Update from the Heartland
No.391
8.6.09 – 14.6.09
Blog version: http://heartlandupdate.blogspot.com/
No.391
8.6.09 – 14.6.09
Blog version: http://heartlandupdate.blogspot.com/
To all,
Just a reminder, since the last few Updates have been at odd intervals and days, Update no.390 is the simple travelogue chronicle of our recent Caribbean cruise. This Update returns us to the usual fare.
By the way, just as a side note, we flew four legs last week on Delta Airlines. Every flight was over-sold and every seat was filled. As I recall, most Part 121 carriers break-even at some threshold in the vicinity of 65% load factor. So, Delta was making money last week. With all the add-on charges, the major airlines should be in the black.
The follow-up news items:
-- The Associated Press reported that Huzaifa Parhat [342-3, 357-8] and his 16 ethnic-Uighur, Chinese, battlefield combatant captives will be released and immigrate to the Republic of Palau – an independent, Pacific island nation in the Compact of Free Association with the United States since 1994. I have no idea whether Parhat and his buddies are happy with the move; yet, the deal must be better than their limbo status at the Guantánamo detention facility. This action ostensibly fulfills Judge Urbina’s order from In Re: Guantánamo Bay Detainee Litigation [USDC DC 05-1509 (RMU) (2008)] [358]. FYI, for those who may not recall their history, Peleliu, in the Palau Islands, was the site of a controversial, tragic and horrific battle during World War II. Later in the week, we learned that 4 of the 17 Uighurs have been transferred to Bermuda – to the consternation of Her Majesty’s Government – while presumably the remainder will go to Palau. Regardless, we apparently have a solution for Judge Urbina.
-- The UN World Health Organization (WHO) declared a Level 6 pandemic for the current Influenza A / H1N1 outbreak [384 & subsequent], as infections mounted in the U.S., Europe, Australia, Central and South America and elsewhere, marking the first global flu epidemic in 41 years. The action acknowledges only the spread of the current virus, and not the severity of the illness.
-- The DPRK’s Grand Dear Leader Umpa-Lumpa [129, et al] must be happy now. He finally has the attention of the world on him. Isn’t ego-centric narcissism fascinating to watch? The UN Security Council passed Resolution 1874 imposing new sanctions on the DPRK for its recent provocative actions, threatening world peace. As should be all too familiar, Kim Jong-Il and the DPRK impetuously convulse periodically when they do not get the attention they feel they deserve. They want to play with the big boys, but they don’t know how.
-- The Islamic Republic of Iran (IRI) [143, et al] held elections on Friday. The government Ministry of Interior declared incumbent President Mahmoud Ahmadinejad [203, et al] defeated his principal challenger Mir-Hossein Mousavi Khameneh. The election results are being questioned, and the government’s post-election actions are quite suspicious. I suspect the results of this election are not settled. With events like the IRI presidential election, I am reminded of Joe Stalin’s famous observation: “It is enough that the people know there was an election. The people who cast the votes decide nothing. The people who count the votes decide everything.”
We were at sea, on-board the MS Carnival Valor on Sunday, 31.May.2009 [390], when our former neighbor and a good, family man – Dr. George Richard Tiller, MD – was murdered in the entry foyer of the Reformation Lutheran Church in Wichita, as he performed usher duties for his church. We knew George and his wife Jeanne. His children went to school with our children. Jeanne sang in the choir, heard the gunshots, and instinctively knew what happened. After being shot in an attempted assassination in 1993, George wore a bullet vest at all times when he was in public, except when he attended church. He was protected by U.S. Marshals going to and from his clinic. Scott Roeder of Kansas City, Kansas, has been charged with George’s murder. Question: How many anti-choice advocates have been killed, injured or assaulted since 1973? That answer ought to tell us a lot about the moral values of the perpetrators of these despicable crimes. In an unusual action, the House passed Resolution 505, “Condemning the Murder of Dr. George Tiller, Who Was Shot to Death at His Church on May 31, 2009.” The bill was introduced by Representative Louise McIntosh Slaughter of New York and agreed to unanimously [House: 423-0-0-10(2)]. To my surprise, even our local representative, Todd Thiart voted YEA; I expected him to miss the vote, or vote present. Lastly, I hope Roeder gets the punishment he deserves.
