Thursday, December 11, 2008

NORM COLEMAN

Coleman cuts pile of challenged ballots


ST. PAUL (AP) — Chunks at a time, the mountain of challenged Minnesota Senate ballots is getting smaller.

Republican Sen. Norm Coleman took back another 225 challenges on Thursday. It leaves him with just more than 2,000 he is still contesting.

Democratic candidate Al Franken has trimmed the challenges his campaign built up over the recount by nearly one third.

There were more than 6,650 ballots challenged during the recount, but as of Thursday the campaigns have withdrawn enough ballots to reduce the pile to about 4,200.

Whatever challenges remain will be sorted out beginning next week by the state Canvassing Board. The ballots loom large because the amount of challenges dwarfs the gap between Coleman and Franken after the manual inspection of 2.9 million ballots.
FIND MORE STORIES IN: Coleman | Al Franken | Minnesota Senate | Canvassing Board
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Wednesday, December 3, 2008

OBAMA GESTAPO, THIS IS GETTING SERIOUS

Obama too Important to Respond to US Supreme Court
MichNews.com Obama too Important to Respond to US Supreme Court


President-elect Barack Obama’s refusal to produce an original and viable birth certificate indicating that he truly and indisputably is a natural born US citizen—as is required by the US Constitution—is continuing to take unusual tacks and turns. In fact, as it is appearing more and more that Barack Obama is not qualified for the US presidency, his and his minions’ machinations may just take the country off course entirely. Now, not only is Mr. Obama refusing to provide proof that he is even eligible to be the President of the United States but, he has decided to thumb his nose at members of our highest court in the land. .....................


................This may be the toughest test that our US Constitution has ever faced. If the qualifications for POTUS are suspended for Obama, the entire document will be null and void—as will, inevitably, our country. And now, Mr. Obama has essentially told the United States Supreme Court to “go pound sand”—or worse. If allowed to assume the presidency and he is NOT a natural born US citizen he will be emboldened to no longer respect—let alone follow—any law that he doesn’t like. And his National Civilian Police Force (AKA “The American Gestapo”) will—along with other democracy-busting programs—be quickly put into place. With all of these insanities being fomented by Democrats—including the worldwide economic crisis—I have to wonder how many actually realize how much jeopardy we and the country are in. The fact is that this current pending Constitutional crisis places all of us in the gravest of positions........................



MichNews.com Obama The Trojan Horse
__________________

Monday, December 1, 2008

Bush regrets

Bush sorry economic crisis has cut jobs, 401 (k)s





WASHINGTON – President George W. Bush expressed remorse that the global financial crisis has cost jobs and harmed retirement accounts and said he'll back more government intervention if needed to ease the recession.

"I'm sorry it's happening, of course," Bush said in a wide-ranging interview with ABC's "World News," which was airing Monday. "Obviously I don't like the idea of people losing jobs, or being worried about their 401(k)s. On the other hand, the American people got to know that we will safeguard the system. I mean, we're in. And if we need to be in more, we will."

The U.S. economy fell into a recession in December 2007, the National Bureau of Economic Research reported on Monday. Many economists believe the current downturn will last until the middle of 2009 and will be the most severe slump since the 1981-82 recession.

On the war in Iraq, Bush said the biggest regret of his presidency was the "intelligence failure" regarding the extent of the Saddam Hussein threat to the United States. With the support of Congress, Bush ordered the U.S.-led invasion of Iraq in March 2003 — a decision largely justified on grounds — later proved false — that Saddam was building weapons of mass destruction.

Asked if he would have ordered the U.S.-led invasion if intelligence reports had accurately indicated that Saddam did not have the weapons, Bush replied: "You know, that's an interesting question. That is a do-over that I can't do. It's hard for me to speculate."

During a discussion about what Americans should know about what it is like to be president, Bush was asked what he was most unprepared for going into the office.

"I think I was unprepared for war," he said. "In other words, I didn't campaign and say, `Please vote for me, I'll be able to handle an attack.' In other words, I didn't anticipate war. Presidents — one of the things about the modern presidency is that the unexpected will happen."

On the presidential election, Bush called Barack Obama's victory a "repudiation of Republicans."

