Richard Dreyfuss?
He was very good in Jaws, sir.
Do we have a file on him?
Of course, Mr. Vice President.
Get it for me.
Right away, sir.
CANNES -- Josh Brolin has a vice president. Richard Dreyfuss could soon make the trip to Oliver Stone's White House, entering final negotiations to play Dick Cheney in the provcateur director's upcoming "W." The role is the last major position in the Bush administration to be filled; the West Wing is already occupied by the likes of Brolin (President Bush) Thandie Newton (Condoleezza Rice) and Elizabeth Banks (Laura Bush). He should do it as a musical.
The 60-year-old Dreyfuss has never played a U.S. leader, but has had a few related roles. He starred as an opposition senator to Michael Douglas' commander in chief in 1995's "The American President," Sucked.
as Alexander Haig in a television movie about Ronald Reagan Sucked.
and played the president of a banana republic in the 1980s comedy "Moon Over Parador." I thought that was about QaadaffiQhadafyKhaddaffiKhadafy that guy in Libya?
The QED-produced "W," which has been granted a waiver by SAG, begins shooting this month in Shreveport, La. QED has been selling territorial rights at Cannes' Marche du Film, with the idea that the movie will be released in October, before Americans elect a new president. A DVD release will follow in January timed to Bush leaving office. The suspense! How can I stand it!!
#1
The 60-year-old Dreyfuss has never played a U.S. leader,
Try 2000's live version of Fail Safe on CBS. If it hadn't been for Walter Cronkite's inane hints of doom if we elected a Republican, this would have been a pretty good show.
Mike
Posted by: Mike Kozlowski ||
05/22/2008 12:03 Comments ||
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#7
I liked Dreyfuss in "Moon over Parador", but maybe that was because he played opposite Sonia Braga who is totally hot. But Dreyfuss is no Cheney. What they need is someone like Klaus Kinski or George C Scott who can project an aura of barely contained menace while wearing a suit. And being able to morph into a giant lizard would help, too.
OPEC chief Abdala El Badri on Thursday said members were unhappy with surging prices he blamed on speculators and a weak US dollar.
"We are not very happy with this increase in oil prices," said El-Badri during a visit to Ecuador. "Volatility has nothing to do with the fundamentals. It has nothing to do with world demand," he said, stressing that a dropping dollar was driving prices higher.
"The price was at 130 dollars and today is at 135, so it's really a crazy market," he said.
El-Badri, OPEC's secretary general, is on a week-long working visit to the two OPEC member states in Latin America, Venezuela and Ecuador. Tuesday he met with Venezuelan President Hugo Chavez in Caracas and with Minister of Energy and Petroleum/President of PDVSA, Rafael Ramirez.
In a statement released by the cartel on Wednesday, El-Badri said that OPEC remained committed "to working for the stability of the international oil market, noting that the current high oil prices are not influenced by market fundamentals, as the market is well-supplied. "OPEC will continue to monitor global oil markets regularly and is ready to act if and when necessary to ensure market stability and adequate supplies," the statement added.
Crude oil prices rocketed to record highs above 135 dollars on Thursday, driven by growing concerns that energy supplies will fail to meet demand, analysts said. Prices later pulled back to just below 133 dollars owing to profit-taking.
#1
It is my understanding that the oil producing countries don't sell oil at the daily spot price. That price is obtained on the secondary market. OPEC producers negotiate their prices on longer term contracts for huge volumes. The oil they are pumping today was probably "sold" last year or at least a couple of quarters ago.
So what happens when prices spike like this is that demand drops and so they are now finding trouble getting buyers for all of their oil because the people who bought their oil yesterday are seeing the demand for it go down and they don't need as much as storage stocks are high.
Badri is correct. What is driving the spot market price so high is speculation and the weak dollar.
U.S. commercial crude oil inventories decreased by 5.4 million barrels from the previous week, according to the Energy Information Agency's (EIA) weekly report. Analysts had expected a modest increase. Motor gasoline inventories decreased by 800,000 barrels last week. Inventories include product being stored in the U.S. by refineries, terminals' storage locations, and pipelines.
Doug MacIntyre, senior oil market analyst at the EIA, says the inventory numbers shrank because imports were down this week. Crude oil imports fell 7% to 9.24 million barrels a day, the EIA report showed. Imports have averaged 9.86 million barrels a day so far this year, down 0.9% from the same period last year.
So inventories were down in the US but because we are seeing a dropping of crude imports. The OPEC producers are not happy about that. Besides, it would benefit an oil company now to take the oil it just bought from OPEC for less than $100 and put it on the spot market for $135 rather than turn it to gasoline where there is minimal profit margin.
The bubble bursts when someone is left "holding the bag". Once the price stops going up, everyone realizes they are holding WAY overpriced oil and now they are all in a panic to unload it before the contract expires and they are forced to take delivery. That is how you turn oil into blood.
The thing isn't supply/demand. What it mainly is, is traders. They see a market rising. Say oil is up. So it attracts more money to that market which pushes oil up even more. You buy oil at, say, $100 on the market with the expectation that you will be able to sell it for more before the contract expires and you are forced to take delivery. You don't really intend to take delivery, you are just betting that the price will go up and you will be able to unload it before then at a profit.
The problem comes in when the contracts that the market is bidding on are about to close. Anyone holding a contract after the closing date is responsible for taking or arranging delivery of that oil. Basically it turns from a paper contract to real oil. As the contract nears expiration, you are REALLY needing to unload that contract because you look in your back yard and don't see anyplace to put 1000 barrels of oil. Now you NEED to unload it and the price begins to fall as everyone starts unloading theirs too and the bubble begins to burst. None of the speculators really want to be stuck holding real oil and so they are all heading for the exits trying not to be left holding the bag and the market corrects (usually over-correcting at first) to a real value price for the product. Then those who were burned are reluctant to get back in that market and the people who really need to buy oil are left and supply/demand again becomes the dominant mechanism.
Sort of like how feeding frenzies can run gold up really quick or any other commodity.
Sounds like Winnie Mandela got outta jail and opened up a trade school...
JOHANNESBURG, South Africa (CNN) -- South African police and military units raided three hostels Thursday in a clampdown on xenophobic attacks that have left more than 40 dead, authorities said.
Twenty-eight people were arrested in the "extremely successful" first joint operation, according to a statement from the South African police and South African National Defence Force. The statement said 150 kilograms (330.6 pounds) of marijuana was seized along with firearms, ammunition and suspected stolen property. Two of the hostels raided were in Jeppe and the third was in Cleveland, all in the Johannesburg area.
South African President Thabo Mbeki approved the deployment of the army Wednesday to help stop the attacks, which have drawn condemnation from South African officials and other African leaders. Police said 42 people have been killed in the violence, which began last week in Johannesburg's Alexandra Township and has been concentrated in the city's poorest areas.
Some 28,000 people have been displaced by the violence, Hangwani Malaudzi, a spokesman for the Ministry of Safety and Security said. And more than 400 have been arrested for crimes ranging from murder, to causing a public disturbance, he said.
The country has also seen a disturbing throwback to the 1980s apartheid-era lynching tactic of "necklacing," which was widely used in the townships at the time. Used on suspected informants, the "necklace" is a car tire, filled with petrol, put around the person's neck and set alight.
The victims are mainly immigrants and refugees from other parts of Africa, including Zimbabwe, where a devastated economy has sent at least two million people across the border in search of a better life. Some say the attacks stem from a long-standing feeling among locals that the number of immigrants in South Africa results in shortages of jobs and essential needs.
Inadequate housing, a lack of running water and electricity, the rising prices of food, and escalating crime -- nearly 20,000 people were slain in South Africa last year -- add to the resentment.