Circa 01:33 UTC, 1.June.2009 [22:33 ADT; 31.May.2009], Air France Flight 447 was lost during a flight across the Atlantic Ocean from Rio De Janeiro, Brazil, to Paris, France, with 228 passengers and crew. The area of lost contact was 350 miles north-northwest from Natal, Brazil. The airplane was an Airbus A-330-200 – only four years old. They apparently hit serious turbulence in the Inter-Tropical Convergence Zone . . . thunderstorms well above the flight levels of commercial airliners. Air France indicated they received 24 in-flight, digital, maintenance transmissions in the minutes prior to loss of contact. Various sources suggest the messages indicated progressive system failures. The difficult search has identified at least two debris fields 40 miles apart, and recovered 41 bodies and airplane remnants, which probably means an very rare in-flight breakup. This is going to be a very difficult incident to resolve.
President Barack Obama chose the University of Cairo, Egypt, to give a major outreach speech he called a “new beginning between the United States and Muslims.” He went on to say, “This cycle of suspicion and discord must end.” The President spoke to a broad range on important points, including the issues of Iraq, the situation between Israelis, Palestinians and the Arab world, nuclear weapons, democracy, religious freedom and women's rights. The President flew to Weimar, Thuringia, Germany, and joined Chancellor Merkel for a remembrance speech at the Konzentrationslager Buchenwald – one of many Nazi death camps. Barack continued his journey to make another remembrance speech at the Allied cemetery at Colleville-sur-Mer, Normandy, France, to acknowledge the extraordinary sacrifice on 6.June.1944, to free continental Europe from Nazi tyranny.
Apparently, Usama bin Ladin was none too happy with President Obama’s gesture to Muslims. He accused Obama of being George W. Bush. I imagine he thought that quite the insult.
The Supreme Court refused to hear the appeal of Captain James E. Pietrangelo, II, USA – Pietrangelo v. Gates [08-824 (2009)] – a challenge to the government’s “don’t ask, don’t tell” policy [PL 103-160; H.R.2401; 10 U.S.C. §654] [312], forbidding gays and lesbians from serving openly in the military. What grates on supporters more than the Supremes’ rejection was the request by the Obama administration to deny the petition. And, so it goes!
New Hampshire joined a growing list of states recognizing the equal rights of all its residents to marry whom they choose regardless of sexual orientation, when Governor John H. Lynch signed the companion bills HB 436 and HB73, to authorize non-heterosexual individuals to marry, effective 1.January.2010.
Congress passed the Family Smoking Prevention and Tobacco Control Act of 2009 [H.R.1256; Senate: 79-17-0-3(1); House: 307-97-0-30(1)]. The President is expected to sign the bill into law next week. The non-smokers of the world will laud this latest do-good, feel-good law, after all smokers should not be smoking anyway – it’s bad for their health. As much as we would like to “save” the smokers from themselves, this is bad law, and the kind of law we should all rail against. This is not about public conduct, or public environmental safety. This law is about protecting the individual from himself, and controlling his privacy behavior. This is yet one more example of the government imposing itself upon a citizen’s right to choose how he wishes to live his life. I urge the present to veto this foolish legislation. Unfortunately, I hold little hope for wisdom to exceed the do-gooder urge.
In a classic al-Qaeda style attack, killers managed to assassinate moderate Pakistani cleric Sarfraz Naeemi in Lahore, Pakistan. The attack was thought to be retaliation for Naeemi’s advocacy to his followers to resist the Taliban and al-Qaeda. This is what radical, fundamentalists and their terrorist operatives do to folks that resist them. I mourn the loss of moderate clerics like Sarfraz Naeemi.
President Obama nominated Representative John M. McHugh of New York to be Secretary of the Army. The President continues to select members of the opposition for executive appointments in his administration.
