Update from the Heartland
No.408
5.10.09 – 11.10.09
Blog version: http://heartlandupdate.blogspot.com/
No.408
5.10.09 – 11.10.09
Blog version: http://heartlandupdate.blogspot.com/
To all,
The follow-up news items:
-- Given the current debate regarding the Battle for Afghanistan [405] and General McChrystal’s assessment [406], a few thoughts occurred to me. POTUS sets the strategy . . . what is the ultimate objective. NCA translates the national objective(s) into a strategic plan of attack. It is the commander on the ground, in this case Stan McChrystal, who considers the objective(s) he is given and the broad national approach, weighs that against the intelligence regarding his enemy and theater of operations, and defines the Operations Plan to achieve the mission. Stan made his assessment minus redacted portions, presumably leaked to the Press by someone. I have a hard time imagining that Stan’s assessment, or his London speech, was a faux pas. At the end of the day, POTUS has two choices if he does not like the message from his general(s): 1.) change the strategic objective(s) to meet whatever constraints he wishes to impose, or 2.) ensure the commander on the ground has the resources he needs to accomplish the mission. I must add, President Bush and his SecDef failed in that task at multiple levels. The general also has a choice: A.) execute the mission, or B.) resign. If the Obama administration tries to play “let’s make a deal,” do not be surprised if Stan McChrystal resigns rather than allow his troops to be placed in a compromised position. I am a subscriber to the so-called Powell Doctrine, specifically the need for a clearly defined objective(s), use of overwhelming force, and most importantly, support of the American People. President Obama must stand up to mark or withdraw. Trickling precious American and Allied lives into a meat-grinder is simply unacceptable and intolerable. Either we are all in to win, or we should get out.
-- The continuing saga of the Somali pirates [361, 365, 382-3] . . . chalk another one up for the Allies. The bad guys decided to make a night-time raid on what appeared to them to be a commercial cargo ship. Unfortunately for the Somalis, the ship was actually the French in-theater command ship FS Somme (A631) – currently flagship for Combined Task Force 150 (CTF 150), under the command of Rear Admiral Alain Hinden, FN. CTF 150 is a multi-national Allied unit deployed to the Red Sea and Indian Ocean to combat piracy. In this incident, five pirates and one skiff were captured; the other skiff remains at large but hunted. I would love to hear the alert over the 1MC – “Prepare to repel boarders” – a command from the days of sail . . . when men were men, and ships were made of wood.
Friday morning, as I was doing my usual writing, I was able to watch the terminal phase of NASA’s Lunar CRater Observation and Sensing Satellite (LCROSS) mission – to find water on the Moon. The mission impacted a rocket booster at 5,600 mph into Cabeus crater near the southern pole of the Moon. The trailing Shepherding Spacecraft observed the debris kicked up from the impact with its array of sensors, transmitted the data back to Earth, and then impacted the Moon several kilometers from the primary target. I imagine NASA captured a very intense data stream, which must now be decoded and analyzed. We might get a first blush in a day or so, but the analysis is expected to take a month or more. The terminal phase was fun to watch perhaps more for what it might yield and the technology involved than the actual images from the vehicles via NASA TV. I sure hope they find what they are looking for on this mission.
The Norwegian Nobel Committee, whose five members are appointed by the Norwegian Parliament, selected the President of the United States Barack Hussein Obama to be awarded the 2009 Nobel Peace Prize – “for his extraordinary efforts to strengthen international diplomacy and cooperation between peoples.” The Committee credits Barack with creating “a new climate in international politics.” They went on to conclude, “Only very rarely has a person to the same extent as Obama captured the world's attention and given its people hope for a better future. His diplomacy is founded in the concept that those who are to lead the world must do so on the basis of values and attitudes that are shared by the majority of the world's population.” Oh my, what can I say? This is about as pure a political statement as such awards can be. It is certainly not recognition for accomplishments. Apparently, the Nobel Committee was comparably seduced by Barack’s rhetorical skills as was the majority of the American electorate. Barack took the oath of office 20.January and the deadline for Nobel nominations was 1.February . . . a breath-taking demonstration of faith in “Hope and Change.” Nonetheless, at instances such as this, I am reminded of the slave’s admonition to the triumphant Caesar, “Heed not the crowd’s cheers, for all glory is fleeting.” Perhaps more appropriately, I shall whisper to the ear of Barack Obama at this moment of accolade . . . in the immortal words of Captain John H. Miller, “Earn this!”
