As it always is in times of crisis, we are seeing a flight to government bonds. Everything else appears too dicey, with mortgage applications at a nearly 8 year low, estimated food inflation for this year may be at a 28 year high, and home prices in high priced areas falling like a stone, even if volume is up a bit.
In energy and currency, the dollar is up a bit, as is oil, though neither are up significantly, and gasoline is down for the 34th straight day, and it's now down about 10% from the peak.
20 August 2008
The Final Word on Drinking Age
Care of Atrios:
I'm Matthew Saroff, and I approve of this message.
Perhaps they should consider my cunning plan to let 18 year olds have a drinking license or a driver's license but not both, which would have the added benefit of helping my plot to make everyone move to Manhattan increasing the appeal of less car dependent locations.(emphasis mine)
I'm Matthew Saroff, and I approve of this message.
Rachel Maddow To Get Show on MSNBC
She will start after the convention, and follow Olbermann, replacing Dan Abrams.
Good news. Saw it on Olbermann last night, and he said something interesting that I would like confirmed, that the costs of a live audience was what did in Donohue...The audience shows up for free, but I guess that they increase the cost of production.
Good news. Saw it on Olbermann last night, and he said something interesting that I would like confirmed, that the costs of a live audience was what did in Donohue...The audience shows up for free, but I guess that they increase the cost of production.
Why We Invaded Iraq: Reason # 17
So that defense contractors could profit off of Iraqi oil money.
With hundreds, if not thousands of tanks and APCs, and any foreseeable conflict being urban warfare, Iraq is looking to buy about $2.16 billion in arms, including 140 M-1 tanks, the most expensive tank on earth.
With hundreds, if not thousands of tanks and APCs, and any foreseeable conflict being urban warfare, Iraq is looking to buy about $2.16 billion in arms, including 140 M-1 tanks, the most expensive tank on earth.
Obama calls for end to 'personal attacks' by McCain - International Herald Tribune
Sorry, but Mr. Obama, you are being a wimp.
Begging for McCain to lay off makes you look weak. Your message should be that, "John McCain will say and do anything to be president."
Begging for McCain to lay off makes you look weak. Your message should be that, "John McCain will say and do anything to be president."
Court Rules that Passengers can challenge No-Fly List
Good news.
People will now be able do demand in court to confirm that they are on the no fly list, and challenge the reasons for that placement in court.
People will now be able do demand in court to confirm that they are on the no fly list, and challenge the reasons for that placement in court.
Pelosi's to Poison Pill Offshore Drilling
Her bill won't have a poison pill for sane people, but the other parts of the bill will be like Kryptonite to Republicans.
Specifically, she will be putting a repeal of the tax loophooles for oil companies, funding mass transit, releasing oil from the strategic petroleum reserves, and funding for alternative energy.
Heh
Specifically, she will be putting a repeal of the tax loophooles for oil companies, funding mass transit, releasing oil from the strategic petroleum reserves, and funding for alternative energy.
Heh
Obama Talks Nice About Single Payer
I think that he's looking at poll numbers and focus groups, as opposed to listening to the idiots inside the Beltway, who make lots of money, and have no issues with their healthcare.
It's a start.
It's a start.
And in Afghanistan
10 French soldiers killed, and it appears that the Taliban is beginning a major offensive.
No doubt they will get the butts kicked, but it shows just how misguided we were to pull out to invade Iraq.
No doubt they will get the butts kicked, but it shows just how misguided we were to pull out to invade Iraq.
The Georgia Pullout
I stand by my earlier assessment, that the Russians are pulling out, but doing so with all deliberate slowness.
In any case, it does appear that the Russians are determined to humiliate the Georgians, and their state security apparatus, as much as possible on the way out.
They still seem to be messing around in the main Georgian port of Poti, and they are maintaining that, "A 1999 document written up by the Joint Control Commission, an international body that monitored tensions in South Ossetia, gives peacekeepers access to a long piece of land that extends about nine miles into Georgian territory."
This is about showing who is boss, which is immature, but at least no shots are being fired right now.
That being said, the Russians are suffering some diplomatic blow-back, with Ukraine offering NATO access to a former Soviet missile early warning station, and Poland signing a deal on installing the US ABM system.
