take any kind of collateral available. With this statement the Fed announced loud and clear that they understand the magnitude of the problem, and that they will bring all of their resources to bear to stop a meltdown of the world financial markets and a global depression. The International Monetary Fund (IMF) is trying to wake up all the global central banks with very strong pronouncements. Unless a nation has a desire to bring down the world financial system they should heed the IMF and watch the Fed. It is not too late, but action must be taken now. We expect announcements from many central banks that they are joining with the Fed to provide concerted action.
Next, the political functionaries in every well-meaning nation should act quickly to legislate repurchase programs for mortgage debt so that the financial markets can unfreeze and normal global financial functioning can return. At this stage, delay is a major mistake.
THE BIG BAIL OUT WAS BROUGHT ABOUT BY..."THE BIG GREED OUT"
It began, in our opinion, several years ago when financial institutions worldwide sold massive amounts of derivative securities...with huge commissions for the salesmen...to many buyers across the globe. When the math behind these securities failed to correctly take into consideration factors like illiquidity, problems began. The problems are culminated in the current recession, and the current "BIG TIME BAIL OUT."
A LOT OF PEOPLE SQUAWKED WHEN JIM SINCLAIR CALLED THIS. HE CALLED IT CORRECTLY AND COURAGEOUSLY. It is only fitting to praise his foresight. He convinced us years ago about the derivatives mess and we joined in communicating his prediction. In our opinion, this prediction by Jim is the best call of the new century.
Jim is humble about it, he does not brag about his correct predictions. As the old Indian saying goes "a tree heavily laden with fruits bows down."
WHAT'S AHEAD?
Coming next is something that we have been pounding the table about for a number of months..."THE BIG INFLATION"
It is easy to see that a big bailout will create massive liquidity...numerous unwise misplaced government programs...plus a few wise government programs. The most important visible and fast acting side effect of these efforts will be inflation...and lots of it.
PREPARE FOR INFLATION
For out clients and ourselves we own gold related, agriculture related, base metals and energy.
Thanks for listening.
Monty Guild
The lender of last resort
The last few days I've been calling folks, laying groundwork for future activities.
- Allan
Tuesday, March 18, 2008
Jimmy Cramer from a week ago on Bear
Here, the criticism begins with Jim Cramer, who appears independently minded, but surely has his own biases too. That makes him a mouthpiece for those biases. Some of those are reflected in this video. Very bullish on Bear just one week ago.
The video goes on to attack the Fed for the welfare handout to JP Morgan. The Fed too has its own biases. We allow those biases to be aired behind closed doors.
We are going through some financial and economic trouble right now, I am very curious how the Fed will look when we come out of this trouble.
Perhaps it will look a lot better, perhaps it will come out with many people realizing their distaste for the Fed. That question will be a litmus for me, for how the American public will answer many other questions of accountable government and personal liberties as we move forward.
- Allan in Blue Island, Illinois
The New Prince
My next book is The New Prince by Dick Morris. It was a gift from some kind folks in Washington DC. I've read a few chapters as I've paged through it so far and it has talked so far about - how important ideas are in politics, how important thinking is, how politicians rolling around with each other in the mud, actually ends up injuring both of them, and politics in general. However, political advisors, according to the book, usually recommend rolling around in the mud, over a higher level of discussion.
- Allan
An impressive man sharing impressive opinions
Here Rogers calls for an abolition of the Fed. He refers to the bailout as socialism for the wealthy. When asked what he would do as Fed Chairman, he responds - 1. Abolish the Fed 2. Resign. He talks about how it is possible that more money will be spent avoiding a recession than will actually be saved by preventing the recession. He says that theses delays only make the recession worse. On top of that, he asks, what is so bad about a recession, it's a way to clean things up and to start again from a solid foundation.
Until watching this video, I'd heard many good things about Jimmy Rogers, but I'd never heard him speak. What a good first impression he's left me with.
-Allan in BI
Monday, March 17, 2008
CPI is unchanged and Bear is worth $200 million
C'MON. It's time for my money to no longer be in that bank.
Seriously, even if CPI is unchanged, don't put that forward as if CPI is a good measure of anything.