#2
Sounds like Winnie Mandela got outta jail and opened up a trade school...
Cold, cold, cold :-)
Posted by: Steve White ||
05/22/2008 19:17 Comments ||
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#3
Some say the attacks stem from a long-standing feeling among locals that the number of immigrants in South Africa results in shortages of jobs and essential needs.
Well, whip my weasel! I've heard of that happening around these here parts. Only the illegal immigrants generally kill us here.
South African troops have been deployed for the first time in an effort to stop attacks on foreigners that have left 42 dead and forced thousands to flee. Soldiers backed police in early morning raids at three hostels in Johannesburg, arresting 28 people and seizing drugs, arms and ammunition.
This is the first time soldiers have been used to stamp out unrest in South Africa since the 1994 end of apartheid.
The violence began on 11 May in a township north of Johannesburg, before spreading to the city and the surrounding region.
Some 15,000 people have sought shelter from the attacks. Mozambique has provided buses to take about 9,000 people home. Some Zimbabweans are also going home, preferring to risk the violence there than stay in South Africa.
Attacks have been reported in North-West province for the first time, after violence in Durban in recent days. There were also attacks in the north-eastern Mpumalanga province. However, police in Johannesburg say the situation there has become calmer.
A new report by the International Crisis Group accuses hardliners in President Robert Mugabe's ruling ZANU-PF party of trying to retain power by force. It warns that the ongoing violence could lead to a military coup or martial law unless African and other international leaders help negotiate a government of national unity led by Morgan Tsvangirai.
The International Crisis Group (ICG) report says besides winning a parliamentary majority in the March 29 election, Morgan Tsvangirai's Movement for Democratic Change (MDC) also probably won more than 50 percent of the presidential vote. Official results showed Tsvangirai outpolled Mugabe in the presidential election but fell short of the absolute majority needed for outright victory.
Francois Grignon of the ICG says there is evidence that the five-week delay in announcing the presidential poll result was meant to give Zanu-PF time to manipulate the outcome and work on a strategy to fight back. "We are saying that Morgan Tsvangirai should be in charge of the executive and Robert Mugabe's exit should be part of the deal because even the results we that have now give a clear advantage to Morgan Tsvangirai." said Grignon.
Posted by: Fred ||
05/22/2008 00:00 ||
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#4
Yep, meet them at the airport.
Muggabe to Soros, Don't bother hauling all this cash to the benk, just load it onto my private plane standing by here.
Thanks, bye now.
Posted by: Redneck Jim ||
05/22/2008 15:31 Comments ||
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A special court yesterday started trial of the barge-mounted power plant graft case against former premier Sheikh Hasina and seven others with deposition of plaintiff Anti Corruption Commission (ACC) Deputy Director SM Sabbir Hasan.
Posted by: Fred ||
05/22/2008 00:00 ||
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#1
At the rate they are losing native British, they will have a real problem in the future. I deduce you must be debt free and somewhat marketable to expatriate, the people replacing them are doubtless not.
#2
At the rate they are losing native British, they will have a real problem in the future.
I wonder about that phrase? Remember in 1776 ALL the people here in America were "British".
(Yes I'm ignoring the Spanish and French to make a point)Britian "Lost" them all.
All were "Lost" to the empire.
Posted by: Redneck Jim ||
05/22/2008 15:43 Comments ||
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President Bush today challenged Cuba's communist government to make recent economic reforms "meaningful" by allowing freedom of expression and announced a new policy that allows Americans to send cellphones to relatives in Cuba.
In a speech in the East Room of the White House to an audience that included prominent Cuban Americans, Bush marked the 106th anniversary of Cuba's independence yesterday by denouncing continued human rights violations by the government of President Raul Castro and calling for the release of Cuban political prisoners.
He suggested that the reforms introduced by Castro, who formally succeeded his older brother, Fidel, as president in February, amount to "nothing more than a cruel joke" on the Cuban people. Fidel Castro, 81, underwent emergency intestinal surgery in July 2006 and ceded power to his brother, who turns 77 next month. He has not appeared in public since he took ill, although he occasionally has been photographed meeting with foreign leaders.
Among the "so-called reforms" announced by the government in Havana, "Cubans are now allowed to purchase mobile phones and DVD players and computers, and they've been told that they will be able to purchase toasters and other basic appliances in 2010," Bush said. "If the Cuban regime is serious about improving life for the Cuban people, it will take steps necessary to make these changes meaningful."
Posted by: Fred ||
05/22/2008 00:00 ||
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#1
Well, that's a sure fire way to put an end to expanded freedoms. Keep your yap shut GW, they are just now learning to use their new microwaves.
#2
Among other premises, WOT > WAR FOR MACKINDER'S WORLD ISLAND > WAR FOR OWG GLOBAL FREE TRADE-SPECIAL ZONES, and right now the NEW WORLD = AMERICAS IS WINNING.
Uncles Fidel-Raul-Fidel's Son, etc, stand to lose out big time, vv PAN-AMERICAN/CARIBBEAN TRADE ZONE(S), AS NORTH-SOUTH AMERICA, ESPEC CONUS-NORAM AT PRESENT, IS BEING SLOWLY BUT SURELY CONVERTED INTO A GIANT COLLECTIVE OF MULTIPLE, TRANS-REGIONAL/CONTINENTAL OWG TRADE ZONES.
NET > SOUTHERN CAL-BAJA, CARIBBEAN, NE USA, WA-Oregon-Western Canada, CANADA + GREAT LAKES US REGIONS, RUSSIA-JAPAN-ALASKA-CANADA = NE PACIFIC ALLIANCE, etc......@!
Venezuelan President Hugo Chavez accused the United States of using anti-drug flights in the Caribbean to spy on Venezuela. Chavez claimed that a US Navy plane that flew into Venezuelan airspace during an anti-drug mission last week was actually involved in reconnaissance. "They are spying," Chavez said during a speech on Wednesday.
The Venezuelan president warned Washington that he would dispatch fighter jets the next time a US military plane violates Venezuelan airspace.
The United States said it was taking steps to make sure its planes don't stray into Venezuelan airspace again.
Posted by: Fred ||
05/22/2008 00:00 ||
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#1
I think that if Chavez believes this he should formally declare war on the United States. That'll teach us.
Posted by: Scott R ||
05/22/2008 7:59 Comments ||
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#2
we need fighter jet escorts so this tool doesn't pull what China did
Posted by: Frank G ||
05/22/2008 8:17 Comments ||
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#3
Venezuelan President Hugo Chavez accused the United States of using anti-drug flights in the Caribbean to spy on Venezuela.
This guy's a moron. We have sattelites for this sort of thing, duuh. Just ask your buddies in Iran, Hugo...
#9
Hmmm...got pictures sent anonymously through the mail of the Manuel Antonio Noriega vacation spa and resort owned and operated by the U.S. Federal Bureau of Prisons did he? Touchie the drugs and enjoy a free all expenses paid visit at our super inclusive facilities.
#10
Looking rationally at it, I really think he should worry more about the chemtrails left by those so-called "anti-drug" flights, that's how they're gonna get him, by altering his DNA.
McCain's nose should only be two thirds as long as Hillary's.
Editors Note: This is the second in a three-part series focusing on misstatements, prevarications and falsehoods proclaimed by the three major presidential candidates. Click here to read Part One: Hillary Clinton.
Sen. John McCain has long presented himself as that rare bird in politics: an inveterate straight-shooter. But does campaign strain have McCains Straight Talk Express veering off course?
A string of incidents stemming from the senators two presidential runs suggests hes no less fallible than any other candidate and just as capable of adjusting facts to suit his purpose.