Certainly these will be more noticed by the Russians than what will be a temporary downgrade of NATO-Russian relations, which is not going to last long, if just because cooperation with them on Iran is essential.
We have an interesting quote in this article about the US capitulating on NATO membership for Georgia:
In any case, it does appear that the Russians are determined to humiliate the Georgians, and their state security apparatus, as much as possible on the way out.
They still seem to be messing around in the main Georgian port of Poti, and they are maintaining that, "A 1999 document written up by the Joint Control Commission, an international body that monitored tensions in South Ossetia, gives peacekeepers access to a long piece of land that extends about nine miles into Georgian territory."
This is about showing who is boss, which is immature, but at least no shots are being fired right now.
That being said, the Russians are suffering some diplomatic blow-back, with Ukraine offering NATO access to a former Soviet missile early warning station, and Poland signing a deal on installing the US ABM system.
Certainly these will be more noticed by the Russians than what will be a temporary downgrade of NATO-Russian relations, which is not going to last long, if just because cooperation with them on Iran is essential.
We have an interesting quote in this article about the US capitulating on NATO membership for Georgia:
“Russia has successfully burned Georgia’s NATO card,” said Sarah E. Mendelson, a senior fellow for Russia and Eurasia at the Center for Strategic and International Studies in Washington. “Whatever the outcome, Russia has all but obliterated Georgia’s possibility of joining NATO, as it cannot belong to this alliance if it has unresolved border disputes.”Let's be clear. The Russians won.
19 August 2008
Pakistan Coalition Fails to Agree on Restoring Judges
Well, now that Musharraf is gone, we have Nawaz Sharif threatening to pull out of the coalition government, (see also here) because the phenomenally corrupt (even by Pakistani standards!!!) Asif "Mr 10%" Ali Zedari is trying to renege on the deal he had with Sharif to restore all the judges, particularly chief justice of the supreme court Muhammad Chaudhry:
The basis of Zardari's opposition to Chaudhry rests with a fear that he might undo an amnesty agreement that absolved Mr. Zardari of corruption charges, lawyers said. The amnesty, which applies to bureaucrats and politicians who faced corruption charges, was part of a package arranged by Musharraf when Zardari returned to Pakistan after his wife, former Prime Minister Benazir Bhutto, was assassinated in December.Chaudhry is viewed as a danger because he appears to be a serious and non-corrupt jurist, and an independent and clean judiciary is something essential right now in Pakistan, whether or not that Zedari ends up in jail as a result or not.
Navy Electioneering for Susan Collins
You have to love this, the US Navy saying that they want a 3rd DDG-1000 (see also here), to be made at Bath Iron Works according to a press release from the office of Senator Susan Collins (R-ME).
Here she is, polling consistently below 50%, with a well funded challenger, and she's ignoring her term limit pledge....Nope...no politics here....
Here she is, polling consistently below 50%, with a well funded challenger, and she's ignoring her term limit pledge....Nope...no politics here....
Economics Update
the producer price index rose 1.2% in July, that comes to about 15% inflation, and the year over year rate was 9.8%.
Inflation is back....Truth be told, it was never gone, it's just that the government statistics concealed it, and we are now running into the limits of such accounting artistry.
We also are seeing housing starts at a 17 year low, so it looks like stagflation to me.
I just hope that it isn't an Argentina/USSR style collapse.
I would note that a lot of this inflation is commodities, and they are down.
Both oil and gasoline (33rd straight day) fell again.
That being said, the dollar was down again today. Those inflation numbers probably scared traders.
Finally it looks like Lehman may be forced to sell its money management division in order to raise capital to offset its losses.
Inflation is back....Truth be told, it was never gone, it's just that the government statistics concealed it, and we are now running into the limits of such accounting artistry.
We also are seeing housing starts at a 17 year low, so it looks like stagflation to me.
I just hope that it isn't an Argentina/USSR style collapse.
I would note that a lot of this inflation is commodities, and they are down.
Both oil and gasoline (33rd straight day) fell again.
That being said, the dollar was down again today. Those inflation numbers probably scared traders.
Finally it looks like Lehman may be forced to sell its money management division in order to raise capital to offset its losses.