I've been waiting on hold a ridiculously long time for it being a Sunday evening.
The reason for the long hold, according to the gentleman in Denver who picked up, was
1. People upset about Bear Sterns
and
2. People interested in buying into the Visa IPO on Wednesday.
If anyone ever comes across unfamiliar financial terms in their day-to-day, I would like to recommend www.investorwords.com.
- Allan
JPMorgan to Buy Bear for $2 a Share
JPMorgan Says It Will Buy Ailing Bear Stearns for $2 a Share, or $236.2 Million
NEW YORK (AP) -- JPMorgan Chase said Sunday it will acquire rival Bear Stearns for a bargain-basement $236.2 million -- or $2 a share -- a stunning collapse for one of the world's largest and most storied investment banks.
The last-minute buyout was aimed at averting a Bear Stearns bankruptcy and a spreading crisis of confidence in the global financial system.
The Federal Reserve and the U.S. government swiftly approved the all-stock deal, showing the urgency of completing the deal before world markets opened. Early indications, though, pointed to continued fear about the stability of the U.S. market, as the dollar hit fresh record lows against the euro, gold broke through $1,015 an ounce and Asian stocks sank.
Click here for rest of article
Sunday, March 16, 2008
Was Spitzer a Target for the White House?
This was sent up from Texas. Thank you, Bruce for the insightful article. In an article linked to this, and written by Spitzer for WaPo, you can find the following tough talk about the mortgage crisis in the US:
When history tells the story of the subprime lending crisis and recounts its devastating effects on the lives of so many innocent homeowners, the Bush administration will not be judged favorably. The tale is still unfolding, but when the dust settles, it will be judged as a willing accomplice to the lenders who went to any lengths in their quest for profits. So willing, in fact, that it used the power of the federal government in an unprecedented assault on state legislatures, as well as on state attorneys general and anyone else on the side of consumers.
- Allan in Blue Island, Illinois
The $200 billion bail-out for predator banks and Spitzer charges are intimately linked
by Greg Palast
Reporting for Air America Radio's Clout
~
While New York Governor Eliot Spitzer was paying an 'escort' $4,300 in a hotel room in Washington, just down the road, George Bush's new Federal Reserve Board Chairman, Ben Bernanke, was secretly handing over $200 billion in a tryst with mortgage bank industry speculators.
Both acts were wanton, wicked and lewd. But there's a BIG difference. The Governor was using his own checkbook. Bush's man Bernanke was using ours.
click here for more
Saturday, March 15, 2008
from the Granny Warriors
What the Price of Gold is Telling us
Friday, March 14, 2008
Obama in the media today
- Allan in Blue Island
A Request from Charlie
- Allan in Blue Island
----------------------------
Thanks for your kind note.
I remember reading an article in one of the big british newspapers ( I believe that it was the Independent) , about five years ago, stating that under the british system half of the people who need dialysis do not get it. I had to ask my RN wife " What happens when a person needs dialysis and does not get it?". She said: "They die."
I can't find the article.
My liberal friends are all over me for my note. If you or your people could find this or similar articles, I would be grateful.
Thanks
Charlie
A lawsuit that I came across today
Failure to act, failure to prevent, obstruction of justice afterwards are among her complaints, directed largely at the President.
I would highly recommend this reading for anyone interested in 9/11. I am not arguing any type of conspiracy theories here; I’m pointing you to a document alleging that President Bush simply didn’t do his job pre-9/11 and on 9/11 and obstructed justice after that time.
The good stuff starts with paragraph 22. Again, it’s not conspiratorial, it’s just a succinct version of what happened leading up to that day, based on the official record.
The most interesting paragraph of the whole things is as follows:
On July 26 2001, CBS News reported that Attorney General John Ashcroft was no longer using commercial airliners to travel – even for personal business – because of a "threat assessment" issued by the FBI. Instead Ashcroft was using a chartered jet that cost taxpayers $1,600/hr to fly. The news network further reported: "Neither the FBI nor the Justice Department, however, would identify what the threat was, when it was detected or who made it." (CBS News 7-26-2001)
- Allan in BI
A Distaste for Monopolies
I just got a copy of Michael Moore's SICKO. I have the ultimate love/hate relationship with Michael Moore. He is one of the finest film makers working today and an excellent socialist propagandist. Again he shows the worst of the american system with truth and sincerity indicating that 18,000 people die each year because insurance companies won't pay their claims ( I love him). Then he shows the best of the socialist systems Canada, Britain and Cuba providing "free" primary and preventative care and neglects to point out that those systems regularly deny life saving care to their chronically ill citizens. I am against all forms of monopoly whether capitalist or socialist.
