From Denny: Kevin Costner, of Ocean Therapy Solutions, is as frustrated as the Louisiana residents he is trying to help on the Gulf Coast. What it amounts to is that several companies with the technology to clean up this BP oil spill are unable to get through to the one BP exec who can green light a project, shelling out the money to get the job going. Clearly, BP is still playing games with people's lives, the government and the environment.
The EPA, BP and the Coast Guard have collected 1,900 proposals for how to clean up the Gulf. Only one proposal has made it through to even be considered - after all this big talk the past month of setting up and getting organized as to how to process it all. NOTHING has been deployed into the Gulf for clean up. The EPA doesn't even know if any of their proposals have been deployed or not. Just what is Browner doing all day? What a mess. They are like the Keystone Cops. No one knows what to do and even if they did they could not get their proverbial act together to organize properly and get the work done. This is sheer lunacy.
Microsorb Environmental Products is a Massachusetts company that has also tried to find its way through the bureaucratic BP maze. They use non-toxic, oil-eating microbes to clean up oil spills like in the Gulf. Yet BP has not acknowledged their usefulness nor shown any interest in deploying this easy technology for the clean up.
One small bit of good news from Citibank, that Big Bank that holds a lot of America's mortgages. Turns out if you live within 25 miles of the Gulf coast they will relent and not start foreclosure on you for another 90 days. Such big hearts, yeah, right. If these Big Banks had an ounce of sense they would restructure these loans so people could pay at reduced rates while the economy is in a slump. No one said the banking sector was nimble in their policies or constructively creative in problem-solving difficult economic issues.
GOP Outraged By 'Shakedown' BP Escrow Account, Apologizes To CEO
Feds bust 485 mortgage fraudsters
Kevin Costner blasts Big Oil 'bureaucratic maze'
Costner: "The whole world is watching as America fumbles its way through the greatest environmental disaster in history," Costner told the Senate Committee on Small Business and Entrepreneurship at a hearing Thursday in Washington. "I believe there are other small companies out there in the private sector just like us. You should know that negotiating your way through the bureaucratic maze that currently exists is like trying to play a video game that nobody can master."
Oil spill victims get a break on mortgage payments
Opinion: How Wall Street reform falls short
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Showing posts with label BP oil spill. Show all posts
Showing posts with label BP oil spill. Show all posts
Thursday, June 17, 2010
Tuesday, June 15, 2010
BP On Hook for $75 Billion in Claims, 1-Man Mission American Ninja Faulkner Hunts bin Laden, News Headlines 15 June 2010
*** New Federal Reserve rules to protect consumers on credit cards, new larger estimate for oil gushing in the Gulf, Bloody Sunday apology from Britain PM.
From Denny: BP lost another nine percent of their stock value today. "Awwwww... how cares?" is the response from the Gulf Coast and here in Louisiana.
Higher levels of oil gushing in the Gulf
Scientists upped the amount of oil gushing in to the Gulf. They are figuring it at 2.5 million gallons a day as opposed to the recently revised estimate of 1.7 million gallons a day. That seemed evident to me from the new video after the top cap failed and the oil was rushing faster, along with the acknowledgment that there were underwater oil plumes from several leaks on the ocean floor.
Yesterday, BP also made a mention in passing on CNN about maybe it was 80,000 barrels a day spewing, trying to soft pedal the news that would come out today. People in this Gulf Coast region are furious at the lying and the abysmally slow and ineffective clean up. Clean up should have been the main priority from the beginning while the government and the oil industry were trying to figure out how to shut off the broken well.
American Ninja
Meanwhile, on another war front is a lone ranger kind of guy out trying to hunt down and kill Osama bin Laden in Pakistan. He was taken into custody today, along with a sword, night vision goggles, a gun, a dagger and Christian literature. He's been in Pakistan seven times now trying to find bin Laden. Like a whole country of fellow Americans, Gary Brooks Faulkner, a California construction worker, was frustrated at the terrorism from bin Laden's group and wanted to do something about it.
Faulkner, age 52, was in the mountain border province of Chitral which borders Afghanistan. It's next door to a Taliban stronghold believed to harbor bin Laden and Faulkner has already visited this area three times now. There is a $50 million bounty on bin Laden's head.
Bloody Sunday closure and apology
On yet another long time war front between Ireland and Britain about Bloody Sunday some 38 years ago, the new Brit PM actually apologized to the families of the teenagers killed that day. A new report, that took 12 years to finalize, found the teenagers not guilty. After all, they were shot in the back by police who lost their heads as the kids were not armed. At least the families and an entire nation got some closure today. Now if Britain would get as real as this for the Gulf Coast residents and this BP mess instead of lying and cheating us.
Poll against Obama's handling of oil disaster
And President Obama has a war of his own here in America with this Gulf Coast disaster. The polls are running against him and his poor, slow, disorganized response to the disaster. This poll cited is 52 percent angry with the President about his handling of the reponse. Other polls are as high as 71 percent angry and dissatisfied. Obama's political handlers better get real and start addressing the job of proper governing if they want to continue to remain comfortable collecting their pay checks. At the rate they have mishandled this crisis their boss is going to be out of office, if not at the ballot box then by impeachment or an actual grassroots coup.
Why they have not employed the super tankers to come in to the Gulf and handle this gargantuan mess is beyond me, other than BP is too cheap to pay for it, dragging their heels on paying out claims until they can slink off unnoticed. BP doesn't understand the Louisiana mentality. They will hunt BP down and wring the last dollar out of them if it takes ten life times. Yes, Southerners are that tenacious.
And what is BP's disapproval rating by Americans about this oil spill? A stunning 83 percent are furious with BP's poor handling of the clean up, the lying to the public and the government and bad handling of claims. Frankly, I'm surprised it's that low.
BP's true worth and claims capability
The good news, according to the Business sections online, is that BP has deep pockets for making this right. The real question is whether they will squirm out of their responsibilities. They generate tens of billions of dollars in cash regularly and they are sitting on some serious vast oil reserves worldwide like a rainy day bank account. Over the past five years, BP has generated a $100 million profit. Last year their profit was $16.8 billion.
Right now, according to Goldman-Sachs estimates of a worst case scenario, BP is currently looking at paying out up to $75 billion. BP claims, and I am seriously suspect of this figure, they claim they have already paid out $1.5 billion in claims. On what? They offered no itemization and expect us to take their word for it.
Credit card reforms from Federal Reserve
Another war front is that of the American consumer attempting to keep their heads above water with job cutbacks, hours cutbacks, job loss and a chaotic economy. Some good news on the credit card front for consumers. The Federal Reserve adopted new rules today about late payment charges and other penalty fees. Late payment fees could not exceed $25. Penalty fees are not to be higher than the dollar amount associated with the customer's violation. The Fed also barred "inactivity" fees when customers don't use the accounts to make new purchases. The Fed also prohibited multiple penalty fees on a single late payment.
BP faces huge tab, has deep pockets
Scientists up estimate of leaking Gulf oil
Poll: Majority disapprove of spill response - AP poll found 52 percent unhappy with Obama's handling of disaster
Opinion: How oil spills like BP's can reshape politics, from the Amazon to America - Like oil pollution in Ecuador and California years ago, the BP Gulf catastrophe could – and should – lead to profound political change across America.
Gary Brooks Faulkner: 'American ninja' hunting Osama bin Laden
Cameron apologizes for 'Bloody Sunday' in 1972 - U.K. leader says he's 'deeply sorry' for death of 13 protesters in N. Ireland
Setbacks cloud U.S. plans to leave Afghanistan - 'There's not much sign of the turnaround that people were hoping for'
*** THANKS for visiting, feel welcome to drop a comment or opinion, enjoy bookmarking this post on your favorite social site, a big shout out to awesome current subscribers – and if you are new to this blog, please subscribe in a reader or by email updates!
From Denny: BP lost another nine percent of their stock value today. "Awwwww... how cares?" is the response from the Gulf Coast and here in Louisiana.
Higher levels of oil gushing in the Gulf
Scientists upped the amount of oil gushing in to the Gulf. They are figuring it at 2.5 million gallons a day as opposed to the recently revised estimate of 1.7 million gallons a day. That seemed evident to me from the new video after the top cap failed and the oil was rushing faster, along with the acknowledgment that there were underwater oil plumes from several leaks on the ocean floor.
Yesterday, BP also made a mention in passing on CNN about maybe it was 80,000 barrels a day spewing, trying to soft pedal the news that would come out today. People in this Gulf Coast region are furious at the lying and the abysmally slow and ineffective clean up. Clean up should have been the main priority from the beginning while the government and the oil industry were trying to figure out how to shut off the broken well.
American Ninja
Meanwhile, on another war front is a lone ranger kind of guy out trying to hunt down and kill Osama bin Laden in Pakistan. He was taken into custody today, along with a sword, night vision goggles, a gun, a dagger and Christian literature. He's been in Pakistan seven times now trying to find bin Laden. Like a whole country of fellow Americans, Gary Brooks Faulkner, a California construction worker, was frustrated at the terrorism from bin Laden's group and wanted to do something about it.
Faulkner, age 52, was in the mountain border province of Chitral which borders Afghanistan. It's next door to a Taliban stronghold believed to harbor bin Laden and Faulkner has already visited this area three times now. There is a $50 million bounty on bin Laden's head.
Bloody Sunday closure and apology
On yet another long time war front between Ireland and Britain about Bloody Sunday some 38 years ago, the new Brit PM actually apologized to the families of the teenagers killed that day. A new report, that took 12 years to finalize, found the teenagers not guilty. After all, they were shot in the back by police who lost their heads as the kids were not armed. At least the families and an entire nation got some closure today. Now if Britain would get as real as this for the Gulf Coast residents and this BP mess instead of lying and cheating us.
Poll against Obama's handling of oil disaster
And President Obama has a war of his own here in America with this Gulf Coast disaster. The polls are running against him and his poor, slow, disorganized response to the disaster. This poll cited is 52 percent angry with the President about his handling of the reponse. Other polls are as high as 71 percent angry and dissatisfied. Obama's political handlers better get real and start addressing the job of proper governing if they want to continue to remain comfortable collecting their pay checks. At the rate they have mishandled this crisis their boss is going to be out of office, if not at the ballot box then by impeachment or an actual grassroots coup.
