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A Day To Be Celebarted...What's next?
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I don't hold out much hope!!!
I followed the President's walk-about yesterday when he went out to Florida to speak and "test out" the talking points of the SOTUS (State of the Union). As I noted in my daily write-up yesterday, I found the speech to be a centrist speech which I think the Republicans should embrace in a big way. I find it interesting that they have continued to basically "Just Say No".
I find the President's visit to the Republican Retreat quite intriguing. I welcome it because it shows that the Adminstration wants to reach out yet again. This has been a one-way street, though. Maybe the monthly meetings the President also proposed will help to bridge the apparent Grand Canyon that continues to exist. Governing is not easy. Governing is hard. Governing means choices. All who occupy the seats of power in Washington need to really understand that. Those on Main Street must remember to keep those people accountable. This accountability seems to have withered away. I find that quite disconcerting
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No one should be happy just yet!??!?
The news headlines yesterday were dominated with the 60th Vote that the U.S. Senate Democratic Leadership secured when Ben Nelson was brought on board. I am sure that there was a lot of horse trading going on til the last minute. Bernie Sanders apparently got more money for community clinics. Ben Nelson got more Medicaid Money for his state plus the assurance he needed on abortion. I do wonder what Joe Lieberman got for his vote after all the "noise" he generated. What I find fascinating is how such horsetrading is part of the legislative process and it is understandable.
What I find interesting is that both the so-called left and right spoke out against the bill. The most vocal opponent was Dr. Howard Dean, the former Governor of Vermont and the Chair of the Democratic National Committee. The Republicans took that as gospel. As for the Republicans, well they are going to pull out all the stops to head off the vote til Christmas Eve. The fact remains that this is just one more step in a rather long process. Although I am sure that Senators wish to spend Christmas with their families, the people's business comes first. Furthermore, it can still be derailed at the last minute
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WIll Our Leaders Wake Up?
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Never a Dull Moment!!!!
Saturday was quite a day!!! The useless Karzai refused to accomodate Dr. Abdullah, his main challenger as the country is gearing up for a second round. There have been stories throughout the day that Dr. Abdullah will withdraw from the second round. I even saw a New York Times report that Dr. Abdullah will in fact withdraw
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Will they get away with it?
The Healthcare Reform debate took an ugly turn today. The Insurance Industry's lobby, AHIP, succeeded in derailing the reform movement, yet again thru a report it came out noting that reform will do nothing to slow down the cost of healthcare and that premiums will go up. From what I have seen of the folks who actually did the analysis, they have no expertise in healthcare. The rationale used by the AHIP Press Secretary to justify their view of "universal coverage" was quite amazing.
The insurance industry wants everyone to be covered. But, the AHIP's report wants everyone to buy their products that has pretty much driven the US economy to the ground. When I see my sister's hospital bill at 12,000 Dollars for a single overnight stay (and Insurance will not cover it) I see a problem. When I see my mother's surgery and how costly the surgery has been, there has to be a better way. The major players (United Healthcare, Wellpoint, Blue Cross/Blue Shield, Aetna, CIGNA) just want things the way they are. These major players have already instituted rationing. They are just interested in one thing: Profits
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The talk of the town over the last week or so has been on Healthcare. President Obama's Wednesday News Conference was all healthcare. The debate with the talking heads has been on healthcare. Democrats have profound differences within each other. In the midst of it all, the ordinary folks seem to be just lost in the shuffle.
Everyone notes that there is no need to "rush" this. What is apparent is that the Republicans are pursuing a strategy of "just say no". I have trying to find a plan that the Republicans have. The only thing I have read is "choice" and "competition". It is those two things that has caused premiums to go up, insurance companies to continue to deny coverage and costs to go up. Not withstanding the debate itself, the only problem I have with "rushing this" as Mr. Bohener and Mr. McConnell have said is that the United States has discussed this for the past one hundred years. Teddy Roosevelt first talked about it back in 1912. How much more time is needed?
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and to never, ever forget.....
As Memorial Day concludes in the United States, I reflected upon all who paid the ultimate price. I salute all who have served and continue to serve right now all around the world. In between my projects, I took a little time to watch a few of the old movies that celebrated memorial day . I was especially moved, yet again, by the story of Sergeant York that was played so brilliantly by Gary Cooper. I was ever more moved when he rejected all those offers simply because he understood that what his was simply because of his duty. I also had a chance to read a story in the online edition of the LA Times about every day being memorial day at Camp Pendleton as the country enters the eight year of war.
As I reflected upon this time, I continue to be concerned as to the debate on the future course of National Security Policy. I think that we have to insure that all our values are adhered to and never forgotten. We would be doing the utmost disservice by succumbing to the politics of fear which seems to be the order of the day. We are here today because of giants like Admiral Halsley who understood what it took for America to succeed. This clip from "The Gallant Hours" is one to remember
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Freedom of Speech at its best
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Will Republicans Listen?
Jack Kemp died of Cancer last night. For those who do not know who he was, he was a Quarterback for the Buffalo Bills who went on to have a very successful Political Career as a Member of the U.S. House of Representative, Cabinet Secretary and Vice Presidential Nominee. He helped to pass Ronald Reagan's First Tax Cut along with the late William Roth of Delaware.
Although I have had fundemental disagreements with his views on Government, I respected him because he understood how to reach out to others. He believed in the Republicans having a big tent. He understood before many how America was changing. He talked about it in this Meet the Press interview with the last Tim Russert
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When will we see the end?
One of the side shows of the 2008 campaign is still the lingering Minnesota Senate Race. Norm Coleman has been putting up a valiant fight. From what I read in the Thursday edition of the New York Times, he has given up quite a bit to do what he thinks is right. He has no job right now and spends his time weighing his legal options and working part time as a consultant for the American Jewish Congress. I felt kind of sorry for him as I read this story.
As I have bee assessing the continued legal challenges and the road ahead, it seems as if the odds are stacked against Coleman and for Al Franken. I continue to be concerned as to the rhetoric from the right on this. Some of the more passionate advocates have said that the election is being stolen. I have seen no indication of it. I have found Minnesota to be one of the most transparent of processes out there. For the sake of the people of Minnesota, this has to end at some stage though
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Should the Adminstration Be Believed?
As the week came to a close, the markets continued their recovery. Wells Fargo Bank had records profits and Ford cut its debt. But, unemployment has continued to rise. The International Monetary Fund has estimated worldwide losses at somewhat in the neighborhood of 4 Trillion Dollars.