1. Confederate Flag Over South Carolina Capitol, April 19, 2000
During the run-up to the South Carolina Republican primary in February 2000, McCain was asked whether he felt the Confederate flag should be removed from atop the statehouse.
Non-truth: McCain stated publicly that it was up to South Carolinians to decide.
Truth: Two months later McCain said he believed the flag should be removed from the Capitol. I feared that if I answered honestly, I could not win the South Carolina primary. So I chose to compromise my principles, he said. I broke my promise to always tell the truth.
Source: Excerpts from McCains Remarks on Confederate Flag, New York Times, April 20, 2000.
2. Economics Expertise, Jan. 27, 2008
Non-truth: When confronted with his own remarks about his economic prowess during a Republican primary debate, McCain said, I dont know where you got that quote from. Im very well versed in economics. In a later interview on NBC, McCain added that hes very strong on the economy.
Truth: McCain was asked about a quote he gave The Wall Street Journal in a November 2005 interview in which he admitted he lacked expertise on economic issues. The quote read: Im going to be honest: I know a lot less about economics than I do about military and foreign policy issues. I still need to be educated.
McCain told reporters in December 2007, The issue of economics is not something Ive understood as well as I should.
Sources: Reform. Reform. Reform. John McCain Explains His Eclecticand TroublingEconomic Philosophy, Wall Street Journal, Nov. 26, 2005; NBC GOP presidential debate exchange, Jan. 24, 2008; Meet the Press, NBC, Jan. 27, 2008.
3. Safety in Baghdad, March 26, 2007Non-truth: During an April 2007 visit to Baghdad, McCain said in interviews that General (David) Petraeus goes out there (in Baghdad) almost every day in an unarmored Humvee. He also said, There are neighborhoods in Baghdad where you and I could walk through those neighborhoods today.
Truth: There are no unarmored Humvees in Iraq. McCain later admitted that he had misspoken regarding public safety in Baghdad. Of course, I am going to misspeak and Ive done it on numerous occasions and I probably will do it in the future, he said. I regret that when I divert attention to something I said from my message, but you know, thats just life.
Sources: McCain Misspoke on Baghdad Security, He Says, New York Times, April 8, 2007; 60 Minutes, CBS, April 8, 2007.
4. Abortion Stance, Aug. 19, 1999
Non-truth: McCain told The San Francisco Chronicle that in the short-term or even in the long-term I would not support repeal of Roe v. Wade, which would then force X number of women in America to [undergo] illegal and dangerous operations.
Truth: McCain soon after released a statement saying that he has always opposed Roe v. Wade and as president, I would work toward its repeal. McCain has a near 0 percent lifetime rating from NARAL, a national abortion rights group.
Sources: McCain Softens Abortion Stand, Washington Post, Aug. 24, 1999; Capital Gang, CNN, Aug. 28, 1999.
5. Conversation with Kerry, May 15, 2004During the 2004 presidential campaign, speculation was widespread that Sen. John Kerry, the presumptive Democratic nominee, had asked McCain to join him as his running mate in the general election.
Non-truth: McCain told The New York Times that Kerry made no such offer, and when asked whether the two had ever discussed the possibility, even casually, McCain said, after pausing, No. We really havent.
Truth: McCain was asked again in 2008 about his reported conversation with Kerry, and told The New York Times, I mean its well known. Everybody knows, its been well chronicled a thousand times that John Kerry asked if I would consider being his running mate.
Sources: Undeterred by McCain Denials, Some See Him as Kerrys No. 2, New York Times, May 15, 2004; McCain Asked About 2004 Conversation with Kerry, New York Times, March 7, 2008.
6. Al Qaeda and Iran, March 18, 2008
During a March 2008 visit to Jordan, McCain aired his concerns about ties between Al Qaeda and Iran.
Non-truth: McCain said that it was common knowledge and has been reported in the media that Al Qaeda is going back into Iran and receiving training and are coming back into Iraq from Iran.
Truth: McCain had to be corrected a moment later by his Senate colleague Joseph Lieberman, and quickly amended his statement. Im sorry, the Iranians are training extremists, not Al Qaeda, he said. McCain also made a similar comment a day earlier on the Hugh Hewitt radio show. It went uncorrected.
Sources: A McCain Gaffe in Jordan, Washington Post, March 18 2008; John McCain on Iraq, Iran and the Middle East from Amman, Jordan, The Hugh Hewitt Radio Show, March 17, 2008.
7. Ties to Lobbying Firms, Feb. 21, 2008
The New York Times published a story about McCains connections to Vicki Iseman, a lobbyist for the firm Alcalde & Fay. The Times reported that McCain had written to the FCC at Isemans behest to aid one of her clients, Paxson Communications.
Non-Truth: McCains campaign wrote in an e-mail to reporters, No representative of Paxson or Alcalde & Fay personally asked Senator McCain to send a letter to the FCC.
Truth: McCain gave a sworn deposition five years earlier in which he said, I was contacted by Mr. Paxson on this issue. . . . Im sure I spoke with him, yes.
Sources: For McCain, Self-Confidence on Ethics Poses Its Own Risk, New York Times, Feb. 21, 2008; A Hole in McCains Defense? Newsweek, Feb. 22, 2008.
8. Attack Ads, Feb. 23, 2000During the run-up to the Michigan primary in February 2000, the McCain campaign sponsored a telephone campaign that painted George W. Bush as an anti-Catholic bigot for courting the support of the evangelical Bob Jones University in South Carolina.
Non-truth: McCain denied to reporters that his campaign had anything to do with the calls.
Truth: McCain later admitted under repeated questioning that his campaign was responsible for the calls, but that their content had been so mischaracterized by the press that he did not recognize the calls as his own.
Sources: McCain Campaign Admits Calls to Catholics, New York Times, Feb. 23, 2000; Straight Smear Express, Washington Times, Feb. 28, 2000.
#2
Bloody nonsense. Most, possibly each, of the points compares apples to oranges -- I'd have to reread it to be sure, but I need to run to the grocery store instead. However, in #1, f'r instance, acknowledging that the decision belongs to S. Carolinians alone is true, as is his private, and utterly incapable of enforcement even should he have won that election, that were he in charge of the State executive he would want it removed. Is the rest of the series as full of ignorant press memes that prove nothing?
The vultures are circling. Discreetly, of course...
WASHINGTON - People in Massachusetts suddenly are thinking the unthinkable: Who possibly could succeed Sen. Edward Kennedy, patriarch of the famed political family that has dominated the state for more than four decades? The news about Kennedy's cancerous brain tumor has led to quiet speculation about whether he may try to handpick a successor, possibly paving the way for a relative to take over his seat. Whether? Possibly? Uh-huh...
The prospect of Kennedy's eventual departure also has touched off a scramble involving Massachusetts congressmen and others. Stand back! It's a Hack Frenzy!!!
Kennedy, 76, is not up for re-election until 2012. But his medical condition has people wondering if he might resign before then or decline to run for another term. Or...well, nevermind.
Given Kennedy's stature in the Democratic-dominated state, it's a sensitive topic that few in politics are willing to talk about publicly. "There will be great respect and delicacy, of course," said Tufts University political science professor Jeffrey Berry. That should be "or else", perfesser..
Over the years, the Kennedys have not shied away from grooming family members for office. Nooooooo! When did this happen!
In 1962, Kennedy won the Senate seat that his brother, John, held before winning the presidency in 1960. The Kennedys helped arrange the appointment of John's old roommate, Benjamin A. Smith, to the seat until Edward Kennedy turned 30 and was legally old enough to run for the Senate. Kennedy has held the seat ever since. He was elected the day my wife was born.