Why they have not employed the super tankers to come in to the Gulf and handle this gargantuan mess is beyond me, other than BP is too cheap to pay for it, dragging their heels on paying out claims until they can slink off unnoticed. BP doesn't understand the Louisiana mentality. They will hunt BP down and wring the last dollar out of them if it takes ten life times. Yes, Southerners are that tenacious.
And what is BP's disapproval rating by Americans about this oil spill? A stunning 83 percent are furious with BP's poor handling of the clean up, the lying to the public and the government and bad handling of claims. Frankly, I'm surprised it's that low.
BP's true worth and claims capability
The good news, according to the Business sections online, is that BP has deep pockets for making this right. The real question is whether they will squirm out of their responsibilities. They generate tens of billions of dollars in cash regularly and they are sitting on some serious vast oil reserves worldwide like a rainy day bank account. Over the past five years, BP has generated a $100 million profit. Last year their profit was $16.8 billion.
Right now, according to Goldman-Sachs estimates of a worst case scenario, BP is currently looking at paying out up to $75 billion. BP claims, and I am seriously suspect of this figure, they claim they have already paid out $1.5 billion in claims. On what? They offered no itemization and expect us to take their word for it.
Credit card reforms from Federal Reserve
Another war front is that of the American consumer attempting to keep their heads above water with job cutbacks, hours cutbacks, job loss and a chaotic economy. Some good news on the credit card front for consumers. The Federal Reserve adopted new rules today about late payment charges and other penalty fees. Late payment fees could not exceed $25. Penalty fees are not to be higher than the dollar amount associated with the customer's violation. The Fed also barred "inactivity" fees when customers don't use the accounts to make new purchases. The Fed also prohibited multiple penalty fees on a single late payment.
BP faces huge tab, has deep pockets
Scientists up estimate of leaking Gulf oil
Poll: Majority disapprove of spill response - AP poll found 52 percent unhappy with Obama's handling of disaster
Opinion: How oil spills like BP's can reshape politics, from the Amazon to America - Like oil pollution in Ecuador and California years ago, the BP Gulf catastrophe could – and should – lead to profound political change across America.
Gary Brooks Faulkner: 'American ninja' hunting Osama bin Laden
Cameron apologizes for 'Bloody Sunday' in 1972 - U.K. leader says he's 'deeply sorry' for death of 13 protesters in N. Ireland
Setbacks cloud U.S. plans to leave Afghanistan - 'There's not much sign of the turnaround that people were hoping for'
*** THANKS for visiting, feel welcome to drop a comment or opinion, enjoy bookmarking this post on your favorite social site, a big shout out to awesome current subscribers – and if you are new to this blog, please subscribe in a reader or by email updates!
Friday, June 11, 2010
Speaker Pelosi, Residents Fire Upon BP - News Headlines 11 June 2010
*** BP takes it from all sides as the multinational company continues to slither and dither.
From Denny: Politicians like Speaker Nancy Pelosi and Gulf Coast residents kept up the drum beat of demanding BP make them whole after all the destruction the oil company has caused on a huge scale.
"BP misrepresented what their technology could do," said House Speaker Nancy Pelosi today. "They misrepresented the amount of oil that was being spewed forth into the Gulf and continued to do so."
What Pelosi is frustrated with is the constant understatement from BP. When this first started, in spite of the fact BP had an underwater camera that clearly showed the severity of the disaster, the company declared it was a small spill and only 1,000 gallons a day were spewing. Here it is over a month later and the truth is that over 1.7 million gallons a day are spewing out of that broken well head. We have over 100 million gallons of oil floating in the Gulf and more spewing. They won't be able to get those relief wells drilled for months, well into next year, not in the next two months like they erroneously claim.
Pelosi ridiculed the junk shot attempt by BP to plug the well. Remember the exploding golf balls and chunks of rubber tires? Who actually believed that garbage would plug a hole at those intense underwater pressures? They were mocking America. "When they start telling you to cut your hair and send golf balls and diapers for the cleanup, you know that's not the technology of the future," she said.
Pelosi reported she had just met with President Obama about the oil spill. She was pleased to learn he had ordered Attorney General Holder to investigate BP's negligence. "This is a matter of integrity," Pelosi said. "BP stated that they had the technology to drill deep, to prevent a blowout and that they had the technology to clean up, and none of these things happened to be a fact. Laws need to be updated to protect workers, residents and businesses who have been hurt by the disaster. If you are a fisherman, June is your big month. BP must pay them in a timely fashion."
Why we must try to save oiled birds
The Regulation Crisis
Big Oil Battling Wall Street In Congress
*** THANKS for visiting, feel welcome to drop a comment or opinion, enjoy bookmarking this post on your favorite social site, a big shout out to awesome current subscribers – and if you are new to this blog, please subscribe in a reader or by email updates!
From Denny: Politicians like Speaker Nancy Pelosi and Gulf Coast residents kept up the drum beat of demanding BP make them whole after all the destruction the oil company has caused on a huge scale.
"BP misrepresented what their technology could do," said House Speaker Nancy Pelosi today. "They misrepresented the amount of oil that was being spewed forth into the Gulf and continued to do so."
What Pelosi is frustrated with is the constant understatement from BP. When this first started, in spite of the fact BP had an underwater camera that clearly showed the severity of the disaster, the company declared it was a small spill and only 1,000 gallons a day were spewing. Here it is over a month later and the truth is that over 1.7 million gallons a day are spewing out of that broken well head. We have over 100 million gallons of oil floating in the Gulf and more spewing. They won't be able to get those relief wells drilled for months, well into next year, not in the next two months like they erroneously claim.
Pelosi ridiculed the junk shot attempt by BP to plug the well. Remember the exploding golf balls and chunks of rubber tires? Who actually believed that garbage would plug a hole at those intense underwater pressures? They were mocking America. "When they start telling you to cut your hair and send golf balls and diapers for the cleanup, you know that's not the technology of the future," she said.
Pelosi reported she had just met with President Obama about the oil spill. She was pleased to learn he had ordered Attorney General Holder to investigate BP's negligence. "This is a matter of integrity," Pelosi said. "BP stated that they had the technology to drill deep, to prevent a blowout and that they had the technology to clean up, and none of these things happened to be a fact. Laws need to be updated to protect workers, residents and businesses who have been hurt by the disaster. If you are a fisherman, June is your big month. BP must pay them in a timely fashion."
Why we must try to save oiled birds
The Regulation Crisis
Big Oil Battling Wall Street In Congress
*** THANKS for visiting, feel welcome to drop a comment or opinion, enjoy bookmarking this post on your favorite social site, a big shout out to awesome current subscribers – and if you are new to this blog, please subscribe in a reader or by email updates!
Tuesday, June 8, 2010
Krewe of Dead Pelicans BP Protest Parade, Oil Spill Stories - News Headlines 8 June 2010
From Denny: Only in Louisiana! When we celebrate we start a "Krewe" to put floats in a parade, a group of like-minded people supporting an idea. In this case, because of the recent BP oil spill in the Gulf, folks in New Orleans are frustrated. Frustrated they feel like they have no power to take back their lives from the oil company that polluted their culture, their jobs, their very way of life.
This lady decided to start the Krewe of Dead Pelicans to protest BP's oil spill and cavalier attitude toward restitution of the people of Louisiana and the rest of the Gulf. Louisiana built an entire economy on providing 20 percent of the nation's seafood as well as supplying 30 percent of the nation's energy needs.
Now what with this looming disaster? What does the future hold? How much of a mass exodus will be leaving Louisiana again? The last time was when the oil industry tanked around 1980 and massive job loss was felt in Texas and Louisiana. America is clearly embedded in another Depression when over 20 percent of the country is unemployed or underemployed. Is there really anywhere an entire coast of people can go to find jobs when the entire nation is job hunting? Even Bernake, the Fed chairman, says the economy is fragile when testifying to Congress this past week. Uh, yeah, but are any of the politicians really listening?
BP Well Bore And Casing Integrity May Be Blown, Says Florida’s Sen. Nelson
Visit msnbc.com for breaking news, world news, and news about the economy
Gulf of Mexico oil leak may be bigger than BP says
Underwater oil plumes confirmed in Gulf by scientists
Regulatory delays could take heavy toll on shallow-water drilling
The Krewe of Dead Pelicans Parade - New Orleans Mardi Gras style oil spill protest
| The Krewe of Dead Pelicans Founder Ro Mayer |
*** Photo by Jae C. Hong
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Wednesday, June 2, 2010
Why Not to Nuke the Oil Spill, Israels International Mess - News Headlines 2 June 2010
*** Read why not to nuke the Gulf oil spill and the many sides of the Israeli raid issue.
*** ALSO: BP Oil Spill News Updates - 2 June 2010
From Denny: This Israeli raid on the Gaza relief supplies boat ramming the Israeli blockade is an international mess like the oil spill in the Gulf of Mexico. It just keeps getting bigger and bigger.
First of all, ramming a blockade isn't exactly the smartest move as they had to know it would bring a militaristic response. That's the usual way things happen in those situations.
According to Israel's defenders, even here in America, there are several things to consider. One is that Israel has the right to defend itself against the importation of weapons and bombs. Fair enough.
Another defense is claimed that the Palestinians actually killed their own people, claiming it was the Israelis. Looking at the massive amounts of video footage issued from both sides this claim looks murky at best; it's inconclusive.
What is evident is that Israel used excessive force even if it was a move to smuggle weapons and bombs into Israel. Forget rubber bullets. Why not use tasers? You can subdue aid workers and terrorists alike, especially in such close quarters as a boat. There would be no loss of life and an international incident avoided.
It really does make you wonder where Israel's head really is these days with the extremists running the show. They are ultra conservative, don't give a damn about respecting anyone else besides their yes crowd and they are not wise in their international dealings. In short, these conservatives will end up blowing up the Middle East at the rate they are going. Repairing international relations with countries like Turkey could take decades.
Check out this strange commentary about the Israeli raid: The Gaza Flotilla Is Not What It Seemed
As to the much talked about nuke option to seal off the ocean floor well in the Gulf, the Pentagon claims there is no serious consideration of the idea at this time. There also is no proof it would actually work and accomplish sealing off the well by imploding it. We all recognize it is a huge risk to the environment and our health on the Gulf Coast. Just think of all the thousands of new cancers that would overwhelm the health insurance industry to cover if nuclear radiation exposed millions of people.