Der Spiegel reported on a warning from the Direction Générale de la Sécurité Extérieure (DGSE) [French General Directorate of External Security] to expect and prepare for al-Qaeda suicide bombers using a more twisted and degenerate method – explosives loaded inside their bodies and detonated by cell phone, either autonomously or remotely. The first known use of the method occurred on 29.August, when 23-year-old, al-Qaeda terrorist, Abdullah Hassan al-Asiri, pretended he was turning himself into authorities, in an assassination attempt on Saudi Arabia’s counter-terrorism chief, Assistant Interior Minister Prince Muhammad bin Nayef. The Prince survived with only minor injuries. While the method is not likely to be high-yield on the ground, the technique poses a more serious threat in the pressurized cabin of an airliner.
A recent essay has been circulating through a variety of fora regarding the military service of non-heterosexuals. I urge everyone interested in the issue to read this essay.
“Don't Change ‘Don't Ask, Don't Tell’ – There are sound reasons--unbigoted ones--for our policy on gays in the military.”
by James Bowman
Weekly Standard
Published: 10/12/2009, Volume 015, Issue 04
http://www.weeklystandard.com/Content/Public/Articles/000/000/017/032hubhb.asp
Bowman illuminates a number of key elements of the issue and debate. Military morale, good order and discipline, and unit cohesion are vital factors in the performance of our primary national defense instrument. I certainly advocate for the most powerful and efficient military in the world. Those of us in my generation who served this Grand Republic in uniform remember the trauma of racial integration at the height of the process in the 1960’s and 1970’s. Virtually identical arguments and rationale were utilized by the resisters to racial integration. We have survived. In fact, I truly believe we have a far stronger military, having suffered the pain of racial integration. Fortunately, for me, and those willing to do the research, Bowman illuminates his bias at the outset of his essay. James criticized the Washington Post for their reference to “[t]he ‘don't ask, don't tell’ law.” Bowman stated, “This is a common mistake. Actually, there is no ‘Don't ask, don’t tell’ law. The law passed by Congress in 1993 (USC Section 654, Title 10) says, ‘The presence in the armed forces of persons who demonstrate a propensity or intent to engage in homosexual acts would create an unacceptable risk to the high standards of morale, good order and discipline, and unit cohesion that are the essence of military capability.’” He is narrowly correct; there is no law titled: “Don’t Ask, Don’t Tell;” regardless, the phrase is a commonly used reference to a specific law. The words he quotes from 10 USC §654 are indeed accurate; yet, he failed to acknowledge and thus misleads readers by using the words he chose, which are actually from sub-section (a) – Findings, item (15). The law in question here is the National Defense Authorization Act for Fiscal Year 1994 [PL 103-160], and specifically Division A, Title V, Subtitle G, Section 571, which codified Title 10, Section 654 as it currently exists. The action-able portion of the law is sub-section (b) – Policy, which refers to actions and statements by non-heterosexual members of the armed services. The subtleties in the words of the law were a compromise to make progress against stiff resistance, and imply public disclosure of one’s sexual orientation. Perhaps it is s a fine point; however, the implications of the policy wording lead to the “Don’t Ask, Don’t Tell” reference, i.e., we won’t ask, if you don’t tell. To say the law does not exist is misleading at best. Beyond all the legal-ese and emotional opinions, I return to the root question . . . what are we so afraid of in this issue? Do some folks think / believe homosexuality is contagious? . . . that homosexuality is such a powerful force that it will override all other factors in human life? Citizens with dark skin pigmentation are serving in every branch and every specialty; and, we are better and stronger for their service. Women are serving in every branch and nearly every specialty (the Navy is even considering female sailors on submarines); women have seen combat up close and personal; and, we are better for their service. The time has come to educate our military personnel, to end homophobia, and recognize the value of every able-bodied, able-minded citizen to serve this Grand Republic in uniform and with honor.
A renowned racial equality activist chimes in regarding equal rights for non-heterosexual citizens. Julian’s opinion is worth your time.