With the senator's health now in question, Kennedy's nephew, former Rep. Joseph Kennedy II, D-Mass., is seen as a possible heir. He is sitting on about $2 million in leftover campaign funds. ...and whatever his "friends from Venezuela" might be able to "contribute".
But the younger Kennedy, who provides low-cost heating oil to the poor through Boston-based Citizens Energy Corp., has balked at running for governor in recent years and shows scant interest in jumping back into politics. 600G's for basically making one commercial a year. Joe pulls on the coveralls and lugs a hose up to some old lady's three decker and waves to her through the window while he pumps her oil. No wonder it's a "non-profit". I wouldn't be going anywhere either.
There is the possibility one of the senator's sons, Rep. Patrick Kennedy, D-R.I., In this case, the "D' stands for "Doofus".
or Edward Kennedy Jr., could seek their father's seat. Kennedy's wife, Vicki, has been mentioned, too. There are other Kennedys, too, who could decide to run. The son's low key. Ya don't hear much about him. Don't know if he'd be interested. The wife? Who knows. I read that's who Kennedy wants to get it.
Brown University political science professor Wendy Schiller, who studies Congress, doubts that a family member will succeed the senator, given the faded Kennedy mystique."The days when you could do that easily without any backlash those days are gone," she said. And the old man, probably one of the most evil bastards America has ever produced, isn't around anymore to smooth out the sharp edges.
When the Kennedys maneuvered to win Edward Kennedy his Senate seat four decades ago, the family was intent on building a political dynasty and the Senate was seen as a launching pad for the White House, Schiller said. "I don't see that necessarily happening with any of the second-generation Kennedys now," she said. "Kennedys can be effective in all sorts of arenas. They don't necessarily have to go to the Senate now." Beyond the Kennedy clan, Massachusetts boasts a lengthy list of potential candidates from both parties: ...and an impressive list of lifelong liberal hacks it is.
Possible Democrats include Gov. Deval Patrick, Martha Coakley, the state's attorney general; Rep. Edward J. Markey; Rep. Barney Frank; Rep. Stephen Lynch; Rep. Michael Capuano; and Rep. James McGovern. Former Rep. Martin Meehan, who resigned his seat to become chancellor of the University of Massachusetts-Lowell last year, has $4.8 million in leftover campaign funds. I'm surprised Marty didn't hang himself in his nice office up at UMASS-Lowell when he found out. If you'd have just hung on for another few months, Marty, the dream was there...
Among the potential GOP candidates are former Massachusetts Govs. Mitt Romney and William Weld; former Lt. Gov. Kerry Healey; and former White House chief of staff Andrew Card. Romney's bid to unseat Kennedy in 1994 failed. Romney? Maybe. The rest? Forget it.
Unlike most states, Kennedy's successor would be chosen by a special election, not the governor. State law requires a special election for the seat no sooner than 145 days and no later than 160 days after a vacancy occurs. The law bans an interim appointee. The law was changed in 2004, when Massachusetts Sen. John Kerry became the Democratic presidential nominee and Romney was governor. Before the change, the governor would have appointed a replacement to serve until the next general election. That would have created the opportunity to install a fellow Republican in office, a move Democrats who control the state Legislature wanted to block. Heh...heh...heh. Well, boys, didn't that come back and bite you in the ass. Something else you can blame on Kerry.
#1
Isn't Patrick the one who crashed a car -- drunkenly, but is there any other way for a Kennedy -- into the Capitol steps at 3 am and claimed that he was on his way to a House session?
Posted by: Steve White ||
05/22/2008 13:31 Comments ||
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#3
Kennedy's successor would be chosen by a special election
Yeah, just like the Saddam election, or the Hugo election, or the Zimbabwe election. It's all show for the machine to con the people into sticking them with who they want. Like the old religious ceremonies to give the recipient all a vale of legitimacy. Show, theater, smoke and mirrors.
#7
Of course, the state legislature could always change the law back to allow the governor to appoint a successor now the governor is a Democrat as Mother Nature intended. Or they could just be open about it and allow Kennedy to name his hand picked successor.
Posted by: Rambler in California ||
05/22/2008 14:09 Comments ||
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#8
Some of the wiseasses I work with have suggested that Kerry run for it...
#9
Kennedy, 76, is not up for re-election until 2012. But his medical condition has people wondering if he might resign before then or decline to run for another term.
Hell no, he will hang on to the very end, it's a Kennedy thing.
Posted by: Redneck Jim ||
05/22/2008 15:14 Comments ||
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#10
Hand picking his successor, probably his wife.
Ahh. A new way to do politics, change we can believe in.
#11
Did you hear Robert Byrd's senile babbling in the Senate the other day? What difference is this than letting Chappaquiddick Ted stay in the Senate?
You're right, tu3031, the vultures are circling for their piece of American Taxpayer Action.
As far as a successor for Ted's slot, we have had enough of the Kennedy experience with Ted and Joe III. The country cannot afford any more like them.
Posted by: Alaska Paul ||
05/22/2008 15:38 Comments ||
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#12
Oh, he'll definitely die in the seat. But after...
NY Daily News
Ted Kennedy: I'd like wife to take seat
Ted Kennedy has made clear to confidants that when his time is up, he wants his Senate seat to stay in the family - with his wife, Vicki. Multiple sources in Massachusetts with close ties to the liberal lion say his wife of 16 years has long been his choice to continue carrying the family flame in the Senate. Kennedy won the seat in 1962; his brother John held it from 1953 to 1960. "There's no question that he'd like Vicki to continue in his seat," said one Massachusetts Democrat with ties to the Camelot clan who spoke to Kennedy recently, before his health crisis. "She's smart, and smart politically."
The 54-year-old Victoria Reggie Kennedy, a former hotshot Washington lawyer, is a Louisiana native and the daughter of a politically active judge. She was hailed for holding the family together when John F. Kennedy Jr. was killed in a plane crash in 1999.
By favoring his wife, Kennedy, 76, is bypassing his late brother Robert Kennedy's eldest son, Joe, a former congressman. Joe Kennedy has been maligned publicly for a messy divorce and close ties with Venezuelan strongman Hugo Chavez, who assists his Boston-based fuel company for the poor.
Under current Massachusetts law, his successor for the rest of his term, which ends in 2012, would be picked by special election. State rules that allowed the governor to pick a temporary replacement were changed in 2004 when John Kerry was the presidential nominee and the Democratic state legislature feared then-GOP Gov. Mitt Romney would appoint a fellow Republican if Kerry won.
Political pros, however, say a dying Kennedy's endorsement of Vicki would likely carry enormous weight with state voters.
It's not yet clear how long he will stay in the Senate while battling a usually fatal cancer.
#13
Several important factors: first of all, Joe Kennedy's ill-gotten gains have been greatly dissipated, and are being split by about 30 members of their extended family. As a group, they may only have $20-30M left. They have been selling off assets for years because of it.
Second, while the Kennedy name was good, they were not beloved by the outside-of-the-clique Democrats, who have no problem seeing the dynasty come to an end.
#14
Having lived several years in Massachusetts, including during Romney's pathetic 1996 Sentate campaign against Ted, I would say that much of the Kennedy sheen has worn off. Would be surprised if anything short of a back room deus ex machina could deliver the seat to his Misses. So, that is exactly what I expect him to try.
#17
I kinda like the "give the seat to the wife" idea. It gives the Mass. Senate seat the flavor of a hereditary feudal barony. A somewhat drunken flavor, but who are we to judge?
#18
In the unlikely event that Teddy decides to do the right thing and save the people of Massachusetts millions of bucks, he'll have to step down between May 28th and June 12th for the special election to occur during the fall general election.
Then again, it's just taxpayer's money. Never mind.