The biggest reason the nuke option for capping the well is not considered is because it would be a violation of the treaty banning all nuclear explosions. Let's hope Obama sticks to that treaty. The people of the Gulf, and their health, is dependent upon the President's commitment to that treaty.
*** ALSO: BP Oil Spill News Updates - 2 June 2010
U.S. Officials: Al Qaeda No. 3 Killed
Is the Limitation of Liability for Oil Spills the Poster Boy Against Tort Reform?
The Iraq and Afghanistan Wars Mutilated Our Economy
Rand Paul Remarks Lead Kentucky Legislature To Pass Civil Rights Legislation
Turkish PM: Israeli Raid A 'Bloody Massacre'
The Gaza Flotilla Is Not What It Seemed
Is Obama's 'cool' too cold for ravaged Gulf?
*** THANKS for visiting, feel welcome to drop a comment or opinion, enjoy bookmarking this post on your favorite social site, a big shout out to awesome current subscribers – and if you are new to this blog, please subscribe in a reader or by email updates!
*** ALSO: BP Oil Spill News Updates - 2 June 2010
From Denny: This Israeli raid on the Gaza relief supplies boat ramming the Israeli blockade is an international mess like the oil spill in the Gulf of Mexico. It just keeps getting bigger and bigger.
First of all, ramming a blockade isn't exactly the smartest move as they had to know it would bring a militaristic response. That's the usual way things happen in those situations.
According to Israel's defenders, even here in America, there are several things to consider. One is that Israel has the right to defend itself against the importation of weapons and bombs. Fair enough.
Another defense is claimed that the Palestinians actually killed their own people, claiming it was the Israelis. Looking at the massive amounts of video footage issued from both sides this claim looks murky at best; it's inconclusive.
What is evident is that Israel used excessive force even if it was a move to smuggle weapons and bombs into Israel. Forget rubber bullets. Why not use tasers? You can subdue aid workers and terrorists alike, especially in such close quarters as a boat. There would be no loss of life and an international incident avoided.
It really does make you wonder where Israel's head really is these days with the extremists running the show. They are ultra conservative, don't give a damn about respecting anyone else besides their yes crowd and they are not wise in their international dealings. In short, these conservatives will end up blowing up the Middle East at the rate they are going. Repairing international relations with countries like Turkey could take decades.
Check out this strange commentary about the Israeli raid: The Gaza Flotilla Is Not What It Seemed
As to the much talked about nuke option to seal off the ocean floor well in the Gulf, the Pentagon claims there is no serious consideration of the idea at this time. There also is no proof it would actually work and accomplish sealing off the well by imploding it. We all recognize it is a huge risk to the environment and our health on the Gulf Coast. Just think of all the thousands of new cancers that would overwhelm the health insurance industry to cover if nuclear radiation exposed millions of people.
The biggest reason the nuke option for capping the well is not considered is because it would be a violation of the treaty banning all nuclear explosions. Let's hope Obama sticks to that treaty. The people of the Gulf, and their health, is dependent upon the President's commitment to that treaty.
Visit msnbc.com for breaking news, world news, and news about the economy
*** ALSO: BP Oil Spill News Updates - 2 June 2010
U.S. Officials: Al Qaeda No. 3 Killed
Is the Limitation of Liability for Oil Spills the Poster Boy Against Tort Reform?
The Iraq and Afghanistan Wars Mutilated Our Economy
Rand Paul Remarks Lead Kentucky Legislature To Pass Civil Rights Legislation
Turkish PM: Israeli Raid A 'Bloody Massacre'
The Gaza Flotilla Is Not What It Seemed
Is Obama's 'cool' too cold for ravaged Gulf?
*** THANKS for visiting, feel welcome to drop a comment or opinion, enjoy bookmarking this post on your favorite social site, a big shout out to awesome current subscribers – and if you are new to this blog, please subscribe in a reader or by email updates!
Tuesday, May 18, 2010
Sticking It to Iran, Obama and Jobs Creation, Survey Goes Against New Oil Drilling - News Headlines 18 May 2010
From Denny: Iran continues to be a thorn in the side of the international community. The naughty little third world country has been trying to slide under the door shut in its misbehaving face by the world. Now it's made deals with Turkey for an enriched uranium swap for fuel rods on the next path to nuclear warheads. As usual they keep lying about their intentions, claiming the nukes are for energy purposes, and the rest of the world rolls their eyes at the latest "my fish I caught was this big" story. Anyone who believes the Iranian government is gullible and every con artist in the world will be beating a path to their door to get rich quick.
Meanwhile, the smarter nations have come together into agreement on sanctions for Iran - quite the diplomatic feat for Secretary of State Hillary Clinton. Time will tell how well these sanctions will work. We still may require a military action against these crazies.
As to President Obama and jobs creation for the 15 million people out of work, just how do you create jobs on a budget with a looming deficit? It really is a dilemma not faced in this country until now. I'm sure the Republicans, fools that they are, are celebrating the hoped political demise of Obama. They are foolish to pull against America in our time of great need like nothing seen since the Great Depression.
And you guessed it, support for oil drilling off America's shores has plummeted in response to the BP oil spill mess. Support might have remained constant or only dipped if BP had been truthful in all their statements. But no, BP just had to lie and keep the lies coming at a rapid pace. Americans are disgusted with the oil industry's cavalier attitude toward our wallets and our environment and our economy.
And, of course, the darlings of the oil industry are their political puppets they own lock, stock and barrel: the Republicans. Those crooked Republicans continue to block the lifting of the cap for British Petroleum's financial responsibility to the American taxpayers over this oil spill mess in the Gulf of Mexico. As usual, Big Business is too cheap to pay what they owe, whether for taxes - throwing that burden onto the middle class to pay for them, profiting by the billions of dollars in exchange for a few hundred or thousands jobs - or Big Business is too cheap to pay for their problems when they mess up on a gargantuan scale like the environmental disaster unfolding in the Gulf.
This story is good for the reason it gives you a blow by blow of how the United Nations process works.
Hillary Clinton: Russia, China to back new Iran nuclear sanctions (CSMonitor)
The five permanent members of the UN Security Council favor a fourth round of sanctions over the Iran nuclear program. It's seen as a response to Monday's nuclear fuel swap deal.
Secretary of State Hillary Rodham Clinton’s surprise announcement during Senate testimony Tuesday morning – and her elaboration that both Russia and China are on board in supporting the new resolution – is seen in part as a Big Powers’ response to a deal struck with Iran Monday by Brazil and Turkey to move a portion of Iran’s enriched uranium stockpile out of the country.
This story is worth the read for the detail of how economists have looked at this problem versus how the politicians have dominated the conversation on the air waves.
In Ohio, Obama says his policies have created jobs. Is that true? (CSMonitor)
......One thing that Obama can justly claim is that he inherited a very difficult situation when he took office early in 2009. The economy had come to the brink of collapse. It wasn't just Democrats, but also economists at places like the International Monetary Fund, who were calling for large government stimulus spending.
A year later, this January, the prevailing view among 50 economists surveyed by USA Today was that the Obama stimulus succeeded in saving many jobs. Unemployment would have hit 10.8 percent without the Recovery Act, according to their median estimate. The difference would translate into another 1.2 million lost jobs, USA Today said...
Many economists support key elements of the stimulus program, such as extended unemployment insurance, tax breaks for consumers, spending on infrastructure jobs, and aid to states to prevent massive layoffs or Medicaid cuts. Even with the stimulus, state and local governments have reduced employment over the past year. Some economists say more stimulus is needed to help launch a stronger jobs recovery...
This is something you don't see covered in the news. Just how does a government create jobs for 15 million people out of work - on a budget? Quite the dilemma.
Obama's job summit challenge: creating jobs on a budget (CSMonitor)
.......Some of the participants in the forum will urge Obama and Congress not to worry so much about deficits. Rather, they will argue, the government should spend to create jobs either indirectly through tax incentives that affect private employers, or directly by government spending on roads, green energy, or community service programs.
Their reasoning: Unemployment has become much worse than the White House envisioned when it made the case early this year for a $787 stimulus program. The federal debt is a significant long-run problem, fueled more by health care programs than by temporary stimulus efforts. The Treasury's fiscal troubles could actually be made worse, they add, if policymakers fail to get the economy moving........
Is anyone surprised at this reaction to the BP oil spill?
Poll: Support for More Offshore Oil Drilling Plummets (CBS)
Forty-six percent of Americans now say they support offshore drilling - a 16 point drop from the 64 percent who backed such drilling back in July of 2008, when "drill, baby, drill" was an oft-chanted Republican campaign slogan.
Forty-one percent, meanwhile, say the costs and risks of offshore drilling are too great - up from 28 percent in the summer of 2008.
The survey suggests a correlation between opinions on increased offshore drilling and party identification. Sixty-three percent of Republicans still favor new drilling, while 29 percent say the costs and risks are too great.
By contrast, just 34 percent of Democrats back increased drilling, while 55 percent oppose it. (Independents are nearly split, with 45 percent in favor and 39 percent opposed...)
Wall St. Reform Bill Matches Obama's Blueprint (CBS)
Washington Post: Obama Nears Second Major Legislative Win as Senate Nears Passage of Financial Reform Bill
...Passage of a 1,400-page bill to overhaul the nation's financial regulations would come just two months after Obama signed a landmark health-care overhaul. But in the case of financial regulation, much more so than with health care, the Senate bill largely reflects the administration's initial blueprint, despite the fervent efforts of lobbyists and lawmakers of all stripes to alter it.
The bill would, among other things, create an independent consumer watchdog aimed at protecting borrowers from lending abuses, establish oversight of the vast derivatives market and enable the government to wind down large, failing firms...
In January, commentators also wrote off the administration's "Volcker Rule" as dead on arrival. The provision calls for curbing the activities of big Wall Street banks, including a ban on owning hedge funds. The Volcker language now seems likely to survive, and it could grow more stringent in the days ahead.