Business as Usual for Bush and His Evil Minions™
It looks like they are appointing F. Chase "Jabba" Hutto III to the post of assistant secretary for policy and international affairs at the energy department, who is described as, "one of the oil and gas industry's key points of contact for energy and environmental issues."
He's a pro pollution wingnut who started off doing oppo research.
Lovely.
He's a pro pollution wingnut who started off doing oppo research.
Lovely.
Normally, I Boycott the AP, But In This Case....
But sometimes, someone there screws up, and reports the truth:
It hasn't been corrected yet, and I need a screen cleaner.
Details on the AP boycott here.
Obama veep announcement expected in coming daysToo true.
By NEDRA PICKLER
.....
His top contenders are said to include Minnesota Gov. Tim Pawlenty and former Massachusetts Gov. Mitt Romney. Less traditional choices mentioned include former Pennsylvania Gov. Tom Ridge, an abortion-rights supporter, and Connecticut Sen. Joe Lieberman, the Democratic vice presidential prick in 2000 who now is an independent.
It hasn't been corrected yet, and I need a screen cleaner.
Details on the AP boycott here.
Draft Beer Not People
I began my drinking college career before the universal 21-year-old drinking age, it was 20 in Massachusetts, and it did not interfere with my drinking at all, so I approve of the efforts by over 100 college presidents to lower the drinking age to 18 (the Amethyst Initiative).
They believe that the current regime leads to unsafe habits and binge drinking, and I agree.
My observation, and I was at college through the transition, is that the change in the law did not make for safer drinking, or a reduction in drinking and driving.
They believe that the current regime leads to unsafe habits and binge drinking, and I agree.
My observation, and I was at college through the transition, is that the change in the law did not make for safer drinking, or a reduction in drinking and driving.
Fannie and Freddie Have No Clothes
Or more accurately, negative net worth to the tune of something on the order of -$50 Billion each.
The only thing keeping them solvent is their banking of losses against future taxes.
They are going to fail....It's that simple.
The only question is how, and who gets hosed.
H/t Barry Righoltz.
The only thing keeping them solvent is their banking of losses against future taxes.
They are going to fail....It's that simple.
The only question is how, and who gets hosed.
H/t Barry Righoltz.
Iraq Sweetheart Oil Deals Appear Dead
It appears that the short term sweetheart deals that Bush and His Evil Minions™ engineered are not sweet enough for the oil companies.
The theory was that these short term contracts would lock in, or nearly lock in, longer term more lucrative contracts, but it appears that the Iraqis were driving a hard bargain.
It appears that these folks can't even pay their supporters in the oil bidness competently.
Details here.
The theory was that these short term contracts would lock in, or nearly lock in, longer term more lucrative contracts, but it appears that the Iraqis were driving a hard bargain.
It appears that these folks can't even pay their supporters in the oil bidness competently.
Details here.
Pension Benefit Guaranty Corp. Doubles Down
As has been known for some time, the Pension Benefit Guaranty Corp. (PBGC) is underfunded as a result of pension obligations that it has had to assume over the past few years, and now its management is looking toward a more aggressive, and hence riskier, investment strategy.
It was 75% to 85% bonds and 15% to 25% in stocks, and it's going to 45% stocks, 45% bonds, and 10% in "alternative investments".
Alternative investments? What's that, rare coins?
I'm a bear by nature, but to me it looks like this has EPIC FAIL written all over it.
It was 75% to 85% bonds and 15% to 25% in stocks, and it's going to 45% stocks, 45% bonds, and 10% in "alternative investments".
Alternative investments? What's that, rare coins?
I'm a bear by nature, but to me it looks like this has EPIC FAIL written all over it.
Missing the Point
The Wall Street Journal discusses the netroots campaign against Representative Chris Carney (D-PA 10), but they miss a big point: in 2006 Chris Carney lied though his teeth to get the support of Blue America, Moveon, etc. on any number of issues (the example that springs to mind is that he flipped flopped completely on sexual orientation based hate crimes legislation).
Carney has welded himself to George W. Bush in Congress, despite protestations to the contrary in 2006, and I approve of Blue America welding him to George W. Bush, "Mr. 29%," back in his district.
Carney has welded himself to George W. Bush in Congress, despite protestations to the contrary in 2006, and I approve of Blue America welding him to George W. Bush, "Mr. 29%," back in his district.