I am most bothered by the fact that Moore failed to address that food is the foundation of any good health care system, and that we must stop using licensing "laws" to prevent alternative practitioners from spreading good ideas by working with people who want to work with them, and that true not for profit insurance associations are outlawed in america ( don't get me started on the fact that most of the so called not for profit organizations in america are engaging in monopoly capitalism).
OK , I am calming down now.
I was looking up some of the books Moore recommends, and found that the companion list was very interesting. Here it is:
http://www.amazon.com/s/ref=nb_ss_wl/103-9206401-4550229?url=search-alias%3Daps&field-keywords=two+income+trap&x=11&y=18
Has anyone read "The Smart Mom's guide to staying Home" or "Strapped: Why America's 20 and 30 year olds Cant Get Ahead"? What do you think?
Charlie
FED to Supply Cash
http://biz.yahoo.com/ap/080314/fed_credit_crisis.html?.v=20
We are living in interesting times.
- Dan (in BA)
Dollar Falls Below Parity vs. Swiss Franc
The dollar fell to an all-time low of 0.9987 Swiss francs , according to electronic trading platform EBS. It last traded at 1.0026 francs."
http://sg.news.yahoo.com/rtrs/20080314/tbs-markets-forex-swiss-franc-7318940.html
- Dan (in BA)
Thursday, March 13, 2008
What are your April 15 plans?
There's been a lot of increased discussion about April 15. I've come across mention of it here or there. I don't usually spend Tax Day in the US, so I'm not certain if that whispering is unusual or not. I'm also not certain what concrete plans exist, but it does seem that there will be some memorable happenings on Tax Day this year. Above is a video with an Aaron Russo voice-over in it that was sent to me earlier today.
- Allan in BI
April 15 in DC
-Allan in 60406
Gold passes 1,000 USD
A Government for All People
Allan in Blue Island, IL
Wednesday, March 12, 2008
info from yesterday's "IGOLD" event in Springfield
www.gunssavelife.com, www.illinoiscarry.com, www.gunmap.org. The third URL has an interesting map. Some laws are a whole lot easier to understand when it's graphic instead of verbal. Below is a photo of Chicago's Mayor Daley from one of the sites. It also plays on an interesting fact pointed out on the map - politicians are allowed to carry guns in Illinois, but not private citizens.
- Allan in Blue Island, IL
300 for filing
This came in the mail today. Surely all of you who are Americans have heard about this. If you haven't, I would like to advise you for the reasons stated above, to file for income taxes this year.
For those of you who have not heard of this: basically, any American who files with the tax authorities that they earned $3,000 last year, will get a check from the government in May for at least $300. It is Bush's economic stimulus plan. It will save the world.
Allan in 60406
Springfield with ISRA
This is the chamber of the Illinois General Assembly. (By about noon, they had already stopped their session for the day)
This is the other side of the legislature - the Illinois State Senate.
Offices in this building were very hard to find. On top of that, out of concerns for terrorism, the ladies at the information desk refused to give me or even show me a map of the building.
Here, I am seeking out a member of the Illinois General Assembly to talk with him about a bill that he put forward in response to the latest shootings in gun free zones near Chicago.
Maybe also for terrorism purposes (or because someone is just plain dumb) or maybe (probably the right answer) government in Illinois just works in this obfuscational way. The sign that showed what members were in what office is hidden behind a plant.
Here is a committee meeting. In one of those "if you can't say anything nice, don't say anything at all" kind of ways, I won't share my thoughts on the committee meeting.
(I couldn't get the picture to download, so I will try it again another day).
Here is a map that a guy brought. The map pointed out how Illinois and Wisconsin have unusually strict gun laws (when compared to the other 48 states).