#19
Not meaning to be cold about it, but with the kind of cancer he's got, he won't live long enough to serve out his term, and he'll probably be mentally incompetent (in the legal sense) and unable to serve within a year or so. He should resign well before then, for his own good. If you've only got a few months, you should spend it with your family and loved ones, not tussling over supplemental appropriations.
Posted by: Mike ||
05/22/2008 18:58 Comments ||
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#20
I did the vulture, and yes, I'm that cold.
Posted by: Steve White ||
05/22/2008 19:24 Comments ||
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#22
#20 I did the vulture, and yes, I'm that cold.
Posted by: Steve White
with his wife-successor weaseling, he deserves it.
Posted by: Frank G ||
05/22/2008 20:17 Comments ||
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#23
he'll probably be mentally incompetent (in the legal sense) and unable to serve within a year or so
Hasn't stopped Byrd or Ginsberg for that matter. The left plays on the old 2d Amendment credo - You can have this POWER when you pry it from my cold dead hands.
#24
Weld might stand a chance. But as an "R", he'd be more like Snowe.
If Deval Patrick is the Dem nominee, Romney oughta run because he'd slaughter him, and set himself up for a solid run (a'la Hillary in NY) at the presidency in a few years.
#25
Wasn't meant as a knock, doc. I just didn't wanna go there.
Let's see who's mentioned here:
The Family
First off, they don't have the juice around here that they used to. A lot of the hardcore worshipers have died off, and a lot of the younger generation's baggage isn't appreciated. Patrick's seen as dumber then a bag of dirt, Joe as a spoiled rich kid. I don't think Teddy Jr. has the fire for it and neither does the daughter, plus they have their own health issues, and the trying to get the mother committed business last year turned a lot of people off.
The wife? Nobody outside of the insiders knows a lot about her, but she probably does have the best shot and I'm sure that the family publicity arm (AKA the Boston Globe) will do a fine job of introducing her to the general public. Longshot from way way way out in left field? Caroline. She's very close to him and if he leaned on her with the "for the good of the family" thing who knows. And she would be very, very tough to beat.
The Dems:
Gov. Deval Patrick: A year and a half in and the House Speaker meets him on the state house steps every morning, beats him up, and takes his lunch money. Outside of helping to railroad gay marriage through, he's accomplished nothing. Even the moonbats that voted him in are amazed how out of touch and ineffective he is. He'd get smoked in an election just as payback. Praying that his buddy Barack gets elected and gets him the hell outta here. Maybe he could be his limo driver.
Martha Coakley, AG: The roof falls in on the Big Dig and kills somebody and does she go after Bechtel? No. She goes after some glue company. Minor league, which makes her a step up from her predecessor and his seeing eye dog. No chance.
Ed Markey: Grandstand Eddie. Congressional lifer. His address in "the district" is his bedroom at his mother's house in Malden. Doubt he could find it on a map. If he ran, he'd be exposed for the unctuous hack he is.
Barney Frank: I doubt he'll run. Say what you want about him, he's an extremely smart guy. And he knows that outside of his district, he's too liberal to be elected even in this state.
Steve Lynch: My congressman. Most conservative of the bunch. Southie guy. Former head of the Ironworkers union. Once arrested in his younger days for beating up an Iranian trying to burn a flag. Hasn't completely drank the Kool Aid since he's been down there. My darkhorse.
Mike Capuano: Has Tip O'Neill's old seat. Hasn't done much with it. Has the ego but don't think he's got the credentials. He should save his money.
Jim McGovern: Fidel would vote for him. So would Hugo. A nonentity trying to move up to a nobody. No chance.
Marty Meehan: Mr. Bad Timing. His lifelong dream. And he threw it all away for a hack job at UMASS-Lowell. Marty, you're where you belong. Be happy.
The Republicans
Mitt Romney: Depends on whether McCain offers him the vice presidency. If not, he could run and, believe it or not, he could win.
William Weld: Unfortunately, William Weld has gone insane.
Kerry Healey: Sorry. She couldn't even beat Deval.
Andy Card: He bears the Mark of Bush. No chance.
Say what you want about Bill Clinton...the guy doesn't hold back.
That was the case again during his recent interview with People magazine. Yeas & Nays has obtained an advanced copy of the June 2 issue (on stands this Friday) and here's what the former prez has to say:
-Hillary Clinton's been "outspent, dismissed, denigrated, declared dead."
-"I think most of the press people are in Obama's demographic. ... There have been times when I thought I was literally lost in a fun house."
-On how he and Hillary will unite the party once a Democratic nominee has been chosen: "She is our family's leader on political matters now. I'll follow her lead."
-On accusations that he and Hillary have played the race card: "This was cold-blooded, calculated, manipulated and a revolting strategy."
-On regretting things said late at night when tired. "We needed to give ourselves Miranda warnings."
-On Chelsea ever running for office: "I don't know... She's really good at it."
The House overwhelmingly rejected President Bush's veto of a $290 billion farm bill Wednesday, but what was to have been a stinging defeat for the president became an embarrassing episode for Democrats.
Only hours before the House's 316-108 vote, Bush had vetoed the five-year measure, saying it was too expensive and gave too much money to wealthy farmers when farm incomes are high. The Senate then was expected to follow suit quickly.
Action stalled, however, after the discovery that Congress had omitted a 34-page section of the bill when lawmakers sent the massive measure to the White House. That means Bush vetoed a different bill from the one Congress passed, leaving leaders scrambling to figure out whether it could become law.
Continued on Page 49
#1
What I'm not seeing in that bill is the cancellation of subsidies to *not* grow crops. And I think that this is the big sticking point.
With ethanol mandates still *increasing*, because of congress, *and* their unwillingness to permit new energy development, *and* the resultant spike in food prices, there is no reason in pluperfect hell why congress should continue to pay people, many of whom are *pretending* to be farmers, to *not* grow crops.
And to HELL with people like Sam Donaldson, who is paid hundreds of thousands of dollars a year to *not* raise angora goats for their mohair, as an "absentee farmer".
#2
"We are trying to understand the ramifications of this congressional farm bill foul-up. We haven't found a precedent for a congressional blunder of this magnitude,"...
Heaven's forfend that perfectly good pork should go to waste.
Posted by: Grenter Protector of the Geats4975 ||
05/22/2008 9:21 Comments ||
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#4
We haven't found a precedent for a congressional blunder of this magnitude...
Really? I have seen it every time the dhimocrats open their mouth... try to block war funding ... try to pass amnesty... try to do, well, anything actually.
#6
You don't suppose God has a hand in this do you ?
Perhaps God has come to realize that the source of much of today's immorality is Congress, and he has opened a branch office in the capitol.
That would also explain Kennedy.
#8
Exactly, OldSpook. The term limit thing got quickly forgotten when the class of '94-'96 found out how lucrativegood it is to be a Congresscritter.
Every few years, chuck the whole lot of them out and start fresh.
#10
Ummm, Darth - minor problem there. Senators serve a 6-year term.
I'd love to see your math, though.... ;-p
Posted by: Barbara Skolaut ||
05/22/2008 14:21 Comments ||
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#11
$290 billion worth of corporate welfare for agribusiness and they bitch about the cost of Iraq?
Posted by: Abu Uluque ||
05/22/2008 15:48 Comments ||
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#12
Can't even line their own pockets without f'n up - worst congress ever.
Disturbing is/was the effort to pass it anyways after the fact was known. I feel anyone involved in that attempted breach of procedure should be impeached.
#14
$290 billion worth of corporate welfare for agribusiness and they bitch about the cost of Iraq?
It's them down trodden dirt poor sod busters of Manhattan needing a little help from us all. Not that I could afford living there myself, let alone till the acreage.
