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Federal Reserve Chairman Ben Bernanke told a panel investigating the financial crisis that regulators must be ready to shutter the largest institutions if they threaten to bring down the financial system.If the lesson was so important, then why is he not doing anything about it? Why grow the problem? Read More......
"If the crisis has a single lesson, it is that the too-big-to-fail problem must be solved," Bernanke said Thursday while testifying before the Financial Crisis Inquiry Commission.
This is the latest development in a series of talks that began in 1994, when Jewish genealogist Gary Mokotoff alerted his peers to the LDS practice known as “baptism for the dead” in which living people stand in for the deceased to offer that person a chance to join The Church of Jesus Christ of Latter-day Saints in the hereafter. Mormons believe it is their moral obligation to do the temple rituals, while those on the other side can choose whether to accept the action or not.One recipient of a posthumous baptism was the mother of Barack Obama, a story first reported on AMERICAblog.com. Read More......
The proxy baptism practice was deeply offensive to many Jews, who had suffered so greatly for their faith.
So Mokotoff and a delegation met with LDS leaders, who agreed to remove Holocaust victims from their master list.
The task proved more difficult than they thought. Many of those names continued to appear in the database.
"Whose idea was it to let Alan Simpson anywhere near Social Security?"(Rachel, pick us. We know the answer: That would be Team Like Nixon to China. Cookie, please?)
Nearly three out of four Americans have been directly affected by the recession, either because they have been unemployed or know someone who has lost their job, according to a new survey.Read More......
The report, prepared by Rutgers professors Carl Van Horn and Cliff Zukin, find that 73% of Americans have either been unemployed themselves (14%) or saw an immediate family member (12%), another member of their family (30%) or a close friend (17%) lose a job.
The survey also finds profound pessimism about where the economy is headed. More than half of Americans say they believe the downturn reflects a "lasting economic change" (56%) rather than a "temporary economic downturn" (43%). Large majorities believe that the economy will remain in recession or worse a year from now.
Writing the court, a Seattle detective said Stainbrook entered the 7-11 store in at 362 Denny Way. The clerk was standing near a coffee machine when Stainbrook accosted him.Read More......
"For unknown reasons a person threw change on the floor near the victim's feet then punched the victim on the left side of the head," the detective said.
"After the suspect struck (the clerk) with his fist he said, 'You're not even American, you're Al-Qaeda. Go back to your country.'"
[A]s the troops move out, the oil companies are moving in. According to a July report from the U.S. government’s Special Inspector General for Iraq Reconstruction, oil production in Iraq is currently about 2.4 million barrels per day. The goal, by 2017 is to produce 12 million barrels per day. That’s quite a leap, especially since average production levels have held steady for more than two years. It’s going to a take a lot of investment to expand production by 10 million barrels per day.Looks like the Russians and Chinese get a piece of the action after all. Cheney must be very upset.
How much? That’s anybody’s guess. For example, in January, ExxonMobil signed an agreement to redevelop and expand an oil field in southern Iraq. A company spokeswoman says that “total field capital expenditure will depend on full project scope,” which is currently being examined.
There’s a pile of oil money pouring into Iraq right now. Since last year, the Iraqi government has awarded 11 development deals to various consortia. BP and China National Petroleum Corp. are developing the enormous Rumaila field, which has a total proven reserves of about 18 billion barrels. Other companies winning awards include Royal Dutch Shell (working with ExxonMobil on one project and Malaysia’s Petronas on another), France’s Total SpA, Angola’s Sonangol, Italy’s Eni SpA, Russia’s Lukoil and China National Offshore Oil Corp. The signature bonuses to be paid by the consortia are anywhere from $100 million to $500 million.
Getting a jump on those articles of impeachment, author David Limbaugh is scorching his way up the Amazon rankings with his latest book, "Crimes Against Liberty: An Indictment of President Barack Obama." It's number seven now and headed for the top of the New York Times best-seller list.At some point, the President needs to have a little personal epiphany and realize that regardless of how far to the right he moves on issue after issue, the right still attacks him as the second coming of Satan. Read More......
An oil rig has exploded 80 miles off the coast of Louisiana, with 13 people overboard, including one injured, the Coast Guard said Thursday morning.Read More......
The explosion happened south of Vermilion Bay on the Vermilion Oil Rig 380, which is owned by Mariner Energy, said John Edwards, a chief petty officer with the Coast Guard in New Orleans.
Thirteen people have been accounted for, said Petty Officer Bill Colclough of the Coast Guard. One person is injured, he said, and all are headed to a hospital in Terrebonne Parish.
At the beginning of the debate, she stumbled a bit with a long and awkward pause during her opening statement.Long and very awkward ending with her bold statement "We have, um, did what was right for Arizona":
Goddard accused Brewer of damaging Arizona's image and business prospects by portraying the state as a violent place because of border-related crime.This fits the description of Brewer provided to us by Arizona State Rep. Kirsten Sinema. Read More......
Goddard said that's untrue and outrageous and she should admit she's wrong. "There are no beheadings that was a false statement and it needs to be cleared up right now," he said.
She responded, "Terry I will call you out, I think you ought to renounce your support of the unions that are boycotting our state." He dismissed her demand, saying he opposes the boycott.
Afterward, reporters asked her why she didn't answer Goddard about the beheadings. They said, "About the headless bodies? Why won't you recant that… do you still believe that?" She turned on her heel and left the post-debate news conference -- and the reporters were left grumbling.