News from the economic front:
-- On Monday, 1.June.2009, the once largest corporation in the world and venerable automotive company, General Motors, declared Chapter 11 bankruptcy, and was dropped from the Dow Industrial Average. The company also announced that former AT&T CEO Edward E. “Ed” Whitacre, Jr., will become chairman of the reorganized GM when it emerges from its bankruptcy proceedings. Kent Kresa will remain interim chairman.
-- After all the quick court actions up to and including the Supremes, Chrysler and Fiat finalized their government-sponsored merger. The new company will operate as Chrysler Group LLC. When the new company emerges from bankruptcy, C. Robert “Bob” Kidder, 64, [388] will be chairman, while Fiat Chief Executive Sergio Marchionne, 57, will manage day-to-day operations.
-- Automotive industry sales continue to decline. Sales figures for May 2009 show: Ford, -24%; General Motors, -29%; Nissan, -33%; Honda, -39%; Toyota, -41%, and Chrysler -47%.
-- According to the Wall Street Journal, Citigroup has told five former top executives that it will not pay them millions of dollars in promised severance payouts. Interesting, now they are like the rest of us.
-- Federal Reserve Chairman Ben Bernanke must have found some breathing room, as he is now urging Congress to reduce the nearly US$2T budget deficit. Ben observed that the government cannot borrow “indefinitely.” Quite a revelation, it seems to me. Bernanke also observed that the rate of economic contraction appears to be slowing, which may signal a return to growth later this year.
-- The Securities and Exchange Commission (SEC) charged former Countrywide CEO Angelo R. Mozilo [358] and two other company executives with civil fraud, for allegedly concealing shareholder risk.
-- The Wall Street Journal reported that Bank of America's Board of Directors brought in four new members with banking experience. They include: former Federal Reserve Governor Susan Bies; former FDIC Chairman Donald Powell; former Compass Bancshares CEO D. Paul Jones; and former Bank One executive William Boardman.
-- FDIC Chairman Sheila Bair is stepping up the government’s pressure on Citigroup, which does not bode well for the bank’s top management, including Chief Executive Vikram Pandit. The FDIC’s moves against one of the nation's largest and most troubled financial institutions is setting up a bitter clash between regulators -- some of whom disagree with the FDIC’s position. Citigroup claims Bair is overstepping her authority. This confrontation will be one to watch.
-- The Obama administration appointed Kenneth R. Feinberg to oversee the compensation of 175 top executives at seven of the nation’s largest companies. Since this is not part of any law, this initiative may be yet another Executive action that might wind up in court. [Odd related “sensation:” Many accused W. of exceeding presidential authority in deal with Islamic fascists; could it be that Barack is doing the same with American business?]
-- The Federal Reserve’s Beige Book survey shows that economic conditions remain weak and even deteriorated in many regions of the country, with commercial real estate and labor markets continuing to face significant challenges. Some of the 12 Fed districts see the recession easing a bit, but they are not expecting a significant boost in economic activity in 2009. Despite massive federal injections into credit markets, consumers loans remain difficult to obtain.
-- The Treasury Department removed blocks for 10 big banks to begin repaying up to US$68B in TARP funds, which suggests an easing of the government's grip after an unprecedented series of interventions. The New York Times reported that Goldman Sachs, JPMorgan Chase and eight other large banks have been deemed strong enough to wean themselves off of taxpayer resources.
-- The unfolding tension between the government (Treasury Secretary Paulson and Federal Reserve Chairman Bernanke), and Bank of America and the bank’s CEO Ken Lewis over the bank’s acquisition of troubled investment firm Merrill Lynch suggest extraordinary, unprecedented government intervention in the business of a bank. The tone of the progressive disclosures has a feel of a “shotgun wedding.” I surmise there will be more than a few books written on this issue alone.
-- U.S. retail sales rose 0.5% in May, posting their third increase in five months. Much of the gain was due to higher petrol prices. Excluding gas sales, the increase was up 0.2%.