Editors Note: This is the first in a three-part series focusing on misstatements, prevarications and falsehoods proclaimed by the three major presidential candidates.
Sen. Hillary Clinton presents the image of a seasoned, ever-disciplined politician whose experience as first lady and a New York senator makes her ready to be commander-in-chief. But a series of misstatements exaggerations, half-truths and lies made by Clinton over the last 15 years have at times undermined her image and called her credibility into question.
Republican presidential candidate John McCain will spend time this weekend with three politicians who have been mentioned prominently by Republicans as possible vice presidential running mates.
A McCain campaign official said on Wednesday McCain would host former Massachusetts Gov. Mitt Romney, Florida Gov. Charlie Crist and Louisiana Gov. Bobby Jindal at his ranch in Sedona, Arizona. A total of 10 couples were invited. "It's a purely social weekend with friends, something he obviously likes to do from time to time," said the official.
Posted by: Fred ||
05/22/2008 00:00 ||
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#1
Jindal is good, but too young; two terms as LA governor and he'll be ready to go. Crist is hated by conservatives. It'll be Romney (who, unfortunately, has the whole Mormon thing around his neck).
Posted by: Jonathan ||
05/22/2008 14:28 Comments ||
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#2
I hope Michael Steele was among the invitees.
Posted by: Barbara Skolaut ||
05/22/2008 14:33 Comments ||
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#3
If he gets Michael Steel, he can draw in his conservative base, and he will have a salt-and-pepper team to ram down the throats of the dems.
I personally feel betrayed by McCain. He is going around making overtures to center dems and he thumbs his nose at just plain joes, like me, who want basic values maintained.
I will vote for McCain, but he is not that far right of Hillary. The American people are being literally looted by both parties.
Politicians.Make.Me.Mad.Need.Diazepam.Now.
Posted by: Alaska Paul ||
05/22/2008 17:45 Comments ||
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#4
FOX + CNBC/MSNBC > NEW PRIMARY POLLS > SHOWS DEM HILLARY, NOT BARACK, IS SLIGHTLY/PULLING AHEAD OF MCCAIN IN SURVEY PERCENTAGE POINTS AND HENCE CAN BEAT MCCAIN???
#5
Steel or Watts would work for me. I know a lot of folks dislike Colin Powell - but don't be surprised if his name gets brought up.
Posted by: Snash Oppressor of the Mohammatans aka Broadhead6 ||
05/22/2008 21:39 Comments ||
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#6
My money is on sebelius (greensburg exposure, state of union dissenting opinion, woman governor in a 'red state')for bo, so however that factors in.
Steele would be fine by me, don't know much about Watts. Powell or Lieberman would not surprise me one bit.
UNITED NATIONS - Sri Lanka, Bahrain and Gabon are among states vying for 15 seats on the U.N. Human Rights Council on Wednesday that rights watchdogs say are unfit to be on it. The 47-member Geneva-based council was set up two years ago to replace the U.N. Human Rights Commission, which was widely criticized for failing to overcome political alliances and take a strong stand on issues including China's rights record.
But the new council has also been criticized for not taking a strong enough stand against violence in Tibet and Darfur and for singling out Israel and its treatment of the Palestinians.
In other words, business as usual.
Half a dozen Western diplomats, speaking on condition of anonymity, told Reuters that while there was widespread disappointment about the Human Rights Council, it was important not to give up on it. "It's young, it's not perfect, but we're convinced of the importance of the council," French Human Rights Minister Rama Yade told reporters in New York.
In what way is it important?
France, Britain and Spain are vying for two European seats on the council that will be up for grabs. Asked to comment on Britain's chances for re-election on the council, British Foreign Secretary David Miliband told reporters at the United Nations that he was very proud of Britain's work on the council and hoped to remain on it.
Rights groups Freedom House and UN Watch called on the U.N. General Assembly, the 192 members of the United Nations that will meet on Wednesday to elect the new members, to vote against candidates Bahrain, Gabon, Pakistan, Sri Lanka and Zambia for spotty human rights records. "This body has the potential to be an important tool for promoting human rights, but not with members whose own actions impede the council's forward progress," Freedom House advocacy director Paula Schriefer said in a statement.
Which was the problem with the old council.
The council's membership already includes three countries -- China, Cuba and Saudi Arabia -- whose governments rights groups say are among the world's most oppressive.
Might as well throw Burma and Zim-bob in there and complete the picture ...
New York-based Human Rights Watch said that a coalition of more than 20 nongovernmental organizations around the world had written to U.N. members to oppose Sri Lanka's re-election. The group also said that three Nobel Peace laureates -- former U.S. President Jimmy Carter, Desmond Tutu of South Africa, and Adolfo Perez Esquivel of Argentina -- had issued statements against a new term on the council for Sri Lanka.
The Lankans recognize that if they can get on the council, it won't face any criticism for the coming year ...
The 2006 U.N. resolution establishing the council said that in electing states to the panel, U.N. member states "shall take into account the contribution of candidates to the promotion and protection of human rights."
Nineteen countries are running for 15 seats spread across geographical zones. Gabon, Ghana, Burkina Faso and Zambia are the only candidates in the running for the four seats allocated to Africa. Argentina, Brazil and Chile are also uncontested in their bid for three Latin American seats. Ukraine, Serbia and Slovakia are vying for two Eastern European seats, while Japan, South Korea, Pakistan, Sri Lanka, Bahrain and East Timor are running for four Asian seats.
Posted by: Steve White ||
05/22/2008 00:00 ||
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#1
Is it time to change the urinal cakes in the toilets already?
BAGHDAD (AP) - The Iraqi government ordered the disbanding of the country's national Olympic committee because of questions over its legitimacy, drawing a harsh rebuke Wednesday from the international umbrella organization.
The Cabinet made the decision during a session Tuesday, saying it would form a temporary committee until a new one can be elected. The Cabinet said the temporary committee, made up of lawmakers and experts, will be in place until elections for a new one are held in three months. It said it took the step because the 11-member national committee "is considered without complete legitimacy because its quorum is not complete."
Iraq Olympic Committee chairman Ahmed al-Hijiya and about 30 other sports officials were kidnapped in Baghdad in 2006. While some were released, al-Hijiya and three other committee members have not been heard of since. Two other members subsequently resigned.
There have long been tensions between the government and Iraq's sports federations. Under Olympic rules, the federations are supposed to be independent.
Haider Ali Lazim, a member of the national committee, rejected the order, accusing the government of interfering in its work and warning that "invisible hands want to destroy Iraqi sports." He said he and colleagues had contacted the International Olympic Committee and said the order could bring sanctions that would prevent Iraq from taking part in the Beijing Olympics in August.
In Lausanne, Switzerland, IOC spokeswoman Emmanuelle Moreau called the Cabinet order "serious interference from the Iraqi government." She said the IOC has asked the Iraqi minister of youth and sports to "to respect the autonomy of the NOC and to re-establish its legitimate office bearers." The issue will be discussed by the IOC Executive Board in June, she said.
Posted by: Steve White ||
05/22/2008 00:00 ||
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#1
Wasn't Uday Hussein the last Olympic Committee Chairman?
I think he was, he also carried a straight razor around to help "train and motivate" the athletes if I remember right. So anything would probably be an improvement.
The US Air Forces lack of progress with its electronic attack strategy is in growing contrast to the US Navys rapid progress with its EA-18G Growler. And questions about the widening gap should be getting louder. The agreement under which US Navy EA-6B Prowlers provide jamming support for US Air Force strike aircraft ends in 2012, and the USAF will have nothing ready to replace it.