In the United States, losses by US State and Local Pension Funds are estimated to be at approximately 40 percent of the 2 Trillion Dollars held by the 2600 Pension plans that pays out pensiosn for retired teachers, police officers and firefighters.hese pension plans are selling their assets at fire sale prices trying to make their pension obligations.In the midst of this mixed news. I continue to be concerned about Congressional Budget Office estimates on the actual costs of the proposed Budget Blueprint. The deficit is projected to be 9.3 Trillion Dollars over the next decade. It will average 5.3% of the GDP--something that the President's Budget Director himself concedes is unsustainable
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Reality Has Arrived....
Bob Gates, the U.S. Secretary of Defense, has begun a process to truly transform U.S. Defense Policy. I have written about the F22 and the analysts who have attacked how useless the plane is. We have to truly think about Smart Government in the era of limited means. For a country that continues to fight two wars with no end in sight, the country has to change its stance. The Secretary's bold move to transform the defense budget has begun this process.
As this debate begins, the opposition will be fierce. Senator Inhofe of Oklahoma has come out with a YouTube Message accusing the Adminstration of disarming America. There will be others on the so-called right who will be just as strident and bellicose in their rhetoric without realizing the true realities going on. I view Mr. Inhofe's pronoucement as not truly credible simply because of his role in delaying plans to deal with global warming due to his scepticisim and belief that somehow global warming was an "act of god". I think that Mr. Gates understands what needs to be done. If there are concerns, I expect it to be on the merits. If the human capital is the concern, I am certain that they can be reassigned to other projects and initiatives. As it stands, America will still spend more than the entire rest of the world combined. Taking advantage of Smart and Innovative ways to adjust to the new realities is the right and responsible thing to do. I see no other way.
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We must never, ever forget!!!
Whenever someone dies, it is always a sad moment. Life is the most precious resource granted. The death always leaves a void. Although I have continued to believe that we are all passengers in this journey of life, the emptiness will never overcome. I view it as ever more tragic for the heroes who have paid the ultimate price while serving in wars in faraway lands. This includes Americans, Canadians, British, Australians, German, French and other NATO and coalition members who have strived to eradicate the extremism that continues to grow like a cancer.
When President Obama came into office, he directed Secretary Gates to leave it to the families to decide whether to allow coverage of their fallen coming back home. Mr. Gates decided to leave it up to the families. The first coverage was of the latest fallen hero, U.S. Airforoce Staff Sergeant Philip Myers
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Lessons On What Not To Do.....
As I have written about the Econmic Winter of our times, I have also continued to witness quite a transformation despite the challenges all around us. I view the transformation in the technology space as nothing less than spectacular. As a "Twitter" addict, a facebook "fan", and a committed writer/blogger, I am excited about the possiblites. I was witness to Sun Microsystems meteroic rise to be the darling of the IT world during the dot.bomb era. I cut my teeth writing my first email on a Sun Sparcstation 2. I was also witness to the spectacular fall when the bottom fell out back in 2000.
Since the internet bubble burst, Sun Microsystems has tried to figure out a reason to live. It has attemptef to be the go-to vendor for open source by buying the leading open source database player (MySQL), it made a signifcant investment in storage by buying a major storage player (storagetek), yet it has failed to gain any traction. It has a large installed base and a signifcant service business. But, it appears that the days of it being an independent major player has passed. I view Sun as a company about potentially what may have been. I think that it is another symbol of the very transformation that we have had to deal with throughout the last number of years
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"Change" has occured....
Eric Holder, the U.S Attorney General, has decided to drop all charges against former Republican Senator Ted Stevens. Thanks to this single decision, I believe that name "Justice" has truly been put back into the Justice Department.
I wrote at the time that Senator Stevens had to be commended for his service. I stand by today. Today's decision removes a cloud over the years of service Senator Stevens has had. Countdown had a discussion about it earlier on this very subject
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Cause to Celebrate? Hardly......
The Dow went up almost 7% today. The rally was quite spectacular. It was in response to the U.S. Government's plan to buy up to a Trillion Dollars worth of Toxic Assets to help get lending going again.
Although Paul Krugman noted that "..Zombie Ideas have won...", It is frankly gratifying to write about some good news after so much bad news that has been out there. I have written weekly about the Economic Winter we have had over the last number of months. The U.S. taxpayer will guarantee any monies put up by private investors against any downside risk. To me, It is quite a deal for anyone who has money to invest. Yet, what bothers me is how the underlying fundementals of the banking system remains shoddy and broken and has to be changed
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What other shoe will ever drop?
I had hoped to leave behind the Bush years in my writings here. Yet, it appears that the actions by the Bush Adminstration will continue to be the talk of the nation for a while yet.
I have been reading with horror comments by Seymour Hersh about what had transpired about an alleged assassination squad. The accumulation of power is quite scary. I realize that the reporting done here by MSNBC is biased. Between the John Yu memos and this allegation, it shows an apparent debunking of the Constitutional Form of Government during the past eight years. Not withstanding the political tone of it, the mere fact that this kind of "command" existed should be of concern to all
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Although Funny...it may well be scary.....
I find the recent spat between Jon Stewart and Jim Cramer and Meghan McCain and Ann Coulter hillarious to say the least. Bill O'Reilly talked about it in his Factor show on Monday on Fox News. He talked the Cramer vs. Stewart feud with Stewart Varney of Fox Business and on Meghan McCain vs. Ann Coulter with a reporter for the Washington Times.
I saw Jon Stewart's show, I saw Jim Cramer's "response when he appeared on MSNBC and NBC and then Jon Stewart's rebuttal. Jon Stewart nailed Jim Cramer. There was no question about it. But, O'Reilly's way of lambasting Stewart for going after him for being "liberal" and "mainstream" is a bit far-fetched. What O'Reilly and the folks at fox forget to tell the rest of the world is that they were the "mainstream" during the 8 years of the Bush Adminstration. They pushed this fiction that markets work and self-regulate and had to be left alone. Well, this so-called conservative philosophy (as they call it) was in fact the cause of the economic winter we are faced with today. Bernie Maddoff and Allan Stafford are but the most extreme of examples. But, the entertainment nature of CNBC was also just as much to blame in my view. Jon Stewart called Jim Cramer on it. I do commend Jim Cramer for agreeing to appear on The Daily Show later on tonight. That should be quite interesting. But, this fiction of a liberal bias that Bill O'Reilly continues to push gets to be old. It is entertaining and funny, though. Cramer made some bad calls and he has to own up to it
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I congratulate the US Senate for the vote to ease sanctions on Cuba. It is high time!!! As I celebrate another one of the Bush policies being tossed into the waste basket, I thought about Israel. I wonder if the Congress (and by extension the Adminstration) will have the courage to show Israel the "tough love" necessary to overcome the deep divisions that continues to haunt the region and the world.
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Another Insightful analysis Worth Listening You...