-- The number of U.S. workers filing new claims for jobless benefits fell unexpectedly last week, down 24,000 to 601,000.
-- The German newspaper Der Spiegel reported that the Italian Guardia di Finanza – the country’s border and customs guards – stopped two men at the Swiss border carrying bonds worth US$134B (€95.8B). Speculation regarding the event covers a broader spectrum, none of it good.
Comments and contributions from Update no.389:
“I would like to comment on the totality of the excerpt of your comments below: I would like to compare the validity of your comments vs. those expressed some time ago by General Peter Pace with respect to homosexuality, and to do so in the context of your respective achievements in responsible command capacities. On the one had I see a total disrespect for informed responsible disciplined compliance for the rule of law vs. an anarchistic denial of any moral boundaries of human conduct.
“It is I believe blatant blind foolishness to question why people might be ‘mortally afraid of homosexuals.’ Yes, homosexuality is contagious; once one is subjected, voluntarily or involuntarily, to homosexual activity they are permanently damaged goods and cannot in fairness to a would-be heterosexual partner ever again seek a heterosexual relationship. And, yes, as is also true of unsafe heterosexual promiscuity, there is an unreasonable risk of STD (Sexually Transmitted Disease) such as Herpes, AIDS and related illnesses which may not evidence themselves until decades after the exposure.
“I would disagree emphatically that your observations are those of a humble citizen; nor do I agree with you on an ‘implied’ meaning of ‘man,’ nor that ‘Married, adult, heterosexual, intra-racial couples were denied access to contraceptive information until 1965,’ etc. I believe these observations are total are absurd.
“I do believe that anyone who insists that ‘There Is Only One GOD’ lacks any substantial understanding of what and who Any GOD is. I do believe that while our founding fathers thoughtfully and wisely choose to exclude Theology from ‘The Articles of Confederation’ and ‘The Constitution of the United States of America,’ that it is evident that they collectively embodied the principles and moral codes of Judeo-Christian Faith in their public and private lives and specifically in documentation leading to those documents. I am troubled by your rejection of those moral codes in your own advocacy.
“Again I would invite a consideration of my ‘Personal Philosophy’ and amending thoughts posted on my website: http://www.hermanosborne.com.”
My response:
I have not served as a general officer; I am but a paltry, retired, lieutenant colonel. Peter Pace served this Grand Republic to a far higher level than me. Yet, he is just a citizen with an opinion like you and me – no better, no worse; no more important or less important. I think he is wrong, misguided and ill-informed, just as he thinks I am wrong . . . if he even knows who I am. C’est la vie.
I have not been able to make the connection to your “informed responsible disciplined compliance” statement. Would you be so kind to take another pass at an explanation for me?
Perhaps my questioning of social issues is “blatant blind foolishness.” Nonetheless, I do question many things in my life, in our society, and in our world. I am a natural inquisitive person. I question all teachings.
I would greatly appreciate some explanation to your opinion that “homosexuality is contagious.” What is your opinion based upon? How is homosexuality contagious, by what medium? What evidence can you offer to support your opinion? Why do you think the risk of STD is any greater among homosexuals than heterosexuals? Do you know any homosexuals personally? Have you talked to them, tried to understand them?
I strongly urge you to read Griswold v. Connecticut [381 U.S. 479 (1965)], Loving v. Virginia [388 U.S. 1 (1967)], and Dred Scott v. Sandford [60 U.S. 393 (1856)]. My observations are neither unfounded nor absurd.
We are each entitled to believe what we wish to believe. If there is not “only one God,” then how many are there? I am not sure what point you are trying to make. I do not understand how you reached the conclusion that I “reject[]” “those moral codes,” whatever “those codes” may be.
More to my point, by what right does one citizen (or group of citizens) have to impose their beliefs on me, or on you, or on any other citizen? What right do We, the People, have to intrude upon the private choices of another citizen? If it is OK for the majority to decide what choices each of us can make, I presume you accept that a different majority can decide what choices you make in the privacy of your home? Depending on the answers to these questions, I must ask, what does freedom mean?