“Rights Still to Be Won"
by Julian Bond
Washington Post
Published: Friday, October 9, 2009
http://www.washingtonpost.com/wp-dyn/content/article/2009/10/08/AR2009100803292.html?wpisrc=newsletter&wpisrc=newsletter
At the Human Rights Campaign’s Saturday night dinner in Washington, DC, President Obama reaffirmed his commitment to achieve equal rights for non-heterosexual citizens, specifically with the repeal the “Don’t Ask, Don’t Tell” and the Defense of Marriage laws. The President did not define how or when he intended to accomplish that objective, but what else is new. He said he would “end” “Don’t Ask, Don’t Tell,” but did not say what happens from there, assuming he can get it through Congress. Does that mean a return to legal homophobia of the status quo ante?
I just love this “pot calling the kettle black” stuff. Perhaps I am off-base here, yet I would like to see if others read this Op-Ed piece the same way.
“The Politics of Spite”
By Paul Krugman
New York Times
Published: October 4, 2009
http://www.nytimes.com/2009/10/05/opinion/05krugman.html?_r=1&th&emc=th
First, I must say, Paul is spot on! I agree with his assessment. However, I have a fundamentally different perspective. Krugman said, “[T]he guiding principle of one of our nation’s two great political parties is spite pure and simple.” He goes on to observe, “How did one of our great political parties become so ruthless, so willing to embrace scorched-earth tactics even if so doing undermines the ability of any future administration to govern?” Krugman concludes, “It’s an ugly picture. But it’s the truth. And it’s a truth anyone trying to find solutions to America’s real problems has to understand.” Oddly, if you change the timeframe, the players and cited examples, I could use exactly (and I do use that word precisely) the same words just a few years ago. This is the kind of sanctimonious, holier-than-thou attitude on both sides that gets my hackles up. I see the mindless Obama-haters of today in the identical light as the Bush-bashers of a few years ago . . . the pot calling the kettle black, indeed!
The bad guys have been very busy this week, as they tried to make a clear statement during this time of political hand-wringing.
-- Thursday morning, a suicide bomber tried to attack the Indian Embassy in downtown Kabul, Afghanistan (rebuilt after a suicide car bomb attack in July 2008). The explosion destroyed cars and shattered windows on the heavily guarded street where the Indian Embassy and the Afghan Interior Ministry headquarters are located.
-- On Friday, a minibus packed with explosives detonated along a road near the well-known Khyber Bazaar market in Peshawar, Pakistan, killing at least 40 people and injuring dozens.
-- Then, on Saturday morning, Taliban gunmen, disguised as soldiers, infiltrated Pakistan's military headquarters in Rawalpindi, one of the most heavily guarded sites in Pakistan, setting off a fire fight inside the compound that left at least four attackers and six soldiers dead.
-- Finally, one for the good guys, Direction Centrale du Renseignement Intérieur (DCRI) – the French Central Directorate of Interior Intelligence (the equivalent of the British MI5) – arrested and detained for interrogation a 32-year old Frenchman of Algerian decent and his 25-year old brother for alleged connections and activity with the North African, Al-Qaeda in the Islamic Maghreb (AQIM) [Maghreb being the region north of the Sahara from Morocco to Libya]. Of particular note here is the older brother’s employment with the European Organization for Nuclear Research (CERN) on the Franco-Swiss border near Geneva – a little too close.
All the bad guy activity in Pakistan is undoubtedly intended to send a message to the Pakistani government that the Taliban, al-Qaeda, and their supporters will fight any attempt to suppress their activities.
News from the economic front:
-- Bank of America CEO Kenneth D. Lewis announced his retirement effective 31.December, amid the continuing turmoil surrounding the Merrill Lynch acquisition [396, 404]. The Wall Street Journal reported that the bank’s Board of Directors were scrambling to name an “emergency CEO” in case Lewis is “forced” to step down even earlier as part of the pending state and federal cases involving the bank. If true, I am genuinely surprised an organization the size of Bank of America does not have a clearly defined and vetted succession plan for “emergencies.” Further, if true, such oversight does not speak well for the Board or the Bank.
-- According to the Wall Street Journal, the administrator for the London operations in Lehman Brother's bankruptcy, plans to seek permission to remove the claims from the UK courts and to distribute assets directly to creditors. Hedge-fund creditors have an estimated US$16B tied up in the securities firm's bankruptcy, and they must agree with the proposal, which may become clearer next week.