I consider Ahmad Rashid, along with Tariq Ali, as one of the most perceptive South Asia Analysts today. US policymakers should take the time to listen such men. This is an interview Ahmad Rashid did about the historical stance between the Afghans and the Pakistanis. This underscores how we have paid a heavy price for ignorance:
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Who is right? Who Knows/
The Sunday Talks shows on US Network Television featured quite a number of political and media personalities. As I attended the NBC and ABC's webcast, I was trying to find an alternative vision that the Republicans offered. Lindsay Graham and Richard Shelby only said that they were opposed. Beyond that, I did not hear any concerte solutions to get this economy jump-started again.
NBC also featured New Ginrigch. He is probably the leading Republican thinker right now. He also brings a historical sense of it all, having been a Professor of History. I was gratified to hear him say two key things: 1) The Economic Winter we're contending is nothing like we have seen before & 2) He does not want to see the President fail. In my view, these two key things are a solid basis to talk about a constructive vision of the future. I found his contention that the proposed tax increases as equivalent to the smooth-Hailey Tarriff Act a bit of an overstretch. I also think that the advocacy of doing nothing is also quite distrubing because of the disastrous decision made by Herbert Hoover
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As I continue to assess the state of our economic health, it seems as that elusive sense of hope and optimism is forever elusive. Let's just see a sampling of the reports over the last two days:
1) The Dow in the United States lost another 200 points just on March 5. It is at the lowest it has been since 1997. But, the bigger story is the Wilshire 5000 index. It truly shows the extent of the bloodbath we continue to see
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Will we ever hear any good news at all?
The blood letting in the markets has continued nonstop. The Dow was as choppy as ever as I was monitoriong the daily trading. Beyond that, there is not much good news that I could hold on to.
I did find the Adminstration's annoucement of a new trillion dollar loan facility interesting. But, the problem I see is that the Opposition will continue to throw whatever roadblocks it can. The need to move and spur investment is driven by how bad things are for the financial system and the overall economy. I found the news about Ford's Feburary Sales to be especially shocking. Sales dropped 48% from the same period last year. People have just simply stopped buying. I view Ford as the one that has a fighting chance to emerge from the carnage in the Auto Industry. It will be a shadow of its' former self, but at least it will survive
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...we should all listen!!!!
Dr. Doom (aka Nouriel Roubini) was just interviewed by France24 (http://www.france24.com). He was one of the few economists who foresaw this Economic Winter we are faced with. A startling statistic he noted was that US Banks have a capital shortfall of some 1.5 Trillion Dollars. Furthermore, his assessment was that the U.S. Financial System was under government control. The guarantees extended by the Government is some 9 Trillion Dollars.
The argument of whether we're socialists now is pretty much settled. Nationalization has happened for all intent and purpose. Citigroup was the first to fall. Right now, AIG is getting a 4th bailout. Others are in trouble. I predict that The Obama Adminstration will make the decision in relatively short order to formalize this and work to get it cleaned up. There is no other way out.
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We're Living in Interesting Times
The week has been an interesting, fun and exciting week. It started with Barack Obama's Speech to Congress, the release of the budget blueprint and then culminated with the Conservative Annual Lovefest at CPAC in Washington. Barack Obama also announced plans to remove troops from Iraq. I found John McCain's support to be surprising. Yet, the Democrats were not happy. There was of course Tavis Smiley's State of the Black Union in Los Angeles. I saw Michael Steele there as well. MIchael Steele continues to interest me a great deal.
CPAC's Congress has interested me a great deal. I have been reading with great interest the speech by Rush Limbauagh, who is the "man" in talk radio. I saw other conservative luminaries come out to make their case. I almost fell out of my chair when I heard Rick Santorium throw George W. Bush and John McCain under the bus
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The Battle Lines Have been Drawn
The President's Budget Blueprint has been released and is now available on http://www.omb.gov, the Office of Management and Budget Website. It is 142 pages long. There is a big gap between capacity and the ability of businesses to produce right now. Government has to be the purchaser of last resort. The blueprint has begun this process.
Understanding this blueprint will take a while. I will not take what the Republicans or the Democrats say at face value. I do welcome a number of initiatives. For instance, I think that in the spirit of "Smart Government" that I advocate, some of the weapon systems is clearly not geared towards war in the 21st Century. The one weapon system is the F22 Raptor. There are jobs at stake. But the F22 has not seen one day of action and is suspectible to be brought down by a single missile. It seems to me that at $ 140,000,000 per plane, the taxpayers can get a lot better bang for the buck by investing it in drones. From the recent testimony I have seen Secretary Gates give before the Congress, he is in agreement with this. There are many other places where we can look at doing things differently
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Quite a Scene!!!!
Mr. Obama went before the Congress to speak on the State of the Nation. He began by reminding the country and the world about the crisis America faces, but he said that "..we will recover". As I reviewed a preview of the speech on the White House website, I was moved by a quote form Ty "Sheoma Bethea, a 8th Grader from South Carolina. She is a student in a run-down school. She took to writing to her members of Congress asking for help for her school. She borrowed the money from her principal to mail out the letter. She reminded the members of Congress that , "....we're not quitters". This is what the American Spirit is all about
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Tariq Ali, in this interview, provides insightful analysis on Pakistan. What he discusses is chilling and scary. The history of the two countries has been interwined beyond anything commonly known or discussed. The images seen in the so-called mainstream media can't be further from the truth:
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No One Knows What Will Happen?
There is only one sentence to describe what happened in the markets on Monday: It was a dismal day. The Dow dropped down to 1997 levels. There were some discussions by analysts that markets may even drop to the 6500 level before any "turn-around" is evident.
Barack Obama hosted the Congressional Leadership at the White House and took questions. Today was the day when he addressed his goal to half the deficit by 2013. I commend him for this stance. But, with the exploding cost of Medicare and the continued stress on the financial system, it is going to be a tall order. In addition, there is of course the two wars in Iraq and Afghanistan. I view the committment to be more transparent in the budgeting process as a signifcant move in the right direction. I have continued to be bothered by how the Federal Government did not count the costs of the wars as part of the overall budget
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Some tough decisions have to be made....
I have just seen a disturbing report about Citigroup negotiating with the Government about the Government taking a 40% stake in the Bank. As I see it, it is nationalization for all intent and purpose. When the entire market capitalization of Bank of America is 19 Billion and the Government has extended 45 Billion Dollars already, that means that the Bank has been nationalized.