No comments or contributions from Update no.390.
My very best wishes to all. Take care of yourselves and each other.
Cheers,
Cap :-)
Just a reminder, since the last few Updates have been at odd intervals and days, Update no.390 is the simple travelogue chronicle of our recent Caribbean cruise. This Update returns us to the usual fare.
By the way, just as a side note, we flew four legs last week on Delta Airlines. Every flight was over-sold and every seat was filled. As I recall, most Part 121 carriers break-even at some threshold in the vicinity of 65% load factor. So, Delta was making money last week. With all the add-on charges, the major airlines should be in the black.
The follow-up news items:
-- The Associated Press reported that Huzaifa Parhat [342-3, 357-8] and his 16 ethnic-Uighur, Chinese, battlefield combatant captives will be released and immigrate to the Republic of Palau – an independent, Pacific island nation in the Compact of Free Association with the United States since 1994. I have no idea whether Parhat and his buddies are happy with the move; yet, the deal must be better than their limbo status at the Guantánamo detention facility. This action ostensibly fulfills Judge Urbina’s order from In Re: Guantánamo Bay Detainee Litigation [USDC DC 05-1509 (RMU) (2008)] [358]. FYI, for those who may not recall their history, Peleliu, in the Palau Islands, was the site of a controversial, tragic and horrific battle during World War II. Later in the week, we learned that 4 of the 17 Uighurs have been transferred to Bermuda – to the consternation of Her Majesty’s Government – while presumably the remainder will go to Palau. Regardless, we apparently have a solution for Judge Urbina.
-- The UN World Health Organization (WHO) declared a Level 6 pandemic for the current Influenza A / H1N1 outbreak [384 & subsequent], as infections mounted in the U.S., Europe, Australia, Central and South America and elsewhere, marking the first global flu epidemic in 41 years. The action acknowledges only the spread of the current virus, and not the severity of the illness.
-- The DPRK’s Grand Dear Leader Umpa-Lumpa [129, et al] must be happy now. He finally has the attention of the world on him. Isn’t ego-centric narcissism fascinating to watch? The UN Security Council passed Resolution 1874 imposing new sanctions on the DPRK for its recent provocative actions, threatening world peace. As should be all too familiar, Kim Jong-Il and the DPRK impetuously convulse periodically when they do not get the attention they feel they deserve. They want to play with the big boys, but they don’t know how.
-- The Islamic Republic of Iran (IRI) [143, et al] held elections on Friday. The government Ministry of Interior declared incumbent President Mahmoud Ahmadinejad [203, et al] defeated his principal challenger Mir-Hossein Mousavi Khameneh. The election results are being questioned, and the government’s post-election actions are quite suspicious. I suspect the results of this election are not settled. With events like the IRI presidential election, I am reminded of Joe Stalin’s famous observation: “It is enough that the people know there was an election. The people who cast the votes decide nothing. The people who count the votes decide everything.”
We were at sea, on-board the MS Carnival Valor on Sunday, 31.May.2009 [390], when our former neighbor and a good, family man – Dr. George Richard Tiller, MD – was murdered in the entry foyer of the Reformation Lutheran Church in Wichita, as he performed usher duties for his church. We knew George and his wife Jeanne. His children went to school with our children. Jeanne sang in the choir, heard the gunshots, and instinctively knew what happened. After being shot in an attempted assassination in 1993, George wore a bullet vest at all times when he was in public, except when he attended church. He was protected by U.S. Marshals going to and from his clinic. Scott Roeder of Kansas City, Kansas, has been charged with George’s murder. Question: How many anti-choice advocates have been killed, injured or assaulted since 1973? That answer ought to tell us a lot about the moral values of the perpetrators of these despicable crimes. In an unusual action, the House passed Resolution 505, “Condemning the Murder of Dr. George Tiller, Who Was Shot to Death at His Church on May 31, 2009.” The bill was introduced by Representative Louise McIntosh Slaughter of New York and agreed to unanimously [House: 423-0-0-10(2)]. To my surprise, even our local representative, Todd Thiart voted YEA; I expected him to miss the vote, or vote present. Lastly, I hope Roeder gets the punishment he deserves.
