International Atomic Energy Agency Director Mohamed ElBaradei does say that Syria is not being as cooperative as he would like but that at this point he does not have sufficient evidence to report undeclared nuclear activity by the Damascus government.
Author: Matthew G. Saroff
Isn’t This Like Paying Off One Credit Card with Another?
So, the Treasury is unwinding a roughly $550 billion temporary T-bill program it set up to finance the Federal Reserve’s sh$#pile for cash program, so that people will buy longer term Treasuries to fund the larger bailout.
I Can’t Wait for Bush and His Evil Minions&trade to Go
And I really hope that Obama uses the screw up on the time frame for the rules that Bush is issuing to reverse them.
Latest case in point:
The proposed rule would prohibit recipients of federal money from discriminating against doctors, nurses and other health care workers who refuse to perform or to assist in the performance of abortions or sterilization procedures because of their “religious beliefs or moral convictions.”
It should be interesting.
If he doesn’t reverse this one in the first week he’s sworn in……
Report: Hillary Clinton to Accept Offer of Secretary of State Position
At least that is the word from The Grauniad.*
We’ll see, but I’m still dubious.
*According to the Wiki, The Guardian, formerly the Manchester Guardian in the UK. It’s nicknamed the Grauniad because of its penchant for typographical errors, “The nickname The Grauniad for the paper originated with the satirical magazine Private Eye. It came about because of its reputation for frequent and sometimes unintentionally amusing typographical errors, hence the popular myth that the paper once misspelled its own name on the page one masthead as The Gaurdian, though many recall the more inventive The Grauniad.”
Foreclosures in So Cal Break 50%
In addition, home prices are down 41% over the past 18 months.
Average house prices are down to $300,000, a level not seen since 2003, and I would note, as Rich Toscano does, that in a down market, expensive houses shift the average upwards, so the number to look at would be $/square foot, which is probably down even further.
Even if the square foot price is not down, this is Argentina meltdown lower.
Iceland: Payback’s a Bitch
Well, in response to being declared a terrorist nation by they UK, and by the IMF attempting to impose draconian conditions on it, Iceland’s President Olafur Ragnar Grimsson has invited Russia to use the old US Air Force base at Keflavik.
The US closed the base in 2006, so certainly the space is available, and the Russians could pay in cash, though the Russian ambassador was as flummoxed as the rest of the people at the diplomatic luncheon.
As to where this will end up, I tend to think that between the gentle ministrations of Gordon Brown and the International Monetary Fund, there is a pretty good chance that the Russians will end up with both Keflavik and a naval basing agreement.
Did Howard Dean Just Deliver a Steaming Helping of F%$# You to Barack Obama?
Howard Dean gave an interview on the Senate’s cave to Lieberman, and said that the action was, “in the spirit of unification, which is what the President-elect wanted” and that, “He called the shots, and that’s fine.”
There are doubtless a more than a few people with steam pouring out of their ears right now, and it sounds like the good doctor just painted a target on Obama’s back.
IMHO, Obama deserves to catch grief over this. It’s clear that he figured that he wanted Lieberman in the tent pissing out, but he’s been in the tent, pissing in, for the past 4 years.
Begich Wins
He is 3,724 votes ahead with only about 2500 remaining to count, so absent a recount, and it’s outside the range where Stevens would get it for free, it looks like Mark Begich is the next Senator for Alaska.
I’m happier, but I’m sure that the Republicans in the Senate are even more relieved that they don’t have to deal with this.
It’s also Ted Stevens’ birthday today…Ouch.
Obama Announces AG Choice
Eric Holder, former deputy AG under Clinton.
I really don’t know anything about him.
Un-Dirtyword-Believable
It looks like the Dutch insurance company Aegon is looking to buy a small US thrift so that they can score some TARP Money from Hank Paulson and His Evil Minions&trade.
They really don’t need it, but since it is being given away for free, they consider the purchase of a thrift, most likely Suburban Federal Savings Bank headquartered in Maryland.
Companies are doing backflips to get into this program, which is a good indicator that it is too generous.
Paulson is doing the US taxpayer like a 2 dollar whore.
And Now For Your Daily Dose of Batsh$# Insane
Courtesy of, as always of Alan Keyes, who has filed suit in California challenging Barack Obama’s citizenship.
The depressing thing is that I have to share a state with this loon.
Heck, it’s depressing to share a country with him.
Economics Update
Well, I’ll be referencing some mora alarming economic data in another post, but let’s have at the routine stuff, shall we?
First, the U.S. Producer Prices Index fell by 2.8%, the most on record. Note: this is not a, “low inflation, hurray,” thing. This is a, “prices are falling off a cliff like they were in 1932,” thing.
Part of this, of course is falling oil prices, so it’s no surprise that oil hit 21-month low today.
Not unsurprisingly, we also see the home builders’ sentiment index falling to a 9 month low.
Honestly, if I were surveying home builder sentiment, my worry would be them tossing themselves out of windows.
Out of force of habit, because the fundamentals of the U.S. economy do not merit it any more, people continue to flee to the dollar in times of uncertainty, so the dollar strengthened today.
Oh, and if you follow stock prices, Fannie Mae is facing delisting from the New York Stock Exchange.
Election Updates
The Minnesota state Canvassing Board formally certified the vote count, meaning that the state mandated recount of the Al Franken-Norm Coleman race can now proceed.
