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Our World This Week

March 29th 2009 07:46
: Quite Amazing!!!
I was witness to another busy and hectic week on the political front. There was of course the Budget the Obama Adminstration has sent up to the U.S. Congress. The U.S. Congress has started to write the legislation to get the process moving forward. It was also a week that saw the President throw the gauntlet down to the Republicans in the House to produce their own alternative. They did produce one. From the review so far, though, there are no numbers to back the so called roadmap they have proposed. I will be anxious to see what they have to say on this next week.

As I was witness to the debate, I was laughing at how the President seemed to be getting it from both sides. On the one hand, I saw the so-called right (or conservatives) in the country noting how the President was taking the country down the path to socialism and communism. I was really laughing when I read Dick Morris' comments and then visited his new YouTube Channel he had just laid out. On the other hand, I was also just as amazed and laughing at how the so-called left (or liberals) were keen to attack the President. Paul Krugman's admonition about the President's Public-Private Partnership as "cash for trash" was just one example. They are noting that the clintonites will help drive a centrist economic policy that will leave many out in the cold.


It seems as if there is at some sort of consesus that has emerged: The roadmap taken so far over the past thirty years has been the true road to nowhere. I was especially keen to have read Alan Greenspace's admission in the Financial Times that there were multiple failures in how the financial system was regulated. Alan Greenspan is not entirely a leftie and is as conservative and a free-marketer as it comes. What is especially troubling is when the so-called free marketers who seem to oppose any sort of regulation and embrace social darwinism seem to forget the admonition of Adam Smith himself, when he reminded the world that prudence should be the key factor in insuring that the markets remained as vibrant as ever. Prudence means caution and avoid too much excess. Whether this lesson is going to be learnt by all parties is still an open question.


As the U.S. and the world continues to deal with the Economic Winter of our times, there is of course the twin wars in Iraq and Afghanistan. Mr. Obama announced his Afghanistan strategy on Friday. The President committed to a renewed focus on Afghanistan during the campaign. He has kept that promise. But, sustaining an Army is becoming problematic. Pakistan cannot be depended upon. I read with horror accounts of another attack on a NATO Supply Depot in Afghanistan. As I understand the strategy, The additional 4,000 troops are slated to train the Afghan Army. But, the problem I have with this strategy is simple: The world can't just simply shoot its' way to a resolution in Afghanistan. The reason Iraq worked was that many of the so-called insurgents were bought off by the United States. Such a strategy is slated to be tried in Afghanistan. The Republicans seem to be behind the President, though. I welcome that support. But, my profound reservations about the current policy in Afghanistan remains unchanged. It is ever more so as long as Karzai the fool sticks around.

The week that just ended disturbed me in more ways than one, though. Congresswoman Michelle Bachman of Minnesota was on the Sean Hannity Radio Show advocating Revolution. After initially reading about her rant, I wanted to see what she actually said. I did not find anything on her website. All I was able to find something on it on MSNBC's Countdown. It is clear to me that her stance is one to cater to a conservative base that likes to maintain a 21st Century Wild West Mentality regarding the free market, views that Global Warming has been manufactured by the so-called Extreme Left and in fact advocates doing nothing simply because it will just go away. Maybe this little video will at least give them a moment of pause:



On the political front, there is of course the race in New York's 20th, where Jim Tedisco seems to be losing. Dick Morris, in a recent column, declared this to be "the" race that would serve as a referendum on the plans by the Obama Adminstration. I am sure that if New York's 20th goes for Tedisco, the Republicans will have a field day. But, they seem to forget that it is a heavily Republican District. The real news is if it in fact it is retained by the Democrats. Let's see what happens!!!

I continue to yearn for a viable opposition that would foster genuine debate. I have written about Newt Gingrich's American Solutions Ideas that he has laid out. I realize he took a page away from his so-called Contract for America. When I wrote about in an earlier column, I noted that many of the ideas he talked about were incorporated in one fashion or another in the President's Budget Blueprint that came out a number of weeks ago. It is that blueprint that is working its' way through the Congress right now.

There are a few other interesting developments that I think is worth noting. I find the rise of a new entity called the Foreign Policy Initiative of interest. The founders of this new entity are some of the stars of the so-called Neo-Cons who were instrumental in pushing the country to the wars that seem to have no end. I also continue to assess the activities of David Frum. He is serving as an Editor at http://newmajority.com. I was especially impressed by how he repudiated Rush and his rhetoric. I also was quite impressed in how the website has a wide array of views reflected on its' site. Of all the conservative luminaries on the scene, I regard David Frum as the man to watch.

The week ahead will also be just as exciting. The G20 is going on in London and then Obama is about to go to Turkey for a visit and then onward to Mexico to deal with the War on Drugs. There is never a dull moment in our world.

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Davos: Reflections

January 30th 2009 05:43
: Wow!!!!
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.

2) The Prime Ministers of China and Russia spoke at Davos, blasting the West. I think both men had excellent points. But, both men have a lot of problems of their own and their crediblity is suspect at best. I think Wen Jinbao has been at the forefront of changing China. I think his efforts during the earthquake surprised me. But, the Chinese are undergoing changes that the Government cannot truly contend with and blasting the West is not going to solve it. As for Russia, Tsar Putin can say whatever he wants. The fact is that he is a dictator in a 1000-Dollar Suit speaking about responsbility when his country has profound challenges.

China and Russia have to be watched. They are powerful, they are emergent and they should not be discounted. But, lecturing the rest of the world is disingenious at best. The Davos Alternative, though, also has convened. I am quite interested to see what it achieves. Everyone is still talking, talking and talking. But there is no action at all.
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Black Friday......

October 4th 2008 16:48
: Tough Times......
As the Bailout package was debated in the House yesterday, here is just a sampling of the news that was coming out:

1) 159,000 Jobs were lost in September;

2) According to a Report in Friday's Financial Times by Anousha Sakoui and Gillian Tett, "...AT&T, the American telecoms giant, has admitted it was forced to rely on ultra short-term financing for its regular treasury operations......(AT&T) had last week been unable to sell any commercial paper for terms longer than overnight...."

3) GE had to raise capital from Berkshire Hathaway to shore up GE Capital

4) Marriott warned about new hotel openings and a drawdown of $ 900 Million to supplement its cash position because of the expected downturn;

5) The Detroit-3 and Toyota all announced disastrous sales results. Toyota began pushing 0% financing to try and shore up sales;

6) California (which is the 8th Economy in the world!!!) asked for a $ 7 Billion Note from the Federal Government;

7) The IMF told the world that the U.S. Economy will be faced with a sharp and severe downturn.

As for California, it apparently goes to the markets to raise short term financing to fund continuing operations. It acts similiarly to companies selling Commercial Paper to finance their treasury operations. With the way things are right now, apparently California can't raise the money to pay for services.

The Bailout did pass. A lot of people have had profound reservations because they say that it is a bailout of "Wall Street', not "main street". I have not heard anything about a plan B. I have not heard recommendations about what can be done differently. Some said that we ought to let the "market" work itself out. I cringe at the alternative of having done nothing. It is true that if you have a choice to do something stupid or do nothing, it is better to do nothing. However, in my view, this was not stupid.

The idiocy of talk radio and the attack by the king of talk radio, Rush Limbaugh, was the icing of the cake. Rush tried to shift the blame to Democrats. The fact is everyone is responsible. Leadership at all levels were asleep at the whell. Any rewriting of history will just be irresponsible. The fact is that now that the bailout has been passed, it will take a while for it to work itself down to "main street".

The day, weeks and months ahead will be very challenging.



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