Circa 01:33 UTC, 1.June.2009 [22:33 ADT; 31.May.2009], Air France Flight 447 was lost during a flight across the Atlantic Ocean from Rio De Janeiro, Brazil, to Paris, France, with 228 passengers and crew. The area of lost contact was 350 miles north-northwest from Natal, Brazil. The airplane was an Airbus A-330-200 – only four years old. They apparently hit serious turbulence in the Inter-Tropical Convergence Zone . . . thunderstorms well above the flight levels of commercial airliners. Air France indicated they received 24 in-flight, digital, maintenance transmissions in the minutes prior to loss of contact. Various sources suggest the messages indicated progressive system failures. The difficult search has identified at least two debris fields 40 miles apart, and recovered 41 bodies and airplane remnants, which probably means an very rare in-flight breakup. This is going to be a very difficult incident to resolve.
President Barack Obama chose the University of Cairo, Egypt, to give a major outreach speech he called a “new beginning between the United States and Muslims.” He went on to say, “This cycle of suspicion and discord must end.” The President spoke to a broad range on important points, including the issues of Iraq, the situation between Israelis, Palestinians and the Arab world, nuclear weapons, democracy, religious freedom and women's rights. The President flew to Weimar, Thuringia, Germany, and joined Chancellor Merkel for a remembrance speech at the Konzentrationslager Buchenwald – one of many Nazi death camps. Barack continued his journey to make another remembrance speech at the Allied cemetery at Colleville-sur-Mer, Normandy, France, to acknowledge the extraordinary sacrifice on 6.June.1944, to free continental Europe from Nazi tyranny.
Apparently, Usama bin Ladin was none too happy with President Obama’s gesture to Muslims. He accused Obama of being George W. Bush. I imagine he thought that quite the insult.
The Supreme Court refused to hear the appeal of Captain James E. Pietrangelo, II, USA – Pietrangelo v. Gates [08-824 (2009)] – a challenge to the government’s “don’t ask, don’t tell” policy [PL 103-160; H.R.2401; 10 U.S.C. §654] [312], forbidding gays and lesbians from serving openly in the military. What grates on supporters more than the Supremes’ rejection was the request by the Obama administration to deny the petition. And, so it goes!
New Hampshire joined a growing list of states recognizing the equal rights of all its residents to marry whom they choose regardless of sexual orientation, when Governor John H. Lynch signed the companion bills HB 436 and HB73, to authorize non-heterosexual individuals to marry, effective 1.January.2010.
Congress passed the Family Smoking Prevention and Tobacco Control Act of 2009 [H.R.1256; Senate: 79-17-0-3(1); House: 307-97-0-30(1)]. The President is expected to sign the bill into law next week. The non-smokers of the world will laud this latest do-good, feel-good law, after all smokers should not be smoking anyway – it’s bad for their health. As much as we would like to “save” the smokers from themselves, this is bad law, and the kind of law we should all rail against. This is not about public conduct, or public environmental safety. This law is about protecting the individual from himself, and controlling his privacy behavior. This is yet one more example of the government imposing itself upon a citizen’s right to choose how he wishes to live his life. I urge the present to veto this foolish legislation. Unfortunately, I hold little hope for wisdom to exceed the do-gooder urge.
In a classic al-Qaeda style attack, killers managed to assassinate moderate Pakistani cleric Sarfraz Naeemi in Lahore, Pakistan. The attack was thought to be retaliation for Naeemi’s advocacy to his followers to resist the Taliban and al-Qaeda. This is what radical, fundamentalists and their terrorist operatives do to folks that resist them. I mourn the loss of moderate clerics like Sarfraz Naeemi.
President Obama nominated Representative John M. McHugh of New York to be Secretary of the Army. The President continues to select members of the opposition for executive appointments in his administration.
