May 17th, 2012

Nancy Pelosi Determined to Regain House Speaker Role

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Representative Nancy Pelosi, best known (depending on your perspective) for her thick Baltimore accent or her former role as “most powerful woman in the world” as Speaker of the U.S. House of Representatives, is on a mission. Pelosi wasn’t happy when she lost her spot at the top of the House to John Boehner and she wants it back. Originally sworn into the role in 2007, she lost it four years later. As she “power walked” along the Potomac recently (video indicates it was more of a stroll, but she is 72 years old, so we’ll give her a pass on that one), some reporters caught up to her (it wasn’t hard) to ask about her plans going forward.

Her new mantra for her party is, apparently, “Just win, baby.” It’s a little bit sad that politicians have to simplify their messages to such an extent that American voters can understand what they’re saying, but that’s an entirely different matter. That politics has, in essence, been reduced to something akin to a sporting event is a fact that is lost to most rah-rah cheerleading political wonks and know-nothings.

Pelosi, however, plays that game well. Not that she’s really doing anything good for America, but she is doing something good for the Democratic Party and, really, that’s probably her only goal. Notes Pelosi, “They have endless money, secret, undisclosed, special interest money that they pour into elections. But I think we can offset it. We have out-raised them, out-redistricted them, out-recruited them.” Indeed, the Democrats’ money isn’t so secret. President Obama, for example, received twice as much money from Wall Street (about $ 16 million) than his opponent in that election – John McCain. Now, he’ll pretend that he’s trying to “police” the big banks and, sadly, most Americans will not even be aware of the irony involved. But, more power to Pelosi. She’s a player in a destructive game and she’ll have fun and get rich trying to win. It’s just a shame that Americans can’t expect to be served by her, or President Obama or Mitt Romney, should he be elected in 2012. Sad, indeed.


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May 14th, 2012

California on the Precipice, Facing $16 Billion Deficit

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If you think the United States has it bad from the perspective of massive debt and unsustainable and crippling budget deficits (and, for some reason, some people don’t think this), then California is probably going to serve as a study in what not to do in running a state. The overzealous lawmakers in that state have pushed their greedy snouts into so many projects and regulations that doing business in California is nearly impossible. But what’s even worse is the amount of taxes the state must raise to support all of this irresponsible and ill-advised spending.

The state currently has a budget deficit that is projected to grow to $ 16 billion this year, something that will create large cuts to schools and public safety if voters do not approve a tax increase in a state that already has taxes that are too high by any reasonable measure. Things in California have gotten so bad, in fact, that the state has taken to taxing those who no longer reside in California, and have seized the so-called taxes via agreements with banking behemoths who comply by sending “taxpayer” money to the state without notifying the account holders.

It’s the latest in a series of totalitarian “big brother” moves by a state that claims to have everyone’s best interests in mind but, in reality, is governing itself into an abyss. Of the necessary tax increases and spending cuts, Governor Brown notes, “This means we will have to go much farther and make cuts far greater than I asked for at the beginning of the year. But we can’t fill this hole with cuts alone without doing severe damage to our schools. That’s why I’m bypassing the gridlock and asking you, the people of California, to approve a plan that avoids cuts to schools and public safety.” In other words – “we’ve spent your money terribly over the past several decades…and now we need more.”


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May 11th, 2012

Orangutans Use iPads to Communicate at Miami Zoo

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Miami’s Jungle Island presents a unique glimpse into the intelligence of orangutans. But rather than evidence of the animals communicating with signs and body language, in this instance the orangutans are communicating with iPads. The park in Miami is just one of several zoos experimenting with the use of such technology to better understand the reasoning, logic and communications skills of the animals. The hope is that the program will allow a greater understanding of the gap between humans and endangered apes.

Linda Jacobs oversees the program in Florida and notes, “Our young ones pick up on it. They understand it. It’s like, ‘Oh I get this.’ Our two older ones, they just are not interested. I think they just figure, ‘I’ve gotten along just fine in this world without this communication-skill here and the iPad, and I don’t need a computer.’” If that sounds a lot like humans’ take on computers – based on age – well, that’s because it is kind of similar.

In Jungle Island, keepers have already been communicating with the orangutans by sign language for a long time, so this is merely the evolution of communication between animals and humans. Noted Jacobs, “We’re able to really monitor their health on a daily basis. We can do daily checks. If somebody’s not feeling well, we know it immediately.” Jacobs would ultimately like the animals to be able to communicate with humans not versed in sign language. She says, “It would just be such a wonderful bridge to have. So that other people could really appreciate them.”