The margin is 215 in favor or Coleman out of about 2.9 million votes cast, but typically, on a recount you find more votes missed in more heavily trafficked precincts, which are typically urban, and typically swing Democratic.
I’m waiting for the Supreme Court to shut it down using Bush v. Gore as a precedent.
Och du Lieberman
Once again the Senate Democrats raise an interesting question, “How can we expect them to fight for us when they refuse to fight for themselves?”
The FDIC is Guaranteeing What???
It looks like the FDIC will be guaranteeing store gift cards, according to their most recent release
- The new General Counsel’s Opinion No. 8 addresses the issue of whether the funds underlying stored value cards and other nontraditional access mechanisms qualify as “deposits” as defined in the Federal Deposit Insurance Act.
- Under the new opinion, the funds will be “deposits” to the extent that the funds have been placed at an insured depository institution. Consequently, the funds will be subject to assessments. Also, the funds will be insured (up to the insurance limit).
- In applying the insurance limit to a pooled custodial account, the FDIC will recognize the holders of the stored value cards (or other access mechanisms) as the owners of the deposits if the FDIC’s standard requirements for “pass-through” insurance coverage have been satisfied. Otherwise, the card distributor or other named accountholder will be recognized as the owner.
- The treatment of the funds underlying stored value products does not differ from the treatment set forth in the FDIC’s proposed rule published in August of 2005 (see FIL-83-2005 at http://www.fdic.gov/news/news/financial/2005/fil8305.html).
Let me be the first to say that this is fracking nuts.
Speaking of Insubordination
How about Chairman of the Joint Chiefs of Staff, Admiral Mike Mullen, who is now dissing the Iraqi status of forces agreement even before the ink is dry:
The withdrawal of US forces from Iraq, set to be completed by the end of 2011 under a proposed deal between Baghdad and Washington, should depend on the situation on the ground, US military chief Admiral Michael Mullen said on Monday.
“I do think it is important that this be conditions-based,” Mullen told reporters, referring to the eventual withdrawal of US forces from Iraq.
We have an agreement negotiated by the civilian leaders of both countries, and just now approved by the Iraqi cabinet, and he is already saying that he is opposed to the central feature of that agreement.
This is largely an artifact of the fact that Bush and His Evil Minions&trade politicized the military, and that Bill Clinton did not fire Colin Powell when he should have, which has emboldened his successors.
I Believe That This is Called Insubordination
Well, we now have this report that the Pentagon is doing its level best to subvert the decision making capabilities of the incoming administration:
The uniformed services are trying to lock in the next administration by creating a political cost for holding the line on defense spending. Conservative groups are hoping to ramp up defense spending as a tool to limit options for a Democratic Congress and president to pass new, and potentially costly, social programs, including health care reform.
While it is the right of conservatives to weigh in on the defense budget, the actions of the, “Uniformed Services” appears to be a direct challenge to the idea of civilian control of the military.
Douglas MacArthur was fired for simply saying in a letter to a Congressman that he disagreed with the President’s policy, and these folks are trying to gaslight Obama.
This Will Only Hurt a Bit, Now Bend Over
Well, it looks like public pressure is working, because that’s about the only reason that the seven top executives at Goldman Sachs would send a memo to the board of directors asking for no bonuses this year.
Hopefully, this will spread across the industry.
It’s also happening in Europe, where UBS will not pay bonuses to top staff in 2008.
In fact, it’s going further, to change the incentives for a quick buck:
Starting from 2009, top managers’ bonuses will be blocked for at least three years instead of being paid immediately and executives will receive variable pay if UBS results warrant.
Which means that the quest for a quick buck for a quick bonus has just become more difficult.
Iraqi Cabinet Approves SOF Pact
So, now the status of forces agreement goes to the Iraqi Parliament.
Changes demanded by the Iraqi government and accepted by Bush and His Evil Minions™:
- Requiring the U.S. to get Iraqi consent before searching homes.
- Giving Iraqis authority over the international zone that houses the centers of American power in Baghdad.
- Enabling Iraqis to search U.S. cargo.
- Prohibiting Americans from conducting raids in other countries from Iraqi soil.
- Eliminating the judicial immunity that applies to foreign contractors and to a lesser degree that of U.S. soldiers working in Iraq under the occupation’s current mandate.
- A time line for leaving the country.
Basically, the Iraqis knew that Bush had to have this agreement, and so demanded, and got what they wanted.
Start by Firing Deborah Howell
The Washington Post has a problem with reality.
While its news gathering operation is pretty good, its editorial outlook, which seems to be in a constant state of apology for having uncovered Watergate, seems to have no recognition of reality or truth
This is a problem, because truth, not balance, should be the goal of a journalistic enterprise.
Case in point, Ombudsman Deborah Howell, who is calling for political affirmative action in the news room:
Are there ways to tackle this? More conservatives in newsrooms and rigorous editing would be two. The first is not easy: Editors hire not on the basis of beliefs but on talent in reporting, photography and editing, and hiring is at a standstill because of the economy. But newspapers have hired more minorities and women, so it can be done.
She is calling for wingnut welfare (affirmative action), and this is wrong for a number of reasons:
- She is implying that women and minorities were only hired because of affirmative action,
- She is calling for the hiring of unqualified conservatives.
- She is asking editors to vet new hires on their politics rather than their professionalism.
I have no clue what Ms. Howell does for a living, but it does not appear to be journalism.