News from the economic front:
-- On Monday, 1.June.2009, the once largest corporation in the world and venerable automotive company, General Motors, declared Chapter 11 bankruptcy, and was dropped from the Dow Industrial Average. The company also announced that former AT&T CEO Edward E. “Ed” Whitacre, Jr., will become chairman of the reorganized GM when it emerges from its bankruptcy proceedings. Kent Kresa will remain interim chairman.
-- After all the quick court actions up to and including the Supremes, Chrysler and Fiat finalized their government-sponsored merger. The new company will operate as Chrysler Group LLC. When the new company emerges from bankruptcy, C. Robert “Bob” Kidder, 64, [388] will be chairman, while Fiat Chief Executive Sergio Marchionne, 57, will manage day-to-day operations.
-- Automotive industry sales continue to decline. Sales figures for May 2009 show: Ford, -24%; General Motors, -29%; Nissan, -33%; Honda, -39%; Toyota, -41%, and Chrysler -47%.
-- According to the Wall Street Journal, Citigroup has told five former top executives that it will not pay them millions of dollars in promised severance payouts. Interesting, now they are like the rest of us.
-- Federal Reserve Chairman Ben Bernanke must have found some breathing room, as he is now urging Congress to reduce the nearly US$2T budget deficit. Ben observed that the government cannot borrow “indefinitely.” Quite a revelation, it seems to me. Bernanke also observed that the rate of economic contraction appears to be slowing, which may signal a return to growth later this year.
-- The Securities and Exchange Commission (SEC) charged former Countrywide CEO Angelo R. Mozilo [358] and two other company executives with civil fraud, for allegedly concealing shareholder risk.
-- The Wall Street Journal reported that Bank of America's Board of Directors brought in four new members with banking experience. They include: former Federal Reserve Governor Susan Bies; former FDIC Chairman Donald Powell; former Compass Bancshares CEO D. Paul Jones; and former Bank One executive William Boardman.
-- FDIC Chairman Sheila Bair is stepping up the government’s pressure on Citigroup, which does not bode well for the bank’s top management, including Chief Executive Vikram Pandit. The FDIC’s moves against one of the nation's largest and most troubled financial institutions is setting up a bitter clash between regulators -- some of whom disagree with the FDIC’s position. Citigroup claims Bair is overstepping her authority. This confrontation will be one to watch.
-- The Obama administration appointed Kenneth R. Feinberg to oversee the compensation of 175 top executives at seven of the nation’s largest companies. Since this is not part of any law, this initiative may be yet another Executive action that might wind up in court. [Odd related “sensation:” Many accused W. of exceeding presidential authority in deal with Islamic fascists; could it be that Barack is doing the same with American business?]
-- The Federal Reserve’s Beige Book survey shows that economic conditions remain weak and even deteriorated in many regions of the country, with commercial real estate and labor markets continuing to face significant challenges. Some of the 12 Fed districts see the recession easing a bit, but they are not expecting a significant boost in economic activity in 2009. Despite massive federal injections into credit markets, consumers loans remain difficult to obtain.
-- The Treasury Department removed blocks for 10 big banks to begin repaying up to US$68B in TARP funds, which suggests an easing of the government's grip after an unprecedented series of interventions. The New York Times reported that Goldman Sachs, JPMorgan Chase and eight other large banks have been deemed strong enough to wean themselves off of taxpayer resources.
-- The unfolding tension between the government (Treasury Secretary Paulson and Federal Reserve Chairman Bernanke), and Bank of America and the bank’s CEO Ken Lewis over the bank’s acquisition of troubled investment firm Merrill Lynch suggest extraordinary, unprecedented government intervention in the business of a bank. The tone of the progressive disclosures has a feel of a “shotgun wedding.” I surmise there will be more than a few books written on this issue alone.
-- U.S. retail sales rose 0.5% in May, posting their third increase in five months. Much of the gain was due to higher petrol prices. Excluding gas sales, the increase was up 0.2%.
-- The number of U.S. workers filing new claims for jobless benefits fell unexpectedly last week, down 24,000 to 601,000.