"I'm sure some people voted for Barack Obama because of me," said Bush, who leaves office with low approval ratings. "I think most people voted for Barack Obama because they decided they wanted him to be in their living room for the next four years explaining policy. In other words, they made a conscious choice to put him in as president."

As he leaves office, Bush said he felt responsible for the economic downturn because it's occurring on his watch, but he added: "I think when the history of this period is written, people will realize a lot of the decisions that were made on Wall Street took place over a decade or so" before he became president.

He said he would like to see "instant liquidity" in the markets given the extent of the financial rescue plan, yet he understands that fear has paralyzed the markets.

"It is hard for the average citizen to understand how frozen the system became and how over-leveraged the system became," Bush said. "And so what we're watching is the de-leveraging of our financial markets, which is obviously affecting the growth of the economy."

Last week, the Bush administration and the Federal Reserve pledged $800 billion to break through blockades on credit cards, auto loans, mortgages and other borrowing. The latest moves raised U.S. commitments to contain the financial crisis to nearly $7 trillion — though no one thinks the government will actually spend that much.

The figures include loans that are expected to be repaid, loan authorities to back mortgages, purchases of stock in banks, guarantees to support loans among banks and pledges backing other transactions.

"This economy will recover," Bush said in the interview conducted last Wednesday at the Camp David, Md., presidential retreat. "And when it recovers, many of the assets backed by the government now will be redeemed, and we will — could conceivably — make money off of some of the holdings."

Later in the interview, he said: "I can't guarantee that we'll get all our money back, but it's conceivable we could."

Sunday, November 23, 2008

What DOES the future hold? Our Country could be Done for.

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Bernanke says he erred in gauging mortgage fallout

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Nov 23, 3:30 PM (ET)

By JEANNINE AVERSA
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WASHINGTON (AP) - Federal Reserve Chairman Ben Bernanke acknowledges he was wrong in believing that there would be limited fallout to financial markets from risky mortgages that soured after the housing market's collapse.

"I and others were mistaken early on in saying that the subprime crisis would be contained," Bernanke said in an article in the Dec. 1 issue of The New Yorker magazine.

"The causal relationship between the housing problem and the broad financial system was very complex and difficult to predict," he said in the piece titled "Anatomy of a Meltdown."

Subprime mortgages made to people with tarnished credit or low incomes were especially hard hit once the housing boom went bust. Foreclosures spiked and financial companies wracked up huge losses as these investments turned bad.

The mortgage meltdown started in the United States in the summer of 2007 and rapidly spread to other countries, as well as to other types of lending, affecting even more creditworthy customers. The problems with risky, subprime mortgages touched off what many call the worst financial crisis to hit the world since the 1930s.

To protect the economy from damage and help ease Wall Street turmoil, Bernanke and his colleagues cut a key interest rate in September 2007 - the first reduction in four years. Some critics at the time thought the Fed should have acted sooner.

Now more than a year into the crisis, Bernanke has taken a flurry of unprecedented - and some controversial - steps to help bolster the banking system and to get banks to lend money more freely again.

The Fed is providing short-term cash loans to banks, is letting financial companies swap shunned mortgage securities for super-safe Treasury securities and is buying mounds of short-term debt from a host of companies. It also expanded its emergency lending facilities to investment firms, provided financial backing in JPMorgan Chase & Co. (JPM)'s buyout of Bear Stearns and threw a financial lifeline to insurer American International Group.

Critics worry the Fed's actions could put billions of taxpayers' dollars in jeopardy and encourage financial companies to take excessive risk on the belief that the Fed will bail them out.

The Fed halted its rate-cutting campaign in late June out of fears it would worsen inflation. But it was forced to do an about-face in early October as economic and financial conditions deteriorated sharply, lessening the threat of inflation. The Fed joined with other central banks on Oct. 8 to slash rates, the first coordinated action of its kind in the Fed's history. It lowered rates again on Oct. 29 and is expected to cut rates yet again on Dec. 16.


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other general financial news


CEOs to speak at national summit in Detroit in '09
Singapore inflation eases to 6.4 pct in October
Oil prices rise above $50 on Obama economy team
Obama aide promotes job plan, warns automakers
Government unveils plan to rescue Citigroup
Japanese markets closed Monday for holiday
Reports: Chinese appliance tycoon in share probe
Thai economy slows sharply in third quarter
More customers resume using old-fashioned cash
Consumers cautious about effect of auto bankruptcy


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Copyright 2008 Associated Press. All right reserved. This material may not be published, broadcast, rewritten, or redistributed.