Obama can hardly take all the blame for the surprising persistence of high unemployment and slow growth. Among the new headwinds beating the economy down in recent months was Europe’s currency crisis, for example. But the leadership question can’t be ignored. Financial and economic reform just never seemed to be a subject that kindled Obama’s passions, his critics say. (The White House strenuously disagrees: “Financial reform has been a top priority to the president since day one,” administration spokeswoman Jennifer Psaki told me.) For much of his first 18 months in office, Obama always seemed to be finding some new thing to focus on. He spoke about financial reform, but he often seemed to address it on the fly, as he was tackling other priorities, like health care. To be fair, Obama was also juggling two wars. Yet all in all, he seemed perfectly willing to leave things to his trusted lieutenants, Geithner and Summers, puzzling some Democratic allies on the Hill. “Doesn’t the president realize he’s got a big flank exposed here?” said one Democratic staffer pushing for tougher restrictions on Wall Street early in the summer of 2010.
There was so much passion and ambition in Obama’s words about fixing the economy, and so much dispassion and caution in his policy choices. Early in the Democratic primaries, in January 2008, Obama had stunned many of his supporters by praising Reagan as a transformational president—a contrast to the eight years of Bill Clinton, Obama added cuttingly. Reagan, Obama said, “put us on a fundamentally different path because the country was ready for it.” Yet at what would seem to be a similar historical inflection point—what should have been the end of Reaganism, or deregulatory fervor—President Obama seemed unprepared to address the deeper ills of the financial system and the economy. Several officials who have worked with the Obama team said the president’s heart was in health care above all else. “He didn’t run for president to fix derivatives,” says Greenberger. “And when he brought in Summers and Geithner, he just thought he was getting the best of the best”—good financial mechanics, in other words, who would “get the car out of the ditch,” to use one of Obama’s favorite metaphors.
Obama was clearly not pushing very hard to be FDR or even his trust-busting relative Teddy Roosevelt. Now it looks like grim growth and unemployment numbers could extend all the way into 2012. Distracting himself with health care and other issues, Obama may have politically maneuvered himself out of the only major remedy that could bring unemployment down and growth up enough to assure his re-election: another giant fiscal stimulus. Today, after engendering Tea Party and centrist Democratic resistance to more government spending by pushing his health-care plan, the question is whether he has the political capital he may well need, in the end, to save his presidency. And after a two-year fight over financial reform, one other question still lingers: has Wall Street come out the big winner yet again?Hirsh is correct overall, but misses one rather large uber point. The President wasn't distracted from financial reform by health care reform. The President seems in a perpetual state of distraction from practically every promise he ever made. Oh how we wish Barack Obama had been "distracted" by health care reform. That distraction would have been most welcome. Instead, the President gave a few speeches, issued a few vague "goals," and then let his lieutenants screw everything up by ceding as much as they could to conservatives in the hopes that the job could done in the easiest way possible, regardless of the results.
There was so much passion and ambition in Obama’s words about fixing the economy, and so much dispassion and caution in his policy choicesNow let's change two words:
There was so much passion and ambition in Obama’s words about health care, and so much dispassion and caution in his policy choices.CHANGE has yielded to CAUTION. And even that isn't entirely true. Barack Obama never really pushed change at all after the election. It's going to be fascinating to see what he promises for his second term, and whether (and why) anyone believes him. Read More......
There was so much passion and ambition in Obama’s words about gay rights, and so much dispassion and caution in his policy choices.
There was so much passion and ambition in Obama’s words about climate change, and so much dispassion and caution in his policy choices.
There was so much passion and ambition in Obama’s words about immigration, and so much dispassion and caution in his policy choices.
Richard Fuld, former chief executive officer of Lehman Brothers Holdings Inc., said regulators relied on “flawed information” in denying his company aid that was extended to competitors.Read More......
“Other firms were hurt by their plummeting stock prices,” Fuld, 64, told the Financial Crisis Inquiry Commission at a hearing in Washington today. “Lehman was the only firm that was mandated by government regulators to file for bankruptcy. The government was then forced to intervene to protect those other firms and the entire financial system.”
On Wednesday, popular French fast food chain Quick, the No. 2 burger chain in France after McDonald's, started serving halal-only food in 22 of its French outlets, targeting France's large Muslim population, an underexploited market that has long been ignored by big business.Just a guess here but any talk about "preserving" social cohesion is a joke. It doesn't exist today and focusing on side issues like this rather than true integration into schools and jobs will only delay any serious progress on the issue. Read More......
If it's a savvy business decision — Quick says sales doubled at restaurants that have tested the concept — the move has also opened a new chapter in the perennial war over how much society should accommodate Muslim traditions.
Or in essence, what it means to be French.
Politicians left and right have attacked the move from every conceivable angle. Some ask why halal food should be foisted on the general population, while others worry the Quicks in question will promote segregation of the Muslim community instead of acceptance. France argues that integration is the only option for minorities, and the only way to preserve social cohesion.
Facebook will not say how much electricity it uses to stream video, store information and connect its 500m users but industry estimates suggest that at their present rate of growth all the data centres and telecommunication networks in the world will consume about 1,963bn kilowatt hours of electricity by 2020. That is more than triple their current consumption and more electricity than is used by France, Germany, Canada and Brazil combined.Read More......
Facebook announced in February that it planned to build what is expected to be the world's largest centralised data storage centres in Portland, Oregon. Although it will include some of the world's most energy-efficient computers, the sheer scale of the Facebook operation will almost certainly use more electricity than many developing countries.
The company has said it will source its electricity from Pacific Power. It uses coal power – the dirtiest form of power generation – for 67% of its electricity, and produces less than 12% of its electricity from renewable sources. The company has said it plans to generate more electricity from renewables in future but has given no detailed information.
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