-- The German newspaper Der Spiegel reported that the Italian Guardia di Finanza – the country’s border and customs guards – stopped two men at the Swiss border carrying bonds worth US$134B (€95.8B). Speculation regarding the event covers a broader spectrum, none of it good.
Comments and contributions from Update no.389:
“I would like to comment on the totality of the excerpt of your comments below: I would like to compare the validity of your comments vs. those expressed some time ago by General Peter Pace with respect to homosexuality, and to do so in the context of your respective achievements in responsible command capacities. On the one had I see a total disrespect for informed responsible disciplined compliance for the rule of law vs. an anarchistic denial of any moral boundaries of human conduct.
“It is I believe blatant blind foolishness to question why people might be ‘mortally afraid of homosexuals.’ Yes, homosexuality is contagious; once one is subjected, voluntarily or involuntarily, to homosexual activity they are permanently damaged goods and cannot in fairness to a would-be heterosexual partner ever again seek a heterosexual relationship. And, yes, as is also true of unsafe heterosexual promiscuity, there is an unreasonable risk of STD (Sexually Transmitted Disease) such as Herpes, AIDS and related illnesses which may not evidence themselves until decades after the exposure.
“I would disagree emphatically that your observations are those of a humble citizen; nor do I agree with you on an ‘implied’ meaning of ‘man,’ nor that ‘Married, adult, heterosexual, intra-racial couples were denied access to contraceptive information until 1965,’ etc. I believe these observations are total are absurd.
“I do believe that anyone who insists that ‘There Is Only One GOD’ lacks any substantial understanding of what and who Any GOD is. I do believe that while our founding fathers thoughtfully and wisely choose to exclude Theology from ‘The Articles of Confederation’ and ‘The Constitution of the United States of America,’ that it is evident that they collectively embodied the principles and moral codes of Judeo-Christian Faith in their public and private lives and specifically in documentation leading to those documents. I am troubled by your rejection of those moral codes in your own advocacy.
“Again I would invite a consideration of my ‘Personal Philosophy’ and amending thoughts posted on my website: http://www.hermanosborne.com.”
My response:
I have not served as a general officer; I am but a paltry, retired, lieutenant colonel. Peter Pace served this Grand Republic to a far higher level than me. Yet, he is just a citizen with an opinion like you and me – no better, no worse; no more important or less important. I think he is wrong, misguided and ill-informed, just as he thinks I am wrong . . . if he even knows who I am. C’est la vie.
I have not been able to make the connection to your “informed responsible disciplined compliance” statement. Would you be so kind to take another pass at an explanation for me?
Perhaps my questioning of social issues is “blatant blind foolishness.” Nonetheless, I do question many things in my life, in our society, and in our world. I am a natural inquisitive person. I question all teachings.
I would greatly appreciate some explanation to your opinion that “homosexuality is contagious.” What is your opinion based upon? How is homosexuality contagious, by what medium? What evidence can you offer to support your opinion? Why do you think the risk of STD is any greater among homosexuals than heterosexuals? Do you know any homosexuals personally? Have you talked to them, tried to understand them?
I strongly urge you to read Griswold v. Connecticut [381 U.S. 479 (1965)], Loving v. Virginia [388 U.S. 1 (1967)], and Dred Scott v. Sandford [60 U.S. 393 (1856)]. My observations are neither unfounded nor absurd.
We are each entitled to believe what we wish to believe. If there is not “only one God,” then how many are there? I am not sure what point you are trying to make. I do not understand how you reached the conclusion that I “reject[]” “those moral codes,” whatever “those codes” may be.
More to my point, by what right does one citizen (or group of citizens) have to impose their beliefs on me, or on you, or on any other citizen? What right do We, the People, have to intrude upon the private choices of another citizen? If it is OK for the majority to decide what choices each of us can make, I presume you accept that a different majority can decide what choices you make in the privacy of your home? Depending on the answers to these questions, I must ask, what does freedom mean?
No comments or contributions from Update no.390.
My very best wishes to all. Take care of yourselves and each other.
Cheers,
Cap :-)
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