Still, uncertainties remain. Big banks continue to lobby hard to weaken the Volcker Rule. Also in flux are new rules governing the $600 trillion derivatives market, particularly a controversial provision that could force banks to spin off their derivatives operations...
GOP Blocks Oil Spill Liability Bill (CBS)
Republicans for the second time blocked legislation that would increase oil companies' liability for oil spill damages, setting off criticism from Democrats seeking to make BP pay for the disastrous oil spill in the Gulf of Mexico.
Sen. James Inhofe (R-Okla.) on Tuesday blocked a bill Democrats have put forward to raise the liability cap from $75 million to $10 billion. He said on the Senate floor he agrees the cap should be raised, but the Senate should "wait and see where the cap should be."
Obama to the Republicans blocking this legislation: "This maneuver threatens to leave taxpayers, rather than the oil companies, on the hook for future disasters like the BP oil spill," he said. "I urge the Senate Republicans to stop playing special interest politics and join in a bipartisan effort to protect taxpayers and demand accountability from the oil companies..."
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Thursday, May 13, 2010
Russians Say Nuke BP Oil Spill, Hordes Leaving Facebook, Big Business Cheats, Obamas Tax Reform - News Headlines 13 May 2010
From Denny: The Russians have wanted to nuke America for decades. Now it looks like they just might get what their Communist souls have desired: blow up America. They are actually suggesting America use a nuclear bomb to shut off the BP oil spill. Now why can't you use a conventional bomb minus the nuke factor? The Russians claim they have done it numerous times to their own oil spills.
Well, that answered one question: Are they crazy? Yes. Answered another question: Do they care if they pollute their own environment for centuries? No. And how about this one: How did all those mysterious cancers and the like show up in the Russian population? Duh.
So, now Prez Obama, Congress and Big Business are seriously considering advice from the same guys who blew up the nuclear plant Chernobyl??? By their own admission the Russians have woefully failed to follow safety protocols in their own oil drilling, suffering serious disaster after serious disaster. Their solution is "just nuke it."
Honey, the Earth's crust is not a microwave oven. We're talking about trying to shut off an underwater volcano of gushing oil and natural gas. I live on the Gulf Coast and am not supportive of this IDIOT "NUKE THE OIL SPILL" ARGUMENT. Try again, Congress, Prez Obama and BP. You are going to have to do better than this bad idea. Since when did we start taking advice from our enemies anyway??? You honestly believe they are interested in our welfare? They don't care about their own people's health and environment. This is pure lunacy.
Prez Obama is worried about huge looming deficits he wants to get under control by changing our current tax system and do tax reform. Well, the first order of business - instead of raising taxes on the middle class - is to stop the Iraq and Afghanistan Wars. They are bleeding the national treasury to the tune of billions of dollars per month we could put to good use elsewhere - like rebuilding our national energy grid that is in tatters.
Let the Middle East sort out their own problems. If the Taliban overrun their governments then so be it. We can always send in drones to deal with that stupidity and not waste paying for a huge army to sit around waiting for the next engagement. Our military is needed at home to deal with protecting our borders from drug dealers and terrorists coming in from Mexico.
We need our military here to watch our coastlines, help with the BP oil spill and start checking literally every container that comes into our ports to help stop drug smuggling and human trafficking. There are plenty of government jobs, in a less hazardous environment, here at home in America for them to do. All of this will help our economy recover faster. Mr. Prez, quit allowing the drug drip to Defense contractors who are basically war profiteering off our soldiers' blood.
As a taxpayer I refuse to pay for this carnage, bad foreign policy holdover from the Republicans and drain on the national wallet. These situations are intractable and it's best to cut your losses and turn your attention to a situation where the people of the area do have the will to want better for themselves.
And as to the big uproar over the sleaze giant Facebook violating your privacy and selling your info to other social sites and the like, well, I left last April a year ago. Back then, they only allowed you to "deactivate" your account. How annoying is that? Well, finally, someone put up instructions on how to delete your Facebook account and put it into the search engines. I finally went over last night and deleted my Facebook account. Facebook tells you it will take 14 days. We will see if they are good for their word.
I never was much of a fan of Facebook because of the bizarre rude and crude psychology study probes they were doing: probably both for government agencies and advertising and marketing businesses eager to find out how to manipulate the consumer to buy their products. To me, that's just plain sleaze. Facebook is pure sleaze. Sleaze. They never honored anyone's privacy settings; they were busy selling all your personal information to other social sites, marketing and government companies. Duh. It's all about Big Business greed and profit.
As it is Facebook claims they have 400 million accounts. It will be interesting to see it all shake out and see how many millions leave them. They overstepped their bounds with consumers and should be investigated as to all the secrecy and manipulations, psychology and marketing studies. Of course, they termed it "marketing studies" but that's just a code phrase for "Just how easy is it to manipulate weak or unsuspecting minds? Let's find out!"
Why don't we just drop a nuclear bomb on the Gulf oil spill? (CS Monitor)
Using a nuclear explosion to try to plug the gushing oil well in the Gulf of Mexico might sound like overkill, but a Russian newspaper has suggested just that based on past Soviet successes. Even so, there are crucial differences between the lessons of the past and the current disaster unfolding.
The Russians previously used nukes at least five times to seal off gas well fires. A targeted nuclear explosion might similarly help seal off the oil well channel that has leaked oil unchecked since the sinking of a BP oil rig on April 22...
Weapons labs in the former Soviet Union developed special nukes for use to help pinch off the gas wells. They believed that the force from a nuclear explosion could squeeze shut any hole within 82 to 164 feet (25 to 50 meters), depending on the explosion's power. That required drilling holes to place the nuclear device close to the target wells...
Obama in Buffalo: tax reform is needed, but a flat tax isn't (CS Monitor)
President Obama said the nation must make "hard decisions" on tax policy, and that it would be better to find a fiscal fix in the next couple of years than to delay.
He avoided the hottest part of this hot-button topic: He didn't say whether he'd support tax hikes that may be recommended by a bipartisan fiscal commission he has created. (He has said all options should be "on the table" for the commission to consider.)
But in response to a town-hall questioner, Mr. Obama voiced support for efforts to streamline the tax code, even as he framed the case against a "flat tax" that many Republicans support.
The president spoke at a town hall meeting in Buffalo, N.Y., a day after the federal government reported an unexpectedly high monthly budget deficit. The Treasury Department reported an $82.69 billion deficit for April, the highest ever recorded for that month.
"We're going to have to spend the next couple of years making some very hard decisions," Obama said. "It's not going to be any fun. [But] it's not going to be as painful as it will be if we put it off."
The fiscal commission is expected to report to the president in December with recommendations on how to reduce US budget deficits. Without some new fix, budget deficits under Obama's forecasts would remain higher than 3 percent of gross domestic product every year this decade – a level economists see as unsustainable in the long run...
Crackdown On Opposition Appears Under Way In Iran (NPR)
The government of Iran is refusing to return the dead bodies of five young people to their families for burial. All five were hanged on Sunday in notorious Evin prison in Tehran.
The hangings appear to have been rushed through Iran's legal system, in order to intimidate the political opposition as it plans its next challenges to the government.
Four of the five executed were ethnic Kurds, and their families wanted to take the bodies back to Iranian Kurdistan for burial. But the authorities in Tehran refused, apparently concerned that the funerals would turn into opportunities for protest.
The five, one of whom was a woman, were sentenced to death two years ago, charged with association with terrorist organizations, although by most accounts no solid evidence was offered at their very short trials.
The hangings on Sunday came as a surprise. Neither their families nor their lawyers were informed in advance.
The five have had nothing to do with the Green Movement in Iran, the opposition movement that burst into the streets after the disputed presidential election held last year on June 12.
But many observers and analysts, such as Stanford University's Abbas Milani, believe the hangings are meant to intimidate the opposition...
U.S. Firms Dodge Billions in Taxes by Moving Profits Overseas (ABC)
'Transfer Pricing' Allows Companies to Avoid Tax on Profits -- Legally
As America struggles with record deficits, tax dodgers apparently are taking billions of dollars out of the country.
A new report from the business giant Bloomberg News finds hundreds of companies skirting $60 billion in taxes, and the practice is completely legal.
Thirty million prescriptions were filed last year for the anti-depressant Lexapro, made by the U.S. pharmaceutical company Forest Labs. According to a story in Friday's Bloomberg Businessweek, most of the profits from that drug were transferred overseas, thus avoiding having to pay taxes in the United States.
The news is shocking to Lexapro customers like Tyler Hurst, who buys the drug at a Phoenix pharmacy.
"It does not say, 'The profits of this go outside the country,' anywhere," said Hurst as he looked at the drug bottle. "It is shady."
It may seem shady to Hurst, but hundreds of U.S.-based multi-national companies engage in the legal practice known as "transfer pricing."
"The most recent estimate for how much tax revenue gets lost in the U.S. is $60 billion a year," said Bloomberg reporter Jesse Drucker. "But there are some reasons to believe those estimates are conservative."
The figure, $60 billion, is more than the budget for the entire Department of Homeland Security.
"We are obviously now in a time of enormous deficits, and we should be broadening our tax base," said tax economist Martin Sullivan. "This phenomenon is moving exactly in the opposite direction."
So, how does it work? Click on the title link for the rest of the article.
Some quitting Facebook as privacy concerns escalate (CNN)
Concerns over Facebook's new privacy policy and the online social network's recent efforts to spread its information across the Web have led some of the site's faithful to delete their accounts -- or at least try to.
On Wednesday's episode of a podcast called This Week in Technology, host Leo Laporte, a well-known tech pundit, said he had to search wikiHow, a how-to site, to figure out how to delete his Facebook account permanently.
After finding the delete button, which he said is hidden deep within the site's menus, Laporte proceeded to delete his account during the online broadcast.
"That's it. It's gone," he said during the show. "And I think that's the right thing to do."
It's unclear how many people have chosen to delete their Facebook accounts in recent weeks. The popular social network doesn't publish statistics on how many people quit the site.
But there has been much uproar online about Facebook's alleged lack of concern for the privacy of its users' personal information, and its clear that some people have become so upset that they're leaving the networking site, which has more than 400 million members...
Move over blobfish, the fangtooth is scarier (CS Monitor)
The common fangtooth, Anoplogaster cornuta, is a deep sea fish like the blobfish, but has some of the largest teeth in the ocean.