As I await the President's message on Tuesday, I am trying to assess why The Adminstration is not considering the Swedish Model of the 90's and subsequently reorient the banking sector so that it is somehow like the Canadian Model. Canadian banks are among the healthiest banks in the world. The Tier 1 Capital ratio is quite healthy and it can indeed be a model to follow going forward. There are successful models to follow. We can't afford to live through what Japan lived through during its lost decade of near depression
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As the stimulus plans begins to work its' way through the economy, the continued suffering continues. The news continues to be dreadful. There is the drop in Japan's GDP--some 12.7%. Spain's economy is in dire straights. The unemployment rate is forecast to be at 19.5% and the deficit at 6.5%of GDP. There is talk of a depression in Spain. Moving on to Russia, there is the drop in Russian Industrial Output of some 20%. Dmitri Medevedev seems to begin to get it. He came out criticizing the Government (headed by his old boss Vladimir Putin) and had already fired four Regional Governors.
The United States continues to be on the edge of the abyss. John Laing Homes, a major home builder, declared bankrupcy this past week. Markets continue to be spooked. The market dropped 100 points on Friday alone. Gold topped $ 1000/Ounce
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Nothing to get excited about...yet!!!
The Goverment and the Pakistani Taliban have agreed to a 10-Day truce in the SWAT valley. I welcome it. I think it provides an opportunity for everyone to step back, take stock on where things are and how things should be going forward.
I find the timing a bit curious. I am not sure whether Richard Holbrooke's visit had anything to do with it. But it came right after Holbrooke was in Pakistan and went on to Afghanistan. I think some movement towards calm has to happen. Violence is the road to nowhere. I wonder if both sides are courageous enough to overcome the deep mistrust. Time will tell.
Mr. Holbrooke is in Afghanistan. He has talked with the Hamid Karzai. I have just seen the latest dispatch from Al Jazeera noting how the U.S. seems to be turning on the screws on Karzai. The Obama Adminstration seems to be getting the message that all is not well in Afghanistan. Many of us have been saying this for a long, long time.
As I read the dispatch, I found the reports that Holbrooke insisted on meeting the Afghan Security Chiefs before meeting Karzai quite appropriate. The Afghan Security officials have to account for the fact that they can't even secure their own capital anymore. This was a scene from the chaos when the Taliban attacked the Justice Ministry and the Prisons organization
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Now the Real Work Truly Begins.....
The Congress has passed the Stimulus Plan. I was getting the twitter updates throughout the day as the proceedings continued. Three Republicans (or as the Repubicans say RINO's) joined the Democratic Caucus in voting to enact it. The U.S. President is slated to sign it into law on Monday.
I view the three Senators who voted for this as courageous. Olympia Snowe, Susan Collins and Arlen Specter have gone against the grain consistently. Olympia Snowe and Susan Collins are two Senators who are from the Republicans of years past as the party evovled. Arlen Specter gained my respect when he grilled Alberto Gonzales during his disastrous tenure at the Justice Department. Olympia Snowe and Susan Collins don't have to worry about their consitituents. Arlen Specter will probably have a fight on his hands as he faces re-election. But, the man has faced down cancer, twice. One of his nemesis in his home state called him a houdini
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As I write this, I am monitoring reports coming out of Kabul about a suicide attack on the Afghan Prisons Directorate and the Justice Ministry. A suicide bomber blew himself up after gun battles near the Presidential Palace. If such attacks do not underscore the useless and feeble nature of Karzai's Government, I don't know what does. The man can't even control his own capital!!!!
What does the future hold? It is quite bleak. Karzai appears to see the writing on the wall and is trying to either align himself with the Russians or try and engage the Taliban. What he fails to understand is that the Taliban have the upper hand. Why would they want to talk to a man who has presided over a disaster? As for the Russians, why would Karzai go down that path yet again? I was quite gratified when I saw an account of Joe Biden's meeting with Karzai where he lost he cool and walked out of the meeting with him. It was high time that the useless fool who the West depended on for so long has turned out to be such a disappointment to say the least
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I saw the speech by the Secretary of the Treasury. From what I gathered, it promised a three-prong approach to re-do the TARP and insure that it is made more transparent. It also promised a comprehesive plan to deal with the housing crisis over the next few weeks.
As I listened to the speech, I viewed the speech as all well and good. The price tag was shocking, though: 1.5 trillion dollars. They're going to have to find the money somewhere. What was also startling to me was the fact that 8.7 Trillion in monies has been pushed into the financial system by the Federal Reserve. I wonder where all those monies have gone. Right as Geitner spoke, the markets tanked!!! The Dow lost almost 400 points. So, The markets spoke and they were not too happy. Although it is good news that the U.S. Senate adopted its' version of the stimulus plan, it still has to be reconciled with the house. So, we will end up losing more precious time. To underscore how precarious things are, GM announced another cut of 10,000 workers. I wonder who they will have left after all the cuts
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Another Day In Paradise....
Mr. Obama went on the road today to sell the stimulus. He went to Indiana and then onward to Washington for his primetime news conference. He is making the push to get this in place soon.
While Mr. Obama was on the stump, everything continues to fall apart at the extremes. The bad news keeps getting worst. Nissan came out with an annoucement that 20,000 people are losing their jobs. The U.S. National Retail Federation has come out with a report stating that retail store inventories will be falling by 11.8% for the first half of 2009. The Baltic States in the former Soviet Union are seeing their economies literally falling apart. Riots have been happening in Latvia and LIthuania. According to Fitch Ratings, European and Middle Eastern Companies are slashing capital spending by at least one third. Sales of Personal Computers are slated for their first drop in seven years. The U.S. Government is out with record amounts of debt it is trying to sell. The yields are starting to creep up which is another cause for worry. The most worrisome of all, for me, is the financial predicament of the States. California still does not have a budget. Other States are faced with budget shortfalls as far as the eye can see. States are faced with stark choices
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How scary will it get? I just don't know.....
The debate on what to do about how to jumpstart the US Economy rages on. I personally have received appeals from both Senator McCain's new CountryFirst PAC and President Obama's Organizing for America Organization. The roundtable held earlier between four leading lights of the U.S. Congress on NBC's Meet the Press underscores this divide.
As the debate continues, teachers, fire fighters and cops are on the chopping block. States are in dire straits. California continues to operate without a budget.
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A Ray of Hope, Perhaps?
Earlier, I reported on an agreement in the U.S. Senate regarding the proposed stimulus plan to jumpstart the US Economy. I was pleased to see that the recovery.gov website is ready to go already. The need to get going on the day after is more critical than ever. I am of the view that is going to get worst before it gets better.