Unions Warn Obama on "Rubinomics"
AFL-CIO Secretary-Treasurer Richard Trumka just cut Bob Rubin a new one:
This is a bad sign, and not just because it indicates a tilt toward Rubin. It's also no longer sustainable, and tremendously damaging to the economy, at least if you are not a big ticket stock broker like Bob Rubin.
The fact is that much of the Clinton administrations economic policy was driven by Rubin, and it was not Democratic Party economics, it was Eisenhower Republican economics, and the credit crunch is largely a function of these policies now coming home to roost.
Blaming unfettered global trade and inadequate government regulation for lost manufacturing jobs and a staggering economy, Trumka's presentation cautions that "it will do us little good if, when the next Democrat moves into the White House, Wall Street takes command of our country's economic policy."Further down in the article, it notes that Obama is talking up a strong dollar policy, a shibboleth of Bob Rubin.
Trumka leaves no doubt that the rebuke is aimed at Rubin, Wall Street's most prominent Democrat. It's "hard to tell the difference" between Rubin and Republican Treasury Secretary Henry Paulson, the presentation says. Trumka's critique reflects the concern among organized-labor officials that Rubin and like- minded Democrats may win the behind-the-scenes battle to shape Obama's economic thinking.
"I'm hearing Rubin's name more and more associated with the campaign's economic policy," says James Torrey, a top Obama fundraiser and chief executive officer of New York-based Torrey Associates LLC, a hedge-fund investor.
This is a bad sign, and not just because it indicates a tilt toward Rubin. It's also no longer sustainable, and tremendously damaging to the economy, at least if you are not a big ticket stock broker like Bob Rubin.
The fact is that much of the Clinton administrations economic policy was driven by Rubin, and it was not Democratic Party economics, it was Eisenhower Republican economics, and the credit crunch is largely a function of these policies now coming home to roost.
Georgia Update
Russia says that it is pulling troops out of Georgia, though Pentagon sources are disputing this.
My guess is that there is a withdrawal going on, the Russians don't want to deal with an insurgency, but that it is proceeding with all deliberate slowness.
Aviation Week has analysis of the relative success of Georgian air defense systems (Paid Subscription Required), specifically of theSU Tu-22M3, and suggest that it was shot down because of Israeli aid in upgrading the Soviet era air defense systems.
Additionally, they note that the Georgian air defense system was less sophisticated, less networked, and less automated than the Syrian one, and as such, it may have been less vulnerable to the cyber attacks that were allegedly used by the Israelis when they struck the Syrian reactor complex.
Shades of Battlestar Galactica, the new one, not the old one.
As to the Su-25 losses, they suggest that these were shoulder launched SAMs, and I agree, as the Su-25 is really a close air support aircraft, which puts them in the sweet spot of such weapons.
My guess is that there is a withdrawal going on, the Russians don't want to deal with an insurgency, but that it is proceeding with all deliberate slowness.
Aviation Week has analysis of the relative success of Georgian air defense systems (Paid Subscription Required), specifically of the
Additionally, they note that the Georgian air defense system was less sophisticated, less networked, and less automated than the Syrian one, and as such, it may have been less vulnerable to the cyber attacks that were allegedly used by the Israelis when they struck the Syrian reactor complex.
Shades of Battlestar Galactica, the new one, not the old one.
As to the Su-25 losses, they suggest that these were shoulder launched SAMs, and I agree, as the Su-25 is really a close air support aircraft, which puts them in the sweet spot of such weapons.
American Psychological Association Debates Torture
There is nothing wrong with a psychologist participating in a legitimate military interrogation, but what the APA is debating now is whether psychologists should participate in torture.
Water-boarding, sleep deprivation, beatings, stress positions, extremes in temperature, threats to children...These are torture, and any psychologist, or for that matter any medical professional who aided in this, should never be licensed to practice medicine ever again.
Water-boarding, sleep deprivation, beatings, stress positions, extremes in temperature, threats to children...These are torture, and any psychologist, or for that matter any medical professional who aided in this, should never be licensed to practice medicine ever again.
Zimbabwe Negotiations Appear to Go Nowhere
Tsvangerai is insisting on real executive power as prime minister, which makes sense, as he won the election, but this is a major sticking point, which is why the SADC summit ended without a deal.