The aptly-named blobfish is now in danger of being wiped out. The bloated bottom dweller, which can grow up to 12 inches, lives at depths of up to 2,700 feet.
Last week a Chicago Tribune columnist opined that the "blobfish" is scarier than the Asian carp because of its potential to swim up rivers and ooze from your shower head.
No doubt that's frightening. But scarier than the fangtooth?
Blobfish? Pshah!
At least the blobfish has a human face. It's actually quite cuddly compared to the common fangtooth...
The front two fangs are so large that to close its jaws the fish has sockets for the teeth in the roof of its mouth.
Okay, so the fangtooth does only grow to be about six inches. But these guys, like piranhas, can travel in schools. Think packs of dracula fish...
Well, (to ever encounter them) you'd have to be a real deep swimmer. Fangtooths live in the pitch black dark of the ocean, about 3,000 feet to 16,000 feet down.
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Wednesday, May 12, 2010
BP Found Cheating, Auto Dealers Sleazing Public, Voters Oust Porkers, Haiti Charities Stingy - News Headlines 12 May 2010
From Denny: To any of us who are following the BP oil spill off my state of Louisiana, it's no surprise that BP was found cheating on blowout preventer tests. Apparently, it is a common practice in the industry to fudge the results - like only testing pressures for 30 seconds as opposed to the law's requirement of a full five minutes. So much for honesty from our energy providers.
BP also broke the contract with the American government when they went past the 18,000 feet drilling limit. These guys were so greedy it literally blew up in their faces. As it was, the safety device to prevent an oil well from blowing up was tested by them, found NOT to work and yet they installed it anyway. Talk about arrogance plus stupidity. They bet the house and we all lose.
It's time for Congress to grab a hold of these losers and start throwing them in jail for twenty year stretches in order to instill some fear into these guys. If we don't get punitive with Big Business - whether it's banking, energy, technology or Wall Street - absolutely NOTHING is going to change for the better in America. Who, overseas or at home, is going to trust our markets to invest in them like they used to do? Now they know - without a shadow of a doubt - that our financial sector is as rigged as a Las Vegas casino game.
Speaking of Big Business sleaze, now the auto dealers in America are attaching an amendment to the Wall Street reform bill. Get this, their idea of reform is, from Prez Obama, to "inflate rates, insert hidden fees into the fine print of paperwork and include expensive add-ons that catch purchasers by surprise."
The auto dealers have countered with the fact they are only the middle men to assist customers in procuring financing. Yeah, right. Auto dealers create contracts for 80% of the auto financing in America every day. And to claim they are not banks is simply not true. The auto dealers all have manufacturer financing arms the manufacturer expects the dealers to use for their "best credit paper." The reality is they make a profit off steering people to high interest rate banking sources, often referred to in the business as "Mouse Houses." Usually, those sources are small finance companies who cannot get the low interest big bank rates from the Federal Reserve so they charge excessive usury up to 36%.
Even the Pentagon complained about this amendment because service people have been tricked into accepting these contracts by, you guessed it, auto dealers. So, now the Republicans, who put up this amendment, are claiming they will exempt the military. What does that do? Yes, you guessed again, it leaves all the rest of us, the middle class who comprise a good 80% of this country, it leaves us holding the bag to get screwed again by Big Business. Republican, Pentagon, auto dealer, Big Business mantra: "It's OK to take care of the military but it's also OK to screw the rest of those idiot civilians. They are too stupid to oppose us anyway."
And, as to the garbage happening to your donated dollars in Haiti, well, there are still 1.5 million people homeless and starving. That should not even be occurring as the world donated over $14 billion. That's enough money to give every one of those 1.5 million displaced people a healthy check for $37,000 to rebuild their homes, their lives and create jobs. That kind of money goes a long way in a third world country where the standard of living and wages is so low.
WHISTLEBLOWER: BP WAS AWARE OF CHEATING ON BLOWOUT PREVENTER TESTS (Huffington Post)
As the federal and congressional probes continue into the causes of the Gulf oil rig explosion, new information is coming to light about the failure of a key device, the blowout preventer, to shut off the gushing well, which could have prevented the growing catastrophe.
And new questions are being raised about the testing of the preventers. At today's hearing before a House subcommittee, Rep. Henry Waxman, D-Calif., revealed that the blowout preventer had a leak in a crucial hydraulic system and had failed a negative pressure test just hours before the April 20 explosion. And at a hearing in Louisiana on Tuesday, the government engineer who gave oil giant BP the final approval to drill admitted that he never asked for proof that the preventer worked.
In addition, an oil industry whistleblower told Huffington Post that BP had been aware for years that tests of blowout prevention devices were being falsified in Alaska. The devices are different from the ones involved in the Deepwater Horizon explosion but are also intended to prevent dangerous blowouts at drilling operations.
Mike Mason, who worked on oil rigs in Alaska for 18 years, says that he observed cheating on blowout preventer tests at least 100 times, including on many wells owned by BP...
This is a long article well worth the read, just click on the link title.
Investigators Find Slew Of Problems At Oil Rig (NPR)
A House investigative subcommittee said Wednesday that the blowout preventer, one of the prime suspects in the Gulf of Mexico oil spill, had multiple defects — everything from leaky hydraulics to a dead battery.
The new disclosures revealed a complicated cascade of deep-sea equipment failures and procedural problems in the oil rig explosion and massive spill that is still fouling the waters of the Gulf of Mexico and threatening industries and wildlife near the coast and onshore.
The disclosures were described in internal corporate documents, marked confidential but provided to a House committee by BP, the well's operator, and by the manufacturer of the safety device. Congressional investigators released them.
The April 20 BP rig explosion killed 11 people. Since then, nearly 4 million barrels of oil have spewed from the broken well pipe 5,000 feet underwater, 40 miles off the Louisiana coast...
Obama comes out swinging against auto dealer-backed measure (The Hill)
President Barack Obama is urging the Senate to defeat an amendment to the Wall Street bill backed by auto dealers....
The proposal would allow lenders to “inflate rates, insert hidden fees into the fine print of paperwork and include expensive add-ons that catch purchasers by surprise.”
Obama cast the measure as an effort to protect special interests and weaken consumer protections.
“This amendment guts provisions that empower consumers with clear information that allows them to make the financial decisions that work best for them and simply encourages misleading sales tactics that hurt American consumers,” Obama said. “Unfortunately, countless families – particularly military families – have been the target of these deceptive practices.”
The president said the proposed carve-out would undermine strong consumer protections with a “special loophole” for auto dealers and lenders.
“We simply cannot let lobbyist-inspired loopholes and special carve-outs weaken real reform that will empower American families,” Obama said...
Following the Aid Money to Haiti (CBS)
Despite Billions Donated, Why are so Many Still Hungry and Homeless? CBS News Looks at Money Raised and Spent by Nonprofits
Four months after the earthquake, more than 1.5 million Haitians remain homeless. Many live amid utter devastation.
Yet enough aid has been raised to give each displaced family a check for $37,000. So why are so many still going hungry and living under flimsy shelters?
CBS News investigative correspondent Sharyl Attkisson reports the little known truth is, most of the $14.9 billion that's been donated will be used on long term projects to rebuild Haiti.
Mark Weisbrot, a former economic consultant to Haiti, said, "The organizations that already have money, should be spending this right now. This is emergency relief.."
To find out what has been spent so far, CBS News looked at five major non-profits: CARE, Catholic Relief Services, the Red Cross, the Clinton-Bush Haiti Fund and the separate Clinton Foundation Haiti Fund.
Only the Clinton-Bush fund and Clinton Foundation refused to answer our questions, despite repeated e-mails and phone calls. Their websites say they've received $52 million in donor dollars, and have spent only about $7 million: less than one-seventh.
The other charities gave us breakdowns:
The Red Cross has raised $444 million and spent about 25 percent ($111 million) of it, including $55 million for "emergency relief," such as food and kitchen items, and $42.9 million for shelter including tarps, tents and blankets.
CARE has raised $34.4 million and spent about 16 percent ($5.75 million), $2.5 million of that on "shelter."
And at Catholic Relief Services: of $165 million committed to Haiti, it spent no more than 8 percent ($12.2 million), including $2.5 million on food $1.28 million on emergency shelter.
The charities argue they've already helped millions of people and would get criticized if they spent too much up front instead of addressing the long term...
*** This article is longer and worth the read with a graph chart too - just click on the title link.
Elena Kagan White House "Interview" Riles Reporters (CBS)
The White House today posted on its website a video allowing Supreme Court nominee Elena Kagan to speak "in her own words" about her personal history and perspective.
In the interview, conducted by a White House staffer who produces videos for the administration, Kagan discusses her childhood, parents and professional career. At one point she jokes that people get confused between her job as solicitor general arguing cases before the Supreme Court and the surgeon general, who puts "the labels on the cigarette packages."
While the White House seems to believe the American people deserve to hear from Kagan, it has not made her available to reporters. That prompted some consternation at today's White House briefing...
The decision to post an interview with Kagan conducted by a government employee - not a journalist - is in line with the Obama administration's policy of regularly using new media tools to go around traditional media.
Doing so allows the administration to better control its message - and, in this case, avoid any uncomfortable questions for their Supreme Court nominee.
Still, it's worth noting that it seems to be unprecedented for the nominee to be heard from at all before the confirmation hearings, other than in the initial introduction and in brief photo ops with senators...
Democrats poised to move measures with high price tags (The Hill)
Congress faces a crush of votes on big-ticket items before the Memorial Day recess, setting up a debate on deficits less than six months before the November elections.
Democratic leaders are looking in the next three weeks to send President Barack Obama a slew of measures that cost more than $200 billion, including a multiyear extension of unemployment benefits, an extension of expiring tax provisions and Medicare doctor payments totaling $180 billion and a $33 billion Afghanistan war supplemental bill...
Voters give pork pushers the chop (The Hill)
The landscape for earmarkers in Congress has changed dramatically this election cycle.
Appropriators from both parties have become the hunted, losing primary races to challengers more hawkish about reforming the provisions lawmakers insert in spending bills to steer money to specific projects in their districts or states.