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Tuesday, November 18, 2008

Monday, November 17, 2008

November 16, 2008 6:01 PM PST

Murdoch to media: You dug yourself a huge hole

With newspapers cutting back and predictions of even worse times ahead, Rupert Murdoch said the profession may still have a bright future if it can shake free of reporters and editors who he said have forfeited the trust and loyalty of their readers.

"My summary of the way some of the established media has responded to the internet is this: it's not newspapers that might become obsolete. It's some of the editors, reporters, and proprietors who are forgetting a newspaper's most precious asset: the bond with its readers," said Murdoch, the chairman and chief executive officer of News Corp. He made his remarks as part of a lecture series sponsored by the Australian Broadcast Corporation.

Murdoch to journalists: Shape up or risk extinction

(Credit: Dan Farber)

Murdoch, whose company's holdings also include MySpace and the Wall Street Journal, criticized what he described as a culture of "complacency and condescension" in some newsrooms.

"The complacency stems from having enjoyed a monopoly--and now finding they have to compete for an audience they once took for granted. The condescension that many show their readers is an even bigger problem. It takes no special genius to point out that if you are contemptuous of your customers, you are going to have a hard time getting them to buy your product. Newspapers are no exception."

The 77-year-old Murdoch, recalling a long career in newspapers that began when his father's death forced him to take over the Adelaide News in 1952, said the profession has failed to creatively respond to changes wrought by technology.

"It used to be that a handful of editors could decide what was news-and what was not. They acted as sort of demigods. If they ran a story, it became news. If they ignored an event, it never happened. Today editors are losing this power. The Internet, for example, provides access to thousands of new sources that cover things an editor might ignore. And if you aren't satisfied with that, you can start up your own blog and cover and comment on the news yourself. Journalists like to think of themselves as watchdogs, but they haven't always responded well when the public calls them to account."

To make his point, Murdoch criticized the media reaction after bloggers debunked a "60 Minutes" report by former CBS anchor, Dan Rather, that President Bush had evaded service during his days in the National Guard.

"Far from celebrating this citizen journalism, the establishment media reacted defensively. During an appearance on Fox News, a CBS executive attacked the bloggers in a statement that will go down in the annals of arrogance. '60 Minutes,' he said, was a professional organization with 'multiple layers of checks and balances.' By contrast, he dismissed the blogger as 'a guy sitting in his living room in his pajamas writing.' But eventually it was the guys sitting in their pajamas who forced Mr. Rather and his producer to resign.

"Mr. Rather and his defenders are not alone," he continued. "A recent American study reported that many editors and reporters simply do not trust their readers to make good decisions. Let's be clear about what this means. This is a polite way of saying that these editors and reporters think their readers are too stupid to think for themselves."

Murdoch's comments come at a time when the media landscape looks increasingly bleak both for print-based and online news organizations. A recent report by Goldman Sachs predicted that advertising pressure will continue because of the declines in the auto and financial industries. Online outlets are also feeling the impact. On Friday, TheStreet.com shut its San Francisco office

Despite the blemishes, however, Murdoch said newspapers can still count on circulation gains "if papers provide readers with news they can trust." He added they will also need to embrace technology advances like RSS feeds and targeted e-mails. The challenge, according to Murdoch, will be to "use a newspaper's brand while allowing readers to personalize the news for themselves-and then deliver it in the ways that they want."

"The newspaper, or a very close electronic cousin, will always be around. It may not be thrown on your front doorstep the way it is today. But the thud it makes as it lands will continue to echo around society and the world," he said.

Charles is an executive editor with CNET News. He has covered technology and business for more than 25 years. A graduate of Queens College and Columbia University, Cooper began his career in journalism at the Associated Press before moving to technology coverage. Before joining CNET News, he worked at Computer & Software News, Computer Shopper, PC Week, and ZDNet. He received the Excellence in Journalism award from the Northern California branch of the Society for Professional Journalists for column writing. In addition to his blogging and podcast appearances, he is a co-host of the CNET News Daily Debrief. E-mail Charlie.
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