As the debate has gone on in Washington, two banks failed today. A bank in Georgia and a bank in Culver City California were shut down by Federal Regulators. Emerson, a major conglomrate, announced around 14,000 job cuts. California continues to be without a budget. Today saw over 200,000 California State Workers being furloughed. It is a shame that there is no budget after six months. The Dow was up as a sign of hope that the stimulus will be adopted. Maybe the markets know something
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As the flow of bad news continues about the economy, the Republicans have continued their "jihad" against the stimulus. As I assessed the news and the debate, I was especially sickened by Lindsay Graham's tirade in the Senate. He accused the President of doing nothing and not reaching out. I was especially disappointed in him because I had found Lindsay Graham to be one of the more reasonble Republicans. But, his speech on the floor of the Senate yesterday showed the Republicans for what they truly are: An bunch of Obstructionist idiots who seem to be totally clueless as to what is going on in the Country. This is the reality:
Are these guys blind?
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..and the hits keep on coming.........
In my almost daily columns/comments on the Economy, I had thought about the calamity as a Tsunami. With a Tsunami, there is at least a chance to see Sunshine. However, I think the better term for it is a Winter Storm. I continue to wonder when we will see sunshine.
On Wednesday, the bleeding continued. Cisco Systems, the leading network gear maker, missed the numbers. Alcatel-Lucent continued its' downward slide which has been on-going for a number of years. Disney missed then it came out with its numbers and annouced jobs cuts totaling some 400 workers at the ABC unit. Earlier in the week, Electronic Arts annouced a job cut and delay in new games
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No Apparent End in Sight......
The Auto Industry is bleeding red. Ford has just come out annoucing that sales were down 39% from a year ago. It excludes Volvo that Ford is trying to sell. Liz Claiborne has announced that it is laying off 8% of its staff. Motorola has just announced a 3.6 Billion Dollar Loss. The flood continues with no end in sight!!
There are many who say that those of us who are advocating a stimulus do not get the enormous debt that the United States has. There are those of us who get it. We understand how this debt will haunt our children and grand children. The staggering amounts are noted below for reference
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The world is right now fascinated with Davos. The rich, the famous and the powerful are all there in paradise talking about the world and all the problems. There is enough being said by all pundits which will speak for itself on Davos. But, two key things occured which I wanted to note:
1) Turkey's Prime Minister Edrogan stormed out of a discussion with Shimon Peres during discusisons on Gaza. Edrogan was given a minute by David Ignathius of the Washington Post to rebute a lengthy comment by Shimon Peres. I think the gesture by Mr. Edrogan must be taken seriously by Israel. It shows the frustration with Israel and the fact that as Amr Mousa said, Israel "does not listen". I was quite disappointed by David Ignathius when he did not grant equal time during the discussions. It seems to me that Dinner could have waited
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It is truly getting old!!!
I continue to be scared and concerned. The stress on economies continue unabatted. I decided to slightly modify my daily commentary's title to truly note what is going on. I eagerly await the day when I stop this chronicle and celebrate the economic renewal of the world. I am convinced that it will happen. We just need to be vigliant, stay upbeat and not lose hope. It is a tall order based on the latest developments.
Tuesday saw another rash of bad news. Corning annouced job cuts to the tune of 3500 workers. There was a front page story in the Tuesday edition of the Wall Street Journal about Law Firms going out of business due to the continued economic calamity being faced. The bluest of blue chip firms have not been immune. As trade finance finance also dries up, countries have resorted to barter deals to secure food supplies for their food
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After a concerted campaign, the EU agreed to remove the People's Mujahedeen Organization of Iran (PMOI) from its list of banned terror organizations. The PMO and its' umbrella organization, the National Council of Resistance of Iran, are fighting the Islamic Republic. They are right now based on Iraq. Iraq has told them they have to leave. I am sure that they will dissipate into Europe now that they are no longer regarded as a terrorist organization.
The PMOI pushed the fiction that it was put on the list to appears the Islamic Republic. Now, what the PMOI fails to understand is that it took up arms against Iran during the Iran-Iraq war. It conducted terror campaings. It created a cult-like culture in its' little enclave called Ashraf outside Baghad and was supported by Saddam Hussein for years. It "claims" that it wants democracy for Iran. It aims to "determine" through the appointment of the PMOI leader's wife, Maryam, the direction for the country. The people seem not to matter
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When will the bleeding stop?
Although the Dow went up today, the bleeding has continued. Over 70,000 job cuts have been announced. This include massive cuts at Catepillar, Sprint/Nextel & Phillips. Auto Suppliers are getting ready to go to the Federal Government with a request for $ 10 Billion. To add insult to injury, Citigroup is about to take delivery of a $ 50 Million private jet.
Right now, The President has been given $ 350 Billion to Spend. He is pushing for another $ 825 Billion. Out of that, about $ 500 Billion is cash. So, he'd have a Trillion Dollars to spend. I will be many who will be holding his feet to the fire in terms of transparency. We will need to figure out how to jumpstart the economy. So far, nothing has worked. It is scary to see what is going on right now. The President spoke to this on Saturday during his weekly address. I wonder if the Republican Leadership was listening or truly understood what he was saying when he met with them at the White House. What he said was clear enough
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Is the Obama Plan Bold Enough?
I was listening to NBC News' Meet the Press. It appears that the Republicans are beginning to be obstructionists. The House Minority Leader acknowledged that there is a difficult economy. But, he thinks that the Economic Package will not work. The Adminstration believes that this is rightly sized. Larry Summers said it clearly so during the NBC interview:
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Now the euphoria over the Obama Inauguration is over, it is now back to reality. The bad news continues unabatted. According to the Bank of Japan, Japan faces two years of contraction. It is facing deflation and issues with corporate liquidity. Exports have declined some 35%. South Korea is officially in recession and is facing a weakness in chip expoerts. Nouriel Roubin noted that China is in Recession. The Chinese may not agree. But that's reality. Thailand, New Zealand, Australia, Taiwan and South Korea all have clouds over their economic horizon. GE had a disappointing quarter. Even Lockheed Martin has slashed its forecast for 2009. Unilever disappointed and saw its' shares tumble in London. Microsoft and Sony announced job cuts as they fully anticipate further hardship down the line. Rachel Maddow termed it best, "yikes". It continues to get worst.
As Business continues to bleed, so do the States. California's unemployment is reaching 10% of the workforce. One has to realize that this is "official" figures. The actual figure is at least 2% higher due to factors such as folks having stopped looking and part-timers. Now, California is a special case anyway. There is no consesus on resolving the budget impasse. The state will run out of money. Everyone is waiting and waiting impatiently. I am especially eyeing the impact on schools
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America's New Top Diplomat
Mrs. Clinton has now been confirmed as Secretary of State. I am anxiously some truly earth-shattering annoucements on the foreign policy front over the ensuingd days. I am very, very excited about George Mitchell being appointed Middle East Envoy. The man helped bring peace to Northern Ireland. Although his record on the Middle East was not as effective, I still think he can do wonders. I also do fondly remember how he put Baseball on a solid footing after the scandals that has engulfed Roger Clemens, Mark McGuire and many others. I view it as a sign of things to come
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I am not surprised at the Republicans...