So the SADC is pressuring Tsvangerai to cut a deal with Mugabe that does not involve real power for the MDC, with the threat that the splinter MDC-Mutambara would ally with the ZANU-PF in parliament otherwise, which indicates to me that the SADC, or some of the members of the SADC, don't really care about the quality of governance in Zimbabwe, they just want the problem to go away.
So the SADC is pressuring Tsvangerai to cut a deal with Mugabe that does not involve real power for the MDC, with the threat that the splinter MDC-Mutambara would ally with the ZANU-PF in parliament otherwise, which indicates to me that the SADC, or some of the members of the SADC, don't really care about the quality of governance in Zimbabwe, they just want the problem to go away.
Questions Grow on Anthrax Case
Details here, and here
Additionally, the FBI will be releasing more evidence to buttress their claims.
Personally, I'm not as concerned about the timeline to mail the letter from New Jersey as the complete lack of evidence of weaponization equipment or experience.
It's clear that he could lyophilize (freeze dry) his anthrax, but then it would have to be milled in some manner to a very small particle size, and then coated with a substance that gives it a static charge so that it would aerosolize well, and this was not something done at the lab.
Additionally, the FBI will be releasing more evidence to buttress their claims.
Personally, I'm not as concerned about the timeline to mail the letter from New Jersey as the complete lack of evidence of weaponization equipment or experience.
It's clear that he could lyophilize (freeze dry) his anthrax, but then it would have to be milled in some manner to a very small particle size, and then coated with a substance that gives it a static charge so that it would aerosolize well, and this was not something done at the lab.
18 August 2008
Economics Update
It looks like concerns about GSEs are roiling the markets again, so one wonders when the government will nationalize Fannie and Freddie.
It won't happen under Bush and His Evil Minions™, needless to say, but I see it as inevitable for the next president.
Meanwhile, energy is still trending downwards, with oil falling as the path of Fay becomes clearer, and gasoline falling fo the 32nd straight day.
The dollar is down a bit, but I'm not sure if this is a pause in a rally as people take profits, or a change in direction.
In any case, it looks like labor day air travel is going to be way down, yet another sign of the slowing economy, and the fact that airlines have become so bloody awful.
Finally, home prices in the UK fell by 4.8% year over year, showing again just how well the "Anglo Saxon Model" of capitalism works when things go bad.
It won't happen under Bush and His Evil Minions™, needless to say, but I see it as inevitable for the next president.
Meanwhile, energy is still trending downwards, with oil falling as the path of Fay becomes clearer, and gasoline falling fo the 32nd straight day.
The dollar is down a bit, but I'm not sure if this is a pause in a rally as people take profits, or a change in direction.
In any case, it looks like labor day air travel is going to be way down, yet another sign of the slowing economy, and the fact that airlines have become so bloody awful.
Finally, home prices in the UK fell by 4.8% year over year, showing again just how well the "Anglo Saxon Model" of capitalism works when things go bad.
Our Third World Export Economy
When we talk about how the falling dollar has increased exports, they rarely note what it is that the US actually exports.
We are exporting, "decidedly low-luster commodities like corn, wheat, ore and scrap metal. Commodities are 42% of export increase in the first half of 2008, and manufactured goods, only 12% (Note that this is only the percentage of the delta, percentage of the whole is 26% commodities and 40% manufactured goods).
Part of the reason for this is that much of the manufacturing capability of the US no longer exists. It has been shut down and either shipped overseas or sold as scrap, so there are very real limits to the degree that US manufacturing can take advantage of the dollar in the short term.
We are exporting, "decidedly low-luster commodities like corn, wheat, ore and scrap metal. Commodities are 42% of export increase in the first half of 2008, and manufactured goods, only 12% (Note that this is only the percentage of the delta, percentage of the whole is 26% commodities and 40% manufactured goods).
Part of the reason for this is that much of the manufacturing capability of the US no longer exists. It has been shut down and either shipped overseas or sold as scrap, so there are very real limits to the degree that US manufacturing can take advantage of the dollar in the short term.
What Atrios Said
He, of course, paraphrases Senator Joseph Biden, when he says, "A Noun, A Verb, POW in response to the story that John McCain was in a position to hear the questions that Saddleback church pastor Rick Warren put to Barack Obama, and so get a leg up on his responses.