-- Kenneth Feinberg, the administration's compensation czar, plans to transform executive compensation at firms receiving large sums of government aid from cash salaries to company stock that cannot be accessed for several years – a worthy approach by certainly not far enough.
-- The Wall Street Journal surveyed 48 economists, who expect the Gross Domestic Product (GDP) to grow in the 3rd Quarter (just ended) at a seasonally adjusted 3.1% annual rate, after four consecutive quarters of contraction and the worst recession since the Great Depression. The specialists think the economy will continue to expand through the first half of 2010, but a slower rate. The rough part will be the labor market (jobs). On average, the economists do not expect unemployment to fall under 6% until 2013 – the national unemployment is currently 9.8% (September).
-- The U.S. Commerce Department reported that trade deficit unexpectedly decreased 3.5% to $30.7B in August, as exports posted a small gain and imports fell on a big drop in demand for foreign oil. Oil prices did increase, but the volume of shipments declined sharply in August.
-- General Motors signed the deal to sell the Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery Company. I trust the United Auto Workers enjoys some satisfaction for their part in dismantling General Motors and the American automotive industry as they did the U.S. steel industry among so many others.
Comments and contributions from Update no.407:
Comment posted on the Blog:
“With respect to the earmarks, what do you think brings them about? Yep, "campaign contributions, slush funds, lobbyist bribes, et cetera." The goodwill of the voters back in the district plays a part, but follow the money to contractors and other vendors, then check against campaign contributions and whatever you can learn about the slush funds and bribes. Dollars to donuts you'll find a very strong correlation.”
My response to the Blog:
Indeed! I would be surprised not a whit that a majority, if not all, earmarks are payback for the money and goodies slathered onto congressmen by lobbyists, special interest groups, and yes, corporations. There is no inducement for politicians to change, which is the whole point to Tytler Cycle – the Downfall of Democracy. We, the People, and our servants in Congress have figured out how to tap the Public Treasury. The end will be collapse of our economic system. History often refers to the end of the Roman Empire circa 476 AD. The reality is the beginning of the end occurred centuries earlier when corruption corroded the political structure and the Populus lost their will to defend themselves.
My very best wishes to all. Take care of yourselves and each other.
Cheers,
Cap :-)
The follow-up news items:
-- Given the current debate regarding the Battle for Afghanistan [405] and General McChrystal’s assessment [406], a few thoughts occurred to me. POTUS sets the strategy . . . what is the ultimate objective. NCA translates the national objective(s) into a strategic plan of attack. It is the commander on the ground, in this case Stan McChrystal, who considers the objective(s) he is given and the broad national approach, weighs that against the intelligence regarding his enemy and theater of operations, and defines the Operations Plan to achieve the mission. Stan made his assessment minus redacted portions, presumably leaked to the Press by someone. I have a hard time imagining that Stan’s assessment, or his London speech, was a faux pas. At the end of the day, POTUS has two choices if he does not like the message from his general(s): 1.) change the strategic objective(s) to meet whatever constraints he wishes to impose, or 2.) ensure the commander on the ground has the resources he needs to accomplish the mission. I must add, President Bush and his SecDef failed in that task at multiple levels. The general also has a choice: A.) execute the mission, or B.) resign. If the Obama administration tries to play “let’s make a deal,” do not be surprised if Stan McChrystal resigns rather than allow his troops to be placed in a compromised position. I am a subscriber to the so-called Powell Doctrine, specifically the need for a clearly defined objective(s), use of overwhelming force, and most importantly, support of the American People. President Obama must stand up to mark or withdraw. Trickling precious American and Allied lives into a meat-grinder is simply unacceptable and intolerable. Either we are all in to win, or we should get out.
-- The continuing saga of the Somali pirates [361, 365, 382-3] . . . chalk another one up for the Allies. The bad guys decided to make a night-time raid on what appeared to them to be a commercial cargo ship. Unfortunately for the Somalis, the ship was actually the French in-theater command ship FS Somme (A631) – currently flagship for Combined Task Force 150 (CTF 150), under the command of Rear Admiral Alain Hinden, FN. CTF 150 is a multi-national Allied unit deployed to the Red Sea and Indian Ocean to combat piracy. In this incident, five pirates and one skiff were captured; the other skiff remains at large but hunted. I would love to hear the alert over the 1MC – “Prepare to repel boarders” – a command from the days of sail . . . when men were men, and ships were made of wood.