Sen. Kay Bailey Hutchison (R-Texas) was derisively dubbed “Earmark Queen” by GOP gubernatorial primary winner Gov. Rick Perry’s supporters. Sen. Bob Bennett (R-Utah) was ousted last weekend by two earmark hawks. And Rep. Alan Mollohan (D-W.Va.), the chairman of the House Appropriations Subcommittee on Commerce, Justice and Science, lost to a conservative Democrat who questioned the propriety and impact of Mollohan’s earmarks.
“There are still a few Republicans who don’t get it, but voters have caught on that earmarks lead to wasteful spending and debt,” said Sen. Jim DeMint (R-S.C.), a staunch earmark opponent. “People used to think that ‘bringing home the bacon’ would ensure reelection, but not anymore. Americans have seen how earmarks are used to bribe members into voting for bailouts, takeovers and huge spending bills.”
Sen. Arlen Specter (D-Pa.) could be the next appropriator to go. His opponent in next week’s primary, Rep. Joe Sestak (D), has called for replacing the earmark process, dominated by senior appropriators, with a competitive grant process overseen by a new commission. The debate over earmark reform will only intensify in the general election, with the GOP candidate likely to be former Club for Growth President Pat Toomey.
“Big spenders are dropping like flies,” a senior Republican aide said.
It is clear that the anti-earmark movement has many hurdles to clear, but it has made progress over the last couple of years...
The Surprising Strengths Of The Middle-Aged Brain (NPR)
The Secret Life of the Grown-up Brain: The Surprising Talents of the Middle-Aged Mind
By Barbara Strauch
Hardcover, 256 pages
Viking Adult
List price: $26.95
...One of the most troublesome parts of growing older, says Strauch, is that humans grow more distracted as they age. You may start to think of brining your Thanksgiving turkey, for instance, while driving along a highway.
But don't worry: That's totally normal.
"These thoughts simply bounce out of our heads," Strauch says. "What is happening, [scientists] think, is that you can suddenly — as you age — fall into what they call sort of a default mode. This is kind of a daydreaming mode. It's kind of an inner dialogue. ... And what they think happens is that you do tend to fall into a daydreaming default mode more easily. And this default daydreaming mode is brand new. They didn't know it existed in the brain before, and they're now studying it and trying to figure out how that happens."
Researchers who study brain scans find that as humans age, their processing speed may be a bit slower, and they might miss a beat while first trying to focus on something...
Another common indication of aging is growing more forgetful. But memory, says Strauch, is made up of different components, some of which don't go away.
"As we age, certain parts of our memory remain robust. For instance, our autobiographical stuff ... stays with us, she says. "Other things, like how to ride a bike, how to swing a tennis racket ... habits ... do not go away."
But episodic memory — the memory we have for things in context — tends to falter. For example, forgetting the name of someone you're talking to or drawing a blank when trying to come up with a book title.
"Short-term memory for names gets a little bit dicey along the way," Strauch says. "And the problem with names is not a storage issue. It's a retrieval issue. Those names are not really lost. They're just kind of temporarily misplaced. ... The way that they're stored in our brain — the sound of the name and the information about what that name is — is kind of weak."
She recommends silently reciting the alphabet in your head while trying to come up with a name. Sometimes this mental trick will jog the correct pathways when a name is on the tip of your tongue...
But not all is lost in middle age. There are certain cognitive functions that actually improve as a brain grows older. Strauch points to studies that indicate that a sense of well-being peaks — across all occupations and ethnicities — as people reach middle age. In addition, she says, certain studies show that an older brain can solve problems better than a younger brain...
"We are better at getting the gist of arguments," she says. "We are better at recognizing categories. And we're much better at sizing up situations. We're better at things like making financial decisions, which reaches a peak in our 60s. Social expertise — in other words, judging whether someone's a crook or not a crook, improves and peaks in middle age."
In other words, we've been trained to think that aging equals decline — but that's just not true.
"On the contrary," Strauch says. In some of the categories that matter most, "our brains are functioning probably at their best in our new modern middle age."
Wal-Mart To Pay $86 Million To Settle Lawsuit (NPR)
Retail giant Wal-Mart has agreed to pay $86 million to settle a class-action lawsuit alleging that it underpaid employees in California.
The settlement includes $12 million in vacation pay and $74 million in unpaid wages to terminated workers. About 232,000 former employees will share the settlement.
The case comes from two lawsuits against the world's largest retailer filed in federal court in Northern California and consolidated four years ago. The action, which was disclosed in court filings Tuesday, still requires a judge's approval.
And here's a Greek music video playfully talking about the new economic austerity:
Greece's Eurovision 2010 Song: 'Opa!' by Giorgos Alkaios and Friends
"I burn the past, my old nights, and I start from scratch even if you don't want to. Hot tears, too many lies, I paid for what I borrowed. Opa!
I set on fire all past events, I'll change everything and I'll cry out the past is forgotten and everything is starting over."
The Greeks do so love their melodrama... :)
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Tuesday, May 11, 2010
Hedge Fund Short Selling Caused Market Dive, Cameron New Brit PM, Govt Changes Approach to Oil Oversight - News Headlines 11 May 2010
From Denny: OK, everyone raise their hand who believes the latest Wall Street story about why the American stock market took a dive last week. Yes, I thought so. All of you know they are still lying. Oh, this story is PART of the truth but not all of it and we ALL know it!
What the public is furious about is how Wall Street continues to play the financial shell game with us, along with lying, and no one stops them. The politicians are in the back pockets of Wall Street because of enormous campaign funds drug dripped to them ever so carefully over decades to decide who gets in and who stays out of office.
One smart thing to come out of the Obama White House today - and a long time coming - is the decision to divide in two the Minerals Management Service under the Department of the Interior. After the BP oil spill flashed a glaring light on how cozy parts of our government are with the oil industry it was the smart political move.
Minerals Management Service will now have two agencies: one for inspecting oil rigs, actually enforcing safety regulations like they are supposed to do and shining the light of investigation on oil companies when they need it (which will probably be a continuing effort).
The second agency will oversee the leases for oil drilling as well as collecting those billions of dollars in oil royalties. (Which Louisiana never saw for decades - until recently when the government promised them to the state. Of course, we have yet to see those royalties or we would not be having a state budget shortfall to the tune of $1 billion.)
CBS did a long series of interviews with Secretary of State Hillary Clinton about her global mission. Included are links to all the video clips.
What I find to be an alarming development that could cascade and cause our fragile economy to collapse or develop a severe limp is this new trend of homeowners walking away from devalued homes while they can still afford to pay. It's called "strategic default" and already over one million homeowners have done this. Currently, there are over 11 million homeowners across the nation who are struggling to pay their mortgages.
There is no way the banks can absorb this many toxic assets. Of course, the big banks dug themselves into this hole and refuse to work with homeowners. They haven't even dipped into the huge billions Obama gave them to help restructure mortgage debt.
And you think the BP oil spill is a mess - wait until this real estate walk away spreads past Arizona and California. I simply do not understand why banks are so incredibly stupid. It just goes to the old Louisiana saying, "Greed will bring you to your knees." There is no way the American taxpayers will ever again OK a bailout for any big banks or Wall Street. These banks will fail.
And, late this afternoon in my Central Time Zone, we heard that Britain finally hammered out a deal to make David Cameron Prime Minister. It sure looks like he has some fine ideas for real change to pull his odious party away from the Thatcher model into the new century and actually care about people. Hopefully, he will succeed, if he is true to his agenda and promises.
WSJ: Hedge Fund's Bet May Have Triggered Market Dive (CBS)
Last Thursday's incredible market plunge may not have been set off by a typographical error, as originally speculated, but rather by a hedge fund's big bet that stocks would decline, according to a Wall Street Journal report ($) Tuesday.
The furious sell-off, which sent the Dow Jones industrials down nearly 1,000 points on the day in a matter of minutes, took place shortly after hedge fund Universa Investments LP executed a $7.5 million trade for 50,000 options contracts, according to the report. Traders on the other side of the transaction, including Barclays Capital, engaged in their own selling in order to offset the risk, creating a tidal wave of selling that clogged up exchanges.
Ordinarily, Universa's trade, which would have paid off around $4 billion if the S&P 500 falls to 800 by June (it was 1145 at the time of the transaction), might have had a temporary impact on stock prices, but not cause a dramatic ripple effect. But among markets already jittery because of Europe's debt woes, the transaction may have triggered more widespread selling, according to the report.
The episode points out a "structural flaw" in the markets, Gus Sauter, chief investment officer at Vanguard Group, told the Journal.
As the report notes, physical exchanges like the New York Stock Exchange are becoming less important as computer-driven trading operations at firms around the country drive much of the market. That leads to greater potential for disorder and makes controlling markets more difficult.
Official Seeks Changes to Oil Drilling Oversight (CBS)
Interior Secretary Ken Salazar Wants to Split Agency that Oversees Offshore Drilling
The Obama administration is proposing to split up a U.S. Interior Department agency that oversees offshore drilling, as part of its response to the Gulf Coast oil spill, The Associated Press has learned.
An administration official who asked not to be identified because the plan is not yet public said Interior Secretary Ken Salazar will call for splitting the Minerals Management Service in two. One agency would be charged with inspecting oil rigs, investigating oil companies and enforcing safety regulations, while the other would oversee leases for drilling and collection of billions of dollars in royalties.
Currently, the Minerals Management Service, an arm of the Interior Department, is responsible for collecting more than $10 billion a year from oil and gas drilling and with enforcing laws and regulations that apply to drilling operations.
Some critics have said the two roles are in conflict and are one reason the agency has long been accused of being too cozy with the oil and natural gas industry.
An administration official said Salazar has the authority to split up the agency but is likely to propose other changes Tuesday that would require congressional approval.
An internal investigation in 2008 described a "culture of substance abuse and promiscuity" by workers at the minerals agency. The investigation by Interior's inspector general found workers at the MMS royalty collection office in Denver partied, had sex with and used drugs with energy company representatives. Workers also accepted gifts, ski trips and golf outings, the report by Inspector General Earl E. Devaney said.
Devaney decried "a culture of ethical failure" and an agency rife with conflicts of interest.
More than half a dozen workers out of around 50 at the Denver office were disciplined - and several were fired - because of the scandal.