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May 9th, 2012

U.S. Refuses to Negotiate with Al Qaeda for Hostage Release

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Top U.S. officials reiterated the American position of refusing to negotiate with al Qaeda in hostage situations. White House spokesman Jay Carney said that authorities were still trying to coordinate Weinstein’s release, but provided no details as to what efforts were in place. The video, which shows Weinstein being held against a white backdrop, was directed at U.S. President Barack Obama and Weinstein recites what sound like prepared remarks asking for the president to step in and give his captors what they want in return for his freedom.

It is believed that the al Qaeda group holding Weinstein wants the release of specific prisoners in exchange for releasing Weinstein. Weinstein has been held by al Qaeda since August, when he was kidnapped from the Pakistani city of Lahore. He was living there as an advisor and consultant for J.E. Austin Associates, a U.S. firm that works with various Pakistani government agencies and private corporations.

Although the video showed Weinstein in what appeared to be reasonable health, it’s unclear exactly when the video was shot. He does note in the video that he has been given his required medication and that he has been cared for by his captors. The only realistic option on the table from the U.S. perspective is to try to establish back-channel communications with the al Qaeda cell holding Weinstein and to try to quietly negotiate his release via alternative means. A rescue attempt would seem unlikely, unless Weinstein’s location is determined to be outside of Pakistan.


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May 6th, 2012

Jobless Claims Decrease, But Numbers May Be Skewed

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The number of Americans who filed for jobless aid dropped last week, giving some who rely on such statistics a glimmer of hope about what’s going on in the employment market. The number of claims for state unemployment benefits dropped by 27,000 to a seasonally adjusted 365,000, according to the Department of Labor’s Bureau of Labor Statistics (BLS). What should be noted, however, is that seasonal adjustments, in and of themselves, can sometimes be inaccurate, and this inaccuracy is multiplied when warm weather occurs during the winter, as happened in 2012.

Also worth noting is that unemployment numbers are released and then revised about a week later – the headline number that is released is on the front page of business sections, while the revisions are the equivalent of 25th-page retractions, so that not much attention is paid to the fact that things are as bleak as they are.

Add to this the fact that the independent employment numbers of ADP, a private company, indicated that April saw the fewest jobs created in 7 months, and you have a bit of a mixed message, at best. Since ADP doesn’t benefit from fudged employment numbers (as politicians benefit when BLS mis-reports and “massages” their numbers), one must generally consider the ADP numbers to be more accurate. Such is life in the world of economic indicators – those controlled by the government cannot generally be trusted. The same, of course, is true of inflation numbers put forth by the Fed, but that’s a story for another day.


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May 3rd, 2012

Santorum Wants Assurances from Romney Before Endorsement

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Prior to giving his endorsement to his very recent opponent in the GOP primary race, Rick Santorum wants some assurances from Mitt Romney. Specifically, Santorum has noted that he wants the policy platform of the party to represent the interests of conservatives. While both Santorum and Newt Gingrich are expected to follow the party line and endorse Romney for the sake of unity, it’s not going to be without a certain quid pro quo, apparently.

Ron Paul, on the other hand, remains in the race and has not acknowledged Romney as the Republican nominee. On top of that, Paul’s vast differences with most mainstream politicians – he prefer individual freedoms to meddling and tells the truth, making him something of an anomaly among political types – makes it unlikely that he’ll ever endorse Romney. It’s going to be a tough road for Santorum as well, who one time called Romney “the worst Republican in the country” to run against Obama.

Gingrich has been most obvious about what he’ll do, noting in one speech, “It’s clear Romney is the nominee and the focus should be on defeating Obama. We should not focus on defeating ourselves.” Before he gives his endorsement, however, Santorum will seek assurances from Romney that he will toe the conservative line on issues such as abortion, gay rights and, probably most importantly for Santorum, the issue of public healthcare. It remains to be seen when either Gingrich or Santorum will actually come forward to endorse Romney, but it seems almost inevitable at this point.


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Apr 30th, 2012

Biden Criticizes Romney on Foreign Policy

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Taking aim squarely at presumptive Republican presidential nominee Mitt Romney, Vice President Joe Biden focused on Romney’s foreign policy ideas in a recent speech, noting that Romney was “totally out of touch” with the American people and would, if chosen as president, lead America back “to the past we have worked so hard to move beyond.” Biden made his comments during a speech at New York University, and went to lengths to connect Romney with the policies of former President George W. Bush.

Biden did not focus on the fact that President Obama’s reign has not seen any significant decrease in military spending, deaths of U.S. military personnel, scaling back of Guantanamo, nor greater freedoms from illegal actions by domestic U.S. agencies allegedly guarding against terrorism. “Americans know that we cannot afford to go back to the future,” Biden noted. “Back to a foreign policy that would have America go it alone, shout to the world ‘You’re either with us or against us,’ lash out first and ask the hard questions later, if at all.”