The President Arrives For His First Day....A Busy One too!!!
The first day of the Obama Adminstration has begun. The President began his day by attending the National Prayer Service and got down to work. I saw him when he met with the White House and signed off on the new Ethics Rules. He has also been meeting with the Economics and National Security Teams. They have hit the ground running. Unfortunately, the Senate has not done the job by confirming the nominees. At least three key members are yet to be confirmed. A new Era has truly begun
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It is nice to dream.......
In my Witness to History Column on Thursday, I wrote about George W. Bush's Farewell address. I noted that I would accord him the respect due him as one of only 43 men to have occupied the post and let others judge him. But, I did want to address a column that Charles Krauthammer wrote about the legacy of George W. Bush.
Charles Krauthammer is one of the leading conservative voices in America. I sometimes read his work in the Washington Post. He wrote a column which I briefly reviewed in Townhall.com suggesting that George W. Bush will be kindly remembered by history. He noted that his reputation will be "restored". He noted that Truman's reputation took many years to recover and Bush's reputation would be resurrected a lot sooner. I think he is absolutely wrong in this regard. Mr. Bush is leaving office as the worst President in my lifetime, if not the history of the Republic
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About Time Someone is Talking to everybody...and Reaching Out...
The buzz of the town was the President-Elect attending a party hosted by that Conservative of Conservatives, George Will. From the reports I have seen, all the leading "conservative" pundits were there. Folks there included Larry Kudlow of CNBC and Peggy Noonan,who both worked for Reagan. I like both of them. They are eloquent and they do make sense. I have especially enjoyed Peggy Noonan's writings because of the very eloquence that has made me jealous at times. She was wrong about Bill Clinton, though.
Walking into a "Lion's Den" as it where was quite an achievement by the President-Elect. I see that as him not being afraid to reach out and talk to everybody. He topped that by sitting down with the liberal/moderate commentators. EJ Dionne and Keith Olbermann talked about it
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....No End in Sight....
I have been able to finally get on Al Jazeera after about a day to assess what is going on. I have tracking the days. As I write this, Al Jazeera's presenter is talking to a Gaza Resident who had lost his father during an Israeli F16 Bombing Raid, and was trying to figure out how to take care of his wife, who is nine month pregnant. Another Al Jazeera Correspodent is featuring Egyptian families at the border town of Rafah dealing with the panic attacks and fears of Children. The attacks seem to have intensified. The numbers I am on the death has been approaching 1000 and the injured over 4000.
Israeli Soldiers On the Move
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The President Elect Wasn't Kidding....
Well, the other shoe dropped today. The job numbers confirm what was the conventional wisdom. Over half-a-million jobs were lost in December. It has been the worst job loss for the longest time. It will continue to get worst.
As I continue to shiver at the near term economic prospects, Dr. Doom spoke up yet again. Nouriel Roubini noted that we'd be in recession for at least another year. Since he is one of the few who spoke up when everyone was buying into the never-ending prosperity charade, I continue to question those who are starting to speak up against the President-Elect's stimulus package. I agree with those who say that printing too much money will create an inflationary spiral that will be hard to contain. I also think that the massive borrowing requirements by the U.S. Treasury will cause all the other countries to be left out of their requirements. For instance, the Financial Times is reporting that a third of Brazil's 600 Billion Dollar Debt is due within the next year to be refinanced. Where are they going to find the money? Mexico, who is the midst of a brutal drug war, is forecasting negative growth
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All the Presidents were at the White House on Wednesday. It was quite a sight. I would have loved to have been a fly on the wall to see what they talked about. Such scenes are to be savored for generations to come:
History In the Making.....
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Congress is beginning its' new session now. As Congress begins, the U.S Senate Soap Opera continues on. The reports I am seeing (and I confirmed with this Minnpost) that Al Franken appears to finally prevail in the close Minnesota race.
Mr. Franken Goes to Washington (or Does He?)
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Well, 2009 has started with a bang politically. First, we've had the Blago Follies which I have written and commented on. Now, comes the bombshell that Bill Richardson is withdrawing as nominee for Commerce Secretary. For someone who has been such an accomplished figure in American Politics, I regret it. This is how Andrea Mitchell of NBC News put it earlier:
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Very Frustruating Indeed!!!
Joe Biden, the U.S. Vice President Elect is starting to make the interview rounds. From the brief transcripts I have seen, it appears that he is pressing the point that the economy is in worst shape that everyone thought. Dominique Strauss-Kahn, the IMF Managing Director, has come stating that Governments have to do more. He is estimating that at least 1.2 Trillion Dollars have to be spent.
As I have seen this drumbeat of bad news, I am starting to be really sick and tired of it all. I am sick and tired because those of us on Main Street truly know how terrible things are. We just do not need to be reminded of it. We have to start focusing on how we are going to get ourselves out of this mess. That should be the single-minded focus of us all. I think all the leaders understand that. I urge all leaders to stop reminding us of what we already know. Let's talk about what is to be done about it.
As I have been witness to our Economic Tsunami, I have heard the question: What would Reagan do?" First of, as a President of the United States, he deserves respect. But, the problem has been that the die hard conservatives treat him as if he was some type of Messiah. When I hear Hannity speak of him, I wonder if he ever truly understands the realities at hand.
I vehemently disagreed with Reagan's policies and his edict that "Government is the Problem". What has been clearly shown over the last six to eight months has been a repudiation of Reagan's philosophy. So, if all folks who are die-hard fans of Reagansim want to remember the smile and the optimism, be my guest. I do find it quite striking that Ronald Reagan's two sons are from two different political perspectives
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..and not a moment too soon!!!
Despite all the controversy surrounding the Governor of Illinois, The President-Elect continues his work shaping the Adminstration. He chose Arnie Duncan as his Secretary of Education. I have read that Arnie Duncan has done some amazing and innovative things in Chicago. The hope I have is that he will that sense of zeal to the Education Department in Washington. I was especially gratified to see when he noted that education is the "...civil rights of our generation". It is indeed the great equalizer which many seem to have forgotten. I wish that some of our School Districts would be as innovative and brave as Arne Duncan has been.
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The New York Times reports in its' Sunday Edition that the Draft report on Iraqi Reconstruction is out. The President visited Iraq and is now in Afghanistan. While in Iraq, he was touting the progress made. I am not sure if he has seen the report that Stuart Bowen has just put out. It is not on http://www.sigir.mil/ yet. But, the draft report paints a very bleak picture of the $ 100 Billion appropriated by the Congress on behalf of the American People. Basically, it has termed the project a failure.