Friday morning, as I was doing my usual writing, I was able to watch the terminal phase of NASA’s Lunar CRater Observation and Sensing Satellite (LCROSS) mission – to find water on the Moon. The mission impacted a rocket booster at 5,600 mph into Cabeus crater near the southern pole of the Moon. The trailing Shepherding Spacecraft observed the debris kicked up from the impact with its array of sensors, transmitted the data back to Earth, and then impacted the Moon several kilometers from the primary target. I imagine NASA captured a very intense data stream, which must now be decoded and analyzed. We might get a first blush in a day or so, but the analysis is expected to take a month or more. The terminal phase was fun to watch perhaps more for what it might yield and the technology involved than the actual images from the vehicles via NASA TV. I sure hope they find what they are looking for on this mission.
The Norwegian Nobel Committee, whose five members are appointed by the Norwegian Parliament, selected the President of the United States Barack Hussein Obama to be awarded the 2009 Nobel Peace Prize – “for his extraordinary efforts to strengthen international diplomacy and cooperation between peoples.” The Committee credits Barack with creating “a new climate in international politics.” They went on to conclude, “Only very rarely has a person to the same extent as Obama captured the world's attention and given its people hope for a better future. His diplomacy is founded in the concept that those who are to lead the world must do so on the basis of values and attitudes that are shared by the majority of the world's population.” Oh my, what can I say? This is about as pure a political statement as such awards can be. It is certainly not recognition for accomplishments. Apparently, the Nobel Committee was comparably seduced by Barack’s rhetorical skills as was the majority of the American electorate. Barack took the oath of office 20.January and the deadline for Nobel nominations was 1.February . . . a breath-taking demonstration of faith in “Hope and Change.” Nonetheless, at instances such as this, I am reminded of the slave’s admonition to the triumphant Caesar, “Heed not the crowd’s cheers, for all glory is fleeting.” Perhaps more appropriately, I shall whisper to the ear of Barack Obama at this moment of accolade . . . in the immortal words of Captain John H. Miller, “Earn this!”
Der Spiegel reported on a warning from the Direction Générale de la Sécurité Extérieure (DGSE) [French General Directorate of External Security] to expect and prepare for al-Qaeda suicide bombers using a more twisted and degenerate method – explosives loaded inside their bodies and detonated by cell phone, either autonomously or remotely. The first known use of the method occurred on 29.August, when 23-year-old, al-Qaeda terrorist, Abdullah Hassan al-Asiri, pretended he was turning himself into authorities, in an assassination attempt on Saudi Arabia’s counter-terrorism chief, Assistant Interior Minister Prince Muhammad bin Nayef. The Prince survived with only minor injuries. While the method is not likely to be high-yield on the ground, the technique poses a more serious threat in the pressurized cabin of an airliner.
A recent essay has been circulating through a variety of fora regarding the military service of non-heterosexuals. I urge everyone interested in the issue to read this essay.
“Don't Change ‘Don't Ask, Don't Tell’ – There are sound reasons--unbigoted ones--for our policy on gays in the military.”