The response to the allegations from McCain Spokesman Nicolle Wallace:
That should be a talking point from the Obama campaign, but direct it at the McCain campaign, not at the candidate, so it won't seem disrespectful.
The response to the allegations from McCain Spokesman Nicolle Wallace:
The insinuation from the Obama campaign that John McCain, a former prisoner of war, cheated is outrageous.A noun, a verb, and POW.
That should be a talking point from the Obama campaign, but direct it at the McCain campaign, not at the candidate, so it won't seem disrespectful.
Musharraf Resigns
And it looks like he's going to Saudi Arabia, assuming that he does not have an "unfortunate accident", and the people who would benefit from his silence are too numerous to name, on the way there.
Of course, this makes things far more difficult for the Pakistani government, because now the electorate will expect them to fix the problems in their country.
Of course, this makes things far more difficult for the Pakistani government, because now the electorate will expect them to fix the problems in their country.
Iran Claims Launch of Satellite Capable Launcher
Certainly the ability to launch their own satellites is a capability that most nations desire, though I would note that a rocket that can put 100 lbs in low earth orbit could most likely put a 1000 lb warhead on a sub-orbital flight to almost anywhere on earth, based on my limited sens of orbital mechanics.
That being said, the Pentagon is saying that they doubt that the launch was successful.
That being said, the Pentagon is saying that they doubt that the launch was successful.
DOJ Opens Criminal Investigation of Blackwater Mercenaries Who Committed Baghdad Massacre
I wonder if any of the mercenaries will become a witness for the prosecution....Rats and sinking ship, after all.
If so, this should get interesting.
If so, this should get interesting.
Norm Coleman Certainly Has Chutzpah Down
In response to the fact that his apartment rental in DC is at well below market rates, and does not include utilities from a lobbyist, he is saying that, "I gotta tell you, people of Minnesota actually appreciate the fact that I live humbly as a senator -- that I'm not living the way some people think senators live."
The classic definition of Chutzpah is killing your parents and asking for mercy as an orphan. Norm Coleman may very well have beat that classic out.
What a bloody weasel.
The classic definition of Chutzpah is killing your parents and asking for mercy as an orphan. Norm Coleman may very well have beat that classic out.
What a bloody weasel.
Don't Expect Oil Prices to Fall Much Further
Because OPEC is talking about output cuts to stabilize the price.
I don't think that they will allow it to break $100/bbl.
I don't think that they will allow it to break $100/bbl.
Nouriel Roubini Gets Profiled in the NY Times
They call him Dr. Doom.
It's a rather nice profile of Dr. Roubini, though I agree with Paul Krugman that his prediction of a housing crash was hardly unique, and that they missed what was special about his predictions, that there would be as Krugman says, "there would be large “knock-on” effects from the bursting bubble on the financial system", i.e. the credit crunch as we are currently experiencing it.
Interestingly enough, it looks like the crisis will exceed Roubini's most pessimistic projections, which is kind of scary.
It's a rather nice profile of Dr. Roubini, though I agree with Paul Krugman that his prediction of a housing crash was hardly unique, and that they missed what was special about his predictions, that there would be as Krugman says, "there would be large “knock-on” effects from the bursting bubble on the financial system", i.e. the credit crunch as we are currently experiencing it.
Interestingly enough, it looks like the crisis will exceed Roubini's most pessimistic projections, which is kind of scary.
Bob Ney Out of Jail
He served 1½ years of a 2½ year sentence. He was given time off for entering an alcohol treatment program.
I wonder how long before he starts doing the Sunday morning gasbag pundit circuit.
I wonder how long before he starts doing the Sunday morning gasbag pundit circuit.
Howard Dean Makes "Gaffe"
One wonders if this "slip" in an interview is a Freudian slip, or intentional:
In either case, I'm Matthew Saroff, and I approve of Chairman Dean's message.
If you look at folks of color, even women, they're more successful in the Democratic Party than they are in the white, uh, excuse me, in the (chuckles) Republican Party, because we just give more opportunity to folks who are hard-working people who are immigrants and come from members of minority groups.I'm hoping intentional.
In either case, I'm Matthew Saroff, and I approve of Chairman Dean's message.