(also a failed download attempt)
The was a reception. A State Senator from the Kirk event even appeared there and said to me "Yeah, Kirk gets all kinds of types at his meetings" when I went over and said hello to him. There were some nice folks there and I was happy to just talk to a few of them and to hear what was on their minds. They also had free Budweiser on tap and some snacks. The bus ride home, a lady and two guys and I talked for about an hour. It was good stuff. The woman will be debating one of my senator's Legislative Aides tomorrow on the topic of illegal immigration. She is associated with an organization called FAIR.
A good day/night to all of you.
- Allan in Blue Island
Monday, March 10, 2008
Oil
Blowback
The book of the day is from Rudy's Reading List. Every other sentence is the kind of thing that makes me say "Wow, wouldn't our newspapers be a whole lot better if I read these kinds of ideas in there?" So far, the basic question asked by the book is: What are the consequences of our covert or quasi-covert actions abroad? So far, the picture painted is grim. That picture welcomes a Ron Paul foreign policy for the US. - Allan
Buffet in simple terms
Why care about the US trade deficit? Well, it helps us to understand how the baby boomers have left my generation with a whole lot of mess.
A good night to you all.
-Allan in 60406
Sunday, March 9, 2008
FreedomFest2008
FreedomFest 2008 - Ron Paul has just been confirmed as a speaker and he will join our 100 plus speakers and 1,000 plus attendees in Las Vegas on July 10 -12 at Freedomfest 2008. We must continue the campaign to promote the Ron Paul Revolution of liberty, a return to limited constitutional government and free markets to the American public.
See www.freedomfest.com
Thanks,
Ron Holland, Wolf Laurel, NC
www.ronaldholland.com
The Chicago Way
I think there are quite a few readers of this who would appreciate the following link, an article that I was just directed to by a family member, the video and article, both by John Kass, deliver a good definition of what "The Chicago Way" is.
Do not be quick to disregard this piece of regionalism, just because it comes from a city that you might not like much, or you might not be familiar with. Please, instead pay great attention to it, so that you are not shocked if the stories about what Barack Obama had to do in order to get elected come out.
A good day to you all. I promise to soon include pictures and further details of my trips East to DC and South to Texas.
Allan
in Blue Island, IL
Monday, March 3, 2008
A Wall Street Journal Letter to the Editor
The following letter to the editor from Dr. Paul ran in today's Wall Street Journal:
"I was delighted to read in Judy Shelton's op-ed, "Security and the Falling Dollar" (Feb. 15), that at long last the security implications of the dollar's collapse have made their way into the mainstream media. The dollar's strength (or lack thereof) has been of paramount concern to me, and the subject of many of my statements over the past several years. Decades of manipulation by the Federal Reserve have benefited the government and certain politically-connected firms, while gradually destroying the purchasing power of middle-class Americans. Despite numerous warnings in the past, it is only now at a point of acute crisis that Washington insiders are beginning to awaken to the reality of the end of dollar hegemony.
"While I desire reform of our current monetary system, my own proposals have not been as all-encompassing as Ms. Shelton's suggestion to return to a Bretton Woods-style system. Her recommendation, though, that gold backing should make up a component of a future monetary system, is one that we would all do well to heed. My own legislative proposals focus around eliminating the taxes and laws that dissuade individuals and institutions from using gold as currency or as a backing for currency. By allowing market processes to determine the issuance of currency, we can allow individuals to decide for themselves what currency they wish to use. This would lead to a gradual reintroduction of sound money and avoid the market shocks that occur when monetary decisions are mandated by government fiat."
Rep. Ron Paul (R., Texas)
Washington
Sunday, March 2, 2008
Interesting talk...
He just stopped in where the four of us were working and we all took a break and spoke for a bit.
I'm still trying to get on top of the ball as much as the other guys are. I've fit myself into things well, but it seems to me like a good rule - to not go to a place to help out with a campaign unless you plan on spending a minimum of two weeks there. It's unlikely that I can be as effective as I am able to be here, due to the brief time I will be here prior to the election. Time to get back to work.
Allan
-in Lake Jackson, TX
Saturday, March 1, 2008
I made it to Brazoria County
Allan
in Lake Jackson, TX