Production EA-18Gs will begin arriving next month at their NAS Whidbey Island, Washington base, and the Growler is to enter operational evaluation in September. The electronic-attack derivative of the F/A-18E/F Super Hornet is scheduled to become operational in 2009 and make its first carrier deployment in 2010. But the Navy is buying only 85 Growlers, enough to equip its 10 carrier air wings but not to also provide jamming support to the Air Force.
Back in 2004, an analysis of alternatives concluded the DoDs EA solution should be the Miniature Air-Launched Decoy Jammer (MALD-J) and Joint Unmanned Combat Air Systems (J-UCAS) for stand-in jamming; the EA-6B and EA-18G for escort jamming; penetration escort using the jamming capability of the AESA radars on the F-22 and F-35; and the EB-52 Stand-Off Jammer (SOJ).
J-UCAS and SOJ were cancelled. The MALD-J was delayed and a production decision is not expected until 2011. The Air Force is still trying to get funding for a scaled-down Core Component Jammer for the B-52, focused on a narrower spectrum of radar frequencies and using receiver technology from the EA-18G to reduce cost.
The Navy, meanwhile, has started working towards a next-generation electronic attack pod for the Growler. This would enter service around 2020 and provide the capability to counter future hard-to-jam AESA threat radars. The Next Generation Jammer would not be just for the EA-18G; the modular system could be used in UAVs and other platforms.
For now, the Growler uses a repackaged version of the ICAP III electronic-attack system in the Prowler. But the ALQ-99 jamming pods are proving much more effective on the EA-18G, says Navy F/A-18 program manager Capt Mark Darrah. This is because the Growlers groundbreaking comm-while-jam datalink capability ensures the jamming is accurately aligned and the aircraft being protected are exactly on a line between the radar and the jammer. Channelized receivers also focus the jamming power more effectively.
These are capabilities the Air Force needs, despite the claims for stealth and AESA. Tough questions need to asked about when the Air Force will get its electronic attack house in order.
Posted by: Steve White ||
05/22/2008 00:00 ||
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#1
As an aside, the word "growler" has lots of other meanings, some of them funny in context:
#4
Something the EW community has been warning the AF about for years - the cargo haulers are the most valuable part of the AF now, and the Fighter Mafia choked the life out of the "mud movers" and their escorts. Stupid. Just like their refusal (until now) to get away from the single massive satellite and go to clusters.
Syrian customs officials on Wednesday seized 40 artifacts stolen from the National Museum in Iraq as they were being smuggled across the border into the country, Syria's official news agency said. The report quoted the chief of the customs department, Nabil al-Sayyouri, as saying the pieces were seized at al-Tanaf crossing on the Syrian-Iraqi border. They were hidden in a bag in an Iraqi crossing into Syria. The artifacts include different-sized glassware and clay tools. Al-Sayyouri said the seized pieces were "rare and would be handed back to Iraq."
Posted by: Fred ||
05/22/2008 00:00 ||
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It may seem surreal, but several Muslim bloggers have written letters to Jesus Christ in their blogs complaining about Western insults against Muslims, and particularly Dutch MP Geert Wilders' anti-Islamic film, Fitna. ....
Goldokhtar, a female religious student, starts her letter to Jesus by writing Hello Mr. Jesus Christ. She continues :
Do you know what I am thinking? When and where did all these these Fitnas start? A few years ago these anti-Islamic films began to be produced. Before the Islamic Revolution, nobody paid attention to Islam and its saints After the Islamic Revolution other revolutions took off Then they did not know what to do, and they started doing childish things to hurt Islam's image in the world.
The blogger adds that several films such as Not without My Daughter and 300 should be countered with films by Muslims.
Mehdi writes:
Christ, I am a Muslim who likes you. Don't be sad about insults to your brother Muhammad, the Prophet. We all know these people are not your followers. They are not the ones who carry the cross, but launch crusades and kill people.
The blogger questions whether the growing number of cinematic attacks on Muslims are coordinated.
Pangare writes to Jesus:
Help us to resist these insults I know you support us and you can read my heart.
Posted by: Mike Sylwester ||
05/22/2008 00:00 ||
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#1
What! Lowly muslim mortals communicating directly with a ``prophet.`` Christians must riot in face of this blasphemy.
#5
Fitna consists entirely of passages from the koran. Try writing to Mohammed or the mullahs who preach death, rape and enslavement of non-muslims. Until then enjoy your wankfest.
Posted by: ed ||
05/22/2008 9:03 Comments ||
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#6
I for one am "offended" and "demand" and "apology".
The worlds leading banks have stepped up pressure to relax controversial accounting rules with a new plan aimed at breaking the downward spiral of huge writedowns, emergency fundraisings and fire-sales of assets.
The proposals on fair value accounting by the Institute of International Finance, an alliance of 300-plus companies chaired by Josef Ackermann, Deutsche Banks chairman, would enable financial companies to cushion the blow of financial crises by valuing illiquid assets using historical, rather than market, prices.
Under the plan, which has been obtained by the Financial Times, banks that decided to keep assets on their balance sheet would also be freed from the requirement to hold them to maturity and would be able to sell them after two years.
The IIFs proposals, which were sent to US and European central banks, governments and accounting watchdogs, underline financial groups view that the credit crunch will inflict long-lasting damage on their business.
The IIFs paper says: The writedowns required under current interpretations may be substantially in excess of any actual or reasonably probable loss on many instruments.
Financial companies around the world have been hit by more than $300bn in writedowns and been forced to raise more than $260bn from outside investors since last year, according to Bank of America analysts.
Senior bankers have long sought a change to the accounting rules, arguing that the requirement to mark the value of assets to the market price even when markets are illiquid or frozen creates a vicious circle of excessive losses, capital depletion and forced asset sales.
Often dramatic writedowns of sound investments required under the current implementation of fair-value accounting adversely affect market sentiment, in turn leading to further writedowns...in a downward spiral that may lead to large-scale fire sales of assets, the IIFs paper argues.
However, accounting standard-setters in the US and Europe so far resisted pressure to relax fair value rules. Other regulators have also criticised financial companies for proposing rule changes that would reduce the impact of a crisis triggered in large part by their aggressive lending and underwriting practices. The IIF declined to comment.
#1
The writedowns required under current interpretations may be substantially in excess of any actual or reasonably probable loss on many instruments.
#2
financial companies for proposing rule changes that would reduce the impact of a crisis triggered in large part by their aggressive lending and underwriting practices.
What he said. If they don't feel the pain from their incredibly poor and illegal tactics, then they'll just do it again, and next time will be worse.
#3
Fair is fair about the downward spiral, and protecting the economy as a whole. But it works both ways. Future asset valuation must also be based on historical, not speculative value, when the market is volatile.
That is, if a building was worth $100k real value when it was built, but in the current market, it is speculatively worth $1M, the banks could only loan based on $100k collateral.
"But the market says it is worth $1M!"
"Sorry, dude. $100k is the maximum legal loan on that hog."
#4
For a number of years real estate prices were rising exponentially, linked to speculative investment and fueled by ever-softer lending policies. That bubble burst. Where was the money behind all that lending (both the high risk and conventional loans) coming from? Investment funds - pension funds, trusts, rich Arabs, etc. That investment money is still out there but has been scared away from both the risky and the good mortgage market. Where is it going? Oil speculation? There are reports that about $60 per barrel of the current price is due to such 'investment'. The oil market is now acting a lot like the real estate bubble a couple of years ago.
It seems to me that relaxing writedown rules will just free up more 'investment' money to chase the 'bubble du jour' - oil.
#5
What the banks are calling for is reasonable. Either accept that or allow the banks to take the writedowns as tax deductions, which I assure you the IRS will not allow.