Biden then went on to ask a series of hypothetical questions. “Where does Gov. Romney stand? How would he protect our security? What would Governor Romney do? The truth is, we don’t know for certain. To the extent he’s shown any foreign policy vision, it’s through the glass of a rearview mirror.” Romney has claimed that Obama’s policies have alienated allies, though it’s really not clear how that is. Of course, there have been no real standout foreign policy victories for Obama either, so the chatter on the campaign trail would appear to be nothing more than hyperbole, lies and deceit…basically what you’d expect from politicians in a two-party political system.


Buzzle: Breaking News & Reports

Apr 27th, 2012

Jobless Claims Putting Downward Pressure on Markets

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Managing macro economic data and its reporting is a very tricky business in a presidential election year. One will see articles with opposing headlines referring to the same data sitting next to one another in online news feeds. Jobless claims for the week ended April 21 were actually down slightly from the upwardly-adjusted number from the week before – so one might interpret that as good news. But, the claims for the week ended April 21 were also significantly higher than the consensus projections for the data, so that is viewed as bad news.

And with adjustments likely to occur before the following week’s data set is announced, there is much more manipulation to be enacted and absorbed by the markets. As it stands, the jobless claims and new hiring numbers are a negative for the markets and the U.S. economy as a whole. But they are neither bad nor good enough to actually “move the needle” in one direction or another. Instead, they will serve to generate various headlines in the financial news, some good and some bad. The net effect of that cycle of news and data interpretation will ultimately mean little in terms of market movement.

The only financial news that really matters anymore is when and how much quantitative easing will be enacted by the Fed and other central banks to continue to prop up a failing global financial system. The current sovereign debt loads are so large – and asset values so low – that the only thing left to keep the game going is more debt, provided via loose, inflationary monetary policies. Yesterday’s FOMC statement by the Fed acknowledged that the outlook for the US economy was one of moderate growth, but that the central bank was ready to act as necessary to avoid any economic contraction.


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Apr 24th, 2012

John Edwards Trial Begins in North Carolina

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John Edwards, former senator and vice presidential candidate for Al Gore, arrived in federal court in Greensboro, North Carolina yesterday to face charges that he improperly used campaign funds to cover up an affair he had with campaign videographer Rielle Hunter, even as his wife, Elizabeth Edwards, was battling cancer. For the record, Al Gore and Edwards have now both been found to have been cheating on their wives and had their marriages end. A dream ticket, indeed – these two would have made Bill Clinton’s dalliances with Monica Lewinsky seem tame by comparison.

More to the point now, however, is the fact that Edwards will face six criminal counts, including conspiracy, four counts of having received illegal campaign contributions and one count of making false statements in connection with allegedly seeking and then spending roughly $ 925,000 to cover up his affair. If Edwards were to be convicted on these counts, he would face up to 30 years in prison and $ 1.5 million in fines.

Noted Edwards’ friend and longtime acquaintance Glenn Bergenfield, “He knows he made mistakes. But John thinks that the treatment of him is so unflinchingly horrible and that what he did is not so different from what others did – JFK, Clinton, the whole rogues’ gallery. We’ve had this conversation about his situation, and I remember he did compare it to Clinton. He said, ‘I did a horrendous thing, but I don’t know why I’m getting such an unforgiving treatment when you think of what other people have done.” At a guess, Mr. Edwards, it’s because you did what you did while your wife had cancer. Again…just a guess.


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Apr 21st, 2012

Romney Rebuts Obama on Silver Spoon Comment

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President Obama, terribly desperate to avoid any issues of substance during his re-election campaign, has pointed to Mitt Romney’s wealth as a way to score political points, but Romney has rejected the criticism and makes no apologies for his father’s rags to riches story.

President Obama has tried to make political hay recently by claiming that he “wasn’t born with a silver spoon in my mouth,” an indirect reference to the fact that Mitt Romney, his challenger for the presidency in 2012, grew up with money. Romney, however, has rejected outright any accusation by Obama that there was anything at all wrong with the way he grew up. For those unaware, Romney’s father, George, was born in Mexico and moved to the U.S. to become a lath and plaster apprentice. To make ends meet, he would also sell paint out of his car.

Romney noted, “I’m not going to apologize for my dad and his success in his life. He was born poor and he worked his way to become very successful despite the fact that he didn’t have a college degree.” Romney’s father eventually became a successful businessman and even the governor of Michigan from 1969 to 1973. Upon his father’s death, Romney donated his rather sizable inheritance from his father to charity.

Still, it appears that at least some on forums and commenting on articles from the mainstream media are quite convinced that Romney is out of touch with the electorate and that Obama has his finger on the pulse of the nation. Given the amount of government spending and the lack of jobs under Obama’s administration, what becomes abundantly clear is that he is either actually unaware of the concerns of the man on the street, or he is powerless to change that man’s fortunes. A potential third option is that he simply doesn’t care.


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