Salazar, who promised aggressive reform when he took over the Interior Department early last year, believes the tragedy aboard the Deepwater Horizon oil rig - and the resulting massive oil spill has made reform even more urgent, the administration official said.
The Interior Department will move to establish an independent energy inspection agency within the Minerals Management Service "so that the American people know that they have a strong and independent organization holding energy companies accountable and in compliance with the law of the land," the official said...
Secretary of State Clinton's Global Mission (CBS)
She Talks to "60 Minutes" About America's Foreign Policy Challenges, the War on Terror, and Being the Country's Top Diplomat
After the car bomb was found in Times Square, we wanted to ask the secretary of state about the administration's efforts against terrorism in Pakistan and Afghanistan. "60 Minutes" correspondent Scott Pelley spoke with Secretary Clinton at the State Department on Friday.
It was the last in a series of interviews that we've done with her over the last six months. During that time, we've been traveling with Mrs. Clinton to see how this surprising choice for secretary of state is engaging the world. We didn't expect such a far flung story would begin with questions about events in the heart of Manhattan.
Watch CBS News Videos Online
Full segment of interview with Sec. Hillary Clinton - Scott Pelley follows Hillary Rodham Clinton as she performs her duties as secretary of state and questions her on the latest developments in foreign policy and the recent terror scare in New York's Times Square.
Web Extra: Pakistan & Terror In The U.S. - In the aftermath of the attempted Times Square bombing, Secretary of State Hillary Clinton discusses the United States' relationship with Pakistan.
Web Extra: Terror & Citizenship - Secretary of State Hillary Clinton on the bill in Congress that would strip U.S. citizenship from terrorists.
Web Extra: Hillary's Future - How long does Secretary of State Hillary Clinton plan on staying in her job as the nation's top diplomat? And, is there another run for the White House in her future?
Web Extra: Inside Secretary Clinton's Office - Secretary of State Hillary Clinton gives Scott Pelley a behind the scenes look at her private office.
Watch CBS News Videos Online
Strategic Default: Walking Away from Mortgages (CBS)
60 Minutes: A Million Have Walked Away; Trend Could Undermine the Fragile Economic Recovery
Despite some indications that the economy is recovering, the housing market remains a disaster area. Currently, about seven million homeowners are behind on their mortgages and that number is only getting worse.
Banks, with the help of the government, are offering some relief to homeowners who've lost jobs and just can't meet their payments.
But there's a growing number who can pay but are simply walking away from houses that are now worth as little as half of what they paid for them.
It's called "strategic default." People have done the math and decided making those monthly payments is just throwing money away, leaving the mortgage holders - the banks - as zookeepers of an ever-growing parade of white elephants.
In the past year it is estimated that at least a million Americans who can afford to stay in their homes simply walked away...
The Southwest has become an inland ocean of bad mortgage debt. In Arizona, a full 50 percent of houses are underwater, and in Nevada it's even worse: 65 percent of houses there are drowning and the rivers are rising.
And it's not just the Southwest: according to CoreLogic, more than 11 million homeowners across the country are underwater. It's estimated that number could double in the next year, which means nearly half of all American mortgage holders will owe more on their homes than those homes are currently worth....
To try and stem the tide of foreclosures, Stevens says the Obama administration has set aside billions to give banks incentive to help struggling and underwater borrowers with their mortgages. But banks have been slow to modify the terms of those loans....
Watch CBS News Videos Online
U.S. Missiles Slam Pakistan Taliban Sanctuary 9CBS)
Officials Say 14 Alleged Insurgents Killed in Massive Strike Near Afghan Border
Up to 18 American missiles slammed into a Taliban sanctuary in Pakistan close to the Afghan border Tuesday, killing 14 alleged insurgents in the third such strike since a failed car bombing in New York drew fresh attention to the region, officials said.
The number of missiles fired into North Waziristan was unusually high, reflecting multiple targets.
They struck cars, homes and tents across a wide area in the Doga area, where insurgents have hideouts and training facilities, two intelligence officials said on condition of anonymity because they were not authorized to speak to the media. The identities of the people killed in the attack were not immediately known.
North Waziristan has been the target of nearly all of about 30 other American attacks this year. In recent months, it has become a new haven for militants who fled a Pakistani army offensive in their previous stronghold, neighboring South Waziristan...
Oh, how politics change on the wind! :)
late this afternoon in America:
David Cameron, UK's "Tory Blair," Rises to Power (CBS)
Britain's New Conservative Prime Minister Known as Privileged yet with Common Touch
Upper-class David or down-to-earth Dave? Perceptions of David Cameron, the man who led the Conservatives back to power after a generation, all depend on the eye of the beholder.
One newspaper last week cast Cameron in a homage to the famous blue-and-red image of President Obama, over the words "Our Only Hope." In contrast, another ran a photo of him as a rich young Oxford University student, haughty in stiff collar and tails.
On one hand, Cameron is a modern urbanite who has tried to remake his party in his own image as an eco-friendly, down-to-earth man of the people who rides his bike to work. Yet he's also the privileged product of Eton, Britain's most elite private school, and Oxford University - and is married to an aristocrat's daughter.
At 43, Cameron is the youngest prime minister in almost two centuries, a few months younger than Tony Blair was when he became leader in 1997.
Sometimes called the "Tory Blair," Cameron has dragged the Conservatives back from the wilderness to which they were consigned by Blair's Labour landslide, moving his right-of-center party toward the center of British politics, promoting inclusive politics, environmental concerns, and a certain modern sensibility.
He's recruited more women and minorities, declared his loyalty to public services and - gingerly - tried to draw the Tories from under the shadow of Margaret Thatcher, the polarizing leader who dominated British politics in the 1980s...
early this morning in America:
British Election Result: Still Under Negotiation (CBS)
Election Yielded No Outright Winner, Leaving Reform-Minded Liberal Democrats in Potential King-Maker Role
Britain's pivotal third party kept its larger suitors - and the electorate - hanging Tuesday, opening formal negotiations with Prime Minister Gordon Brown's Labour Party to form a new government after talks with the rival Conservatives.
Five days after an election that produced no outright winner, the third-placed Liberal Democrats were playing hardball in hopes of extracting maximum concessions in return for propping up a Conservative or Labour administration.
Brown's dramatic decision Monday to announce his impending resignation opened the way for a possible deal with the Liberal Democrats - who had demanded his removal as a condition.
Both of the two main political parties have now offered to meet the Liberal Democrats' key demand - electoral reform - muddying the differences between the two offers.
Conservative leader David Cameron appeared miffed at the sudden turn of events, which came after both the Conservatives and the Liberal Democrats claimed to be making progress Monday in their coalition talks...
Cameron's Conservatives - who won the most seats in Parliament in Thursday's national election but fell short of capturing a majority - have struggled in their attempts to win over the Liberal Democrats.
Though the Liberal Democrats appeared genuinely open to a deal with the Conservatives, they are more ideologically compatible with Labour. Brown's offer to resign could give Liberal Democrat leader Nick Clegg a viable chance at passing electoral reform and a role in the British government after years on the political fringe...
Pope: Church Facing Its "Greatest Persecution" (CBS)
In Strongest Comments Yet on Sex Abuse Scandal, Pontiff Also Says Sins Inside Church, Not Outside, to Blame
Pope Benedict XVI says the clerical abuse scandal represents "the greatest persecution of the church," but said it was born from sins inside the church, not outside.
He called for profound purification and penance within the church as well as pardon and justice.
In some of his strongest comments to date, Benedict said the Roman Catholic Church had always suffered from internal problems but that "today we see it in a truly terrifying way..."
*** THANKS for visiting, feel welcome to drop a comment or opinion, enjoy bookmarking this post on your favorite social site, a big shout out to awesome current subscribers – and if you are new to this blog, please subscribe in a reader or by email updates!
What the public is furious about is how Wall Street continues to play the financial shell game with us, along with lying, and no one stops them. The politicians are in the back pockets of Wall Street because of enormous campaign funds drug dripped to them ever so carefully over decades to decide who gets in and who stays out of office.
One smart thing to come out of the Obama White House today - and a long time coming - is the decision to divide in two the Minerals Management Service under the Department of the Interior. After the BP oil spill flashed a glaring light on how cozy parts of our government are with the oil industry it was the smart political move.
Minerals Management Service will now have two agencies: one for inspecting oil rigs, actually enforcing safety regulations like they are supposed to do and shining the light of investigation on oil companies when they need it (which will probably be a continuing effort).
The second agency will oversee the leases for oil drilling as well as collecting those billions of dollars in oil royalties. (Which Louisiana never saw for decades - until recently when the government promised them to the state. Of course, we have yet to see those royalties or we would not be having a state budget shortfall to the tune of $1 billion.)
CBS did a long series of interviews with Secretary of State Hillary Clinton about her global mission. Included are links to all the video clips.
What I find to be an alarming development that could cascade and cause our fragile economy to collapse or develop a severe limp is this new trend of homeowners walking away from devalued homes while they can still afford to pay. It's called "strategic default" and already over one million homeowners have done this. Currently, there are over 11 million homeowners across the nation who are struggling to pay their mortgages.
There is no way the banks can absorb this many toxic assets. Of course, the big banks dug themselves into this hole and refuse to work with homeowners. They haven't even dipped into the huge billions Obama gave them to help restructure mortgage debt.
And you think the BP oil spill is a mess - wait until this real estate walk away spreads past Arizona and California. I simply do not understand why banks are so incredibly stupid. It just goes to the old Louisiana saying, "Greed will bring you to your knees." There is no way the American taxpayers will ever again OK a bailout for any big banks or Wall Street. These banks will fail.
And, late this afternoon in my Central Time Zone, we heard that Britain finally hammered out a deal to make David Cameron Prime Minister. It sure looks like he has some fine ideas for real change to pull his odious party away from the Thatcher model into the new century and actually care about people. Hopefully, he will succeed, if he is true to his agenda and promises.
WSJ: Hedge Fund's Bet May Have Triggered Market Dive (CBS)
Last Thursday's incredible market plunge may not have been set off by a typographical error, as originally speculated, but rather by a hedge fund's big bet that stocks would decline, according to a Wall Street Journal report ($) Tuesday.