#6
From the institutions and leaders who pushed the The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 to get tougher on those individuals out there abusing the credit market. So all the little people get punished for the actions of a few. Now its turn around and these same groups want lesser constraints. YJCMTU. If we lived principle, we'd tell them to stick where daylight never shines. Rest assured, its about POWER.
#7
They f**ked up AGAIN bigtime as they periodically do. About once per decade. Because they are not being held responsible. Put the hurt on these fools so this is stopped for a time. The Depression repercussions stopped the greedy f**ks for about 50 years. That group has now departed and the new crowd needs a thrashing because they haven't the computational power to learn from their own mistakes.
You know without even reading that the ruling came from the Ninth Circus ...
SEATTLE (AP) - The military cannot automatically discharge people because they're gay, a federal appeals court ruled Wednesday in the case of a decorated flight nurse who sued the Air Force over her dismissal.
The three judges from the 9th U.S. Circuit Court of Appeals did not strike down the military's "don't ask, don't tell" policy. But they reinstated Maj. Margaret Witt's lawsuit, saying the Air Force must prove that her dismissal furthered the military's goals of troop readiness and unit cohesion. The "don't ask, don't tell, don't pursue, don't harass" policy prohibits the military from asking about the sexual orientation of service members but requires discharge of those who acknowledge being gay or engaging in homosexual activity.
Wednesday's ruling led opponents of the policy to declare its days numbered. It is also the first appeals court ruling in the country that evaluated the policy through the lens of a 2003 Supreme Court decision that struck down a Texas ban on sodomy as an unconstitutional intrusion on privacy.
When gay service members have sued over their dismissals, courts historically have accepted the military's argument that having gays in the service is generally bad for morale and can lead to sexual tension. But the Supreme Court's opinion in the Texas case changed the legal landscape, the judges said, and requires more scrutiny over whether "don't ask, don't tell" is constitutional as applied in individual cases.
Under Wednesday's ruling, military officials "need to prove that having this particular gay person in the unit really hurts morale, and the only way to improve morale is to discharge this person," said Aaron Caplan, a staff attorney with the American Civil Liberties Union of Washington state who worked on the case.
Witt, a flight nurse based at McChord Air Force Base near Tacoma, was suspended without pay in 2004 after the Air Force received a tip that she had been in a long-term relationship with a civilian woman. Witt was honorably discharged in October 2007 after having put in 18 years - two short of what she needed to receive retirement benefits.
She sued the Air Force in 2006, but U.S. District Judge Ronald B. Leighton dismissed her claims, saying the Supreme Court's ruling in Lawrence v. Texas did not change the legality of "don't ask, don't tell."
The appeals court judges disagreed. "When the government attempts to intrude upon the personal and private lives of homosexuals, the government must advance an important governmental interest ... and the intrusion must be necessary to further that interest," wrote Judge Ronald M. Gould.
One of the judges, William C. Canby Jr., issued a partial dissent, saying that the ruling didn't go far enough. He argued that the Air Force should have to show that the policy itself "is necessary to serve a compelling governmental interest and that it sweeps no more broadly than necessary."
Posted by: Steve White ||
05/22/2008 00:00 ||
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#1
"The military cannot automatically discharge people because they're gay"
No, they must be scourged first ... (just kidding).
The military doesn't automatically discharge people because they are gay. They discharge people if they get all "out there" about their gayness. And that makes perfect sense. It is a morale issue. Imagine you have two gay men living together and having regular sex in the middle of the desert. And you also have eleventy-three other soldiers stuck in the same stinking desert for a year with no chances to have sex. Think there might be some issues? If you are going to allow homosexuals then fine ... you also have to allow straight soldiers to sleep together and then maybe you need "comfort girls" for the rest of the troops.
And what about the gay guy in a unit full of straights and he gets a little predatory and begins to "come on" to other guys? Now you have the stage set for all kinds of interpersonal drama.
This is just one more way the anti-American military entities can find to eat away (so to speak) at our military force's morale.
#2
US Constitution, Article I, "All legislative powers herein granted shall be vested in a Congress of the United States, which shall consist of a Senate and House of Representatives."
Article I, Section 8
"To make rules for the government and regulation of the land and naval forces;" [Don't see anything here about the judiciary]
manifested by Title X USC - Armed Forces
of which Subtitle A, Part II, Chapter 47, Subchapter X Art. 125. Sodomy
(a) Any person subject to this chapter who engages in unnatural carnal copulation with another person of the same or opposite sex or with an animal is guilty of sodomy. Penetration, however slight, is sufficient to complete the offense.
(b) Any person found guilty of sodomy shall be punished as a court-martial may direct.
Seems clear as day that behavior is inconsistent with the law as written by Congress. Then again, why would an Imperial Judiciary worry about things like that? Because elsewhere in the LAW as empowered by Section 8, Congress added this
The Ninth Circuit Court just issued another "L'Etat, c'est moi" fiat.
And "Don't ask, Don't tell" is because of that other piece of military stuff called good order and discipline -
"Art. 78. Accessory after the fact
Any person subject to this chapter who, knowing that an offense punishable by this chapter has been committed, receives, comforts, or assists the offender in order to hinder or prevent his apprehension, trial, or punishment shall be punished as a court-martial may direct."
Take it to the House of the People to get your change. It is Congress' Law by Constitutional authority.
#3
And what about the gay guy in a unit full of straights and he gets a little predatory and begins to "come on" to other guys? Now you have the stage set for all kinds of interpersonal drama.
Crosspatch, I could be wrong but I think this is unlikely among an armed population. More likely the gays will find each other and leave the straights alone and then write a book later about how they feared for their lives and then go on Ellen and Oprah and a massive book tour.
#4
The "gays coming on to striaght" is a very very unlikely scenario.
But this is about an EXTREME overrreach by an appeals court and activist judges, ion direct contravention to the Constitution and the Legislative branch of government.
No more life appointments for judges. 12 years, with one areappointment possible. And THAT is all they get. Every 3 years they should stand an "approval" vote of all voters in their district, and if a majority disapprove, they are off the bench and a new judge is appointed.
Make them answerable. They need to have some responsibility thrown at them to balance thier authority.
#7
Steve, yes it is Congress's policy. However,several schools use it as an excuse to keep military recruiters off campus because the military discriminates against gays.
Nobody said that logic was their strong suit.
Posted by: Rambler in California ||
05/22/2008 18:12 Comments ||
Top||
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
OPEC chief Abdala El Badri on Thursday said members were unhappy with surging prices he blamed on speculators and a weak US dollar. 
South African troops have been deployed for the first time in an effort to stop attacks on foreigners that have left 42 dead and forced thousands to flee. Soldiers backed police in early morning raids at three hostels in Johannesburg, arresting 28 people and seizing drugs, arms and ammunition. 
Sen. John McCain has long presented himself as that rare bird in politics: an inveterate straight-shooter. But does campaign strain have McCains Straight Talk Express veering off course?
The House overwhelmingly rejected President Bush's veto of a $290 billion farm bill Wednesday, but what was to have been a stinging defeat for the president became an embarrassing episode for Democrats.
UNITED NATIONS - Sri Lanka, Bahrain and Gabon are among states vying for 15 seats on the U.N. Human Rights Council on Wednesday that rights watchdogs say are unfit to be on it. The 47-member Geneva-based council was set up two years ago to replace the U.N. Human Rights Commission, which was widely criticized for failing to overcome political alliances and take a strong stand on issues including China's rights record.
The worlds leading banks have stepped up pressure to relax controversial accounting rules with a new plan aimed at breaking the downward spiral of huge writedowns, emergency fundraisings and fire-sales of assets. 