by James Bowman
Weekly Standard
Published: 10/12/2009, Volume 015, Issue 04
http://www.weeklystandard.com/Content/Public/Articles/000/000/017/032hubhb.asp
Bowman illuminates a number of key elements of the issue and debate. Military morale, good order and discipline, and unit cohesion are vital factors in the performance of our primary national defense instrument. I certainly advocate for the most powerful and efficient military in the world. Those of us in my generation who served this Grand Republic in uniform remember the trauma of racial integration at the height of the process in the 1960’s and 1970’s. Virtually identical arguments and rationale were utilized by the resisters to racial integration. We have survived. In fact, I truly believe we have a far stronger military, having suffered the pain of racial integration. Fortunately, for me, and those willing to do the research, Bowman illuminates his bias at the outset of his essay. James criticized the Washington Post for their reference to “[t]he ‘don't ask, don't tell’ law.” Bowman stated, “This is a common mistake. Actually, there is no ‘Don't ask, don’t tell’ law. The law passed by Congress in 1993 (USC Section 654, Title 10) says, ‘The presence in the armed forces of persons who demonstrate a propensity or intent to engage in homosexual acts would create an unacceptable risk to the high standards of morale, good order and discipline, and unit cohesion that are the essence of military capability.’” He is narrowly correct; there is no law titled: “Don’t Ask, Don’t Tell;” regardless, the phrase is a commonly used reference to a specific law. The words he quotes from 10 USC §654 are indeed accurate; yet, he failed to acknowledge and thus misleads readers by using the words he chose, which are actually from sub-section (a) – Findings, item (15). The law in question here is the National Defense Authorization Act for Fiscal Year 1994 [PL 103-160], and specifically Division A, Title V, Subtitle G, Section 571, which codified Title 10, Section 654 as it currently exists. The action-able portion of the law is sub-section (b) – Policy, which refers to actions and statements by non-heterosexual members of the armed services. The subtleties in the words of the law were a compromise to make progress against stiff resistance, and imply public disclosure of one’s sexual orientation. Perhaps it is s a fine point; however, the implications of the policy wording lead to the “Don’t Ask, Don’t Tell” reference, i.e., we won’t ask, if you don’t tell. To say the law does not exist is misleading at best. Beyond all the legal-ese and emotional opinions, I return to the root question . . . what are we so afraid of in this issue? Do some folks think / believe homosexuality is contagious? . . . that homosexuality is such a powerful force that it will override all other factors in human life? Citizens with dark skin pigmentation are serving in every branch and every specialty; and, we are better and stronger for their service. Women are serving in every branch and nearly every specialty (the Navy is even considering female sailors on submarines); women have seen combat up close and personal; and, we are better for their service. The time has come to educate our military personnel, to end homophobia, and recognize the value of every able-bodied, able-minded citizen to serve this Grand Republic in uniform and with honor.
A renowned racial equality activist chimes in regarding equal rights for non-heterosexual citizens. Julian’s opinion is worth your time.
“Rights Still to Be Won"
by Julian Bond
Washington Post
Published: Friday, October 9, 2009
http://www.washingtonpost.com/wp-dyn/content/article/2009/10/08/AR2009100803292.html?wpisrc=newsletter&wpisrc=newsletter
At the Human Rights Campaign’s Saturday night dinner in Washington, DC, President Obama reaffirmed his commitment to achieve equal rights for non-heterosexual citizens, specifically with the repeal the “Don’t Ask, Don’t Tell” and the Defense of Marriage laws. The President did not define how or when he intended to accomplish that objective, but what else is new. He said he would “end” “Don’t Ask, Don’t Tell,” but did not say what happens from there, assuming he can get it through Congress. Does that mean a return to legal homophobia of the status quo ante?
I just love this “pot calling the kettle black” stuff. Perhaps I am off-base here, yet I would like to see if others read this Op-Ed piece the same way.
“The Politics of Spite”
By Paul Krugman
New York Times
Published: October 4, 2009
http://www.nytimes.com/2009/10/05/opinion/05krugman.html?_r=1&th&emc=th
First, I must say, Paul is spot on! I agree with his assessment. However, I have a fundamentally different perspective. Krugman said, “[T]he guiding principle of one of our nation’s two great political parties is spite pure and simple.” He goes on to observe, “How did one of our great political parties become so ruthless, so willing to embrace scorched-earth tactics even if so doing undermines the ability of any future administration to govern?” Krugman concludes, “It’s an ugly picture. But it’s the truth. And it’s a truth anyone trying to find solutions to America’s real problems has to understand.” Oddly, if you change the timeframe, the players and cited examples, I could use exactly (and I do use that word precisely) the same words just a few years ago. This is the kind of sanctimonious, holier-than-thou attitude on both sides that gets my hackles up. I see the mindless Obama-haters of today in the identical light as the Bush-bashers of a few years ago . . . the pot calling the kettle black, indeed!
The bad guys have been very busy this week, as they tried to make a clear statement during this time of political hand-wringing.
-- Thursday morning, a suicide bomber tried to attack the Indian Embassy in downtown Kabul, Afghanistan (rebuilt after a suicide car bomb attack in July 2008). The explosion destroyed cars and shattered windows on the heavily guarded street where the Indian Embassy and the Afghan Interior Ministry headquarters are located.