On the home front, over the past two months, the U.S. Treasury has spent $ 335 Billion out of the TARP fund. The tenative plan is to spend the remaining $ 15 Billion on helping the Detroit 3 get through until The Obama Adminstration takes over. What is bothersome to me is the fact that all this money has been spent so far with frankly nothing to show for it. No one is getting credit, banks are tightening up on further rules, interest rates on existing credit card rates are at usurous levels and no one seems to see how this "injection' made a difference. One thing that makes me hopeful is the consesus at hand that the present Adminstration has been a total failure in how they have managed this crisis. I am anxiously awaiting the Obama plan which apparently calls for up to a Trillion Dollars in new monies to resurrect the patient. What I worry about is the Republicans. If their so-called "responsible" action on the Auto Bailout was any indication, I think we are going to be in for a rough ride. They ought to listen to one of their own leaders, Mitt Romney, who basically said the Government has to step in now in a massive way. I trust that they realize how bad things are. I wonder though
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It is Engulfing All.....
I was out with my Son marching in my local town's holiday parade. I was amazed that the people had turned out as they did. The Kids in all the Boy Scout Troops were out there enjoying their good time. The Sun was out and I thought about all our blessings. Then, reality set in when I got to talking to one of the parents whom I was marching with.
He had worked at a company for 24 years selling printing & imaging solutions. He was one of thosuands who was laid off. He was wondering what he was going to do. I tried to encourage him. But, with all the job losses and continued challenges we all face, there is not much to be cheerful about during this holiday season. Right after that, I went out to my local Costco to pick up some groceries. Someone in the front of me had to pretty much return everything she had picked up because she had no money in the account.
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As I have continued to listen to the post mosterms on the Auto bailout, I continue to ever more concerned about the cavalier nature of the Republicans in wanting to basically kill off the Union. It is sickening to see that they were able to kill off the big three and all who depend on the big three just to pull the rug from under the UAW. The reporting on MSNBC is an eye opener:
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How Long does he think this is going to sell...
Let me begin by noting that I enjoy Dick Morris' writings. He has keen political instincts. But, I tried to stay silent as he has now started his "war" on Obama through his columns. Of course, he will continue to fight his battle with the Clintons. He has made quite a living at it--and a very good one.
Morris' latest column is continuing the drumbeat of "guilt-by-Association" about implying that somehow Obama wants Patrick Fitzgerald out of the way because of potential ties to the crazy idiot who is still the Governor of Illinois. Morris also went on another tirad a few days ago telling the world his view that the stimulus plan would not work. He cited the history of the New Deal under Franklin Delano Roosevelt as an example
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Who is he trying to kid?
I am right now attending the live stream video of U.S. Senate proceedings. I wanted to assess the status of the Auto bailout. But, I saw Jon Kyl of Arizona speak to the issue of the nomination of the Attorney General. He wanted to have the Chair of the Judiciary Committee, Patrick Leahy, push back the scheduled hearing of January 8 for Eric Holder's nomination to be Attorney General. Among the things he cited was the need to review documents. He said that 86 Archived boxes of documents on Committee Proceedings needed to be reviewed. He noted the controvery surrounding Eric Holder and questioned whether he should in fact be confirmed as Attorney General.
As I listened to him asking for courtesy and recripocity from Patrick Leahy, I could not help but laugh. Eric Holder is a known quatity. He has been confirmed at least three times. What other things are going to come up in an FBI background check that is not already known is something I'd like to know. I also think that the Obama people are not fools and would not have approved his background to be submitted to the President-Elect if there was a skeleton in his closet. So, I think Jon Kyl and Arlen Specter need to just relax. I also think that Jon Kyl has quite a nerve when his party was in the majority and condonned the systematic roll-back of civil liberities and undermining the very institution that he now aspires to uphold. They are starting to circle the wagons. If he wants to start the process, they should start now. Three weeks is plenty of time to get ready. Furthermore, the nomination came out almost a month ago. What were the Republicans doing since then? Jon Kyl seems not to have an answer for that. What was especially troubling to me was when he talked about Dickerson v. United States about defending the rights of the Congress. Yet, he did not have to courage to go against his own party and his President when they became increasingly paranoid in all aspects of running the so-called "war of Terror", on energy policy, etc. etc. Senator Kyl needs to understand that he represents a tiny minority and learn to work within it. If they choose to fillibuster and grind down the Senate, they will look like fools and will pay the price at the 2010 elections. Sheldon Whitehouse of Rhode Island is right now speaking to the fact that the Republicans are basically out to lunch in their request simply because Patrick Leahy has already gone way out of his way to accomodate the Republicans
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George W.Bush Finally Woke Up!!!
George W. Bush finally acknowledged that a recession has befallen the United States. When I heard him speak while on the road, my first reaction was simple: heeeeeeeeeelllllllllllooooooo o, where have you been? I should not have been shocked because I sense that he is so detatched from reality. He seems to have been the last guy in America who finally woke up to what we have all been seeing for the longest time. He committed to do everything he can to avoid further detriment to the economy. When I heard him say that, I would have told him that you have done more than enough Mr. President. Please just finish the transition and retire to your new luxurious Dallas Home and go out to build your library. You have done enough!!!
As I listened to his comments at the White House, I was especially bothered by how he has has abrogated complete responsibility. The man is still President for another 40 days. Yet, it seems that he does not want to do anything. Every day I see reports of companies cutting people. Whether it is Viacom or AT&T, no one is immune. Now, the problem is that the jobs being cut are not coming back. We also have leaders who are arguing about who is the best Steward of tax payers money. Where were all the stewards and good samartians when they were needed the most
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Why can't he just stay quiet?
George W. Bush spoke at the Saban Center yesterday, defending his Middle East Record. It appears that he is the only guy that thinks that his Middle East Policy has been a "success". The commentariat (of which I am a proud and enduring member) have talked about the failures. I wanted to simply ignore the man and let him those wither away to build his library. But, when he spoke with Charlie Gibson of ABC News, I saw a certain sense of total lack of disregard for reality.