The furious sell-off, which sent the Dow Jones industrials down nearly 1,000 points on the day in a matter of minutes, took place shortly after hedge fund Universa Investments LP executed a $7.5 million trade for 50,000 options contracts, according to the report. Traders on the other side of the transaction, including Barclays Capital, engaged in their own selling in order to offset the risk, creating a tidal wave of selling that clogged up exchanges.
Ordinarily, Universa's trade, which would have paid off around $4 billion if the S&P 500 falls to 800 by June (it was 1145 at the time of the transaction), might have had a temporary impact on stock prices, but not cause a dramatic ripple effect. But among markets already jittery because of Europe's debt woes, the transaction may have triggered more widespread selling, according to the report.
The episode points out a "structural flaw" in the markets, Gus Sauter, chief investment officer at Vanguard Group, told the Journal.
As the report notes, physical exchanges like the New York Stock Exchange are becoming less important as computer-driven trading operations at firms around the country drive much of the market. That leads to greater potential for disorder and makes controlling markets more difficult.
Official Seeks Changes to Oil Drilling Oversight (CBS)
Interior Secretary Ken Salazar Wants to Split Agency that Oversees Offshore Drilling
The Obama administration is proposing to split up a U.S. Interior Department agency that oversees offshore drilling, as part of its response to the Gulf Coast oil spill, The Associated Press has learned.
An administration official who asked not to be identified because the plan is not yet public said Interior Secretary Ken Salazar will call for splitting the Minerals Management Service in two. One agency would be charged with inspecting oil rigs, investigating oil companies and enforcing safety regulations, while the other would oversee leases for drilling and collection of billions of dollars in royalties.
Currently, the Minerals Management Service, an arm of the Interior Department, is responsible for collecting more than $10 billion a year from oil and gas drilling and with enforcing laws and regulations that apply to drilling operations.
Some critics have said the two roles are in conflict and are one reason the agency has long been accused of being too cozy with the oil and natural gas industry.
An administration official said Salazar has the authority to split up the agency but is likely to propose other changes Tuesday that would require congressional approval.
An internal investigation in 2008 described a "culture of substance abuse and promiscuity" by workers at the minerals agency. The investigation by Interior's inspector general found workers at the MMS royalty collection office in Denver partied, had sex with and used drugs with energy company representatives. Workers also accepted gifts, ski trips and golf outings, the report by Inspector General Earl E. Devaney said.
Devaney decried "a culture of ethical failure" and an agency rife with conflicts of interest.
More than half a dozen workers out of around 50 at the Denver office were disciplined - and several were fired - because of the scandal.
Salazar, who promised aggressive reform when he took over the Interior Department early last year, believes the tragedy aboard the Deepwater Horizon oil rig - and the resulting massive oil spill has made reform even more urgent, the administration official said.
The Interior Department will move to establish an independent energy inspection agency within the Minerals Management Service "so that the American people know that they have a strong and independent organization holding energy companies accountable and in compliance with the law of the land," the official said...
Secretary of State Clinton's Global Mission (CBS)
She Talks to "60 Minutes" About America's Foreign Policy Challenges, the War on Terror, and Being the Country's Top Diplomat
After the car bomb was found in Times Square, we wanted to ask the secretary of state about the administration's efforts against terrorism in Pakistan and Afghanistan. "60 Minutes" correspondent Scott Pelley spoke with Secretary Clinton at the State Department on Friday.
It was the last in a series of interviews that we've done with her over the last six months. During that time, we've been traveling with Mrs. Clinton to see how this surprising choice for secretary of state is engaging the world. We didn't expect such a far flung story would begin with questions about events in the heart of Manhattan.
Watch CBS News Videos Online
Full segment of interview with Sec. Hillary Clinton - Scott Pelley follows Hillary Rodham Clinton as she performs her duties as secretary of state and questions her on the latest developments in foreign policy and the recent terror scare in New York's Times Square.
Web Extra: Pakistan & Terror In The U.S. - In the aftermath of the attempted Times Square bombing, Secretary of State Hillary Clinton discusses the United States' relationship with Pakistan.
Web Extra: Terror & Citizenship - Secretary of State Hillary Clinton on the bill in Congress that would strip U.S. citizenship from terrorists.
Web Extra: Hillary's Future - How long does Secretary of State Hillary Clinton plan on staying in her job as the nation's top diplomat? And, is there another run for the White House in her future?
Web Extra: Inside Secretary Clinton's Office - Secretary of State Hillary Clinton gives Scott Pelley a behind the scenes look at her private office.
Watch CBS News Videos Online
Strategic Default: Walking Away from Mortgages (CBS)
60 Minutes: A Million Have Walked Away; Trend Could Undermine the Fragile Economic Recovery
Despite some indications that the economy is recovering, the housing market remains a disaster area. Currently, about seven million homeowners are behind on their mortgages and that number is only getting worse.
Banks, with the help of the government, are offering some relief to homeowners who've lost jobs and just can't meet their payments.
But there's a growing number who can pay but are simply walking away from houses that are now worth as little as half of what they paid for them.
It's called "strategic default." People have done the math and decided making those monthly payments is just throwing money away, leaving the mortgage holders - the banks - as zookeepers of an ever-growing parade of white elephants.
In the past year it is estimated that at least a million Americans who can afford to stay in their homes simply walked away...
The Southwest has become an inland ocean of bad mortgage debt. In Arizona, a full 50 percent of houses are underwater, and in Nevada it's even worse: 65 percent of houses there are drowning and the rivers are rising.
And it's not just the Southwest: according to CoreLogic, more than 11 million homeowners across the country are underwater. It's estimated that number could double in the next year, which means nearly half of all American mortgage holders will owe more on their homes than those homes are currently worth....
To try and stem the tide of foreclosures, Stevens says the Obama administration has set aside billions to give banks incentive to help struggling and underwater borrowers with their mortgages. But banks have been slow to modify the terms of those loans....
Watch CBS News Videos Online
U.S. Missiles Slam Pakistan Taliban Sanctuary 9CBS)
Officials Say 14 Alleged Insurgents Killed in Massive Strike Near Afghan Border
Up to 18 American missiles slammed into a Taliban sanctuary in Pakistan close to the Afghan border Tuesday, killing 14 alleged insurgents in the third such strike since a failed car bombing in New York drew fresh attention to the region, officials said.
The number of missiles fired into North Waziristan was unusually high, reflecting multiple targets.
They struck cars, homes and tents across a wide area in the Doga area, where insurgents have hideouts and training facilities, two intelligence officials said on condition of anonymity because they were not authorized to speak to the media. The identities of the people killed in the attack were not immediately known.
North Waziristan has been the target of nearly all of about 30 other American attacks this year. In recent months, it has become a new haven for militants who fled a Pakistani army offensive in their previous stronghold, neighboring South Waziristan...
Oh, how politics change on the wind! :)
late this afternoon in America:
David Cameron, UK's "Tory Blair," Rises to Power (CBS)
Britain's New Conservative Prime Minister Known as Privileged yet with Common Touch
Upper-class David or down-to-earth Dave? Perceptions of David Cameron, the man who led the Conservatives back to power after a generation, all depend on the eye of the beholder.
One newspaper last week cast Cameron in a homage to the famous blue-and-red image of President Obama, over the words "Our Only Hope." In contrast, another ran a photo of him as a rich young Oxford University student, haughty in stiff collar and tails.
On one hand, Cameron is a modern urbanite who has tried to remake his party in his own image as an eco-friendly, down-to-earth man of the people who rides his bike to work. Yet he's also the privileged product of Eton, Britain's most elite private school, and Oxford University - and is married to an aristocrat's daughter.
At 43, Cameron is the youngest prime minister in almost two centuries, a few months younger than Tony Blair was when he became leader in 1997.
Sometimes called the "Tory Blair," Cameron has dragged the Conservatives back from the wilderness to which they were consigned by Blair's Labour landslide, moving his right-of-center party toward the center of British politics, promoting inclusive politics, environmental concerns, and a certain modern sensibility.
He's recruited more women and minorities, declared his loyalty to public services and - gingerly - tried to draw the Tories from under the shadow of Margaret Thatcher, the polarizing leader who dominated British politics in the 1980s...
early this morning in America:
British Election Result: Still Under Negotiation (CBS)
Election Yielded No Outright Winner, Leaving Reform-Minded Liberal Democrats in Potential King-Maker Role
Britain's pivotal third party kept its larger suitors - and the electorate - hanging Tuesday, opening formal negotiations with Prime Minister Gordon Brown's Labour Party to form a new government after talks with the rival Conservatives.
Five days after an election that produced no outright winner, the third-placed Liberal Democrats were playing hardball in hopes of extracting maximum concessions in return for propping up a Conservative or Labour administration.
Brown's dramatic decision Monday to announce his impending resignation opened the way for a possible deal with the Liberal Democrats - who had demanded his removal as a condition.
Both of the two main political parties have now offered to meet the Liberal Democrats' key demand - electoral reform - muddying the differences between the two offers.
Conservative leader David Cameron appeared miffed at the sudden turn of events, which came after both the Conservatives and the Liberal Democrats claimed to be making progress Monday in their coalition talks...
Cameron's Conservatives - who won the most seats in Parliament in Thursday's national election but fell short of capturing a majority - have struggled in their attempts to win over the Liberal Democrats.
Though the Liberal Democrats appeared genuinely open to a deal with the Conservatives, they are more ideologically compatible with Labour. Brown's offer to resign could give Liberal Democrat leader Nick Clegg a viable chance at passing electoral reform and a role in the British government after years on the political fringe...
Pope: Church Facing Its "Greatest Persecution" (CBS)
In Strongest Comments Yet on Sex Abuse Scandal, Pontiff Also Says Sins Inside Church, Not Outside, to Blame
Pope Benedict XVI says the clerical abuse scandal represents "the greatest persecution of the church," but said it was born from sins inside the church, not outside.
He called for profound purification and penance within the church as well as pardon and justice.
In some of his strongest comments to date, Benedict said the Roman Catholic Church had always suffered from internal problems but that "today we see it in a truly terrifying way..."
*** THANKS for visiting, feel welcome to drop a comment or opinion, enjoy bookmarking this post on your favorite social site, a big shout out to awesome current subscribers – and if you are new to this blog, please subscribe in a reader or by email updates!
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