-- On Friday, a minibus packed with explosives detonated along a road near the well-known Khyber Bazaar market in Peshawar, Pakistan, killing at least 40 people and injuring dozens.
-- Then, on Saturday morning, Taliban gunmen, disguised as soldiers, infiltrated Pakistan's military headquarters in Rawalpindi, one of the most heavily guarded sites in Pakistan, setting off a fire fight inside the compound that left at least four attackers and six soldiers dead.
-- Finally, one for the good guys, Direction Centrale du Renseignement Intérieur (DCRI) – the French Central Directorate of Interior Intelligence (the equivalent of the British MI5) – arrested and detained for interrogation a 32-year old Frenchman of Algerian decent and his 25-year old brother for alleged connections and activity with the North African, Al-Qaeda in the Islamic Maghreb (AQIM) [Maghreb being the region north of the Sahara from Morocco to Libya]. Of particular note here is the older brother’s employment with the European Organization for Nuclear Research (CERN) on the Franco-Swiss border near Geneva – a little too close.
All the bad guy activity in Pakistan is undoubtedly intended to send a message to the Pakistani government that the Taliban, al-Qaeda, and their supporters will fight any attempt to suppress their activities.
News from the economic front:
-- Bank of America CEO Kenneth D. Lewis announced his retirement effective 31.December, amid the continuing turmoil surrounding the Merrill Lynch acquisition [396, 404]. The Wall Street Journal reported that the bank’s Board of Directors were scrambling to name an “emergency CEO” in case Lewis is “forced” to step down even earlier as part of the pending state and federal cases involving the bank. If true, I am genuinely surprised an organization the size of Bank of America does not have a clearly defined and vetted succession plan for “emergencies.” Further, if true, such oversight does not speak well for the Board or the Bank.
-- According to the Wall Street Journal, the administrator for the London operations in Lehman Brother's bankruptcy, plans to seek permission to remove the claims from the UK courts and to distribute assets directly to creditors. Hedge-fund creditors have an estimated US$16B tied up in the securities firm's bankruptcy, and they must agree with the proposal, which may become clearer next week.
-- Kenneth Feinberg, the administration's compensation czar, plans to transform executive compensation at firms receiving large sums of government aid from cash salaries to company stock that cannot be accessed for several years – a worthy approach by certainly not far enough.
-- The Wall Street Journal surveyed 48 economists, who expect the Gross Domestic Product (GDP) to grow in the 3rd Quarter (just ended) at a seasonally adjusted 3.1% annual rate, after four consecutive quarters of contraction and the worst recession since the Great Depression. The specialists think the economy will continue to expand through the first half of 2010, but a slower rate. The rough part will be the labor market (jobs). On average, the economists do not expect unemployment to fall under 6% until 2013 – the national unemployment is currently 9.8% (September).
-- The U.S. Commerce Department reported that trade deficit unexpectedly decreased 3.5% to $30.7B in August, as exports posted a small gain and imports fell on a big drop in demand for foreign oil. Oil prices did increase, but the volume of shipments declined sharply in August.
-- General Motors signed the deal to sell the Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery Company. I trust the United Auto Workers enjoys some satisfaction for their part in dismantling General Motors and the American automotive industry as they did the U.S. steel industry among so many others.
Comments and contributions from Update no.407:
Comment posted on the Blog:
“With respect to the earmarks, what do you think brings them about? Yep, "campaign contributions, slush funds, lobbyist bribes, et cetera." The goodwill of the voters back in the district plays a part, but follow the money to contractors and other vendors, then check against campaign contributions and whatever you can learn about the slush funds and bribes. Dollars to donuts you'll find a very strong correlation.”
My response to the Blog:
Indeed! I would be surprised not a whit that a majority, if not all, earmarks are payback for the money and goodies slathered onto congressmen by lobbyists, special interest groups, and yes, corporations. There is no inducement for politicians to change, which is the whole point to Tytler Cycle – the Downfall of Democracy. We, the People, and our servants in Congress have figured out how to tap the Public Treasury. The end will be collapse of our economic system. History often refers to the end of the Roman Empire circa 476 AD. The reality is the beginning of the end occurred centuries earlier when corruption corroded the political structure and the Populus lost their will to defend themselves.
My very best wishes to all. Take care of yourselves and each other.
Cheers,
Cap :-)
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