As I read his speech, I wondered whether I should simply feel sorry for the man. I thought whether he was either the victim of bad staff work and simply totally oblivious to the new reality of what is going on in the Middle East and the world in general. He seems to be genuinely worried about his legacy. If he in fact was, he should have worried about it back in August 2001. He should have thought twice before going to war in Iraq. The results of these disastrous decisions will haunt America for years to come. I have no doubt that he loves America and all that it stands for. But that love he has had for America has led America and the world to the edge of the abyss. He is going to retire to a nice home in Dallas and enjoy his retirement at his ranch. But, what about the rest of us? How would he answer for that
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The Team of Rivals continue to take shape. The reports I have seen reflects the confirmation of what has been in the works for quite some time. Robert Gates will stay at Defense, HIllary Clinton will take over State and General Jones will take over as National Security Advisor. I especially like the appointment of General Jones because of the stance he took in criticizing Israel. The U.S. has to emerge as a credible broker to help push the stalemate onward. Everything in the Israeli-Palestinian conflict seems to be in a deep freeze. The only people suffering are the ordinary Gazan on the street. They seem to be forgotten.
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What is the true expectation?
I am seeing some commentaries that President-Elect Obama is basically resurrecting the Clinton Adminstration. For those who seem to forget, the Clinton Adminstration was reasonably successful. It did get off to a rocky start. So, all who are now part of the transition have learnt their lesson and learnt their lesson well. They are coming out with the appointments early enough, have a vigorous vetting process, teams have been deployed and are indeed assessing everything. Frankly, I am very impressed with all who have accepted the mantle so far. Now, Dick Morris may talk about who he wants there. I think we have to trust that the folks being chosen are the right persons for the job. Rahm Emmanuel cut his teeth during the 90's. He understands both sides. Hillary brings instant credibility. As I was thinking about Dick Morris' latest pronoucement, I thought about the West Wing. I am sure this is typical and why would anyone would want to take on such work is beyond me. Instead of supporting them right now, we should not lambest them. Let's support them. If this is to be a typical first hour, then I wonder how their days are.
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The level of interest in who gets the plum jobs in the Obama Adminstration is of keen interest to all. I have a profound sense of interest because of the focus I have on foreign and economic policy. The folks mentioned are heavyweights. The President of the New York Fed is in line to be offered the Treasury Position. I saw the Dow shoot up over 200 points on the news of his pending appointment. I also view the choice of Bill Richardson at Commerce and Senator Clinton at State as also savvy and smart. We have serious problems in the U.S. and we need serious people to solve them. What Obama is doing is just that. He is truly assembling a class A "Team of Rivals". I just hope that the Republicans won't play the obstructionists and support the efforts of the incoming Adminstration to hit the ground running. I believe they will.
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This should be a good one!!!
Another Clintonista, Terry McAullif, is about to throw his hat into the political ring. I remember him as being one of the architects of the Clinton Success. He backed the Clintons and helped them with getting back to private life. Friends like these are hard to come by. I am so anxious to be witness to that race. I guess when you get that "bug", it won't leave you. I wish him well!!!
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An Ordinary Man's Perspective
Just like "ordinary folks", I was out on committments for the day. Although I don't every think that those of us who think and take the time to write about our world are necessarily ordinary. But, I wanted to once again be witness to history. So, I popped into a place where I could watch CNN as I worked on some paperwork and happened to call in to a conference call I needed to be in. It was just another ordinary day for an "ordinary guy".
Today was the day Mr. Obama went to Washington. As I watched this on CNN, I again was in awe as to the peaceful and seamless transfer of power that has begun in the United States. There was a new poll that came out about how unpopular President Bush is. As I heard that, my reaction was "so what". I see the role of the President right now is one thing: to insure a smooth, seamless transfer of power. There is one President, that's for sure. But, let's focus on the future while being mindful of the world around us. I am gratified and frankly proud to be an observer as this transfer is going on. The signifcance of a man of color visiting a house built by Slaves shows how far America has come. I caught this image as CNN was showing the two men walking down the corridor to the Oval Office
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Senator Patrick Leahy, the Chair of the U.S. Senate Judiciary Committee, has fired off a letter subpeaning all records and advise related to Justice Department advise on torture and other matters after 9/11. The Justice Department has branded it as a "partisan political move". I nearly fell off my chair when I read the report. For the Justice Department to brand this a "partisan political move" is simply ludricous. In my view, the Justice Department has to step up and begin being the Justice Department and not the Politics Department and a political arm of the White House. Maybe the Attorney General at least will step up to leave some sort of a legacy. Let's see what happens.
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The Image of a reformer...or not?
Governor Palin is once again in the news. This time, it has to do with the expenses she incurred for her children. It included a $ 707/Night hotel stay in New York with her 17-year old daughter. I think Governor Palin seems to realize that all such conduct must be beyond even the mildest reproach. Such information that is continuing to come out puts the McCain campaign in very, very,very bad light. The basics of politics is opposition research. You have to make sure you get to know what is out there that would come back and haunt you. It appears that the McCain campaign did not understand it. If they did, then I wonder how come this information is coming out now.
This is yet again another indication of how things are shaping up as we enter the final two weeks of the campaign. The BBC has featured an analysis by Larry Sabato of the University of Virginia. In my view, he is one of the most credible and insightful analysts on the political scene today. He has made a compelling case on where things stand for Senator Obama as he get ready. Here is the link
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September 16th 2008 05:14
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why can't we overcome.....
The following two developments have left me speechless...I don't truly understand...I just don't understand:
1) The European Union and the United States have just annouced that they would not lift sanctions against Zimbabwe. Big Mistake!!! I am sure that South Africa, China and others will help insure that food and basic necessities are brought in as the New Government takes the reigns. The world wanted this. I had agitated over it for years. Mugabe has to be proven wrong. What was bothersome about Mugabe was that he still clung to the fiction that it was the world's fault. The world should not abandon Zimbabwe now
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Bob Woodward has come out with an explosive new account on the pre-surge deliberations and the decision making process of the President. I have checked out the excerpts available on Washingtonpost.com and caught a glimpse of him on CNN's Larry King Live earlier tonight. The book itself will prove interesting reading. But, what is striking right now is the fervent denials Dana Perino had rejecting the comments. No matter what, I think Woodward is a good enough reporter to verify his sources and not be off the cuff in his remarks. As I listened to the 60-minutes interview, my reaction was, "Oh My God!!":
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...Just a Matter of Time.....
The cousins were bailed out by the Feds on Sunday. It was inevitable. If it did not happen, it would have caused more pain and suffering. As I write this, world markets are rallying on the move. One thing we should take comfort in: Governments will do whatever they can to reasonably sustain growth. A downturn has already begun. The question in my mind is how long it is going to take and who will be left standing. It is interesting that since grown-ups took over in Washington (like Hank Paulsen) things have changed.
It appears that Gustav is truly as serious as it is going to get. CNN is reporting that President Bush and Vice President Cheney will skip the Republican Convention to deal with the aftermath. People are evacuating. As I am glad to see that Government at all levels is on top of things, I pray for all the people. America as a nation will overcome. It always has and it always will.
Mike Pouraryan
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