Obama and DNC Rake in Dough
Both Obama and the Democratic National Committee outraised their Republican counterparts in July.
Obama raised $51 million, as compared to McCain's $27 million, and the DNC raised 27.7 million, as compared to the RNC's $26 million, the first time that the DNC has outraised the RNC since 2004.
Happy dance time, though the combined cash on hand is about $94.3 million Obama + DNC vs $96 million McCain + RNC, because the DNC has spent a lot of money on Dean's 50 state strategy.
Obama raised $51 million, as compared to McCain's $27 million, and the DNC raised 27.7 million, as compared to the RNC's $26 million, the first time that the DNC has outraised the RNC since 2004.
Happy dance time, though the combined cash on hand is about $94.3 million Obama + DNC vs $96 million McCain + RNC, because the DNC has spent a lot of money on Dean's 50 state strategy.
Signs of the Apocalypse: Press Notices Swift Boat Author is a Bigot and Lunatic
I'm stunned. This time, when Jerome Corsi comes out with a book, the press is noting that his book is unsupported by the facts, and that Corsi is a bigoted cook kook.
As writer Greg Mitchell notes, even Nedra Pickler is saying that the emperor has no clothes.
As writer Greg Mitchell notes, even Nedra Pickler is saying that the emperor has no clothes.
17 August 2008
Economics Update
You know that the economy is bad when you go broke filling people's Jones for chocolate chip cookies, but Mrs. Fields cookies is filing for reorg under chapter 11.
The dollar is down a bit, because there is concern that the Fed won't raise interest rates soon.
Honestly, they won't raise rates before the election, because that is what the Fed does.
Oil is up a bit, on concerns of the effects of tropical storm Fay on rigs in the Caribbean.
The dollar is down a bit, because there is concern that the Fed won't raise interest rates soon.
Honestly, they won't raise rates before the election, because that is what the Fed does.
Oil is up a bit, on concerns of the effects of tropical storm Fay on rigs in the Caribbean.
Georgia
Well, Georgia and Russia have now signed a cease fire agreement, and Russia will begin to withdraw troops on Monday.
What the Russians have always wanted is to be able to kick Georgia in the teeth regarding the independence of South Ossetia and Abkhazia, and they did, and under the terms of the cease fire, they get to keep troops there, and in a "buffer zone".
What's more, they are installing SS-21 missiles in South Ossetia, and possibly Abkhazia, which can cover most of Georgia.
Truth be told, nothing shows Georgia's defeat more clearly than the words of Georgian president Mikheil Saakashvili, who is now pleading to mend fences.
Saakashvili's political platform has been almost exclusively about putting the boot back on the neck of the Ossetians and the Abkhazians (once again proving that there are no good guys in the Caucasus), and now he is trying to make nice with the Russkys.
Interestingly enough, if you believe in signs of the apocalypse, a Washington Post OP/ED is suggesting that the knee jerk anti-Georgian reaction is unwise.
Of interest to the war buffs, this article, if I read the numbers right, suggests that the number of Russian troops sent into the region were not hugely larger than the numbers for the Georgians, even though the Georgian military ceased to function as a fighting force within about two days of their intervention.
What the Russians have always wanted is to be able to kick Georgia in the teeth regarding the independence of South Ossetia and Abkhazia, and they did, and under the terms of the cease fire, they get to keep troops there, and in a "buffer zone".
What's more, they are installing SS-21 missiles in South Ossetia, and possibly Abkhazia, which can cover most of Georgia.
Truth be told, nothing shows Georgia's defeat more clearly than the words of Georgian president Mikheil Saakashvili, who is now pleading to mend fences.
Saakashvili's political platform has been almost exclusively about putting the boot back on the neck of the Ossetians and the Abkhazians (once again proving that there are no good guys in the Caucasus), and now he is trying to make nice with the Russkys.
Interestingly enough, if you believe in signs of the apocalypse, a Washington Post OP/ED is suggesting that the knee jerk anti-Georgian reaction is unwise.
Of interest to the war buffs, this article, if I read the numbers right, suggests that the number of Russian troops sent into the region were not hugely larger than the numbers for the Georgians, even though the Georgian military ceased to function as a fighting force within about two days of their intervention.
